RDA Resolution 2002-06 RESOLUTION NO. RA 2002-06
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY
MAKING CERTAIN FINDINGS PURSUANT TO HEALTH AND SAFETY
CODE SECTION 33445(a) AND AUTHORIZING THE EXECUTION OF
OPTION AGREEMENT
WHEREAS, the City Council on May 15, 2001 approved the 2001-02 Economic
Development Plan which includes implementation policies supporting economic
diversification, business expansion, economic protection and preservation, and
recreational opportunities; and
WHEREAS, The Ranch property is located in Redevelopment Project Area 1, and
includes 525 acres suitable to attain the aforementioned objectives; and
WHEREAS, an' Option Agreement is a suitable vehicle to allow the Agency an
opportunity to complete due diligence activities prior to property acquisition; and
WHEREAS, the lack of recreational opportunities and amenities is one of the
conditions within the Project Area 1 which was found to create blight; and
WHEREAS, there is inadequate funding within the City's General Fund or from
other sources to acquire The Ranch; and
WHEREAS, it would be in the best interest of the public to pursue acquisition
of The Ranch property.
NOW, THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment Agency
as follows:
SECTION 1. Pursuant to Health and Safety Code Section 33445(a), the La
Quinta Redevelopment Agency finds that:
(a) Entering into the Option Agreement for possible acquisition of The
Ranch property will be of benefit to the Project Area and to the
immediate neighborhood in which The Ranch is located.
(b) No other reasonable means of financing the Option Agreement at
this time exist and alternative funds will not accumulate for that
purpose in the near future.
(c) The payment of funds for the Option Agreement and possible
purchase of The Ranch will assist in the elimination of one or more
blighting conditions inside the project area, including the lack of
recreational facilities and opportunities, and is consistent with the
implementation plan adopted pursuant to Section 33490.-
Resolution No. RA 2002-06
The Ranch / Option Agreement
Adopted: April 16, 2002
Page 2
SECTION 2. The La Quinta Redevelopment Agency agrees to appropriate
funding for and authorizes the execution of the Option Agreement and the Additional
Agreement for possible acquisition of The Ranch.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held on this 16th day of April, 2002, by the following vote, to
wit'
AYES: Members Adolph, Pe~a, Perkins, Sniff, Chair Henderson
NOES' None
ABSENT: None
ABSTAIN' None
TERRY I~DERSON, Chair
La Quint~ Redevelopment Agency
ATTEST:
R~-EK, C'~I~, A cj/e-n c ~/--~ e c r e t a r y
La Quinta Redevelopment Agency
(Agency Seal)
APPROVED AS TO FORM'
M. E ,gency Counsel
La Quinta Redevelo r Agency