HomeMy WebLinkAboutRDA Reso 2003-1826
AGENCY RESOLUTION NO. 1826
AND
COUNCIL RESOLUTION NO. 2003-261
JOINT RESOLUTION OF THE CITY COUNCIL AND THE REDEVELOPMENT
AGENCY OF THE CITY OF CHULA VISTA MAKING THE REQUIRED
REDEVELOPMENT ACT FINDINGS AND APPROVING A DISPOSITION AND
DEVELOPMENT AGREEMENT AND JOINT ESCROW INSTRUCTIONS WITH
CARTER REESE AND ASSOCIATESIBITTERLIN DEVELOPMENT
CORPORATION FOR THE SALE, WITHOUT BIDDING PROCESS, OF THE
REDEVELOPMENT AGENCY PROPERTY AT 760 BROADWAY WITHIN THE
SOUTHWEST REDEVELOPMENT PROJECT AREA
WHEREAS, The Redevelopment Agency or the City of Chula Vista owns certain real property at 760
Broadway in Chula Vista, California; and
WHEREAS, the development team of Carter Reese and Associates and Bitterlin Development
Corporation (hereinafter referred to as Developer) offers to purchase said property from the Agency for the
development of a mixed-use project consisting of 40 Lane Homes, 9 residential lofts, and approximately
9,000 square feet of commercial space underneath the residential lofts; and
WHEREAS, a Disposition and Development Agreement between the Redevelopment Agency and
the Developer has been prepared; and
WHEREAS, the Community Redevelopment Act requires that a public hearing be held by the
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 30,
2203 and June 6, 2003 and the City Council and Redevelopment Agency held the joint public hearing on
June 10, 2003 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:
1. The sale of Agency property at 760 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,
Resolution No. 1826
Page 2
improve the Property with new improvements, and create residential and 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 sale of the Property is for not less than the fair market value or the fair re-use value of
the site. The property is being sold for $1,350,000, which has been determined to constitute
the approximate "Fair Market Price" for the Site as that term is referenced under Section
1720 (b) of the Califomia Labor Code. The fair re-use value of the site has been determined
to be $1 million.
BE IT FURTHER RESOLVED that the Agency further finds that is in the best interest of the public
and Agency to sell the property located at 760 Broadway without competitive bidding in order to put the
property to its highest and best use and to bring additional improvements and commercial activity to the
area.
BE IT FURTHER RESOLVED that the Chairman of the Agency is hereby authorized and directed to
execute the Disposition and Development Agreement with Carter Reese and Associates and Bitterlin
Development Corporation and all other related documents and agreements (collectively, the "Agreements")
for the sale of Agency property at 760 Broadway in Chula vista in final forms approved by the Agency
Attorney.
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
Lauri A. Madigan
Direct r of Community Development
Resolution No. 1826
Page 3
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA, CALIFORNIA this 10th day of June, 2003 by the following vote:
AYES:
Members Davis, McCann, Rindone, Salas, and Chair/Mayor Padilla
NOES:
ABSENT:
None
None
ABSTENTIONS:
None
ATTEST:
STATE OF CALIFORNIA)
COUNTY OF SAN DIEGO) ss:
CITY OF CHULA VISTA)
I, Laurie Madigan, Executive Secretary to the Redevelopment Agency of the City of Chula Vista, Califomia DO
HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No. 1826 and that the same
has not been amended or repealed.
Dated: June 10, 2003
(
Laurie Madigan
Execu ive Secretary
rf'r
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