HomeMy WebLinkAbout10/18/2000 - STAFF REPORTS (3) DATE: OCTOBER 18, 2000
TO: COMMUNITY REDEVELOPMENT AGENCY
FROM: REDEVELOPMENT DIRECTOR
APPROVAL OF BROKER LISTING AGREEMENTS FOR RESERVOIR/CASA DELCAMINO
PROPERTIES AT SOUTHWEST CORNER OF STEVENS ROAD AND NORTH PALM
CANYON DRIVE IN MERGED PROJECT AREA #1
RECOMMENDATION:
It is recommended that the Agency approve an Exclusive Authorization and Right to
Sell, Lease, Exchange or Option with Jim Stuart of Group One Realty, excepting a
pending offer on the property covered by a Single Party Compensation Agreement
with Ingrid Baddour&Associates.
BACKGROUND:
On July 21, 1999 the Agency approved an Exclusive Agreement to Negotiate with
Anthony-Stephen's &Associates of Tempe, Arizona on the City- and Agency-
owned parcels at Stevens Road and North Palm Canyon Drive (the Casa del
Camino and Reservoir Parcels). The developer desired to build a high-end,
approximately 120-room hotel and spa on the site. They also needed the
adjacent 48,000 + s.f, parcel to the south to assemble enough land for a hotel
that size, and to have enough room for parking and access required by the
zoning code. The Agency extended the term to nine months in January, 2000,
expiring on April 21. The Developers were ultimately unsuccessful in negotiating
for the privately owned parcel, which impacted how well a resort hotel could fit on
the remaining site with how many rooms.
The broker's listing expired prior to the lapse of the Anthony-Stephen's project,
but would have received her commission had the deal consummated.
In August Jim Stuart approached the Agency about a serious prospect he had for
the site and inquired about the listing. Because of the size of the potential
commission on the property, staff is unable to sign a listing agreement without
Agency approval. In September, the Agency put its own sign on the property.
Mr. Stuart's prospects are nevertheless still interested in the site but he'd like to
ensure that he'd receive a commission for brokering the sale. Therefore, staff
agreed to present a listing agreement to the Agency for approval.
The terms would be the same they were for the previous listing: the combined
property would be sold for fair market value based on an MAI appraisal, but no
less than the currently listed price of $525,000 (approximately $7.00/s.f.); the
commission to the broker would be a standard 10%; and, the transactions would
be all cash to the Agency. Prior to executing a DDA to sell the property, the City
would convey its parcel to the Agency with a reimbursement agreement.
Meanwhile, Ingrid Baddour &Associates has received an offer letter on the
property, as well as a deposit check an Orange County builder who is
constructing several single family homes in Palm Springs. The buyer wishes to
construct high end condominiums on the site, and is fully aware that the City and
c cam.• QW00
Agency do not control the entire site. His project is in preliminary review in
Planning to determine how many units he would be able to construct on the site.
Last year, the Agency had another similar offer from another developer and
discussed both (the accepted offer and the condominiums) with members of the
Las Palmas Neighborhood Alliance. The Las Palmas neighborhood group found
both projects acceptable.
Since the Agency has not determined which of the offers is better (the details of
Mr. Stuart's offer have not been provided yet), staff recommends a set of
relatively short (3 month) listing agreements with both realtors while staff
analyzes which is the better offer and the better project for the Agency. At that
point, staff would return to the Agency with an Exclusive Agreement to Negotiate
with the selected developer for a period of 6 months. During that period the
developer will submit plans to Planning and staff will negotiate a Disposition and
Development Agreement with the developer.
The process of moving this project forward has been challenging, but either
project could still be an excellent addition to the North Palm Canyon Drive
neighborhood in the Upt'wn area.
