HomeMy WebLinkAbout3/24/2004 - STAFF REPORTS (10) RESOLUTION NO.
OF THE CITY OF PALM SPRINGS, CALIFORNIA,
APPROVING A "FINANCING AGREEMENT AND
PROMISSORY NOTE" WITH THE COMMUNITY
REDEVELOPMENT AGENCY IN THE AMOUNT OF
FOUR HUNDRED TWENTY FIVE THOUSAND
DOLLARS ($425,000) FOR THE PURCHASE OF A
PROPERTY AT 141 SOUTH CAHUILLA ROAD,
MERGED AREA#1
WHEREAS, the Community Redevelopment Agency of the City of Palm Springs, California
("Agency") is constituted under the Community Redevelopment Law(California Health and Safety
code Section,33000 et. seq.) to carry out the purpose as the redevelopment agency in the City
of Palm Springs ("City"); and
WHEREAS, on May 4, 1988, the Community Redevelopment Agency entered into a Settlement
Agreement with Frances Winter ("Owner") related to eminent domain of a property at 141 South
Cahuilla Road; and
WHEREAS, pursuant to California Health and Safety Code Sections 33132 and 33601, the
Agency is authorized to borrow money from other public agencies to fulfill its obligations; and
WHEREAS, the Agency has executed a "Financing Agreement and Promissory Note" in the
amount of FOUR HUNDRED TWENTY FIVE THOUSAND DOLLARS ($425,000); and
NOW, THEREFORE, BE IT RESOLVED by the City of Palm Springs that a loan for FOUR
HUNDRED TWENTY FIVE THOUSAND DOLLARS ($425,000) from the City of Palm Springs to
the Community Redevelopment Agency to acquire the property at 141 South Cahuilla Road from
Owner is hereby approved in the form of an "Agreement and Promissory Note,"and be repayable
from the ultimate resale of the property or tax increment accrued from Merged Project Area #1.
ADOPTED this day of , 2004.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
a municipal corporation
By
City Clerk City Manager
REVIEWED & APPROVED
4
RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITYOF PALM SPRINGS,
CALIFORNIA,AMENDING THE BUDGET FOR THE 2003-04
FISCAL YEAR.
WHEREAS Resolution 20615 approving the budget forthe fiscal year 2003-04 was adopted
on June 4, 2003; and
WHEREAS the City Manager has recommended, and the City Council 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
20615, adopting the budget for the 2003-04 fiscal year is hereby amended as follows:
SECTION 1. ADDITIONS
Fund Activity Account Amount
811 8191 65168 $425,000
(Merged Area #1) (Capital Project- (Winter House
Admin) Purchase)
Purpose: To provide funds for the purchase of the Frances Winter house at 141 S. Cahuilla
Road via a loan (at 4% interest per year) from the General Fund to the Redevelopment
Agency.
SECTION 2. SOURCE
Fund Activity Account Amount
001 (General Fund) 1220 65110 — Economic $350,000
Unallocated Development
Appropriation Program
29301 — Fund $75,000
Balance
Adopted this day of , 2004.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED AND APPROVED �j