Res 90-211RESOLUTION NO. 90-211
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
APPROVING AN OWNER PARTICIPATION AGREEMENT
BY AND BETWEEN THE AGENCY AND WAL-MART STORES, INC.
DETERMINING THAT THE CONSTRUCTION AND ACQUISITION
OF CERTAIN PUBLIC IMPROVEMENTS ON OR ADJACENT
TO THE SITE IS OF BENEFIT TO THE
PAGUAY REDEVELOPMENT PROJECT AND THE IMMEDIATE
NEIGHBORHOOD IN WHICH THE PROJECT IS LOCATED;
DETERMINING THAT THERE ARE NO OTHER REASONABLE
MEANS OF FINANCING SAID IMPROVEMENTS;
AND AUTHORIZING THE EXECUTION AND DELIVERY
OF SAID OWNER PARTICIPATION AGREEMENT
WHEREAS, the Poway Redevelopment Agency
authorized to carry out the redevelopment
Redevelopment Project Area ("Project Area"); and
("Agency") is
of the Paguay
WHEREAS, 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 improvements; and
WHEREAS, the Agency desires to enter into an Owner
Participation Agreement ("OPA") with Wal-Mart Stores, Inc. (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 Agency has agreed to provide
financial support toward the construction of those certain public
improvements, referenced in the OPA, contingent upon receipt of
documentation supporting such expenditures and satisfaction of
other conditions; and
WHEREAS, the "Site" (as defined in the OPA) and the immediate
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 private enterprise acting along
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 improvements upon a finding that
such public improvements are of benefit to the project area or the
immediate neighborhood in which the project is located and that
there are no other reasonable means of financing such public
improvements available to the community;
Resolution No. 90-211
Page 2
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF POWAY DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1: The recitals hereof are true and correct and are
adopted and incorporated herein by reference.
Section 2: The City Council hereby approves the form of the
OPA with the Participant presented at the meeting at which this
resolution was adopted.
Section 3: 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 4: The City Council hereby determines that it is
appropriate for the Public Improvements to be constructed; or cause
the construction and installation of the Public Improvements and
that there area no other reasonable means of financing the Public
Improvements.
Section 5: The City Council consents to the provisions of
assistance by the Agency for the development of the Public
Improvements, as provided in the Owner Participation Agreement.
PASSED, ADOPTED AND APPROVED, by the City Council of the City
of Poway, California, at an adjourned regular meeting thereof this
27th day of November, 1990.
Do~ Higginson~,~ Mayor
ATTEST:
j ~le ,~. Wahlsten, City Clerk
Resolution No. 90-211
Page 3
STATE OF CALIFORNIA )
)
COUNTY OF SAN DIEGO )
SS.
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do
hereby certify the foregoing Resolution No. 90211 was duly
adopted by the city Council at a meeting of said City Council on
the 27th day of November , 1990 and that it was so adopted by the
following vote:
AYES: BRANNON, EMERY, GOLDSMITH, HIGGINSON
NOES: NONE
ABSTAIN: NONE
ABSENT: KRUSE
Marjo~i_elK. Wahlsten, City Clerk
city ~oway
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