RDA Resolution 2003-03 RESOLUTION NO. RA 2003-03
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
(COMMERCIAL PARCEL)
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
Eight Hundred Forty Thousand Dollars ($1,840,000.00), 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 and use thereon of commercial uses consistent
with City zoning applicable to the Property and with the Redevelopment Plan, 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:
Resolution No. RA 2003-03
Purchase end Sale Agreement - Commercial Parcel
Santa Rosa Plaza LLC
Adopted: January 7, 2003
Page 2
1. The Agency finds and determines that the Agreement effectuates 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.
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 Quint~ Redevelopment Agency
ATTEST:
JUNE-~.~REEK, CMC, ~g~'cy Secretary
La Quinta Redevelopment Agency
(AGENCY SEAL)
Resolution No. RA 2003-03
Purchase and Sale Agreement - Commercial Parcel
Santa Rosa Plaza LLC
Adopted: January 7, 2003
Page 3
APPROVED AS TO FORM:
M. KATHERINE JENSON?Agency Counsel-
La Quinta Redevelopme~nt Agency