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Last modified
6/26/2008 9:34:29 AM
Creation date
8/21/2007 8:57:22 AM
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General - Type
Resolutions
General 2 - Date
8/14/2007
Number
835
Description
Approve agreement of purchase and sale escrow instructions by and between the city and redevelopment
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<br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br /> <br />RESOLUTION NO. 835 <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RNERSIDE, CALIFORNIA APPROVING THAT CERTAIN AGREEMENT <br />OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS BY AND <br />BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RNERSIDE AND RNER-REGIONAL, LLC. <br /> <br />WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency") is <br />engaged in activities necessary to execute and implement the Redevelopment Plan for the Merged <br />Downtown! Airport Industrial Redevelopment Project Area ("Redevelopment Project Area"); and <br /> <br />WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment Project <br />Area, the Agency proposes to sell approximately 1.17 acres of real property, generally located at <br />3216 and 3250 Market Street and 3743 Third Street (the "Property"), pursuant to the terms and <br />provisions of a certain Purchase and Sale Agreement ("Agreement") by and between the Agency and <br />River-Regional, LLC ("Buyer"); and <br /> <br />WHEREAS, the Agreement proposes that the Agency will sell real property located in the <br />Redevelopment Project Area and which property is described in said Agreement by entering into the <br />Agreement with the Buyer; and <br /> <br />WHEREAS, the proposed Agreement contains all the provisions, terms, conditions and <br />obligations required by State and local law; and <br /> <br />WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, a <br />summary setting forth the cost of the Agreement to the Agency and including the sale of real <br />property to the Buyer and has made said summary available for public inspection in accordance with <br />the California Community Redevelopment Law, Health and Safety Code; and <br /> <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br /> <br />WHEREAS, pursuant to provisions of California Community Redevelopment Law, Health & <br />Safety Code, the Agency and the City Council have noticed and held a duly noticed joint public <br />hearing and on the proposed Agreement; and <br /> <br />WHEREAS, the City Council has considered all terms and conditions of the proposed <br />Agreement, and has determined that the sale of the Property pursuant to the proposed Agreement is <br />in the best interests of the City and in accord with the public purposes and provisions of applicable <br />State and local laws. <br />
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