CC Resolution 8471
RESOLUTION NO. 8471
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
APPROVING A REDEVELOPMENT COOPERATION AGREEMENT
PERTAINING TO THE HOME DEPOT PROJECT
WHEREAS, on November 27, 1991, the Redevelopment Agency Board (Agency)
approved a Disposition and Development Agreement (DDA) with Home Depot USA, Inc.
to facilitate the opening of a store in the City; and.
WHEREAS, the Agency has agreed, in Section 9 of the DDA, to pay Home Depot
USA, Inc. a specified annual amount to reimburse Home Depot for a portion of the costs
it is advancing to the Agency to purchase additional property needed for the project; and
WHEREAS, Section 9 of the DDA further specifies that the payments to Home
Depot shall be payable only from sales tax revenue paid to the City with respect to the
Home Depot 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 Home Depot 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:
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BARBARA D. CONANT, MAYOR
ATTEST:
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Anne Bybee,' City Clerk