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CITY COUNCIL CHAMBERS
78-105 Calle Estado
La Quinta, California 92253
REGULAR MEETING
March 5, 1991 3:00 P.M.
CALL TO ORDER Beginning Res. No. RA 91-3
a) Roll Call
PUBLIC HEARINGS None
BUSINESS SESSION
1. Consideration of Approval of Owner Participation Agreement
with Transpacific Development Company.
a) Resolution Action
CONSENT CALENDAR
1. Approval of Minutes February 19, 1991.
CLOSED SESSION
a. Discussion of Negotiations with Transpacific Development Co.
Regarding Specific Plan 89-14 Pursuant to Government Code
Section 54956.8.
ADJOURNMENT
DECLARATION OF POSTING
I, Saundra L. Juhola, Secretary of the La Quinta Redevelopment
Agency, do hereby declare that the foregoing agenda for the
Redevelopment Agency Meeting of March 5, 1991 was posted on the
outside entry to the Council Chamber, 78-105 Calle Estado and on
the bulletin board at the La Quinta Post Office on Friday, March 1,
1991.
ted: March 1, 199J
SAUNDRA L. JUH A, Secretary
La Quinta, Redevelopment Agency
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MEETING DATE: March 5, 1991 AGENDA CATEGORY:
PUBLIC HEARING:
ITEM TITLE:
BUSINESS SESSION: I
CONSIDERATION OF APPROVAL OF OWNER
PARTICIPATION AGREEMENT WITH WASHINGTON/ADAMS CONSENT CALENDAR:
LIMITED PARTNERSHIP
STUDY SESSION:
BACKGROUND:
Attached is the staff report and Owner Participation Agreement between the La
Quinta Redevelopment Agency and Washington/Adams Limited Partnership.
The Owner Participation Agreement sets forth financial assistance to the
Developer for this project which is located on the northeast end of Highway
111, east to Adams Street. The project entails the development of
approximately 617,000 square feet.
FISCAL IMPLICATIONS:
Financial assistance to a maximum of $3,731,460 of Tax Increment Funds of the
La Quinta Redevelopment Agency Project Area No. 2.
APPROVED BY:
RECOMMENDATION:
Approve the necessary Resolution and authorize the Chairman to execute the
Agreement on behalf of the Redevelopment Agency.
Submitted by: Approved for submission to
Chairman and members of the La
Quinta Redevelopment Agency:
Signature RON KIEDROWSKI, CITY MANAGER
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A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY
CONSENTING TO THE APPROVAL OF AN OWNER PARTICIPATION
AGREEMENT BY AND BETWEEN THE LA QUINTA REDEVELOPMENT
AGENCY AND WASHINGTON/ADAMS, L.P., A CALIFORNIA
LIMITED PARTNERSHIP, APPROVING THE PROVISION OF PUBLIC
IMPROVEMENTS AND MAKING OTHER FINDINGS.
WHEREAS, the La Quinta Redevelopment Agency hereinafter
referred to as the Agency") under the provision of the
California Community Redevelopment Law, is engaged in
activities necessary for the execution of the Redevelopment
Plan for te Redevelopment Project No. 2 hereinafter referred
to as the Project Area"); and
WHEREAS, Washington/Adams, L.P., a California limited
partnership the Participant") proposes to undertake the
provision of extensive drainage, traffic, and other
infrastructure improvements the Agency Infrastructure
Improvements") and to develop substantial private on-site
improvements as more fully set forth in the Agreement" as
hereinbelow defined; and
WHEREAS, based upon the report by the City Engineer and
testimony presented by the Participant, substantial
efficiencies and cost savings will be realized if the
Participant undertakes the Agency Infrastructure Improvements
as an integrated project with one contractor in conjunction
with the completion of improvements on the Site; and
WHEREAS, the Participant proposes to undertake the Agency
Infrastructure Improvements and the development of the Site on
the terms set forth in the Owner Paticipation Agreement
submitted herewith the Agreement"); and
WHEREAS, pursuant to the Agreement, the Agency is to bear
the cost of certain off-site improvements having a cost in
excess of Three Million Dollars $3,000,000), all as more
particularly set forth in the Agreement; and
WHEREAS, the provision of assistance of the Agency pursuant
to the Agreement, which is submitted herewith and is
incorporated herein by reference enhances the feasibility of
the activities of the Participant; and
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