RDA Resolution 2004-018
,- RESOLUTION NO. RA 2004-018
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A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AN AMENDMENT TO THE
DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN
THE AGENCY AND CP DEVELOPMENT LA QUINT A, LLC
FOR THE PROPERTY LOCATED AT THE SOUTHEAST
CORNER OF WASHINGTON STREET AND MILES AVENUE
WHEREAS, the La Quinta Redevelopment Agency (II Agency") is a public
body, corporate and politic, organized and existing under the California Community
Redevelopment Law (Health & Safety Code Section 33000 et seq.) (IICRL"); and
WHEREAS, pursuant to the CRL, the City Council01the City of La Quinta
~ (II City" or "City Council", áS applicable) approved and adopted the Redevelopment Plan
("Redevelopment Plan") for Project Area No.2 (IIProject Area"), on November 2~,
1983, by Ordinance No. 43, and amended the Redevelopment Plan on December 20,
1994, by Ordinance No. 258; and
WHEREAS, on or about December 18, 2003, th~ Agency entered into a
Disposition and Development Agreement ("Original Agreement") with CP Development
- La Quinta, LLC, a California limited liability company ("Developer"), pursuant to which
the Agency is to convey to the Developer certain real property located within the
Project Area (the IIProperty") 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 II Project") ;
and
WHEREAS, on or about October 28,2004, Agency and Developer entered
into an amendment to the Original Agreement which revised (i) certain timeframes in
the Schedule of Performance attached to the Original Agreement; (ii) certain conditions
that must be satisfied prior to the Agency's conveyance to Developer of the Property;
and (iii) the transfer and assignment provisions in the Original Agreement
("AmendmentNo. 1 "); and
WHEREAS, Agency staff have negotiated a second amendment to the
Original Agreement, as modified by Amendment No.1, which would revise the Option
Agreement attached thereto as Attachment No. 14A to provide for the Agency's
agreement to subordinate "Repurchase Option I" in the same manner, and subject to
the same terms and conditions, as the Agency has agreed to subordinate IIRepurchase
- Option III" (as those terms are defined, in the Option Agreement) in order to
accommodate Developer's acquisition and development lender; and
Resolution No. RA 2004-018
Disposition and Development Agreement
CP Development La Quinta, LtC
Adopted: December 7, 2004
Page 2
WHEREAS, Amendrnent No.2 is in accordance with the Redevelopment
Plan and is of benefit to the Project Area and the City of La Quint,a.
r~ow, THEREFORE, BE IT RESOLVED BY THE lA QUINT A
REDEVELOPMENT AGENCY AS FOllOWS:
1 . That the above recitals are true and correct and incorporated herein.
2. That Anlendment No.2 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.
,." Arnendment No.2, a copy of which is on file with the Agency Secretary, is
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hereby approved. The Agency Executive Director and Agency Counsel are
.: i ~ ~ 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.
~ PASSED, ,APPROVED, and ADOPTED at a regular meeting of the
. , La Quinta Redevelopment Agency held this 7th day of December, 2004, by the
following vote:
¡AYES: Members Adolph, Osborne, Perkins, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
-- L
(. ~
NDERSON, Agency Chair
Redevelopment Agency
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Resolution No. RA 2004-018
- Disposition and Development Agreement
l CP "Development La Oulnta, LLC
Adopted: December 7, 2004
Page 3
ATTEST:
S.GREEK, CMC, Agency Secretary
La Quinta Redevelopment Agency
(AGENCY SEAL)
APPROVED AS TO FORM: . '..,
-
. K ·TH INE JENSO , Agency Counsel
La Quinta Redevelopment Agency
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