HomeMy WebLinkAbout18601 - RESOLUTIONS - 5/3/1995 RESOLUTION NO. 18601
OF THE CITY OF PALM SPRINGS, CALIFORNIA,
MAKING CERTAIN FINDINGS PURSUANT TO
HEALTH AND SAFETY CODE SECTION 33445
RELATING TO PAYMENT OF ALL OR PART OF THE
COSTS OF THE INSTALLATION AND
CONSTRUCTION OF CERTAIN BUILDINGS,
' FACILITIES, STRUCTURES, AND OTHER
IMPROVEMENTS WITHIN THE TAHQUITZ ANDREAS
PROJECT AREA
WHEREAS, the Community Redevelopment Agency of the City of
Palm Springs (the "Agency" ) adopted the Redevelopment Plan for the
Tahquitz-Andreas Project (the "Project Area" ) on August 26, 1983
pursuant to Resolution No. 7.45 (the "Tah.qu.itz-Andreas Plan,,) ; and
WHEREAS, the Agency has acquired and constructed certain
buildings, facilities, structures, and other improvements which
constitute the Palm Springs Convention Center (collectively the
"Improvements" ) within the Project Area described above which are
publicly-owned within the meaning of Health & Safety Code Section
33445 (the "Statute") ; and
WHEREAS, the Members of the City Council ("City Council
Members" ) have determined that the Improvements within the meaning
of the Statute are of benefit to the Project Area; and
WHEREAS, the City Council Members have determined that absent
the advance of certain sums by the City to construction of the
Improvements, no other reasonable means of financing such
' Improvements were available to the community; and
WHEREAS, the construction of privately financed and owned
facilities within the Project Area were a direct or indirect result
of the construction of the Improvements; and
WHEREAS, those privately owned facilities produce property tax
increment for the Project Area; and
WHEREAS, the City Council has determined that a reasonable
allocation of that property tax increment generated directly or
indirectly by the Improvements would be $247 , 755 per year, or
approximately 6 . 640 of the current year' s debt service on the
Convention Center 1991 Series A Lease Revenue Bonds (the
"Convention Center Bonds") ; and
WHEREAS, that 6 . 640 of the remaining principal and interest
payments of the Convention Center Bonds is $7, 081 .232 ; and
WHEREAS, all of the findings and determinations made herein
were based upon careful consideration and analysis of all relevant
and available evidence .
NOW, THEREFORE, THE CITY COUNCIL MEMBERS do hereby resolve and
determine as follows :
' Section 1 . The Project Area shall have $7, 081, 232 of the
Convention Center Bonds allocated to it .
Section 2 . To the extent that property tax increment
revenues are legally available, the Project Area shall pay 6 . 640 of
the annual debt service on the Convention Center Bonds, which
obligation shall be subordinated to all of the existing and future
bonded indebtedness of the Agency (the "Agency Contribution") .
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Section 3 . The City Council Members hereby determine and
find:
(a) That; the Improvements are of benefit; to the
Project Area.
(b) That; no other means of financing a portion of '
the Improvements are available to the community other than the
Agency Contribution in that (i) the City' s general fund has
made significant contributions to the Project Area and is
experiencing financing hardship; (ii) the City' s general fund
can no longer pay all net operating expenses and debt, service
upon the Improvements ; (iii) the anticipated Agency
Contribution was critical to the construction and expansion of
the Improvements, the Agency' s acquisition of the Prairie
Schooner Parcel and the undertaking of other redevelopment
activities of the Agency relating to or in the proximity of
the Improvements .
(c) That the Agency Contribution for the costs of
the Improvements will assist in the elimination of one or more
blighting conditions within the Project Area .
Section 4 . Based upon the findings contained in Section
3 (b) , the City Council hereby approves the Loan Agreement, dated as
of May 3 , 1995 , by and between the Agency and the City of Palm
Springs, a copy of which is attached to this Resolution (the "Loan
.Agreement" ) and authorizes and directs the execution of the Loan
.Agreement on behalf of the City.
.Adopted this 3rd day of My 1995 '
.AYES : Members Hodges, Kleindienst, Lyons, Reller-Sourgin and Mayor Maryanov
NOES : None
ABSENT: None
ATTEST: CITY OF BALM SPRING.
City Clerk City Mana e'r
REVIEWED AND APPROVED AS TO FORM_ r' _,