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HomeMy WebLinkAbout17846 - RESOLUTIONS - 5/20/1992 r RESOLUTION NO. 17846 A RESOLUTION OF THE PALM SPRINGS CITY COUNCIL CONCERNING THE FIRST AMENDMENT TO THE OWNER PARTICIPATION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY AND PALOS VERDES VILLAS FOR THE DEVELOPMENT OF A 98-UNIT RESIDENTIAL APARTMENT COMPLEX WITHIN A REDEVELOPMENT PROJECT AREA. WHEREAS, the Palm Springs Community Redevelopment Agency (the "Agency") is engaged in activities necessary to execute and implement the redevelopment plan for the North Palm Canyon Redevelopment project area, which redevelopment plan was adopted by Ordinance No. 1227 of the City Council of the City of Palm Springs on September 19, 1984 ; and WHEREAS, by Resolution No. 849 on February 19, 1992 , the Agency approved an Owner Participation Agreement between the Agency and Palos Verdes Villas (the "OPA") for the development of a 98-unit apartment complex affordable to suer :.on;; o l low ,ind moderate income located within the pro loci area (the "Project") ; and WHEREAS, the Agency and the City Council have reviewed and considered a First Amendment to the OPA (the "First Amendment") which modifies the agreement to provide for, among other things, acquisition of certain properties by the Agency within the Project Site which are not owned by the Participant, the City nor the Agency (the "Acquisition Property") ; and WHEREAS, in order to effectuate the purposes of the OPA and the redevelopment of the project area, and in particular the Project Site, the Agency has determined that it is necessary for the Agency to acquire the Acquisition Property and subsequently convey its interests in this property to the Participant as a set-off against the maximum amount of authorized Agency monetary assistance toward the Project as provided in the First Amendment to the OPA; and WHEPHAS, the maximum level of Agency assistance determined by the OPA may be reduced due to interest rate savings by Participant, and pursuant to the First Amendment " the Agency's costs in acquiring the Acquisition Property will be set off against the savings thereby increasing the overall level of Agency assistance as required under the OPA; and WHEREAS, Health & Safety Code Section 33433 requires a hearing before the City Council prior to the sale or lease of property acquired in whole or in part, directly or indirectly, with tax increment monies and requires a specific finding that such conveyance is for fair market value, or if below fair market value, is necessary to effectuate the purposes of the Redevelopment Plan; and WHEREAS, the proposed acquisition and conveyance pursuant to the First Amendment will be accomplished with tax increment monies and, as proposed, the Acquisition Property may be conveyed to the Participant at less than fair market value; and WHEREAS, notice of public hearing of the Agency and the City Council on the First Amendment to the OPA was given in + accordance with applicable law; and WHEREAS, the Agency and City Council have held a public hearing on the First Amendment to the OPA and have considered all terms and conditions set forth therein; and R17846 Page 2 r WHEREAS, all actions required with respect to the First Amendment to the OPA by all applicable law have been taken in an appropriate and timely manner. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs as follows: Section 1. The City Council hereby determines that the Project, as modified by the First Amendment to the OPA, is of benefit to the project area, and that the Agency's financial contribution, as modified by the First Amendment to the OPA, is necessary to effectuate the purposes of the Redevelopment Plan. Section 2 . The City Council hereby determines that the acquisition and subsequent conveyance of the Acquisition Property to the Participant pursuant to "the Redevelopment Plan and the OPA and the First Amendment to the OPA, which conveyance may be at less than fair market value, is necessary to effectuate the purposes of the .Redevelopment Plan. Section 3 . The First Amendment to the OPA is hereby approved,. ADOPTED this 20th day of May 1992. r AYES: Councilmembers Hodges, Lyons, Rel'Ier, Schlendorf, and Mayor Maryanov NOES: None ABSENT: None AT E _T: CITY Ox ALM SPJ N ,`CALIFORNIA amity Clerk City Hager ti REVIEWED & APPROVED 7/348/014084-0001/066 Y