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RESOLUTION NO. 17342 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, APPROVING THE SALE OF REAL PROPERTY BY THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE PURSUANT TO THAT CERTAIN OWNER PARTICIPATION AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND BIRTCHER CAMPBELL PROPERTIES, A CALIFORNIA GENERAL PARTNERSHIP, OF LAGUNA NIGUEL, CALIFORNIA 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 Riverside Central Industrial Redevelopment Project Area ("Project"); and WHEREAS, in order to implement the Redevelopment Plan, the Agency proposes to purchase and sell certain real property in the Project area, pursuant to the terms and provisions of a certain Owner Participation Agreement ("Agreement") and which property is described in said Agreement; and WHEREAS, Birtcher Campbell Properties II, a California general partnership ("Developer"), submitted to the Agency a written offer in the form of said Agreement to purchase and develop the real property identified in the Agreement as the Site; and WHEREAS, the proposed Agreement contains all the provisions, terns, conditions, and obligations required by federal, state and local law; and WHEREAS, Developer possesses the qualifications and financial resources necessary to acquire the Site and develop the Site as described in the Agreement, in accordance with the purposes and objectives of the Redevelopment Plan; and WHEREAS, the Agency has prepared, and tile City Council has reviewed and considered, a summary setting forth the cost of the Agreement to the Agency, the estimated value of the interests to be conveyed determined under the Redevelopment Plan, and the purchase price and made said summary available for public inspection in accordance with the California Community Redevelopment Law; and WHEREAS, the City Council has previously approved the Initial Study and Negative Declaration pertaining to said development of the Site and found and determined that the development will not have a significant effect on the environment or result in a substantial or potentially substantial adverse change in the environment, except as previously considered in the Environmental Impact Report for the Project; and WHEREAS, pursuant to provisions of California Community Redevelopment Law, the Agency and the City Council held a duly noticed joint public hearing on the proposed sale of the Site and on the proposed Agreement; and