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Home My WebLink AboutImplmnt - Desert Willow Lot Pads Prop Dispo Strategy STAFF REPORT CITY OF PALM DESERT / SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY ECONOMIC DEVELOPMENT MEETING DATE: February 22, 2018 PREPARED BY: Martin Alvarez, Director of Economic Development REQUEST: Authorize the implementation of a property disposition strategy for the Desert Willow Lot Pads owned by the Successor Agency to the Palm Desert Redevelopment Agency (SARDA) Recommendation By Minute Motion: 1. Authorize staff to implement a property disposition strategy for the Desert Willow Lot Pads as outlined on Exhibit A of the staff report. 2. Authorize SARDA Executive Director/City Manager to execute a Purchase and Sale Agreement (PSA) to sell SARDA owned Desert Willow Lot Pad E to the City of Palm Desert for the appraised value of $2,670,000 after receiving approval from the Oversight Board and the State Department of Finance. 3. Appropriate $2,670,000, plus related closing costs from the Un- Obligated General Fund Reserves. Strategic Plan Objective The proposed disposition strategy for the Desert Willow Lot Pads aligns with the City's Envision Palm Desert Strategic Plan, Priority 1: Expand job and business creation opportunities and Priority 3: Create and attract entertainment and events to enhance and expand the Palm Desert economy and lifestyle. Executive Summary Approval of the disposition strategy for the SARDA owned Desert Willow Lot Pads would allow staff to prepare Requests for Proposal (RFPs) to sell the lot pads as described on the attached Exhibit A. The goals of the comprehensive disposition strategy are to implement the requirements of the Long Range Property Management Plan (LRPMP) and to maximize the property's economic development opportunities that align with the City's Strategic Plan. February 22, 2018 — Staff Report DW Lot Pad Disposition Strategy Page 2 of 7 Background Analysis As part of the dissolution of the Palm Desert Redevelopment Agency (RDA), SARDA is responsible for administering and disposing of all former RDA owned property. The disposition of property is governed by the LRPMP, approved by the State Department of Finance. The proceeds coming from the disposition of the properties are distributed to the taxing entities depending on their tax allocation rate. The City of Palm Desert is a taxing entity and will receive a small portion of the sale proceeds, approximately 3 percent of each property sale. The SARDA's most important properties remaining to be sold are the Desert Willow Lot Pads totaling 77 acres. These lot pads are referred to as Lot Pads A — E (shown on Exhibit A) and the following chart provides a summary of their APNs, size and their values as of the most recent appraisal date: APN(s) Acres Appraised Value / 2016 Lot A 620-400-025, 620-400-026 16.86 Acres $5,885,502 ($8.00/SF) ($348,460/Acre) Lot B 620-400-008, 620-400-010 14.65 Acres $5,104,939 ($8.00/SF) ($348,460/Acre) Lot C 620-450-012, 620-450-013, 620- 18.79 Aces $5,729,257 ($7.00/SF) ($304,909/Acre) 450-014 Lot D 620-450-016, 620-450-017, 620- 15.63 Acres $4,765,742 ($7.00/SF) ($304,909/Acre) 450-018, 620-450-020 Appraised Value /Oct-2017 Lot E 620-370-002, 620-370-003, 620- 11.156 $2,670,000 ($5.50/SF) ($239,676/Acre) 370-004, 620-370-017, 620-370- Acres 018, 620-370-020, 620-370-033, 620-370-043 Totals: 77.086 Acres $24,155,440 After the termination of the Matteson Capital, LLC Exclusive Negotiating Agreement (ENA), staff has fielded questions from interested parties for the sale and development of the Desert Willow Lot Pads. Prior to preparing RFPs to sell and develop the lot pads, staff has prepared for your consideration a comprehensive disposition strategy that aligns with the City's Strategic Plan. The strategy also aims to maximize the lot pads' economic development opportunities. G:\Econ Development\Martin Alvarez\2018\SR\DW-PropDispoStratSRr.docx February 22, 2018 — Staff Report DW Lot Pad Disposition Strategy Page 3 of 7 Discussion Working with a staff committee comprising of the City Manager, City Attorney, Community Development, Public Works and Finance, the Economic Development staff has prepared a disposition strategy for each of the Desert Willow Lot Pads, which is illustrated on Exhibit A (see attached). Exhibit A provides an aerial view of each of the lot pads and their recommended disposition strategy. The disposition recommendations listed below provide the type of land uses to be targeted and the developer attraction method (i.e. RFP, market sale or auction). Lot Pad A Lot Pad A is located northeast of the Desert Willow Clubhouse and totals 16.86 acres. The site is designated Resort / Entertainment in the City's General Plan and is zoned Planned Residential. This site consists of two parcels that take access from the existing round-a-bout located at the end of Desert Willow Drive. In order to facilitate a future development on this parcel, the tee boxes on Firecliff Golf