J HN S RAYMO D
R dev opment Director
APPROVED=-
Executive Directo
ATTACHMENTS:
1. Resolution
2. Broker Listing Agreements
3. Legal Description of the Property
EXHIBIT "A"
TO BROKER LISTING AGREEMENTS
LEGAL DESCRIPTION OF THE PROPERTY
RESERVOIR PARCEL. The Land is that certain real property located in the City of Palm
Springs, County of Riverside, State of California, more particularly described as follows:
THAT PORTION OF THE NORTHEAST QUARTER OF THE NORTHEAST QUARTER
OF SECTION 10, TOWNSHIP 4 SOUTH, RANGE 4 EAST, SAN BERNARDINO BASE
AND MERIDIAN ACCORDING TO THE OFFICIAL PLAT OF SAID LAND, DESCRIBED
AS FOLLOWS:
COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 10; THENCE
SOUTH 89° 51' WEST, 353.00 FEET TO THE CENTERLINE OF THE COUNTY
HIGHWAY; THENCE SOUTH ON THE CENTERLINE OF THE COUNTY HIGHWAY,
700.13 FEET; THENCE SOUTH 890 50' WEST, 30.00 FEET TO THE TRUE POINT OF
BEGINNING; THENCE SOUTH 890 50' WEST, 205.88 FEET; THENCE SOUTH 00' 10'
EAST, 211.88 FEET; THENCE NORTH 89° 50' EAST, 205.30 FEET MORE OR LESS
TO THE WESTERLY LINE OF SAID COUNTY HIGHWAY; THENCE NORTH ON SAID
WESTERLY LINE OF THE COUNTY HIGHWAY, 211.88 FEET MORE OR LESS TO
THE TRUE POINT OF BEGINNING.
CASA DEL CAMINO PARCEL. PARCEL 1: LOT 12 IN BLOCK"A" OF LAS PALMAS
ESTATES, AS SHOWN BY MAP ON FILE IN BOOK 15 AND 16 OF MAPS, RECORDS
OF RIVERSIDE COUNTY, CALIFORNIA.
PARCEL 2: ALL THAT PORTION OF LOTS 5 AND 6 IN BLOCK "A" OF LAS PALMAS
ESTATES, AS SHOWN BY MAP ON FILE IN BOOK 15 PAGES 15 AND 16 OF MAPS,
RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
BEGINNING AT THE MOST EASTERLY CORNER OF SAID LOT 5; BEGINNING ALSO
AT THE MOST NORTHERLY CORNER OF SAID LOT 6; THENCE SOUTH 89° 50'
WEST, ALONG THE BOUNDARY LINE OF SAID LOT 5, 35.77 FEET; THENCE IN THE
SOUTHWESTERLY DIRECTION, TO A POINT ON THE NORTHERLY LINE OF
CAMINO DEL NORTE, 5 FEET SOUTHEASTERLY FROM THE NORTHWESTERLY
CORNER OF SAID LOT 6; TO THE SOUTHWESTERLY CORNER OF SAID LOT 6;
THENCE EASTERLY, ALONG THE SOUTHERLY LINE OF SAID LOT 6, TO THE
SOUTHEASTERLY CORNER OF SAID LOT; THENCE NORTHERLY, ALONG THE
EASTERLY LINE OF SIAD LOT 6, TO THE POINT OF BEGINNING.
Cfa. - (a - 3
j CALIFORNIA
ASSOCIATION SINGLE PARTY COMPENSATION AGREEMENT
OF REALTORSIR
flE Lri �7 tl/' '�(�aLrf Sys lN`C� - nc✓cLO�h'rE/ d
annd
agree as follows with regard the real properly in the City of -Pfl'L ("Broker'),
4L.( ,S-r�/� r nj[ �
County of U G,�Sto I = California,describerd,,�as f�I��I�A��y/'AL rP� `�tF SLR! f"�1�C-�P. C1= JI�_.1J'r' hay F ti - rope fly' 1L
1. COMPENSATION TO BROKER:
Notice: The amount or rate of real estate commissions Is not fixed by law. They are set by each Broker
Individually and may be negotiable between the Seller and Broker.
