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RDA Resolution 2002-010 SilverRock PSDA RESOLUTION NO. RA 2002-10 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LA QUINTA MAKING CERTAIN FINDINGS PURSUANT TO HEALTH AND SAFETY CODE SECTION 33445(a), EXERCISING THE OPTION CONTAINED IN THE OPTION AGREEMENT AND AUTHORIZING ENTERING INTO THE AGREEMENT OF PURCHASE AND SALE OF JOINT ESCROW INSTRUCTIONS, AS AMENDED WHEREAS, on the 15th day of May, 2001 the La Quinta City Council (the "City Council") approved the 2001-02 Economic Development Plan which includes implementation policies supporting economic diversification, business expansion, economic protection and preservation, and recreational opportunities; and WHEREAS, KSL Land Holdings, Inc. owns 525 acres of property (the "The Ranch") located in La Quinta Redevelopment Project Area No. 1 (the "Project Area") which is suitable to attain the aforementioned objectives; and WHEREAS, on the 16th day of April, 2002 the City Council made findings - pursuant to Health and Safety Code 33345 to approve use of funds from Redevelopment Project Area No. 1 for an Option Agreement to allow the La Quinta Redevelopment Agency (the "Agency") an opportunity to complete due diligence activities related to acquiring The Ranch; and WHEREAS, on 16th day of April, 2002 the Agency approved an Option Agreement to allow the Agency an opportunity to complete due diligence activities related to acquiring The Ranch; and WHEREAS, the lack of recreational facilities and the prevalence of economic maladjustment were documented as some of the conditions of blight that justified the formation of the Project Area, as cited in the October 1983 Report to the La Quinta City Council on the Proposed Redevelopment Plan for La Quinta Redevelopment No. 1; and WHEREAS, Section 518 of the Redevelopment Plan for La Quinta Redevelopment Project No. 1, as amended by Amendment No. 1, authorizes the Agency to purchase and improve property for park, recreation, cultural and community facilities; and WHEREAS, purchasing The Ranch would afford the Agency the opportunity to address some of the aforementioned conditions of blight; and Resolution No. RA 2002-10 The Ranch Adopted: May 15, 2002 Page 2 WHEREAS, there is inadequate funding within the City's General Fund or from other sources to acquire The Ranch; and WHEREAS, it would be in the best interest of the public to pursue acquisition of The Ranch. NOW, THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment Agency as follows: SECTION 1. The above recitations are true and correct and are adopted as the findings of the Agency Governing Board. SECTION 2. The Governing Board of the Agency hereby authorizes exercising the option contained in the Option Agreement and approves the Agreement of Purchase and Sale and joint escrow Instructions (the "Agreement") for the acquisition of The Ranch. SECTION 3. The Governing Board of the Agency further approves the amendment of Agreement relating to the PGA Agreements. SECTION 4. Pursuant to Health and Safety Code Section 33445(a), the Agency finds and determines that: A. Exercising the option contained in the Option Agreement and entering into the Agreement for the acquisition of The Ranch are of benefit to the Project Area and to the immediate neighborhood in which The Ranch is located. B. No other reasonable means of financing the Agreement are available to the community. C. The payment of funds pursuant to the Agreement and purchase of The Ranch will assist in the elimination of one or more blighting conditions inside the Project Area, including the lack of recreational facilities and opportunities, and is consistent with the Agency's implementation plan adopted pursuant to Section 33490. D. The Governing Board of the Agency hereby authorizes the Executive Director to exercise the option and execute the Agreement and appropriates the funds necessary to facilitate the acquisition of The Ranch. Resolution No. RA 2002-10 The Ranch Adopted: May 15, 2002 Page 3 E. This resolution shall take effect from and after its adoption. PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held on this 15th of May, 2002, by the following vote: AYES: Members Adolph, Pe~a, Perkins, Sniff, Chair Henderson NOES: None ABSENT: None ABSTAIN: None TERRY I~NDERSON, Chair La Quinta'Redevelopment Agency ATTEST: La Quinta Redevelopment Agency (Seal) APPROVED AS TO FORM: HE I c~c,~o~ ,AgencyCouns La Quinta "~~~velop~S~'