HomeMy WebLinkAbout00098C - PA2B6-10 SENCA CONVENTION CENTER SIMMONS RITCHIE SEGAL STARK DEVELOPMENT AGR LEGAL SERVICES Simmons,Ritchie,Segal & Stark
legal services re Conv Center
AGREEMENT AGR #98 PA2B6-10
Res_280,12-19-84(rescinds R250)
This agreement is entered into this /I day of 'ZIC xrrst=.� 1964 by and between
the Community Redevelopment Agency of the City of Pa`,: Springs, hereinafter
the "AGENCY" and the law firm of Simmons, Ritchie, Segal & Stark, hereinafter
the "ATTORNEYS".
WHEREAS AGENCY desires to negotiate a development agreement with SENCA, a
Texas Corporation, hereinafter "SENCA, " for the construction of a convention
center and hotel in the City of Palm Springs, and
WHEREAS, ATTORNEYS have special expertise in redevelanment law and in the
negotiation of development agreements with developers cn behalf of redevelop-
ment agencies, "
NOW, THEREFORE, THE PARTIES HERETO DO HEREBY AGREE AS FOLLOWS:
1. AGENCY hereby retains ATTORNEYS for the purpose de__cribec above.
2. ATTORNEYS agree that they will use their best efforts an behalf of
AGENCY to negotiate a development agreement as contemplated herein and
to advise AGENCY regarding the applicable law with respect to such
agreements and all other matters related to such negotiations,
3. ATTORNEYS shall make themselves available at reasonable dimes for
meetings and conferences related to such negotiations.
4. ATTORNEYS shall prepare such agreements and drErfts of agreements as
shall be necessary to accomplish the purposes of the AGENNCY referred to
herein.
5. Simmons, Ritchie, Segal and Stark's fee shall be compensated at the rate
of $125.00 per hour to be paid jointly by the AGENCY and SENCA in
amounts which are proportionate to their respecti'we anticipated project
cost shares.
in the event that bonds are noL sold For the project, Simmon , {?tc:h1 , Segal
and Stark shall be compensated by the AGENCY for services prc,� ided hereunder.
Such compensation shall be computed at the rate of S125.00 per hour to maxi-
mum of $25,000.00. Such compensation shall be paid jointly by the .AGEiN Y and
SENCA in amounts which are proportionate to their respective anticipated
project cost shares. As a result of the escrow cloy' ng on the Con„ention
Center, should the Convention Center not be built, Simmers, Ritchie, Segal and
Stark shall be paid a minimum of $8,000.00. Such pay-.ent shall be secured
from the arbitrage earnings on the escrowed bond proceeds-
RED=VELOP�--N'T AGENICY OF THE
ATTEST CITY OF PALM SPRINGS
r'
istant Secretary Chalrm=
REVIEWED & APPROVED SIMMONS, P_TCHIE, SEGAL I STARK
B Y: r A%�
Title
By THE COMRfdUMVIr i° M%fB
WP/CONV CTR