Seller agrees to pay Broker,irrespective of agency relationships,either 10 percent of the sales price or ❑ $
as follows. '
A. If Seller accepts an offer from I2 LVt[_
to purchase or exchange the'� P ("Buyer)
- Cy during the period commencing on(data) U - ! n and expiring at 11:59
P.M.on(date) � .`1 � -(7>'Db ("Compensation Period"). `
B. Buyer Includes any person or entity related to Buyer, or who in any manner acts In Buyer's behalf, including, if Buyer is a
corporation or partnership,any person or entity in which Buyer has a legal or beneficial interest,or which has a legal or beneficial
interest in Buyer.
C. Seller hereby Irrevocably assigns to Broker the above compensation from Seller's funds and proceeds in escrow.
D. In even[of an exchange, Broker will disclose II Broker is also collecting compensation from additional parties.
E. Seller warrants that Seller has no obligation to pay compensation to any other broker regarding the sale or exchange of Property
to Buyer.
F. This Agreement shall remain binding,even if,during Compensation Period,Seller enters Into a listing agreement with any broker
to sell Property.
2. AGENCY RELATIONSHIPS:
A. If the Property includes residential propertywith one-to-fourdwellmg units,Brokershall give Selleran agency disclosure form prior
to presenting an offer to purchase.
B. (Check one)In[he transaction
1. ❑ Broker will act as agent for Seller exclusively in any resulting transaction.
OR 2.X Broker will act as dual agent representing both Buyer and Seller in any resulting transaction.
OR 3. ❑ Broker will act as agent for Buyer exclusively in any resulting transaction Seller agrees and understands that all acts of
Broker,even those which assist Seller in performing or completing any of Seller's contractual or legal obligations,are intended
for the benefit of Buyer exclusively. Seller is advised to seek real estate, legal, tax, insurance, and all other desired
assistance from other appropriate professionals,
C. This Agreement does not require Broker to solicit offers on the Properly from Buyer,nor does it authorize Broker to solicit offers
from any other person or entity.
3. EQUAL HOUSING OPPORTUNITY:The Property is offered in compliance with federal,stale,and local antl-disc rim inalion laws.
4. APPLICABLE LAWS:Seller agrees to comply with all applicable lederal,stale,and local laws and regulations regarding sale of
Property.
5. ATTORNEY'S FEES:In any action,proceeding,or arbitration between Sellerand Broker regarding the obligation to pay compensation
under this Agreement,the prevailing Seller or Broker shall be entitled to reasonable attorney's fees and costs.
6. OTHER TERMS AND CONDITIONS:�1�' --CT � E-T }- -L-
��'Gz I I� ! N i e
7. ENTIRE CONTRACT:All prior discussions,negotiations,and agreements between the parties concerning the subject matter of this
Agreement are superseded by this Agreement,which constitutes the entire contract and a complete and exclusive expression of their
Agreement and may not be contradicted by evidence of any prior agreement or contemporaneous oral agreement,This Agreement
and any supplement, addendum,or modification,Including any photocopy or facsimile, may he executed in counterparts.
Seder
Dale Seller
Date
Address
Address
City Stl Zip City Stale Zip
Real Estate Broker(Firm)_��—P/l-�L IL ,U�q��L����,c p o 'q _ /5 Address �f / /Y, T/Ul,eiwi �lf.-P�L'V�7L CkJJ Telephe 3 i C•ID '�ax 76 U Z-7"Lj<5'ILl
THIS FORM HAS BEEN APPROVED BY THE OALIPORNIA ASSOCIATION OF REALTORS-(CA R) NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION A REAL ESTATE BROKER IS THE PEFlSON QUALIFIED To ADVISE ON REAL ESTATE
TRANSACTIONS IF YOU DES IA E LEGAL OR TAX ADVICE,CONSULT AN APPROPRIATE PROFESSIONAL Gr ! .� l�
This form Is...liable for use by the..fire real estate Industry II Is nor Intended to N anur,the user as a REALTORS REALTOR®Is a registered collective membership mark
which may In upon only by members of the NATIONAL ASSOCIATION OF REALTORSO who subscribe to Its Code of EINcs.
