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HomeMy WebLinkAboutRDA RES 04-02 RDA RESOLUTION NO. 04-02 A RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT FOR A 1.036-ACRE PROPERTY LOCATED AT 191 AND 193-195 EAST MAIN STREET The Tustin Community Redevelopment Agency of the City of Tustin does hereby resolve as follows: I. The Tustin Community Redevelopment Agency (the "Agency") finds and determines as follows: A. The Agency is engaged in implementation of the "Redevelopment Plan" for the Town Center Area Redevelopment Project (the "Redevelopment Project"); and B. Section 33430 of the California Community Redevelopment Law (Health & Safety Code 33000, et seq.: "CRL") authorizes the Agency to sell or lease real property for redevelopment purposes; and C. In order to implement the Redevelopment Plan, the Agency proposes to enter into a certain Disposition and Development Agreement (the "DDA"), with Prospect Village, LP, a California Limited Partnership (the "Developer") pursuant to which (a) the Agency would sell to Developer that certain Agency-owned real property located at the northwest corner of Main Street and Prospect Avenue and know as 191 and 193-195 East Main Street (the "Property"); (b) Developer would construct a mixed-use retail, office and live-work housing project on the Property and, upon completion, sell at least ten (10) of the twelve (12) live-work units for proprietor owner-occupancy and require that such units remain proprietor owner-occupied for the period of the restrictions set forth therein; and (c) Developer would construct certain required public improvements (collectively the "Project"); and D. In its current condition, the Property is a blighting influence on the Redevelopment Project area; and E. The Project will remove the blighting influence described above and provide a mixed-use retail, office and live-work market rate housing project; and RDA Resolution No. 04-02 Page 1014 F. The public improvements contemplated for the Project are of benefit to the Redevelopment Project Area or the immediate neighborhood in which the Redevelopment Project is located; and G. No other reasonable means of financing the public improvements are available to the community, and the payment of funds for the construction of the public improvements will assist in the elimination of one or more blighting conditions inside the Redevelopment Project area and is consistent with the implementation plan adopted pursuant to Section 33490 of the CRL; H. Pursuant to Section 33433 of the CRL, the Agency is authorized to sell or lease property acquired in whole or in part from tax increment moneys for development pursuant to the Redevelopment Plan with the approval of the City Council of the City of Tustin after public hearing; I. Agency staff has prepared, and the City Council has reviewed and approved a report pursuant to Section 33433 (a)(2) of the CRL in connection with the DDA setting forth: (a) (b) A copy of the proposed sale documents, i.e. the DDA; A summary which describes and specifies all of the following: (i) The cost of the DDA to the Agency, including land acquisition costs, clearance costs, relocation costs, the cost of improvements to be made by the Agency, plus the expected interest on any loans or bonds to finance the agreements; and The estimated value of the interests to be sold to Developer, determined at the highest and best uses permitted under the plan; and (iii) The estimated value of the interests to be sold, determined at the uses and with the conditions, covenants and development costs required by the sale; and (iv) An explanation of why the sale of the property will assist in the elimination of blight with reference to all supporting facts and materials needed upon making this explanation. (ii) J. The DDA contains all of the terms, covenants, conditions, restrictions, obligations and provisions required by state and local law; and K. The Agency has duly considered all of the terms and conditions of the DDA and believes that the Project is in the best interests of the City of Tustin and the health, safety, morals and welfare of its residents, and is in accord with the public purposes and provisions of applicable state and local law and requirements; and RDA Resolution No. 04-02 Page 2 014 L. Pursuant to the California Community Redevelopment Law the Agency has held a duly noticed public hearing on the proposed DDA, at which public hearing all persons were given an opportunity to be heard. II. The Tustin Community Redevelopment Agency hereby finds and determines, based upon substantial evidence provided in the record before it: A. C. That the foregoing recitals are true and correct. B. That the Agency has received and heard all oral and written testimony to the proposed Agreement and to Developer's proposed development of the Property in connection therewith and to any other matters pertaining to this transaction. That the sale of the Property will assist in the elimination of blight in the Redevelopment Project area and is consistent with the implementation plan adopted by the Agency for the Town Center Area Redevelopment Plan pursuant to Section 33490 of the CRL. D. That the consideration for the Agency's disposition of the Property pursuant to the DDA is not less than the fair reuse value in accordance with conditions, covenants and development costs required by the DDA. E. F. That the sale of the Property is for more than its fair market price. That no other reasonable means of financing the cost of the installation and construction of public improvements, which are publicly owned either within or without the Redevelopment Project Area are available to the community and hereby consents to the payment for the public improvements by the Agency. G. The foregoing findings are based upon the record of the joint public hearing on the DDA, the record of the joint public hearings for the adoption of the Redevelopment Plan (including amendments thereto), the report prepared in pursuant to CRL Section 33433(a)(2), the reasons expressed herein, the Prospect Village FEIR, the Findings, the Statement of Overriding Considerations and the Mitigation Monitoring Plan approved in connection therewith. III. The DDA, a copy of which is on file with the Office of the City Clerk, is hereby approved with such minor changes, additions or deletions as may be approved by the Agency's Executive Director and City Attorney. RDA Resolution No. 04-02 Page3014 IV. The Executive Director is hereby also authorized to take such actions and execute such documents and instruments, as deemed necessary or desirable for implementation of the DDA. PASSED, APPROVED AND ADOPTED at a regular meeting of the Tustin Community Redevelopment Agency held on the 17th day of May, 2004. ~ ~ \Ci,w;A~ TONY KAWAS~IMA Chairperson ~c(6~ PA ELA STOKER City Clerk STATE OF CALIFORNIA) ORANGE COUNTY )SS CITY OF TUSTIN) I, Pamela Stoker, City Clerk and ex-officio Clerk of the Tustin Community Redevelopment Agency of the City of Tustin, California, do hereby certify that the whole number of the members of the Tustin Community Redevelopment Agency of the City of Tustin is five; that the above and forgoing RDA Resolution No. 04-02 was duly passed and adopted at a regular meeting of the Tustin Community Redevelopment Agency, held on May 17, 2004, by the following vote: BOARDMEMBER AYES: KAWASHIMA, BONE, DAVERT, HAGEN, THOMAS BOARDMEMBER NOES: NONE BOARDMEMBER ABSTAINED: NUNJó BOARDMEMBER ABSENT: NONE (5) (0) (0) (0) ~~ PAMELA STOKER City Clerk RDA Resolution No. 04-02 Page 4 014