RDA Resolution 1992-01% Ri*SOLUTION NO. RA 92-1
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY AUTHORIZING THE PURCHASE OF CERTAIN
PROPERTIES WITHIN THE LA QUINTA REDEVELOPMENT
PROJECT NO. 1.
WHEREAS, the La Quinta Redevelopment Agency the
Agency") is engaged in activities necessary to carry out and
implement the Redevelopment Plans for La Quinta Redevelopment
Projects No. 1 and No. 2; and
WHEREAS, the Agency is required by California Health
and Safety Code Section 33334.2, et seq., to expend a certain
percentage of property taxes allocated to it for the purpose of
increasing, improving and preserving the community*s Supply of
low- and moderate-income housing available at an affordable
housing cost; and
WHEREAS, in order to carry out and implement such
plans and duties the Agency has en*ered into an Affordable
Housing Agreement with the Coach**1a Va*ley Housing Coalition
CVHC"), dated as of June 11, 1991, to provide for the
acquisition of certain property and the construction of housing
thereon to be sold to lower income persons and households; and
WHEREAS, in order to carry out and implement such
plans and duties the Agency is considering other*projects for
the development of low- and moderate-income housing available
at an affordable housing cost; and
WHEREAS, CVHC has assigned or has indicated its
willingness to assign to the Agency any rights it may have to
purchase certain parcels of real property within the Cove"
area of the City of La Quinta; and
WHEREAS, the Agency finds that numerous parcels of
real property in the Cove area of the City are located within
La Quinta Redevelopment Project No. 1 and are available for
purchase at a price which might facilitate the development of
affordable housing thereon; and
WHEREAS, the Agency believes that the purchase of
parcels of real property within the Cove area of the City would
be in the best interests of the City and the health, safety and
welfare of its residents, and in accord with the Affordable
Housing Agreement, Health and Safety Code Section 33334.2, et
seq., and provisions of other applicable state and local laws
and requirements.
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%RESOLUTION NO. RA 92-1
NOW, THEREFORE, the La Quinta Redevelopment Agency
does hereby find, determine, order and resolve as follows:
Section 1. The Agency Executive Director is hereby
authorized to acquire the following legally described parcels
of real property on behalf of the Agency, provided thdt the
purchase price for such parcels is substantially with]n or
below the fair market value of such parcels as determined by an
analysis of recent comparable sales prices, and provided that
the Agency is not required by the terms of the purchase
agreement to convey such property to CVHC, and further provided
that the terms of such purchase are acceptable to the Agency's
legal counsel:
a. Lot 5 in Block 37 of Santa Carmelita at Vale La
Quinta, Unit No. 3.
b. Lot 20 in Block 143 of Santa Carmelita at Vale La
Quinta, Unit No. 15.
c. Lot 8 in Block 93 of Santa Carmelita at Vale La
Quinta, Unit No. 11.
d. Lot 16 in Block 171 of Santa Carmelita at Vale La
Quinta, Unit No. 17.
e. Lot 15 in Block 223 of Santa Carmelita at Vale La
Quinta, Unit No. 21.
Section 2. The Agency Executive Director or his
designee is authorized and directed to negotiate the
acquisition of other parcels of real property within the Cove
area of the City, upon the same terms set forth in Section 1
above, which are necessary or convenient for the Agency's
purposes in implementing the Affordable Housing Agreement and
the redevelopment plans and meeting the requirements of Health
and Safety Code Section 33334.2, et seq. No such parcels shall
be acquired by or on behalf of the Agency without prior Agency
approval of the acquisition of such particular parcel.
Section 3. The Agency Executive Director is
authorized to take all steps and to sign all documents and
instruments including, but not limited to, purchase and sale
agreements, to carry out Sections 1 and 2 above. Any funds
expended in connection therewith shall be obtained from the
Agency's Low- and Moderate-Income Housing Fund, which is
maintained pursuant to Health and Safety Code Section 33334.2,
et seq.
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% RESOLUTION NO. RA 92-1
PASSE[), APPROV*D and ADOPTFD this 18th day of
February, 1992.
LA QUINTA REDEVELOPMENT AGENCY
Chairman
03/26/92
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