HomeMy WebLinkAboutReso 2011-034 - 975 Grange St
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RESOLUTION NO. 2011 - 34
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE DISPOSITION OF REAL PROPERTY LOCATED AT 975
GRANGE STREET TO K2 LAND & INVESTMENT, LLC; ACCEPTING THE
SUMMARY REPORT PURSUANT TO SECTION 33433; 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 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 (the "Parkview Plan") adopted by the City of
Redding (City) and the Agency on January 2, 2001; and
WHEREAS, in January 2001, the Agency acquired a parcel of land located at 975 Grange
Street, more particularly described in Exhibit A hereto (the "Property"), for the purpose offacilitating
development opportunities identified in the Parkview Plan; and
WHEREAS, proposed development on the Property consists of the development of two
duplexes containing two, two-bedroom residential units and two, three-bedroom residential units.
The two bedroom units will units will remain affordable to, and occupied by, persons and families of
very-low 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 ofthe 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.ofthe 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 (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 March 21,2011.
NOW, THEREFORE, IT IS RESOLVED that the City Council ofthe City of Redding
hereby:
1. Approves the disposition ofthe 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 21 st day of March, 2011, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN :
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Bosetti, Jones, Sullivan, and McArthur
None
None
Dickerson
ATTEST:
APPROVED AS TO FORM:
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RICHARD A. DUVERNAY, City Attorney
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PAMELA MIZE, Ci Clerk
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By:
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EXHIBIT A
LEGAL DESCRIPTION
975 GRANGE STREET
Real property in the City of Redding, County of Shasta, State of California, described as
follows:
PARCEL ONE
PARCEL 4 AS DESCRIBED IN THE GRANT DEED TO THE REDDING
REDEVELOPMENT AGENCY, RECORDED JULY 10, 2001 AS INSTRUMENT NO.
2001-0027409, SHASTA COUNTY OFFICIAL RECORDS.
PARCEL TWO
THAT PORTION OF SAID PARCELS 1 AND 2 AS DESCRIBED IN SAID GRANT
DEED TO THE REDDING REDEVELOPMENT AGENCY LYING EASTERLY OF
THE FOLLOWING DESCRIBED LINE:
BEGINNING AT THE MOST NORTHERLY CORNER OF SAID PARCEL 2;
THENCE ON AND ALONG THE NORTHWESTERLY LINE OF SAID PARCEL 2,
SOUTH 420 30' WEST, A DISTANCE OF 20.04 FEET; THENCE LEAVING SAID
NORTHWESTERLY LINE SOUTH 510 20' 00" EAST, A DISTANCE OF 147.70
FEET; THENCE SOUTH 250 43' 48" WEST, 172.50 FEET; THENCE SOUTH 050 33'
01" WEST, A DISTANCE OF 64.94 FEET; THENCE SOUTH 120 45' 06" EAST, A
DISTANCE OF 160.44 FEET; THENCE SOUTH 300 59' 55" EAST, A DISTANCE OF
58.82; THENCE SOUTH 490 14' 44" EAST, A DISTANCE OF 113.24 FEET MORE
OR LESS TO THE POINT OF TERMINA nON ON THE WESTERLY LINE OF THE
ACID CANAL.
PURSUANT TO THAT DOCUMENT ENTITLED "PROPERTY LINE ADJUSTMENT
GRANT DEED (PLA-36-08)" RECORDED APRIL 03, 2009 AS INSTRUMENT NO.
2009-0010448, OFFICIAL RECORDS, SHASTA COUNTY.
APN: 108-350-044