RDA Resolution 1992-14 RESOLUTION. RA 92-14
A RESOL*ON OF THE LA QUINTA REDEVELOPMENT
AGENCY AUTHORIZING THE PURCHASE OF CERTMN
PROPE*ES WITHIN THE LA QUINTA REDEVELOPMENT
PROJECT NO.1
WHEREAS, the La Quinta Redevelopment Agency 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, etseq., 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 entered into Affordable Housing Agreements with the Coachella Valley Housing
Coalition dated June 11,1991, and WES Development dated April 26, 1992, to provide for
the acquisition of certain property and the construction of housing thereon to be sold to
lower income persons and house holds; and
WHEREAS, the Agency on February 18,1992, by Resolution No. RA 92-1,
authorized the acquisition of five parcels of real property within the Cove area of the City;
and
WHEREAS, the Agency finds that numerous other parcels of real property in the
Cove area of the City are located within La Quinta Redevelopment* opment Pro*ect 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 Agreements,
Health and Safety Code Section 33334.2, et. seq., and provisions of other applicable state
and local laws and requirements.
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
legally described parcels of real property, as presented in Attachment 1 to this Resolution
and incorporated hereto, on behalf of the Agency, provided that the purchase price for
such parcels is substantially within or below the fair market value of such parcels as
determined by an analysis of recent comparable sales prices, and provided that the terms of
such purchase are acceptable to the Agency's legal counsel.
Section 2. The Agency Executive Director or his designee is authorized and
directed to negotiate the acquisition of otherpaicels of real property within the Cove area
of the City, upon the same terms set forth in ec ion 1 above, which are necessary or
convenient for the Agency's purposes in im*ementing the Affordable Housing Agreements
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RESOLUTION NO. RA 92-14
and the redevelopment plans and meeting the requirements of Health and Safety Code
Section 33334.2, etseq.. 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
and acceptance of grant deeds, to carry out Sections 1 and 2 above. Any funds expended in
connection therewith shall be obtained from the Agency's L*w- and Moderate-Income
Housing Fund, which is maintained pursuant to Health and Safety Code Section 33334.2, *
seq.
PASSED, APPROVED, and ADOPTED this 16th day of June, 1992.
LA QUINTA REDEVELOPMENT AGENCY
4**LLairrnan*
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