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I I I 27 1 2 RESOLUTION NO. 774 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, AUTHORIZING THE EXECUTIVE DIRECTOR AND DEVELOPMENT DIRECTOR TO EXECUTE DOCUMENTS IN CONNECTION WITH REAL PROPERTY ACQUISITIONS, 3 4 5 WHEREAS, the Redevelopment Agency ofthe City of Riverside ("Agency") currently has in place, pursuant to Resolution No, 669, procedures and monetary limits of authority for obtaining 6 professional services; and 7 8 WHEREAS, the Agency does not have any procedures and monetary limits of authority established for the negotiation and execution of documents in connection with real property 9 10 11 12 acquisitions; and WHEREAS, it is the desire of the Agency to articulate and establish such procedures. NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Riverside as follows: 13 14 15 16 17 18 19 20 21 22 23 24 Section 1: When the acquisition of real property by the Agency is under Fifty Thousand Dollars ($50,000), the Executive Director or the Development Director is hereby authorized to negotiate and execute any and all documents necessary to complete the transaction, including, but not limited to, Purchase and Sale Agreements and Escrow Instructions. Section 2: When the acquisition of real property by the Agency is over Fifty Thousand Dollars ($50,000), and when said acquisition has been previously approved by the Redevelopment Agency Board, the Executive Director or the Development Director is hereby authorized to execute any and all documents, including, but not limited to, Purchase and Sale Agreements and Escrow Instructions, APPROVED AND ADOPTED <hi, 6", d', &' 2005 Chairperson of the Redevelopment Agency of the City of Riverside 25 26 City Attorney's Office 3900 Main Street Riverside. CA 92522 (951) 826-5567