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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 />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br /> <br />RESOLUTION NO. 856 <br /> <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY <br />OF RIVERSIDE, CALIFORNIA, APPROVING THAT CERTAIN <br />DISPOSITION AND DEVELOPMENT AGREEMENT BY AND <br />BETWEEN THE CITY OF RIVERSIDE, THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE AND TELACU HOUSING- <br />RIVERSIDE II, INC. <br /> <br />WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency") is <br /> <br />engaged in activities necessary to execute and implement the Redevelopment Plan for the Arlington <br />Redevelopment Project Area ("Redevelopment Project Area"); and <br />WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment Project <br />Area, the Agency proposes to sell 2.12 acres of property located at 4030 Harrison Street, Assessor's <br />Parcel Number 145-210-002, pursuant to the terms and provisions of a certain Disposition and <br />Development Agreement ("Agreement") by and between the City, Agency and TELACU Housing- <br />Riverside II, Inc. ("Developer"); and <br />WHEREAS, the proposed Agreement contains all the provisions, terms, conditions and <br /> <br />obligations required by State and local law; and <br />WHEREAS, the Agency prepared, and the City Council has reviewed and considered, a <br />summary settling forth the cost of the Agreement to the Agency, including the sale of the Property <br /> <br />pursuant to the proposed Agreement is in the best interests of the City and in accord with the public <br /> <br />purposes and provisions of applicable State and local laws. <br />NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of <br /> <br />Riverside, California, as follows: <br /> <br />Section 1: The Agency hereby finds and determines that the sale of the Property, pursuant to <br /> <br />the Agreement between the City, Agency and Developer, will assist in the elimination of blight and <br />is necessary to effectuate the purposes of the Redevelopment Plan for the reasons set forth in the <br /> <br />summary. <br /> <br />Section 2: The Agency hereby finds and determines that the consideration to be paid by the <br /> <br />Developer in accordance with the terms and conditions of the Agreement is not less that the fair <br /> <br />reuse value of the Property. <br /> <br />/II <br />