CC Resolution 1985-072B
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RESOLUTION NO. 85-72
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA1 CALIFORNIA1 TRANSFERRING 1985 INDUS-
TRIAL DEVELOPMENT BOND ALLOCATION TO THE CITY OF
RANCHO MIRAGE.
WHEREAS, the City of Rancho Mirage the City) is a municipal
Corporation and general law City duly organized and existing under
the constitution and laws of the State of California; and
WHEREAS, the City Council of the City, after careful study and
consideration, has determined the need to initiate efforts to help
stimulate the redevelopment of a portion of the City generally bounded
by Bob Hope Drive, the Veldt and San Jacinth Drive, hereinafter referred
to as The Triangle"; and
WHEREAS, the Rancho Mirage Redevelopment Agency was authorized the
power and authority of the laws of the State of California to assist in
the assemblage of property to redevelop The Triangle"; and
WHEREAS, the City of Rancho Mirage has adopted Ordinance No. 310
approving a development agreement between the City and Warmington Capital
Corporation granting Warmington certain entitlements to construct hotels,
restaurants, office buildings, commercial structures and underground parking
facilities as part of The Triangle" Redevelopment project; and
WHEREAS, Warmington is desirous of obtaining Industrial Development
Bonds or Certificates of Participation to assist in the financing of The
Triangle" project and has asked the City to assist in this regard; and
WHEREAS, it is in the public interest and for the public benefit that
the City authorize such financing for the project, and it is within the
powers of the City to provide such financing.
WHEREAS, the City of La Quinta has authorized the allocation of
its 1985 Industrial Development Bond authority to Rancho Mirage in an
approximate amount of $150,000.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of La Quinta does hereby resolve, determine and order as follows:
Section 1: That the City of La Quinta shall authorize 1985
Industrial Development bond allocation in the amount of $150,000
provided that Rancho Mirage loan $150,000 of future year's allocation to
the City of La Quinta if the City should so request.
Section 2. This resolution shall take effect immediately.
APPROVED and ADOPTED this 20th day of August 1985.
AYES: Council Members Allen, Bohnenberger, Pena, Wolff and
Mayor Cox.
NOES: None.
ABSENT: None.
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Resolution No. 85-72.
Fm)A<*Y0R<&
ATTEST: *
*ity Clerk
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
*anaqe:
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11-06-1997-U01
03:38:54PM-U01
ADMIN-U01
CCRES-U02
85-U02
72-U02