RDA Resolution 2007-002
RESOLUTION NO. RA 2007-002
A RESOLUTION OF THE lA QUINTA REDEVELOPMENT AGENCY
APPROVING AN ASSIGNMENT AND ASSUMPTION OF AGREEMENT
FOR PURCHASE AND SALE AND ESCROW INSTRUCTIONS, AND
FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE
AND ESCROW INSTRUCTIONS BY AND AMONG DESERT CITIES
DEVELOPMENT, INC. AND ANNE J. MAZZELLA; AND AN EXCLUSIVE
NEGOTIATION AGREEMENT BY AND BETWEEN THE AGENCY AND
THE DESERT CITIES DEVELOPMENT, INC. FOR THE AGENCY'S
PURCHASE OF APPROXIMATELY 19.9 ACRES OF REAL PROPERTY
FOR AFFORDABLE HOUSING PURPOSES
ASSIGNMENT AND ASSUMPTION AGREEMENT
EXCLUSIVE NEGOTIATION AGREEMENT
DESERT CITIES DEVELOPMENT, INC.
WHEREAS, the La Guinta Redevelopment Agency ("Agency") is a
public body, corporate and politic, organized and existing under the California
Community Redevelopment Law (Health & Safety Code Section 33000, et seq.)
("CRL"); and
WHEREAS, pursuant to the CRL, the City Council of the City of La
Guinta ("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, a fundamental purpose of the CRL is to expand the supply
of low- and moderate-income housing (Health & Saf. Code, ~ 33071); and
WHEREAS, the Agency staff has negotiated an Assignment and
Assumption of Agreement for Purchase and Sale and Escrow Instructions and First
Amendment to Agreement for Purchase and Sale for Purchase and Sale and Escrow
Instructions ("Agreement") by and among Desert Cities Development, Inc.
("Assignee") and Anne J. Mazzella ("Seller"), for the Agency's purchase of
approximately 19.9 acres of real property located on the south side of Highway
111 east of Dune Palms Road in La Guinta Redevelopment Project Area. No. 2
("Property"), for Twenty Million Six Thousand Seyen Hundred and Fifty-Nine
Dollars and Fifty-Two Cents ($20,006,759.52); and
WHEREAS, the Agency staff has negotiated an Exclusive Negotiation
Agreement ("ENA") with Assignee to undertake site planning activities, and to
endeavor to structure an affordable housing development and a Disposition and
Development Agreement involving the Property; and.
Resolution No. RA 2007-002
Assignment and Assumption Agreement
Exclusive Negotiation Agreement
Casan Cities Development. Inc.
March 6. 2007
Pago 2
WHEREAS. the Agreement and the ENA is in accordance with the
Redevelopment Plan and is of benefit to the Project Area and the City of La Guinta.
NOW. THEREFORE, BE IT. RESOLVED BY THE lA QUINTA
REDEVELOPMENT AGENCY AS FOllOWS:
Section 1. That the above recitals are true and correct and incorporated
herein.
Section 2. The Agreement and the ENA, copies of which are on file with the.
Agency Secretary, are hereby approved. The Agency Executive Director and
Agency Counsel are hereby authorized and directed to make final modifications to
the Agreement and the ENA that are consistent with the substantive terms
approved hereby, and the Agency Executive Director is authorized to thereafter
sign the Agreement and the ENA on behalf of the Agency.
Section 3. The Agency Executive Director is authorized and directed, on
behalf of the Agency, to Ii) sign such other and further documents, including but
not limited to 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
Guinta Redevelopment Agency held this 6th day of March, 2007 by the following
vote:
AYES: Board Members Adolph, Henderson, Kirk, Sniff, Chairman Osborne
NOES: None
ABSENT: None
ABSTAIN: None
Resolution No. RA 2007-002
Assignment and Assumption Agreement
Exclusive Negotiation Agreement
Desert Cities Development, Inc.
March 6. 2007
Page 3
ATTEST:
'T) VE NICA J. MONT CINO, ency Secretary
La Quinta Redevelopment Agency
(SEAl) -.
APPROVED AS TO FORM:
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La Quinta Redevelopment Agency