HomeMy WebLinkAboutReso 2008-147 - 1701 Pine St
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RESOLUTION NO. 2008 - 147
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE DISPOSITION OF REAL PROPERTY AT 1701 PINE
STREET TO RIVERFRONT PLAYHOUSE, ACCEPTING THE 33433
SUMMARY REPORT, AND FINDING THAT THE DISPOSITION OF THE
PROPERTY WILL ASSIST IN THE ELIMINATION OF BLIGHT, IS
CONSISTENT WITH THE IMPLEMENTATION PLAN FOR THE MARKET
STREET PROJECT AREA, AND THAT THE CONSIDERATION FOR TEH
PROPERTY IS NOT LESS THAN THE MARKET VALUE OR FAIR REUSE
VALUE OF THE PROPERTY AT THE USE AND WITH THE COVENANTS
AND CONDITIONS AND DEVELOPMENT COSTS AUTHORIZED BY THE
SALE
WHEREAS, the Redding Redevelopment Agency (the "Agency") is presently engaged in
redevelopment activities in the Market Street Redevelopment Project Area; and
WHEREAS, in 2004 the Agency acquired a parcel ofland located at 1701 Pine Street, more
particularly described in Exhibit A attached hereto (the Property); and
WHEREAS, proposed development on the Property consists of an approximate 12,000
square-foot, I 84-seat community theatre; and
WHEREAS, the proposed Disposition and Development Agreement CDDA") with
Riverfront Playhouse provides for the disposition of the Property and the development of the Project;
and
WHEREAS, Community Redevelopment Law provides in Health & Safety Code Section
33433 that (1) 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 (2) the Agency shall make available for public inspection a copy of the proposed sale
or lease and a summary which describes the financial aspects of the transaction; 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 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 a joint public hearing by the City Council and the Agency's Board of
Directors on the proposed DDA has been duly published in accordance with the Community
Redevelopment Law; and
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WHEREAS, the joint public hearing by the City Council and the Agency's Board of
Directors was held on August 18, 2008.
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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 A to Riverfront
Playhouse;
2. Accepts the Summary Report of the Proposed DDA between the Agency and
Riverfront Playhouse;
3. Finds that the disposition of the Property will assist in the elimination of blight, is
consistent with the Implementation Plan for the Market Street Redevelopment Project
Area, and that the consideration for the Property is not less than the fair reuse value
ofthe property at the use and with the covenants and conditions and development
costs authorized by the sale.
I HEREBY CERTIFY that the foregoing resolution was introduced, read, and adopted at
a special meeting of the City Council of the City of Redding on the 18th day of August, 2008, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Boserti, Dickerson, Jones, Murray, and Stegall
None
None
None
ATTEST:' ;
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CONNIE STROHMAYE^'b Clerk
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APPROVED AS TO FORM:
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RICHARD A. DUVERNAY, . Attorney
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EXHIBIT "A"
THE LAND DESCRIBED HEREIN IS SITVA TED IN THE STATE OF CALIFORNIA, COUNTY OF
SHASTA, CITY OF REDDING, AND IS DESCRIBED AS FOLLOWS:
LOTS I I AND 12 OF BLOCK 40 OF THE ORIGINAL TOWN (NOW CITY) OF REDDING AS PER
MAP OR PLAT ENTITLED, 'TOWN OF REDDING, SHASTA COUNTY, CALIFORNIA", FILED
SEPTEMBER 25,1872, IN OLD PLATS AT PAGE 65, SHASTA COUNTY RECORDS.
APN: 101-660-28
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