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HomeMy WebLinkAboutCC RES 98-045� RESOLUTION NO. 98-45 A RESOLUTION OF THE CITY OF PALM DESERT APPROVING THE ..., SALE BY THE PALM DESERT REDEVELOPMENT AGENCY TO PDH ASSOCIATES, L.L.C. OF APPROXIMATELY 11.3 ACRES OF REAL PROPERTY SOUTH OF FRANK SINATRA AND WEST OF COOK STREET THE CITY COUNCIL OF THE CITY OF PALM DESERT HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. On Apri123, 1998, the City Council of the City of Palm Desert and the Palm Desert Redevelopment Agency (the "Agency") held a duly noticed joint public hearing on the approval of the Agency's proposed sale of certain real property (the "Property") located in the Agency's Project Area No. 2, as described in that certain Disposition and Development Agreement (the "DDA") between the Agency and PDH Associates, L.L.C., at which time all persons desiring to comment on or ask questions concerning the sale of the Property to PDH Associates, L.L.C. were given the opportunity to do so. Prior to the public hearing, information concerning the Agency's proposed sale of the Property to PDH Associates, L.L.C., was available for public inspection in the offices of the City of Palm Desert at 73-510 Fred Waring Drive, Palm Desert, California 92260, between the hours of 8:00 a.m. and 5:00 p.m., Monday through Friday. ^ Notice of the public hearing was published in the Palm Desert Post on April 8, 1998 and April 15, 1998. ..r Section 2. The City Council has reviewed and considered all written and oral comments, questions and concerns regarding the Agency's proposed conveyance of the Property to PDH Associates, L.L.C. received prior to and at the public hearing on said conveyance. tion 3. The environmental impacts of the Agency's proposed sale of the Property to PDH Associates, L.L.C. for the development of improvements thereon was analyzed in the Final Environmental Impact Report for the Section Four North Sphere Project (the "EIR"). The City certified the EIR by Resolution No. 94-119, "Resolution of the City Council of the City of Palm Desert, California, Certifying an Environmental Impact Report for a proposed Section Four Site Plan Bounded by Frank Sinatra Drive on the North, Cook Street on the East, Country Club Drive on the South, and Portola Avenue on the West." ect' 4. The DDA provides that PDH Associates, L.L.C., shall have the right to construct certain improvements on the Property as therein described, including, among other things, a Residence Inn and Courtyard by Marriott and associated amenities. S i n . The Agency has obtained an evaluation of the fair market value of the """` Property from REASCO, who has determined that the fair market value of the Property, at the highest and best use of the Property is approximately $6.19 per square foot. r.. RESOLUTION NO. 98-45 i n Project Area No. 2 is an area which has previously been identified in the Redevelopment Plan as a blighted area.. The azea has previously been determined to create a social and economic burden on the community which cannot reasonably be expected to be reversed or alleviated by private enterprise or governmental action, or both, without redevelopment. In addition, Project Area No. 2 contains vacant and under-utilized properties and properties which suffer from economic dislocation, deterioration or disuse, including depreciated or stagnant property values and impaired investments. Project Area No. 2 is characterized by the existence of inadequate public improvements, public facilities and open spaces which cannot be remedied by private or governmental action without redevelopment. Section 7• The City Council hereby finds that the sale of the Property pursuant to the DDA will assist in the elimination of blight by PDH Associates, L.L.C.'s construction of the improvements described in the DDA on previously vacant, under-utilized land, which will remedy the lack of adequate public improvements, assist in the revitalization of Project Area No. 2, encourage private sector investment and create job opportunities, all for the health, safety and welfare of the residents and taxpayers of the City. Section g• The City Council hereby finds that the consideration to be paid by PDH Associates, L.L.C. is not less than the fair market value of the Property at its highest and best use in accordance with the Redevelopment Plan for Project Area No. 2 of the Agency. c i . The City Council hereby approves the DDA and the sale of the Property to PDH Associates, L.L.C. in accordance with the terms and conditions of the DDA pursuant to the requirements of Health and Safety Code Section 33433(b}. PASSED, APPROVED and ADOPTED this 29th day of April, 1998, by the following vote to wit: AYES: CRITES, FERGUSON, KELLY, SPIEGEL, BENSON NOES: NONE ABSENT: NONE ABSTAIN: NONE 2 �.il