2007-03 RESOLUTION NO. 2007-03
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 Safetv Code Section 33334.2; and
WHEREAS, the Agency has attempted to sell the properties to potential
residential developers pursuant to Health and Safetv 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.
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Section 3. Pursuant to Health and Safetv Code 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 o e City of Grand Terrace
ATTEST:
City Clerk of the City of Grand Terrace
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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: Agency Members Cortes, Miller and Buchanan; vice-Chairman
Garcia and Chairman 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 24 th day of ,Till v , 2007.
City Clerk of the City of Grand Terrace
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