HomeMy WebLinkAbout20983 - RESOLUTIONS - 6/16/2004 RESOLUTION NO. 20983
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING THE
APPLICATION FOR FURTHER PROCESSING OF THE
FORMATION OF ASSESSMENT DISTRICT 162,
SUBMITTED BY IRONWOOD HOMES, DOING
BUSINESS AS PALM SPRINGS MODERN HOMES
WHEREAS, the City of Palm Springs adopted Resolution No. 17774 on January 22,
1992, amended by Resolution No. 20304 on April 3, 2002, establishing Policies and
Procedures for Special Assessment and Mello-Roos Community Facilitiy District (CFD)
Municipal Bond Financing for Public Improvements for Development Projects; and
WHEREAS, the City's Policies and Procedures establish minimum criteria for the
formation of Special Assessment and CFD municipal bond financing for public
improvements for development projects, including a minimum bond amount of
$2,000,000; and
WHEREAS, the City's Policies and Procedures establish minimum criteria for the
formation of Special Assessment and CFD municipal bond financing for public
improvements for development projects requiring that proposed public facilities to be
finance must meet a public need, including the provision of major infrastructure
' improvements that significantly benefit the general public, and/or the provision for
significant financial benefit to the City; and
WHEREAS, the City has received an application from Ironwood Homes, doing business
as Palm Springs Modern Homes, for formation of a 1913 Act Assessment District using
1915 Act Bonds for two separate development projects: "The Villas", Tract No. 29077,
located on the south side of Tahquitz Canyon Way west of Cahuilla Road; and "48 @
Baristo", Tract No. 30941, located on Baristo Road west of Sunrise Way; and
WHEREAS, the proposed Assessment District includes construction of public
improvements, costs, and fees with an initial total bond estimate of $1,501,834 which is
less than the City's required minimum bond amount; and
WHEREAS, Section 4, 2 (c) "Bond Sale Minimum," of the City's Policies and Procedures
for the formation of Special Assessment and CFD municipal bond financing for public
improvements for development projects authorizes the City Council to take formal action
to allow a minimum bond amount below the $2,000,000 requirement; and
WHEREAS, the proposed Assessment District includes conversion of existing overhead
utility lines, construction of decorative pavers and other aesthetic improvements to West
Tahquitz Canyon Way, and construction of storm drain and flood control improvements
which are of benefit to the general public;
WHEREAS, the proposed Assessment District will facilitate public improvements for
private development that will help stimulate the local economy and provide a financial
benefit to the City.
Resolution 20983
Page 2
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs '
that:
1. The City Council does hereby approve the application for further processing of
the formation of Assessment District 162, submitted by Ironwood Homes, doing business
as Palm Springs Modern Homes; and
2. The City Council does hereby allow the formation of Assessment District 162 to
proceed with an initial estimated bond amount less than the $2,000,000 minimum
established by the City's Policies and Procedures for Special Assessment and Mello-
Roos Community Facilitiy District (CFD) Municipal Bond Financing for Public
Improvements for Development Projects; and
3. The City Council hereby authorizes staff to select and negotiate contracts with
consultants for an assessment engineer's report, appraisal and market absorption study;
and to collect necessary deposits from the applicant to fund consultant contracts.
ADOPTED this 16" day of June, 2004.
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA '
m /
City Clerk City Manager
REVIEWED &APPROVED AS TO FORM: