CC Resolution 2003-007 RESOLUTION NO. 2003-007
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA, CALIFORNIA, APPROVING AN AGR
EEMENT FOR PURCHASE AND SALE AND ESCROW
INSTRUCTIONS BETWEEN THE LA QUINTA
REDEVELOPMENT AGENCY AND SANTA ROSA
DEVELOPMENT, LLC FOR THE PROPERTY LOCATED AT
THE NORTHEAST CORNER OF AVENUE 48 AND ADAMS
STREET
PURCHASE AND SALE AGREEMENT
SANTA ROSA DEVELOPMENT, LLC
WHEREAS, the La Quinta Redevelopment Agency ("Agency") is a public
body, corporate and politic, organized and existing under the California Community
Redevelopment Law ("Health & Safety Code § 33000 et seq.) ("CRL"); and
WHEREAS, pursuant to the CRL, the City Council of the City of La Quinta
("City" or "City Council," as applicable) approved and adopted the Redevelopment Plan
("Redevelopment Plan") for Project Area No. 2 ("Project Area"), on May 16, 1989, by
Ordinance No. 139; and
WHEREAS, the Agency staff has negotiated an Agreement for Purchase
and Sale and Escrow Instructions ("Agreement") with Santa Rosa Development, LLC,
a California corporation ("Developer"), pursuant to which the Agency is to convey to
the Developer certain real property located within the Project Area (the "Property") for
Eight Hundred One Thousand Three Hundred Fifty-Eight Dollars ($801,358.00) for the
Developer's subsequent development thereon of Thirty-Six (36) single family homes
(the "Project"), all as more particularly described in the Agreement; and
WHEREAS, the Agreement requires the Developer to execute and record
against the Property an Option Agreement, which permits the Agency to reacquire the
Property in the event the Developer fails to commence or complete construction of the
Project within certain specified time frames, interrupts construction of the Project for
a specified period of time, or transfers the Property in violation of the Agreement, all
as more particularly described in the Agreement; and
WHEREAS, Health and Safety Code Section 33433 requires that the
Agency prepare a Summary Report to consider the Agency's proposed sale of the
Property as set forth in the Agreement, that the Agency Board and the City Council
conduct a noticed joint public hearing with respect to the Agreement, and that the
approval of the Agreement be accompanied by certain findings and determinations as
set forth herein; and
WHEREAS, a Summary Report for the Agreement has been prepared and
the joint public hearing has been conducted in accordance with applicable requirements
of law; and
Resolution No. 2003-007
Purchase and Sale Agreement
Santa Rosa Development, Inc.
Adopted: January 7, 2003
Page 2
WHEREAS, the City Council and the Redevelopment Agency have
considered all the information and evidence set forth in the Summary Report presented
by the City/Agency staff and presented by persons wishing to appear and be heard
concerning the impact of the Agreement on the Project Area and the City as a whole;
and
WHEREAS, the Agreement is in accordance with the Redevelopment Plan
and is of benefit to the Project Area and the City of La Quinta; and
WHEREAS, the City Council hereby determines that the Agency's sale of
the Property pursuant to the Agreement is necessary to effectuate the purposes of the
Redevelopment Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LA QUINTA AS FOLLOWS:
1. That the above recitals are true and correct and incorporated herein.
2. That the City Council of the City of La Quinta hereby resolves as follows:
a. The Agreement effectuates the purposes of the Community
Redevelopment Law (Health & Safety Code § 33000 et seq.) and of the
Redevelopment Plan and is in the best interests of the citizens of the City
of La Quinta.
b. The Agency's sale of the real property identified herein will eliminate
blight and is consistent with the Agency's Five-Year Implementation Plan,
based on the findings and conclusions of the Summary Report, which is
incorporated herein.
c. The consideration the Developer will pay for the Property is not less than
the fair market value of the Property at its. highest and best use in
accordance with the Redevelopment Plan, based on the findings and
conclusions of the Summary Report.
3. The Agreement, a copy of which is on file with the Agency Secretary, is hereby
approved. The City Council consents to the Agency's authorization and
direction to its Executive Director and Agency Counsel to make final
modifications to the Agreement that are consistent with the substantive terms
of the Agreement approved hereby, and to thereafter sign the Agreement on
behalf of the Agency.
Resolution No. 2003-007
Purchase and Sale Agreement
Santa Rosa Development, Inc.
Adopted: January 7, 2003
Page 3
4. The City Council consents to the Agency's authorization and direction to its
Executive Director to (i) sign such other and further documents, including but
not limited to subordination agreements and escrow instructions that require the
Agency's signature, and (ii) take such other and further actions, as may be
necessary and proper to carry out the terms of the Agreement.
PASSED, APPROVED and ADOPTED at a regular meeting of the City
Council of the City of La Quinta held this 7th day of January, 2003, by the following
vote:
AYES: Council Members Henderson, Osborne, Perkins, Sniff, Mayor Adolph
NOES: None
ABSENT: None
ABSTAIN: None
City of La Ouinta, California
ATTEST:
JUNE~. ~'REEK, CMC, C~-~'~y~rk
City of La Quinta, California
(CITY SEAL)
APPROVED AS TO FORM:
K/ATH"RII~ '/' · /.' -
M. JENSON,/C~ity Attorney
,~,y of La Quinta, California