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Mrs. Thornberry continued additionally, at the close of escrow, K Mart <br />agrees to grant to the Agency an option to acquire the frontage parcel <br />of the site for the development of up to three freestanding pads. This <br />purchase option is for a period of eighteen (18) months following the <br />approval of a site grading permit for the K mart store. Also, K Mart <br />Corporation agrees to allow the Agency to market the option parcel to <br />prospective users prior to exercising its purchase option. <br />Mrs. Thornberry concluded at the conclusion of the Joint Public Hearing, <br />Staff would recommend approval of City Council Resolution No. R-31-90 <br />and Redevelopment Agency Resolution No. 560. <br />Chairperson Cisneros called upon the representative of K Mart Corporation <br />for brief remarks. <br />Mr. Richard Williams, representing the Real Estate Division of the K <br />Mart Corporation, stated this will be a quality retail store and one of <br />three largest of the K Mart Corporation. Mr. Williams said their facil- <br />ity will offer employment to the community, and it is a pleasure to bring <br />their store to the City of Colton. <br />Chairperson Cisneros announced all persons wishing to speak on the pro- <br />posed acquisition and sale will now have an opportunity to speak, giving <br />their name and address. <br />Mayor Gonzales declared the City Council Public Hearing closed. <br />Chairperson Cisneros declared the Redevelopment Agency Public Hearing <br />closed. <br />Mayor Gonzales called for a motion to approve City Council Resolution <br />No. R-31-90. <br />Moved by Councilwoman Cisneros, seconded by Councilman Rios, to approve <br />Resolution No. R-31-90. Unanimous vote. <br />RESOLUTION NO. <br />R-31-90 - RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON APPROVING DISPOSITION AND DEVELOPMENT <br />AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY FOR <br />THE CITY OF COLTON AND K MART CORPORATION <br />(K MART STORE #3983). <br />Chairperson Cisneros called for a motion to approve Redevelopment Agency <br />Resolution No. 560. <br />Moved by Member Gonzales, seconded by Member Rios, to approve Resolution <br />No. 560. Unanimous vote. <br />RESOLUTION NO. <br />560 - RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE <br />CITY OF COLTON APPROVING AND AUTHORIZING EXECUTION <br />OF DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN <br />THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON AND <br />K MART CORPORATION (STORE #3983). <br />6 [APR 171990 <br />