M-9/10/1975
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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 ln activlties necessary to the
execut~on of a Redevelopment Plan WhlCh lS 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
W1thln the proposed Project; and
WHEREAS, Santa Mon1ca Place Assoclates has submitted to the
Agency a wrltten offer in the form of a D1Spos1tion and Development
Agreement to acqUlre the subJect land at a fair and equitable
pr1ce of not less than falr value of the land far uses in accor-
dance with the proposed Redevelopment Plan; and
WHEREAS, the proposed D1Sposlt1on and Development Agreement
contalns all the prov1sions, terms and conditlons required by
appllcable law, and Santa Mon1ca Place Associates possesses the
qual1flcatlons and flnanclal resources necessary to acqUlre and
lnsure 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 publlC hear1ng an the proposed
dlSposlt1on pursuant to publicatlon 0: notice as required by State
law; and
\'lllEREAS, the Agency has duly considered all terms and con-
dltlons of the proposed dlSpos1tion and belleves 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 1n accord w1th publlC purposes and provis1ons
of appl1cable law and requirements;
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The dlsposition of the real property by the Agency to
Santa Monica Place ASsoclates as descr1bed in the Dispos1tlon
and Development Agreement 1S hereby approved, subJect to and
contingent upon the adoptlon of a Redevelopment Plan by the
Clty Council in form and substance WhlCh wlll permit the deve-
lop~ent provided for In the Agreement.
2. The Chalrman 1S hereby author~zed to execute the
Dispo51t1on and Development Agreement and the Executlve Direc-
tor 15 d1rected to take all other actlons necessary to consum-
mate the dlSposlt1on and to grant and convey the descrlbed land
to Santa MODlca Place Associates subJect to the provisions of
the Agreement.
APPROVED and ADOPTED thlS ~ 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 foregoing 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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