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HomeMy WebLinkAboutRDA RES 340RESOLUTION NO. 340 RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY AGREEING TO PURCHASE CERTAIN REAL PROPERTY FROM THE CITY OF PALM DESERT AND AGREEING TO THE TERMS OF A LOAN FROM THE CITY OF PALM DESERT WHEREAS, the City of Palm Desert (the "City") is the owner of certain real property described in Exhibit A, attached hereto, (the "Property"). WHEREAS, the City desires to sell the Property to the Palm Desert Redevelopment Agency (the "Agency"), and the Agency is willing to purchase the Property, on the terms and conditions of the Purchase and Sale Agreement, in the form presented to the Boazd of Directors of the Agency. WHEREAS, the Community Redevelopment Law (California Health and Safety Code Section 33,000, gt e .) Provides, pursuant to California Health and Safety Code 33620 et seq., for the establishment of a special fund to be kept in the treasury of City known as the redevelopment revolving fund, and such redevelopment revolving fund has been so established by the City; and WHEREAS, the City desires to lend funds to the Agency to enable the Agency to purchase the Property pursuant to the Purchase and Sale Agreement. NOW, THEREFORE, BE IT RESOLVED, that the Palm Desert Redevelopment Agency hereby finds, determines, resolves and orders: ec '0 1. 1fie Agency hereby approves the purchase of the Property from the City on terms set forth in the Purchase and Sale Agreement in the form presented to the Agency, and the Chairman of the Agency is hereby authorized to execute the Purchase and Sale Agreement together with any instruments reasonably necessary to cause the transfer of the Property from the City to the Agency to occur, including a Certificate of Acceptance. S c io . The Agency agrees to accept the City's loan of the purchase price of the Property. Such loan may be repaid by the Agency from any source of Agency funds lawfully available therefor. Moneys paid to or on behalf of the Agency from the Redevelopment Revolving Fund shall bear interest from the date of such payment to the date of repayment by the Agency at a rate equal to the rate of interest which would have been earned on such moneys by the City at the average daily commingled rate as determined by the City Treasurer for the period which begins on the date of such payment and ends on the date of such repayment. PASSED, APPROVED, and ADOPTED by the City Council of the City of Palm Desert, this 13 day of Mar ,�,97, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: CRITES, SNYDER, SPIEGEL, and KELLY BENSON NONE NONE RICHARD S. KELLY, Chairman Palm Desert Redevelopment Aget / ,A1TTEST: /,� , ' • '� � ' \ SHEILA R. iL IGAN, Se ary � Palm Desert Redevelopme gency I hereby certify that the foregoing Resolution was duly and regularly adopted by the Palm Desert Redevelopment Agency at a regulaz meeting thereof held on the� day of arch, 1997. Palm Desert GAN Agency EXHIBIT A LEGAL DESCRIPTION The East Haif of the Northeast Quarter of the Northeast Quarter of the Southwest ._ Quarter of Section 4, Township 5 South, Range 6 East, in the City of Palm Desert, San Bernardino Base and Meridian, According to Government Township Plat Thereof. The West Half.of the Northeast Quarter of the Northeast Quarter of the Southwest Quarter of Section 4, Township 5 South, Range 6 East, in the Gity of Palm Desert, San Bernar-dino Base and Meridian, According to Government Township Plat Thereof. The East Half of the Southeast Quarter of the Northeast Quarter of the Southwest Quarter of Section 4, Township 5 South, Range 6 East, in the City of Palm Desert, San Bernardino Base and Meridian, According to Government Township Plat Thereof. The West Half of the Southeast Quarter of the Northeast Quarter of the Southwest Quarter of Section 4, Township 5 South, Range 6 East, in the City of Palm Desert, San Bernardino Base and Meridian, According to Government Township Plat Thereof. The East Half of the Northeast Quarter of the Northwest Quarter of the Southwest Quarter of Section 4, Township 5 South, Range 6 East, in the City of Palm Desert, San Bernardino Base and Meridian, According to Government Township Plat Thereof. — The West Half of the Northeast Quarter of the Northwest Quarter of the Southwest Quarter of Section 4, Township 5 South, Range 6 East, in the City of Palm Desert, San Bernardino Base and Meridian, According to Government Township Plat Thereof. The West Half of the Northwest Quarter of the Northwest Quarter of the Southwest Quarter of Section 4, Township 5 South, Range 6 East, in tfie City of Pafm Desert, San Bernardino Base and Meridian, According to Government Township Plat The�eof. EXCEPTING THEREFROM ALL OIL, GAS AND OTHER MINERAL DEPOSITS IN THE LAND TOGETHER WITH THE R1GHT TO PROSPECT FOR, MINE AND REMOVE THE SAME AS RESERVED IN THE PATENT FROM THE UNITED STATES OF AMERICA, RECORDED FEBRUARY 3, I 960, IN BOOK 2627, PER 389, OF OFFICIAL RECORDS.