HomeMy WebLinkAbout17495 - RESOLUTIONS - 4/17/1991 RESOLUTION NO. 17495
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING TERMS OF AN EXCLUSIVE
AGREEMENT TO NEGOTIATE WITH CANYON DEVELOPMENT.
WHEREAS the City Council of the City of Palm Springs has heretofore
adopted Resolution No. 17200 designating a survey area 'for redevelopment
study pursuant to the provisions of the California Community Redevelopment
Law; and
WHEREAS the City Council of the City of Palm Springs did amend the
survey area boundaries by Resolution No. 17244 on September 5, 19910, and
further amended the survey area boundaries by Resolution No. 17304 on
October 17, 1990; and
WHEREAS at a regularly scheduled public meeting of the Palm Springs
Redevelopment Agency on November 21 , 1990, by Resolution #739, the
Redevelopment Agency did consider and approve the Canyon Redevelopment
Project Area boundaries and the Preliminary Redevelopment Plan for the
Canyon Redevelopment Project Area, a copy of which is on file in the office
of the City Clerk of the City of Palm Springs and incorporated herein
by reference; and
WHEREAS the Redevelopment Agency designated the Fiscal Year 1990-1991
equalized assessment role for the allocation of taxes that will comply
with Sections 33670 and 33670.5 of the California Health and Safety
Code; and
WHEREAS Canyon Development; has requested an exclusive agreement to
negotiate with the Redevelopment Agency to define potential redevelopment
assistance to the developer to make the project economically feasible.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Palm Springs as follows:
Section 1 . That the City Council of the City of Palm Springs pass ,
back to the developer seven cents ($.07) of the nine
cents ($.09) collected from room tax revenue from the
project hotel for a period of 40 years to the extent
legally permitted.
Section 2. Canyon Development agrees to pay into an advertising
fund exclusively for the Visitors Promotional Fund for
paid advertising only for the promotion of the City of
Palm Springs. Said fund shall be paid by the developer
in an amount equal to the following: In the first year
after the hotel has commenced operation, two-hundred
fifty thousand dollars ($250,000) shall be paid into
the said fund. In year two, three-hundred thousand dollars
($300,000) shall be paid into said fund; in year three,
three-hundred fifty thousand dollars ($350,000) shall
be paid into said fund; and in all successive years for
the life of the Redevelopment Agency or until the end
of the forty (40) years, Canyon Development shall pay
five-hundred thousand dollars ($500,000) per annum into
said fund.
Section 3. That staff be instructed to prepare a Development Agreement
with Canyon Development for consideration by the City
Council .
City Council Resolution 17495
Canyon Development Exclusive Agreement
April 17, 1991
Page 2
Section 4. That the City Attorney be directed to prepare a development
agreement which constitutes a debt of the Redevelopment
Agency and an agreement with the City of Palm Springs
and Canyon Development regarding the rebated funds as
agreed to in the respective resolutions and subject to
the adoption of the Specific Plan Application and the
Redevelopment Plan for Canyon Project Area.
ADOPTED this 17th day of April 1991 by the following vote:
AYES: Councilmembers Broich, Murawski , Neel and Mayor Bono
NOES: Councilmember Hodges
ABSENT: None
ATTEST: CIT PALMS RIN FORNIA
w City Clehk City Man ger
REVIEWED AND APPROVED