HomeMy WebLinkAboutCC RES 06-076RESOLUTION NO. 06-76
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. 3), 2006
SERIES A, TAX ALLOCATION REVENUE CAPITAL APPRECIATION
BONDS (PROJECT AREA NO. 3), 2006 SERIES B, AND
SUBORDINATE TAX ALLOCATION REVENUE CAPITAL
APPRECIATION BONDS (PROJECT AREA NO. 3), 2006 SERIES C
RECITALS:
WHEREAS, the Palm Desert Financing Authority (the "Authority") has
proposed to sell and issue three series of bonds (collectively, "the Bonds"): (i) Tax
Allocation Refunding Revenue Bonds (Project Area No. 3), 2006 Series A, (ii) Tax
Allocation Revenue Capital Appreciation Bonds (Project Area No. 3), 2006 Series B;
and (iii) Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area
No. 3), 2006 Series C; and
WHEREAS, proceeds of the Bonds are to be applied for the purpose of
making three loans 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 (the "Projects") of benefit to Project Area No. 3, of the Agency (the
"Project Area"), including: (A) civic center park improvements, including the
construction and improvements of public recreational buildings, (B) construction of a
parking structure to accommodate a hotel and related development at the Desert Willow
Golf Resort, (C) construction of on- and off -ramps at Portola Avenue and Interstate 10,
(D) undergrounding of 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 issuance of the proposed 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, a 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;
P6402.1056\893634.1
RESOLUTION NO. 06-76
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 All or A Portion of the Installation and Construction
of Certain Other Public Capital Improvements of Benefit to Project Area No. 3," 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 neighborhoods in which the Projects are 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.
Section 6. Effective Date. This Resolution shall take effect immediately
upon adoption.
P6402.1056\893634.1 2
RESOLUTION NO. 06-76
APPROVED and ADOPTED this 8th day of June 2006 by the following vote to wit:
AYES: BENSON, CRITES, KELLY, SPIEGEL, and FERGUSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
RA HELLS D. KLASSE , CITY CLERK
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