RDA Resolution 2003-009 RESOLUTION NO. RA 2003-09
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING A DISPOSITION AND
DEVELOPMENT AGREEMENT BETWEEN THE AGENCY AND
CENTER POINT DEVELOPMENT, LLC FOR THE PROPERTY
LOCATED AT THE SOUTHEAST CORNER OF
WASHINGTON STREET AND MILES AVENUE
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 Section 33000 et seq.) (~CRL"); and
WHEREAS, pursuant to the CRL, the City Council of the City of La Quinta
(~Cityn or ~City Counciln, as applicable) approved and adopted the Redevelopment Plan
(~Redevelopment Plan=) for Project Area No. 2 (~Project Area~), on November 29,
1 983, by Ordinance No. 43, and amended the Redevelopment Plan on December 20,
1994, by Ordinance No. 258; and
WHEREAS, the Agency staff has negotiated a Disposition and
Development Agreement ('Agreement") with Center Point Development, LLC, a
California limited liability company ("Developer"), pursuant to which the Agency is to
convey to the Developer, either all at once ("Option A'), or in phases ('Option B'),
certain real property located within the Project Area (the ~Property") for Seven Million
Fifty-Four Thousand Seventy-Four Dollars ($7,054,074) for the Developer's
subsequent development thereon of a commercial project containing a medical
office/clinic, a boutique hotel, a mid-price suites hotel, a resort-style
condomimium/casistas development, two sit-down restaurants, and two single-family
residential developments, with forty of the single-family homes restricted for sale to
moderate-income buyers at an affordable housing cost, all as more particularly
described in the Agreement (collectively, the ~Project'); and
WHEREAS, the Agreement provides that Agency may reacquire any
undeveloped portion of the Property that is then owned by the. Developer in the event
the Developer fails to commence construction of any particular phase of the Project
within certain specified time frames, interrupts construction of a particular phase of
the Project for a specified period of time, or transfers a particular phase of the Project
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
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
Resolution No. RA 2003-09
Center Point Dispoaition and Development Agreement
Adopted: June 3, 2003
Page 2
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 Agency 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 LA QUINTA
REDEVELOPMENT AGENCY AS FOLLOWS:
1. That the above recitals are true and correct and incorporated herein.
2. That the La Quinta Redevelopment Agency hereby resolves as follows:
A. The Agreement effectuates the purposes of the Community
Redevelopment Law (Health & Safety Code Section 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 Property will eliminate blight and is consistent
with the Agency's Five-Year Implementation Plan, based on the facts and
conclusions of the Summary Report, which is incorporated herein by this
reference.
C. The Agency's sale of the Property will eliminate blight in that it will
facilitate the development of affordable housing.
D. 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 ~he facts and
conclusions of the Summary Report.
3. The Agreement, a copy of which is on file with the Agency Secretary, is hereby
approved. The Agency Executive Director and Agency Counsel are hereby
authorized and directed to make final modifications to the Agreement that are
consistent with the substantive terms of the Agreement approved hereby, and
the Agency Executive Director is authorized to thereafter sign the Agreement
on behalf of the Agency.
4. The Agency Executive Director is authorized and directed, on behalf of the
Agency, 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.
Re~ution No. RA 2003-09
Center Point Di~x~tkm ind Development Agreement
Adopted: June 3, 2003
P-,ge 3
PASSED, APPROVED, and ADOPTED at a regular meeting of the La
Quinta Redevelopment Agency held this 3rd day of June, 2003, by the following vote:
AYES: Members Adolph, Osborne, Perkins, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
JUNE'~GREEK, CMC, Ageh-E~ Secretary
La Quinta Redevelopment Agency
(Agency Seal)
APPROVED AS TO FORM'
La Quinta Redevelopment Agency