HomeMy WebLinkAboutResolution No. 4415 RESOLUTION NO. 4415
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DOWNEY APPROVING THE SALE OF CERTAIN REAL
PROPERTY PURSUANT TO A DISPOSITION AND
DEVELOPMENT AGREEMENT BY AND BETWEEN THE
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
OF DOWNEY AND SHEPHERD DEVELOPMENT
WHEREAS, the Community Development Commission of the City
of Downey (the "Commission ") is authorized to conduct
redevelopment activities within the Project Area of the Downey
Redevelopment Project, as amended ( "Project Area "), which
activities include the acquisition and conveyance of real
property for private development; and
WHEREAS, the Commission desires to enter into a
Participation Agreement (the "Agreement ") with Sheperd
Development, a California joint venture (the "Developer "),
substantially in the form attached hereto, which the Agreement
provides for the conveyance of certain real property located in
the Project Area at the corner of Dolan Avenue and Firestone
Boulevard (which real property is more particularly described
in the Agreement, and is referred to therein as the "Site ")
from the Commission to the Developer subject to the terms,
limitations and conditions set forth in the Agreement; and
WHEREAS, the Commission and the City Council of the City o
Downey ( "City Council ") have conducted a duly noticed joint
public hearing regarding the Agreement in accordance with
California Health and Safety Sections 33431 and 33433; and
WHEREAS, a copy of the Agreement and the summary setting
forth the matters required by California Health and Safety Cole
Section 33433 have been made available for public inspection
and copying.
NOW, THEREFORE, the City Council of the City of Downey (Ices
hereby resolve as follows:
Section 1: The City Council finds and determines, basei
upon the testimony and information presented during the public
hearing with respect to the Agreement, that the purchase prior?
to be paid by the Developer to the Commission for the Site
represents the fair market value of the Site.
Section 2: The City Council hereby approves the sale of
the real property referred to in the recitals hereinabove to
the Developer pursuant to the terms and provisions of the
Resolution No. 4415
.
Agreement and hereby approves all of the terms and provisions
of the Agreement.
PASSED, APPROVED AND ADOPTED this 26th day of June •
1984, at a regular meeting of the City Council of the City of
Downey by the following vote:
AYES: 4 Council Members: Jackman, Barb, Quinn, Cormack
NOES: 1 Council Members: Davila
ABSENT: 0 )
,) e ty o f n ey
ATTEST:
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C ty C erk of t e City of
Downey
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