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I I I 2 RESOLUTION NO. 783 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 OF RIVERSIDE AND MARKET CENTERS PROPERTIES, INC. 3 4 5 WHEREAS, the Redevelopment Agency of the City of Riverside, California (" Agency") is 6 engaged in activities necessary to execute and implement the Redevelopment Plan for the Merged 7 Downtown/Airport Industrial Redevelopment Project Area ("Redevelopment Project Area"); and 8 WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment Project 9 Area, the Agency proposes to sell 4.2 acres of surplus property, (the "Property") located at 7510 Jurupa lOA venue, pursuant to the terms and provisions of a certain Agreement of Purchase and Sale and Escrow II Instructions ("Agreement") by and between the Agency and Market Centers Properties, Inc, ("Buyer"); 12 and 13 WHEREAS, the Agreement proposes that the Agency will sell real property located in the 14 Redevelopment Project Area and which property is described in said Agreement by entering into the 15 Agreement with the Buyer; and 16 WHEREAS, the proposed Agreement contains all the provisions, terms, conditions and 17 obligations required by State and local law; and 18 WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, 19 a summary setting forth the cost of the Agreement to the Agency and including the sale of real property 20 to the Buyer and has made said summary available for public inspection in accordance with the 21 California Community Redevelopment Law, Health and Safety Code; and 22 WHEREAS, pursuant to provisions of California Community Redevelopment Law, Health 23 & Safety Code, the Agency and the City Council have noticed and held a duly noticed joint public 24 hearing and on the proposed Agreement; and 25 WHEREAS, the City Council has considered all terms and conditions of the proposed 26 Agreement, and has determined that the sale of the Property pursuant to the proposed Agreement is in 27 the best interests of the City and in accord with the public purposes and provisions of applicable State