AN ORDINANCE OF THE COUNTY OF RIVERSIDE RELATING
TO THE DEVELOPMENT OF REAL PROPERTY IN THE MIRA LOMA
AREA OWNED BY THE COUNTY OF RIVERSIDE ASSET LEASING
CORPORATION AND LEASED TO THE COUNTY OF RIVERSIDE
The Board of Supervisors of the County of Riverside Ordains as Follows:
Section 1. PURPOSE. The purpose of this ordinance is to implement Article 7.5, Title 3, Division 2, Part 2, Chapter 5 of the California Government Code, (Commencing with Section 25515) which establishes and provides for the industrial, commercial and cultural development of County-owned or leased property through agreements with private enterprise. More specifically, this ordinance shall apply to the real property leased, with option to purchase, by the County of Riverside, within the north one-half (1/2) of Section 5, Township 2 South, Range 6 West, San Bernardino Base and Meridian and more particularly described in the Commonwealth Land Title Company Preliminary Report No. 128300 on file with the Director of the Department of Economic and Community Development of the County of Riverside.
Section 2. FINDINGS. After complying with Section 65402 and Article 8 of Chapter 5 of Part 1 of Division 2 of Title 5 of the California Government Code (commencing with Section 54220), the Board of Supervisors of the County of Riverside finds as follows:
a. The lease with option to purchase the property described in Section 1 hereof, in accordance with the terms and conditions of that certain lease with option to purchase executed by First Nationwide Mortgage Network Company on December 1, 1987, a complete copy of which is on file with the Clerk of the Board of Supervisors and the Director of the Department of Economic and Community Development, and which is summarized in Exhibit 'A', attached hereto and made a part hereof, will result in economic benefits to the County of Riverside.
b. That the public benefit of the proposed agreement is expected to be greater than the public benefit which would result from outright sale of the property.
C. That a reasonable expectation exists that future public need justifies retention of an interest in a portion of the property.
d. That the use of the property pursuant to the agreement offers the greatest economic return to the County of Riverside and meets the residential, economic, industrial and cultural development needs of the County.
Section 3. LEASE WITH OPTION TO PURCHASE/MIRP. LOMA PROPERTY.
The Board of Supervisors does hereby authorize the lease with option to purchase and development of an 180+/- acre commercialindustrial site located in the Mira Loma area of the County of Riverside generally located in the north one-half (1/2) of Section 5, Township 2 South, Range 6 West, San Bernardino Base and Meridian, as more particularly described in the preliminary report referred to in Section I of this Ordinance, on the terms and conditions of that certain agreement executed by First Nationwide mortgage Network Company on December 1, 1987, as summarized in said Exhibit "A", and the Chairman of the Board of Supervisors is authorized and directed to execute said lease with option to purchase on behalf of the County of Riverside when this Ordinance becomes effective.
Section 4. EFFECTIVE DATE. This ordinance shall take effect thirty (30) days after its adoption.
Adopted: 1/5/88 (Eff: 2/4/88)