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I 1 RESOLUTION NO. 796 2 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, APPROVING THAT CERT AIN 3 AGREEMENT OF PURCHASE AND SALE AND ESCROW 4 INSTRUCTIONS BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND UNIVERSITY 5 HORIZONS, LLC. 6 7 WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency") 8 is engaged in activities necessary to execute and implement the Redevelopment Plan for the 9 University Corridor/Sycamore Canyon Merged Redevelopment Project Area ("Redevelopment 10 Project Area"); and 11 WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment 12 Project Area, the Agency proposes to sell approximately .34 acres of surplus property, (the 13 "Property") located at 2039 University Avenue, pursuant to the terms and provisions of a certain I 14 Agreement of Purchase and Sale and Escrow Instructions ("Agreement") by and between the 15 Agency and University Horizons, LLC, ("Buyer"); and 16 WHEREAS, the Agreement proposes that the Agency will sell real property located in 17 the Redevelopment Project Area and which property is described in said Agreement by entering 18 into the Agreement with the Buyer; and 19 WHEREAS, the proposed Agreement contains all the provisions, terms, conditions and 20 obligations required by State and local law; and 21 WHEREAS, the Agency has prepared, and the City Council has reviewed and 22 considered, a summary setting forth the cost of the Agreement to the Agency and including the 23 sale of real property to the Buyer and has made said summary available for public inspection in 24 accordance with the California Community Redevelopment Law, Health and Safety Code; and 25 WHEREAS, pursuant to provisions of California Community Redevelopment Law, 26 Health & Safety Code, the Agency and the City Council have noticed and held a duly noticed I 27 joint public hearing and on the proposed Agreement; and 28 I