R-328
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REDEVELOP~lliNT AGENCY OF THE CITY OF
SANTA BONICA
RESOLUTION NO. 328 (R.A.S.)
RESOLUTIO~ APPROVING THE DISPOSITIO~ OF REAL PROPERTY
IN THE PROPOSED DO\~TOw~ REDEVELOPMENT PROJECT TO
Sfu~TA MONICA PLACE ASSOCIATES AND AUTHORIZING EXECUTION
OF A DISPOSITION AND DEVELOP~lENT AGREEMEHT
WHEREAS, the Agency lS engaged 1n activ1ties necessary to the
execut~on of a Redevelopment Plan WhlCh 1S to be adopted by the
C1ty Council for the proposed Downtown Redevelopment Project; and
WHEREAS, ln order to effectuate the provislons of the proposed
Redevelopment Plan, the Agency proposes to d~spose of certain land
W1th1n the proposed Project; and
WHEREAS, Santa Mon1ca Place Assoc1ates has submitted to the
Agency a wr1tten offer in the form of a D1Spos1tion and Development
Agreement to acqU1re the subJect land at a fair and equitable
pr1ce of not less than fa1r value of the land far uses in accor-
dance with the proposed Redevelopment Plan; and
WHEREAS, the proposed D1Spos1t1on and Development Agreement
conta1ns all the prov1sions, terms and condit1ons required by
appl1cable law, and Santa Mon1ca Place Associates possesses the
qual1flcat1ons and f1nanclal resources necessary to acqU1re and
1nsure develo?ment of the land in accordance wlth the purposes
and obJectives of the proposed Redevelopment Plan for the ProJect;
and
WHEREAS, the Agency held a publ1C hear1ng an the proposed
dlSpos1tlon pursuant to publicatlon 0: notice as required by State
law; and
\'lllEREAS, the Agency has duly considered all terms and con-
d1tlons of the proposed d1Spos1tion and bel1eves that development
of the land pursuant to the subJect Agreement is in the best
lnterest of the City and the health, safety, morals and welfare
of 1tS residents, and In accord w1th publ1C purposes and provislons
of appl1cable law and requirements;
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The d1sposition of the real property by the Agency to
Santa Monica Place ASsoc1ates as descr1bed in the Disposlt1on
and Development Agreement 1S hereby approved, subJect to and
contingent upon the adopt1on of a Redevelopment Plan by the
C1ty Council in form and substance Wh1Ch w1Il permit the deve-
lop~ent provided for In the Agreement.
2. The Chalrman 15 hereby author~zed to execute the
Disposlt1on and Development Agreement and the Execut1ve Direc-
tor 15 d1rected to take all other act10ns necessary to consum-
mate the d1Sposltlon and to grant and convey the descr1bed land
to Santa MODlca Place Associates subJect to the provisions of
the Agreement.
APPROVED and ADOPTED th1S ~ day of September, 1975.
7~&r;;:x~ '-;;;:'~3
Nathaniel Trives
Chairman
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Resolution No. 328 (R.A.S.)
Page 2
I hereby certify that the foregoi~g resolution was duly adopted by the
Redevelopment Agency of the City of Santa Monica, California, at a specIal
meeting thereof held on the 10th day of September, 1975, by the following roll
ca 11 vote:
MEMBERS:
MEMBERS:
MEMBERS:
Cohen, Judson, Reed, Swink, van den Steenhoven, Trives
McCloskey
None
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John Ja1 i Ii
Secretary
AYES:
NOES:
ABSENT:
Approved as to legal form and adequacy
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