HomeMy WebLinkAbout18632A - RESOLUTIONS - 6/7/1995 RESOLUTION NO. 18632 A
OF THE CITY OF PALM SPRINGS, CALIFORNIA
APPROVING AN OWNER PARTICIPATION
AGREEMENT WITH TEACHERS INSURANCE AND
ANNUITY ASSOCIATION REGARDING A LOT I.dNE
' ADJUSTMENT AND PUBLIC PARKING LOT
IMPROVEMENTS AT "THE VINEYARD"
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WHEREAS the Community Redevelopment Agency is the owner of Assessor's Parcel Number
(APN) 513-153-028 which is utilized as a public parking lot, and Teachers Insurance and
Annuity Association is the owner of the adjacent APN 513-153-025 which is the location of"The
Vineyard" commercial center; and
WHEREAS the Community Redevelopment Agency has previously approved an Owner
Participation Agreement for the property which has been subsequently amended; and
WHEREAS a Lot Line Adjustment is neccessary in order to transfer ownership of 1,056 square
feet of the Agency-owned parcel to Teachers Insurance and Annuity Association in order to
properly renovate and maintain "The Vineyard", and this transfer of ownership can be
accomplished without negatively affecting the operation an/or maintenance of the adjacent public
parking lot owned by the Agency; and
WHEREAS the City-approved renovation plans for "The Vineyard" require that this Lot Line
Adjustment and related transfer of property ownership be completed, and are consistent with the
' purposes and objectives of the Redevelopment Plan for the Central Business District and will
assist in the elimination of blight by encouraging the revitalization of "The Vineyard" project,
allowing for upgrading of tenant space which has faced significant vacancy; and
WHEREAS the Teachers Insurance and Annuity Association has agreed to compensate the
Agency for the estimated current value of the land to be transferred to its ownership, in the
amount of$19,000, and this amount is computed at a unit price of$18 per square foot, which
is comparable to current land values of parcels fronting on Belardo Road in Downtown Palm
Springs as documented in the Summary Re oar*, of May 19,1995; and
WHEREAS this compensation amount of$19,000 can be applied toward the reimbursement of
expenses totalling $38,000 for the needed improvements within the public parking lot which are
required in order to bring this facility up to current City standards for on-site lighting and
pavement surface condition; and
WHEREAS this compensation amount can be matched by$19,000 from the City's Parking Fund
in order to pay for the necessary improvements which will bring the facility up to current City
standards and will be complementary to the privately funded renovation of "The Vineyard"; and
WHEREAS a public hearing was held on June 7, 1995 to consider the approval of the OPA,
which hearing was duly noticed in accordance with Health and Safety Code Section 33433, and
' a copy of the Summar.�Rtort dated May 19, 1995 was available for public inspection upon
notice of the public hearing.
NOW THEREFORE BE IT RESOLVED by the City of Palm Springs, California that: 1) the
OPA will assist in the elimination of blight, consistent with the Redevelopment Plan; 2) the OPA
is consistent with the Implementation Plan; 3) the sales price of $18 per square foot for the
parcel area included within the Lot Lane Adjustment is not less than current Fair Market Value,
as stater.] in the SAmmary Repgrl of May 19, 1995; and 4) the Owner Participation Agreement
with T,,-.achers Insurance and Annuity Association in regard to the Lot Line Transfer and public �f
parlr,:ng lot improvements adjacent to "The Vineyard" is hereby approved and shall be executed 37 +i_
in a, form approved by the City Attorney.
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R13632 A
Page 2 G���c�—
ADOPTED this 7th_ play of_ June 1995.
AYES: Members Hodges, Kleindienst, Lyons and Reller-•Spurgin
NOES: None
ABSENT: Mayor Maryanov
ATTEST: — —
CITY OF PAL SPRSNGS, CAj fA ,
R _
Icy
City-Clerk CRy
REVIEWED AND APPROVED
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