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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 -1- 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. -2- °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: -3- APPROVED ..a~,, ~t o_ ~ fdrm: 1979 the