HomeMy WebLinkAboutReso 2009-184 - Lanning Avenue
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RESOLUTION NO. 2009 - 184
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE DISPOSITION OF REAL PROPERTY LOCATED AT 2550
LANNING AVENUE TO K2 LAND & INVESTMENT LLC; ACCEPTING THE
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SUMMARY REPORT PURSUANT TO SECTION 33433; AND FINDING THAT
THE DISPOSITION OF THE PRQPERTY WILL ASSIST IN THE
ELIMINATION OF BLIGHT, IS CONSISTENT WITH THE
IMPLEMENT A TION PLAN FOR THE MARKET STREET PROJECT AREA,
AND THAT THE CONSIDERATION FOR THE PROPERTY IS NOT LESS
THAN THE FAIR REUSE VALUE.
WHEREAS, the Redding Redevelopment Agency (the "Agency") is presently engaged in
redevelopment activities in the Market Street Redevelopment Project Area and is implementing the
Parkview Neighborhood Strategic Revitalization Plan adopted by the City of Redding (City) and the
Agency on January 2, 200 I; and
WHEREAS, in March 2000, the Agency acquired a parcel ofland located at 2550 Lanning
A venue, more particularly described in Exhibit A and shown in Exhibit B hereto, for the purpose of
facilitating redevelopment on the south side of Park view Avenue (the "Property"); and
WHEREAS, proposed development on the Property consists of the development of a mixed-
use project which includes commercial office space and II housing units which will remain
affordable to and occupied by persons and families oflow and moderate income (the "Project"); and
WHEREAS, the proposed Disposition and Development Agreement ("DDA") with K2 Land
& Investment LLC 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
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WHEREAS, notice of ajoint public hearing by the City Council and the Agency's Board of
Directors (Board) 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 was held
on October 19,2009.
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 K2 Land &
Investment LLC;
2. Accepts the Summary Report of the proposed DDA between the Agency and K2
Land & Investment LLC; and
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 at
the use and with the covenants and conditions and development costs authorized by
the DDA.
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 19th day of October, 2009, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS: Dickerson, McArthur,
COUNCIL MEMBERS: None
COUNCIL MEMBERS: Bosetti
COUNCIL MEMBERS: None
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ATTEST: / r
APPROVED AS TO FORM:
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EXHIBIT A
LEGAL DESCRIPTION
2550 Lanning Avenue
ALL THAT CERTAIN REAL PROPERTY SITUATED IN CITY OF REDDING,
COUNTY OF SHASTA, STATE OF CALIFORNIA, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
LOTS 5 AND 6, BLOCK 2, AS SHOWN ON THAT CERTAIN MAP ENTITLED
"MAP OF PARK SUBDIVISION, CITY OF REDDING, SHASTA COUNTY, STATE
OF CALIFORNIA", FILED MAY 25, 1936 IN BOOK 5 OF MAPS AT PAGE 12,
SHASTA COUNTY RECORDS.
ASSESSOR'S PARCEL NUMBER 104-280-014
N:\Steve\Projects\K2 Parkview Mixed-Use\Exhibit A Legal Description.doc