RES-ORA-0303 Owner Participation Agreement - Orange Mall Development AssociatesRESOLUTION NO. ORA-
0303
A RESOLUTION OF THE ORANGE REDEVELOPMENT
AGENCY APPROVING AND AUTHORIZING THE EXECUTION
OF AN OWNER PARTICIPATION AGREEMENT BY AND
BETWEEN THE ORANGE REDEVELOPMENT AGENCY AND
ORANGE MALL DEVELOPMENT ASSOCIATES;
DETERMINING THAT THE CONSTRUCTION OF CERTAIN
IMPROVEMENTS, THE COST OF WHICH IS TO BE
PARTIALLY BORNE BY THE AGENCY, IS OF BENEFIT TO
THE TUSTIN STREET REDEVELOPMENT PROJECT AREA
AND THE IMMEDIATE NEIGHBORHOOD IN WHICH THE
PROJECT IS WCATED; DETERMINING THAT THERE ARE
NO OTHER REASONABLE MEANS OF FINANCING SAID
IMPROVEMENTS; AND AUTHORIZING THE EXECUTION
AND DELIVERY OF SAID OWNER PARTICIPATION
AGREEMENT ($65,000 - TRADER JOE'S)VHEREAS,
the Orange Redevelopment Agency ("Agency") is authorized to carry out the redevelopment
of the Tustin Street Redevelopment Project Area ("Project Area"); and WHEREAS,
the Redevelopment Plan for the Project Area allows the Agency to pay all or part of
the value of the construction of certain improvements; and WHEREAS,
the Agency desires to enter into an Owner Participation Agreement ("OPA")with
Orange Mall Development Associates, a California Limited Partnership (the "Participant"), in the form
presented to the Agency at the meeting at which this Resolution was adopted; and WHEREAS,
pursuant to the OPA, the Agency is to pay the amount of not to exceed SIXTY-FIVE
THOUSAND DOLLARS ($65,000) (the "Maximum Assistance Amount") toward improvements which
the Participant desires to undertake on certain property within the Project Area and commonly known
as 2114 N. Tustin Street, Orange, California (the "Site"); and WHEREAS,
the Participant has indicated that but for the agreement of the Agency pursuant to the
OPA as proposed, the cost of proceeding with the improvement of the Site would be infeasible; and WHEREAS,
the monies payable by the Agency pursuant to the OPA will be applied only for improvements
which are provided for in the Redevelopment Plan for the Project Area; and WHEREAS,
C?lifornia Health and Safety Code Section 33444.6(a) provides that a redevelopm'
i.'1t ag~ncy may, with the consent of the legisL~tive body, pay all or part of the value of public
huildings, facilities, structures or other improvements upon a finding that such public improvements
are cf benefit to the project area or the immediate neighborhood in which the project is located
and that the:e are no ether reasonable means of financing such public improvements available to
the cGmmunity; arid WHEREAS~
t1}euse of monies payable by the Agency pursuant to the OP A for improvements within
the Project A.ea will be of benefit to the Project An::a.
NOW, THEREFORE, the Orange Redevelopment Agency does hereby resolve as follows:
Section 1: The Agency hereby approves the form of the OPA with the Participant
presented at the meeting at which this Resolution was adopted.
Section 2: The Agency hereby determines that the acquisition, construction, and
installation of improvements to be paid for using monies paid by the Agency pursuant to the OP A is of
benefit to the Project Area and the surrounding neighborhood in which the project is located.
Section 3: The Agency hereby determines that it is appropriate to construct and install or
cause the construction and installation of improvements to be paid for using monies paid by the Agency
pursuant to the OP A and that there are no other reasonable means of financing such public
improvements.
Section 4: The Agency approves the OP A and authorizes and directs the Executive
Director and the Agency Clerk to execute the OP A and such other documents as may be necessary or
convenient to the implementation of the OP A.
ADOPTED this 13th day of February 1996.
1 .
7 /.7
t /r
Cbairmait of the Orange Redevel.
ment Agency ATTEST:Clerk of the Orag~
Redevelopment
Agency v I hereby certify that
the
foregoing Resolution was duly and regularly adopted by the City Council of the City of
Orange at a regular meeting thereof held on the 13th day of February , 1996, by the following
vote:L AYES:NOES:ABSENT:ABSTAIN:
DIRECTORS:
MURPHY,
BARRERA,
CHAIRMAN
COONTZ,
SPURGEON, SLATER DIRECTORS: NONE DIRECTORS: NONE DIRECTORS:
NONE 1
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L_.-1l/aj/
2A/,jt: .-:t-
lf"yc.-- -bL /';(!d/Z-TClerk ofthe Or:m~ Rr-.
Jevelopment Agency share:reso:0303