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Home My WebLink About1984-561 1 RESOLUTION NO. 84 561 2 RESOLUTION OF THE CITY OF SAN BERNARDINO APPROVING THE SALE OF TWELVE LOTS LOCATED BETWEEN SECOND STREET AND RIALTO AVENUE, 3 AND BETWEEN "G" STREET AND THE 1-215 FREEWAY, WITHIN THE CENTRAL CITY SOUTH PROJECT AREA TO SCHURGIN DEVELOPMENT CORPORATION, A 4 CALIFORNIA CORPORATION, AND CENTRAL CITY PROMENADE AND CENTRAL CITY WEST, BOTH CALIFORNIA LIMITED PARTNERSHIPS,: BY THE 5 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO (HEALTH & SAFETY CODE SECTION 33433). 6 BE IT '.RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF 7 SAN BERNARDINO AS FOLLOWS: 8 SECTION 1. Recitals. 9 (a) The Redevelopment Agency of the City of San Bernardino 10 ("Agency") proposes to sell to Schurgin Development Corporation, 11 a California corporation, and Central City Promenade and Central 12 City West, both California limi ted partnerships, ("Developer"), 13 twelve lots located between Second Street and Rialto Avenue, and 14 between "G" Street and the 1-215 Freeway, within the Central City 15 South Project Area, the legal description of which is set forth in 16 Exhibit "A" attached hereto and incorporated herein by reference 17 as though set forth in full, for the approximate sum of 18 $1,094,075, which will be paid by the Developer in cash. The 19 exact sum to be paid will be determined after all expenses have 20 been incurred; the price shall include full reimbursement for all 21 expenses incurred. 22 (b) Notice of the time and.place of hearing has been given 23 as required by law. 24 (c) Agency has made available for public inspection and 25 copying a summary of financial aspects of the proposed sale. 26 (d) The summary of financial aspects represents that the 27 fair market value of the interest to be conveyed by Agency, 28 determined at the highest use permitted under the plan, is 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 A ",? $1,094,075. (e) All hearings have been held as required by Health and Safety Code Section 33433. SECTION 2. Determination. Based upon the representations of Agency, it is found and declared that the consideration for the real property I covenants and described in Exhibit "A", in accordance with conditions governing the sale, is not less than the fair market value of the property determined at the highest use permitted under the plan for the Central City South Project Area. SECTION 3. Approval. The Mayor and Common Council of the ICity of San Bernardino hereby approve the sale of said property lupon the terms and conditions set forth in this resolution and the summary of financial aspects. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at an adjourned regular meeting thereof, held on the 20th day of December to wit: , 1984, by the following vote, AYES: Council Members Reilly HernAndez MArk~ Ouiel. Frazier Str;~klAr NAYS: None ABSENT: ("npnr; 1 Mt=>mhpr r~Qt-:::lnArl::::l ~/~&f~ / C ty Clerk of , 1984. The foregoing resolution is day December Approved as to form: . . ;/2'/ ~ fi? /~~( 1{'0. r~J..<;?"yL City Attorney r~ -2- SUMMARY OF FINANCIAL ASPECTS OF A PROPOSED SALE OF REDEVELOPMENT AGENCY OWNED REAL PROPERTY WITHIN THE CENTRAL CITY SOUTH PROJECT AREA TO SCHURGIN DEVELOPMENT CORPORATION, ASSIGNABLE TO CENTRAL CITY WEST, BEST PRODUCTS CO., INC. AND CENTRAL CITY PROMENADE It is proposed that the REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO ("Agency") will sell to SCHURGIN DEVELOPMENT CORPORATION, assignable to CENTRAL CITY WEST, BEST PRODUCTS CO., INC. AND CENTRAL CITY PROMENADE ("Offerors") those certain parcels of land further identified on Exhibit "A" located between 2nd Street and Rialto Avenue, and between "G" Street and 1-215, as set forth on the map attached as Exhibit "B". Offerors wish to purchase the property from the Agency for the development of a Commercial Space. Since the real property to be sold has been acquired through the use of tax monies, the following Financial Summary is hereby submitted in accordance with Section 33433 of the California Health and Safety Code. 1. Cost to Agency (Exhibit "A") a) Total Cost to Agency for Purchase $1,094,075.00 b) Sales Price to Offerors $1,094,075.00 Cost of Sale $ -0- 2. The estimated value of the interest to be sold is $1,094,075.00. 3. There is no net cost to the Agency. 4. A copy of the form of Disposition and Joint Development Agreement is available upon request, and is referred to as Exhibit "c" to this summary . 5. A Joint Public Hearing of the City of San Bernardino and the Community Development Commission is scheduled for 11:00 a.m., December 17, 1984, in the Council Chambers, City Hall, San Bernardino, CA. GLENDA SAUL Deputy Director December 12, 1984 595J IIA" E-xh,b,'t- n ... ~~ g ~ <> g <> <> g ~j <> .. 0 0 0 0 ~~ ~ g ~ 0 ~ .,; 8 ... 0 0 .. o. .. 0 "!. ... ... 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