HomeMy WebLinkAbout9/5/2007 - STAFF REPORTS - 1.D. �a pALM gpR
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'izoRN�4 City Council Staff Report
DATE: SEPTEMBER 5, 2007 PUBLIC HEARING
SUBJECT: PUBLIC HEARING TO APPROVE A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, MAKING
CERTAIN FINDINGS PURSUANT TO HEALTH AND SAFETY CODE
SECTION 33445 RELATING TO THE ACQUISITION OF LAND BY THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS
FROM: David H_ Ready, City Manager
BY: Community & Economic Development Department
SUMMARY:
Section 33679 of the CRL states that before a redevelopment agency commits to use
the portion of taxes to be allocated and paid to an agency pursuant to subdivision (b) of
Section 33670 of the CRL (tax increment financing) for the purpose of paying all or part
of the value of land for, and the cost of the installation and construction of, any publicly
owned building, other than parking facilities, the legislative body shall hold a public
hearing.
A Summary Report describing the transaction was prepared pursuant to Sections
33445 and 33679 of the CRL and includes the following:
(a) Estimates of the amount of such taxes proposed to be used to pay for such
land and construction of any publicly owned building, including interest
payments.
(b) Sets forth the facts supporting the determinations required to be made by the
legislative body pursuant to Section 33445.
(c) Sets forth the redevelopment purpose for which such taxes are being used to
pay for the land and construction of such publicly owned facilities.
ITEM NO. �p
CRL Section 33445 states that an agency may, with the consent of the legislative body,
pay all or a part of the value of the land for and the construction of any building, facility
or structure, or other improvement which is publicly owned either within or without the
project area, if the legislative body determines all of the following:
(1) That the buildings, facilities, structures or other improvements are of benefit
to the project area or the immediate neighborhood in which the project is
located, regardless of whether the improvement is within another project
area, or in the case of a project area in which substantially all of the land is
publicly owned that the improvement is of benefit to an adjacent project area
of the Agency.
(2) That no other reasonable means of financing the buildings, facilities,
structures, or other improvements, are available to the community.
(3) That the payment of funds for the acquisition of land or the costs of buildings,
facilities, structures, or other improvements will assist in the elimination of
one or more blighting conditions inside the project area or provide housing
for low or moderate income persons, and Is consistent with the
implementation plan adopted pursuant to CRL Section 33490.
In addition, CRL Section 33445 states that, for redevelopment plans adopted after
1976, acquisition of property and installation and construction of each facility shall be
provided for in the redevelopment plan.
RECOMMENDATION:
1. A RESOLUTION "A RESOLUTION OF THE CITY OF PALM SPRINGS,
CALIFORNIA, MAKING FINDINGS PURSUANT TO HEALTH AND SAFETY
CODE SECTION 33445 RELATING TO PAYMENT OF ALL OR PART OF THE
COSTS OF ACQUISITION OF SUBLEASEHOLD INTEREST WITHIN MERGED
REDEVELOPMENT PROJECT NO. 2, BENEFITING MERGED
REDEVELOPMENT PROJECT AREA NO.I"
FISCAL IMPACT:
In 2004, construction began on the expansion of the City's Convention Center. The
Convention Center expansion generated additional developer interest in the area
surrounding the facility, including the expected development of two new hotels — the
Hard Rock Hotel and the Mondrian Hotel. Further, the Agua Caliente Spa and Casino
greatly expanded its facility in the immediate area. As a result of this activity, there are
very few remaining vacant parcels of land immediately adjacent or in close proximity to
the Convention Center that are available for either (1) a future expansion of the
Convention Center, (2) additional public and private parking for the Convention Center
and anticipated new hotels, or (3) additional hotel development to serve the Convention
000002
Center. A 9.62 acre parcel subleased by PS Venture Cabal leros/Amado, LLC (the
"Parcel") is one such property. The Parcel is currently leased by the City under the
City's Master Lease with individual members of the Agua Caliente Band of Cahuilla
Indians and is subleased to PS Venture Caballeros/Amado, LLC (the "Sublessee").
The City wishes to acquire the leasehold interest from the Sublessee and control the
site for future development of public and/or private facilities. The cost to acquire the
subleasehold interest is $7.804 million and is payable on or before October 4, 2007.
This allocation relieves the City's General Fund and Community Promotion Fund,
which currently pay the Convention Center debt service, of that amount.
3John . R ym nd, Director of Tom Wilsonit conomic Development Assistant taty Manager
DAVID H. READY
Executive Director
Attachments:
1. City Resolution
2. Summary Report
3. Public Hearing Notice
000003
RESOLUTION NO.
A RESOLUTION OF THE CITY OF PALM SPRINGS,
CALIFORNIA, MAKING FINDINGS PURSUANT TO
HEALTH AND SAFETY CODE SECTION 33445
RELATING TO PAYMENT OF ALL OR PART OF
THE COSTS OF ACQUISITION OF
SUBLEASEHOLD INTEREST WITHIN MERGED
REDEVELOPMENT PROJECT NO. 2, BENEFITING
MERGED REDEVELOPMENT PROJECT AREA
NO-1
City Attorney Summary
This resolution establishes findings regarding the
need for a leasehold to benefit Merged Project Area
Nos. 1 and 2, satisfying Health and Safety Code
Section 33445.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, FINDS:
A. The City Council of the City of Palm Springs adopted the Amended and
Restated Redevelopment Plans for Merged Redevelopment Project No_ 1 and
Merged Redevelopment Project No. 2 (collectively, the "Project Areas") on
February 19, 2003 by Ordinance Nos. 1623 and 1624 and amended said
Redevelopment Plans on May 5, 2004 by Ordinance Nos. 1649-1652.
B. In July, 2006, the Community Redevelopment Agency ("Agency")
approved the development of a "Design for Development" Master Plan for
Downtown and the Section 14 area surrounding the Convention Center, under
Section 617 of the Merged Redevelopment Plans, to serve as a catalyst for the
development of property surrounding the Palm Springs Convention Center,
turning it into a quality destination resort, increasing hotel rooms and Transient
Occupancy Tax revenues, and fostering a linkage between Downtown and the
Convention Center to help maximize development of both areas.
C. The Agency wishes to acquire a subleasehold interest in certain real
property (the "Leasehold") within Merged Project Area No. 2 described above,
generally being 9.62 acres located at the intersection of Amado Road and
Avenida Cabelleros.
D. The Leasehold property is adjacent to the City's Convention Center and
the City must ensure future development of the Leasehold property will be
compatible with the needs of the Convention Center, which can include additional
hotel development, parking or future Convention Center expansion. Future
development on the Leasehold property may include publicly-owned buildings,
facilities, structures, or other improvements within the meaning of Health &
Safety Code Section 33445 (the "Statute").
545"v' 000004
City of Palm Springs
Resolution No.
September 5, 2007
Page 2
E. Future development of the site will assist in eliminating blighting conditions
caused by inadequate parking in and around the Convention Center and
downtown and the increased convention and tourism activity will provide
additional opportunities to redevelop underperforming commercial development
in the northern gateway to the City.
F, In 2004, the City issued $62,395,000 Lease Revenue Bonds, 2004 Series
A (Convention Center Expansion Project) to fund the approximately 100,000
square feet of additional meeting space, exhibit space, food service area and
circulation at the Convention Center (the "Improvements").
G. The Improvements resulted in the recent construction of privately financed
and owned facilities within Merged Redevelopment Project Area No. 1 and
Merged Redevelopment Project Area No. 2.
H. Those privately owned facilities produce additional property tax increment
for the two Project Areas.
I. Based on the significant increase in property tax increment, the Agency
has authorized the issuance of tax allocation bonds (the "Bonds"), expected to
occur in September 2007.
J. Section 33679 of the California Redevelopment Law, California Health and
Safety Code Section 33000 et. seq. (the "CRL°) states: "[b]efore a redevelopment
agency commits to use the portion of taxes to be allocated and paid to an agency
pursuant to subdivision (b) of Section 33670 [tax increment financing] for the
purpose of paying all or part of the value of the land for, and the cost of the
installation and construction of, any publicly owned building, other than parking
facilities, the legislative body shall hold a public hearing."
K. The allocation of proceeds of the Bonds to the acquisition of the
Leasehold property is consistent with the Agency's Implementation Plan.
L. All of the findings and determinations made herein were based upon
careful consideration and analysis of all relevant evidence.
THE CITY OF PALM SPRINGS, CALIFORNIA, DOES HEREBY RESOLVE AS
FOLLOWS:
SECTION 1. The City of Palm Springs determines, based on the recitals
contained in this resolution and the findings and facts provided in this resolution,
the agenda report, public testimony, and any other relevant and supporting
evidence, and in full accordance with the provisions of the Statute, all of the
s45i191 000005
City of Palm Springs
Resolution No.
September 5, 2007
Page 3
following:
(1) The buildings, facilities, structures, or other improvements are of
benefit to the Project Areas or the immediate neighborhood in which
the project is located, regardless of whether the improvement is within
another project area, or in the case of a project area in which
substantially all of the land is publicly owned that the improvement is of
benefit to an adjacent project area of the Agency.
(2) No other reasonable means of financing the buildings, facilities,
structures, or other improvements, are available to the community.
(3) The payment of funds for the acquisition of land or the costs of
buildings, facilities, structures, or other improvements will assist in the
elimination of one or more blighting conditions inside the Project Areas
or provide housing for low- or moderate-income persons, and is
consistent with the implementation plan adopted pursuant to California
Health and Safety Code Section 33490,
PASSED, APPROVED, AND ADOPTED THIS DAY OF SEPTEMBER,
2007.
RONALD ODEN, MAYOR
ATTEST:
James Thompson, City Clerk
5451191 O00006
City of Palm Springs
Resolution No.
September 5, 2007
Page 4
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, do hereby certify
that Resolution No. is a full, true and correct copy, and was
adopted at a regular meeting of the Palm Springs City Council on the
day of , 2007, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, City Clerk
City of Palm Springs, California
5451 000007
SUMMARY REPORT PURSUANT TO
SECTIONS 33445 AND 33679
OF THE CALIFORNIA COMMUNITY REDEVELOPMENT LAW
ON THE ACQUISITION OF LAND BY THE
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS
INTRODUCTION
The following Summary Report (Report) has been prepared pursuant to Sections 33445
and 33679 of the California Health and Safety Code, also known as the California
Community Redevelopment Law (CRL). As described below, the Agency intends to
acquire the sub-leasehold interest of PS Venture Caballeros/Amado, LLC in
approximately 9.62 acres of land adjacent to the City's Convention Center and expects to
make payments with proceeds of tax allocation bonds secured by tax increment funds.
LEGISLATIVE REQUIREMENTS
Section 33679 of the CRL states that before a redevelopment agency commits to use the
portion of taxes to be allocated and paid to an agency pursuant to subdivision (b) of
Section 33670 of the CRL (tax increment financing) for the purpose of paying all or part
of the value of land for, and the cost of the installation and construction of, any publicly
owned building, other than parking facilities, the legislative body shall hold a public
hearing.
Notice of the time and place of public hearing shall be published in a newspaper of
general circulation in the community for at least two successive weeks prior to the public
hearing. There shall be available for public inspection and copying, at a cost not to
exceed the cost of duplication, a summary, which includes all of the following:
(a) Estimates of the amount of such taxes proposed to be used to pay for such
land and construction of any publicly owned building, including interest
payments.
(b) Sets forth the facts supporting the determinations required to be made by the
legislative body pursuant to Section 33445.
(c) Sets forth the redevelopment purpose for which such taxes are being used to
pay for the land and construction of such publicly owned facilities.
The summary shall be made available to the public for inspection and copying no later
than the time of the first publication of the notice of the public hearing_
000008
CRL Section 33445 states that an agency may, with the consent of the legislative body,
pay all or a part of the value of the land for and the construction of any building, facility
or structure, or other improvement which is publicly owned either within or without the
project area, if the legislative body determines all of the following:
(1) That the buildings, facilities, structures or other improvements are of benefit
to the project area or the immediate neighborhood in which the project is
located, regardless of whether the improvement is within another project area,
or in the case of a project area in which substantially all of the land is publicly
owned that the improvement is of benefit to an adjacent project area of the
Agency.
(2) That no other reasonable means of financing the buildings, facilities,
structures, or other improvements, are available to the community.
Q) That the payment of funds for the acquisition of-land or the costs of buildings,
facilities, structures, or other improvements will assist in the elimination of
one or more blighting conditions inside the project area or provide housing for
low or moderate income persons, and is consistent with the implementation
plan adopted pursuant to CRL Section 33490.
In addition, CRL Section 33445 states that, for redevelopment plans adopted after 1976,
acquisition of property and installation and construction of each facility shall be provided
for in the redevelopment plan.
BACKGROUND
In 2004, construction began on the expansion of the City's Convention Center. The
Convention Center expansion generated additional developer interest in the area
surrounding the facility, including the expected development of two new hotels — the
Hard Rock Hotel and the Mondrian Hotel. Further, the Agua Caliente Spa and Casino
greatly expanded its facility in the immediate area. As a}esult of this activity, there are
very few remaining vacant parcels of land immediately adjacent or in close proximity to
the Convention Center that are available for either (1) a future expansion of the
Convention Center, (2) additional public and private parking for the Convention Center
and anticipated new hotels, or (3) additional hotel developrrtent to serve the Convention
Center. A 9.62 acre parcel subleased by PS Venture Caballeros/Amado, LLC (the
"Parcel") is one such property. The Parcel is currently leased by the City under the
City's Master Lease with the Agua Caliente Band of Cahuilla Indians and is subleased to
PS Venture Cabal leros/Amado, LLC (the "Sublessee")- The City wishes to acquire the
leasehold interest from the Sublessee and control the site for future development of
public and/or private facilities. The cost to acquire the subleasehold interest is $7.804
million and is payable on or before October 4, 2007.
The Agency has two separate redevelopment project areas, created by merging several
underlying projects (the "Project Areas"). The Convention Center and the Parcel are
located in the Tahquitz Andreas component project area of the Agency's Merged Project
No. 2. However, the Agency's Merged Project No. 1 is generally contiguous with
Merged Project No. 2 and has benefited from the expansion of the Convention Center.
For several years prior to the expansion of the Convention Center, tax increment growth
in both Merged Project No. 1 and Merged Project No. 2 had been stagnant. The growth
in assessed value in Merged Project No. 1 since the expansion commenced has been
100%, or $685 million. Likewise, the growth in assessed value in Merged Project No. 2
since the expansion commenced has been 95%, or $395 million. The Agency estimates
that the majority of the assessed value is directly or indirectly related to the expansion.
The ability to acquire the Parcel and reserve space for additional hotel development,
parking and possible future convention center expansion is critical to the future success
of the Convention Center.
Therefore, the cost of the Agency's acquisition of the subleasehold interest in the Parcel
will be shared by both Merged Project No. I and Merged Project No. 2.
The assessed value of Merged Project No. 1 and Merged Project No. 2 has increased
since the expansion was undertaken as shown in the following charts:
Merged Prgiect No. 1
Historical Assessed Values
Project Area 2003/04 2004/05 2005/06 2006107 2007108
Central Business District 5 159,190,080 5 157,311,731 $ 164,498,015 5 187,340,710 $202 574,845
Oasis 15,639,881 15,934,702 21,698,493 32,566,149 51,485,888
North Palm Canyon 97,627,008 113,295,088 125,602208 148,583,727 165,417,034
Highland Gateway 27,507,424 30,708,637 37,442,022 52,858,669 78,084,803
Ramon/13ogic 55,111,434 58,323,857 69,457,851 112,019,097 131,932,197
South Palm Canyon 84,200,382 98,112,989 103,611,517 118,895,361 126,827,118
Project No.9 244 113,785 281 506.017 391 443.517 49 ,)94! ,258 61 1848 762
5 683,392,994 5 755,193,021 5 913,753,623 $1,145,963,971 $1,368,170,637
Pcrccm lncreasc 110i' 210% 25% 19%
0000A
Merged Project No. 2
Historical Assessed 17alues 7
Project Area 2003104 2004105 2005/06 2006/07 2007/09
Barislo-Farrcll 5230,275,055 5272,s22,605 5304,912,088 5356,606,556 5420,872,035
Tahquitz-Andreas 136.576,814 146,550,505 157,432,461 166,965,533 202,061,202
Canyon 47.204,763 53.594,315 99.080a722 114,465.135 186,173,279
5414,056,632 5472,967,425 5551,425 271 3638,037,224 $809,106,516
Percent increase 14% 17% 16% 27%
ESTIMATE OF TAX INCREMENT FINANCING
CRL Section 33679(a) requires the Agency to estimate the amount of tax increment
proposed to be used to pay for the land and construction, including interest payments.
This requirement would apply to the Agency's tax allocation bonds to be issued to fund
the $7.804 million acquisition price of the subleasehold interest. It is estimated that the
Agency will need to borrow a total of$8.5 million to cover the cost of bonding, reserves
and capitalized interest. The total principal and interest payments over the life of the
bonds is expected to be $18.6 million. The estimated annual debt service of $680,000
will be allocated between Merged Project No. 1 ($160,000) and Merged Project No. 2
($520,000). The increase in net tax increment generated by the new development
described above is more than adequate to service the debt required to acquire the
subleasehold interest.
BENEFIT TO PROJECT AREAS; BLIGHT ELIMINATION
The purpose of acquiring the subleasehold interest in the Parcel is to provide a site for(1)
a future expansion of the Convention Center if needed, (2) additional public and private
parking for the Convention Center and anticipated new hotels, or (3) additional hotel
development to serve the Convention Center. Without Agency assistance there would be
no possibility of controlling the site for compatible convention center/hotel uses. Future
develop of the site will assist in eliminating blighting conditions caused by inadequate
parking in and around the Convention Center and downtown and the increased
convention and tourism activity will provide additional opportunities to redevelop
underperfonning commercial development in the northern gateway to the City.
CONFORMANCE WITH THE AB 1290 IMPLEMENTATION PLAN
The acquisition of the subleasehold interest in the Parcel is in conformance with the
Agency's five year Implementation Plan, as amended.
000011
METHODS OF FINANCING AVAILABLE TO THE AGENCY
The Agency has the legal authority and flexibility to implement the revitalization of the
Project Areas utilizing any or all of-the following revenue sources' (1) City; (2) State; (3)
Federal government; (4) tax increment funds in accordance with provision of the existing
CRL; (5) new tax allocation bonds; (6) interest income; (7) loans from private financial
institutions; (8) lease or sale of Agency-owned property; (9) donations; (10) developer
payments, and (11) any other legally available public or private sources.
The City's General Fund is the primary financial source for operating the City; however,
the City has been impacted by the reduction in the number of hotel rooms while 2 major
and several boutique hotels undergo renovation, resulting in a reduction of transient
occupancy tax. Development related revenues are also expected to decrease as a result of
reduced housing activity. The projected cost to acquire the subleasehold interest is
$7.804 million, which if funded by the City's General Fund would require annual debt
service of approximately $680,000. Given the stresses on the existing budget, such a
debt service obligation would be difficult. This is particularly problematic given the
majority (49%) of the City's budget goes to pay for public safety (police and fire). The
unrestricted fund balance in the General Fund represents approximately 10% of annual
appropriations. Therefore, use of General Fund fund balances to pay the acquisition price
would severely deplete resources earmarked for economic uncertainty.
The project cost of the Parcel is approximately $7.8 million, and the Agency proposes to
issue bonds that will be repaid from tax increment.
As a result of the current financial situation of State, Federal and local govenunents, the
City is looking to redevelopment as the last resort to fund the proposed acquisition of the
Parcel. This will allow the City to preserve existing funding levels. There is no other
identified method for financing the acquisition of the Parcel other than by utilization of
the tax increment as described above.
000012
NOTICE IS HEREBY GIVEN that the Palm Springs City Council will be conducting a
public hearing at 6 pm or as soon thereafter as the matter may be heard, on Wednesday,
September 5, 2007 in the City Hall Council Chambers, 3200 E. Tahquitz Canyon Way,
Palm Springs.
The purpose of the public hearing is to consider the use of proceeds of the Community
Redevelopment Agency's tax allocation bonds to acquire the subleasehold interest in
property currently subleased by the City to PS Venture Cabal leros/Arnado, LLC.
At the hearing, the City Council will hear and consider any and all oral and written
communications regarding the proposed funding and thereafter may authorize the use of
funds as contemplated. If you wish to challenge the action(s) taken on this matter, you
may be limited to raising only those issues, which you (or someone else) raised orally or
in written correspondence received by the City at or before the hearing. More infonnation
is available through the Economic Development Department at City Hall or phone (760)
323-8228.
000013
CITY OF PALM SPRINGS
PUBLIC HEARING NOTIFICATION
a
CITY CLERK'S DEPARTMENT
James Thompson, City Clerk
City Council Meeting Date: September 5, 2007
Subject: APPROVAL OF ALL OR PART OF THE COSTS OF THE ACQUISITION OF
SUBLEASEHOLD INTEREST WITHIN MERGED REDEVELOPMENT
PROJECT AREA NO. 2 BENEFITING MERGED REDEVELOPMENT
PROJECT AREA NO. 1
AFFIDAVIT OF POSTING
I, Kathie Hart, CMC, Chief Deputy City Clerk, of the City of Palm Springs, California, do
hereby certify that a copy of the attached Notice of Public Hearing was posted at City Hall,
3200 E. Tahquitz Canyon Drive, on the exterior legal notice posting board and in the Office
of the City Clerk on August 14, 2007.
1 declare under penalty of perjury that the foregoing is true and correct.
Kathie Hart, CMC
Chief Deputy City Clerk
AFFIDAVIT OF PUBLICATION
1, Kathie Hart, CMC, Chief Deputy City Clerk, of the City of Palm Springs, California, do
hereby certify that a copy of the attached Notice of Public Hearing was published in the
Desert Sun on August 20 and August 27, 2007.
I declare under penalty of perjury that the foregoing is true and correct.
l�/�-�'Oz
Kathie Hart, CMC
Chief Deputy City Clerk
00001µ
0
PROOF OF PUBLICATION This is space for County Clcrks Filing Scamp
(2015.5.C.C.P)
STATE OF CALIFORNIA
County of Riverside
I am a citizen of the United States and a resident of Proof of Publication of
the County aforesaid;1 am over the age of eighteen ------ --------
years,and not a party to or interested in the
above-entitled matter.I am the principal clerk of a
printer of the,DESCRT SUN PUBLISHING
COMPANY a newspaper of general circulation,
printed and published in the city of Palm Springs,
County of Riverside,and which newspaper has been _
adjudged a newspaper of general circulation by the No 2584 NOTICE OF PUBLIC NEARING
Superior Court of the County of Riverside,State of clrr CITY COUNCILPALM VNeS
California under the date of March 24,1988.Case TAX ALLOCATION BONDS TO ACQUIRE THE
Number 191236;that the notice,of which the SUBLCASEHOLD INTEREST IN PROPERTY
annexed is a printed copy(set in type not smaller TO�I VENTURE CABALLERTLY SUBLEASED OS/AMADo,T PLC
than non pariel,has been published in each regular NOTICE IS HEREBY GIVEN that the City Council
and entire issue of said newspaper and not in any of the city or Palm springs,California will hold a
abiec hearin ai Its nieering of 50pluri 5,
supplement thereof on the following dates,to wit: z'007 The CI�y Counc,i mccann begins ai 6.00
p m, in the Council Chamber at City Hall 3200
East Tahquia Canyon Wpy, Palm Springs.
