HomeMy WebLinkAbout00217C - FRANKEL LETTER OF INTENT 689 SPC Jerry & Christopher Frankel
Letter of Intent - 689 SPC
AGR #217
LETTER OF INTENT Res 642, 9/6/89
This Letter of Intent is executed on this % day of ,
1989, by and between the Community Redevelopment Agency of the City of Palm
Springs ("Agency") and Jerry and Christopher Frankel , a married couple
("Participants") who hereby agree to the following subject matter, which
shall be legally binding upon the parties hereto.
I. Intention of Parties
This Letter of Intent is executed with respect to the following facts:
A. The Participants own property located on the west side of South Palm
Canyon Drive between Ramon Road and Sunny Dunes Road, and also known
as 689 South Palm Canyon Drive ("Site") . This property is shown on
the attached Exhibit "A".
B. The participants wish to demolish the existing improvements and clear
the site for the development of a new commercial building and parking
lot. The plan of the new development is shown on the attached Exhibit
"B"
C. The Agency wishes to encourage the upgrading of the Site in that the
proposed development will further the goals and objectives of the Redevel-
opment Plan for the South Palm Canyon Project Area.
II. The Agency and Participants Hereby Agree as Follows:
A. The Participants agree to demolish the existing improvements and clear
the Site within six months of the date of this Agreement. The
Participants further agree to commence construction of the new development
on the Site within twelve months of the date of this Agreement.
B. The Agency agrees to reimburse the Participants- for half of the cost
of demolition and clearance activities at the Site, up to a maximum
reimbursement of $8,250.00. Reimbursement shall occur within thirty
days after submission by the Participants of proof of payment for said
work to the contractor, contingent on final acceptance of said work
by the City of Palm Springs Building and Safety Division.
IN WITNESS THEREOF, the parties hereto have executed this Letter of Intent
as of the day and year first above written.
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CALIFORNIA
d r �
Assistant Secretary b Ch'airman
REVIEWED AND APPROVED: :
PARTICIPANTS: Pg /
71
By
JERR1Y'* Al%LL CHRISTOPfiER FRANKEL
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