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2007-15 RESOLUTION NO. 2007-15 A JOINT RESOLUTION OF THE CITY OF GRAND TERRACE AND THE GRAND TERRACE REDEVELOPMENT AGENCY WITH REGARD TO THE CITY'S PURCHASE OF CERTAIN PROPERTY OWNED BY THE AGENCY RECITALS WHEREAS, the Grand Terrace Redevelopment Agency (hereinafter"Agency") is the owner of two parcels of residentially zoned property located at 12569 Michigan Street and 11695 Canal Street,more particularly described in Exhibit"A" attached hereto; and WHEREAS, said parcels were originally purchased by the Agency using its Low and Moderate Income Housing Fund in order to construct or subsidize the construction of affordable housing pursuant to Health and Safe , Code Section 33334.2; and WHEREAS, the Agency has attempted to sell the properties to potential residential developers pursuant to Health and Safe1y Code Section 33343, but, the Agency has been unable to do so because it is not presently feasible to develop low and moderate income housing that does not require an unreasonable subsidy; and WHEREAS, the City of Grand Terrace (hereinafter "City") desires to purchase the subject properties for potential use as a park or other City facility; and WHEREAS, the City desires to purchase said properties for the fair market value, the proceeds of such sale to be deposited by the Agency in its Low and Moderate Income Housing Fund. NOW, THEREFORE, THE CITY OF GRAND TERRACE AND THE GRAND TERRACE REDEVELOPMENT AGENCY DO HEREBY JOINTLY RESOLVE AS FOLLOWS: Section 1. The foregoing recitals are true and correct and are incorporated hereat as if set forth in full. Section 2. Agency agrees to sell and City agrees to purchase the property located at 12569 Michigan Street for$132,000 and the property located at 11695 Canal Street for - $177,000,representing the appraised fair market value for the subject properties, respectively. - 1 - Section 3. Pursuant to Health and Safety Section 33433, the Agency hereby determines that the consideration is not less than the fair re-use value of the properties and that the consideration paid for the properties is in excess of that paid by the Agency and is equal to the fair market value of the properties at their highest and best use in accordance with the Redevelopment Plan adopted by the City. ADOPTED by the City Council and signed by the Mayor and attested by the City Clerk this 24 day of July, 2007. Mayor the City of Grand Terrace ATTEST: oizzw-A ity Clerk of the City of Grand Terrace i - 2 - r CERTIFICATION I, BRENDA MESA, City Clerk of the City of Grand Terrace, California, certify that the foregoing resolution was adopted by the City Council of the City at a regular meeting held on the 24th day of July, 2007,by the following vote: AYES: Councilmembers Cortes, Miller and Buchanan; Mayor Pro Tem Garcia and Mayor Ferre NOES: None ABSENT: None ABSTAINED: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Grand Terrace, California,this 24th day of July , 2007. City Clerk of the City of Grand Terrace - 3 -