HomeMy WebLinkAbout89-146 - Sale of Property to Triangle Square & Owner Participation Agreement (See Res. 89-169)RESOLUTION NO. 89-146
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA APPROVING THE SALE OF
CERTAIN PROPERTIES WITHIN THE COSTA MESA DOWN-
TOWN REDEVELOPMENT PROJECT AREA TO TRIANGLE
SQUARE ASSOCIATES, AND APPROVING THE DISPOSITION
AND DEVELOPMENT AND OWNER PARTICIPATION AGREEMENT
PERTAINING THERETO.
MiEREAS, the Costa Mesa Redevelopment Agency, City of Costa Mesa,
California (the "Agency") is engaged in activities necessary to carry out
and implement the Redevelopment Plan for the Costa Mesa Downtown Redevelop-
ment Project Area; and
WHEREAS, in order to carry out and implement such Redevelopment Plan
the Agency proposed to enter into a Disposition and Development and Owner
Participation Agreement (the "Agreement") with Triangle Square Associates,
a California general partnership (the "Developer") for the sale of the
development site (the "Site") for the development and operation of commer-
cial and retail space, including restaurant and theatre space with a public
open space area, and the necessary parking and landscaping by the Developer
(all as described in the Agreement) in the Costa Mesa Downtown Redevelop-
ment Project Area; and
WHEREAS, the Developer has submitted to the City Council and the Agency
copies of said proposed Agreement in a form executed by the Developer; and
WHEREAS, pursuant to the California Canmunity Redevelopment Law (Cali-
fornia Health and Safety Code, Section 33000 et seq. ("the Act") the Agency
and the City Council held a joint public hearing on the Agreement and the
proposed assembly of the Site and the sale of the portions of the Site
designated in the Agreement as the Conveyance Parcels after having duly
published notice of such public hearing and made copies of the proposed
Agreement available for public inspection and continent; and
WHEREAS, the City Council has duly considered all terms and conditions
of the proposed Agreement and believes that the redevelopment of the real
property pursuant thereto is in the best interests of the City of Costa
Mesa and the health, safety, morals and welfare of its residents, and in
accord with the public purposes and provisions of applicable state and
local law and requirements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Costa Mesa, California, as follows:
1. The City Council recognizes that it has received and heard all
oral and written objections to the proposed Agreement and to the proposed
assembly of the Site and the sale of the Conveyance Parcels and to other
matters pertaining to this transaction, and that all such oral and written
objections are hereby overruled.
2. The City Council hereby finds and determines that the considera-
tion to be paid by the Developer for the purchase of the Conveyance Parcels
is not less than fair market value in accordance with the covenants and
conditions governing such sale pursuant to Section 33433 of the Act and the
reuse analysis prepared concerning the Agreement and the Site. The City
Council hereby further finds and determines that all consideration to be
paid under the Agreement is an amount necessary to effectuate the purposes
of the Redevelopment Plan for the Costa Mesa Downtown Redevelopment Project.
3. The assembly of the Site and sale of the Conveyance Parcels and
the proposed Agreement which establish the terms and conditions therefore,
are hereby approved.
4. The City Council hereby authorizes the City Clerk to deliver a
copy of this resolution to the Executive Director and members of the Agency.
A copy of the Agreement when executed by the Agency shall be placed on file
in the Office of the City Clerk.
PASSED AND ADOPTED this 25th day of May, '
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Mayor of 6 -City Af Costa Mesa
ATTEST:
C ty Clerk of the City of Cost V
Mesa
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
CITY OF COSA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 89-146 was duly and regularly passed and adopted by
the said City Council at a special meeting thereof, held on the 25th day
of May, 1989.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 26th day of May, 1989.
C y Clerk and ex -officio Clerkthe
City Council of the City of Cos Mesa
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