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RESOLUTION NO. 54 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, <br />CALIFORNIA, AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE, APPROVING A LEASE <br />TERMINATION AND SIGN PURCHASE AGREEMENT WITH UR VILLAGE <br />LLC FOR THE SALE OF AN ELECTRONIC PYLON SIGN, LOCATED AT <br />THE UNIVERSITY VILLAGE SHOPPING CENTER, IN RIVERSIDE, <br />CALIFORNIA, FOR ON-SITE NO COST ADVERTISING. <br />WHEREAS, pursuant to Resolution No. 22322, adopted by the City Council of the City of <br />Riverside ("City"), on January 10, 2012, the City agreed to serve as the Successor Agency ("Successor <br />Agency") to the Redevelopment Agency of the City of Riverside ("Redevelopment Agency"), <br />commencing upon dissolution of the Redevelopment Agency on February 1, 2012, pursuant to <br />Assembly Bill xl 26; and <br />WHEREAS, Health and Safety Code Section 34177 (i) provides that a successor agency is <br />required to continue to oversee the development of properties until the contracted work has been <br />completed or the contractual obligations of the former redevelopment agency can be transferred to <br />other parties; and <br />WHEREAS, the Successor Agency currently owns a freeway electronic pylon sign ("Sign"), <br />located at the University Village Shopping Center ; and <br />WHEREAS, pursuant to Assembly Bill 1484 and Health and Safety Code Section <br />34191.5(c)(2), the Successor Agency prepared a Long -Range Property Management Plan ("Plan") <br />dated February 25, 2014, for the disposition of the Redevelopment Agency properties, which included <br />the Sign; and <br />WHEREAS, on March 6, 2014, the State of California Department of Finance approved the <br />Successor Agency's Plan; and <br />WHEREAS, the Plan sets forth the sale of the Sign located on privately owned property as <br />described in Exhibit "A" attached hereto and incorporated herein by reference; and <br />WHEREAS, UR Village LLC submitted an offer to purchase the Sign for on-site no cost <br />advertising to tenants within the University Village Shopping Center; and <br />WHEREAS, the Successor Agency desires to sell the Sign to UR Village LLC. <br />L._ <br />