HomeMy WebLinkAbout17706 - RESOLUTIONS - 12/18/1991 RESOLUTION NO. 17706
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA AMENDING THE DISPOSITION AND
DEVELOPMENT AGREEMENT WITH THE COACHELLA VALLEY
HOUSING COALITION DATED JANUARY 2, 1991 .
WHEREAS, on January 2, 199'1, the City and Redevelopment Agency of the City of Palm
Springs entered into a Disposition and Development Agreement with the Coachella Valley
Housing Coalition and the Redevelopment Agency for land owned by the City for the
development of a 140 affordable housing complex; and
WHEREAS, the Disposition and Development Agreement was amended effective as of May
9, 1991; and
WHEREAS, no economically feasible alternatives are available to finance the pro
ject pursuant to Health & Safely Code Section 33334.14, because all financial institutions
have the same subordination requirement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm Springs, as
follows:
SECTION 1 . The City Council hereby approves the amendment of the Disposition and
Development Agreement: in substantially the form of the Second Amendment
to Disposition and Development Agreement("Second Amendment") on file with
the City Clerk together with any additions thereto or changes therein deemed
ncessary or advisable by the City Attorney. The City Manager is hereby
authorized to execute and deliver the Second Amendment in the name and
behalf of the City. The City Council hereby authorizes the delivery and
performance of the Second Amendment. '
SECTION 2. All actions heretofore taken by the officers and agents of the City with respect
to the amendment of the Disposition and Development: Agreement are hereby
approved, ratified and confirmed. The City Manager, the City Attorney and any
and all other officers of the City are hereby authorized and directed, for and in
the name and on behalf of the City, to do any and all things and take any and
all actions, including execution and delivery of any and all assignments,
certificates, requisitions, agreements, notices, consents, instruments of
conveyances and other documents, which they, or any of them, may deem
necessary or advisable in order to consummate the amendment of the
Disposition and Development Agreement and to perfornn the obligations of the
City under the Disposition and Development Agreement, as amended.
Adopted this 18th day of December, 1991 .
AYES: Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
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ATTES_ : CIT AL SPRI S, LIFORNIA
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'City Clerk ity Manag I
REVIEWED & APPROVED: Fp