HomeMy WebLinkAboutResolution No. 4937 RESOLUTION NO. 4937
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING AND AUTHORIZING EXECUTION OF
AN OWNER PARTICIPATION AGREEMENT BY AND BETWEEN THE
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF DOWNEY AND
BARRY MURDOCK AND BONNIE MURDOCK
WHEREAS, the Community Development Commission of the City of Downey (the
"Agency ") is authorized to conduct redevelopment activities within the Project
(the "Project Area "), which activities include the acquisition and conveyance
of real property for private development; and
WHEREAS, the Agency desires to enter into an Owner Participation
Agreement (the "Agreement ") with Barry Murdock and Bonnie Murdock, husband and
wife (collectively, the "Developer "), which Agreement provides for the
development of the "Site ", which is that certain portion of the Project Area
generally described as Subarea B, and public improvements to be located
adjacent to the site, all as set forth in greater particularity in the
Agreement; and
WHEREAS, the staff report pertaining to the Agreement which has been on
display prior to the consideration of the Agreement includes a description of
the provisions of the Agreement; and
WHEREAS, the Agreement provides for the provision of certain public
improvements with costs to be initially borne by the Developer and certain
amounts to be reimbursed to the Developer by the Commission from property tax
increment revenues generated by the development of the Site;
NOW, THEREFORE, the City Council of the City of Downey does hereby
resolve as follows:
SECTION 1. The City Council finds and determines, based upon the
�.. testimony and information presented during the public hearing with respect to
the Agreement, that: (i) the provision of public improvement pursuant to the
Agreement w i l l be of benefit to the Project Area, and (ii) there is no other
reasonable means of financing such improvements available to the community.
SECTION 2. The City Council hereby consents to the approval and
execution of the Agreement by the Agency.
APPROVED AND ADOPTED THIS 22nd day of September , 1987.
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MAYOR , DIANE P. BOGGS
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I HEREBY CERTIFY that the foregoing Resolution was adopted by the City
Council of the City of Downey at a regular meeting, thereof, held on
the 22nd day of September , 1987, by the following vote:
AYES: 4 COUNCIL MEMBERS : Barb, Cormack, Paul, Boggs
NOES: 0 COUNCIL MEMBERS : None
ABSENT: 0 COUNCIL MEMBERS : None
ABSTAIN: 1 COUNCIL MEMBERS : Santangelo
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