HomeMy WebLinkAbout89-169 - Approving Sale of Property to Triangle Square and Owner Participation AgreementRESOLUTION NO. 89-169
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING THE SALE OF
CERTAIN PROPERTY TO TRIANGLE SQUARE JOINT VF.NTI'RE,
AND APPROVING THE DISPOSITION AND DEVELOPMENT AND
OWNER PARTICIPATION AGREEMENT PERTAINING THERETO.
WHEREAS, the Costa Mesa Redevelopment Agency (the "Agency") is engaged
in activities necessary to carry out and implement the Redevelopment Plan
for the Costa Mesa Dcwntown Redevelopment Project Area; and
WHEREAS, in order to carry out and implement such Redevelopment Plan,
the Agency proposes to enter into a Disposition and Development and Owner
Participation Agreement (the "Agreement") with Triangle Square Joint Ven-
ture, a California general partnership (the "Participant") for sale of the
site and assembly of the site and the property into the combined site (as
defined in the Agreement) for development and operation of a commercial
office building, and the necessary parking and landscaping by the Partici-
pant (all as described in the Agreement), arra to provide a relocation site
for business owners displaced from the Costa Mesa Downtown Fedevelopment
Project Area; and
WHEREAS, the Participant has submitted to the City Council and the
Agency copies of said proposed Agreement in a form executed by the Partici-
pant; and
WHEREAS, pursuant to the California Community 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 combined site and sale of the site designated in
the Agreement after having duly published notice of such public hearing and
made copies of the proposed Agreement available for public inspection and
comment; 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, mxwrals, and welfare of its residents, and is
in accordance with the public purposes and provisions of applicable state
and local laws and requirements;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Costa
Mesa, California, as follows:
1. 'Ihe City Council recognizes that it has received and heard all
oral and written objections to the proposed Agreement and to the pro-
posed assembly of the combined site and sale of the site, 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 Participant for the purchase of the site is
fair market value.
3. The assembly of the combined site and sale of the site and the
proposed Agreement which establish the terms and conditions therefor
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 9th day of August, 1989.
- .
Mayor of the City/ Of Costa Mesa
ATTEST:
(�2L44J (�) ��J Z��
Ci y Clerk of the City of Costa sa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA 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. 89-169 was duly and regularly passed and adopted by
the City Council at a special joint City Council/Costa Mesa Redevelopment
Agency meeting held on the 9th day of August, 1989.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 10th day of August, 1989.
Ado'e-) 51 av��r
ty Clerk and ex -officio Clerkthe
City Council of the City of Cos Mesa