2000 RDA RESO 2002-10 Economic Dev Plan_The RanchRESOLUTION NO. RA 2002-10
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LA QUINTA MAKING CERTAIN FINDINGS
PURSUANT TO HEALTH AND SAFETY CODE SECTION
33445(a), EXERCISING THE OPTION CONTAINED IN THE
OPTION AGREEMENT AND AUTHORIZING ENTERING INTO
THE AGREEMENT OF PURCHASE AND SALE OF JOINT
ESCROW INSTRUCTIONS, AS AMENDED
WHEREAS, on the 15th day of May, 2001 the La Quinta City Council (the
"City Council") 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, KSL Land Holdings, Inc. owns 525 acres of property (the
"The Ranch") located in La Quinta Redevelopment Project Area No. 1 (the "Project
Area") which is suitable to attain the aforementioned objectives; and
WHEREAS, on the 16th day of April, 2002 the City Council made findings
pursuant to Health and Safety Code 33345 to approve use of funds from
Redevelopment Project Area No. 1 for an Option Agreement to allow the La Quinta
Redevelopment Agency (the "Agency") an opportunity to complete due diligence
activities related to acquiring The Ranch; and
WHEREAS, on 16th day of April, 2002 the Agency approved an Option
Agreement to allow the Agency an opportunity to complete due diligence activities
related to acquiring The Ranch; and
WHEREAS, the lack of recreational facilities and the prevalence of
economic maladjustment were documented as some of the conditions of blight that
justified the formation of the Project Area, as cited in the October 1 983 Report to the
La Quinta City Council on the Proposed Redevelopment Plan for La Quinta
Redevelopment No. 1; and
WHEREAS, Section 51 8 of the Redevelopment Plan for La Quinta
Redevelopment Project No. 1, as amended by Amendment No. 1, authorizes the
Agency to purchase and improve property for park, recreation, cultural and community
facilities; and
WHEREAS, purchasing The Ranch would afford the Agency the
opportunity to address some of the aforementioned conditions of blight; and
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Resolution No. RA 2002-10
The Ranch
Adopted: May 15, 2002
Page 2
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.
NOW, THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment
Agency as follows:
SECTION 1 . The above recitations are true and correct and are adopted
as the findings of the Agency Governing Board.
SECTION 2. The Governing Board of the Agency hereby authorizes
exercising the option contained in the Option Agreement and approves the Agreement
of Purchase and Sale and joint escrow Instructions (the "Agreement") for the
acquisition of The Ranch.
SECTION 3. The Governing Board of the Agency further approves the
amendment of Agreement relating to the PGA Agreements.
SECTION 4. Pursuant to Health and Safety Code Section 33445(a), the
Agency finds and determines that:
A. Exercising the option contained in the Option Agreement and entering into the
Agreement for the acquisition of The Ranch are 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 Agreement are available to the
community.
C. The payment of funds pursuant to the Agreement and 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 Agency's implementation plan adopted pursuant to
Section 33490.
D. The Governing Board of the Agency hereby authorizes the Executive Director to
exercise the option and execute the Agreement and appropriates the funds
necessary to facilitate the acquisition of The Ranch.
Resolution No. RA 2002-10
The Ranch
Adopted: May 15, 2002
Page 3
E. This resolution shall take effect from and after its adoption.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held on this 15th of May, 2002, by the following vote:
AYES: Members Adolph, Peiia, Perkins, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
JUN S. GREEK, CMC, Agency Secretary
La Quinta Redevelopment Agency
(Seal)
APPROVED AS TO FORM:
La Quinta Redevelopment Agency