HomeMy WebLinkAboutA244C - WESTAR ASSOCIATES - SHOPPING CENTER DEVELOPMENT AGR NPC RACQUET CLUB PA6A Westar Associates - PA6A
Expansion Shopping Ctrs at
NPC & Racquet Club - 1 yr
AGREEMENT #244
R704, 6/20/90
DEVELOPMENT
AGREEMENT
The purpose of this development agreement (herein referred to as the Agree-
ment) is to set forth the basis upon which the Redevelopment Agency of the
City of Palm Springs (herein referred to as the Agency) , and Westar Associates
(herein referred to as the Developer) , will grant an exclusive right to
pursue the development of an expanded retail/restaurant center on Racquet
Club Road between Palm Canyon Drive and Indian Avenue (herein referred to
as the Project) .
A. Project
The Developer proposes to continue the role of Developer for the presently
existing center to be redesigned and expanded.
B. Pro 'e� ct Area
The Project Area consists of the land laying to the north and south
of Racquet Club Road between Palm Canyon Drive and Indian Avenue as
more particularly described in Exhibit A. This agreement gives the
Developer the exclusive right to proceed as the Master Developer of
the Project Area.
C. Assistance to be Provided bye
1. Land Acquisition
It is the intent of the Agency to utilize its best efforts to assist
the Developer in land assembly to acquire the appropriate acreage
for the Project. This assistance would include, but is not limited
to, condemnation authority of the Redevelopment Agency.
2. Financing
a. The Agency, in conjunction with the Developer of the Project
Area, will utilize its best efforts to conceive, package, and
issue appropriate, properly guaranteed taxable and tax-exempt
financing for both public and private improvements associated
with the Project. This assistance includes, but is not limited
to, industrial development bonds, certificates of participation,
assessment district bonds, special bonds, sales tax revenue
bonds, sales tax rebate, tax increment financing, or other
financial inducements available to the Redevelopment Agency.
It is the intent, to the extent feasible, that the Project
financing will stand on its own.
b. The Agency recognizes that the Developer may ask that the cost
of a portion of the public improvements will be borne by the
City or the Redevelopment Agency. The exact amount and portion
of improvements will be the result of future negotiation between
the Agency and the Developer.
3. Processing
The Agency will provide staff assistance and organizational support
to assure minimum processing time for review of submitted plans
and to expedite processing and construction.
4. Amenities
Concurrent with the Project implementation, the City will utilize
its best efforts to facilitate a Plaster Plan for the City leading
to the Development of a renewed downtown, destination resort hotels,
golf courses, sports and entertainment facilities, streetscapes,
cultural facilities, and other enhancements to the City to further
the development of the City of Palm Springs.
D. Developer Responsibilities
1. Drawings and Design Documents
The development plan package will include, at a minimum, the
following:
a. Functional Program(s)
A narrative description of the square footage allocated to each
functional use within the Project.
b. Site Plan(s)
A fully dimensional plan illustrating proposed building locations,
parking, landscape and hardscape areas, and finished floor and
roof elevations.
c. Rendered Site Plan(s)
A rendering utilizing the above-described site plan(s) to provide
a ,colored overall view of the Project.
d. Design Theme(s)
A narrative description of proposed design treatments including
architecture, landscape, streetscapes, and design relationships
between components.
e. Submission requirements set forth in Planned Development District
Application.
2. Development Incentives
The plan should include business terms for each development incentive
the Developer proposes the Agency make available to the Project,
including a complete financial proforma outlining (a) the Agency's
repayment capacity; (b) any offsetting financial benefits that will
be derived by the City or Agency; and (c) any financial linkages
or synergism between components of the development proposal .
3. Development Schedule
The development schedule should contain items pertaining to pre-
development, financing and construction.
•
4. Fees
Subject to possible future negotiation concerning special allowances
and terms, including waiver or payment by Agency, normal development
application fees and applications will be required during Project
processing.
E. Mutual Responsibilities
1. Timetable
Both parties agree to utilize their best efforts to complete the
master land use plan and financing plan within 12 months.
2. Development Agreement
Both parties agree to work toward a Development Agreement outlining
specific responsibilities, provisions, schedule of events, construc-
tion and performance of all parties connected with the development
of the Project.
3. Modification
This agreement may be terminated, modified or expanded by supplemental
mutual agreement.
4. Termination
The Agency reserves the right to terminate this Agreement prior
to the end of 12 months to the extent that following thirty days '
prior written notice of its default the Developer has not complied
with the stated requirements herein, particularly the development
schedule.
The undersigned hereby represent and agree that the foregoing represents
their understanding of the agreements between the parties and agree in good
faith to finalize a Development Agreement incorporating the above terms.
Developer:
WESTAR ASSOCIATES,
ROBERT BEST,
Its `Ge. eral Partn
By� ✓
Titl',e•
`-_`_
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CALIFORNIA/
s A/
�`—Assistant Secretary n� Chairman
REVIEWED AND APPROVED: 1L
'4f�pr2OVEZ ay HE Id'