HomeMy WebLinkAbout00240C - WESTSHORE FINANCING CORP DESERT HIGHLAND ESTATES PA7 • . Westshore Financing Corp.
PA7 Desert Highland Estates
AGREEMENT #240
R699, 6-20-90
LETTER OF INTENT
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This Letter of Intent is executed on this ( day of < ,
1990, by and between the Community Redevelopment Agency of the City of
Palm Springs ("Agency") and Westshore Financial Corporation, a California
corporation, ( "Participant") who hereby agree to the following subject
matter, which shall be legally binding upon the parties hereto.
1. Intention of the Parties
This Letter of Intent is executed with respect to the following facts:
A. The Participant owns property located on the west side of Indian
Avenue between Corozon Avenue and Tramview Road.
B. The Participant wishes to acquire additional properties , in the
areas to provide a sufficient site to construct a new commercial
shopping center. The Participant has made offers on these
properties, but has not been able to consummate a purchase.
11. The Agency and Participant hereby agree as follows:
A. The Agency agrees to use every means legally available to assist
the Participant in the acquisition of Lots 2, 3, 5, 6, 7, 8 and 9
of the Desert Highland Estates Tract ("Sales Properties") at
fair market value. (See Exhibit A. )
B. The Agency shall purchase and transfer to the Participant the
property within the site owned by the City and known as the
north half of lot 4 of the Desert Highland Estates Tract (APN
669-404-006) . The Participant shall pay the fair market value
for the property plus its share of the cost of sale.
C. The Participant agrees to deposit into escrows opened by the
Agency for the acquisiton of the Sales Properties or deposit
into the Superior Court, as applicable, any amounts required
to be paid by the Agency to acquire insurable title to the Sales
Properties. Any such payment or deposit shall be made following
the written request of the Agency and at or prior to the time
such payment or deposit is required to be made.
D. The Participant shall develop an approximately 50,000 square
foot commerical center which provides space for retail stores,
restaurants and thrift stores. (see Exhibit B). Construction
will start within one year after the Agency is able to provide
insurable title.
E. The Participant further agrees to reimburse the Agency for other
costs, such as legal and appraisal fees, directly related to
the acquisition of the Sales Properties.
F. Upon acquisition of the Sales Properties, the Participant shall
proceed with their combination with other parcels owned by the
Participant into a single parcel for the development of the
proposed commercial center.
G. The Agency shall assist the Participant in the abandonment of
the frontage road along Indian Avenue after acquisition of the
Sales Properties.
H. The Participant and Agency agree to work cooperatively to create
and implement a program to encourage the establishment of
businesses in the proposed commercial center by minorities and
residents of the adjacent Desert Highland Gateway neighborhood.
The Participant further agrees to make a good faith effort to
provide employment opportunities to residents of the adjacent
neighborhood during the construction of the proposed center.
IN WITNESS THEREOF, the parties hereto have executed this Letter of Intent
as of the day and year first written above.
i
Westshore Financial Corporation
GLORIAJ.O'COMNOR a California corp� ation,
MARIN COUNTY
X-
-JOHN JACOG, Pres dent
COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CALIFORNIA
A"_s-tant ecretary Executive Director
REVIEWED AND APPROVED:
j,PrPROVED BY THE COMMUNITY REDEV.
AGECI yY BY RES. WO.12g
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EXHIBIT "A"
SALES PROPERTIES
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PROJECT PLAN