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RESOLUTION NO. 17349 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, APPROVING THE PURCHASE AND SALE OF REAL PROPERTY BY THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE PURSUANT TO THAT CERTAIN OWNER PARTICIPA- TION AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND JACOBS DEVELOPMENT COMPANY, A CALIFORNIA CORPORATION, OF RIVERSIDE, 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 Mall and White Park 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, 3acobs Development Company, a California Corporation ("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, conditions, and obligations required by state and local law; and terms, 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 Redevelopmerit Plan; and WHEREAS, the Agency has prepared, and the 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, provided certain mitigation measures are taken; and WHEREAS, pursuant to provisions of California Community Redevelopmerit 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