HomeMy WebLinkAbout9/20/2006 - STAFF REPORTS - 1.E. S-W'�
COMMUNITY REDEVELOPMENT AGENCY
CITY COUNCIL STAFF REPORT
DATE: September 20, 2006 Joint Public Hearing
SUBJECT: JOINT PUBLIC HEARING TO APPROVE AMENDMENT NO. 1 TO A
DISPOSITION AND DEVELOPMENT AGREEMENT ("DDA") BETWEEN
THE HIGHLANDS PALM SPRINGS VENTURE, A NEVADA LIMITED
LIABILITY COMPANY, AND THE COMMUNITY REDEVELOPMENT
AGENCY, ADJUSTING THE ALLOWED MODERATE INCOME SALES
PRICE BASED ON THE MARCH, 2006 HUD INCOME GUIDELINES AND
ADJUSTING THE TERMS OF THE AGENCY BUYER ASSISTANCE
NOTE TO ALLOW IT TO AMORTIZE OVER A PERIOD OF FIVE YEARS,
FOR 4 SINGLE FAMILY INFILL HOMES FOR MODERATE INCOME
HOUSEHOLDS IN THE DESERT HIGHLAND GATEWAY AREA OF
MERGED PROJECT AREA #1
FROM: David H. Ready, Executive Director
BY: Community & Economic Development
SUMMARY
This action approves a second amendment to a Disposition and Development
Agreement ("DDA") between The Highland Palm Springs Venture, a Nevada Limited
Liability Company and the Community Redevelopment Agency of the City of Palm
Springs, adjusting the allowed Moderate Income sales price based on the March, 2006
HUD income guidelines and adjusting the terms of the Agency Buyer Assistance Note
to allow the note to amortize over a period of five years, based on buyer occupancy in
the home, for four (4) single family infill homes for moderate income households in the
Desert Highland Gateway area of the city, north of Las Vegas Road.
RECOMMENDATION:
1. Adopt Resolution No. "A RESOLUTION OF THE CITY OF PALM
SPRINGS COMMUNITY REDEVELOPMENT AGENCY APPROVING
AMENDMENT NO. 1 TO A DISPOSITION AND DEVELOPMENT AGREEMENT
('DDA") BETWEEN THE HIGHLANDS PALM SPRINGS VENTURE, A NEVADA
ITEM NO.
LIMITED LIABILITY COMPANY AND THE COMMUNITY REDEVELOPMENT
AGENCY, ADJUSTING THE ALLOWED MODERATE INCOME SALES PRICE
BASED ON THE MARCH, 2006 HUD INCOME GUIDELINES AND ADJUSTING
THE TERMS OF THE AGENCY BUYER ASSISTANCE NOTE TO ALLOW IT TO
AMORTIZE OVER A PERIOD OF FIVE YEARS, FOR 4 SINGLE FAMILY INFILL
HOMES FOR MODERATE INCOME HOUSEHOLDS IN THE DESERT
HIGHLAND GATEWAY AREA OF MERGED PROJECT AREA#1
2. Adopt Resolution No. "A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM SPRINGS, CALIFORNIA, CONCURRING WITH THE
COMMUNITY REDEVELOPMENT AGENCY REGARDING THE APPROVAL OF
AMENDMENT NO. 1 TO A DISPOSITION AND DEVELOPMENT AGREEMENT
("DDA") BETWEEN THE HIGHLANDS PALM SPRINGS VENTURE, A NEVADA
LIMITED LIABILITY COMPANY AND THE COMMUNITY REDEVELOPMENT
AGENCY, ADJUSTING THE ALLOWED MODERATE INCOME SALES PRICE
BASED ON THE MARCH, 2006 HUD INCOME GUIDELINES AND ADJUSTING
THE TERMS OF THE AGENCY BUYER ASSISTANCE NOTE TO ALLOW IT TO
AMORTIZE OVER A PERIOD OF FIVE YEARS, FOR 4 SINGLE FAMILY INFILL
HOMES FOR MODERATE INCOME HOUSEHOLDS IN THE DESERT
HIGHLAND GATEWAY AREA OF MERGED PROJECT AREA#1
3. AUTHORIZE THE EXECUTIVE DIRECTOR OR HIS DESIGNEE TO EXECUTE
ALL DOCUMENTS RELATED TO THE AGREEMENT
STAFF ANALYSIS:
The Community Redevelopment Agency established a Desert Highland Infill
program in 2002 with the issuance of an RFP to builders interested in
constructing single-family homes in the neighborhood on Agency-owned parcels.
