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Home My WebLink About12/19/2012 - STAFF REPORTS - 4A THIRD AMENDMENT TO PFA This THIRD AMENDMENT TO PFA ("Third Amendment"), made effective as of the date fully executed, is by and between the City of Palm Springs, a California municipal corporation and charter city ("City"), and Palm Springs Promenade, LLC, a California limited liability company("Developer"),with reference to the following: RECITALS A. PFA. On or about September 29, 2011, the City and Developer entered into a Project Financing Agreement ("PFA"), which related to financing, development, redevelopment, creation, and refurbishment of Public and Private Improvements in the DFP Area of downtown Palm Springs. The PFA, and all documents attached to and/or executed pursuant to the PFA, are incorporated herein by reference as though set forth in full, and all defined terms therein shall, unless otherwise indicated, have the same meanings herein. B. First and Second Amendment. Prior to the effective date hereof, City and Developer entered into a First Amendment to PFA ("First Amendment') and a Second Amendment to the PFA ("Second Amendment"). The First Amendment and Second Amendment are incorporated herein by reference as though set forth in full, and all defined terms therein shall,unless otherwise indicated,have the same meanings herein. C. Third Amendment. The parties now desire to enter into this Third Amendment. NOW,THEREFORE, IT IS AGREED AS FOLLOWS: 1. Further Updated Site Plan. The original Project Site Plan (attached to the PFA as Exhibit A) was replaced and superseded by the Updated Site Plan attached to the Second Amendment as Exhibit "I". Said Updated Site Plan is hereby superseded and replaced by the Further Updated Site Plan attached hereto as Exhibit"X". 2. Effect of Third Amendment. To the extent provided and/or contemplated herein,the PFA(and all documents attached to and/or executed pursuant to the PFA), the First Amendment and Second Amendment are deemed amended and superseded. Except to the extent provided and/or contemplated herein, the PFA (and all documents attached to and/or executed pursuant to the PFA), the First Amendment and Second Amendment shall remain in effect as originally written. 3. Incorporation of Recitals and Exhibits. Each of the recitals set forth herein and each of the Exhibits attached hereto are incorporated by reference and made a part hereof as though set forth in full. 1 dfppfaU»rdamend12/13/2012 1 IN WITNESS WHEREOF,the parties hereto have executed this Agreement and made it effective as and when specified above. DEVELOPER: PALM SPRINGS PROMENADE, LLC A California limited liability company By: Title: Dated: CITY: CITY OF PALM SPRINGS A California municipal corporation and charter city By: Title: Dated: ATTEST: City Clerk APPROVED AS TO LEGAL FORM: City Attorney dfppfa1biW=end12/13/2012 2 I� USES Pam Sprtgs An mi..i.tt ' OLDER BLOCK BESTROOI BOTEI-R eaecl RETAIL HERAOTPUMNT4 POLCE DAHYOSHER PUBLICTHE flORBIL RETAIL POLICE RESTAURANTS, OTHER RFSALLOYED LLOYE.RETAIL.OFFICEEDD (EIT![. USESRAOflBI DUNDRPPROVED HER OFFICE HOTEL 0 MUSEUM ED MARETPLAOUNOERMPRON U6E9ALLOVIEO UNDER APPROVED MV6EU M OFEDAL'OTEL UNDER NTNLANED ANY APPROVED EYEf PLNUNCILSPE IFICDEC.PLAN • - �Lt.. `,A". MARKETPIPIASPELIFIC PLAx"BRUIEUM U6E6ALLOA£O UNDER APPROVED MUSEUM APPROVED BV CITY COUNCIL DEC.].]OM _ —— LITV COVNLILDEL.],LAp W10.NET PIAIFIC PLAN APPROVED BY EIttLOVNCIL DEC.0E4 E,L5p N.MNSWM OpIVI {ice - Y. 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J •OPTION SHPDESTRULTURE O 4 ELO ::w 2 LI C[L Mt FIB t rj-,JO OVERMARKETSTREET -1• 6�2"E' ^ r IIOCSA� tur EYBRxc •RENOVABLESOIUROSATTHE MECK cl FN1A !Tj'' yl k tP NIA.MORL FOLON1N41NTERSECTIONS .If y LI " •M1 22_ •MAIN STREET SPALMCAJNVON fffi. ��- •MAINSTREETA BEIAROO t KLOCOR[ cmO°r "r v • W - .J; •PNDR.6 PALM CANYON L, 'j1 w t\ •ANDREA66 BELARDO BIO Kb .. ��Y ° Y I T _ __ "_-__ •MARKETBTREETSMMNSTREET JIG 'MK N- +�.,�� •NANUIRTREETSANOREA6 IALx EnnIInO E,l'H'g (—L—Vr---- _ _ MASTERPLAN/SITE PLAN DOWNTOWN PALM SPRINGS EXHIBIT SC 11:60 WESSMAN DEVELOPMENT 2U121205 •anf MAJH.MFA �s•N'EiTc a.Od GFU pALM S'04 iy V N NCO"rou,c°`"� w °411FOIL0% CITY COUNCIL STAFF REPORT DATE: DECEMBER 19, 2012 UNFINISHED BUSINESS SUBJECT: AUTHORIZE CITY MANAGER TO EXECUTE AMENDMENT NO. 3 TO THE PROJECT FINANCING AGREEMENT BETWEEN THE CITY AND PALM SPRINGS PROMENADE, LLC WHICH INLCUDES A MODIFIED SITE PLAN FOR THE PROJECT CONSISTENT WITH THE SITE PLAN PRESENTED TO THE CITY COUNCIL IN PLANNED DEVELOPMENT DISTRICT CASE NO. 5.1290 / PDD 361. FROM: David H. Ready, City Manager BY: Douglas Holland, City Attorney SUMMARY Palm Springs Promenade, LLC has requested an amendment to the Project Financing Agreement to include an updated and modified site plan consistent with the project as presented to the City Council at its hearing on the Downtown Palm Springs Renovation Project on December 19, 2012, The City Council is requested to consider the Amendment No. 3 to the Project Financing Agreement and provide appropriate direction to staff. RECOMMENDATION: Approve the proposed Amendment No. 3 to the Project Financing Agreement, including the revised Site Plan (Exhibit "I"), and authorize the City Manager to execute this Amendment. ANALYSIS During the Planning Commission hearings on the Downtown Palm Springs Renovation Project, the Palm Springs Promenade, LLC, the Developer, revised the site plan for the project consistent with direction suggested by the Commission and its Architectural Review Committee. The Developer has requested that the site plan to the Project Financing Agreement, as amended, be amended to incorporate the revised site plan. The proposed Amendment No. 3 to the Project Financing Agreement will substitute the revised site plan as submitted to the City Council as part of Planned Development District Case No. 5.1290 / PDD 361 for the site plan that has previously been included in the Project Financing mm w. 4PN City Council Staff Report Amendment No. 3 Project Financing Agreement December 19, 2012 Downtown Palm Springs Revitalization /Redevelopment Project Page 2 of 2 Agreement as previously amended. Staff recommends the Council approve the Amendment No. 3 to the Project Financing Agreement attached to this staff report. k&wl Douglas l4olland City Attorney David H. Ready, City Manager Attachments: 1. Revised Amendment No.3, Project Financing Agreement 02 1 . Revised Amendment No. 3 Project Financing Agreement (materials to follow) 03