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I I I RESOLUTION NO. 786 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND METRORNERSIDE, LLC WHEREAS, the City Council of the City of Riverside ("City") approved and adopted a Redevelopment Plan ("Redevelopment Plan") for the redevelopment Project Area known as the Downtown/Airport Merged Redevelopment Project Area ("Redevelopment Project Area"); and WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") is engaged in activities to implement the Redevelopment Plan for the Redevelopment Project Area pursuant to the provisions of California Community Redevelopment Law (CRL Section 33000 et seq.); and WHEREAS, the Agency has negotiated the terms of that certain Disposition and Development Agreement ("Agreement") with MetroRiverside, LLC ("Developer") for the disposition and development of certain real property ("Property") as a mixed-use project ("Project") including retail space, condominiums, a hotel and parking structure as set forth in the Agreement; and WHEREAS, the Property is more particularly described in the Agreement as the "Phase 1 Property" and the "Phase 2 Property"; and WHEREAS, a portion of the Property is currently owned by third parties (the "Third Party Parcels") and Developer and/or the Agency are attempting to acquire such Third Party Parcels for the Project; and WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, a summary pursuant to CRL Section 33433 ("Summary") setting forth: (1) the cost of the Agreement to the Agency; (2) the estimated value of the interest to be conveyed; and (3) an explanation of how the acquisition and conveyance of that interest will assist in the elimination of blight within the Project Area and has made the Summary available for public inspection in accordance with CRL Section 33433; and WHEREAS, a copy of the Agreement is on file at the City's Development Department; and WHEREAS, pursuant to CRL Section 33433, on April 4, 2006, and April 10, 2006, the City caused notice of the a joint public hearing of the City Council and the Agency's Governing Board to be published in The Press Enterprise, a newspaper of general circulation within the Agency's territorial jurisdiction; and WHEREAS, pursuant to CRL Section 33433, the Agency may, with the consent of the City Council, approve the sale of the Property to the Developer for development of the Project in accordance with the Agreement if the City Council makes certain findings following a noticed public hearing; and -1- RVPUBlOLA WRENCEHUGHESI 705790.1