These properties were targeted at moderate-income families priced out of the
single-family market in Palm Springs. The Agency approved a DDA with
Highland Palm Springs Venture, LLC, in May 2005 for the construction of 4 single
family homes in the Desert Highland area for moderate-income families on
Agency-owned lots, APNs 669-383-021, 669-385-002, 669-395-017 and 669-
395-018.
Staff used the Century Homes DDA as a model for other homes to be
constructed in the neighborhood on the additional lots, and the Agency approved
two DDA amendments with Century in the past year: the first to adjust the
allowable sales price based on the annual affordable housing numbers published
by HUD; and, to amortize the Agency's buyer's assistance (of up to $50,000) to
allow qualified buyers to build equity in the homes, since state law requires an
equity share heavily in favor of the Agency, through the price appreciation.
This Amendment with Highland Palm Springs Venture combines the two
amendments made under the Century Homes DDA into a single amendment.
FISCAL IMPACT: Finance Director Review;
No additional subsidy is anticipated; however, the ability to recapture the full
$50,000 in the "silent" loan upon resale would be reduced over the five year
period.
ZOHtNS RA M ND THOMAS J. WI ON
of Co unity & Assistant City anager
Economic Development Development Services
DAVID H. READY—
Executive Director
ATTACHMENTS:
1. Agency & City Resolutions
2. Public Hearing Notice
3. Amendment No. 2 to Disposition and Development Agreement
RESOLUTION NO.
A RESOLUTION OF THE CITY OF PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY APPROVING
AMENDMENT NO. 2 TO, A DISPOSITION AND
DEVELOPMENT AGREEMENT ("DDA") BETWEEN A
RESOLUTION OF THE CITY OF PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY APPROVING
AMENDMENT NO. 1 TO A DISPOSITION AND
DEVELOPMENT AGREEMENT ("DDA") BETWEEN THE
HIGHLANDS PALM SPRINGS VENTURE, A NEVADA
LIMITED LIABILITY COMPANY AND THE COMMUNITY
REDEVELOPMENT AGENCY, ADJUSTING THE ALLOWED
MODERATE INCOME SALES PRICE BASED ON THE
MARCH, 2006 HUD INCOME GUIDELINES AND ADJUSTING
THE TERMS OF THE AGENCY BUYER ASSISTANCE NOTE
TO ALLOW IT TO AMORTIZE OVER A PERIOD OF FIVE
YEARS, FOR 4 SINGLE FAMILY INFILL HOMES FOR
MODERATE INCOME HOUSEHOLDS IN THE DESERT
HIGHLAND GATEWAY AREA OF MERGED PROJECT AREA
#1
-------------..----------
NOW THEREFORE BE IT RESOLVED by the Community Redevelopment Agency of
the City of Palm Springs that Amendment No. 1 to a Disposition and Development
Agreement with Highland Palm Springs Venture, LLC adjusting the allowed moderate
income sales price based on the March, 2005 HUD income guidelines for five single
family infill homes homes for moderate income households in the Desert Highland area
of Merged Area #1 and adjusting the terms of the Agency Buyer Assistance Note to
allow the note to amortize over a period of five years, based on buyer occupancy in the
home, for four (4) single family infill homes for moderate income households in the
Desert Highland Gateway area of the city, north of Las Vegas Road is hereby approved
and the Executive Director or his designee is hereby authorized to execute all
documents related to the Agreement.
ADOPTED this day of 2006.
