HomeMy WebLinkAbout21383 - RESOLUTIONS - 7/20/2005 RESOLUTION NO. 21383
' A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM SPRINGS, CALIFORNIA,
APPROVING AND ORDERING THE EXECUTION
OF THAT CERTAIN DEPOSIT AND
REIMBURSEMENT AGREEMENT WITH PALM
SPRINGS CLASSIC, LLC; AND MAKING CERTAIN
FINDINGS AND DETERMINATIONS IN
CONNECTION THEREWITH A5137
WHEREAS, there has been filed with the City Clerk that certain Deposit and
Reimbursement Agreement (the "Deposit and Reimbursement Agreement"), by
and between the City of Palm Springs (the "City") and Palm Springs Classic,
LLC, a Delaware Limited Liability Company (the "Developer"), the developer of
the real property (the "Property") described on Exhibit "A" attached hereto and
incorporated herein by this reference; and
WHEREAS, the Deposit and Reimbursement Agreement, the form of which is on
file with the City Clerk and by this reference incorporated herein, provides for the
deposit with City of certain funds to cover City expenses in connection with the
formation of a Community Facilities District comprising said Property, and
providing the means by which such deposit may be reimbursed to the Developer,
e such reimbursement to come from the proceeds from the sale of special tax
bonds to be issued pursuant to the Mello-Roos Community Facilities Act of 1982
(the "Mello-Roos Act'); and
WHEREAS, the City Council finds that the approval and execution of the Deposit
and Reimbursement Agreement is in the best interest of the City and provides
the means by which such property development may occur without putting
general funds of the City at risk; and
WHEREAS, City will hold and disburse such funds pursuant to the Deposit and
Reimbursement Agreement;
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY
RESOLVE AS FOLLOWS:
Section 1. The above recitals are all true and correct.
Section 2. That the Deposit and Reimbursement Agreement in the form on file
with the City Clerk is hereby approved.
Section 3. That the City Manager or Director of Finance is hereby authorized
and directed to execute the Deposit and Reimbursement Agreement for and on
behalf of the City.
Resolution No. 21383
Page 2
Section 4. The City Manager or Director of Finance is hereby instructed to '
receive the cash deposit heretofore made by the Developer and deposit the
same in a designated account to be used to pay the formation costs of the
Community Facilities District and the proper costs related thereto. Upon receipt
of bond proceeds, such funds advanced by the Developer shall be reimbursed to
the Developer from bond proceeds pursuant to the Deposit and Reimbursement
Agreement.
ADOPTED this 20th day of July 2005.
David H. Ready, City�ager
ATTEST:
ames Thompson, City Clerk
C/ CERTIFICATION
STATE OF CALIFORNIA ) ,
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 21383 is a full, true and correct copy, and was duly adopted at a
regular meeting of the City Council of the City of Palm Springs on July 20, 2005,
by the following vote:
AYES: Councilmember Foat, Councilmember Pougnet, Councilmember
Mills, Mayor Pro Tern McCulloch and Mayor Oden.
NOES: None.
ABSENT: None.
ABSTAIN: None.
am es Thompson, City Clerk
City of Palm Springs, California
Resolution No. 21383
Page 3
EXHIBIT "A"
PROPERTY DESCRIPTION
Tract Map No. 32233-1 - Planning Area 8
Tract Map No. 32233-2 - Planning Areas 7B & 7C
Tract Map No. 32233-3 - Planning Areas 9A & 9B
Tract Map No. 32233-4 - Planning Area 6
1