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HomeMy WebLinkAboutRDA Reso 1997-1541 AGENCY RESOLUTION NO. 1541 and COUNCIL RESOLUTION NO. 186887 JOINT RESOLUTION OF THE CITY COUNCIL AND THE REDEVELOPMENT AGENCY OF THE CITY OF CHUI.A VISTA MAKING REQUIRED REDEVELOPMENT ACT FINDINGS AND APPROVING A PURCHASE/SALE AND DEVELOPMENT AGREEMENT AND JOINT ESCROW INSTRUCTIONS WITH UNIVERSAL MEMORIAL CENTERS V, INC. WITH RESPECT TO PROPERTY LOCATED AT 753 BROADWAY, CHULA VISTA, AND AUTHORIZING THE CHAIRMAN TO EXECUTE SAME WHEREAS, the Redevelopment Agency of the City of Chula Vista owns certain real property at 753 Broadway in Chula Vista, California; and WHEREAS, Universal Memorial Centers V, Inc. wishes to purchase said property from the Agency for the development of a Funeral Home; and WHEREAS, a Purchase/Sale and Development Agreement and Joint Escrow Instructions between the Redevelopment Agency and Universal Memorial Centers V, Inc, has been prepared; and WHEREAS, the Community Redevelopment Act requires that a public hearing be held by the City Council/Agency for the sale of Agency property without competitive bidding and/or where the property was acquired with tax increment, and requires that notice of said public hearing be given by publication in a local newspaper for not less than once a week for two weeks prior to the hearing; and WHEREAS, notice of the public hearing was published in the Chula Vista Star News on May 24, 1997 and May 31, 1997 and the City Council and Redevelopment Agency held the joint public hearing on June 17, 1997 and considered all testimony presented; and WHEREAS, Community Redevelopment Law requires that the sale of Agency property assist in the elimination of blight; and wHEREAs, Community Redevelopment Law requires that the sate of Agency property be consistent with the implementation plan adopted for the Project Area pursuant to Health and Safety Code Section 33490; and WHEREAS, Community Redevelopment Law requires that the sale of Agency property be based on a price that is not less than (1) the fair market value of the property at its highest and best use in accordance with the plan, or (2) the fair reuse value at the use and with the covenants and conditions and development costs authorized by the sale. NOW THEREFORE, THE CITY COUNCIL AND REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA do hereby find as follows: 1. The sale of Agency property at 753 Broadway ("Property") will eliminate and prevent the spread of blight and deterioration in the Southwest Redevelopment Project Area ("Project Area") by selling and causing to put the Property to a higher and better use, improve the Property with a new building, and create commercial activity in the area. 2. The sale of the Property is consistent with the Redevelopment Plan and implementation plan for the Project Area because it will eliminate and prevent the spread of blight; it will facilitate the enhancement and renovation of businesses; it will stimulate investment of the private sector in the full development of the Project Area; and it will achieve an environment reflecting a high leve~ of concern for architectural, landscape, and urban design principles appropriate to the objectives of the Redevelopment Plan. 3. The sale of the Property is for not less than the fair market value. The property is being sold for $10.23 per square foot, which has been determined based on comparable sales data and other relevant market data during the time of negotiations with the Buyer to be the fair market value of the Property. BE IT FURTHER RESOLVED that the Agency further finds that it is in the best interest of the public and Agency to sell the property located at 753 Broadway without competitive bidding in order to put the property to its highest and best use and to bring additional commercial activity to the area. BE IT FURTHER RESOLVED that the Chairman of the Agency is hereby authorized and directed to execute the Purchase and Sales Agreement and Joint Escrow Instructions with Universal Memorial Centers V, Inc., and all other related documents and agreements (collectively, the "Agreements") for the sale of Agency property at 753 Broadway in Chula Vista in final forms approved by the Agency Attorney, copies of which shall be kept on file as Document No. RACO- 97-05 BE IT FURTHER RESOLVED that staff is hereby authorized and directed to take any and all necessary and appropriate actions to implement the Agreements. Presented by Approved as to form by Chris Salomone -- ~'-~ ~ J Director of Community Development (~t,y~At t o r n e~ n d A ~l~n c y~ [(MZT) H:\HOME\COMMDEV\753BSALE.RS1 {June 20, 1997 (9:23am}] AGENCY RESOLUTION NO. 1541 (COUNCIL RESOLUTION NO. 186887) JOINT RESOLUTION OF THE CITY COUNCIL AND THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA MAKING REQUIRED REDEVELOPMENT ACT FINDINGS AND APPROVING A PURCHASE/SALE AND DEVELOPMENT