HomeMy WebLinkAbout17332 - RESOLUTIONS - 11/7/1990 Y
RESOLUTION NO. 17332
OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AUTHORIZING
THE APPROVAL OF A COOPERATION AGREEMENT
BETWEEN THE CITY OF PALM SPRINGS AND
111E COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS, PROVIDING
FOR 191E PASS IIIROOGH OF IRANSIENI
OCCUPANCY TAX FROM THE RENOVATION AND
EXPANSION OF THE PALM MOUNTAIN RESORT,
155 SOUTH BELARDO ROAD (PA #5/BLOCK
2) .
WHEREAS, Pacific Hospitality proposes to renovate and expand an existing
k hotel formerly known as the Desert Inn Hotel , located in the Oasis Redevelop-
ment Project Area, now known as the Palm Mountain Resort, which they have
acquired; and
WHEREAS, the City of Palm Springs wishes to assist in addressing concerns
of failed and deteriorated properties within its redevelopment project areas
and to arrive at a project design which will be beneficial to both the
developer and the community; and
WHEREAS, Lhe developer- has requested flnanclal assistance by virtue of rebate
of transient occupancy tax (TOT) from the renovation and expansion of his
project; and
WHEREAS, it is necessary for the City of Palm Springs to execute a Cooperation
Agreement with the Redevelopment Agency authorizing the pass-through of
transient occupancy tax to the Agency accrued from the renovation and
expansion of the Palm Mountain Resort in order to pass-through said tax
increment as provided for in the Cooperation Agreement to the developer.
NOW THEREFORE, it is hereby resolved that the City of Palm Springs,
California, does hereby approve the Cooperation Agreement with the Community
Redevelopment Agency, of the City of Palm Springs, California, authorizing
the pass-through of transient occupancy tax accrued from the renovation
and expansion of the Palm Mountain Resort. Said agreement is on file in
the office of the City Clerk.
ADOPTED this 7th day of November 1990.
AYES: Cound members Broic , Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk Acting City Manager
REVIEWED AND APPROVED:
1919