HomeMy WebLinkAbout21715 - RESOLUTIONS - 9/20/2006 RESOLUTION NO. 21715
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, CONCURRING WITH THE
COMMUNITY DEVELOPMENT AGENCY REGARDING
THE APPROVAL OF AMENDMENT 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. A0494C.
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 Highlands
Palm Springs Venture, LLC adjusting the allowed moderate income sales price based
1 on the March, 2006 HUD income guidelines for four (4) single family infill 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 20th day of September, 2006.
David H. Ready, City Man;Pry
ATTEST:
'rrries Thompson, City Cler<
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Resolution No. 21715
Page 2
CERTIFICATION I
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. 21715 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 20, 2006, by the
following vote:
AYES: Councilmember McCulloch, Councilmember Mills, Councilmember
Pougnet, Mayor Pro Tern Foat, and Mayor Oden.
NOES: None.
ABSENT: None.
ABSTAIN: None.
es Thompson, City Clerk
City of Palm Springs, California
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