R-762 - Laserfiche WebLink

Home

RESOLUTION NO. 762 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, APPROVING THAT CERTAIN DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND TELACU HOUSING-RIVERSIDE, INC. 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 University Corridor/Sycamore Canyon 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 2.12 acres of property, comprised of three (3) parcels (the "Property") located at 1 lth Street and Mesa Avenue known as Assessor's Parcel Numbers 221-063-021, 221-063-022, and 221-063-024, pursuant to the terms and provisions of a certain Disposition and iDevelopment Agreement ("Agreement") by and between the Agency and TELACU Housing-Riw,~rside, Inc. ("Developer"); 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, including the sale of the Property to the Developer, and has made said summary available for public inspection in accordance with the California Community Redevelopment Law (Health and Safety Code Sections 33000 et seq.); and WHEREAS, pursuant to provisions of California Community Redevelopment Law, the Agency and the City Council have noticed and held a duly noticed joint public heating 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, BE 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 Developer, will assist in the elimination of blight and is necessary to effectuate the purposes of the Redevelopment Plan for the reasons set forth in the summary. Section 2. The Agency hereby finds and determines that the consideration to be paid by the Developer in accordance with the terms and conditions of the Agreement is not less than the fair reuse value of the Property.