AGREEMENT AND JOINT ESCROW I~ISTRUCTIONS WITH UNIVERSAL MEMORIAL CENTERS V, INC. WITH RESPECT TO PROPERTY LOCATED AT 753 BROADWAY, CHULA VISTA, AND AUTHORIZING THE CHAIRMAN TO EXECUTE SAME WHEREAS, the Redevelopment Agency of the City of Chula Vista owns certain real property at 753 Broadway in Chula Vista, California; and WHEREAS, Universal Memorial Centers V, Inc. wishes to purchase said property from the Agency for the development of a Funeral Home; and WHEREAS, a Purchase/Sale and Development Agreement and Joint Escrow Instructions between the Redevelopment Agency and Universal Memorial Centers V, Inc. has been prepared; and WHEREAS, the Community Redevelopment Act requires that a public hearing be held by the City Council/Agency for the sale of Agency property without competitive bidding and/or where the property was acquired with tax increment, and requires that notice of said public hearing be given by publication in a local newspaper for not less than once a week for two weeks prior to the hearing; and WHEREAS, notice of the public hearing was published in the Chula Vista Star News on May 24, 1997 and May 31, 1997 and the City Council and Redevelopment Agency held the joint public hearing on June 17, 1997 and considered all testimony presented; and WHEREAS, Community Redevelopment Law requires that the sale of Agency property assist in the elimination of blight; and WHEREAS, Community Redevelopment Law requires that the sale of Agency property be consistent with the implementation plan adopted for the Project Area pursuant to Health and Safety Code Section 33490; and WHEREAS, Community Redevelopment Law requires that the sale of Agency property be based on a price that is not less than (1) the fair market value of the property at its highest and best use in accordance with the plan, or (2) the fair reuse value at the use and with the covenants and conditions and development costs authorized by the sale. NOW THEREFORE, THE CITY COUNCIL AND REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA do hereby find as follows: Resolution No. 1541 Page 2 1. The sale of A9ency property at 753 Broadway ("Property") will eliminate and prevent the spread of blight and deterioration in the Southwest Redevelopment Project Area ("Project Area") by selling and causing to put the Property to a higher and better use, improve the Property with a new building, and create commercial activity in the area. 2. The sale of the Property is consistent with the Redevelopment Plan and implementation plan for the Project Area because it will eliminate and prevent the spread of blight; it will facilitate the enhancement and renovation of businesses; it will stimulate investment of the private sector in the full development of the Project Area; and it will achieve an environment reflecting a high level of concern for architectural, landscape, and urban design principles appropriate to the objectives of the Redevelopment Plan. 3. The sa~e of the Property is for not less than the fair market value. The property is being sold for $10.23 per square foot, which has been determined based on comparable sales data and other relevant market data during the time of negotiations with the Buyer to be the fair market value of the Property. BE IT FURTHER RESOLVED that the Agency further finds that it is in the best interest of the public and Agency to sell the property located at 753 Broadway without competitive bidding in order to put the property to its highest and best use and to bring additional commercial activity to the area. BE IT FURTH£R RESOLVED that the Chairman of the Agency is hereby authorized and directed to execute the Purchase and Sales Agreement and Joint Escrow Instructions with Universal Memorial Centers V, Inc., and all other related documents and agreements (collectively, the "Agreements") for the sale of Agency property at 753 Broadway in Chula Vista in final forms approved by the Agency Attorney, copies of which shall be kept on file as Document No. RACO- 97-05. BE IT FURTHER RESOLVED that staff is hereby authorized and directed to take any and all necessary and appropriate actions to implement the Agreements. Presented by Approved as to form by Chris Salomone Director of Community Development ~ Attorney and Agency ~'ounsel ~/ Resolution No. 1541 Page 3 PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA, CALIFORNIA this 17th day of June, 1997 by the following vote: AYES: Members Rindone, HoC(on, Salas, Moot, Padilla NOES: None ABSENT: None ABSTENTIONS: None Shirley Hor~n Chairman ATTEST: Chn~s~on~~ Executive Secretary STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss: CITY OF CHULA VISTA ) I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula Vista, California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No. 1540 and that the same has not been amended or repealed. Dated: June 18, 1997 ~'~'~ Chris Salomone Executive Secretary