OBRES 2012-007RESOLUTION NO. OB 2012 -007
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY MAKING CERTAIN ACKNOWLEDGMENTS AND
APPROVALS WITH RESPECT TO THE CORAL
MOUNTAIN PROPERTY AND DISPOSITION AND
DEVELOPMENT AGREEMENT AND AUTHORIZING THE
CONTINUED ADMINISTRATION AND IMPLEMENTATION
OF THE SAME
WHEREAS, the Oversight Board of the Successor Agency to La Quinta
Redevelopment Agency ( "Oversight Board ") has been established to direct the City
of La Quinta, in its capacity as "successor agency," to take certain actions to wind
down the affairs of the former La Quinta Redevelopment Agency ( "Agency ") in
accordance with the requirements of Assembly Bill 26, also known as chapter 5,
Statutes 2011, First Extraordinary Session, which added Part 1.8 and Part 1.85 of
Division 24 of the California Health and Safety Code ( "ABx1 26 "); and
WHEREAS, the Agency and Coral Mountain Partners, L.P. (the "Developer "),
entered into a Disposition and Development Agreement dated January 4, 2011 (the
- DDA - ), pursuant to which the Agency agreed to lease to the Developer certain
real property owned by the Agency and located in the City of La Quinta (the
"Property "), and to provide the Developer with certain financial assistance, and the
Developer agreed to develop and operate on said real property an affordable
housing rental project (the "Project "); and
WHEREAS, on January 2, 2012, the City Council of the City of La Quinta
( "City Council" or "City," as applicable) adopted City Council Resolution No. 2012-
002, affirmatively electing to be the "successor agency" to the former Agency; and
WHEREAS, on January 17, 2012, the La Quinta Housing Authority
( "Authority ") adopted Housing Authority Resolution No. 2012 -02, electing to be
the "housing successor" to the former Agency; and
WHEREAS, pursuant to Health and Safety Code section 34175(b), added by
Part 1.85 of Division 24 of the California Health and Safety Code ( "Part 1.85 "), on
February 1, 2012, the DDA and the Property were transferred to the control of the
City, in its capacity as "successor agency" to the former Agency; and
WHEREAS, pursuant to Health and Safety Code Section 34177(g), added by
Part 1.85, on March 7, 2012, the City, in its capacity as the "successor agency"
to the former Agency, (i) assigned all of its interests in the DDA to the Authority;
Resolution No. OB 2012 -007
Approval of Coral Mountain DDA
Adopted: April 4, 2012
Page 2
and (ii) quitclaimed all of its interests in the Property to the Authority; and
NOW, THEREFORE, the Oversight Board of the Successor Agency to La
Quinta Redevelopment Agency does hereby resolve as follows:
SECTION 1. The above Recitals are true and correct.
SECTION 2 . The City of La Quinta is the "successor agency" to the former La
Quinta Redevelopment Agency.
SECTION 3 . The La Quinta Housing Authority is the "housing successor" to the
former La Quinta Redevelopment Agency.
SECTION 4 . The DDA and the Property are both "housing assets" of the former La
Quinta Redevelopment Agency, as that term is used in Health and Safety Code
Sections 34176(a) and 34177(g).
SECTION 5 . The Authority has the right and authority to administer and implement
the DDA, including, without limitation, the leasing of the Property and the provision
of financial assistance to the Developer pursuant to the terms thereof, and no
further approvals or authorizations are required by the Oversight Board with respect
to the same.
SECTION 6 . The Oversight Board has determined not to terminate or renegotiate
the DDA pursuant to its authority under Health and Safety Code Section 34181(a).
PASSED, APPROVED and ADOPTED at a regular meeting of the Oversight
Board of the Successor Agency to the La Quinta Redevelopment Agency held this
4th day of April, 2012 by the following vote, to wit:
AYES: Board Members Ellis, Marshall, Maysels, McDaniel, Osborne and
Chairperson Pefla
NOES: None
ABSENT: Board Member Nelson
ABSTAIN: None
Resolution No. OB 2012 -007
Approval of Coral Mountain DDA
Adopted: April 4, 2012
Page 3
M
JOHN A, hairperson
Oversight Board of the Successor Agency
to La Quinta Redevelopment Agency
ATTEST:
Oversight Board