RES-ORA-0304 Owner Participation Agreement - K & D Investments, Inc.RESOLUTION NO. ORA 0304
A
RESOLUTION OF THE ORANGE REDEVEWPMENT AGENCY
APPROVING AN OWNER PARTICIPATION AGREEMENT
BY AND BETWEEN THE ORANGE REDEVELOPMENT
AGENCY AND K & D INVESTMENTS, INC.WHEREAS,
the Orange Redevelopment Agency (hereinafter referred to as the Agency")
under the provision of the Califomia Community Redevelopment Law, is engaged in
activities necessary for the execution of the Redevelopment Plan for the Northwest Redevelopment
Project Area (hereafter referred to as the "Redevelopment Plan" and the Proje<:
t Area", respectively); and WHEREAS,
K & D Investments, Inc., a California corporation (hereinafter referred to
as the "Participant") has submitted to the Agency a written offer in the form of an Owner Participation
Agreement (hereinafter referred to as the" Agreement") pursuant to which the Participant
will develop and improve certain real property situated within the Project Area and title
to which is held by the Participant (the "Site"), in accordance with approvals previously granted
by the City, namely Conditional Use Permit No. 2082-94 and Negative Declaration
No. 1461-94;
and WHEREAS, pursuant to the Agreement, the Agency is prepared to and will, subject
to the satisfaction of certain conditions precedent, as set forth in the Agreement, reimburse
the Participant for certain costs incurred in the development of the Site and the implementation
of conditions of approval, which may include the provision of public improvements of benefit
to the Project Area and the reimbursement of certain fees which are to be applied for
public improvements (collectively, the "Public Improvements"), all as more particularly provided
for in the Agreement;
and WHEREAS, the development of the Site as proposed would not be feasible but for
the provision of assistance by the Agency as provided pursuant to the Agreement;
and WHEREAS, tlt~ Agency and the City Council of the City of Orange have
duly considered all terms and conditions of the proposed Agreement and believe that
the development of the Site pursuant to the subject Agreement is in furtherance of
the Redevelopment Plan, is in the best interests of the City and health, safety, morals and
welfare of its residents, and in accord with the public purposes and provisions of applicable state
and local law requirements;
and NOW, THEREFORE, the Orange Redevelopment Agency does hereby
find,determine, order and resolve as
follows:Section 1: The Agency finds and determines that: (i) the provision of the
Public Improvements is of benefit to the Project Area and the neighborhood in which such
Improvements are to be situated; (ii) no other reasonable means of financing the Public
Improvements are available to the community; and (iii) the payment of funds for the Public
Improvements will assist in the elimination of one or more blighting conditions within the
Project Area and is consistent with the adopted implementation plan.
Section 2: The Executive Director is hereby authorized to execute the Owner
Participation Agreement and to take all steps and sign all documents and instruments necessary
or convenient to implement that Agreement on behalf of the Agency.
ADOPTED this 1996.13th day of
ATIEST:
I hereby certify that the foregoing Resolution was duly and regularly adopted by the Orange
Redeve:lopment Agency at a regular meeting thereof held on the 13th day of Februarv ,
1996 by the following vote:
AYES: DIRECTORS: MURPHY, BARRERA, CHAIRMAN CCONTZ, SPURGEON, SLATER
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
ABSTAIN DIRECTORS: NONE
Ic/share/mso/0304