HomeMy WebLinkAbout1986-58 CRA
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1/7/87
RESOLUTION NO. I'I;!"
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA APPROVING
AN OWNER PARTICIPATION AGREEMENT AMONG THE
AGENCY, SYCAMORE RETIREMENT APARTMENTS, LTD.,
AND MERCURY SAVINGS AND LOAN ASSOCIATION
WHEREAS, the Community Redevelopment Agency of the
City of Santa Ana proposes to sell certain real property
pursuant to the terms and provisions of that certain "Owner-
Participation Agreement" among the Agency, 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, Sycamore Retirement Apartments, Ltd., has
submitted to the Agency a written offer in the form of said
Agreement to purchase the Site; and
WHEREAS, the proposed Agreement contains all the
provisions, terms, conditions and obligations required by state
and local law; and
WHEREAS, the Agency has prepared, reviewed and con-
sidered a Summary Report setting forth the cost of the Agreement
to the Agency, the estimated value of the interests to be con-
veyed, and the purchase price, and 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 COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS:
1. The Agency has considered all the terms and conditions
of the proposed sale and hereby finds and determines that the
redevelopment of the property pursuant to the said Agreement
is in the best interest 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.
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RESOLUTiõN 'No. 86-58
PAGE TWO
2. The said Agreement is hereby approved, and the Chair-
man of the Agency is hereby authorized to execute the said
Agreement and the Grant Deed pertaining thereto.
3. The Executive Director is hereby authorized to take
all steps, and to sign all documents and instruments necessary
to implement and carry out the said Agreement on behalf of the
Agency.
4. The approval of the said Agreement by the Agency,
as hereinabove set forth, is conditional upon the approval of
the sale of the site upon the terms and conditions contained
therein by the City Council of the City of Santa Ana.
ADOPTED this ~ day of
by the following vote:
March
,1987,
AYES:
MEMBERS: Acosta, Griset, Hart, May, McGuigan', Pulido and' '"
Young
MEMBERS : ,None
NOES:
ABSENT:
MEMBE RS : None
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Rex ROO: n. Rxe=Uve
Director/Recording Secretary
APPROVED AS TO FORM:
er
Counsel
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