HomeMy WebLinkAboutResolution No. 5021 RESOLUTION NO. 5021
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF DOWNEY APPROVING THE SALE
OF REAL PROPERTY IN THE DOWNEY
REDEVELOPMENT PROJECT AREA TO DCH
INVESTMENTS, INC. (CALIFORNIA), A
CALIFORNIA CORPORATION AND AUTHORIZING
THE EXECUTION OF A DISPOSITION AND
DEVELOPMENT AGREEMENT BY THE COMMISSION
WHEREAS, the Community Development Commission of the City
of Downey (the "Agency ") under the provision of the California
Community Redevelopment Law, is engaged in activities necessary
for the execution of the Redevelopment Plan for the Downey
Redevelopment Project Area (hereinafter referred to as the.
"Project Area "); and
WHEREAS, in order to effectuate the provisions of that
Redevelopment Plan, the Agency proposes to acquire and sell a
certain land (the "Site ") depicted on the attached "Map "; and
WHEREAS, DCH Investments, Inc. (California), a California
corporation (the "Developer ") and Downey Motors, Inc., a
California corporation (the "Operator ") have submitted to the
Agency a written offer in the form of a Disposition and
Development Agreement (hereinafter referred to as the
"Agreement ") for acquisition of the Site and the development
and operation of an automobile dealership and related uses at a
price less than fair value of the land for uses in accordance
with the Redevelopment Plan; and
WHEREAS; the proposed Disposition and Development Agreement
contains all the provisions, terms and conditions, required by
State and local law, and the Developer possesses the
qualifications and financial resources necessary to acquire and
insure development of the Site in accordance with the purposes
and objectives of the Redevelopment Plan and the Project; and
WHEREAS, the Agency and the City Council of the City of
Downey held a joint public hearing on the proposed sale of
notice pursuant to the publication of notice as required by
State Law; and
WHEREAS, the City Council has duly considered all terms and
conditions of the proposed sale and believes that the
development of the Site pursuant to the subject Agreement is in
the best interests of the City and health, safety, morals and
welfare of its residents, and in accord with the public
purposes and provisions of applicable State and local law
requirements; and
WHEREAS, the City Council has received and considered the
report of said Agency staff on the proposed development to be
carried out pursuant to said Disposition and Development
Agreement and the Negative Declaration as previously approved
for such proposed development;
NOW, THEREFORE, the City Council of the City of Downey
does hereby find, determine, order and resolve as follows:
Section 1. The City Council finds and determines that a
sale of the Site at less than fair market value is justified
based upon (i) the upgrading influence the proposed development
will have on the Project Area and the community; (ii) enhanced
revenues for the Agency and the community; and (iii) the
readiness of the Developer to proceed with the development of
the Site pursuant to the Agreement.
RESOLUTION NO. 5021
Section 2. The sale of the real property by the Community
Development Commission of the City of Downey to the Developer
as described in the Disposition and Development Agreement is
hereby approved.
ADOPTED this 28th day of June , 1988.
/ 77-i Mayor f the City'or
o Downey
ATTEST:
City erk of t e Cit o D owney
I hereby certify that the foregoing Resolution was duly and
regularly adopted by the City Council of the City of Downey at
a regular meeting thereof held on the 28th day of June
1988, by the following vote:
AYES: 3 COUNCIL MEMBERS: Barb, Cormack, Paul
NOES: 1 COUNCIL MEMBERS: Boggs
ABSENT: 1 COUNCIL MEMBERS: Santangelo (excused from deliberations)
ABSTAIN: 0 COUNCIL MEMBERS: None
n ^
City a erk o t •> Cit owney
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06 -03 -88
0018n/2357/34