The copyrl,ht Incas of tba Unllad.miss HI u R.Coda)forbid the unauthorized reproduction or this form by any means,Inclutllng facsimile or compunized formats
Copyright m 1997,CALIFORNIA ASSOCIATION OF REALTORSID
Publlehed and Distributed by: OFFICE USE ONLY
a REALskaufY of
CALIF SERVICES,INC, n..lew.d by Broker
5 5 South
or the muc Los An ASSOCIATION OF REACTORS®
5255oulh Vlrgll Avenue,Las Angeles,C.Illornl.B9W0 of Desgnoe
PRINT BATE
R OCT 97 Dale art senr
�` CALIFORNIA EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL,
ASSOCIATION LEASE, EXCHANGE OR OPTION
_/7 OF REALTORSO (FOR COMMERCIAL OR INCOME PROPERTIES)
1. EXCLUSIVE AUTHORIZATION: PAS p�pR//JGS ' E-T)EYci op ENT ,#gENcY
("Owner")hereby employs and grants �e dpE
v ("Broker") the exclusive and irrevocable right, commencing on
(date) / oo and expiring at 11:59 P.M.on(date) SE /�f Lao) ("Listing Period")to:
SELL, ❑ LEASE, ❑EXCHANGE, ❑ OPTION,or ❑ OTHER
the real property in the City of - (, ,county of I V SEW s I� ,
California, described as: (' =Q -00
Sri S- /Ff�-- CIO
("Property").
2. TERMS OF SALE:
A. LI RIC :Thellsjgnceshallbe I 'JVE d6ZA1.Dk6'D 15VEnJTY flV,' 7/oZ,1S1fA/D
B. PERSONAL PROPERTY:The following items pf to al property are included in the above price
C. ADDITIONAL TERMS:
3. MULTIPLE LISTING SERVICE: Information about this listing will, O will not,be provided to a multiple listing service("MLS")
of Broker's selection and all terms of the transaction,including,if applicable,financing,will be provided to the MLS for publication,
dissemination and use by persons and entitles on terms approved by the MLS.Owner authorizes Broker to comply with all applicable
'�,I�r� MLS rules.
JWa/ TITLE:Owner warrants that Owner and no other persons or entities have title to the Property,except as follows:
(iO COMPENSATION TO BROKER:
Notice: The amount or rate of real estate commissions is not fixed by law. They are set by each Broker
individually and may be negotiable between Owner and Broker.
A. Owner agrees to pay to Broker as compensation for services irrespective of agency relationship(s): ryd percent of
the listing price(or if a contract Is entered into,of the contract price), ❑ $
OR O in accordance with Brokers attached schedule of compensation,AND
as follows
(1)If Broker,Owner,cooperating broker,or any other person,produces a transferee(s)who offers to squire the Property on the
above price and terms,or on any price and terms acceptable to Owner during the Listing Period,or any extension,
(2)If within IS(Z calendar days after expiration of the Listing Period or any extension, the Property is sold, conveyed,
leased,rented,exchanged,optioned,or otherwise transferred to any party or entity in which Owner has an ownership
Interest, or to anyone with whom Broker or a cooperating broker has had negotiations, provided that Broker gives
Owner, prior to or within 5 calendar days after expiration of the Listing Period or any extension, a written notice with
the name(s) of the prospective transferees. However, if a written offer has been submitted by such a prospective
transferee,then It shall not be necessary to include the offeror's name on the notice.
"Negotiations"shall conclusively be deemed to have occurred with a prospective transferee If Broker(or any cooperating
broker) showed the Property to such person, prepared or submitted to Owner such person's offer to acquire, lease,
exchange tor, or obtain an option on the Property, or submitted written information regarding the Property to such
prospective transferee at the request of such person "Negohations" shall not be deemed to have occurred upon the
mere furnishing to a prospective transferee by Broker of unsolicited information concerning the Property.
(3)If,without Broker's prior written consent,the Property Is(I)withdrawn from market;(if)sold,conveyed,leased,rented,
exchanged,optioned,or otherwise transferred;or(III)made unmarketable by a voluntary act of Owner during the Listing
Period,or any extension.
