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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 7.R RESOLUTION NO. 52 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, APPROVING TWO PURCHASE, SALE, AND DEVELOPMENT AGREEMENTS WITH PRAXIS DEVELOPMENT GROUP LLC, FOR THE SALE AND DEVELOPMENT OF THE PROPERTIES LOCATED AT 3870 OTTAWA AVENUE AND 1910 UNIVERSITY AVENUE, IN RIVERSIDE, CALIFORNIA, FOR THE DEVELOPMENT OF HOUSING AND MIXED-USE PROJECTS. WHEREAS, pursuant to Resolution No. 22322, adopted by the City Council of the City of Riverside ("City"), on January 10, 2012, the City agreed to serve as the Successor Agency ("Successor Agency") to the Redevelopment Agency of the City of Riverside ("Redevelopment Agency"), commencing upon dissolution of the Redevelopment Agency on February 1, 2012, pursuant to Assembly Bill xl 26; and WHEREAS, Health and Safety Code Section 34177 (i) provides that a successor agency is required to continue to oversee the development of properties until the contracted work has been completed or the contractual obligations of the former redevelopment agency can be transferred to other parties; and WHEREAS, the Successor Agency currently owns a property located at 3870 Ottawa Avenue, bearing Assessor's Parcel Number 221-061-002 ("Property 1"), and a property located at 1910 University Avenue, bearing Assessor's Parcel Number 221-052-002 ("Property 2"); and WHEREAS, pursuant to Assembly Bill 1484 and Health and Safety Code Section 34191.5(c)(2), the Successor Agency prepared a Long -Range Property Management Plan ("Plan") dated February 25, 2014, for the disposition of the Redevelopment Agency properties, which included Property 1 and Property 2; and WHEREAS, on March 6, 2014, the State of California Department of Finance approved the Successor Agency's Plan; and WHEREAS the Plan sets forth the sale of Property 1 and Property 2 as legally described and depicted in Exhibit "A" attached hereto and incorporated herein by reference; and WHEREAS, Praxis Development Group LLC ("Praxis") submitted a proposal to purchase and develop Property 1 as a residential project and Property 2 as a mixed-use project; and // WHEREAS the Successor Agency desires to sell Property 1 and Property 2 to Praxis.