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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />facility and approximately 6,600 square feet of additional retail/restaurant space (the "Project"), <br />serving the needs of the regional community and expanding the City's sales tax base, employment <br />and shopping opportunities; and <br />WHEREAS, pursuant to an appraisal of the County Parcel conducted by a licensed <br />appraiser, the County Parcel (19,144 square feet) was appraised for a fair market value of <br />$287,160; and <br />WHEREAS, City and County have negotiated a Purchase and Sale Agreement and Escrow <br />Instructions ("Agreement"), in substantially the form attached hereto as Exhibit "C" and <br />incorporated herein by this reference, for City to acquire the County Parcel for the development of <br />the Project. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON <br />RESOLVES AS FOLLOWS: <br />SECTION I. INCORPORATION OF RECITALS. The recitals set forth above are <br />true and correct and are hereby incorporated into this Resolution. <br />SECTION II. FINDINGS. The City finds that the public interest and convenience <br />require the purchase and conveyance of the County Parcel to Developer for economic <br />development of the County Parcel as a full service fueling station, convenience store, quick <br />service restaurant or casual dining, car wash facility and approximately 6,600 square feet of <br />additional retail/restaurant space, which will create or maintain jobs within the City and alleviate <br />conditions of economic and physical blight in the City, all of which benefit the health, safety and <br />welfare of the City. <br />23152.06001 \93 83102.2 <br />-2- <br />