HomeMy WebLinkAbout21408 - RESOLUTIONS - 9/7/2005 RESOLUTION NO. 21408
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING A
MEMORANDUM OF UNDERSTANDING WITH UNITED
CONDOMINIUMS CORPORATION, A CALIFORNIA
CORPORATION, FOR A 1.77 ACRE PARCEL AT THE
SOUTHWEST CORNER OF AMADO ROAD AND CALLE
ALVARADO FOR CONVENTION CENTER AND ANCILLARY
USES, PROVIDING FOR AN UPFRONT PAYMENT OF
$1,260,000.00 FOR THE DISCOUNTED CASH FLOW
SAVINGS OF THE LEASE TERM, REIMBURSEMENT FOR
DESIGN AND LEGAL EXPENSES, RELINQUISHING
DEVELOPMENT RIGHTS TO THE PROPERTY, AND
ALLOWING EARLY ENTRY TO THE PROPERTY FOR THE
PURPOSE OF WEED ABATEMENT AND LANDSCAPING.
A5160.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm Springs
that A Memorandum of Understanding with United Condominiums Corporation, a
California Corporation, for a 1.77 acre parcel at the southwest corner of Amado Road
and Calle Alvarado for Convention Center and ancillary uses, providing for an upfront
payment of $1,260,000 for the discounted cash flow savings of the lease term,
reimbursement for design and legal expenses, relinquishing development rights to the
property and allowing early entry to the property for the purpose of weed abatement and
landscaping, is hereby approved.
ADOPTED THIS 7th day of September, 2005.
David H. Ready, City Manage'
ATTEST:
d es Thompson, City IerC k
C/
Resolution No. 21408
Page 2
CERTIFICATION
STATE OF CALIFORNIA ) I
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 21408 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 September 7, 2005, by the
following vote:
AYES: Members Foat, Pougnet and Mayor Pro Tern McCulloch
NOES: None
ABSENT: Councilmember Mills and Mayor Oden
ABSTAIN: None
mes Thompson, City Clerk
�� ity of Palm Springs, California