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1994 05 17 RDA Minutes` LA QUINTA REDEVELOPMENT AGENCY MINUTES MAY 17, 1994 Regular meeting of the La Quinta Redevelopment Agency was called to order by Chairman Sniff. PRESENT: Board Members Bangerter, McCartney, Pena, Perkins, Chairman Sniff ABSENT: None CONFIRMATION OF AGENDA Confirmed APPROVAL OF MINUTES MOTION It was moved by Board Members Pena/Bangerter that the Minutes of May 3, 1994 be approved as submitted. Motion carried unanimously. PUBLIC COMMENT None BUSINESS SESSION 1. Removed. See City Council Business Session No.16.) 2. CONSIDERATION OF A REQUEST BY KOENIG COMPANIES TO PERMIT TRANSFER OF A PARCEL OF PROPERTY WITHIN THE LA QUINTA VILLAGE SHOPPING CENTER PURSUANT TO OWNER PARTICIPATION AGREEMENT OPA). Mr. Herman, Planning Director, stated that the Owner Participation Agreement OPA) requires Agency approval for any assignments or transfers of interest in the project site and prior to the issuance of Certification of Completion. Mr. Koenig has requested authorization to sell a parcel of land to the First Bank of Palm Desert who will construct, own, and operate a full-service bank at the corner of Tampico and Washington. He further added that the Agency Counsel will review and approve the assignment documentation necessary to complete the sale pursuant to the OPA. MOTION It was moved by Board Members McCartney/Bangerter to approve the request by Koenig Companies to transfer a 22,700 sq. ft. parcel of the La Quinta Village Shopping Center Project Site to the First Bank of Palm Desert and authorize the Executive Director to grant future transfer requests provided that the assignee and/or the transferee subscribe to the requirements established in the Owner Participation Agreement. Motion carried unanimously. BIB] 07-18-1996-U01 07:31:23AM-U01 RDAMIN-U02 05-U02 17-U02 1994-U02 `Redevelopment Agency Minutes 2 May 17, 1994 3. CONSiDERATIOn OF A REQUEST BY KOENIG COMPANIES TO PERMIT TRANSFER OF INTEREST AND FORMATION OF A NEW PARTNERSHIP FOR THE LA QUINTA VILLAGE SHOPPING CENTER PURSUANT TO THE OWNER PARTICIPATION AGREEMENT OPA). Mr. Herman, Planning Director, advised that Koenig Companies has requested an assignment of interest in the project as required by the Owner Participation Agreement OPA), which must be approved by the Agency. The new partnership will be titled, The La Quinta Village Partnership Ltd., making 807? of the ownership Rich Development Company and 20% Koenig Company. The purpose of the partnership is to obtain an infusion of equity capital of $2.5 million from the Rich Development Company. A foundation permit is being processed through the Building and Safety Dept. for buildings 1, 2, and pad C. He stated that they should receive the rest of the application for the buildings within the next 10 days. He noted that they have received the complete application permit for the Ralph's Center. The Agency Legal Counsel will review and approve the assignment documents pursuant to the OPA. Board Member McCartney asked if staff has completed a background check on the Rich Development Company. Frank Spevacek, RSG, stated that they have not completed a TRW/Dunn and Bradstreet search. He noted that his firm has worked with them in the City of Orange. They are a group that seems to have the adequate capitalization to undertake a project of this nature. There has not been a background check completed on this company because they just recently received this request. However, the escrow is set to close between AMCOR Capital and this partnership this coming Friday which will allow for the construction of the Ralph's Center. He stated with this combined with the amount of money the Agency has invested in the project places them in a position where this is an after-the-fact approval they are requesting. MOTION It was moved by Board Members Mccartney/Bangerter to approve the request by Koenig Companies to transfer interest in the La Quinta Village Shopping Center to a new partnership entitled La Quinta Village Partnership Ltd. subject to review and approval by Agency Legal Counsel. Motion carried unanimously. CONSENT CALENDAR APPROVAL OF DEMAND REGISTER DATED MAY 17,1994. 2. ACCEPTANCE OF CALLE TAMPICO IMPROVEMENTS PROJECT NO.92-12. BIB] 07-18-1996-U01 07:31:23AM-U01 RDAMIN-U02 05-U02 17-U02 1994-U02 `Redevelopment Agency Minutes 3 May 17,1994 MOTION It was moved by Board Members Perkins/McCartney that the Consent Calendar be approved as recommended. Motion carried unanimously. DEPARTMENT REPORTS None CHAIR AND BOARD MEMBERS' ITEMS None PUBLIC HEARINGS None CLOSED SESSION 1. Conference with Real Property Negotiator pursuant to Government Code Section 54956.8 Proposal of Midland Properties for commercial development located at southwest corner of Highway 111 and Jefferson Street, including price, term of payment. The Board reconvened with no action being taken. There being no further business, the meeting was adjourned. Re ctfully submitted LA Secretary La Quinta Redevelopment Agency BIB] 07-18-1996-U01 07:31:23AM-U01 RDAMIN-U02 05-U02 17-U02 1994-U02