HomeMy WebLinkAboutReso 2019-008 - 1081 Lake Blvd RESOLUTION NO. 2019-008
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE DISPOSITION OF REAL PROPERTY LOCATED AT
1081 LAKE BOULEVARD TO K2 LAND & INVESTMENT, LLC;
ACCEPTING THE SUMMARY REPORT PURSUANT TO SECTION 33433
OF THE HEALTH AND SAFETY CODE;MAKING FINDINGS REQUIRED
BY SECTION 33433 OF THE HEALTH & SAFETY CODE; AND
AUTHORIZING THE MAYOR TO EXECUTE THE DISPOSITION AND
DEVELOPMENT AGREEMENT AND ANY ANCILLARY DOCUMENTS
WHEREAS,the on February 1, 2012,the Redding Redevelopment Agency ("RRA")was
dissolved pursuant to Health and Safety Code (HSC) Sections 34161-3466; and
WHEREAS,pursuant to HSC Section 34176,by Resolution.2012-0007,the City Council of
the City of Redding elected to become the Successor Housing Agency to the RRA ("Successor
Housing Agency"); and
WHEREAS,HSC Section 34176(a)(1),provides for all rights,powers,duties,obligations
and housing assets (as defined by HSC Section 35176(e)) of the redevelopment agency to be
transferred to the Successor Housing Agency; and
WHEREAS, on February 2, 2012, such transfer did occur; and
WHEREAS, included in that housing asset transfer was real property located at 1081 Lake
Boulevard (the "Property"), more particularly described in Exhibit 1 A to the Disposition and
Development Agreement ("DDA") with K2 Land & Investment, LLC, previously acquired by the
RRA for the purpose of facilitating affordable housing development opportunities; and
WHEREAS, proposed development on the Property consists of the development of an Q
affordable rental housing complex comprised of approximately 40-50 units. The developed units
will remain affordable to,and occupied by,persons and families with incomes at or below 80 percent S�
of area median income (the "Project"); and
WHEREAS, the proposed DDA with K2 Land & Investment, LLC, provides for the CC
disposition of the Property and the development of the Project; and
WHEREAS, Community Redevelopment Law provides in Health & Safety Code Section
33433 that before any property acquired,in whole or in part,directly or indirectly,with tax increment
monies is sold or leased for development pursuant to a redevelopment plan, such sale or lease shall
first be approved by the City Council, after a duly noticed public hearing of the City Council, and
after a copy of the proposed sale or lease and a summary which describes the financial aspects of the
transaction has been made available for public inspection; and
WHEREAS, a Summary Report has been prepared pursuant to Health & Safety Code
Section 33433,containing a summary describing the cost of the transaction to the Successor Housing
Agency,the value of the property to be conveyed and other statutorily required information,and said
report and copies of the proposed DDA were made available to the public for inspection prior to the
hearing, as required by Community Redevelopment Law; and
WHEREAS, notice of public hearing by the City Council on the proposed DDA has been
duly published in accordance with the Community Redevelopment Law; and
WHEREAS,the public hearing was held by the City Council on February 19, 2019;
NOW, THEREFORE, IT IS RESOLVED that the City Council of the City of Redding
hereby:
1. Approves the disposition of the real property described in Exhibit lA to the DDA
with K2 Land& Investment, LLC;
2. Finds that the disposition of the Property will assist in the elimination of blight, is
consistent with the Implementation Plan for the Buckeye Redevelopment Project
Area, and that the consideration for the Property is not less than the market value or
the fair reuse value of the property at the use and with the covenants and conditions
and development costs authorized by the DDA;
3. Authorizes the Mayor to execute the DDA and any ancillary documents contemplated
by the DDA and to close escrow and convey the Property subject to compliance with
the terms of the DDA.
I HEREBY CERTIFY that the foregoing resolution was introduced and adopted at a regular
meeting of the City Council of the City of Redding on the 19th day of February, 2019, by the
following vote:
AYES: COUNCIL MEMBERS: Dacquisto, McElvain, Schreder, and Winter
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Resner
ABSTAIN: COUNCIL MEMBERS: None
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JULIE 'INTER; 'ayor
ATTEST: APPRO iI D AS TO FORM:
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PAMELA MIZE, CI ' lerk BA Y E. DeWALT, City ttorney