HomeMy WebLinkAbout00361C - COYOTE RUN APARTMENTS DDA REIMBURSEMENT PROPERTY SALE Sec 35-Land Sale & Reimburse
Reimbursement Agreement
(Coyote Run Apts)
AGREEMENT #361C (A3618)
R991, 11-15-95
REIMBURSEMENT AGREEMENT
THIS REIMBURSEMENT AGREEMENT ( "Agreement") is entered into
this /? day of ' , 1995 ( "Effective Date" ) , by
and between the CITY OF PALM SPRINGS, a municipal corporation
( "City" ) , and COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS, a public body, corporate and politic ( "Agency") .
R E C I T A L S
A. City, Agency, and Coachella Valley Housing Coalition
( "Developer") entered into a Disposition and Development Agreement,
with a reference date of January 2, 1991 (the "DDA" ) .
B. Pursuant to the DDA the parties effected a transaction
whereby City funds were advanced to Agency to permit the Agency to
acquire 15 . 18 acres of real property, which the Agency then
conveyed to Developer for the development of an affordable housing
project .
C. City and Agency intended that Agency reimburse City the
fair market value for the 15 . 18 acre site, but discovered that
Agency inadvertently failed to reimburse the City.
D. Agency is authorized under Health and Safety Code
Sections 33334 .2 et sec . to expend funds in its Low and Moderate
Income Housing Fund ("Housing Funds" ) for purchase of real property
for affordable housing, and thus the Agency is authorized to use
Housing Funds to reimburse City.
E. The fair market value of the 15 . 18 acre site as
undeveloped property has been determined to be Five Hundred
Seventy-Seven Thousand Dollars ($577, 000) .
F. The City and Agency desire to enter into this
Reimbursement Agreement to provide the Agency' s reimbursement, from
Housing Funds, to City in the amount of Five Hundred Seventy-Seven
Thousand Dollars ($577, 000) .
A G R E E M E N T
NOW, THEREFORE, in consideration of the foregoing Recitals and
for good and valuable consideration, the sufficiency and receipt of
which are hereby acknowledged, the parties hereto agree as follows :
1. Recitals Incorporated. The above Recitals are
incorporated herein and made a part hereof .
FS2\394\014084-0012\2169678.1 .11/16/95
2 . Reimbursement. Agency, within thirty (30) days of the
Effective Date, shall reimburse City, from Housing Funds, in the
principal amount of Five Hundred Seventy-Seven Thousand Dollars
($577, 000) . No interest shall be paid on the reimbursement amount.
3 . Indebtedness of Agency. The reimbursement set forth
herein shall constitute an indebtedness of Agency within the
meaning of the Community Redevelopment Law (Health & Safety Code
§33000 et sea. ) .
4 . Subordination. Agency' s reimbursement set forth in this
Agreement shall be junior to and subordinate to, (i) all Agency tax
allocation bonds or other direct short-term or long-term
indebtedness of Agency, (ii) all pledges by Agency of tax
increments for tax allocation bonds or other direct short-term or
long-term indebtedness of Agency, (iii) Agency financial agreements
or other contractual obligations of Agency, and (iv) any contingent
obligations of Agency. This subordination provision shall be
applicable to all of such Agency obligations whether such
obligations were or are incurred prior to or after the Effective
Date of this Agreement .
5 . Nonrecourse Obligation. No officer, official, member,
employee, agent, or representative or Agency or City shall be
liable for any amounts due hereunder, and no judgment or execution
thereon entered in any action herein shall be personally enforced
against any such officer, official, member, employee, agent, or
representative.
6. Severability. Each provision of this Agreement shall be
severable from the whole. If any provision of this Agreement shall
be found contrary to law, the remainder of this Agreement shall
remain in full force and effect.
7 . Entire Agreement. This Agreement shall constitute the
entire agreement of the parties hereto. This Agreement may be
amended or modified by an agreement in writing signed by the
authorized representatives of the parties, after any and all
required actions by the parties' respective governing boards .
S . Authorization. By official action of the City Council and
Agency, each party hereto has authorized the entering into this
Agreement by such respective party and the signing of this
Agreement by the City Manager on behalf of City, and by the Agency
Executive Director on behalf of Agency.
[end - signature page follows]
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IN WITNESS WHEREOF the parties hereto have entered into this
Agreement as of the Effective Date.
"CITY"
CIT OF PALM SPRIN
By:
C, Manager
ATTEST: l
, C1 ty Clerk l
APPROVED AS TO FORM:
Cit3tA toi`pey
"AGENCY"
CO OPMENT AGENCY
OF E CITY OF P L PRINGS
By:
Exe e Di ector
ATTEST:
Ageh� l Secretary
Vr
APPROVED AS TO FORM: i%GMVIIIy 'By PIES. E�170.
Agency,z�unsel
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