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RES-8421 Approval by the Redevelopment Agency of a Second Amendment to Disposition and Development AgreementRESOLUTION NO. 8421 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ORANGE CONSENTING TO THE APPROVAL BY THB ORANGE REDEVELOPMENT AGENCY OF A SECOND AMEND- MENT TO DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THB ORANGE REDEVELOPMENT AGENCY AND HOME DEPOT U.S.A., INC., AND XTRA LEASE, INC. WHEREAS, the Orange Redevelopment Agency (the "Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan (the "Redevelopment Plan") for the Northwest Redevelopment Project (the "Project"): and WHEREAS, the Agency and Home Depot U.S.A., Inc., a Delaware corporation (the "Developer") entered into a certain Disposition and Development Agreement dated as of June 24, 1991, (the "DDA"), which was approved by the Agency by its Resolution No. ORA-225 as adopted on May 28, 1991,with respect to two certain parcels of property as more particularly described in Attachment No. 2 to the DDA Parcel No.1" and "Parcel No.2"): and WHEREAS, the DDA provides that the Agency is to make certain payments to the Developer upon the Developer first satisfying certain conditions precedent as set forth in Sections 203 and 204 of the DDA (the " Conditions Precedent"): and WHEREAS, the Developer has completed construction of that construction required on Parcel No. 1 by the DDA and is operating a full-service Home Depot store: and WHEREAS, Agency and Developer amended the original DDA pursuant to a certain First Amendment to Disposition and Development Agreement by and between the Orange Redevelop-ment Agency and Developer ("First Amendment"), executed by the Agency on July 25, 1993. References made to the Amended DDA" shall mean the original DDA as amended by the First Amendment: and WHEREAS, XTRA Lease, Inc., a Delaware corporation (the Buyer") is under contract to purchase the land designated as Parcel No. 2 in the Amended DDA on which Buyer intends to develop a leasing yard for semi-truck trailers consisting of an approximately 1500 square foot office building and parking for up to approximately 200 trailers; and WHEREAS, in satisfaction of the requirements of Section 107 of the Amended DDA and pursuant to Section 900 of the Amended DDA, Agency, Developer and Buyer wish to enter into a Second Amendment in order to, among other things, specify Buyer'S limited rights and obligations under the Amended DDA with respect to Parcel WHEREAS, the parties intend that Buyer shall have no obligations under the Amended DDA with respect to Parcel No. 1 and, except as specifically provided in the Amended DDA, Developer shall have no obligations under the Amended DDA with respect to Parcel No.2: and WHEREAS, the parties to the Amended DDA have determined that certain provisions of the Amended DDA no longer best serve the mutual interests of the parties and that the interests of both will be advanced by the approval of that certain document entitled "Second Amendment to Disposition and Development Agreement By and between the Orange Redevelopment Agency and Home Depot U.S.A., Inc., and EXTRA Lease, Inc." in the form submitted herewith (the "Second Amendment"): and WHEREAS, the activities contemplated by the Second Amendment have been previously evaluated pursuant to the California Environmental Quality Act ("CEQA"): and WHEREAS, all actions required by all applicable law with respect to the proposed Second Amendment have been taken in an appropriate and timely manner: and WHEREAS, the city council has duly considered all terms and conditions of the proposed Second Amendment and believes that the disposition of the site pursuant thereto is in the best interests of the city of Orange and the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local laws and requirements. NOW, THEREFORE, BE IT RESOLVED by the city council of the City of orange as follows: section 1. The city council hereby finds and determines, based upon substantial evidence provided in the record before it, that the consideration for the disposition of certain real property pursuant to the Second Amendment is not less than the consideration which the Agency was entitled to pursuant to the Amended DDA. section 2. The city council hereby finds and determines that the Second Amendment, will promote the elimination of blight within the Project Area by encouraging the reuse and redevelopment of a portion of the Project Area which was declared blighted and will further encourage the continued operation of a highly-visible commercial use which stimulates business activity within the Project Area.Reso No.8421 seotion 3. The city Council consents to and approves the execution by the Agency of the Second Amendment. seotion 4. The City Clerk shall certify to the adoption of this Resolution. ADOPTED this 13 th day of mber 1994. ATTEST: City Cler of t e . y of Orange I hereby certify that the foregoing regularly adopted by the City Council of regular meeting thereof held on the 13 by the fOllowing vote: Resolution was duly and the city of Orange at a th of December , 1994, AYES: NOES: ABSENT: COUNCIL MEMBERS: MURPHY, BARRERA, MAYOR COONTZ, SPURGEON, SLATER COUNCIL MEMBERS: NONE COUNCIL MEMBERS: NONE L--U/~ ;sRt2f~~city Clerk the ty f orange 3 Reso No.