HomeMy WebLinkAbout11/5/2015 - RESOLUTIONS - 038 RESOLUTION NO. 038
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY
REAFFIRMING AND APPROVING THE SALE OF THE
CONVENTION CENTER NORTH PARKING LOT,
IDENTIFIED AS PROPERTY NO. 4 ON THE LONG RANGE
PROPERTY MANAGEMENT PLAN, (APN 508-034-012,
508-034-013, 508-034-014) TO THE CITY OF PALM
SPRINGS IN THE AMOUNT OF $2,211,896.
The Oversight Board of the Successor Agency to the Palm Springs Community
Redevelopment Agency finds:
A. The Successor Agency for the Palm Springs Community Redevelopment
Agency received its finding of completion from the California Department of Finance on
January 2, 2014, pursuant to the Dissolution Act.
B. On May 8, 2014, the Oversight Board adopted Resolution No. 25,
approving the sale of the Convention Center North Parking Lot to the City of Palm
Springs in the amount of $2,211,896, pursuant to the approved Long Range Property
Management Plan.
C. On May 15, 2014, the California Department of Finance approved the
Oversight Board adoption of Resolution No. 25.
D. A new Notice of Public Meeting pursuant to the sale was posted on
October 22, 2015, pursuant to California Health and Safety Code Section 34181.
F. The Oversight Board conducted a duly noticed meeting on November 5,
2015, for the purpose of considering the sale of the Convention Center North Parking
Lot, and received and reviewed supplemental information, supporting the value of the
land sale previously approved in Resolution No. 25, including the following:
1. The City of Palm Springs purchased the property in 1991 in the amount of
$2,405,000.
2. In 2007 the City transferred the property to the Redevelopment Agency for
$4,675,000, and the Agency provided the City with a note payable.
3. In 2011 the property was transferred to the City and the note payable was
cancelled, exhausted, and forgiven, the Agency was not required to repay any
principle. However, from 2007 and 2011 the Agency paid the City $716,000 in
interest on the note.
Resolution No. 038
Page 2
4. In implementing the Redevelopment Dissolution Act, the California
Department of Finance disallowed the transfer of the property to the City,
(pursuant to HRC Section 34181) and it remained property of the Agency, even
though the Agency never paid for the property.
5. In July, 2006 the property was appraised for $4,675,000; in December,
2011, the property was appraised for $2, 773,000, and in February of 2014, the
property was appraised for $3,400,000.
6. Prior to the Redevelopment Dissolution Act, the City had entered into a
Development Agreement for the subject property.
7. The City intends to purchase the property from the Successor Agency in
the amount of $2,211,896, as valued in the Long Range Property Management
Plan, and subsequently sell the property to the Developer in the amount of
$2,000,000.
G. The sale of the property to the City, coupled with the City's sale of the
property to the Developer for redevelopment purposes is consistent with the
Redevelopment Dissolution Act and traditional redevelopment activities. As public
parking the property does not generate tax revenue for any of the affected taxing
agencies. As the proposed hotel resort development the City has estimated tax
revenue of $1,450,000 annually that will be shared among the affected taxing agencies,
with a twenty-year projected tax revenue to be shared by all taxing agencies of
$29,000,000, and will therefore provide the maximum value and benefit to all affected
taxing agencies.
NOW, THEREFORE, BE IT RESOLVED BY THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS AS FOLLOWS:
SECTION 1. The Oversight Board hereby finds and determines that the
foregoing recitals are true and correct, and incorporates them herein by reference.
SECTION 2. The Oversight Board affirms its previous finding and action, on May
15, 2014, and the adoption of Resolution No. 25.
SECTION 3. All legal prerequisites to the adoption of this Resolution have been
satisfied.
SECTION 4. The Oversight Board approves the sale of Property No. 4 in the
Long Range Property Management Plan, the Convention Center North Parking Lot, to
the City of Palm Springs for the value established in the Plan in the amount of
$2,211,896.
Resolution No. 038
Page 3
SECTION 5. At such time as the Successor Agency receives proceeds from the
sale of the property, the Successor Agency shall comply with applicable statutes
regarding the distribution of these proceeds to the County Auditor Controller for
dissemination to the affected taxing agencies.
SECTION 6. This Resolution shall become effective in accordance with California
Health and Safety Code Section 34179(h), which authorizes the California Department
of Finance to review all actions taken by the Oversight Board.
PASSED, APPROVED AND ADOPTED BY THE SUCCESSOR AGENCY TO
THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY ON THIS 5T" DAY
OF NOVEMBER, 2015.
1
LISA HOWEL HAIR
ATTEST:
mes Thompson, Clerk/Secretary
Resolution No. 038
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, James Thompson, Clerk/Secretary of the Oversight Board of the Successor
Agency of the Palm Springs Community Redevelopment Agency hereby certify that
Resolution No. 038 was adopted by the Oversight Board at a Special Meeting held on
the 5t" of November, 2015, and that the same was adopted by the following vote:
AYES: Board Members Arthur, Ready, Vice Chair Van Horn, and Chair Howell.
NOES: None.
ABSENT: Board Members Foat, Marshall.
ABSTAIN: None.
ES THOMPSON, CITY CLERK
'City of Palm Springs, California
Oversight Board Clerk/Secretary