RES-ORA-0252 Approving Acquisition and Disposition of Certain Subleasehold InterestRESOLUTION NO. ORA 0252
A RESOLUTION OF THE ORANGE REDEVELOPMENT
AGENCY APPROVING THE ACQUISITION AND
DISPOSITION OF A CERTAIN SUBLEASEHOLD
INTEREST PURSUANT TO AN OWNER PARTICI-
PATION AGREEMENT BY AND AMONG THE ORANGE
REDEVELOPMENT AGENCY, TISHMAN PARKWAY
VENTURE, THE CITY, TRW INC., INFORMATION
SYSTEMS & SERVICES
WHEREAS, the Orange Redevelopment Agency (the "Agency") is authorized
to conduct redevelopment activities within the Project Area of the Southwest
Redevelopment Project (the "Project Area"), which activities include the acquisition
and conveyance of real property for private development; and
WHEREAS,
TISHMAN PARKWAY VENTURE, a California partnership ("Owner I"),
THE CITY, a partnership ("Owner II"), and TRW INC. INFORMATION SYSTEMS &
SERVICES, an Ohio corporation ("Tenant") propose that the Agency entt:~
r into an Owner Participation Agreement submitted herewith (the "OPA") pursuant to
which the parties propose that (1) Owner I and Owner II (collectively, the Owners")
shall lease that certain real property identified in the OPA as the "Premises"to
Tenant for a term more particularly described in the OPA, (2) the Tenant shall sublease
to the Agency the Premises for the term more particularly described in the OPA, (
3) the Agency shall then sub-sublease all of the Premises back to the Tenant for
a term more particularly described in the OPA, (4) the Owners shall perform certain
renovation work to the Premises and certain other improvements (the "Improvements")
the minimum cost of which shall be Two Million Five Hundred Thousand Dollars
2,500,000), (5) the Agency will provide assistance to the Tenant not to exceed Two
MilJlion Dollars ($2,000,000) the minimum amount of which will be One Hundred
Thousand Dollars ($100,000) a year for ten (10) years based on the continual
employment by the Tenant of at least Seven Hundred Fifty (750) people at the Premises
within the City of Orange and the Agency will provide additional assistance predicated
upon the number of full-time employees in excess of Seven Hundred Fifty (
750)multiplied by Four Hundred Dollars ($400) per full-time employee not to exceed
a total of Two Hundred Fifty (250) employees or One Hundred Thousand Dollars ($
100,000)per
year; and WHEREAS, the Agency and the City Council of the City ("City
Council") have conducted a duly noticed joint public hearing regarding the proposed
acquisition and disposition in accordance with California Health and Safety Code Sections
33431 and
WHEREAS, the staff report pertaining to the Agreement, including a Report byRosenowSpevacekGroupdatedasofAugust31, 1992 (the "Report") which has beenondisplaypriortothejointpublichearinginaccordancewithSection33433oftheCaliforniaHealthandSafetyCode, contains a detailed description of the provisions oftheAgreement.
NOW, THEREFORE, BE IT RESOLVED by the Orange Redevelopment Agency asfollows:
SECTION I:
The Redevelopment Agency finds and determines, based upon the testimony andinformationpresentedduringthepublichearingwithrespecttotheAgreement, that theconsiderationfortheinterestinpropertytobetransferredtotheTenantpursuanttothesubleaseisatlessthanthefairmarketvaluethereofdeterminedatthehighestusepermittedundertheRedevelopmentPlan, but that such lesser consideration is necessarytosecurethecommitmentofTenantandtheOwnerstoexecutetheAgreement, whichAgreementwillsignificantlybenefittheAgencyandthecommunitybyalleviatingblightingconditions, enhancing and preserving the viability of The City complex as anoffilceandretailcenter, maintaining employment levels, upgrading the quality ofcertainbuildingswithinTheCitycomplex, maintaining a work force and potentiallyefftx;ting significant increases in commercial sales at The City and sales tax collectionsoftheCityofOrange, and providing for high-quality development activitiestostimulatetheeconomicenhancementoftheProjectArea; these and other factorsaremorefullydiscussedinthe
Report.SECTION
II:The Redevelopment Agency hereby approves the Agreement and all ofitsprovisionsincludingwithoutlimitationtheattachmenttherein, and authorizestheChairmanandtheExecutiveDirectortoexecutealldocumentsreferencedintheAgreementorotherwisedeemedbytheExecutiveDirectortobenecessarytoeffectuatetheprovisionsofthe
Agreement.ADOPTED this 15th day of September ,
1992.
ATTEST:City, Orange edevel me
Agency
I hereby certify that the foregoing Resolution was duly and regularly
adopted by the Orange Redevelopment Agency at a regular meeting thereof held on the _
day of September , 1992, by the following vote:
AYES: DIRECTORS: STEINER, BARRERA, CHAIRMAN BEYER, COONT.Z
SPURGEON
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
ABSTAIN: DIRECTORS: NONE
0 ~.r'\-Clerk,
Oran Redev~me"Agency Ic/
b:
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