RDA Resolution 2003-02 RESOLUTION NO. RA 2003-02
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AN AGREEMENT FOR PURCHASE
AND SALE AND ESCROW INSTRUCTIONS BETWEEN THE
AGENCY AND SANTA ROSA PLAZA, LLC FOR THE
PROPERTY LOCATED AT THE NORTHWEST CORNER OF
CALLE TAMPICO AND DESERT CLUB DRIVE
PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS
SANTA ROSA PLAZA LLC
WHEREAS, the La Quinta Redevelopment Agency ("Agency") is a public
body, corporate and politic, organized and existing under the California Community
Redevelopment Law ("Health & Safety Code § 33000 et seq.) ("CRL"); and
WHEREAS, pursuant to the CRL, the Agency and the City Council of the
City of La Quinta ("City" or "City Council," as applicable) previously approved and
adopted the Redevelopment Plan, as amended ("Redevelopment Plan") for Project Area
No. 1 ("Project Area"); and
WHEREAS, Health and Safety Code Section 33391 authorizes the Agency
to acquire real property for purposes of redevelopment; and
WHEREAS, Agency staff has negotiated an Agreement for Purchase and
Sale and Escrow Instructions ("Agreement") with Santa Rosa Plaza, LLC, a California
limited liability company ("Seller"), which provides for Agency's purchase from Seller
of certain real property located in the Project Area (the "Property") for One Million Six
Hundred Thousand Dollars ($1,600,000.00), conditioned on (i) the Agency's
negotiation, approval, and execution of a Disposition and Development Agreement
("DDA") with Bison Hotel Group LLC, a limited liability company ("Developer"), which
provides for Agency's sale of the Property to Developer for Developer's subsequent
development thereon of an Embassy Suites Hotel, and (ii) the satisfaction or waiver,
by the appropriate party, of all of the conditions to close set forth in the DDA; and
WHEREAS, the Agreement provides for other conditions, time schedules,
and requirements all as set forth in the Agreement; and
WHEREAS, all actions required of the Agency to be taken precedent to
review and consideration of the Agreement by the Agency have been taken in
accordance with applicable law;
NOW, THEREFORE, BE IT RESOLVED BY THE LA QUINTA
REDEVELOPMENT AGENCY AS FOLLOWS:
1. The Agency finds and determines that the Agreement etfectuates the purposes
of the Community Redevelopment Law (Health & Safety Code § 33000 et seq.)
and of the Redevelopment Plan and is in the best interests of the citizens of the
City of La Quinta.
Resolution No. RA 2003-02
Purchase and Sale Agreement
Santa Rosa Plaza LLC
Adopted: January 7, 2003
Page 2
2. The Agreement, a copy of which is on file with the Agency Secretary, is hereby
approved. The Agency Executive Director and Agency Counsel are hereby
authorized and directed to make final modifications to the Agreement that are
consistent with the substantive terms of the Agreement approved hereby, and
the Agency Executive Director is authorized to thereafter sign the Agreement
on behalf of the Agency.
3. The Agency Executive Director is authorized and directed, on behalf of the
Agency, to (i) sign such other and further documents, including but not limited
to Subordination Agreements and escrow instructions that require the Agency's
signature, and (ii) take such other and further actions, as may be necessary and
proper to carry out the terms of the Agreement.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the La
Quinta Redevelopment Agency held this 7th day of January, 2003, by the following
vote:
AYES: Members Osborne, Perkins, Sniff, Chair Henderson
NOES: Member Adolph
ABSENT: None
ABSTAIN: None
TERRY I-~NDERSON, Agency Chair
La Quinta Redevelopment Agency
ATTEST:
JUI~.~S.?GREEK, CMC,'A-'-ge~cy Secretary
La Quinta Redevelopment Agency
(AGENCY SEAL)
Resolution No. RA 2003-02
Purchase and Sale Agreement
Santa Rosa Plaza LLC
Adopted: January 7, 2003
Page 3
APPROVED AS TO FORM:
I~1. KAT'HERINE JENSON, Agency Counsel
La Quinta Redevelopment Agency