Loading...
HomeMy WebLinkAbout3/17/2004 - STAFF REPORTS (23) 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 a1 � RESOLUTION NO. OF THE CITY COUNCIL OF THE CITYOF PALM SPRINGS, CALIFORNIA,AMENDING THE BUDGET FORTHE 2003-04 FISCAL YEAR. WHEREAS Resolution 20615 approving the budget for the 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 forthe 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 a 1 Co