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HomeMy WebLinkAbout22436 - RESOLUTIONS - 2/18/2009 RESOLUTION NO. 22436 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, RESERVING FUNDS FOR FUTURE PAYMENTS FROM FRANCES STEVENS PARK FOR FISCAL YEAR 2009-10. THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The Council of the City of Palm Springs, pursuant to authority provided under Health and Safety Code Section 33220, approved the sale on December 12, 2007 of a parcel of land and improvements to the Community Redevelopment Agency of the City of Palm Springs, commonly referred to as Frances Stevens Park, located within Merged Project Area No. 1. The City Council found the sale of this parcel of land to the Community Redevelopment Agency of the City of Palm Springs will aid in the planning, undertaking, construction, and operation of redevelopment within Merged Project Area #1. SECTION 2. Pursuant to the Promissory Note executed by the Community Redevelopment Agency for the above-mentioned property, the City Council of the City of Palm Springs hereby reserves funds for principal payments of $855,000 and $410,000 for fiscal year 2009-10, and authorizes and directs the City Manager to execute all documents related to the repayment of principal, to accept payment, and to execute such other documents as may be reasonably necessary or prudent to complete this transaction as provided in this Resolution. ADOPTED this 18th day of February, 2009. Tom Wilson, A ing City Vanager ATTEST: es Thompson, City Clerk Resolution No. 22436 Page 2 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. 22436 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 the 181h day of February, 2009, by the following vote: AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Weigel, and Mayor Pougnet. NOES: None. ABSENT: Mayor Pro Tern Mills- ABSTAIN: None. Ymes Thompson, City Clerkf Palm Springs, California 25�Z©09 -