AYES:
NOES:
ABSENT:
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS,
CALIFORNIA
By
Assistant Secretary Chairman
REVIEWED & APPROVED AS TO FORM
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, CONCURRING WITH THE
COMMUNITY REDEVELOPMENT AGENCY REGARDING
THE APPROVAL OF AMENDMENT NO. 1 TO A
DISPOSITION AND DEVELOPMENT AGREEMENT ("DDA")
BETWEEN THE HIGHLANDS PALM SPRINGS VENTURE, A
NEVADA LIMITED LIABILITY COMPANY AND THE
COMMUNITY REDEVELOPMENT AGENCY, ADJUSTING
THE ALLOWED MODERATE INCOME SALES PRICE BASED
ON THE. MARCH, 2006 HUD INCOME GUIDELINES AND
ADJUSTING THE TERMS OF THE AGENCY BUYER
ASSISTANCE NOTE TO ALLOW IT TO AMORTIZE OVER A
PERIOD OF FIVE YEARS, FOR 4 SINGLE FAMILY INFILL
HOMES FOR MODERATE INCOME HOUSEHOLDS IN THE
DESERT HIGHLAND GATEWAY AREA OF MERGED
PROJECT AREA #1
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs
that Amendment No. 1 to a Disposition and Development Agreement with Highland
Palm Springs Venture, LLC adjusting the allowed moderate income sales price based
on the March, 2005 HUD income guidelines for five single family infill homes homes for
moderate income households in the Desert Highland area of Merged Area #1 and
adjusting the terms of the Agency Buyer Assistance Note to allow the note to amortize
over a period of five years, based on buyer occupancy in the home, for four (4) single
family infill homes for moderate income households in the Desert Highland Gateway
area of the city, north of Las Vegas Road is hereby approved and the City Manager or
his designee is hereby authorized to execute all documents related to the Agreement.
ADOPTED this day of , 2006.
AYES:
NOES:
ABSENT:
ATTEST: THE CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk Mayor
REVIEWED & APPROVED AS TO FORM
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
Community Redevelopment Agency of the
City of Palm Springs
P.O. Box 2743
Palm Springs, CA 92263
Attn: Assistant Secretary
AMENDMENT NO. 1 TO A DISPOSITION AND DEVELOPMENT
AGREEMENT ("DDA") BETWEEN THE HIGHLANDS PALM SPRINGS
VENTURE, LLC AND THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS, CALIFORNIA
This Amendment No. 1 to the Disposition and Development Agreement (the "First
Amendment") is entered into effective this day of
2006, by and between THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY
OF PALM SPRINGS (hereafter referred to as the "AGENCY') and THE HIGHLANDS
PALM SPRINGS VENTURE, LLC (hereafter referred to as the "OWNER").
RECITALS
WHEREAS, the Community Redevelopment Agency of the City of Palm Springs (the
"Agency")has established an affordable housing setaside fund in accordance with Section
33000 et. seq. of the California Health and Safety Code; and
WHEREAS, the funds are earmarked for the acquisition, construction, or rehabilitation of
affordable housing to benefit the community; and
WHEREAS, the Agency solicited proposals from builders and developers interested in
constructing affordable single-family homes on Agency-owned parcels in the Desert
Highland Gateway neighborhood, and received a successful proposal from The Highlands
Palm Springs Venture, LLC; and
WHEREAS, the Agency and Developer have entered a Disposition and Development
Agreement whereby the Developer would construct four single-family homes on Agency-
owned lots in the neighborhood on lots shown in Exhibit "A" (Legal Description); and
WHEREAS, Section 33430 of the Community Redevelopment Law allows that an agency
may, "for purposes of redevelopment, sell, lease, for a period not to exceed 99 years,
exchange, subdivide, transfer, assign, pledge, encumber by mortgage, deed of trust, or
otherwise, or otherwise dispose of any real or personal property or any interest in
property;" and
Highlands Palm Springs Venture, LLC Page 1 of 5
Amendment No. 1 to DDA
WHEREAS,the Developer agreed to restrict,though a Regulatory Agreement approved as
an attachment to the Disposition and Development Agreement, the resale provisions on
the four homes to make the homes affordable to families with no more than 110% of Area
Median Income (AM]); and
WHEREAS, the Agency agreed to provide assistance to the buyers in an amount up to
$50,000, in the form of a "silent second" loan.
