HomeMy WebLinkAbout18743 - RESOLUTIONS - 11/15/1995 RESOLUTION NO. 18743
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS APPROVING
A REIMBURSEMENT AGREEMENT BETWEEN THE CITY AND THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS
WHEREAS, the Community Redevelopment Agency of the City of Palm '
Springs ("Agency") is a public body, corporate and politic,
organized and existing under the California Community Redevelopment
Law ("CRT,") (Health & Safety Code §33000 j, sea. ) ; and
WHEREAS, the City of Palm Springs ( "City") is a municipal
corporation and general law city pursuant to stage law; and
WHEREAS, City, Agency, and Coachella Valley Housing Coalition
(";Developer") entered into a Disposition and Development Agreement,
with a reference date of January 2, 1991 (the "DDA") ; and
WHEREAS, pursuant to the DDA the parties effected a transaction
whereby City funds were advanced to Agency to permit the Agency to
acquire 15. 18 acres of real property, which the Agency then
conveyed to Developer for the development of an affordable housing
project; and
WHEREAS, City and Agency intended that Agency reimburse City the
fair market value for the 15.10 acre site; and
WHEREAS, City and Agency have discovered that the Agency
inadvertently failed to reimburse the City; and
WHEREAS, pursuant to Health and Safety Code Sections 33334.2 .fit '
sea. , Agency is authorized to expend funds in its Low and Moderate
Income Housing Fund ("Housing Funds") for purchase of real property
for affordable housing, and thus the Agency is authorized under the
CRL to use Housing Funds to reimburse City; and
WHEREAS, the fair market value of the 15.113 acre site as
undeveloped property has been determined to be Five ]Hundred
Seventy-Seven Thousand Dollars ($577,000) ; and
WHEREAS, the City and Agency desire to enter into a Reimbursement
Agreement to provide the Agency's reimbursement, from :Housing
Funds, to City in the amount of Five Hundred Seventy-Seven Thousand
Dollars ($577, 000) ;
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of
Palm Springs, as follows:
Section 1. The City Council hereby finds and determines that
the Reimbursement Agreement between the City and
Agency referenced in the above Recitals, a copy of
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which Agreement is on file with the City Clerk,
will provide for reimbursement to the City of the
fair market value for the real property, that such
Reimbursement Agreement implements the purposes of
the Housing Fund and the mandate of the Agency to
improve, increase, and preserve the community' s
supply of affordable housing, and that the
Reimbursement Agreement is in the best interests
and welfare of the residents of the City in
accordance with the public purposes and provisions
of applicable law.
Section 2 . The Reimbursement Agreement is hereby approved and
the City Manager is authorized to make final
technical modifications to the Reimbursement
Agreement to finalize it for signature in a form
approved by the City Attorney, and to thereafter
sign the Reimbursement Agreement on behalf of City.
Section 3 . The City Manager is authorized to take all
appropriate actions to carry out the purposes of
this Resolution and to implement the Reimbursement
Agreement according to its terms.
ADOPTED this 15th day of Nnvamhar _, 1995.
AYES: Members Kleindienst, Lyons, Rellen and Mayor Maryanov
NOES: None
ABSENT: Member Hodges
ATTEST: Ci;,;
IM 't 'ALIFORNIA
City Clerk Ma ger
REVIEWED & APPROVED:
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