1996 12 03 CC Staff ReportlmLnKT AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: December 3, 1996
CONSENT CALENDAR:
ITEM TITLE:
Public Hearing on Development Agreement 96-001 by STUDY SESSION:
and between the City of La Quinta, Home Depot, Inc., PUBLIC REARING:
and Credit Suisse Leasing 92A, L.P. Applicant: Home
Depot and City of La Quinta
RECOMMENDATION:
Move to take up Ordinance No. by title and name only and waive further reading.
Move to adopt Ordinance No. first reading.
FISCAL IMPLICATIONS:
The City will sublease property improved with regional public improvements from the
developer for a total leasehold value of $880,000 principal? plus eight per cent
interest per annum over a maximum of 12 years. Leasehold payments will be limited
to a percentage of money received from the project in sales tax revenues.
BACKGROUND AND OVERVIEW:
The Home Depot Specific Plan consists of approximately 216,802 square feet of
gross floor area for commercial and retail uses. The development will be constructed
in two phases. Phase one will be Home Depot and Phase 2 will consist of the
remaining commercial uses all on a twenty acre site northwest of the intersection of
Jefferson Street and Highway 111. The Planning Commission and City Council have
conducted appropriate public hearings and approved the Specific Plan and Conditional
Use Permit on August 13, 1996, and September 17, 1996, respectively. The
approvals contain specific conditions and modifications to the project. In addition,
the City has adopted a Mitigated Negative Declaration, Resolution 96-71, for the
project in compliance with CEQA.
The Development Agreement process is provided by La Quinta Municipal Zoning Code
and State law. A Development Agreement is a binding agreement between both
parties for the purpose of establishing certainty that the development will progress
in a timely manner.
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