NOW THEREFORE, the Parties mutually desire to amend the Amended Disposition and
Development Agreement as follows:
Section 1. The Parties agree that Regulatory Agreement and Declaration of Covenants
and Restrictions shall be amended as follows:
The Section that reads:
Note Repayment Amount. The entire Agency Loan shall be due and payable
at the end of the Affordability Period, or upon the occurrence of an Event of Acceleration
pursuant to Section 7, whichever is earlier. When the Agency Loan becomes due and
payable for any reason, Owner shall pay to Agency the entire Note Amount, plus simple
interest for the entire Note Amount at the rate of three percent (3%) per annum
commencing on the date of the Promissory Note ("Note Date"). If the Agency Loan
becomes due because of an Event of Acceleration, then in addition to the principal and
interest due to Agency, and regardless of when the Event of Acceleration occurs, Owner
shall pay to Agency an early termination charge equal to ten percent (10%) of the entire
Note Amount."
shall be replaced with:
Repayment by Maker. This is a deferred loan. Unless the conditions of Section 8
of the Agreement are met("Due on Sale; Due on Encumbrance"), the Maker will not make
payments on this note. Instead, interest in the amount of three percent (3%) per annum
shall accrue on the 15th day of each calendar month after the Interest Accrual
Commencement Date until principal and interest have been fully amortized. On the
anniversary date of the Interest Accrual Commencement Date, an amount equal to twenty
percent (20%)of the original principal shall be forgiven by the Agency. The accumulated
interest shall be forgiven on the sixth anniversary date of the Interest Accrual
Commencement Date.
Section 2. The Parties agree that the Agency/Purchaser Promissory Note shall be
amended as follows:
The Section that reads:
Time of Payment. Repayment of the Note Amount shall be made upon the
expiration of the Affordability Period set forth in the Affordable Housing Agreement, unless
Highlands Palm Springs Venture, LLC Page 2 of 5
Amendment No. 1 to DDA
and except upon the occurrence of an Event of Acceleration as described in Section 7 of
the Affordable Housing Agreement.
Note Repayment Amount. The entire Agency Loan shall be due and payable at
the end of the Affordability Period, or upon the occurrence of an Event of Acceleration
pursuant to Section 7 of the Affordable Housing Agreement,whichever is earlier. Borrower
shall pay to Agency the entire Note Amount, plus simple interest for the entire Note
Amount at the rate of [three percent (3%)] per annum commencing on the Note Date. If
the Agency Loan becomes due because of an Event of Acceleration, then in addition to
the principal and interest due to Agency, and regardless of when the Event of Acceleration
occurs, Borrower shall pay to Agency an early termination charge equal to ten percent
(10%) of the entire Note Amount.
shall be replaced with:
Repayment by Maker. This is a deferred loan. Unless the conditions of Section 8
of the Agreement are met("Due on Sale; Due on Encumbrance"), the Maker will not make
payments on this note. Instead, interest in the amount of three percent (3%) per annum
shall accrue on the 15th day of each calendar month after the Interest Accrual
Commencement Date until principal and interest have been fully amortized. On the
anniversary date of the Interest Accrual Commencement Date, an amount equal to twenty
percent (20%) of the original principal shall be forgiven by the Agency. The accumulated
interest shall be forgiven on the sixth anniversary date of the Interest Accrual
Commencement Date.
Section 3. The Parties agree that all other terms and conditions of the agreement shall
remain unchanged.
WHEREAS, the DDA set the sales price for the homes at $229,000 based on the
affordable housing guidelines for moderate income households and the amount of buyer
assistance proposed by the Agency but anticipated that the annual allowable sales price
would allow per the HUD-issued income guidelines for Riverside and San Bernardino
Counties, issued in March of each year.
