HomeMy WebLinkAbout18945 - RESOLUTIONS - 12/18/1996 RESOLUTION NO. 18945
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, UPHOLDING THE AIRPORT COMMISSION
DECISION TO DENY THE RENTAL REDUCTION REQUEST OF
THE APOSTLE FAMILY TRUST, (AIRPORT PARK PLAZA OFFICE
' COMPLEX).
WHEREAS Pacific West Asset Management Corporation, on behalf of the APOSTLE FAMILY
TRUST, filed a request with the Airport Commission to reduce lease rent and to be allowed
to return the Center Parcel to the City; and
WHEREAS on November 6, 1996, the Airport Commission heard the request by Pacific West
Asset Management and set up a subcommittee to review the financials and the appraisal and
report back at the next meeting; and
WHEREAS on November 12, 1996, the subcommittee met, however, the applicant failed to
provide an appraisal despite several attempts by Airport staff to obtain it; and
WHEREAS on November 20, 1996, the subcommittee reported its findings to the full
Commission with the recommendation that the request be denied primarily because of the
imputed interest for a loan that does not exist, and the Commission unanimously accepted the
recommendation; and
WHEREAS on November 22, 1996, Pacific West Asset Management Corporation filed a
request for appeal before the City Council; and
WHEREAS on December 18, 1996, the City Council held a duly notified public hearing on the
matter; and
WHEREAS the City Council has carefully reviewed and considered all of the evidence
presented in conjunction with the hearing of the appeal, including, but not limited to the staff
report, and all written and oral testimony presented,
The City Council hereby finds as follows:
Section 1 . The City Council finds that the project is presently receiving a return on
investment (ROI) of approximately 4.7% and that any decrease in rent would
result in an increase in the RO1 while adversely affecting the Airport's ability to
meet its federal mandate of remaining as self sufficient as possible.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs, that
based upon the foregoing, the City Council hereby upholds the Airport Commission decision
and hereby denies the request for rental reduction and property give-back requested by the
APOSTLE FAMILY TRUST, Airport Park Plaza.
ADOPTED this 18th day of December, 1996.
AYES: Members Barnes, Hodges, Oden, Spurgin and Mayor Ileindienst
NOES: None
' ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By�
ity derk f . City Manager
REVIEWED & APPROVED AS TO FORM_ aG