HomeMy WebLinkAboutRES NO 93-79CITY COUNCIL OF.THE ~ITY OF BAKERSFIELD
RESOLUTION NO o 93-79
A RESOLUTION OF THE CITY COUNCIL APPROVING A
CHANGE IN THE JOINT DEVELOPMENT AGREEMENT BE-
TWEEN THE AGENCY AND BAKERSFIELD ASSOCIATES;
MAKING CERTAIN FINDINGS WITH RESPECT TO THE
CONSIDERATION TO BE RECEIVED BY THE BAKERS-
FIELD REDEVELOPMENT AGENCY PURSUANT TO SAID
AGREEMENT AS CHANGED; APPROVING THE SALE,
LEASE AND SUBLEASE OF REAL PROPERTY; CONSENT-
ING TO THE PROVISIONS FOR CERTAIN PUBLIC
IMPROVEMENTS; AND APPROVING THE JOINT DEVELOP-
MENT AGREEMENT, AS CHANGED
WHEREAS, the Bakersfield Redevelopment Agency (the "Agency")
is engaged in activities necessary to execute and implement the
Amended Redevelopment 'Plan as further amended for the Downtown
Bakersfield Redevelopment Project (the "Project"'); and
WHEREAS, in order to implement said Amended Redevelopment
Plan, as further amended, the Agency proposes to sell and lease or
sublease certain real property (the "Site") in the Project area
pursuant to the terms and 'provisions of a Joint Development
Agreement (the "Agreement"), which property is descriDed in said
Agreement, and
WHEREAS, Bakersfield Associates (the "Developer") has
submitted to the Agency a written offer in the form of said
Agreement to. purchase and lease or sublease the Site; and
WHEREAS, the proposed Agreement as proposed to be changed
contains all the provisions, terms, conditions and obligations
required by state and local law~ and
WHEREAS, the Developer possesses the qualifications and
financial resources necessary to acquire and insure development of
the Site in accordance with the purposes and objectives of the'
Amended Redevelopment Plan; and
WHEREAS, the Agency has pr'epared and this City Council has
reviewed and considered, a Summary Report setting forth the cost of
the Agreement to the Agency, the estimated value of the interest to
be conveyed determined-at the highest uses permitted under the
Amended Redevelopment Plan, the purchase and lease or sublease
prices, and the reasons for any difference in the purchase and
lease or sublease prices and the estimated value of the interests
conveyed,' and has made said Summary Report available for public
inspection in accordance with the California Community
Redevelopment Law; and
WHEREAS, the Agency' and the Developer have agreed to change
the Agreement to permit the Agency to terminate the Agreement if
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Agendy costs as presently e~timated under the Agreement ~ncre~se
whereby a higher bond issue than currently estimated is required to
fund such Agency costs, and the Agency is unable after diligent
effort to obtain other funding, such as UDAG or EDA, to meet such
costs; and
WHEREAS, the Agency determined that the proposed change in the
Agreement will not affect the determination that the proposed
development and method of financing are feasible as set forth in
said Summary Report; and
WHEREAS, the City Council has found on the basis of a
Subsequent Environmental Impact Report ("EIR"), that said
Agreement, as changed, will not have a significant effect or result
in a substantial or potentially substantial adverse change' in the
environment as set forth in said Subsequent EIR; and
WHEREAS, pursuant to the provisions of the California
Redevelopment Law, the Agency and this City Council have held a
duly noticed joint public hearing on the proposed sale and lease or
sublease of the Site and the proposed Agreement and the change
therein; and
WHEREAS, the City Council has duly considered all terms and
conditions of the proposed sale and lease or sublease and believes
that the redevelopment of the Site pursuant to the proposed
Agreement, as changed, is in the best interests of the City and the
health, safety, morals and welfare of its residents, and in accord
with the public purposes and provisions of the applicable State and
local laws.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF BAKERSFIELD AS FOLLOWS:
1. The City Council hereby approves and authorizes the
Executive Director of the Agency to change the proposed Joint
Development Agreement between the Agency and Bakersfield Associates
to permit the Agency to terminate the Agreement if the Agency is
required to issue bonds in an amount higher than presently
estimated in order to fund higher than presently estimated Agency
costs as set forth in the Summary Report for the Joint Development
Agreement dated November 1979, and the Agency despite diligent
effort is unable to obtain other funds, such as federal UDAG or EDA
funding, to replace such bond funding.
2. The City Council hereby finds and determines that the
consideration for the sale and' lease o~ sublease of the Site
pursuant to the Joint Development Agreement, as changed, is not
less than fair market value for the Site in accordance with the
covenants and conditions governing the sale and lease or sublease.
3. The City Council hereby finds and determines that the
sale and lease or sublease of the Site pursuant to the Agreement,
as changed, is necessary to effectuate the purposes of the Amended
Redevelopment Plan, as further amended.
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°4. ~ ~The City Council hereby finds and determines ~hat ~he
provision by the Agency of certain public improvements to the Site
pursuant to the Agreement, as changed, which improvements would
otherwise be the responsibility of the Developer, is necessary to
effectuate the purposes of the Amended Redevelopment. Plan, as
further amended.
5. The City Council hereby consents to the provision of said
public improvements by the Agency.
6. The sale and lease or sublease of the Site by the Agency
to Bakersfield Associates and the Joint Development Agreement, as
changed, which establishes the terms and conditions for the sale
and lease or sublease of the Site, are hereby approved.
APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD ON THIS 5th DAY OF December , 1979.
ABSENT; C~UNCI'
'ABSTAINING: COUNCILMEN:
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APPROVED ..a~,, ~t o_ ~ fdrm:
1979
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