NOW THEREFORE, the Parties mutually desire to amend the Disposition and
Development Agreement as follows:
Section 1. The Parties agree that the selling price for each home sold by Developer to
Buyer is subject to the annual adjustment in the Consumer Price Index for the Los
Angeles-Orange-Riverside County as adjusted in March of each year and used bythe U.S.
Department of Housing and Urban Development to produce the affordable housing
guidelines for the Riverside-San Bernardino County areas.
Section 2. The original agreed-upon sales price of $229,990 in the DDA has been
adjusted to $235,900.
Highlands Palm Springs Venturc, LLC Page 3 of 5
Amendment No. 1 to DDA
Section 3. If unsold, the annual allowable sales price for each house sold by Developer
to buyer would be adjusted in March of each year based on the annual adjustment in the
Consumer Price Index for the Los Angeles-Orange-Riverside County and used by the U.S.
Department of Housing and Urban Development to produce the affordable housing
guidelines for the Riverside-San Bernardino County areas.
Section 4. The Parties agree that all otherterms and conditions of the agreement shall
remain unchanged.
IN WITNESS WHEREOF, the parties have executed and entered into this
Amendment as of the date stated below.
DATED this day of 2006.
"AGENCY'
THE COMMUNITY REDEVELOPMENT
AGENCYOF THE CITY OF PALM
SPRINGS, a public body, corporate and
politic
Date Chairman
ATTEST:
Assistant Secretary
APPROVED AS TO FORM:
WOODRUFF, SPRADLIN & SMART, LLP
Agency Counsel
"DEVELOPER"
THE HIGHLANDS PALM SPRINGS
VENTURE, LLC,
a Nevada limited liability corporation
Date Name:
Title:
[END OF SIGNATURES]
Highlands Palm Springs venture, LLC Page 4 of 5
Amendment No. 1 to DDA
THE HIGHLANDS PALM SPRINGS VENTURE, LLC
AMENDMENT NO. 1 TO THE DDA
EXHIBIT "A"
LEGAL DESCRIPTION
Lot 183, 187, 223, and 224 of the Desert Highland Estates, in the City of Palm Springs,
as shown by Map on file in Book 24, Page(s) 53 and 54 of Maps, in the office of the
County Recorder of Riverside County, California.
Excepting and reserving therefrom all oil, gas, hydrocarbon substances and minerals of
every kind and character lying more than five hundred feet (500') below the surface,
togetherwith the right to drill into, through, and to use and occupy all parts of the Site lying
more than five hundred feet (500') below the surface thereof for any and all purposes
incidental to the exploration for and production of oil, gas, hydrocarbon substances or
minerals from the Site but, without, however, any right to use eitherthe surface of the Site
or any portion thereof within five hundred feet (500') of the surface for any purpose or
purposes whatsoever.
Highlands Palm Springs Venture, LLC Page 5 of 5
Amendment No. 1 to DDA
NOTICE OF JOINT PUBLIC HEARING
COMMUNITY REDEVELOPMENT AGENCY AND CITY COUNCIL
CITY OF PALM SPRINGS
AMENDMENT NO. 1 TO DEVELOPMENT AND DISPOSITION AGREEMENT
WITH HIGHLAND PALM SPRINGS VENTURE, LLC
NOTICE IS HEREBY GIVEN, that the Community Redevelopment Agency and the City Council of the City of Palm
Springs will hold a Joint Public Hearing in the City Council Chamber, located at 3200 E. Tahquitz Canyon Way,
Palm Springs, at 6:00 p.m., September 20, 2006, to consider the following:
Amendment No. 1 to a Disposition and Development Agreement("DDA")between Highlands Palm Springs
Venture, LLC and the Community Redevelopment Agency of the City of Palm Springs,amending the terms
of the Agency's second trust deed note for the Buyer's assistance to provide for an amortization of the note
and that the selling price for each home sold by Developer to Buyer is subject to the annual adjustment in
the Consumer Price Index for the Los Angeles-Orange-Riverside County as adjusted in March of each year
and used by the U.S. Department of Housing and Urban Development to produce the affordable housing
guidelines of the Riverside-San Bernardino County areas on four(4)single-family infill homes for moderate
income households in the Desert Highland Gateway area of the city, north of Las Vegas Road, Palm
Springs, CA.
