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RESOLUTION NO. 753 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, APPROVING THAT CERTAIN AGREEMENT OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY O,F RIVERSIDE AND SIKM PROPERTIES, LLC WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan for the Merged Downtown/Airport Industrial Redevelopment Project Area ("Redevelopment Project Area"); and WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment Project Area, the Agency proposes to sell .69 acres of surplus property, (the "Property") located at 7145 Arlington Avenue, pursuant to the terms and provisions of a certain Agreement of Purchase and Sale and Escrow Instructions ("Agreement") by and between the Agency and SIKM Properties, LLC ("Buyer"); and WHEREAS, the Agreetnent proposes that the Agency will sell real property located in the Redevelopment Project Area and which property is described in said Agreement by entering into the Agreement with the Buyer; and WHEREAS, the proposed Agreement contains all the provisions, terms, conditions and obligations required by State and local law; and WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, a summary setting forth the cost of the Agreement to the Agency and including the sale of real property to the Buyer and has made said summary available for public inspection in accordance with the California Community Redevelopment Law, Health and Safety Code; and WHEREAS, pursuant to provisions of California Community Redevelopment Law, Health & Safety Code, the Agency and the City Council have noticed and held a duly noticed joint public hearing and on the proposed Agreement; and WHEREAS, the City Council has considered all terms and conditions of the proposed Agreement, and has determined that the sale of the Property pursuant to the proposed Agreement is in the best interests of the City and in accord with the public purposes and provisions of applicable State and local laws. NOW, THEREFORE, liE IT RESOLVED by the Redevelopment Agency of the City of Riverside as follows: Section 1. The Agency hereby finds and determines that the sale of the Property, pursuant to the Agreement between the Agency and Buyer, will assist in the elimination of blight and is necessary re, effectuate the purposes of the Redevelopment Plan for the reasons set forth in the summary. -1-