HomeMy WebLinkAbout5/1/2002 - STAFF REPORTS DATE: MAY 1, 2002
TO: COMMUNITY REDEVELOPMENT AGENCY
FROM: DIRECTOR OF COMMUNITY & ECONOMIC DEVELOPMENT
CANCEL AN OWNER PARTICIPATION AGREEMENT, APPROVED BY COMMUNITY
REDEVELOPMENT AGENCY RESOLUTION 1157
RECOMMENDATION:
It is recommended that the Community Redevelopment Agency cancel an
Owner Participation Agreement (OPA), previously approved by Resolution No.
1157 on December 19, 2001.
BACKGROUND:
The Agency approved an Owner Participation Agreement with PS Apartments
LLC on December 19, 2001, agreeing to provide $150,000 in Agency
assistance through its Low/Mod Fund for a 16-unit apartment project, in return
for rent restrictions on 15 oil'the units. The OPA has not been fully executed at
this date and therefore is not in effect; the Owners instead have opted to sell
the property to a buyer that will rehabilitate the units without Agency assistance.
This frees up $150,000 of Low/Mod funds to be used for other worthwhile
projects.
In order for the agreement to be cleared out of the City Clerk's system, the
Agency must vote to cancel the agreement. Consequently, the proposed
,,resolution attached cancels th)OPA which was never executed.
JOHN S. AYMO
Directo of Com �nD
ity & Economic; Development
AP PROVED
Executive Director
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ATTACHMENTS:
1. Resolution
REVIEWED BY DEPT. OF FINANCE
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RESOLUTION NO.
OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS, CALIFORNIA,
CANCELLING AN OWNER PARTICIPATION
AGREEMENT WITH PS APARTMENTS, LLC ON A
PARCEL AT 555 & 585 COTTONWOOD ROAD AND 556
& 594 CHUCKWALI-A ROAD (MERGED PROJECT AREA
#1, FORMERLY PROJECT AREA 9-13) APPROVED BY
AGENCY RESOLUTION NO. 1157
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WHEREAS, on December 19, 2001, the Agency approved Resolution No. 1157 setting
forth approval to enter into an Owner Participation Agreement with PS Apartments,
LLC, for the rehab of a 16-unit apartment complex at 555 & 585 East Cottonwood Road
and 556 & 594 East Chuckwalla Road, in Merged Project Area #1, formerly Project
Area 9-B; and
WHEREAS the Owners have determined that their best course of action is to sell the
property rather than participating with the Agency on the rehab;
NOW THEREFORE BE IT RESOLVED by the Community Redevelopment Agency of
the City of Palm Springs, California, that the Owner Participation Agreement approved
by Resolution No. 1157 on December 19, 2001, is hereby cancelled.
ADOPTED this day of_ , 2002.
AYES:
NOES:
ABSENT:
ATTEST: COMMUNITY REDEVELOPMENT
AGENCY OF CITY OF PALM SPRINGS
By:
Assistant Secretary Executive Director
REVIEWED AND APPROVED:
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