RDA Resolution 2003-05 RESOLUTION NO. RA 2003-05
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AN AGREEMENT FOR PURCHASE
AND SALE AND ESCROW INSTRUCTIONS BETWEEN THE
AGENCY AND SANTA ROSA DEVELOPMENT, LLC FOR
THE PROPERTY LOCATED AT THE NORTHEAST CORNER
OF AVENUE 48 AND ADAMS STREET
PURCHASE AND SALE AND ESCROW INSTRUCTIONS
SANTA ROSA DEVELOPMENT, 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 City Council of the City of La Quinta
("City" or "City Council," as applicable) approved and adopted the Redevelopment Plan
("Redevelopment Plan") for Project Area No. 2 ("Project Area"), on May 16, 1989, by
Ordinance No. 139; and
WHEREAS, the Agency staff has negotiated an Agreement for Purchase
and Sale and Escrow Instructions ("Agreement") with Santa Rosa Development, LLC,
a California corporation ("Developer"), pursuant to which the Agency is to convey to
the Developer certain real property located within the Project Area (the "Property") for
Eight Hundred One Thousand Three Hundred Fifty-Eight Dollars ($801,358.00) for the
Developer's subsequent development thereon of Thirty-Six (36) single family homes
(the "Project"), all as more particularly described in the Agreement; and
WHEREAS, the Agreement requires the Developer to execute and record
against the Property an Option Agreement, which permits the Agency to reacquire the
Property in the event the Developer fails to commence or complete construction of the
Project within certain specified time frames, interrupts construction of the Project for
a specified period of time, or transfers the Property in violation of the Agreement, all
as more particularly described in the Agreement; and
WHEREAS, Health and Safety Code Section 33433 requires that the
Agency prepare a Summary Report to consider the Agency's proposed sale of the
Property as set forth in the Agreement, that the Agency Board and the City Council
conduct a noticed joint public hearing with respect to the Agreement, and that the
approval of the Agreement be accompanied by certain findings and determinations as
set forth herein; and
WHEREAS, a Summary Report for the Agreement has been prepared and
the joint public hearing has been conducted in accordance with applicable requirements
of law; and
Resolution No. RA 2003-05
Purchase and Sale Agreement
Santa Roea Development, Inc.
Adopted: January 7, 2003
Page 2
WHEREAS, the City Council and the Redevelopment Agency have
considered all the information and evidence set forth in the Summary Report presented
by the City/Agency staff and presented by persons wishing to appear and be heard
concerning the impact of the Agreement on the Project Area and the City as a whole;
and
WHEREAS, the Agreement is in accordance with the Redevelopment Plan
and is of benefit to the Project Area and the City of La Quinta; and
WHEREAS, the Agency hereby determines that the Agency's sale of the
Property pursuant to the Agreement is necessary to effectuate the purposes of the
Redevelopment Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE LA QUINTA
REDEVELOPMENT AGENCY AS FOLLOWS:
1. That the above recitals are true and correct and incorporated herein.
2. That the La Quinta Redevelopment Agency hereby resolves as follows:
a. 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.
b. The Agency's sale of the real property identified herein will eliminate
blight and is consistent with the Agency's Five-Year Implementation Plan,
based on the findings and conclusions of the Summary Report, which is
incorporated herein. ·
c. The consideration the Developer will pay for the Property is not less than
the fair market value of the Property at its highest and best use in
accordance with the Redevelopment Plan, based on the findings and
conclusions of the Summary Report.
3. 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.
Resolution No. RA 2003-05
Purchase and Sale Agreement
Santa Rosa Development, Inc.
Adopted: January 7, 2003
Page 3
4. 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 Adolph, Osborne, Perkins, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
~--~'--~'- '~"~-- ,~,~. 4.
TERRY H~NDERSON, Agency Chair
La QuintaURedevelopment Agency
ATTEST:
JON~ S.~ GREEK, CMC, Ag~"-'r~ Secretary
La Quint.~ Redevelopment AGency
(CITY SEAL)
APPROVED AS TO FORM:
M. ~i g ncy Counsel
La Quinta Redevelopment Agency