RDA Resolution 2011-022RESOLUTION NO. RA 2011 - 022
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AN AGREEMENT FOR PURCHASE
AND SALE BY AND BETWEEN THE AGENCY AND
YESSAYIAN FAMILY LTD. PARTNERSHIP, RELATING TO
THE PROPERTY IDENTIFIED ASSESSOR PARCEL NOS.
773 - 094 -001, 002 003, 004, 005, 006, 013, MAKING
CERTAIN FINDINGS PURSUANT TO HEALTH AND
SAFETY CODE SECTION 33445 WITH RESPECT TO THE
AGENCY'S EXPENDITURE AND APPROPRIATION FUNDS
FOR 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 Ltd. Partnership for real property located south of the La
Quinta Community Park identified as Assessor Parcel Nos. 773 - 094 -001, 002 003,
004, 005, 006, 013 ( "Property "), to facilitate off - street parking opportunities, the
expansion of recreation opportunities, public facilities 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
One Million Four Hundred Forty -Seven Thousand One Hundred Twenty -Nine Dollars
($1,447,129) plus closing costs to acquire the Property; 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
Resolution No. RA 2011 -
Purchase and Sale Agreement with Yessayian
APNS 773 - 094 -001, 002, 003, 004, 005, 006 and 013
Adopted: June 14, 2011
Page 2
WHEREAS, the Agency's financial contribution 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:
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 Property pursuant to the Agreement 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 the 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 Quints.
SECTION 4. The Agency authorizes the appropriation and expenditure of up to
$1,447,129 plus closing costs estimated to be $10,000 to close the transaction
contemplated by the Purchase and Sale Agreement from Project Area No. 1 Capital
Projects Fund (Account Number 405 - 0000 - 290.00 -00).
SECTION 5. The Executive Director is hereby authorized to sign the Purchase and
Sale Agreement subject to such minor modifications approved by the Agency
Resolution No. RA 2011 -
Purchase and Sale Agreement with Yessayian
APNs 773 - 094 -001, 002, 003, 004, 005, 006 and 013
Adopted: June 14, 2011
Page 3
Counsel and the Executive Director, and to sign such other documents and take
such other actions as to carry out the terms of the Agreement.
PASSED, APPROVED and ADOPTED at a special meeting of the La Quinta
Redevelopment Agency held on this 14th day of June, 2011, by the following vote
to wit:
AYES: Agency Members Adolph, Evans, Franklin, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
La Quinta
(AGENCY SEAL)
Agency
APPROVED AS TO FORM:
/l
G
M. KATHERINE JEN O , Agency Counsel
La Quinta RedevelopkKent Agency
TERRY Hf DERSON, Agency Chair
La Quinta Agency
SECRETARY