HomeMy WebLinkAbout6/29/2005 - STAFF REPORTS (6) y
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C'441POSa�P � CRA Staff Report
DATE: June 29, 2005 CONSENT CALENDAR
SUBJECT: THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS, CALIFORNIA APPROVING THE TRANSFER OF PALO
VERDES VILLAS, A 98-UNIT RESIDENTIAL APARTMENT COMPLEX,
WITHIN THE NORTH PALM CANYON PROJECT AREA TO COURTYARD
PARTNERS - PALM SPRINGS, L.P.
FROM:. David H. Ready, Executive Director
BY: Community & Economic Development Department
' SUMMARY
The Community Redevelopment Agency received a request to approve the transfer of Palo
Verdes Villas, a 98-unit residential apartment complex, within the Merged Project Area#1
to Courtyard Partners - Palm Springs, L.P.
RECOMMENDATION:
Adopt Resolution No. "OF THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS, CALIFORNIA APPROVING THE TRANSFER OF
PALO VERDES VILLAS, A 98-UNIT RESIDENTIAL APARTMENT COMPLEX, WITHIN
THE NORTH PALM CANYON PROJECT AREA TO COURTYARD PARTNERS - PALM
SPRINGS, L.P."
STAFF ANALYSIS:
On February 2, 1992, the Community Redevelopment Agency of the City of Palm Springs
j ("Agency") approved an Owner Participation Agreement ("OPA") by Resolution No. 849
with Palos Verdes Villas, Inc. ("Participant") for the construction of a 98-unit apartment
complex at Camino Monte and Stevens Roads. The OPA, as amended, pledged a
financial subsidy in an amount not to exceed $1,468,635.00 in exchange for the dedication
of twenty (20) units to be set aside for low income persons, for a period of twenty (20)
years to be available to households at 50% of median income.
The Agency on May 7, 2003 approved by Resolution No. 1213 a Transfer Ownership to the
to the Donia Family Trust, Steven Donia and Corinna Everson, Three Bears Partners, L.P.
and Jeanne S. Nigh Trust, all as tenants-in-common, and on June 14, 2005, this owner
formally requested from the Agency approve of the sale/transfer identifying the tentative
Item No. RA2.
CRA Staff Report
June 29, 2005—Page 2 of 2
Palos Verdes Villas Transfer Ownership
vesting buyer, Courtyard Partners- Palm Springs, L.P.,which is one of the current tenants-
in-common.
The OPA between the Agency and the Participant and the Covenants, Conditions and
Restrictions ("CC&Rs"), requires that the Agency authorize the Executive Director, or his
designee, to forward a letter to the Participant approving the Transfer of Ownership, in
accordance with Section 5.2 of the February 19, 1992 OPA. All Participants have been
operating under the OPA and the CC&Rs appropriately since 1992 in accordance with all
applicable laws. Staff has also verified with the respective City Departments (i.e., Fire,
Building, Police and Risk) that this property is in compliance and is being maintained in a
good health and safety manner reflecting capacity to operate this property.
Therefore, the Participant requests and Staff recommends that the Agency allow the
property's transfer.
FISCAL IMPACT:
No fiscal impact:
i
JOHNS RA`�MOND DALE E. COOK, JR.
Di e of �J Community Development
Community & conomic Development Administrator
DAVID H. READY
Executive Director
Attachment: Resolution
Da IeC/Redev/PalosVdsVillasStaffRepdCRA.Ju nO5
RESOLUTION NO.
OF THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS, CALIFORNIA
APPROVING THE TRANSFER OF PALO VERDES
VILLAS, A 98-UNIT RESIDENTIAL APARTMENT
COMPLEX, WITHIN THE NORTH PALM CANYON
PROJECT AREA TO COURTYARD PARTNERS -
PALM SPRINGS, L.P.
WHEREAS, the Community Redevelopment Agency of the City of Palm Springs
("AGENCY") has established an affordable housing set-aside fund in accordance
with Section 33000 et. Seq. of the California Health and Safety Code; and
WHEREAS, the AGENCY is engaged in activities necessary to execute and
implement the Redevelopment Plan for the North Palm Canyon Redevelopment
project areas which was adopted by Ordinance No. 1227 of the City Council of
the City of Palm Springs on September 19, 1984 and amended by Ordinance No.
1498 on December 21, 1994, Ordinance 1576 on December 15, 1999, Ordinance
No. 1584 on May 31, 2000, and Ordinance 1623 on February 19, 2003; and
WHEREAS, by Resolution No. 849 dated February 19, 1992, the Agency
approved an Owner Participation Agreement ("OPA") with Palos Verdes Villas,
Inc. ('PARTICIPANT") for the development of ninety-eight (98) unit apartment
complex and setting twenty (20) units for persons of low income; and
WHEREAS, the Agency entered a Regulatory Agreement and Declaration of
Covenants, Conditions and Restrictions with the Participant on January 19, 1994:
and
WHEREAS, the Participant, Agency and the California Housing Finance Agency
("CHFA") entered a Subordination Agreement on January 30, 1995, whereby the
Agency agreed to subordinate its Use Restrictions to the CFHA Deed of Trust
and the CHFA Regulatory Agreement, in accordance with California Health and
Safety Code Section 51335 (e), and amended by Resolution No. 1102 dated
June 14, 2000; and
WHEREAS, by Resolution No. 1213 dated May 7, 2003, the Agency approved
the Transfer Ownership to the Donia Family Trust, Steven Donia and Corinna
Everson, Three Bears Partners, L.P. and Jeanne S. Nigh Trust, all as tenants in
common; and
WHEREAS, the Participant has requested Agency approval to Transfer
Ownership to the Courtyard Partners - Palm Springs, L.P.; and
WHEREAS, in order to effectuate the purposes of the OPA and the preserve
redevelopment of the Project Area and in particular this development, the Agency
has determined that it is of benefit to the project area to approve this transfer of
ownership; and
Resolution No.
Page 2 of 2
NOW, THEREFORE, be it resolved that the Community Redevelopment Agency
of the City of Palm Springs, California, does hereby approve the following:
SECTION 1. The Agency hereby determines that the project is of benefit to the
project area and is necessary to effectuate the purposes of the
Redevelopment Plan.
SECTION 2. The Executive Director, or his designee, is authorized to forward a
letter to the Participant on behalf of the Agency approving the
Transfer of Ownership, in accordance with Section 5.2 of the
February 19, 1992 OPA, to the Courtyard Partners - Palm Springs,
L.P.
Adopted this _ day of June 2005.
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CALIFORNIA
By
Assistant Secretary Chairman
REVIEWED AND APPROVED
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
DaIeC/Redev/PalosVdsVillasResCRA Jun05