Course Hole No. 10 will have to be relocated to the south in order to allow for vehicular access to the parcel. This modification is anticipated to be accomplished as part of a future development proposal for the site. Lot Pad A is a premier resort/residential property with views to Mt. Jacinto, San Gorgonio Mountain and the Little San Bernardinos. The site has frontage on three golf holes on the Firecliff Golf Course and has close proximity to the Desert Willow Clubhouse. Staff recommends that an RFP be prepared for this property to attract a developer that can develop a resort residential hospitality project. Projects of this type can include: • Timeshare villas with or without an associated branded hotel • Fractional ownership timeshares managed by timeshare operator • Vacation ownership units managed by a hospitality management company Development on this property would generate additional property tax, transient occupancy tax (TOT) and additional golf rounds and food and beverage sales at Desert Willow. Lot Pad B Lot Pad B is located south of the Desert Willow Clubhouse and the existing over-flow parking lot owned by the City. This lot pad consists of two parcels totaling 14.65 acres. The properties are designated Resort / Entertainment in the City's General Plan and are zoned Planned Residential. The site also takes access from the existing round-a-bout located at the end of Desert Willow Drive. G\Econ Development\Martin Alvarez\2018\SR\DW-PropDispoStratSRr.docx February 22, 2018 — Staff Report DW Lot Pad Disposition Strategy Page 4 of 7 This lot pad is a premier resort hospitality site with vistas to Mt. Jacinto, Mt. San Gorgonio, the Santa Rosa Mountains, and has the highest elevated lot pad within Desert Willow Golf Resort. The site has frontage on three of the Mountain View Golf Course holes and has close proximity to the Westin Desert Willow Villas timeshares and the Desert Willow Clubhouse. Lot Pads B and C are currently the subject of an ENA to investigate the feasibility of developing a man-made surf pool and hospitality project. The term of the ENA extends through August of 2018. However, one of the two lot pads must be released from the terms of the ENA by the end of April 2018. If Lot Pad B is released from the terms of the ENA, staff recommends seeking a qualified developer for a boutique hotel and branded villas through an RFP process. Lot Pad C / D Lot Pads C and D are located generally north of the intersection of Desert Willow Drive and the Willow Ridge, at the entrance to the Embarc timeshare development. Lot Pads C and D are 18.79 and 15.63 acres, respectively, and are divided by Hole No. 5 of the Mountain View Golf Course. Lot Pad C has frontage on five Mountain View Golf Course holes and Lot D has frontage on two Mountain View Golf Course golf holes and Market Place Drive. The parcels are designated Resort / Entertainment in the City's General Plan and are zoned Planned Residential. These lot pads take access from Desert Willow Drive. Lot Pads B and C are currently under a 6-month ENA. The term of the ENA is through the end of August 2018. However, by the end of April 2018, one of the two lot pads will be released from the ENA. If Lot Pad C is released from the requirements of the ENA, staff recommends that both Lot Pads C and D be sold together through an RFP process. Staff recommends that the RFP seek a developer to construct a resort residential project that will be compatible with the golf course and commercially zoned Lot Pad E. A resort residential project would generate TOT and nominal property tax revenue for the City. Lot Pad E Lot Pad E is located at the northeast corner of Country Club Drive and Desert Willow Drive. This site contains multiple parcels totaling 11.16 acres. The property is bisected by an access road that starts at Desert Willow Drive and runs east into the adjacent Ralph's Shopping Center. The parcels are designated Suburban Retail in the City's General Plan and are zoned Neighborhood Commercial. This lot pad was appraised in November of 2017 for $2,670,000. Lot Pad E is a premier commercial property with great access and visibility from Country Club Drive and Cook Street. Staff recommends that an RFP be prepared for this G\Econ Development\Martin Alvarez\2018\SR\DW-PropDispoStratSRr docx February 22, 2018 — Staff Report DW Lot Pad Disposition Strategy Page 5 of 7 property to attract a developer that can develop an entertainment/restaurant anchored commercial project. A project at this location could include a mix of the following uses: • Entertainment or music oriented uses, small high-end theater or a branded brew house • Unique experiential restaurants, cafés, dessert shops, and outdoor gathering spaces catering to millennials and nearby resort guests • Unique experiential retail (not impacted by on-line sales) This property has potential to generate new property and sales tax and could be a regional destination that draws new visitors, additional hotel stays in Palm Desert