HomeMy WebLinkAbout00216C - DESERT BLIND WESTSHORE FINANCIAL CORP PA7B16 *estshore Financial Corp.
Intent re Desert Blind Hdqtrs
AGREEMENT #216 PA7B16
R638, 8-9-89
LETTER OF INTENT
This Letter of Intent is executed on this l day of
1989, by and between the Community Redevelopment Agency of the City of Palm
Springs ("Agency") and Westshore Financial Corporation, a California corpora-
tion, ("Participant") who hereby agree to the following subject matter,
which shall be legally binding upon the parties hereto.
I. 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 Las Vegas Road and Corozon Avenue.
B. The Participant wishes to acquire additional properties in the
areas to provide a sufficient site to construct a new headquarters
facility for the Desert Blind. The Participant has made offers
on these properties, but has not been able to consummate a purchase.
II . 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 10, 11, 12, and 13 of
the Desert Highland Estates Tract ("Sales Properties") at fair
market value. (See Exhibit A. )
B. The Participant agrees to deposit into escrows opened by the Agency
for the acquisition 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.
C. The Participant shall develop an approximately 50,000 square foot
headquarters and thrift shop facility for the Desert Blind and
other non-profit organizations (see Exhibit B) . Construction will
start within one year after the Agency is able to provide insurable
title.
D. 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.
E. 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 Desert
Blind facility.
F. The Agency shall assist the Participant in the abandonment of the
frontage road along Indian Avenue after acquisition of the Sales
Properties.
IN WITNESS THEREOF, the parties hereto have executed this Letter of Intent
as of the day and year first written above.
Westshore Financial Corporation ,
a California corporation, J
By �.�'R�+
JOHN JACOB, President
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CALIFORNIA
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17_71s— i stant Secretary -kC'G ,v G an
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