HomeMy WebLinkAboutRDA RES 359RESOLUTION NO. 359
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY APPROVING THE SALE TO PDH ASSOCIATES, L.L.C. OF
-- APPROXIMATELY 11.3 ACRES OF REAL PROPERTY SOUTH OF
FRANK SINATRA. AND WEST OF COOK STREET
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1• On April 23, 1998, the City Council of the City of Palm Desert and the
Palm Desert Redevelopment Agency (the "Agency") held a duly noticed joint public hearing on
the approval of the Agency's proposed sale of certain real property (the "Property") located in
the Agency's Project Area No. 2, as described in that certain Disposition and Development
Agreement (the "DDA") between the Agency and PD�� Associates, L.L.C., at which time all
persons desiring to comment on or ask questions concerning the sale of the Property to PDH
Associates, L.L.C. were given the opportunity to do so. Prior to the public hearing, information
concerning the Agency's proposed sale of the Property to PDH Associates, L.L.C., was available
for public inspection in the offices of the City of Palm Desert at 73-510 Fred Waring Drive, Palm
Desert, California 92260, between the hours of 8:00 a.m. and 5:00 p.m., Monday through Friday.
Notice of the public hearing was published in the Palm Desert Post on April 8, 1998 and April
15, 1998.
Section 2. The Agency has reviewed and considered all written and oral
-- comments, questions and concerns regarding the Agency's proposed conveyance of the Property
to PDH Associates, L.L.C. received prior to and at the public hearing on said conveyance.
ti n. The environmental impacts of the Agency's proposed sale of the
Property to YDH Associates, L.L.C. for the development of improvements thereon was analyzed
in the Final Environmental Impact Report for the Section Four North Sphere Project (the "EIR").
The City certified the EIR by Resolution No. 94-119, "Resolution of the City Council of the City
of Palm Desert, California, Certifying an Environmental Impact Report for a proposed Section
Four Site Plan Bounded by Frank Sinatra Drive on the North, Cook Street on the East, Country
Club Drive on the South, and Portola Avenue on the West."
' c' n 4. The DDA provides that PDH Associates, L.L.C., shall have the right to
construct certain improvements on the Property as therein described, including, among other
things, a Residence Inn and Courtyard by Marriott and associated amenities.
RESCILUTION NO. 359
e tion 5 The Agency has obtained an evaluation of the fair market value of the
Property from REASCO, who has determined that the fair market value of the Property, at the
highest and best use of the Property is approximately $6.19 per square foot.
ect' . Project Area No. 2 is an area which has previously been identified in
the Redevelopment Plan as a blighted area.. The area has previously been determined to create a
social and economic burden on the community which cannot reasonably be expected to be
reversed or alleviated by private enterprise or governmental action, or both, without
redevelopment. In addition, Project Area No. 2 contains vacant and under-utilized properties and
properties which suffer from economic dislocation, deterioration or disuse, including depreciated
or stagnant property values and impaired investments. Project Area No. 2 is characterized by the
existence of inadequate public improvements, public facilities and open spaces which cannot be
remedied by private or governmental action without redevelopment.
i n 7 The Agency hereby finds that the sale of the Property pursuant to the
DDA will assist in the elimination of blight by PDH Associates, L.L.C.'s construction of the
improvements described in the DDA on previously vacant, under-utilized land, which will
remedy the lack of adequate public improvements, assist in the revitalization of Project Area No.
2, encourage private sector investment and create job opportunities, all for the health, safety and
welfare of the residents and taxpayers of the City.
Section 8. The Agency hereby finds that the consideration to be paid by PDH
Associates, L.L.C. is not less than the fair market value of the Property at its highest and best use
in accordance with the Redevelopment Plan for Project Area No. 2 of the Agency.
tio . The Agency hereby approves the DDA and the sale of the Property to
PDH Associates, L.L.C. in accordance with the terms and conditions of the DDA pursuant to the
requirements of Health and Safety Code Section 33433(b), and the Chairman, Vice Chairman or
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RESOLUTION NO. 359
Executive Director are authorized to execute the DDA and such other documents and
agreements, including escrow instructions, recommended by the Executive Director to facilitate
and implement terms and conditions of the DDA.
PASSED, APPROVED and ADOPTED this 29th day of April, 1998, by the
following vote to wit:
AYES: CRITES, FERGUSON, KELLY, SPIEGEL, BENSON
NOES: NONE
ABSENT: NONE
ABS"I'AIN: NONE
Attest� _�}
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Sheila R. Gilligan, Secr �