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HomeMy WebLinkAboutCC RES 06-074RESOLUTION NO. 06-74 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT SUPPLEMENTING RESOLUTION NO. 06-56 AND FURTHER 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 2006B Bonds are to be applied to make a loan to the Palm Desert Redevelopment Agency (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 WHEREAS, proceeds of the Series 2006A Bonds are to be applied to make a loan to 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"); and WHEREAS, this City Council previously adopted Resolution No. 06-56, on April 27, 2006, (i) approving the issuance of the Bonds, and (ii) finding the financing and refinancing of the public capital improvements 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 (the "City"); and WHEREAS, Resolution No. 06-56 identified certain projects proposed to be financed with proceeds of the Series 2006A Bonds; and WHEREAS, upon further review, Agency Staff proposes to modify the projects to include the following (with the following projects (the "Projects") to supersede those previously identified in Resolution No. 06-56): (i) core commercial areas projects (including public infrastructure, parking improvements and other improvements at and around Westfield shopping center, Highway 111 and El Paseo); (ii) improvements to frontage roads along Highway 111 — Alessandro Alleyway (including street landscaping, parking improvements and other improvements); (iii) renovation and improvement of parking facilities at President's Plaza; (iv) El Paseo (west of Highway 74) extension and upgrade (including median work, landscaping, lighting and other related improvements); (v) development of a multi -purpose community center at El Paseo and Highway 111; (vi) P6402.1054\892279.2 RESOLUTION NO. 06-74 construction of Portola Avenue Bridge across the Whitewater Channel; (vii) widening of Monterey Avenue from Magnesia Falls Drive to Gerald Ford Drive; (viii) widening of Portola Avenue between Fred Waring Drive and Magnesia Falls Drive; and (ix) undergrounding of neighborhood utilities throughout the Project Area; and WHEREAS, pursuant to Section 6586.5 of the California Government Code and Section 33679 of the California Health and Safety Code, after notice duly published in accordance with law, this City Council held a public hearing on this date with respect to the proposed Projects to be financed by the issuance of the Series 2006A Bonds and the issuance of the Bonds 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, an amended summary report which includes all of the following: (i) estimates of the amount of such taxes allocated to the Agency from the Project Area proposed to be used to pay for the Projects, 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 installation and construction. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY FIND, 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 affirms its finding that the refinancing described above through the issuance by the Authority of the Series 2006B Bonds will result in significant public benefits to the constituents of the Agency and the City of Palm Desert. The City Council hereby finds that financing of the Projects described in the Recitals of this Resolution through the issuance by the Authority of the Series 2006A 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 ratifies and affirms the its approval of the issuance of the Bonds by the Authority. Section 3. Further Findings. The City Council hereby finds and determines that based upon the "Amended 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 Projects described in the Recitals of this Resolution are of benefit to the Project Area and to the immediate neighborhoods in which the Projects are located; (ii) the payment of funds for the cost of such Projects will assist in the elimination of one or more blighting conditions inside the Project Area; (iii) P6402.1054\892279.2 2 RESOLUTION NO. 06-74 the payment of funds for the cost of such Projects 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 Aaencv. The City Council hereby approves payment by the Agency for the cost of the installation and construction of the above -described Projects 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. Section 6. Effective Date. This Resolution shall take effect immediately upon adoption. APPROVED and ADOPTED this 8th day of June 2006 by following vote to wit: AYES: BENSON, CRITES, KELLY, SPIEGEL, and FERGUSON NOES: NONE ABSENT: NONE ABSTAIN: NONE ATTEST: RA H LL u . KLASSE , CITY L� P6402.1054\892279.2 3