HomeMy WebLinkAboutRDA RES 103RESOLUTION NO. 103
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
PALM DESERT, CALIFORNIA, PERTAINING TO THE AGENCY'S ROLE
IN THE APPLICATION FOR URBAN DEVELOPMENT ACTION GRANT
FUNDS BY THE COUNTY OF RIVERSIDE TO PROVIDE FUNDING FOR
OFF -SITE IMPROVEMENS AND OTHER ACTIVITIES ESSENTIAL TO
THE DEVELOPMENT OF AN AFFORDABLE HOUSING PROJECT AND
REGIONAL COMMERCIAL CENTER IN THE CITY OF PALM DESERT.
WHEREAS, under the provisions of the Housing and Community
Development Act of 1977, Public Law 95-128, the Department of
Housing and Urban Development is authorized to make grants to
distressed urban counties and cooperating jurisdiction to assist
in revitalizing their economic base and the reclamation of
deteriorating neighborhoods; and
WHEREAS, the County of Riverside has taken steps to parti-
cipate in various financially assisted programs through the
Department of Housing and Urban Development; and in so doing
has compiled information that indicates the County qualifies
as a "distressed County" under the regulations governing the
Urban Development Action Grant Program for Urban Counties; and
WHEREAS, the City of Palm Desert is a cooperating juris-
diction with the County of Riverside in these programs; and
WHEREAS, the County of Riverside and the City of Palm Desert
must provide an incentive to attract employment and housing oppor-
tunities and by providing an incentive, they can attract these
new opportunities by the improvement of streets, drainage channels,
utilities, and other activities in the project area; and
WHEREAS, from the private sector, a regional commercial
center developer and a housing developer have agreed to commit
to spend approximately $89,000,000 and these owners and author-
ized persons made their commitments contingent on approval of
the County of Riverside's application for Action Grant Funds,
and these commitments are to construct a new regional commer-
cial center, an affordable housing project, and contribute to
the improvements of off -site facilities in the project adjacent
to or near the intersection of Monterey Avenue and State Route
111; and
WHEREAS, the new facilities will provide an estimated 1,553
permanent and 700 construction jobs, and the development of these
projects would be advantageous to the progress of the County of
Riverside and the City of Palm Desert; and
WHEREAS, the County of Riverside's application to the Depart-
ment of Housing and Urban Development, for an Urban Development
Action Grant amounting to $6,689,000; and
WHEREAS, the Palm Desert Redevelopment Agency, a duly
authorized Agency under the laws of the State of California, can
be an important implementing Agency for the proposed UDAG program
under contract to the County of Riverside.
NOW, THEREFORE, BE IT RESOLVED by the Palm Desert Redevelopment
Agency that the Agency, in principal, and contingent upon approval
of UDAG application, agrees to receive $2,855,000 in UDAG funds to
be used for the purpose of street improvements ($1,805,000), and
fire station and equipment ($1,050,000) as set forth in the UDAG
application, and further agrees to return, from tax increment
revenues generated by the Regional Commercial Center to the City
of Palm Desert, over a 10-year period, the principal sum and 5
percent interest per annum, provided that no payment will be
required for one year from the date of receipt of the UDAG money,
and, interest only payment will be required at the end of the
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REDEVELOPMENT AGENCY RESOLUTION NO. 103
second year from date of receipt of the UDAG money; and pro-
vided that payments for years 3 through 10 for the remaining
principal will be in equal amortized annual installments; and
THAT the Agency further agrees to be the responsible agent
for implementing the above projects in compliance with all Federal,
State, and local statutes, in coordination with the County of
Riverside and the City of Palm Desert to be later specified in
a contract with the County of Riverside; and
THAT the Chairman and Executive Director be, and they are,
hereby duly authorized to execute all Documents pertaining to
the application.
THAT a copy of the caption of this Resolution be incorporated
in the Minutes of the Board of Directors of the Palm Desert Redevelop-
ment Agency.
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of
the City of Palm Desert, California, on this pth day of
October , 1979, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Brush, McPherson, Newbrander, Wilson & Mullins
None
None
None
.L/
HE3LA T. cretary to
The Palm Desert Red elopment Agency
RD D. MuL, CHAIRMAN
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