HomeMy WebLinkAboutRDA Res 81-08 1981-07-14
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RESOLUTION NUMBER Bt -8
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH, CALIFORNIA, APPROVING
SETTLEMENT AGREEMENT FOR PENDING LITIGATION AND
APPROVING AN AMENDED PARTICIPATION AND DISPOSI-
TION AGREEMENT FOR THE SEAL BEACH TRAILER PARK.
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WHEREAS,
a Participation and Disposition Agreement was entered into
between the Redevelopment Agency of the City of Seal Beach
(Agency) and Seal Beach Associates dated July 25, 1977 for
development of the Seal Beach Trailer Park; and
Seal Beach Associates and the Agency have entered into a
First Amendment to said Agreement dated as of January 30,
1978, and a Second Amendment to said Agreement dated as
of April 24, 1978; and
. WHEREAS,
WHEREAS,
Riverbeach Associates, as successors in interest to Seal
Beach Associates, and Agency have prepared an Amended
Participation and Disposition Agreement to reflect changes
in the rental formula due to construction and financing
costs, and to reflect a reduction in the number of spaces
constructed; and
Seal Beach Associates, Riverbeach Associates, Seal Beach
Partners Ltd, and Agency have entered into an Agreement
to settle that certain lawsuit entitled Seal Beach
Associates, a partnership v.s. The Redevelopment Agency
of the City of Seal Beach, Orange County Superior Court
Case No. 30-59-83 (Suit) which Agreement hereinafter
referred to as the Settlement Agreement) is contingent
upon Agency approval of the Amended Participation and
Disposition Agreement;
NOW, THEREFORE, the Redevelopment Agency of the City of Seal Beach
hereby resolves as follows:
WHEREAS ,
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Section 1: Agency approves the Amended Participation and Disposition
Agreement subject to/satisfaction of the conditions of the
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Settlement Agreement.
Section 2: The Executive Director is hereby authorized to execute the
Amended Participation and Disposition Agreement on behalf
of the Agency at such time as all of the conditions set
forth in the Settlement Agreement have been satisfied.
Section 3: The Agency approves the Settlement Agreement.
Section 4: The Executive Director is authorized to execute the Settle-
ment Agreement on behalf of the Agency.
Section 5. The Executive Director is hereby authorized to take all
action necessary to carry out such Amended Participation and
Disposition Agreement and Settlement Agreement.
PASSED, APPROVED and ADOPTED by the Redevelopment Agency of th~~jty of
Seal Beach, California, at a meeting thereof held on the r~~
day of July, 1981, by the following vote:
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Resolution Number ~I'~
I AYES: Agency Member
NOES: Agency Members
I ABSENT: Agency Members
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