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HomeMy WebLinkAboutRES NO 126-86 DUNCIL RESOLUTION NO. 12u- 126-86 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD APPROVING AND AUTHORIZING THE EXECUTION OF A PARTICIPATION AGREEMENT BETWEEN THE BAKERSFIELD REDEVELOPMENT AGENCY AND MOSESIAN DEVELOPMENT CORPORATION AND BEARDSLEE DEVELOPMENT CORPORATION WHEREAS, the Bakersfield Redevelopment Agency (the "Agency") is carrying out the Redevelopment Plan (the "Redevelopment Plan") for the Downtown Bakersfield Redevelopment Project (the "Project"); and WHEREAS, the Agency has received a proposed Participation Agreement ("PA") from DMosesian Development Corporation and Beardslee Development Corporation (the "Participant") as executed by the Participant, providing for the sale of certain real property (the "Sales Property") to the Participant and the development of the Sales Property, together with property to be owned by the Participant (the "Participating Property") for office uses in accordance with the Redevelopment Plan; and W~EREAS, the Community Redevelopment Law of the State of California (Health and Safety Code Section 33000 et seq.) provides in Section 33431 that any sale or lease of Agency property may be made only after a public hearing of the Agency after publication of notice as provided by law; and WHEREAS, the Community Redevelopment Law further provides in sec- tion 33433 that before any property acquired, in whole or in part, with tax increment monies is sold or leased for development pursuant to the redevelopment plan, such sale or lease shall first be approved by the City Council after a public hearing of the City Council after publication of notice as provided by law, and that the Agency shall make available for public inspection a copy of the proposed sale or lease and a summary of the financial aspects of the transaction; and ing on August 20, 1986, act on the disposition the Sales Property and and WHEREAS, notice of a joint public hearing by the City Council of the City of Bakersfield and the Agency on the PA was published in the Bakersfield Californian on July 30, August 5, and August 18, 1986; and WHERHAS, the Agency prepared a report pursuant to Section 33433 of the Health and Safety Code and the report was made available to the public for inspection; and WHEREAS, pursuant to Section 33445 of the Community Redevelopment Law, the Agency is authorized with the consent of the City Council, to pay all or any part of the value of and the cost of installation and construction of any building, facility, structure or other improvement which is publicly owned either within or without the Project Area upon a determination by the City Council that such building, facility, structure or other improvement is of benefit to the Project Area or the immediate area in which the Project is located and that no other rea- sonable means of financing such building, facility, structure or other improvement is available to the community; and WHEREAS, the City Council and the Agency held a joint public hear- in the City Council Chambers to consider and of the Sales Property and the Development of the Participating Property pursuant to the PA; WHEREAS, all potential significant environmental effects of the Project as proposed under the PA have been reviewed and considered in the existing approved Negative Declaration on the Project; -2- NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BAKERSFIELD DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The City Council hereby finds and determines that the consideration to be paid for the disposition of the Sales Property by the Participant to the Agency pursuant to the PA are in amounts necessary to effectuate the purposes of the Redevelopment Plan and are not less than fair market value in accordance with the covenants and conditions governing such sale. To the extent it is determined that such consideration is less than fair market value, the City Council hereby finds and determines that such lesser consideration is necessary to effectuate the purpose of the Redevelopment Plan. This finding is based upon the information contained in the financial sum- mary prepared pursuant to Health and Safety Code Section 33433. Section 2. The City Council hereby finds and determines that the provision of public improvements by the Agency in connection with the development of the Site is of benefit to the Project Area and that no other reasonable means of financing such public improvements are available to the community, and the City Council hereby authorizes the Agency to pay for all or part of the land and the costs of installa- tion and construction of such public improvements. Section 3. The City Council hereby approves and authorizes execu- tion of the PA by the Agency. -3- PASSED AND ADOPTED this 20th day of August 1986, roll call vote: AYES: CHILDS, CHP~ISTENSEN, MOORE, SALVAGGIO, S~ITH NOES: NONE ABSTAIN: NONE ABSENT: DICKERSON, RASTY by the following CITY CLERK and Ex Officio Clerk of the Council of the City of Bakersfield APPROVED this 20th day of August, 1986 MAYOR of the City' of/Bakersfield APPROVED as to form: ATTg~RNEY of ty of Bakersfield 5:CCRES.1 -4-