HomeMy WebLinkAboutA4534 - SUNSET HACIENDA PROPERTY SUNRISE SAN RAFAEL 4
Community Redevelopment
Purchase & Sale of Property
AGREEMENT #4534
R20389, 7--10-02
AGREEMENT FOR PURCHASE AND SALE - -
OF REAL PROPERTY
THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY
("Agreement") is made this �G' day of , 2002 ("Effective Date"), by and between the
City of Palm Springs, a California municipal corporation ("City") and the Community
Redevelopment Agency of the City of Palm Springs, a public body, corporate and politic
("Agency").
RECITALS:
A. The City is the owner of that certain real property and improvements and
easements thereon consisting of approximately 6.25 acres located west of Sunrise Way and
north of San Rafael Road in the City of Palm Springs ("Parcel").
B. City acquired Parcel 669-500-015 and Parcel 669-500-017 in 1981 by Deed
#231719 from the Desert Water Agency for the purposes of constructing low-income housing
on the site.
C. 1n 1984, the Agency acquired an adjacent parcel from the Desert Water
Agency, 669-500-013 for the purpose of providing affordable housing on the site.
D. The Agency entered a Disposition and Development Agreement with a
Coachella Valley Housing Coalition and Sunset Hacienda Partners, LLP ("Developer") for the
development of the combined parcels at a public hearing on July 3, 2002.
E. On July 10, 2002, and pursuant to Government Code Section 37421 et seq., the
City Council of the City ("City Council") duly adopted Resolution NoJiLiV finding that the sale
of the Parcel is in the public interest insofar as its development will aid in the elimination of
blighted conditions on the Combined Parcel, provide for aesthetic improvements thereon, and
provide substantial economic benefits through the development of affordable housing.
F. Pursuant to Government Code Section 33391, the Agency is authorized to
acquire property within the City of Palm Springs.
G. In order to facilitate the DDA, Agency wishes to purchase the Parcel from City
and City wishes to sell the Parcel pursuant to the terms and conditions of this Agreement.
H. Upon the execution of this Agreement, the Agency will pay the City for the City's
Parcel, based on the value of$0.91 per square foot or$250,000. The sale price is net of
expenses, such as fees or commissions, incurred during the sale.
I. City and Agency are desirous of authorizing the Developer to construct an
affordable housing development on the Parcel.
NOW, THEREFORE, in consideration of the mutual covenants and conditions
contained herein and for other good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, the parties hereby agree as follows:
Purchase and sale of Parcel .07/10/2 1
TERMS AND CONDITIONS
1. PURCHASE AND SALE OF PROPERTY. Subject to all of the terms, conditions and
provisions of this Agreement, and for the consideration herein set forth, City hereby agrees to
sell to Agency and Agency hereby agrees to purchase from City the City's fee interest in that
certain real property known as the Parcel, as more specifically described at Exhibit "A",
attached hereto and made a part hereof. Conveyance of Parcel from the City to the Agency
shall be by Grant Deed in the form attached hereto as Exhibit"C".
2. PAYMENT OF PURCHASE PRICE.
2.1 Purchase Price. Agency agrees to purchase the Parcel from City and City
agrees to sell the Parcel to Agency for a purchase price ("Purchase Price") of$250,000. The
Purchase Price shall be based on the fair market value of the Parcel, as confirmed by an
appraisal prepared for the City of the adjacent parcels.
2.2 Time of Payment. The entire Purchase Price shall be paid upon the execution
of the Agreement between the Agency and the City.
2.3 Costs of Sale. All costs of sale shall be borne equally between the parties.
3. BALANCE PAYABLE TO CITY.
3.1 Agency Indebtedness. The Agency agrees to execute a Promissory Note
("Agency Note") for the Purchase Price. A copy of the Agency Note is attached hereto and
incorporated herein as Exhibit"B".
