R-507Attachment A
RESOLUTION NUMBER 507 (RAS)
(Redevetopment Series)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SANTA MONICA, RECOMMENDING APPROVAL OF A
DISPOSITION AND DEVELOPMENT AGREEMENT BY ANp BETWEEN
THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
AND RELATEDlSANTA MONICA VILLAGE, -LLC, AND MAKING
CERTAIN FINDINGS WITH RESPECT TO SUCH DISPOSITION AND
DEVELOPMENT AGREEMENT
WHEREAS, the Redevelopment Agency of the City of .Santa Monica ("Agency")
is engaged in activities necessary to implement the Redevelopment Plan ("the Plan") for
the Earthquake Recovery Redevelopment Project (the "Redevelopment Projecf"), and
has acquired certain properly to effectuate the Plan;
WHEREAS, the Agency has adopted a Five Year Implementation Plan for the
Redevelopment Project, in accordance with Section 33490 of the California Community
Redevelopment Law (Health & Safety Cade 33000 et seq:} ("CRL"} (the
"Implementation Plan"};
WHEREAS, the. Agency has negotiated a Disposition and Development
Agreement ("Agreement°} with RelatedfSanta Monica Village, LLC ("Developers). relative
to the ground leasing for 99 yearn and development of approximately 3.7 acres of
property generally boated within the Village Special Use District of the Civic Center
Specific Plan Area, in the City of Santa Monica, California, which is located within the
Redevelopment Project Area ("Property"}
WHEREAS, a joint public hearing has been duly called, noticed and advertised
as required by law for June 10, 2008, at 5:45 p.m. in the City Council Chambers of the
City of Santa Monica, 1685 Main Street; Santa Monica., CA 90401., as contemplated by
the CRL, and such requirements have been complied wi#h;
WHEREAS, pursuant to Section 33433 of the CRL, the Agency .has prepaeed a
summary ("Summary Report"J and has. made the Summary Report.. available fior public
inspection in accordance with the CRL;
WHEREAS, the Agreement contains all the provisions, terms, conditions and
obligations required by state and local law and a copy of the Agreement-and the
Summary Report have been available for public review and copying at the City Clerk's
office as required by the CRL;
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WHEREAS,. the ground leasing of the Property for 99 years and the development
of the Property in accordance with the Agreement is consistent .with the implementation
Plan;
WHEREAS, the Agency has duly considered all terms and conditions of the
proposed Agreement, and believes that it is in the best interests of the Redevelopment
Project and the City of Santa Monica and the health, safety, morals and welfare of its
residents; and in accord with the public purposes and. provisions of applicable State and
local law and requirements.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA M~NICA DOES R€SOLVE AS FOLLOWS:
SECTION 1. The Agency hereby finds and determines that all recitals set forth in
this resolution are true and correct and incorporated herein in full by this reference.
SECTION 2. The Agency has reviewed and approves the Summary Report.
SECTION 3. The Agency finds and determines that. the consideration to be
received by the Agency for the ground leasing of the Property for 99 years is not less
than fair reuse value at the use and with covenants and conditions .and development
costs authorized by the Agreement for, among other reasons, the reasons set forth in
the Summary Report.
SECTION 4. The Agency finds and determines that the ground leasing of the
Property for 99 years and the development of the Property in accordance with the
Agreement will result in the provision. of housing for low- or moderate-income parsons,
for, among other reasons, the reasons set forth in the Summary Report.
SECTION 5, The Agency finds and determines that the ground leasing of the
Property for 99 years and the development of the Property in accordance with the
Agreement is consistent with the Implementation Plan adopted pursuant to CRL Section
33490_
SECTION 6. The Agency has reviewed and hereby recommends approval of the.
ground leasing of the Property to Developer for 99 years and the development of the
Property in accordance with the Agreement.
SECTION 7. The Agency hereby recommends approval of the Agreement in
substantially the form presented at this meeting or with such non-substantive changes
and amendment as may be approved by the City Manager and the City Attorney.
SECTION 8. In making the findings and recommendations herein, the Agency
has considered all testimony presented of the noticed public. hearing, all written
evidence presented, and the entire record prepared by Agency and City staff.
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SECTfON 9. The Secretary of the Agency shall certify the adoption of this
Resolutiari and thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM
Marsha ones y~ou ! ie
Agency ounse?`~
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Adopted and approved this 10th day of June, 2008.
Herb Katz,
I hereby certify that the foregoing Resolution No. 507 (RAS) was duly adopted at
a joint meeting of the Santa Monica City Council and the Redevelopment Agency held
on the 10th day of June, 2008, by the following vote:
Ayes: Agency members: Genser, McKeown, O'Connor,
Chair Katz
Noes: Agency members: Holbrook, Shriver
Abstain: Agency members: None
Absent: Agency members: Chair Pro Tem Bloom
ATTEST:
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g~ y
'' 1 u4~,cL~~19~.a~.Y
Maria M. Stewart?Agency Secretary