The Community Redevelopment Agency of the City of Palm Springs("Agency")entered into a DDA with Highlands
Palm Springs Venture, LLC in May 2006, for the purpose of developing four (4) moderate income single-family
homes in the Desert Highland Gateway area of the City. Amendment No. 1 would provide for the Agency to be
able to amortize the second trust deed note recorded against each of the properties (the "Promissory Note and
Deed of Trust") to provide for amortization of the note over a certain period of time, thereby reducing the lien to
buyers that continue to occupy these homes and establishing equity in the homes. Certain resale restrictions
would remain against the property; such subsidy shall be repayable subject to the terms contained in the
Promissory Note and Deed of Trust. Amendment No. 1 also provides for an annual adjustment of the purchase
price by the Consumer Price Index.
The staff report and other supporting documents, including a copy of the DDA Amendment and Resolution,
prepared in accordance with Health and Safety Code Section 33433, are also available for public review at City
Hall between the hours of 8:00 a-m. and 5:00 p.m., Monday through Friday. Please contact the City Clerk's
Department at (760) 323-8204 if you would like to schedule an appointment to review these documents.
Response to this notice may be made verbally at the Public Hearing and/or in writing before the hearing.Written
comments may be made to the Community Redevelopment Agency/City Council by letter (for mail or hand
delivery) to:
James Thompson, Assistant Secretary/City Clerk
3200 E. Tahquitz Canyon Way
' Palm Springs, CA 92262
Any challenge of the proposed amendment in court may be limited to raising onlythose issues raised atthe public
hearing described in this notice, or in written correspondence delivered to the Assistant Secretary/City Clerk at, or
prior, to the public hearing. (Government Code Section 65009(b)(2)).
An opportunity will be given at said hearing for all interested persons to be heard- Questions regarding this case
may be directed to John Raymond, Director of Community and Economic Development, (760) 322-8321,
Si necesita ayuda con esta carta, porfavor flame a la Ciudad de Palm Springs y puede hablar can-Nadine F,ieger
telefono (760) 323-8245. _
PL
?esThompsonnt Secretary/City Clerk
PROOF Of PUBLICATION This Is space for County Clerk's Fdmg stamp)
(2015.5.C.C.P) ZG ,�S"_v!' a 5
NOTICE OF JOINT PUBLIC HEARING
COMMUNITY REDEVELOPMENT AGENCY
S PATE Of CALIFORNIA AND CITY COUNCIL
C CITY OF PALM SPRINGS
County of Riverside
AMENDMENT NO, i TO DEVELOPMENT
AND DISPOSITION AGREEMENT WITH
HIGHLAND PALM SPRINGS VENTURE,LLC
NO- olpgnVJthet trw Reedev Redevelopment Agency City tI Community
the G"y of Palm springs will hold a Joint Public
Hearing In the Clty m Council Chaber, located at
3.00 E. Tahquitz Canyon Wayy, Palm Spring,:, at
I am a citizen of the United States and a resident of fol0lown 19. September 2�. 200G, to consider the
the County aforesaid;I am over the age of eighteen - Amendment-No.-'�Lso 1 DispaOtion and Devclrip
years,and not a party to or interested in the mant Agreement ( DDA"1 lactween Highlands
Palm SpringsVcrture, LLC and the Community
above-entitled matter.I am the principal clerk of a ReCcveiopment Agency of the Cdy of Palm
Springs, amending the terms or the Agency's
printer of tile,DESERT SUN PUBLISHING -econd irUzi deed nets for itlIly Buyer's asistance
er COMPANY a newspaper of general circulation, to provide for an amortizalioh of the note and that
P P tho selling once for each home^old by Devulaper
printed and published in the city of Palm Springs, to Buyer is sublect to the annual a �ustment in
ilia Consumer Price Index for the Las Angelus-
County of Riverside,and which newspaper has been orange-Riverside County as adjusted In March of
adjudged a newspaper of general circulation by the each year and u.cd by the U.S. Dep,irtment of
Housinq and urban Development to produce the
Superior Court of the Count of Riverside,State of dffordabie housing guidelines of the Riverside-San
p Y Bernardino COLD y areas on four (4) singie-family
California under the date of March 24, 1988.Case Inhll homes Ier moderate income household;' in
the Desert 1-Iinhland Gatowey aruq of Ili, city,
Number 191236;that the notice,of which life north or Las ega: Road, Palm Springs, CA.
