RES-7923 Approving Redevelopment Agency Purchase of Real Property Located at 1515 East Walnut AvenueRESOLUTION NO. I221
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ORANGE CONSENTING TO APPROVING THE PURCHASE BY
THE ORANGE REDEVELOPMENT AGENCY OF PROPERTY
LOCATED AT 1515 EAST WALNUT AVENUE AND THE
EXECUTION OF AN AGREEMENT FOR SALE OF PROPERTY,
LEASES, AND RELATED DOCUMENTS PERTAINING TO SAID
PROPERTY
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 Tustin Street
Redevelopment Project, as heretofore amended (hereinafter referred to as the "project"); and
WHEREAS, the 1990 Braden Family Trust (the "Owner") has proposed to sell to the
Agency real property located at 1515 East Walnut, Orange (the "Site") pursuant to the
Agreement for Sale of Property (the "Sale Agreement") in the form submitted herewith; and
WHEREAS, the price at which the Site is to be acquired pursuant to the Agreement is
consistent with the appraised fair market value of the Site; and
WHEREAS, the approval and implementation of the Sale Agreement will promote the
enhancement and upgrading of property and adjacent to within the Project Area and will
provide a resource for the potential provision of affordable housing; and
WHEREAS, the monies to be used by the Agency in purchasing the Site are from the
Low - and Moderate-Income Housing Fund for the Tustin Street Redevelopment Project
Housing Funds"); and
WHEREAS, the City Council has duly considered all terms and conditions of the
proposed Sale Agreement and believes that the acquisition of the Site 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 CITY COUNCIL OF THE CITY OF ORANGE DOES
RESOLVE AS FOLLOWS:
Section 1:
The City Council finds and determines that the use of Housing Funds pursuant to the
Agreement will be of benefit to the Tustin Street Redevelopment Project.
Section 2:
The City Council consents to the approval of Sale Agreement by the Agency and to the
implementation of the Sale Agreement, including without limitation the acquisition of the Site
by the Agency.
ADOPTED this 17th day of December 1991.
J)Ald~~J
t
Mayor of the City of Orange '
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ATTEST:
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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 17th day of
December , 1991, by the following vote:
AYES: COUNCILMEMBERS: STEINER, BARRERA, MAYOR BEYER, COONTZ, SPURGEON
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
77z/"'/1r"!l 9~~&?p~<--City
Clerk c:7dr:
a:reso:7923