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RES-ORA-0481 Acquisition Approval of Parcel of Land 3101 W. Chapman Ave.RESOLUTION NO. ORA- 0481 A RESOLUTION OF THE ORANGE REDEVELOPMENT AGENCY APPROVING THE ACQUISITION FOR REDEVELOPMENT PURPOSES OF A 2.639-ACRE PARCEL OF LAND COMMONLY KNOWN AS 3101 WEST CHAPMAN AVENUE IN THE CITY OF ORANGE FROM ALPHA OMEGA DEVELOPMENT, LP.WHEREAS, the interest in the real property described in the attached Exhibit A (the Property) is situated within the Orange Merged and Amended Redevelopment Project Area (the Merged Redevelopment Project Area), which Merged Redevelopment Project Area was duly established by the City Council of the City of Orange on November 27, 2001 by Ordinance No.21-01, pursuant to the California Community Redevelopment Law ( commencing with Section 33000 ofthe Health and Safety Code and hereinafter referred to as the Redevelopment Law); and WHEREAS, Alpha & Omega Development, LP, a limited partnership organized under the laws of the State of California (Selle), is the owner of the Property, consisting of a 2.639-acre parcel ofland commonly known as 3101 W. Chapman Avenue in the City of Orange; and WHEREAS, the Property is improved with 104 hotel rooms situated within 13, two-story buildings, which was formerly operated as a Best Value Inn & Suites but is no longer operated as a hotel and has been boarded up; and WHEREAS, the Orange Redevelopment Agency (Agency) has been duly created,established and authorized to transact business and exercise its powers under and pursuant to the Redevelopment Law, including, among other powers, the authority granted to it by Section 33391 of the Redevelopment Law to acquire real property for redevelopment purposes; and WHEREAS, the Seller desires, and is willing, to sell the Property to the Agency; and WHEREAS, the Property has been appraised as having a fair market value of Eight Million Seven Hundred Thousand and Noll 00 Dollars ($8,700,000.00) and the purchase price set forth in the Agreement (as defined below) is in accordance with said appraisal; and WHEREAS, under the authority granted to it by Section 33391 of the Redevelopment Law, the Agency proposes to acquire the Property pursuant to the terms and provisions of a Purchase and Sale Agreement and Joint Escrow Instructions (the Agreement) in the form presented at this meeting with such changes therein, if any (other than to the purchase price,terms of payment and other substantive business terms), as the Executive Director may require or approve upon advice and with the consent of the Agency's General Counsel (such approval of the Executive Director to be conclusively evidenced by the execution and WHEREAS, as the lead agency under the California Environmental Quality Act (CEQA), the acquisition of the Property by the Agency pursuant to the Agreement is exempt from the provisions of CEQA under Section 15061(b)(3) of the State CEQA Guidelines because it can be seen with certainty that there is no possibility that the acquisition of the Property may have a significant effect on the environment. NOW, THEREFORE, the Board of Directors of the Orange Redevelopment Agency does hereby resolve as follows: Section 1.The foregoing recitals are true and correct. Section 2. The acquisition by the Agency from the Seller for redevelopment purposes of the fee simple estate in and to the Property, subject to easements, covenants, rights and rights-of-way of record, for the sum of Eight Million Seven Hundred Thousand and NollOO Dollars ($8,700,000.00), in cash, through escrow in accordance with the terms and provisions of the Agreement, with such changes therein, if any (other than to the purchase price, terms of payment and other substantive business terms), as the Executive Director may require or approve upon advice and with the consent of the Agency's General Counsel (such approval of the Executive Director to be conclusively evidenced by the execution and delivery thereof), is hereby approved.Section 3. The terms and provisions of the Agreement between the Agency and Seller with respect to the acquisition of the Property in the form as submitted by the Executive Director, with such changes therein (other than to the purchase price, terms of payment and other substantive business terms) as the Executive Director may require or approve upon advice and with the consent of the Agency's General Counsel (such approval of the Executive Director to be conclusively evidenced by the execution and delivery thereof), are approved,and all actions previously taken or to be taken by such officers and employees in connection with the Agreement or such changes therein are ratified and approved.Section 4. The Chairman is hereby authorized and directed to execute, and the Agency Clerk is hereby authorized and directed to attest, the Agreement on behalf of the Agency, with such changes therein (other than to the purchase price, terms of payment and other substantive business terms) as the Executive Director may require or approve upon advice and with the consent of the Agency's General Counsel, including the acceptance in the name and on behalf of the Agency of a grant deed conveying to this Agency the above-described interest in the Property.Section 5. Except as otherwise provided hereinabove, the Executive Director of the Agency is hereby authorized and directed to do any and all things to execute and deliver any and all escrow instructions and documents, which in consultation with Agency General Counsel, he may deem necessary or advisable in order to carry out and implement the Agreement and otherwise effectuate the purposes of this Resolution and to administer the Agency's obligations, responsibilities and duties to be performed under the ADOPTED this 11 th day of March, 2008. ATTEST: Mary I MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby certify that the foregoing Resolution was duly and regularly adopted by the Orange Redevelopment Agency at a regular meeting thereof held on the 11 th day of March, 2008, by the following vote: AYES: NOES: ABSENT: ABSTAIN: DIRECTORS: Smith, Murphy, Cavecche, Dumitru, Bilodeau DIRECTORS: None DIRECTORS: None DIRECTORS: None 3 EXHIBIT A LEGAL DESCRIPTION OF PROPERTY THE LAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF ORANGE, CITY OF ORANGE, AND IS DESCRIBED AS FOLLOWS: PARCEL 1, AS SHOWN ON A MAP FILED IN BOOK 38, PAGE 10 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. EXCEPT THEREFROM THAT PORTION DESCRIBED AS FOLLOWS: COMMENCING AT THE CENTER LINE INTERSECTION OF RAMPART STREET (60 FEET WIDE) AND STATE COLLEGE BOULEVARD (VARIABLE WIDTH) AS SHOWN ON SAID PARCEL MAP; THENCE ALONG SAID CENTER LINE OF RAMPART STREET, NORTH 500 02' 55" EAST 123.17 FEET; THENCE NORTH 390 57' 05" WEST 30.00 FEET TO THE NORTHWEST LINE OF SAID RAMPART STREET, SAID POINT BEING THE TRUE POINT OF BEGINNING; THENCE SOUTH 500 02' 55" WEST 50.00 FEET ALONG THE NORTHWEST LINE OF SAID RAMPART STREET; THENCE SOUTH 850 08' 22" WEST 38.10 FEET TO THE BEGINNING OF A NON- TANGENT CURVE, CONCAVE SOUTHERLY AND HAVING A RADIUS OF 1026.00 FEET, A RADIAL LINE TO SAID POINT BEARS NORTH 270 50' 49" EAST; THENCE WEST ALONG SAID CURVE AN ARC LENGTH OF 48.25 FEET THROUGH A CENTRAL ANGLE OF 020 41' 40" TO THE SOUTHWEST LINE OF SAID PARCEL 1; THENCE NORTH 530 06' 25" WEST 225.29 FEET ALONG THE SOUTHWEST LINE OF SAID PARCEL 1 TO THE MOST WESTERLY CORNER OF SAID PARCEL 1.THE BEARINGS AND DISTANCES USED IN THE ABOVE DESCRIPTONS ARE ON THE CALIFORNIA COORDINATE SYSTEM OF 1927, ZONE 6. MUL TIPL Y ALL DISTANCES USED IN THE ABOVE DESCRIPTIONS BY 1.000020524 TO OBTAIN GROUND LEVEL DISTANCES.