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RESOLUTION NO. 864 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RNERSIDE, CALIFORNIA, APPROVING THAT CERTAIN PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND LAKE DEVELOPMENT GROUP, INe. WHEREAS, pursuant to the provisions of California Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) ("CRL") the City Council ("City Council") of the City of Riverside ("City") approved and adopted a redevelopment plan ("Redevelopment Plan") for the Arlington Redevelopment Project Area ("Project Area"); and WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan for the Project Area; and WHEREAS, the Agency is the owner of that certain real property, consisting of three parcels, located at the southeast corner of California Avenue and Monroe Street in the Project Area, bearing Assessor Parcel Numbers 193-261-001, 193-261-002, and 193-261-006 ("Agency Original Property"); and WHEREAS, California Square Partners, a California limited partnership ("CSP"), is the owner of that certain real property, consisting of three parcels, located at the southeast comer of California Avenue and Monroe Street in the Project Area, bearing Assessor Parcel Numbers 193-261-003, 193-261-004, and 193-261-005 ("CSP Original Property"); and WHEREAS, the Agency Original Property and the CSP Original Property are located within an area that was previously developed as a retail shopping center commonly known as "California Square"; and WHEREAS, on November 7, 2006, the Agency entered into a Land Exchange Agreement and Joint Escrow Instructions ("LEA") with CSP to consolidate ownership and reconfigure the Agency Original Property and the CSP Original Property to facilitate the remodel and redevelopment of California Square; and WHEREAS, the LEA provides for the following real property exchange and consolidation: (i) CSP's acquisition of a 1.79 acre portion of the Agency Original Property, thereby creating one CSP-owned parcel ("CSP Post-Exchange Property"); and (ii) Agency's acquisition of a 1.79 acre portion of the CSP Original Property, thereby creating one Agency-owned parcel ("Agency Post Exchange Property"); and WHEREAS, on April 8, 2008, the Agency and CSP entered into the First Amendment to the LEA, wherein CSP relinquished all rights under the LEA to acquire the Agency Post-Exchange Property, including any such rights under the CSP Option to Purchase set forth in Section 13 of the LEA and the CSP Right of First Refusal set forth in Section 14 of the LEA, thereby authorizing the Agency to negotiate the purchase and sale of the Agency Post-Exchange Property with outside parties; and WHEREAS, the Agency desires to sell the Agency Post-Exchange Property to Lake Development Group, Inc., a California corporation ("Lake"), and Lake desires to acquire the Agency Post-Exchange Property for development of a drug store at California Square ("Project"); and