HomeMy WebLinkAboutA5617 - CRA OWNERSHIP OF VILLAGE GREEN,SUNRISE PARK,VISITOR CENTER AND SUBLEASE INT. IN DOWNTOWN PKG STRUCTURE PROMISSORY NOTE
Village Green
S 2,885,000,00 Palm Springs, California
February 7, 2008
FOR VALUE RECEIVED, the REDEVELOPMENT AGENCY OF THE CITY
OF PALM SPRINGS, a public body, corporate and politic ("Obligor") promises to pay to
the CITY OF PALM SPRINGS, a public body, corporate and politic ("Holder"), the
principal sum of Two Million, Eight Hundred Eighty Five Thousand Dollars (U.S.
S2,885,000.00) plus accrued interest in legal currency of the United States, on the terms
described in this Note. The entire unpaid principal and any accrued interest shall be fully
and irnmediately payable upon demand of Holder.
This note is ruade with reference to the sale of the Village Green (APN 513-153-017).
Interest shall accrue monthly at a yearly rate between six percent (6%) and ten percent
(10%) established in the sole discretion of the Holder on or before the April 15 preceding
the subsequent fiscal year couunencing on July L The initial interest rate shall be ten
percent (10%). If Holder does not change the interest rate on or before April 15 of a
given year for the following fiscal year beginning July 1, the rate of interest shall remain
unchanged until the following fiscal year.
On or before September I of each year, Obligor shall pay that portion of accrued interest
and a portion of the principal as may be demanded by Holder on or before the preceding
April 15, If Holder makes no demand on or before April 15 of a given year for the
following fiscal year begiruuing July 1, or if the Holder only demands a portion of accrued
interest, the interest not demanded shall continue to accrue and be added to the piucipal
for the following fiscal year.
This Note is entered into and shall be governed by the laws of the State of California,
without reference to principles of conflicts or choice of law. Obligor consents to
jurisdiction over in any state or federal court situated in the County of Riverside, State of
California, on any action based on or arising out of this Note.
Any person or entity who talces over the any duties and obligations under this Note, is
also liable for the satisfaction of all such duties and obligations. Holder may enforce its
rights under this Note against each such person or entity individually or against all such
persons or entities together.
Each Obligor for itself and each of its respective representatives, successors arid assigns,
expressly waives presentment, demand, protest, notice of dishonor, notice of non-
payment, notice of maturity, notice of protest, diligence in collection and any exemptions
under applicable insolvency laws.
554904.2
No delay or failure by Holder in the exercise of any rights or remedy provided for
hereunder shall be deemed a waiver of any other light or remedy which Holder otherwise
may have under or by reason hereof. No waiver of any payment or performance due
under this Note shall operate as a waiver of any other payment or performance.
"OBLIGOR" "HOLDER"
Redevelopment Agency of the City of City of Palm Springs, a public body,
Palm Springs, a public body, corporate and corporate and politic.
politic.
By: David Ready By: Steve Pougnet
Its: Executive Director Its: Mayor
APPPt7Vt7 BY CITY COUNCIL
APPROVED AS TO FORM: -
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By.
Title:
2
ssasna z
PROMISSORY NOTE
Sunrise Park
$ 51,297,000.00 Palm Springs, California
February 7, 2008
FOR VALUE RECEIVED, the REDEVELOPMENT AGENCY OF THE CITY
OF PALM SPRINGS, a public body, corporate and politic ("Obligor") promises to pay to
the CITY OF PALM SPRINGS, a public body, corporate and politic ("Holder"), the
principal sum of Fifty One Million, Two Hundred Ninety Seven Thousand, Eight
Hundred and Fifty Dollars (U.S. $51,297,850.00) plus accrued interest in legal currency
of the United States, on the terms described in this Note: The entire unpaid principal and
any accrued interest shall be fully and inunediately payable upon demand of Holder.
This note is made with reference to the sale of Sunrise Park (APNs )'02-200-001 and 502-
200-002). Interest shall accrue monthly at a yearly rate between six percent (6%) and ten
percent (10%) established in the sole discretion of the Holder on or before the April 15
preceding the subsequent fiscal year commencing on July 1. The initial interest rate shall
be ten percent (10%). if Holder does not change the interest rate on or before April 15 of
a given year for the following fiscal year beginning July 1, the rate of interest shall
remain unchanged until the Following fiscal year.
