RDA Resolution 2005-002
RESOLUTION NO. RA 2005-002
A RESOLUTION OF THE LA GUINTA REDEVELOPMENT
AGENCY APPROVING AN AGREEMENT FOR PURCHASE
AND SALE AND ESCROW INSTRUCTIONS BETWEEN
THE AGENCY AND STAMKO DEVELOPMENT CO. LP FOR
THE PROPERTY LOCATED AT THE INTERSECTION OF
HIGHWAY 111 AND DUNE PALMS ROAD
WHEREAS, the la Quinta Redevelopment Agency (" Agency") is a
public body, corporate and politic, organized and existing under the California
Community Redevelopment law r'Health & Safety Code § 33000 et seq.) (IICRl");
and
WHEREAS, pursuant to the CRl, the City Council of the City of la
Ouinta (IICity" or IICity Council," as applicable) approved and adopted the
Redevelopment Plan r'Redevelopment Plan") for Project Area No. 2 (IIProject
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 Stamko
Development Co. lP, a California limited partnership ("Stamko"), pursuant to which
the Agency is to sell to Stamko certain real property located within the Project Area
at the intersection of Highway 111 and Dune Palms Road (the "Property")
comprising approximately 2.32 net usable acres for Twenty-Six Dollars and Eighty-
Six Cents ($26.86) per square foot, with the purchase price estimated to be
approximately Two Million Seven Hundred Fourteen Thousand Four Hundred Forty-
Five Dollars ($ 2, 714,445.00) pursuant to the terms and conditions set forth in the
Agreement; and
WHEREAS, the Planning Commission and the City Council have
considered and approved an Amendment to the Center at la Ouinta Specific Plan
(the IISpecific Plan") to incorporate the Property. The' use proposed by Stamko is
consistent with the Specific Plan. In addition, an Environmental Assessment
(2004-524) was prepared for this development and the remaining deveJop.ment of
the Specific Plan area. The Environmental Assessment fully assessed the impacts
of. the development of these areas as well as the affordable housing project on the
southern portion of the specific plan area. On the basis of that Environmental
Assessment, the City Council certified a Mitigated Negative Declaration of
environmental impact on December 21, 2004. A Notice of Determination was filed
with the County Clerk on December 22, 2004. City staff and the City's
consultants have carefully reviewed the scope of the development proposed by
Stamko and hav.e concluded that the potential impacts of its construction and
Resolution No. RA 2005-002
Purchase and Sale Agreement - Stamko
Adopted: March 15, 2005
Page 2
operation are well within those previously analyzed in the Environmental
Assessment and that no additional impacts will result from the project. In addition,
there is no new information or change in circumstances which would trigger any
obligation to complete further environmental analysis. Therefore, City staff has
determined that no further environmental review is necessary pursuant to California
Public Resources Code Section 21166.
WHEREAS, Health and' Safety Code Section 33431 requires that the
Agency Board and the City Council conduct a noticed joint public hearing with
respect to the Agency's sale of the Property pursuant to the Agreement; and
WHEREAS, the joint public hearing has been conducted in accordance
with applicable requirements of law; and
WHEREAS, the City Council and the Agency have considered all the
information and evidence presented by the City/Agency staff and presented by
persons wishing to appear and be heard concerning the Agency's sale of the
Property pursuant to the Agreement; and
WHEREAS, the Agreement is in accordance with the Redevelopment
Plan and is of benefit to the Project Area and the City of La Ouinta; 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 Agency hereby finds and determines that 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 Ouinta.
Resolution No. RA 2005-002
Purchase and Sale Agreement - Stamko
Adopted: March 15, 2005
Page 3
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 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 La
Ouinta Redevelopment Agency held this 15th day of March, 2005, by the following
vote:
AYES: Members Adolph, Henderson, Perkins, Sniff, Chairman Osborne
NOES: None
ABSENT: None
ABSTAIN: None
E OSBORNE, Agency Chair
La Ouinta Redevelopment Agency
ATTEST:
. GREEK, CMC, Agency Secretary
. ta Redevelopment Agency
(AGENCY SEAL)
Resolution No. RA 2005-002
Purchase and Sale Agreement - Stamko
Adopted: March 15, 2005
Page 4
APPROVED AS TO FORM:
M. KAT ERINE JENSO , gency Counsel
La Quinta Redevelopment Agency