4. NO WARRANTIES.
4.1 "AS-IS" Sale. Except as set forth in this Agreement, Agency acknowledges that
neither City nor any of its employees, agents or representatives has made any
representations, warranties or agreements to or with Agency on behalf of City as to any
matters concerning Parcel , the physical condition, the present use thereof, the
merchantability, or the suitability of City's intended use of Parcel . Agency further
acknowledges and agrees that (with the exception of the representations and warranties by
City herein) Parcel is to be purchased, conveyed and accepted by Agency in its present"AS-
IS" condition.
4.2 Changed Circumstances. If City becomes aware of any fact or circumstance
which would change or render incorrect, in whole or in part, any representation or warranty
made by City under this Agreement, whether as of the date given or within four(4) months
thereafter and whether or not such representation or warranty was based upon City's
knowledge and/or belief as of a certain date, City will give immediate written notice of such
changed fact or circumstance to Agency. Agency shall have ten (10) days from the receipt of
any notice by City of the material change of any representation or warranty made by City
hereunder to terminate this Agreement by providing written notice to City, and receive return of
its Purchase Price and any other sums paid to City under this Agreement.
purchase and sale of parcel a07/10/2 2
4.1 Non-foreign Status. Seller hereby represents and warrants that it is not a
person or entity defined as a "foreign person" under the Internal Revenue Code and
regulations promulgated thereunder. Seller shall execute a certification of non-foreign status if
necessary.
4.2 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.
5. RIGHT OF REVERTER. The City shall have the right to reenter and take possession of
Parcel with all improvements thereon and to terminate and revest in the City Parcel, if Parcel
reverts to the Agency pursuant to the terms of the DDA or if the Agency-and Developer fail to
execute the DDA within 270 days of the date of this Agreement.
6. MISCELLANEOUS.
6.1 Successors. This Agreement shall be binding upon the parties hereto and their
respective heirs, representatives, transferees, successors and assigns. The obligations of City
under this Agreement shall inure to the benefit of Agency, any purchaser of Agency, and their
respective heirs, representatives, transferees, successors and assigns.
6.2 Time of Essence. Time is of the essence in this Agreement and with respect to
each covenant and condition hereof. City and Agency each specifically agrees to strictly
comply with and perform its obligations herein in the time and manner specified and waives
any and all rights to claim such compliance by mere substantial compliance with the terms of
this Agreement.
6.3 Time Period Computations. All periods of time referred to in this Agreement
shall include all Saturdays, Sundays and California state or national holidays unless the
reference is to business days, in which event such weekends and holidays shall be excluded in
the computation of time and provide that if the last date to perform any act or give any notice
with respect to this Agreement shall fall on a Saturday, Sunday or California state or national
holiday, such act or notice shall be deemed to have been timely performed or given on the
next succeeding day which is not a Saturday, Sunday or California state or national holiday.
6.4 Interpretation; Governing Law. This Agreement shall be construed according to
its fair meaning and as if prepared by both parties hereto. This Agreement shall be construed
in accordance with the laws of the State of California in effect at the time of the execution of
this Agreement. Titles and captions are for convenience only and shall not constitute a portion
of this Agreement. As used in this Agreement, masculine, feminine or neuter gender and the
singular or plural number shall each be deemed to include the others wherever and whenever
the context so dictates.
6.5 No Waiver. No delay or omission by either party hereto in exercising any right
or power accruing upon the compliance or failure of performance by the other party hereto
under the provisions of this Agreement shall impair any such right or power or be construed to
be a waiver thereof. A waiver by either party hereto of a breach of any of the covenants,
conditions or agreements hereof to be performed by the other party shall not be construed as
Purchase and sale of parcel a07/10/2 3
a waiver of any succeeding breach of the same or other covenants, agreements, restrictions or
conditions hereof.
6.6 Modifications. Any alteration, change or modification of or to this Agreement, in
order to become effective, shall be made by written instrument or endorsement thereon and in
each such instance executed on behalf of each party hereto.
6.7 Severability. If any term, provision, condition or covenant of this Agreement or
the application thereof to any party or circumstances shall, to any extent, be held invalid or
unenforceable, the remainder of this instrument, or the application of such term, provision,
condition or covenant to persons or circumstances other than those as to whom or which it is
held invalid or unenforceable, shall not be affected thereby, and each term and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted by law.