B. If Owner enters into a listing agreement with another broker within the time period set forth in paragraph 5A(2), Owner shall
provide to such broker the names of prospective transferees with whom Broker has had negotiations,as supplied to Owner by
Broker
C. If completion of the transaction Is prevented by a party to the transaction other than Owner, then compensation due under
paragraph 5A shall be payable only If and when Owner collects damages by suit,settlement,or otherwise,and then in an amount
equal to the lesser of one-half of the damages recovered or the above compensation, after first deducting title and escrow
expenses and the expenses of collection,if any.
D. In addition,Owner agrees to pay:
E. Broker Is authorized to cooperate with other brokers, and divide with other brokers the above compensation in any manner
acceptable to Broker;
F. Owner hereby Irrevocably assigns to Broker the above compensation from Owner's funds and proceeds In escrow.
G. Owner warrants that Ow er s no o¢ligy//tio�nn too� pay pom ensatrl ion tp any other br 2 re a�mg me transfer of the PP roper ,,y
except ' f� Q fs+: Srt�—I-lJ�d
If the Property is transferred to anyone listed above during the time Owner is obligated to compensate another broker:(a)Broker
. .Is not entitled to compensation under this Agreement and(b) Broker is not obligated to represent Owner with respect to such
AYaosaation.
Owner and Rinker acknowledge receipt of copy of this page,which Broker's
Page 1 of -3 Pages. -
.tn✓ � Owner's Initials I—) I—) ( ) ( ) Broker's Initials( ) I—)
HI S'F .P9s BEEN APPROVED BY THE CALIFORN IA ASSOCIATION OF REALTORS'(C,AR) NO REPRESENTATION 15 MADE AS TO TH E LEGAL VALI DITY OR
,IYEODACY OP ANY PROVISION IN ANY SPECIFIC TRANSACTION A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
'RAN5AC11Mn.IF YOU DESIRE LEGAL OR TAX ADVICE,CONSULT AN APPROPRIATE PROFESSIONAL.
'I he copynyb'dhwe of the United States(17 U S Code)forbid the unauthorized reproducpon of Ih,,loan m any porlior lhersolby pbodurry machine or any
other means including facsimile or commulenzed muse CepyrlghtO 1997-1998,CAUFOHNIAASSOCIA11 ON 0,REAL ORSOINO ALLRIGHTS RESERVED
0Published and Distributed by. —OFFICE USE ONLY
— v REAL ESTATE BUSINESS SERVICES,INC Rev,ewed by Baker
a sudsidjary o/the CALIFORNIA ASSOCIATION OFREALTORSO° REVISED 4198 o,Dea,gnea_
° 525 SOWN V,rg,I Avenue,Les Angeles,CAlornla 90020 Dale
PRINTUATE OPPORNNIIY
RESOLUTION NO.
OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS, CALIFORNIA, APPROVING AN
EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL,
LEASE OR OPTION WITH GROUP ONE SERVICES OF
PALM SPRINGS AND A ONE-PARTY COMPENSATION
AGREEMENT WITH INGRID BADDOUR&ASSOCIATES OF
PALM SPRINGS FOR THE PROPERTY KNOWN AS THE
RESERVOIR PROPERTY AND THE CASA DEL CAMINO
PROPERTY AT THE SOUTHWEST CORNER OF STEVENS
ROAD AND NORTH PALM CANYON DRIVE IN MERGED
PROJECT AREA #1 (FORMERLY THE NORTH PALM
CANYON PROJECT AREA)
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY of the City of
Palm Springs, California, that a an Exclusive Authorization and Right to Sell, Lease,
Exchange or Option with Group One Services of Palm Springs and a One-Party
Compensation Agreement with Ingrid Baddour& Associates of Palm Springs for a
property known as the Reservoir Property and the Casa del Camino Property at the
southwest corner of Stevens Road and North Palm Canyon Drive is hereby approved for
a period of three months, and that the Executive Director or his designee is authorized to
sign any documents related to the Contract.
ADOPTED this day of , 2000.
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
By
Assistant Secretary Chairman
REVIEWED &APPROVED
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