HomeMy WebLinkAbout17524 - RESOLUTIONS - 5/28/1991 I
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RESOLUTION NO. 17524
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING A LAND
DISPOSITION AGREEMENT AND ESCROW INSTRUCTIONS
FOR A PUBLIC GOLF COURSE PROJECT KNOI4N AS
THE CLASSIC PROJECT.
WHEREAS, the City of Palm Springs (the "City") is a general law city of the
State of Califonia, and is authorized to finance the construction, acquisition
and installation of a public golf course, including clubhouse, restaurant,
pro shop and other related facilities; and
WHEREAS, the City proposes to finance the acquisition of the land and a complete
27-hole golf course, thereon by selling bonds underwritten on an Enterprise
basis, but without recourse to the City's General Fund, in a principal amount
not to exceed $50 million which will be backed by a Mello-Roos Assessment on
the developer's land and a Letter of Credit in favor of the City; and
WHEREAS, the City has expressed its intention to sell bonds to assist in the
acquisition of the land from and development of the Project thereon by Palm
Springs Inter-Continental Golf Center Joint Venture, a California general
partnership (the "Developer") ; and
WHEREAS, the City has approved the appointment of Rutan & Tucker, Costa Mesa,
California, as bond counsel in connection with the issuance of Revenue Bonds
on such terms and provisions as deemed appropriate by City staff; and
WHEREAS, the City has approved the appointment of Bear, Stearns & Co. , Inc. , '
("Bear Stearns") with such other co-managers as deemed necessary and advisable
by City staff, as underwriter for the Revenue Bonds; and
WHEREAS, the City Manager and the City Attorney have been authorized and directed
to negotiate with the Developer in connection with a land disposition agreement,
development agreement, operating deficit agreement, construction agreement,
management agreement and such other agreements related thereto.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm Springs
as follows:
Section 1. That the City hereby approves the Agreement to Negotiate a Land
Disposition Agreement ("Land Disposition Agreement") by and between
the City of Palm Springs, California, and Palm Springs
Inter-Continental Golf Center Joint Venture, a California Corporation.
Section 2. That the Land Disposition Agreement constitutes an exclusive agreement
to negotiate with the Developer for 180 days.
ADOPTED THIS 28th DAY OF _ May , 1991.
AYES: Councilmembers Hodges, Murawski , Neel and Mayor pro tem Broich
NOES: None
ABSEN'i: Mayor Bono
ATTEST: *Vtlanager
GS C)LIFORNIA
By { -,
City Clerk REVIEWED AND APPROVED: ;� �_ l 6 f