HomeMy WebLinkAbout11/5/2008 - STAFF REPORTS - RA.5. e�pALM S°4
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City Council/Community Redevelopment
Agency Staff Report
DATE: NOVEMBER 5, 2008 CONSENT CALENDAR
SUBJECT: APPROVAL OF THE REPAYMENT OF A PORTION OF THE PRINCIPAL
BALANCE ON A NOTE TO THE CITY OF PALM SPRINGS FOR THE
PALM SPRINGS VISITOR CENTER; AND, APPROVING A BUDGET
RESOLUTION APPROPRIATING $1,450,000 FROM THE FUND
BALANCE OF MERGED AREA #1 FOR THE REPAYMENT OF THE
PRINCIPAL
FROM: David H. Ready, City Manager/Executive Director
BY: Community & Economic Development Department
SUMMARY:
These actions approve the use of $1,450,000 in 2007 Merged Area #1 Tax Allocation
Bond proceeds for the purpose of repaying a portion of the principal balance on a note
to the City of Palm Springs for the Palm Springs Visitor Center (2901 North Palm
Canyon Drive; APN: 504-040-001-8). The Agency acquired the Visitor Center from
the City of Palm Springs in February, 2008 and made a note to the City for the
acquisition amount.
The Promissory Note made by the Agency for the property allows the City to make a
call on any principal payment, at the City's sole discretion. The City is exercising its
right under the note and the principal will be credited against the Palm Springs Visitor
Center note.
Neither the purchase not the repayment of principal affect any leases, use agreement,
or licenses in effect at the site. The resolutions also authorize and direct the City
Manager/Executive Director to complete and execute on behalf of the City and Agency
all such documents related to this transaction.
ITEM NO. �
RECOMMENDATION:
CITY COUNCIL RECOMMENDATION:
1. Adopt Resolution No. , "A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF PALM SPRINGS, CALIFORNIA, CALLING AND ACCEPTING
THE REPAYMENT OF $1,450,000 IN PRINCIPAL BY THE COMMUNITY
REDEVELOPMENT AGENCY UNDER A PROMISSORY NOTE FOR THE
PALM SPRINGS VISITOR CENTER":
COMMUNITY REDEVELOPMENT AGENCY RECOMMENDATION:
2. Adopt Resolution No. , "A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,
CALIFORNIA, AMENDING THE BUDGET FOR FISCAL YEAR 2008-09":
3. Authorize the City Manager/Executive Director to execute all the documents
related to the repayme t of principal by the Agency.
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6hn S. ay d, Director of Thomas J. WOE on
Om pity & Economic Development Assistant City Manager, Development Services
A �David H. Ready, Esq., Ph.D.
City Manager/Executive Director
Attachments:
1. City Resolution
2. CRA Budget Resolution
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF PALM SPRINGS, CALIFORNIA,
CALLING AND ACCEPTING THE REPAYMENT
OF $1,450,000 IN PRINCIPAL BY THE
COMMUNITY REDEVELOPMENT AGENCY
UNDER A PROMISSORY NOTE FOR THE PALM
SPRINGS VISITOR CENTER
The City Council of the City of Palm Springs resolves:
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
February 6, 2008 of a parcel of land and improvements to the
Community Redevelopment Agency of the City of Palm Springs,
commonly referred to as the Palm Springs Visitor Center, 2901 North
Palm Canyon Drive, 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 hereby calls for a principal payment of $1,450,000 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 5th day of November, 2008.
Steve Pougnet, Mayor
ATTEST:
James Thompson, City Clerk
5506551
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
of the City of Palm Springs, California
55D65$1
U�
RESOLUTION NO.
A RESOLUTION OF THE COMMUNITY REDEVELOMENT
AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA,
AMENDING THE BUDGET FOR FISCAL YEAR
2008-09.
WHEREAS, Resolution No. 1356 approving the budget for the Fiscal Year 2008-09 was
adopted on June 18, 2008; and
WHEREAS, the Executive Director has recommended, and the Agency Board desires to
approve, certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to record
inter-fund cash transfers as required in accordance with this Resolution, and that
Resolution 1356, adopting the Fiscal Year 2008-09 Budget is hereby amended as follows,-
SECTION 1. ADDITIONS
Fund Activity Account Amount
851 8201 Central 49625 $1,450,000
Merged Area #1 Business District City Loan Principal
Purpose: To provide funding for partial advance call on Land Purchase note for Visitor's
Center.
SECTION 2. SOURCE
Fund Activity Account Amount
851 29301 $1,450,000
Merged Area #1 Fund Balance
ADOPTED this 5th day of November, 2008.
David H. Ready, Executive Director
ATTEST:
James Thompson, Assistant Secretary
Resolution No.
Page 2
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
1, JAMES THOMPSON, Assistant Secretary of the Community Redevelopment Agency of
the City of Palm Springs, hereby certify that Resolution No. is a full, true and correct
copy, and was duly adopted at an adjourned meeting of the Community Redevelopment
Agency of the City of Palm Springs on by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, Assistant Secretary
Community Redevelopment Agency
City of Palm Springs, California
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