2024-08-02 LQ Press Release re SDC PSDA Breach Failure to Cure Default06)Qtd«r�,
Contact:
Marcie Graham
Marketing Manager / Public Information Officer
760.777.7032 — Direct
760.501.8924 — Mobile
Email: mgraham@Iaquintaca.gov
For Immediate Release
August 2, 2024
CALIFORNIA
City of La Quinta Declares Developer in Breach of Contract for
Talus La Quinta Project
La Quinta, CA — The City of La Quinta announced that Robert Green Company and
SilverRock Development Company LLC (collectively, SDC) are in total breach of a
Purchase, Sale and Development Agreement, as amended (PSDA), for the Talus La Quinta
project. Due to SDC's failure to cure, within the allowable time, a critical June 30, 2024,
deadline to secure Recapitalization Loans, the City declares that SDC no longer has any rights
as "Developer" under the PSDA.
The June 30, 2024, deadline, outlined in Amendment No. 5 of the PSDA and reiterated in a
May 24, 2024, Memorandum of Understanding (MOU), was not met. Since receiving the City's
July 1, 2024, Notice of Default, SDC has further demonstrated bad faith by:
• Unauthorized execution of multiple promissory notes purported to be secured by the
real property owned by SDC.
• Recording "mechanics liens" against its own property.
• Falsely claiming in an August 1, 2024, letter that SDC has the authority to determine
that CMG, one of the parties to the MOU has no further rights, liabilities, or obligations
under the MOU or PSDA.
The City of La Quinta is committed to the successful development of the Talus La Quinta
project and will take all necessary steps to protect the interests of the community.
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78495 Calle Tampico 1 La Quinta, California 922531760.777.70001 wwwlaquintara.gov