HomeMy WebLinkAboutCC RES 06-056RESOLUTION NO. 06-56
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 BY THE PALM DESERT FINANCING AUTHORITY OF ITS TAX
ALLOCATION REVENUE BONDS (PROJECT AREA NO. 1, AS
AMENDED), 2006 SERIES A, AND TAX ALLOCATION REFUNDING
REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDED), 2006
SERIES B (TAXABLE)
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), 2006 Series A (the "Series 2006A Bonds") and Tax Allocation Refunding
Revenue Bonds (Project Area No. 1, As Amended), 2006 Series B (Taxable) (the
"Series 2006B Bonds," and together with the Series 2006A Bonds, the "Bonds"); and
WHEREAS, proceeds of the Series 2006A 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, among other things, assisting in the financing of certain
public capital improvements of benefit to Project Area No. 1, As Amended, of the
Agency (the "Project Area") including (i) the construction of on and off ramps at Portola
Avenue and Interstate 10; (ii) the widening of various portions of Monterey Avenue,
Portola Avenue, Country Club Drive, and various other street improvements throughout
the Project Area; (iii) improvements to the frontage roads along Highway 111; (iv) a
sound attenuation wall along portions of Fred Waring Drive; (v) landscape, lighting and
median improvements along El Paseo; (vi) landscape improvements throughout the
Project Area, (vii) a Portola Avenue Bridge over the Whitewater Channel; (viii) drainage
improvements along a portion Monterey Avenue; (ix) the development of a visitors
center at El Paseo and Highway 111; (x) neighborhood and arterial street utility
undergroundings throughout the Project Area; (xi) a parking structure to accommodate
a hotel and related development at the Desert Willow Golf Resort; (xii) a business
facade enhancement grant program; and (xiii) the construction of a swimming pool and
related shower and restroom facilities at the College of the Desert; and
WHEREAS, proceeds of the Series 2006E Bonds are to be applied for the
purpose of making a loan to the Agency for the object and purpose of, among other
things, effecting the refunding of the portion of the Authority's Tax Allocation Revenue
Bonds (Project Area No. 1, As Amended), Series 1997, scheduled to mature on April 1,
2023; and
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RESOLUTION NO. 06-56
WHEREAS, pursuant to Section 6586.5 of the California Government
Code and after notice duly published in accordance with law, this City Council held a
public hearing on this date with respect to the issuance of the proposed Bonds and
received evidence concerning the public benefits therefrom; and
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 and refinancing 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 All or a Portion of 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; (ii) the payment of funds for 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 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 cost of the installation and construction of the
above -described improvements from tax increment revenues of the Agency from the
Project Area.
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. 06-56
Section 6. Effective Date. This Resolution shall take effect immediately
upon adoption.
APPROVED and ADOPTED this 27th day of April 2006 by the following
vote to wit:
AYES: BENSON, CRITES, KELLY, and FERGUSON
NOES: NONE
ABSENT: SPIEGEL
ABSTAIN: NONE
N, MAYOR
ATTEST:
C12
RA HE LE D. KLASSEN, CITY CLERK
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