RDA Resolution 2004-016
RESOLUTION NO. RA 2004-016
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; A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY
APPROVING AMENDMENT NO. 2 TO AGREEMENT FOR PURCHASE
AND SALE AND ESCROW INSTRUCTIONS BETWEEN THE AGENCY
AND 48TH AND ADAMS, LLC, FOR THE PROPERTY LOCATED AT THE
NORTHEAST CORNER OF AVENUE 48 AND ADAMS STREET
WHEREAS, the La Quinta Redevelopment Agency (" Agency") is a
public body, corpprate 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 (1lRedevelopment Plan") for Project Area No. 2 (nproject
Area"), on May 16,1989, by Ordinance No. 139; and
WHEREAS, on or about January 22, 2003, the Agency and Santa
Rosa Development, Inc., a California corporation (the IIOriginal Developer") entered
,-- into that certain Agreement for Purchase and Sale and Escrow Instructions (the
"Original P&S Agreement"), pursuant to which Agency agreed to sell to the
Original Developer, and the Original Developer agreed to purchase from Agency, for
the purchase price of Eight Hundred One Thousand Three Hundred Fifty-Eight
Dollars ($801,358.00), that certain real property located at the corner of Avenue
48th and Adams Street, in the City of La Quinta, County of Riverside, State of
California (the IISite") , and to construct thereon a residential development
containing thirty-six (36) single family homes and related landscaping and other
improvements (the "Project"); and
WHEREAS, on or about June 22, 2004, the Agency and the Original
Developer amended the Original P&S Agreement and the Option Agreement
attached as Exhibit lIE" to the Original P&S Agreement (the "Original Option
Agreement") by that certain Waiver and Replacement of Conditions for Closing for
the Purchase and Sale Agreement and for the Option Agreement (" Amendment No.
1") to revise, among other terms, various provisions related to the II Project
Entitlements" (as that term is defined in the Original P&S Agreement). The Original
P&S Agreement, as amended by Amendment No.1, is hereinafter referred to as the
II Amended P&S Agreement" and the Original Option Agreement, as amended by
Amendment No.1, is hereinafter referred to as thellAmended Option Agreement";
and
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Resolution No. RA 2004-016
Amendment No.2 to 48th & Adams Purchase & Sale Agreement
Adopted: October 19, 2004
Page 2
WHEREAS, on or about July 16, 2004, the Original Developer
assigned all of its right, title and interest in and to the Amended P&S Agreement to
48th and Adams, LLC, a California limited partnership; and
WHEREAS, Agency staff has negotiated a second amendment to the
Amended P&S Agreement and the Amended Option Agreement (II Amendment No.
2") to further revise the provisions related to the Project Entitlements, and to revise
the subordination provisions set forth in the Amended Option Agreement; and
WHEREAS, Amendment No. 2 is in accordance with the
Re,development Plan and is of benefit to the Project Area and the City of La Quinta;
and
NOW, THEREFORE, BE IT RESOLVED BY THE LA GUINTA
REDEVELOPMENT AGENCY AS FOLLOWS:
1 . That the above recitals are true and correct and incorporated herein.
2. That the La Quinta Redevelopment Agency hereby finds and
determines that Amendment No. 2 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.
3. Amendment No.2, 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 Amendment No.2
that are consistent with the substantive terms of Amendment No. 2 approved
hereby, and the Agency Executive Director is authorized to thereafter sign
Amendment No. 2 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 (ij) take such other and further actions, as may be necessary and
proper to carry out the terms of Amendment No.2.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the La
Quinta Redevelopment Agency held this 19th day of October, 2004, by the
following vote:
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Resolution No. RA 2004-016
Amendment No.2 to 48th & Adams Purcha.e & Sa" Agreement
Adopted: October 19, 2004
Page 3
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t AYES: Members Adolph, Osborne, Perkins, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
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TERRY NDERSON, Chair
La Quinta Redevelopment Agency
ATTEST:
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I . . GREEK, C , ncy Secretary
I La Quinta Redevelopment Agency
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(Agency Seal)
APPROVED AS TO FORM:
, Agency Counsel
nt Agency
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