RDA Resolution 2011-019RESOLUTION NO. RA 2011 - 019
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AN AGREEMENT FOR PURCHASE
AND SALE BY AND BETWEEN THE CITY OF LA QUINTA
AND THE YESSAYIAN FAMILY LIMITED PARTNERSHIP,
AND MAKING CERTAIN FINDINGS PURSUANT TO
HEALTH AND SAFETY CODE SECTION 33445 WITH
RESPECT TO THE AGENCY'S EXPENDITURE AND
APPROPRIATING $467,500 TO FUND THE ACQUISITION
WHEREAS, the La Quinta Redevelopment Agency ( "Agency ") is a redevelop-
ment agency organized and existing under the California Community
Redevelopment Law ( "Health & Safety Code § 33000 et seq.) ( "CRL ") and has
been authorized to transact business and exercise the powers of a redevelopment
agency pursuant to action of the City Council of the City of La Quinta ( "City
Council" or "City," as applicable); and
WHEREAS, pursuant to the CRL, the City Council approved and adopted the
Redevelopment Plan ( "Redevelopment Plan ") for La Quinta Project Area No. 1
( "Project Area ") on November 29, 1983, by Ordinance No. 43; and
WHEREAS, Agency staff has negotiated a Purchase and Sale Agreement
with the Yessayian Family Limited Partnership for property located at 78 -153 Main
Street (formerly Avenida Buena Ventura) ( "Property "), to facilitate off - street parking
opportunities, the expansion of recreation opportunities, or the development of
affordable housing (collectively, the "Infrastructure Improvements "), to facilitate
access to the Village; and
WHEREAS, the Property is located within the Project Area; and
WHEREAS, the Agreement would provide for the Agency's expenditure of
Four Hundred Two Thousand, Five Hundred ($402,500) plus closing costs to
acquire the Properties; and
WHEREAS, with the legislative body's consent and the satisfaction of certain
specified requirements set forth in Health and Safety Code Section 33445, the CRL
authorizes redevelopment agencies to expend tax increment funds to acquire real
property for, and to fund the cost of the installation and construction of, publicly
owned buildings, facilities, and improvements; and
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's financial contribution pursuant to the Agreements
is necessary to effectuate the purposes of the Redevelopment Plan;
Resolution No. RA 2011 -019
Property Purchase and Sale Agreement
Seller: Yessayian Family Ltd. Partnership
APN 770 - 124-004
Adopted: June 7, 2011
Page 2
NOW THEREFORE,. BE IT RESOLVED by the La Quinta Redevelopment
Agency, as follows:
SECTION 1. The above recitations are.true and correct.
SECTION 2. Pursuant to Health and Safety Code Section 33445(a), the La Quinta
Redevelopment Agency finds and determines that:
A. The acquisition of land pursuant to the Agreements for the future
development of the Infrastructure Improvements is of benefit to the
Project Area, by helping to eliminate blight within the Project Area, in
that the Infrastructure Improvements will consist of public
infrastructure improvements, and the Redevelopment Plan provides for
the elimination, and prevention of the spread, of blight and blighting
influences through the installation, construction, or re- construction of
streets, utilities, and other public facilities and improvements.
B. No other reasonable means of financing purchase of the Property or
the Infrastructure Improvements are available to the community, for
the following reasons: (i) City monies are dedicated to critical police,
fire, and other necessary expenditures, including other capital
improvement projects; (ii) the only practical means of paying for the
Property and Infrastructure Improvements is to use Agency funding;
(iii) without Agency funding, the Property could not be acquired and
the Infrastructure Improvements would not be completed, all to the
detriment of the Project Area.
C. The acquisition of the Property and the future installation of the
Infrastructure Improvements are consistent with the Agency's
implementation plan adopted pursuant to Health and Safety Code
Section 33490 ( "Implementation Plan "), in that improving public
infrastructure and facilities within the Project Area are goals set forth
in the Implementation Plan.
SECTION 3. The Agency's expenditure for the Property for future development
with the Infrastructure Improvements is necessary to effectuate the purposes of
the Redevelopment Plan and is in the best interests of the City of La Quinta.
SECTION 4. The Agency authorizes the appropriation and expenditure of up to
$467,500 to close the transaction contemplated by the Purchase and Sale
Agreement, and fund demolition and relocation costs, from Project Area No. 1
Capital Projects Fund (Account Number 405 - 0000 - 290.00 -00). The Agency also
approves the Purchase and Sale Agreement and authorizes the Executive Director
to execute all necessary documents to implement the Agreement.
Resolution No. RA 2011 -019
Property Purchase and Sale Agreement
Seller: Yessayian Family Ltd. Partnership
APN 770 - 124 -004
Adopted: June 7, 2011
Page 3
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held on this 7th day of June, 2011, by the following vote
to wit:
AYES: Agency Members Adolph, Franklin, Sniff, Chair Henderson
NOES: None
ABSENT: Agency Member Evans
ABSTAIN: None
TERRY
La Quir
I_1aI
` VERONICA
La Quinta F
(Agency Seal)
NO, CMC, Agency Secretary
it Agency
APPROVED AS TO FORM:
NDERSON, Chairperson
Redevelopment Agency
,v �
K TH INE JE S , Agency Counsel
La Quinta Redevel ment Agency