HomeMy WebLinkAboutResolution No. 3897 RESOLUTION NO. 3897
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DOWNEY APPROVING THE SALE OF LAND AS PROVIDED FOR
IN THE DISPOSITION AND DEVELOPMENT AGREEMENT WITH
REPUBLIC DEVELOPMENT COMPANY AND FINDING THAT THE
CONSIDERATION WHICH IS TO BE MADE TO THE COMMUNITY
-- DEVELOPMENT COMMISSION FOR SAID SALE IS NOT LESS
THAN FAIR MARKET VALUE.
WHEREAS, the Redevelopment Plan for the Downey Redevelopment Project
has been duly adopted; and
WHEREAS, the Disposition and Development Agreement attached hereto as
Attachment "4" has been prepared for purposes of carrying out said Redevelop-
ment Plan; and
WHEREAS, a public hearing has been duly held pursuant to Section 33433
of the California Health and Safety Code;
NOW THEREFORE, the City Council of the City of Downey does hereby
resolve and determine as follows:
SECTION 1. The City Council finds and determines that the consideration
being received by the Community Development Commission for the sale of land to
Republic Development Company pursuant to and in accordance with the covenants
and conditions governing such sale as contained in the Disposition and Develop-
ment Agreement, Attachment "4 ", is not less than fair market value.
SECTION 2. The City Council, therefore, approves the sale of land
pursuant to the terms and conditions set forth in the Disposition and Development
--- Agreement and authorizes the Community Development Commission to execute said
Agreement with Republic Development Company.
PASSED, APPROVED AND ADOPTED this 9th day of December, 1980.
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Theodore H. J Mayor
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ATTEST: ';
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R obert L. Shand, City Clerk
I hereby certify that the foregoing Resolution was adopted by the City Council
at a regular meeting thereof held on the 9th day of December, 1980 by the following
vote:
AYES: 4 Councilman: Mackaig, Quinn, Cormack, Jackman
NOES: 0 Councilman: None
ABSENT: 0 Councilman: None
ABSTAIN: 1 Councilman: Swearingen ,._ '} /7 ,,-�
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Robert L. Shand, City Clerk =