HomeMy WebLinkAbout9/18/2002 - STAFF REPORTS (10) RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, MAKING A FINDING
PURSUANT TO SECTION 33445 OF THE
CALIFORNIA HEALTH & SAFETY CODE
RELATING TO AN DISPOSITION AND
DEVELOPMENT AGREEMENT OF THE PALM
SPRINGS COMMUNITY REDEVELOPMENT
AGENCYTO EFFECTUATETHE CONSTRUCTION
OF A VACATION OWNERSHIP RESORT ON
SOUTH PALM CANYON DRIVE IN MERGED
PROJECT AREA#1 (THE SOUTH PALM CANYON
REDEVELOPMENT PROJECT AREA)
WHEREAS the City Council of the City of Palm Springs, California adopted Ordinance No. 1203
on November 30, 1983, adopting the Redevelopment Plan for the South Palm Canyon Project
Area for the purposes of (1) elimination of environmental deficiencies in the area, including
obsolete or aged buildings or substandard or irregular lots, (2) redesign and development of
undeveloped areas, (3) strengthening of retail and other commercial uses in the area, and (4)
establishing criteria to ensure high quality design and development in the area; and
WHEREAS, Developer has proposed a Project featuring 375 luxury vacation ownership units on
11.41 acres, plus underground parking,water features, and other.site amenities, but the financial
analysis demonstrates that the cost of development exceeds the expected economic return and
the Developer requested that the Agency assist in writing down the cost of the site; and
WHEREAS the California Health &Safety Code Section 33445 requires that the legislative body
make a finding that the provision of financial assistance is necessary and benefits the project area;
that no other means of financing the improvements are available; that the payment of funds will
assist in eliminating blight; and that the assistance is consistent with the Agency's adopted Five
Year Implementation Plan.
NOW THEREFORE, it is hereby resolved that the City of Palm Springs, California, does hereby
give its consent and find that the provision of such assistance, including the writing down of the
Project's land cost, as provided in the DDA, are necessary to effectuate the purposes of the
Redevelopment Plan.
ADOPTED this day of , 2002.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By liq
City Clerk City Manager
REVIEWED AND APPROVED: