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HomeMy WebLinkAbout7/21/1999 - STAFF REPORTS DATE: ICILY 21, 1999 TO: COMMUNITY REDEVELOPMENT AGENCY FROM ECONOMIC PROGRAMS MANAGER APPROVAL OF AN EXCLUSIVE AGREEMENT TO NEGOTIATE WITH ANTHONY- STEPHEN'S & ASSOCIATES, INC. ON FOUR PARCELS AT THE SOUTHWEST CORNER OF NORTH PALM CANYON DRIVE AND STEVENS ROAD RECOMMENDATION: It is recommended that the Agency approve the Exclusive Agreement to Negotiate with Anthony-Stephen's&Associates,Inc.on a property consisting off=parcels totaling 2.75±acres at the southwest comer ofNorth Palm Canyon Drive and Stevens Road,in the North Palm Canyon Project Area(#q for a resort hotel and spa. BACKGROUND: Community Redevelopment Agency staff have negotiated for the past several months with Paul Fuller of Anthony-Stephens&Associates of Tempe,Arizona on the City- and Agency-owned parcels at Stevens Road and North Palm Canyon Drive(the Casa del Camino and Reservoir Parcels). The developer wants to build a high-end, approximately 120-room hotel and spa on the site. He also needs the adjacent 33,000 s.f parcel and adjacent 15,000±s.f parcel to the south to assemble enough land for a hotel that size, and to have enough room for parking and access required by code.. The Reservoir Parcel was acquired by the City of Palm Springs in 1997 from the O'Donnell Golf Club as part of a financial settlement. The Casa del Camino parcel, owned by the Community Redevelopment Agency,was acquired in 1987 as part of the abatement of a deteriorated hotel property. The Exclusive Agreement also covers two additional properties,both adjacent to the Casa del Camino parcel on the south, now under private ownership. The Developer has attempted to acquire the parcels from the current owner,but has been unsuccessful so far. Staff recommends that the privately-owned parcels be included in the Agreement. An MAI appraisal will determine the selling price of the City-and Agency-owned parcels; an appraisal will also determine the offer to be made on the private parcels. By a separate action, the City will convey the Reservoir parcel to the Agency for inclusion in the final Disposition and Development Agreement as Agency-owned property. The net sale proceeds,however,will be shared by the City and the Agency based on the respective value of the two(2)parcels. The Exclusive Agreement is for a period of nine months, during which staff will negotiate a Disposition and Development Agreement with the developers. The developers, upon execution of this agreement,will make a deposit to the Agency sufficient to cover the Agency's legal cost in preparing the DDA The Developer will also bear the cost of the appraisal of all four properties, prior to the final negotiation of the DDA CMLW040� C rQ ,a.2 This project could be an excellent addition to the North Palm Canyon Drive neighborhood in the Uptown area, as well as to the City's inventory of desirable and exclusive hotel and spa properties - A/ l J S. YMO Econ c Pro APPROVED TA , FTDi xeculive Director ATTACHMENTS: 1. Resolution 2. Exclusive Agreement to Negotiate-to be provided RESOLUTION NO. 1070 OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA, APPROVING AN EXCLUSIVE AGREEMENT TO NEGOTIATE WITH ANTHONY- STEPHEN'S&ASSOCIATES,INC. OF TEMPS, ARIZONA FOR THE DEVELOPMENT OF A RESORT HOTEL AND SPA IN THE NORTH PALM CANYON REDEVELOPMENT PROJECT AREA(AREA#6) WHEREAS the Community Redevelopment Agency is responsible for eliminating blight within the North Palm Canyon Redevelopment Project Area;and WHEREAS in the project area are four blighted vacant parcels, one acquired by the- Community Redevelopment Agency in a nuisance abatement action of a dilapidated hotel, and another a former irrigation reservoir,and VVIMREAS Anthony-Stephen's&Associates,Inc. of Tempe, Arizona has requested the Agency to enter into an Exclusive Agreement to Negotiate on the parcels while they negotiate a Disposition&Development Agreement with the Agency to acquire the Agency- owned parcels, and work to assemble the two adjacent parcels; NOW THEREFORE BE IT RESOLVED by the Community Redevelopment Agency of the City of Palm Springs,that the Exclusive Agreement to Negotiate between the Agency and Anthony-Stephen's& Associates,Inc. in a form approved by the Agency Counsel, is hereby approved. ADOPTED this 21st day of July 119 99 AYES: Members Hodges, Oden, Reller-Spurgin and Vice Chairman Barnes NOES: None ABSENT: Chairman Kleindienst ATTEST: COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA By Assistant Secretary Executive Director REVIEWED& APPROVED AS TO FORM V- cra `az