HomeMy WebLinkAboutCC RES 03-057RESOLUTION NO. 03-57
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM DESERT MAKING A FINDING OF SIGNIFICANT
PUBLIC BENEFIT AND OTHER FINDINGS IN
CONNECTION WITH THE ISSUANCE AND SALE OF TAX
ALLOCATION REVENUE BONDS (PROJECT AREA NO.
1, AS AMENDED), SERIES 2003, OF THE PALM DESERT
FINANCING AUTHORITY
RECITALS:
WHEREAS, the Palm Desert Financing Authority (the "Authority") has
proposed to sell and issue its Tax Allocation Revenue Bonds (Project Area No. 1, As
Amended), Series 2003 (the "Bonds"); and
WHEREAS, proceeds of the Bonds are to be applied for the purpose of
making a loan to the Palm Desert Redevelopment Agency (the "Agency") for the object
and purpose of assisting in the financing of certain public capital improvements of
benefit to Project Area No. 1, As Amended, of the Agency, including (i) the acquisition of
land for hillside open space southwest of Highway 74 in the southern portion of the City,
(ii) the construction of parking structure improvements at Westfield Shopping Town, (iii)
the acquisition and renovation of a City -owned swimming pool at College of the Desert,
(iv) construction of a City -owned office building for use by nonprofit entities at the
southwest corner of Highway 111 and El Paseo, and (v) the widening of Fred Waring
Drive between Cook Street and Deep Canyon Road; and
WHEREAS, pursuant to Section 6586.5 of the California Government
Code and Section 33679 of the California Health and Safety Code and after notice duly
published in accordance with law, this City Council held a public hearing on this date
with respect to the proposed financing and received evidence concerning the public
benefits therefrom; and
WHEREAS, there has been made available in the office of the City Clerk
for two weeks prior to such public hearing for public inspection and copying, at a cost
not to exceed the cost of duplication, a summary report which includes all of the
following: (i) estimates of the amount of such taxes allocated to the Agency from Project
Area No. 1, As Amended, proposed to be used to pay for such land and installation and
construction of such public capital improvements, including interest payments; (ii) facts
supporting the determinations required to be made by the City Council pursuant to
California Health and Safety Code Section 33445; and (iii) the redevelopment purpose
for which such taxes are being used to pay for the land and installation and
construction.
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Resolution No. 03-57
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM
DESERT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. Recitals. The above recitals, and each of them, are true and
correct.
Section 2. Approval of Financing. The City Council hereby finds that the
financing of public capital improvements described above through the issuance by the
Authority of the Bonds will result in significant public benefits to the constituents of the
Agency and the City of Palm Desert, including demonstrable savings in effective interest
rate and more efficient delivery of Agency and City services to residential and
commercial development. The City Council hereby approves the issuance of the Bonds
by the Authority.
Section 3. Further Findings. The City Council hereby finds and
determines that based upon the Summary Report Regarding Payment by the Palm
Desert Redevelopment Agency for the Value of the Land for Open Space and the Value
of the Land for and the Cost of the Installation and Construction of Certain Public
Capital Improvements of Benefit to Project Area No. 1, As Amended, which Report was
made available at the office of the City Clerk in connection with the public hearing
described in the Recitals hereof, and other information presented to the City Council:
(i) the above -described public capital improvements are of benefit to the Project Area
and to the immediate neighborhood in which the project is located; (li) the payment of
funds for the acquisition of such land and the cost of such public capital improvements
will assist in the elimination of one or more blighting conditions inside the Project Area;
(iii) the payment of funds for the value of such land and the cost of such improvements
is consistent with the Agency's implementation plan adopted pursuant to Health and
Safety Code Section 33490; and (iv) no other reasonable means of financing such
improvements is available to the City.
Section 4. Approval of Payment by Agency. The City Council hereby
approves payment by the Agency for the value of the land for open space and the value
of the land for and the cost of the installation and construction of the above -described
improvements from tax increment revenues of the Agency from Project Area No. 1, As
Amended.
Section 5. Other Acts. The officers of the City are hereby authorized and
directed, jointly and severally, to do any and all things and to execute and deliver any
and all documents which they may deem necessary or advisable in order to effectuate
the purposes of this Resolution and any such actions previously taken by such officers
are hereby ratified and confirmed.
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Resolution No. 03-57
Section 6. Effective Date. This Resolution shall take effect immediately
upon adoption.
APPROVED and ADOPTED this 24th day of April , 2003.
AYES: CRITES, FERGUSON, KELLY, BENSON
NOES: NONE
ABSENT: SPIEGEL
ABSTAIN: NONE
JET . = ENSON, MAYOR
ATTEST:
A �E«E D. K�ss�N RA HELLE D. KLASSEN, CITY CLERK
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