HomeMy WebLinkAboutRES 98-65RESOLUTION NO. 98-65
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DIAMOND BAR, CALIFORNIA APPROVING A
DISPOSITION AND DEVELOPMENT AGREEMENT BY AND
BETWEEN THE DIAMOND BAR REDEVELOPMENT
AGENCY AND TOOLEY & COMPANY
WHEREAS, the City Council of the City of Diamond Bar (the "City Council") adopted a
Redevelopment Plan (the "Redevelopment Plan") for the Diamond Bar Redevelopment Economic
Revitalization Area (the "Redevelopment Project"), by Ordinance No. 03(1997) of the City Council on
July 15, 1997; and
WHEREAS, the Diamond Bar Redevelopment Agency (the "Agency") is authorized and
empowered under the Community Redevelopment Law, Health and Safety Code section 33000 et seq.,
to enter into agreements for the acquisition, disposition and development of real property and otherwise
to assist in the redevelopment of real property within a redevelopment project area in conformity with a
redevelopment plan adopted for such area, to acquire real and personal property in redevelopment
project areas, to receive consideration for the provision by the Agency of redevelopment assistance, to
make and execute contracts and other instruments necessary or convenient to the exercise of its
powers, and to incur indebtedness to finance or refinance redevelopment projects; and
WHEREAS, pursuant to Section 33433 of the California Health and Safety Code, the Agency
is authorized, with the approval of the City Council after a duly noticed public hearing, to sell or lease
property for development upon a determination by the City Council that the sale or lease of the property
will assist in the elimination of blight and that the consideration for such sale or lease is not less than
either the fair market value or fair reuse value of the property in accordance with the covenants and
conditions governing the execution of the contract for sale or lease and the development costs required
thereof; and
WHEREAS, Tooley & Company (the 'Developer") has entered into an agreement for the
purchase of that certain real property which is approximately 10.62 acres in size and which is
commonly referred to as Lot 2 of the Gateway Corporate Centers in the Redevelopment Project
(the "Site"); and
WHEREAS, the Developer intends to construct two office buildings each with three stories
and approximately 82,000 gross square feet and approximately 78,300 net rental square feet (the
"Project"), and
WHEREAS, Developer intends to lease not less than 35% of the Project to Travelers Property
Casualty Corporation or an Affiliate which will employ approximately 400 employees.
WHEREAS, Agency and Developer propose to enter into a Disposition and Development
Agreement (the "DDA") in order to provide for Agency's acquisition of the Site and the subsequent
sale of the Site to the Developer for the construction and operation of the Developer Improvements
thereon, and
617726.2\24168 0001
WHEREAS, the proposed DDA, and a summary report meeting the requirements of Health
and Safety Code Section 33433, were available for public inspection consistent with the requirements
of Health and Safety Code Section 33433; and
WHEREAS, on October 22, 1998, the Agency and City Council held a duly noticed joint
public hearing on the proposed DDA in accordance with the requirements of Health and Safety Code
Section 33433, at which time the Agency reviewed and evaluated all of the information, testimony, and
evidence presented during the joint public hearing; and
WHEREAS, the City Council has reviewed the summary report required pursuant to Health
and Safety Code Section 33433 and evaluated other information pertaining to the findings required
pursuant to Health and Safety Code Section 33433; and
WHEREAS, the City Council has duly considered all terms and conditions of the proposed
DDA and the City Council believes that the execution of the DDA is in the best interests of the City of
Diamond Bar 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, DETERMINED AND ORDERED BY THE
CITY COUNCIL OF THE CITY OF DIAMOND BAR, AS FOLLOWS:
1. The City Council finds and determines that, based upon substantial evidence provided
in the record before it, the consideration for the Agency's execution of the DDA and potential sale of
the Property is not less than either the fair market value or the fair reuse value in accordance with the
covenants, conditions and restrictions imposed under the DDA and the costs required under the DDA.
2. The City Council hereby finds and determines that the execution of the DDA (i) will
-assist in the elimination of blight by requiring the development of the Property in accordance with the
DDA as a commercial office center and related improvements, and (ii) is consistent with the
Redevelopment Project adopted by the Agency pursuant to California Health and Safety Code
Section 33490.
3. The DDA, a copy of which is on file with the Secretary of the Agency, is hereby
approved, with any changes mutually agreed upon by Developer and the Agency Executive Director as
are minor and in substantial conformance with the form of the DDA which has been submitted
herewith. The Agency Chairman is hereby authorized to execute the DDA on behalf of the Agency and
the Agency's Executive Director is authorized to take such actions and execute such other documents
on behalf of the Agency as are necessary in implementation or furtherance of the DDA.
617726.2124168.0001
98-65
PASSED, APPROVED AND ADOPTED THIS 22nd day of October, 1998 by the
following vote:
AYES: COUNCIL MEMBERS: Ansari, Huff, O'Connor, MPT/Chang,
M/Herrera
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
ATTEST:
City `lerk
6177262124168.0001
3
04A� 4m4n-
Mayor of the City of Diamond Bar