Res 85-102RESOLUTION NO. 85-102
A RESOLUTION OF THE CITY (I~JNCIL OF THE
CITY OF POWAY, CALIFORNIA, APPROVING AN OWNER
PARTICIPATION AGRR~A~gT BY ASD ~ THE
AG~N~"Y A~) CF PGWAY LTD.; DET~%MINING
THAT T~E CONSTRUCTION ASD ACQUISITION OF
CERTAIN PUBLIC IMP~S ON OR ADJACR~T
TO THE SITE IS OF B~NEFIT TO THE PAGUAY
NR. IGHBORH00D IN WHICH THE PROJECT IS
OTH]~{ REASONABLE MEANS OF FINANCING SAID
IMPROVfMENTS; A~D AUTHORIZING THE EXECUTION
AND DELIVERY OF SAID OWNER PARTICIPATION AG~R~NT
WHEREAS, the Poway Redeveloiarent Agency ("~&3ency") is authorized to carry
out the redevelopment of the Paguay Redevelopment Project Area ("Project Area");
WHRREAS, the Redevelopment Plan for the Project Area authorizes and directs
the Agency to pay all or part of the cost of the acquisition of certain public
improv~nents; and
WHEREAS, the Agency desires to enter into an Owner Participation Agrc~---ment
("OPA") with CF Poway, Ltd., (the "Participant"), substantially in the form
presented to the Agency at the meeting at which this resolution was adopted.
WHEREAS, pursuant to the OPA, the ~ency is required to provide financial
support toward the construction of those certain public improvements, referenced
in the OPA, particularly the "Scope of DeveloIa~ent" (Attachment No. 3 thereto)
(the "Public Improvements" ); and
WHEREAS, the "Site" (as defined in the OPA) and the inm~Kiiately adjacent
area is deficient in respect to infrastructure to such an extent that it is not
financially feasible for the necessary improvements to be provided (i) by pri-
vate enterprise acting alone or (ii) by means of assessment district without
direct Agency contribution toward the efforts of such a district; and
WHEREAS, California Health and Safety Code Section 33445 provides that a
redevelopment agency may, with the consent of the legislative body, pay all or
part of the value of public buildings, facilities, structures or other improve-
ments upon a finding that such public improv~Nents are of benefit to the project
area or the ~,,,~diate neighborhood in which the project is located and that
there are no other reasonable means of financing such public improvements
available to the community;
NOW, ~RE, THE CITY COUNCIL OF THE CITY OF POWAY DOES HE~RRY RESOLVE AS
FOLLOWS:
Section 1: The City Council hereby approves the form of the OPA with the
Participant presented at the .m=~cting at which this resolution was adopted.
Resolution No. 85-102
Page 2
Section 2: The City Council hereby determines that the acquisition,
construction and installation of the Public Improvements is of benefit to the
Project Area and the surrounding neighborhood in which the project is located.
Section 3: The City Council hereby determines that it is appropriate for
the Public Improvements to be acquired; or cause the construction and installa-
tion of the Public Improvements and that there are no other reaso~ble means of
financingthe Public Illprovements.
Section 4: The City Council consents to the provision of assistance by the
Agency forthedevelo~entof the Public Ia~rovements.
PASSED, ADOPTfD AND APPROVED, by the City Council of the City of Poway,
California, at an adjourned regular n~-cting thereof this 19th day of December,
1985.
Carl R. Kruse, Mayor
~jori%- K. Wahlsten,rCity C~erk ~