On or before September 1 of each year, obligor shall pay that portion of accrued interest
and a portion of the principal as nmay be demanded by Holder on or before the preceding
April 15. if Holder makes no demand on or before April 15 of a given year for the
following fiscal year beginning July 1, or if the Holder only demands a portion of accrued
interest, the interest not demanded shall continue to accrue and be added to the principal
for the following fiscal. year.
This Note is entered into and shall be governed by the laws of the State of California,
without reference to principles of conflicts or choice of law. Obligor consents to
jurisdiction over in any state or federal court situated in the County of Riverside, State of
California, on any action based on or arising out of this Note.
Any person or entity who takes over the any duties and obligations under this Note, is
also liable for the satisfaction of all such duties and obligations. Holder may enforce its
rights under this Note against each such person or entity individually or against all such
persons or entities together.
Each Obligor for itself and each of its respective representatives, Successors and assigns,
expressly waives presentment, demand, protest, notice of dishonor, notice of non-
payment, notice of maturity, notice of protest, diligence in collection and any exemptions
under applicable insolvency laws.
554804
No delay or failure by Holder in the exercise of any rights or remedy provided for
hereunder shall be deemed a waiver of any other right or remedy which Holder otherwise
may have under oz by reason hereof. No waiver of any payment or perfonnancc due
under this Note shall operate as a waiver of any other payment or performance-
'
OBLIGOR" "1IOLDBR"
Redevelopment Agency of the City of City of Palm Springs, a public body,
Palm Springs, a public body, corporate and corporate and politic.
politic.
By: David Ready By: S�j�—ienP ugnet
Its: Executive Direcioz Its: Mayon
APPROVED BY CITY COUNCIL
AP111VE7ORM: 02/ca/zvo"�;
By:
2
554804,2
PROMISSORY NOTE
Visitor's Center
S 1,580,000.00 Palm Springs, California
February 7, 2008
FOR VALUE RECEIVED, the REDEVELOPMENT AGENCY OF THE CITY
OF PALM SPRINGS, a public body, corporate and politic (`Obligor") promises to pay to
the CITY OF PALM SPRINGS, a public body, corporate and politic ("Holder"), the
principal sum of One Million, Five Hundred Eighty Thousand Dollars (U.S.
$1,580,000.00) plus accrued interest in legal currency of the United States, on the terms
described in this Note. The entire unpaid principal and any accrued interest shall be fully
and immediately payable upon demand of Holder.
This note is made with reference to the sale of the Visitor's Center (APN 504-040-001-
8). Interest shall accrue monthly at a yearly rate between six percent (6%) and ten
percent (10%) established in the sole discretion of the 1'1older on or before the April 15
preceding the subsequent fiscal year commencing on July 1. The initial interest rate shall
be ten percent (10%)_ If Holder does not change the interest rate on or before April 15 of
a given year for the following fiscal year beginning July 1, the rate of interest shall
remain unchanged until the following fiscal year.
On or before September 1 of each year, Obligor shall pay that portion of accrued interest
and a portion of the principal as may be demanded by Holder on or before the preceding
April 15. If Holder makes no demand on or before April 15 of a given year for the
following fiscal year beginning July 1, or if the Holder only demands a portion of accrued
interest, the interest not demanded shall continue to accrue and be added to the principal
for the following fiscal year.
This Note is entered into and shall be governed by the'laws of the State of California,
without reference to principles of conflicts or choice of law. Obligor consents to
jurisdiction over in any state or federal court situated in the County of Riverside, State of
California, on any action based on or arising out of this Note.
Any person or entity who takes over the any duties and obligations under this Note, is
also liable for the satisfaction of all such duties and obligations. Holder may enforce its
rights under this Note against each such person or entity individually or against all such
persons or entities together.
Each Obligor for itself and each of its respective representatives, successors and assigns,
expressly waives presentment, demand, protest, notice of dishonor, notice of non-
payment, notice of maturity, notice of protest, diligence in collection and any exemptions
under applicable insolvency laws.
554604.2
i 0
No delay or failure by holder in the exercise of any rights or remedy provided for
hereunder shall be deemed a waiver of any other right or remedy which Holder othelvise
may have under or by reason hereof. No waiver of any payment or performance due
under this Note shall operate as a waiver of any other payment or performance.
"OBLIGOR" "HOLDER"
Redevelopment Agency of the City of City of Palm Sprngs, a public body,
Patin Springs, a public body, corporate and corporate and politic.
politic.
c ^ Q
By: David Ready By: Step-ten Poubnet
Its: Executive Director its: Mayor
APPROVED BY CITY COUNCIL
APPROVEDA FORM:
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By.
Title:
2
554804.2