RES-ORA-0236 Approving and Agreement for Sale of Property, Leases Pertaining to 1515 East Walnut AvenueRESOLUTION NO. ORA-
0236 A RESOLUTION OF THE ORANGE
REDEVELOPMENT AGENCY APPROVING AN AGREEMENT FOR SALE
OF PROPERTY, LEASES, AND RELATED
DOCUMENTS PERTAINING TO 1515 EAST WALNUT A VENUE
AND AUTHORIZING THE EXECUTION OF SAID
AGREEMENT WHEREAS, the Orange Redevelopment Agency (hereinafter referred to astheAgency") under the provision of the California Community Redevelopment Law, isengagedinactivitiesnecessaryfortheexecutionoftheRedevelopmentPlanfortheTustinStreetRedevelopmentProject, as heretofore amended (hereinafter referred to as the "project");
and WHEREAS, the 1990 Braden Family Trust (the "Owner") has proposed to sell totheAgencyrealpropertylocatedat1515EastWalnut, Orange (the "Site") pursuant totheAgreementforSaleofProperty (the "Sale Agreement") in the form submitted herewith;
and WHEREAS, the price at which the Site is to be acquired pursuant to the AgreementisconsistentwiththeappraisedfairmarketvalueoftheSite;
and VHEREAS, the approval and implementation of the Sale Agreement will promotetheenhancementandupgradingofpropertyandadjacenttowithintheProjectAreaandwillprovidearesourceforthepotentialprovisionofaffordablehousing;
and WHEREAS, the monies to be used by the Agency in purchasing the Site are fromtheLow - and Moderate-Income Housing Fund for the Tustin Street RedevelopmentProjectHousingFunds");
and WHEREAS, the Agency has duly considered all terms and conditions of theproposedSaleAgreementandbelievesthattheacquisitionoftheSiteisinthebestinterestsoftheCityandhealth, safety and welfare of its residents, and in accord with the public purposesandprovisionsofapplicableStateandloca11aw
requirements;
NOW, THEREFORE, THE ORANGE REDEVELOPMENT AGENCY DOESRESOLVBASFOLLOWS:
Scction 1:
The Agency fmds and determines that the use of Housing Funds pursuant to theAgreementwillbeofbenefittotheTustinStreetRedevelopmentProject.
Section 2:
The Agency approves the Sale Agreement and authorizes the Chairman, the Executive
Director, or the Agency Clerk to execute each of the following: the Sale Agreement; and the
authoriza.tion to accept title pursuant to the Grant Deed. The Agency further determines and
approves that the Chairman, the Executive Director, or the Agency Clerk are authorized and
directed to execute such documents as may be necessary and proper to implement the
Agreem~:nts.
ADOPTED this 17th day of December 1991.
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1
L'
r~,~tL--' HatllJr jlrb :/tH1
Chairman of the Orange "
Redevelopment Agency
ATTEST:
A?t~r !J (j?~v
Agency Cler (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 17th day of
December , 1991, by the following vote:
AYES: DIRECTORS: STEINER, BARRERA, CHAIRMAN BEYER, COONTZ, SPURGEON
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
ABSTAIN: DIRECTORS: NONE
I
z9PC, t -yt/-Clerk
of the / ge /Redevelopment
Agency OA~-
Jf~~t7
dr:
a:reso:ora0236 2
I'"""
RESOLUTION NO. ORA-0235 WAS Nor ADOPI'
ED.