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City Council Staff Report
DATE: DECEMBER 6, 2006 ADDED STARTER
SUBJECT: APPROVAL OF TWO BUDGET RESOLUTIONS TO EFFECTUATE A
SUBLEASE TO BUSINESS LEASE PSL-236 (AGUA CALIENTE
RESERVATION) WITH UNITED CONDOMINIUMS CORPORATION, A
CALIFORNIA CORPORATION, FOR A 1.77 ACRE PARCEL AT THE
SOUTHWEST CORNER OF AMADO ROAD AND CALLE ALVARADO
FOR THE PURPOSE OF FUTURE CONVENTION CENTER
EXPANSION, INCLUDING TURNAROUND AND DROP-OFF AREAS,
OUTDOOR SEATING AND SCUPTURE AREAS, AND PRESERVATION
OF THE MOUNTAIN VIEW
FROM: David H. Ready, City Manager
BY: Community & Economic Development Department
SUMMARY:
This action approves the two budget resolutions necessary to make the payments to
close on the Sublease of PSL-236 ("Agreement") for a 1.77 acre parcel at the southwest
corner of Amado Road and Calle Alvarado approved by the City Council on September
7, 2006 with United Condominium Corporation, the Sublease was executed by the City
on November 29, 2006 and the initial lease payment of $110,000 was made on
November 30. On December 4, 2006 the Lessee informed the City that their Settlement
,Agreement with the allottees required that their share of the $1,260,000 be made as a
signing bonus payable within five days of the execution of the Agreement, hence the
need for the City to approve the budget resolutions today to allow payment to be made
this week, rather than later in December as anticipated. .
CITY COUNCIL RECOMMENDATION:
1. Adopt Resolution No. , "A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF PALM SPRINGS, CALIFORNIA, AMENDING THE BUDGET FOR
THE 2006-07 FISCAL YEAR.
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UCC Sublease to Business Lease PSL-236
December 6,2006
Page 2
2. Adopt Resolution No. , "A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF PALM SPRINGS, CALIFORNIA, AMENDING THE BUDGET FOR
THE 2006-07 FISCAL YEAR.
John . Rayrh d, Director of Tom Wilson
unity E nomic Development Assistant City Manager
David H. Ready��
City Manager
Attachments:
1. Budget Resolutions (2)
RESOLUTION NO,
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AMENDING THE BUDGET
FOR THE 2006-07 FISCAL YEAR.
WHEREAS Resolution 21611 approving the budget for the fiscal year 2006-07 was
adopted on June 7,2006; and
WHEREAS the City Manager has recommended, and the City Council desires to
approve, certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to
record inter-fund cash transfers as required in accordance with this Resolution, and
that Resolution 21611, adopting the budget for the 2006-07 fiscal year is hereby
amended as follows:
SECTION 1. ADDITIONS
Fund Activity Account Amount
112 Convention Center 2080-XXX $110,000
Purpose 2006 Lease Payment for BSL-236
SECTION 2. SOURCE
Fund Activit Account Amount
112 Fund Balance 29301 $110,000
ADOPTED THIS day of 2006.
David H. Ready, City Manager
ATTEST:
James Thompson, City Clerk
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. 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
by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, City Clerk
City of Palm Springs, California
RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AMENDING THE BUDGET
FOR THE 2006-07 FISCAL YEAR.
WHEREAS Resolution 21611 approving the budget for the fiscal year 2006-07 was
adopted on June 7,2006; and
WHEREAS the City Manager has recommended, and the City Council desires to
approve, certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to
record inter-fund cash transfers as required in accordance with this Resolution, and
that Resolution 21611, adopting the budget for the 2006-07 fiscal year is hereby
amended as follows:
SECTION 1. ADDITIONS
Fund Activity Account Amount
112 Convention Center 2080-XXX $1,260,000
Purpose Pay up front case for PSL-236 with loan from Diversion Facility Fund
per Source Resolution 21409
SECTION 2. SOURCE
Fund Activity Account Amount
125 Loans Receivable XXX $1,260,000
ADOPTED THIS day of , 2006.
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David H. Ready, City Manager
ATTEST:
James Thompson, City Clerk
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. 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
by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, City Clerk
City of Palm Springs, California