RES-ORA-0222 Approving an Owner Participation AgreementRESOLUTION NO. ORA-
0222 A RESOLUTION OF THE
ORANGE REDEVELOPMENT AGENCY APPROVING
AN OWNER PARTICIPATION AGREEMENT BY
AND AMONG THE ORANGE REDEVELOPMENT
AGENCY,CITIBANK, N.A., AS SUBTRUSTEE FOR
BANKERS TRUST COMPANY, AS TRUSTEE OF THE
GENERAL MOTORS RETIREMENT PROGRAM FOR
SALARIED EMPLOYEES TRUST AND THE GENERAL
MOTORS HOURLY-RATE EMPLOYEES PENSION
TRUST AND THE CITY OF ORANGE APPROVING
THE PROVISION OF PUBLIC IMPROVEMENTS
AND
MAKING FINDINGS.WHEREAS, the Orange Redevelopment Agency (hereinafter referred to
as the Agency") under the provision of the California Community Redevelopment
Law, is engaged in activities necessary for the execution of the Redevelopment Plan
for the Southwest Redevelopment Project (hereinafter referred to as the "
Project"); and WHEREAS, CITIBANK, N.A., as subtrustee for
BANKERS TRUST COMPANY, as Trustee of the GENERAL MOTORS
RETIREMENT PROGRAM FOR SALARIED EMPLOYEES TRUST and the GENERAL
MOTORS HOURLY-RATE EMPLOYEES PENSION TRUST (the "Participant") has proposed
that the Agency enter into an Owner Participation Agreement submitted herewith (
the "OPA")pursuant to which the Participant proposes to (i) sell to the City of Orange (
the "City")that certain real property identified in the OPA as the "Site" upon payment
of the purchase price of $922,700 by the Agency, (ii) paying certain costs toward the
cost of engineering services in connection with the improvement of city streets (
Main Street and La Veta) (the "Public Improvements") and (iii) provide certain
other financial assistance to the Participant to defray the cost of landscaping adjacent to the
Site; and WHEREAS, the implementation of the OPA will enable the City
to provide needed infrastructure improvements to assist circulation within the vicinity of
the Site and throughout that area subject to the Transportation System
Improvement Authority the "TSIA") as established by the Joint Exercise of Powers Agreement
Between the City of Santa Ana and the City of Orange Creating the
Transportation System Improvement Authority, dated December 18, 1984, and as amended by
the Amendment to the Joint Exercise of Powers Agreement Between the City of Santa Ana and
the City of Orange Creating the Transportation System Improvement Authority, dated
May 20,
WHEREAS, it is understood that funding for the improvement of Main Street
funding shall be provided by the TSIA; and
WHEREAS, the Agency has duly considered all terms and conditions of the
proposed OPA and believes that the development of the Site pursuant to the subject
OPA is in the best interests of the City and health, safety, and welfare of its residents,
and in accord with the public purposes and provisions of applicable State and local law
requirements;
NOW, THEREFORE, THE ORANGE REDEVELOPMENT AGENCY DOES
RESOLVE AS FOLLOWS:
Section 1:
The Agency finds and determines that: (i) the provlSlon of the Public
Improvements is of benefit to the Project Area of the Project and the neighborhood in
which such improvements are to be situated; and (ii) no other reasonable means of
financing the Public Improvements are available to the City of Orange.
Section 2:
The Agency approves the OPA. The Chairman, the Executive Director, and the
Agency Clerk are authorized and directed to execute such documents as may be
necessary and proper to implement the OPA.
ADOPTED this 19th day of March 1991.
ATTEST:
0td'Af~ 9 (ktt/P/J'V
Agency Cle t/ ;7
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 19th day
of March , 1991, by the following vote:
AYES: AGENCY MEMBERS: STEINER,BARRERA,MAYOR BEYER,COONTZ,SPURGEON
NOTES: AGENCY MEMBERS: NONE
ABSENT: AGENCY MEMBERS: NONE
ABSTAIN: AGENCY MEMBERS NONE
J7rJA/~~ ()~
Cierk of the range ~ev~ment
Agency