HomeMy WebLinkAbout87-009047
RESOLUTION NO. 87-~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA ANA MAKING CERTAIN FINDINGS WITH
RESPECT TO THE CONSIDERATION TO BE RECEIVED
BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF SANTA ANA PURSUANT TO AN OWNER
PARTICIPATION AGREEMENT BETWEEN THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
AND SYCAMORE RETIREMENT APARTMENTS, LTD. AND
MERCURY SAVINGS AND LOAN ASSOCIATION FOR THE
SALE OF CERTAIN REAL PROPERTY AND APPROVING
THE SALE OF SAID REAL PROPERTY UPON THE TERMS
AND CONDITIONS CONTAINED IN THAT AGREEMENT
WHEREAS, the Agency has agreed, subject to the approval of
this Council, to sell certain real property pursuant to the terms
and provisions of that certain Owner Participation Agreement
between the Agency and Sycamore Retirement Apartments, Ltd., and
Mercury Savings and Loan Association, which is on file in the
office of the Executive Director of the Agency, in which said real
property (hereinafter referred to as the ("Site") is described; and
WHEREAS, the Agreement contains all the provisions, terms,
conditions and obligations required by state and local laws; and
WHEREAS, the Agency has prepared, and the City Council has
reviewed and considered a Summary Report setting forth the cost of
the Agreement to the Agency, the estimated value of the interests
to be conveyed, and the purchase price, and has made said Summary
Report available for public inspection in accordance with the
California Community Redevelopment Law; and
WHEREAS, pursuant to the provisions of the California
Redevelopment Law, the Agency and the City Council have held a duly
noticed joint public hearing on the proposed sale of the Site and
the proposed Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SANTA ANA, AS FOLLOWS:
1. The City Council has considered all terms and conditions
of the proposed sale and hereby finds and determines that the sale
and the redevelopment of the Site pursuant to the Owner
Participation Agreement is in the best interests of the City and
the health, safety and welfare of its residents, and is in accord
with the public purposes and provisions of the applicable state and
local laws.
2. The City Council hereby finds and determines that the
consideration for the sale of the Site pursuant to the Owner
Participation Agreement is not less that than the fair market value
of the Site in accordance with covenants and conditions governing
such sale.
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RESOLUTION NO. 87-9
PAGE TWO
3. The sale of the Site by the Agency to Sycamore Retirement
Apartments, Ltd. and Mercury Savings and Loan Association upon the
terms and conditions contained in the Owner Participation Agreement
is hereby approved.
ADOPTED this
ATTEST:
COUNCILMEMBERS:
Young Aye
McGuigan Ave
Acosta Aye
Griset Aye
Hart Aye
May Aye
Pulido Aye
17th day of March , 1987.
Mayor
APPROVED AS TO FORM:
Edwar oper
City Attorney