August 20oe,270,2007 The purpo•u of the public hearing Is to consider
the use of proceeds of the Community Rodcvol-
epmeni Agency's t1X Alocuhen bonds to acquire
the sublGuschuld interest In property currently
subleased by the City to PS venture Cabelle-
-"— ins/Amado, 41.G.
All in the year 2007 REVIEW OF INFORMATION:Thu sluff report and
other u%orting documents ragardinpp this is
avoriublc for public review at Clay Hall this
I certify(or declare)under penalty of perjury that the the hours of 8.00 a m. Jnd 5:00 p m..Monday
inrough Fndiy. Please contact the Office of arc
foregoing is true and Correct. Oety Clerk at (760) 323-8204 If you would Ilke to
schedule an appointment to review fti,u docu-
ments.
Dated at Palm Springs,California this---27`°,—day COMMENT ON THE PROPOSED FUNDING:Re-
sponsc io Tills riohco miry be made verbally at the
,,ubllc Hearing and/or in writing before the heat,
of---- August -----•----,2007 trig. Wrihen comments may be made to the City
1 i,+ Bauncil by letter(tor mall or hoed dolivory) to:
James Thompson City Clerk
2200 E.Tsliqu,2 Canyyon Way
Pa]in 5pring.:, CA 02262
R Any challenge of the proposed In court miry he
C7 ;— I Ilmned to raisingg onlyy iho^u es..uw raised at the
Sig afar r public Dearing dt jpnbcd in this notice,or In writ-
" ten parreapondenoa delivered to the City CIr,rK at,
or prior,to the public hearing (Govi,rnmcnt Code
Section 650D9[b](2]).
An opporturt will be given ai said hearing Tar all
J�I Intei esied persons to be hr-erd Quootions regard-
_ Ing the'coo miry be directed to John Raymond,
VrtI1 Director of Contoncimo Di,volop-
r� — 1 ment, ai(760) 323-a226.
Si n6ccsita ayuda con asta carts,portavor lar Marlin`r
j Is Ciudad de Paim Springs• y puedc nab
cod
Nodmc Fiegar i0orona 1700)323-8245.
co City Clerk
James'1'homp•:an,
Publiabetl;8/2n,8/Q]/m07
NOTICE OF PUBLIC HEARING
CITY COUNCIL
CITY OF PALM SPRINGS
TAX ALLOCATION BONDS TO ACQUIRE
THE SUBLEASEHOLD INTEREST IN PROPERTY
CURRENTLY SUBLEASED BY THE CITY
TO PS VENTURE CABALLEROS/AMADO, LLC
NOTICE IS HEREBY GIVEN that the City Council of the City of Palm Springs,
California, will hold a public hearing at its meeting of September 5, 2007. The City
Council meeting begins at 6:00 p.m., in the Council Chamber at City Hall, 3200 East
Tahquitz Canyon Way, Palm Springs.
The purpose of the public hearing is to consider the use of proceeds of the Community
Redevelopment Agency's tax allocation bonds to acquire the subleasehold interest in
property currently subleased by the City to PS Venture Caballeros/Amado, LLC.
REVIEW OF INFORMATION: The staff report and other supporting documents
regarding this is 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 Office of the City Clerk at
(760) 323-8204 if you would like to schedule an appointment to review these
documents.
COMMENT ON THE PROPOSED FUNDING: 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 City Council by letter (for mail or hand delivery) to:
James Thompson, City Clerk
3200 E, Tahquitz Canyon Way
Palm Springs, CA 92262
Any challenge of the proposed in court may be limited to raising only those issues
raised at the public hearing described in this notice, or in written correspondence
delivered to the 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, at (760) 323-8228.
Si necesita ayuda con esta carta, portavor Ilame a la Ciudad de Palm Springs y puede.
hablar con Nadine Fieger telefono (760) 323-8245.
mes Thompson,-City Clerk