2007 Crowne Pointe Partners, LLC - DA Deposit 2007-02-13February 13, 2007
Mr. Louis Swart, President
Pacific Security Capital
8905 SW Nimbus Avenue, Fourth Floor
Beavorton, OR 97008
Re: DEVELOPMENT AGREEMENT DEPOSIT
Dear Mr. Swartz:
Pacific Security Capital has recently requested the City enter into a Development
Agreement for the Eden Rock development project.
The City will take the necessary steps, at Pacific Security Capital's sole expense,
not including`in-house-City staff time, so that the City will be able to process the
Development Agreement. The City is in receipt of your check for the additional
$10,000 for a total of $15,000 to reimburse the City for expenses associated with
processing the Development Agreement. These funds will cover the costs
associated with preparing the Agreement including Rutan & Tucker's time, RSG's
time, and any other third -party cost items. This letter serves as a "Deposit
Agreement" by and between Pacific Security Capital and the City.
The Deposit shall be used to reimburse the City for all costs incurred by the City in
the processing of the Development Agreement, with the exception of in-house staff
time.
It is anticipated that the Agreement will be presented to the City for consideration
and potential action in the future. Pacific Security Capital and the City understand
that the City is reserving the right to exercise discretion as to all matters over
which the City is, by law, entitled or required to exercise discretion. By executing
this Deposit Agreement, the City is not committing or agreeing to undertake any
activity requiring the subsequent discretion of the City, or any department of the
City. The City's execution of this Deposit Agreement is merely an agreement to
allow the necessary work to be completed, at Pacific Security Capital's expense, to
bring the Development Agreement forward for City consideration. Nothing in this
P.O. Box 1504 • LA QUINiA, CALIFORNIA 92247-1504
78-495 CALLF. TAMPICO • LA QUINTA, CALIFORNIA 92253
(760) 777-7000 •PAX (760) 777-7101
Mr. Louis Swart, President
Pacific Security Capital
February 13, 2007
Page 2
Deposit Agreement shall be deemed to constitute a commitment by the City to
approve the Development Agreement, or a prejudgment of the matters required to
be considered as part of the decision whether or not to approve the Agreement.
Please document Pacific Security Capital's concurrence with these terms and
limitations by signing below and returning the originally executed letter to Douglas
Evans, Community Development Director.
Sincerely,
/Xz
Thomas P. Genovese
City Manager
APPRO AS TO F RM BY:
M. a herine Jenson
City Attorney, City of La Quinta
ACCEPTANCE OF DEPOSIT AGREEMENT:
PACIFIC SECURITY APITAL
By. iit j ours SWh�'T
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Date: