RDA Resolution 2005-011
RESOLUTION NO . RA 2005-011
A RESOLUTION OF THE LA QUINT A REDEVELOPMENT
AGENCY APPROVING A THIRD AMENDMENT TO THE
DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN
THE LA QUINT A REDEVELOPMENT 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 Ouinta 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 Ouinta
("City" or "City Council", as applicable) approved and adopted the Redevelopment Plan
("Redevelopment Plan") for Project Area No.2 r'Project Area") on May 16, 1989, by
Ordinance No. 139, and amended the Redevelopment Plan on December 20, 1994, by
Ordinance No. 259, on February 3, 2004, by Ordinance No. 399, and on March 16,
2004, by Ordinance No. 403; and
WHEREAS, on or about December 18, 2003, the Agency entered into
that certain Disposition and Development Agreement ("Original Agreement") with CP
Development La Quinta, LLC, a California limited liability company ("Developer"),
pursuant to which the Agency conveyed to the Developer certain real property located
within the Project Area (the "Property") for the Developer's development thereon of a
commercial project containing a medical office/clinic, a boutique hotel, a mid-price
suites hotel, a resort-style condominium/casitas 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, 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; (ij) certain conditions
that had to be satisfied prior to the Agency's conveyance to Developer of the Property;
and (iii) the transfer and assignment provisions in the Original Agreement
("Amendment No.1"); and
WHEREAS, on or about December 7, 2004, Agency and Developer
entered into a second amendment to the Original Agreement which revised the Option
Agreement attached thereto to provide for the Agency's agreement to subordinate
"Repurchase Option 1" in the same manner, and subject to the same terms and
conditions, as the Agency had agreed to subordinate "Repurchase Option III" (as those
Resolution No. RA 2005-011
Disposition .and Development Agreement
CP Development La Guinta, LLC
Adopted: November 1, 2005
Page 2
terms are defined in the Option Agreement) in order to accommodate Developer's
acquisition and development lender ("Amendment No.2"); and
WHEREAS, the Original Agreement, as modified by Amendment No. 1
and Amendment No.2, is hereinafter referred to as the "Agreement"; and
WHEREAS, the Developer now wishes to revise the Agreement to change
the description of the Project to, among other things, omit the boutique hotel, increétse
the number of casitas units that may be developed on the Property, and extend the
timeframe for the Developer's completion of the Suites Hotel; and
WHEREAS, the Agency and the Developer have negotiated a third
amendment to the Agreement to address the modifications desired by the Developer
("Amendment No.3"); and
WHEREAS, concurrently with the Developer's negotiations with the
Agency regarding Amendment No.3, the Developer is processing through the City
an amendment to the Developer's Specific Plan; and
WHEREAS, Amendment No.3 is in accordance with the Redevelopment
Plan and is of benefit to the Project Area and the City of La Quinta.
NOW, 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 Amendment No. 3 effectuates the purposes of the CRL and of the
Redevelopment Plan and is in the best interests of the citizens of the City of La
Quinta.
3. That Amendment No.3, a copy of which is on file with the Agency Secretary,
is hereby approved, subject to (i) the City Council's adoption of a resolution
approving the proposed amendment to the Specific Plan; and (in the City
Council's adoption of an ordinance approving a proposed second amendment to
Development Agreement 2003-006, both of which are being considered
concurrently with the Agency's consideration of Amendment No.3.
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Resolution No. RA 2005-011
Disposition and Development Agreement
CP Development La Guinta. LLC
Adopted: November 1. 2005
Page 3
4. The Agency Executive Director and Agency Counsel are hereby authorized and
directed to (i) make final modifications to Amendment No.3 that are consistent
with the substantive terms of Amendment No.3 approved hereby, and to
thereafter sign Amendment No.3 on behalf of the Agency, and (ii) take such
other and further actions, and sign such other and further documents that
require the Agency's signature, as may be necessary and proper to carry out the
terms of Amendment No.3.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La
Ouinta Redevelopment Agency held this 1st day o~ November, 2005, by the following
vote:
AYES: Members Adolph, Sniff, Vice Chair Henderson
NOES: None
ABSENT: Member Perkins, Chairman Osborne
ABSTAIN: None
ATTEST:
~:···-RL4--Ð
. . GREEK, CMC, cy Secretary
La Quinta Redevelopment Agency
(AGENCY SEAL)
APPROVED AS TO FORM:
. K TINE JENSON, encyCounsel
La Ouinta Redevelopment Agency