HomeMy WebLinkAbout17716 - RESOLUTIONS - 12/18/1991 RESOLUTION NG� 17716
OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS , CALIFORNIT� ,
AUTHORIZING LEASING OF THE PARKING
LOT ON THE FORMER BULLOCK'S SITE FOR
$35, 000, SUBJECT TO DEVELOPMENT OF A
PARKING LEASE AGREEMENT.
WHEREAS, the former Bullock's store, owned by the Macy Company, has
been closed for approximately two years, and has been a detriment
to the Central Business District; and
WHEREAS, the property is currently on the market for sale; and
WHEREAS, a developer has acquired a three-month option on the
property; and
WHEREAS, said option gives the developer the right to use of the
parking lot during the option period; and
WHEREAS, it has been proposed that the City lease the 222 parking
spaces on the site to make them available for downtown public
parking during the developer's three-month option period; and
WHEREAS, the City's leasing of said parking spaces will allow the
developer and City to jointly investigate a project's feasibility;
develop a financing package; develop a specific plan; and negotiate
a DDA, over the three-month option period.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Palm Springs that the leasing of the former Bullock's store parking
lot for its operation by the City as a public parking lot, at a
cost of $35, 000 for a minimum of a three-month period, subject to
the development of a parking lease agreement to be approved by the
City Council, and subject to the condition that, if the developer
exercises an option to purchase the property, the developer will
reimburse the City for the $35, 000 expenditure of City funds, is
approved.
ADOPTED this 18th day of December , 1991.
AYES: Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
ATTEST: ,✓ CIT OF S IN CALIFORNIA
By ,,y,� _ _ `�ti-._
`_� City Clerk City anager
REVIEWED & APPROVED