The URL can be used to link to this page

Home My WebLink AboutReso. 1976-174 - Authorizing execution of an option agreement with Redding Redevelopment Agency for sale of property within redevelopment project areaRESOLUTION NO. ,-71, -� A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING AUTHORIZING THE EXECUTION OF AN OPTION AGREEMENT WITH THE REDDING REDEVELOPMENT AGENCY FOR THE SALE OF PROPERTY WITHIN THE REDEVELOPMENT PROJECT AREA. WHEREAS, the Redding Redevelopment Agency (the "Agency") is a redevelopment agency established and operating under the Calif- ornia Community Redevelopment Law (Health and Safety Code Section 33000 et seq) vested with the responsibility of carrying out and completing implementation of the Redevelopment Plan (the "Redevelop- ment Plan") for the Midtown Project No. I, Calif. R-120, Redding, California (the "Project"), and pursuant thereto has caused the development of the Redding Mall, and WHEREAS, in order to close out funding of the Project by the Federal Government, the Agency sold a parcel of property (the "Property"), as more particularly described in the attached Option Agreement, to the City of Redding (the "City"), and the City is presently the owner of said Property, and WHEREAS, Section 33220 of the Community Redevelopment Law permits any public body including the City to dedicate, sell, convey or lease any of its property to a redevelopment agency with or without consideration as it determines for the purpose of aiding and cooperating in the planning and implementation of a redevelop- ment project, and WHEREAS, the City desires to grant an option to the Agency to acquire the Property in order to permit disposition of the Property so that it will be developed consistently with other uses in the Redding Mall and the Redevelopment Plan, NOW, THEREFORE, the City Council of the City of Redding does resolve that the Mayor is hereby authorized to execute the Option Agreement, in form attached to this resolution and incor- porated herein by reference, with the Redding Redevelopment Agency. I HEREBY CERTIFY that,the foregoing Resolution was intro- duced and read at a regular meeting of the City Council of the City of Redding on the 6th day of December, 1976, and was duly -1- • • adopted at said meeting by the following vote: AYES: COUNCILMEN: Anderson, Demsher, Gard, and Fulton NOES: COUNCILMEN: None ABSENT: COUNCILMEN: Pugh xlxw f �! LEE D. nLTON, M.15-. Mayor of the City of Redding AI1,TEST: MILDRED L. BRAYTON,�-City Clerk FO APPROVED:�j C' EARL D. MU PHY, City At rney -2- . a OPTION AG1?EliMI_ N'1' THIS AGREEMENT is entered into as of the day of 1976 by and between the CITY OF REDDING, a municipal corporation (herein the "City") and the REDDING REDEVELOPMENT AGENCY, a public body (herein the "Agency"). Recitals A. The Agency is a redevelopment agency established and operating under the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.), vested with the responsibility of carrying out and completing implementation of the Redevelopment Plan (the "Redevelopment Plan") for the Midtown Project No. I, Calif. R-120, Redding, California (the "Project"), and pursuant thereto has caused the development of the Redding Mall. B. In order to close out funding of the Project by the Federal Government, the Agency sold a parcel of property (the "Property"), as more particularly described in Exhibit A attached hereto and made a part hereof, to the City, and the City is presently the owner of said Property. Under the Redevelopment Plan, the re -use of said Property is.commercial. C. Section 33220 of the Community Redevelopment Law permits any public body including the City to dedicate, sell, convey or lease any of its property to a redevelopment agency with or without consideration as it determines for the purpose of aiding and co-operating in the planning and implementation of a redevelopment project. D. The City desires to grant an option to the Agency to acquire the Property in order to permit disposition of the Property so that it will be developed consistently with other uses in the Redding Mall and the Redevelopment Plan. Agreements 1. The City hereby grants to the Agency an option to purchase the Property at a price which shall equal the price J 0 of disposition of the Property by the Agency to a.deve•loper, but in any event not less than the fair value of said Property for use in accordance with the Redevelopment Planus deter- mined by the Agency, less the costs to the Agency of pre- paring a deed and an escrow, including any title insurance, for the conveyance from the City to the Agency, and preparing a deed and an escrow, including any title insurance, for the conveyance from the Agency to a developer. The Agency shall bear all costs associated with said conveyances. 2. This option shall commence upon the date of execu- tion of this Agreement and shall continue for twelve (12) months from and after the date of this Agreement. 3. During the option period, the Agency shall attempt the disposition of the Property for commercial use consistent with other uses in the Redding Mall and the Redevelopment Plan. 4. The Agency may not assign this Agreement. In the event an attempted assignment is made_in violation of this provision, then the Agency's rights under this Agreement shall automatically terminate. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. ATTEST: City Cler CITY OF REDDING Mayor REDDING REDEVELOPMENT AGENCY -2- ,' • A. AL DESCRIPTION OF 1111L, PR0PEI T/� T _C JJl 14 R 1Lti -� Z. �• CJTJ C�ti. �.?..JOCT`\rll J�J• • . l J c,O�S[JC.'d'II�(; i�NGI\I>GIt I D 7 n COV !, T :: T 11 C C 7 - t• O. fl O K ? O b b Rl:0 L111J G. C A L 14 O IT 111^. 00002 DESCRIPTION FOR December 20, 1971 REDDING REDEVELOP.'ENT AGENCY S-2.554.00 Parcel No. 3 A portion of the Gest half of Block 18, Original To;%n of Redding, Redding, California, more particularly described as follo;gs: Commencing at the r:orthx.oest corner of the West half of Block 18, Original To;vn of Redding, Redding, Cali'_-ornia; thence, along the West line of said Block 18, S. 17040'00" E., 50-00 feet to the point of beginning of this parcel; thei,ce, from said point of be- ginning leaving said vest line N. 72°20'00" E., 80.00 feet; thence, S. 17040'00" E., 40.00 feet; thence, N. 72020'00" E., 60.00 feet to a point on the East line of said I -Test half of Block'18; thence, along said East line S. 17040'00" E., 19.00 feet-; thence, leaving said East line S. 72°20'00" W. 140.00 :-eet to the West lire of the _ West half of said Block 18; thence, al -.g said West line, N. 1740'00" id., 149.00 feet to the po--nt of beginning. Containing 0.43 acre more or less and 2--eing subject to all rights- of-way and easements of record. Uh VA N��•"off c ` 1 i JJI 0-0 715 1 c