CC Resolution 8472
RESOLUTION NO. 8472
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
APPROVING A REDEVELOPMENT COOPERATION AGREEMENT
PERTAINING TO THE FRY'S ELECTRONICS PROJECT
WHEREAS, on February 3, 1993, the Redevelopment Agency Board (Agency)
approved an Assignment and Redevelopment Agreement (ARA) with Fry's Electronics to
facilitate the opening of a store in the City; and
WHEREAS, the Agency has agreed, in Section 3 of the ARA, to pay Fry's
Electronics a specified annual amount to make Fry's leasing of the property economically
feasible; and
WHEREAS, Section 3 of the ARA further specifies that the payments to Fry's
Electronics shall be payable only from sales tax revenue paid to the City with respect to the
Fry's Electronics store and thereafter paid to the Agency pursuant to an agreement between
the Agency and the City; and
WHEREAS, the attached Redevelopment Cooperation Agreement fulfills the
obligation of the agreement between the Agency and City with respect to sales tax.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Campbell that the City Manager, or his designee, is hereby authorized to execute the
attached Redevelopment Cooperation Agreement regarding the Fry's Electronics project.
PASSED AND ADOPTED THIS 6th day of April 1993 by the following roll call
vote:
AYES:
Councilmembers: Burr, Watson, Ashworth, Dougherty, Conant
NOES:
Councilmembers: None
ABSENT: Councilmembers: None
APPROVED:
~N-~
BARBARA D. CONANT, MAYOR
A TrEST:
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(l;~ .,.)1t..l-L.
Anne Bybee; City Clerk