annexed is a printed copy(set in type not smaller The Communny Redevelopment Agency of the
than non lariul,has been published in each regular DD w Pllm 3pring„ ("Agency') entered into a
1 p g DDGltA wdh Highlands Palm Springs Venture,LLC in
and entire issue of said newspaper and not In any May 2006, for the Ourpp0*0 of developing tour (4)
moderate income smgie-famlly homes In the Des-
supplement thereof on the following dates,to wit: ert Hiqhland Gateway area of the Cll'y. Amend.
Mont No. t would provide for the Agency to be
able to amorize the second trust deed note re-
September corded against each of the properties(the "Prom-
5eptember 6 , 13 .200E io.:ory Note and Deed of Trust ) to provide for
amonlr,„Ilion of tll(• note over a certain period of
---'"""""""`------------ """'�"""""'""`--------- tend, thereby roducing the lien to buyers that
continue t6 occupy those hoipi•a and establishing
-- , equity in the homes. Certam resale restrictions
----------,---------------------- " would remain ag.Inst the pro pperty; such subsidy
hall be repayable;•ubI'oct to the terms gantalned
All in the year 2Rg6 In the Proml^sot Note and Deed of Tru.:f,
Amendment No.1 also provides for an annual ad-
1ustment or the purchase price by the Consumer
1 certify(or declare) under penalty of perjury that the Pntx Index.
foregoing is true and Correct. The staff report and other supporting document.,
Including a cagy of me DO A Amendment and
Rosoludon prepared in accordance with Health
Dated at Palm Springs,California this—13i', --day and Safety Cade Section 33433, are also svall-
y able for public review at City Hall between the
hours of 8:00 a rn_rand 5:Oo_;_ml Monday -. . . —
througll Friday. P_Ica.:a contact the City Gerk's
of--------Sep(L`m ----- ---A------- ---,2006 Department at(7.60)323-8204 if you would like to
schedule an appointment to review"these docu-
ments.
Response to this noticr may be made verbally at
the Public Hearing and/or In writing before the
-- hearing, Written comments m ly be made to the
_,�-- -' -_,.,,—-- —".- Community Hedavelopment Agency/City Council
by letter(for mall or hand delivery) to:
Sign ere
Jnt S Thompson,
Assistant Sacretery/City Clerk
3200E Tahqule, Canyyon Way
. Palm Springs, CA�92262
Any challenge of the propoaod amendment In
court may be limited ro raising only those Issues'
raised at t'ha ppublic hearing described In this no-
tics,or in wrltten correspondence dellvered to the
Assl^tint Secretary/City CIRnc at, or prior.to the
L�% — , W kJ-0 AnQ0pporta)aring.y w (Government Code Section
t/1 I (]Vf'1 l/LWy'-1y, W.
interested
rested err will to given at said stony, for dall
-
�1 nS this
sersa y be di heard.questions mono-
ir this case may be dlrand to Johq p evelop-
Director 0) Community and Economic Develop-
ment, (7G0J 322-6321.
Si necesila ayuda can csta cana,'poravor Ilame a
Is Ciudad de Palm Springg yy puede riblar can
Nadine Fieger lelefono (750) 32S-8245,
.IaM�.:Y on>F i1&o_n`
A•aiptant Seen Lary/Llty Oloi@
Punllehed: 0/6;9/13/2006