6.8 Merger of Prior Agreements and Understandings. This Agreement, and other
documents incorporated herein by reference contain the entire understanding between the
parties relating to the transaction contemplated hereby and all prior or contemporaneous
agreements, understandings, representations and statements, oral or written, are merged
herein and shall be of no further force or effect.
6.9 Execution in Counterpart. This Agreement and any modifications, amendments
or supplemer'.s tnereto may be executed in several counterparts, and all so executed shall
constitute one agreement binding on all parties hereto, notwithstanding that all parties are not
signatories to the original or the same counterpart.
6.10 Authorization. By official action of the City Council and the board of the
Community Redevelopment Agency of the City, City and Agency, respectively, has authorized
the entering into this Agreement by such 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.
Purchase and sale of parcel a07/10/2 4
IN WITNESS WHEREOF, the parties hereto have executed this Agreement of
Purchase and Sale of Property as of the date set forth above.
"AGENCY"
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS,
a public body, corporate and politic
By:
Chairman
EST:
agency Secretary
S�FBId�dukwl V t4E L.V.
APPROVED AS TO FORM: Res, E7®. ��� �/ r L
Arency Counsel
"CITY"
CITY OF PALM SPRINGS, a California municipal
corp on
By: KW U
Mayor
,ATT€S•
BY
City Clerk
t
APPROVED AS TO FORM:
I& �
City Auto. ey
Purchase and sale of parcel .07/10/2 5
EXHIBIT "A"
LEGAL DESCRIPTION OF PARCEL
The Land is that certain real property located in the City of Palm Springs, County of
Riverside, State of California, more particularly described as follows:
PARCEL
LOT 7 AND A PORTION OF LOT 8 OF TRACT NO. 17642-1, AS SHOWN BY MAP ON FILE
IN BOOK 122 PAGE(S) 88, 89 AND 90 OF MAPS, RECORDS OF RIVERSIDE COUNTY,
CALIFORNIA
EXHIBIT "A"
TO AGREEMENT FOR PURCHASE
AND SALE OF REAL PROPERTY
Purchase and sale of parcel a07/10/2 1
EXHIBIT"B"
PROMISSORY NOTE
No Promissory Note was necessary for this agreement, as the Agency paid the City for the
parcel upon recordation of the Grant Deeds.
,7
OOC to2002-458042
A
08/22/2002 08:00A Fee:NC
Pape 1 of 3
Recorded In Official Racoi:ds
County of Riverside
Gary L. Orso
Assessor, County Clark i Recorder
RECORDING REQUESTED BY I llllll IIIIII IIIII IIIIII III Illllil IIIII III IIIII IIII IIII
AND WHEN RECORDED RETURN TO:
CITY OF PALM SPRINGS, CALIFORNIA
s u
3200 East Tahquitz Canyon Way M PEE svF oA P°Oq NOO°" b` '
Palm Springs, California 92263
Attn: City Clerk
1� 7 R L COPY LONG REFUND NCHG ECAY
"'\vfc— (��� (EXEMPT PROM RECORDWO FEE PER GOV.CODE Q 610.i)
�C ! GRANT DEED MH
For a valuable consideration, receipt of which is hereby acknowledged,
THE CITY OF PALM SPRINGS, a California municipal corporation and Charter City
hereby grants to the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
PALM SPRINGS, a public body, corporate and politic
the following real property in the City of Palm Springs, County of Riverside, State of California,
described as follows:
APN: 669-500-013
LOT 7 OF TRACT NO. 17642-1 ACCORDING TO NIV THEREOF RECORDED IN BOOK
122, PAGES 88, 89, AND 90 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.
by reference subject to the existing easements, restrictions and covenants of record thereon(the
"Property") . . /�
IN WITNESS WHEREOF, the undersigned has executed this Gant Deed on this l0
day of 2002. t
ATTE T: CITY OF PALM SPRINGS, CALIFORNIA
David H. Ready, City ager
City CIe
t'PnJ. tD AS TO FORbf
30OVED BY THE CITY COUNCIL
C, torney '7_/6710
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