hotels, existing timeshare units and future hotels. The other unique opportunity that this property affords is the City's ability to utilize existing former RDA bond funds to facilitate the construction of infrastructure and public parking facilities that would provide a regional benefit. Combined, Project Area 2 and Project Area 3 have a total of $20M in bond funds available for public parking in this region, including any of the Desert Willow lot pads. If these funds are not utilized, SARDA may need to defease the bonds. Staff recommends that the City acquire this property as an investment utilizing Un- Obligated General Fund Reserves. After acquisition, staff recommends preparing an RFP to secure a developer interested in developing an entertainment/restaurant anchored commercial center. In addition, staff recommends that the City begin design concepts for an underground parking structure that can be utilized by the local region, including for events at Desert Willow and for overflow parking generated by the adjacent businesses and hotels. The design of the underground parking can incorporate structural requirements to accommodate a future at grade platform to accommodate the commercial buildings. As part of a future development agreement, the City can sell the ground floor to the developer and recover the land cost and maintain a public parking easement over the entire parking structure. One drawback to keep in mind is that issuing an RFP to develop this site does not guarantee securing a developer willing to invest in the near future. The market for commercial retail is soft now, and may remain that way for a number of years. If the City were to acquire the site, it will have to be prepared to develop a parking facility while the retail/restaurant markets rebound and grow. Certainly, potentially having parking, a wave pool and or a hotel at Desert Willow could be the driver that leads to developing Lot E. G\Econ Development\Martin Alvarez\2018\SR\DW-PropDispoStratSRr.docx February 22, 2018 — Staff Report DW Lot Pad Disposition Strategy Page 6 of 7 Desert Willow Lot Pad Disposition Strategy Summary Staff recommends approval of the following property disposition strategy: Lot Strategy Process Schedule Pad A Seek developer to develop a resort RFP Summer 2018 residential/hospitality project (i.e. timeshare, villas branded hotel, fractional timeshare or vacation ownership project with management company) B * Continue to work with developer proposing a N/A Currently under 6- man-made wave pool and hospitality project. month ENA for man- made surf/hospitality project C ** Continue to work with developer proposing a N/A Currently under 6- man-made wave pool and hospitality project. month ENA for man- made surf/hospitality project D Seek developer to develop a resort residential RFP Winter 2018 project (i.e. villas, timeshares or vacation ownership project with management company) E Sell to City at market value, begin design of City Acquire Spring 2018 / underground public parking structure. Seek Acquisition / RFP 2018/2019 developer for entertainment/restaurant RFP anchored commercial project at some point in the near future. * If Lot Pad B is released from ENA requirements in April 2018, staff recommends preparing an RFP for a boutique hotel and branded villa project. ** If Lot Pad C is released from ENA requirements in April 2018, staff recommends preparing an RFP for Lot Pads C and D for a resort residential project that will be compatible with Lot Pad E. Fiscal Analysis: Implementation of the proposed disposition strategy for Desert Willow Lot Pads aligns with the City's Strategic Plan and the Economic Development Strategic Plan goals. These goals include the creation of new jobs, increasing the City's tax base through innovative hospitality and entertainment projects. The Desert Willow Lot Pads are owned by the SARDA and income received from the sale of the property will be distributed to the taxing entities. Palm Desert is a taxing entity but will only receive approximately 3% of the sale proceeds. In addition to the one-time sale proceeds, if a project is realized on any of the lot pads, the City will benefit from permit fees, increased G:\Econ Development\Martin Alvarez\2018\SR\DW-PropDispoStratSRr.docx February 22, 2018 — Staff Report DW Lot Pad Disposition Strategy Page 7 of 7 LEGAL REVIEW DEPT. REVIEW FINANCIAL REVIEW CITY MANAGER '1' ved as to Form Robert W. Hargreaves Martin Alvarez ane Moore `Cauri Aylaian City Attorney Economic Development I tor of Finance City Manager/Executive Director Director VENDOR: N/A ATTACHMENTS: Exhibit A G.\Econ Development\Martin Alvarez\2018\SR\DW-PropDispoStratSRr.docx i -_ - • ','" ,, far,• . •kl,. _7_. . •-• •:'", _-• , re . . ,t +, ,,...-,,_--4 ....,, ... -:. _.,, ,, _.: ,Ir.-.• . ,A0,•-•.1' 1 IL:• I ILIk •__-• ar'. 311-ag . 0•74,''''•• : '-. e• , , ... ri .„ . lirdi -417#r • - . 'ftli; 7.-- .. .. -. ..S.. •."--•I • i I. elc,t es. ••-•....„ ! 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