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HomeMy WebLinkAboutRDA RES 461RESOLUTION NO. 461 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY APPROVING THE AMENDMENT OF A DISPOSITION AND DEVELOPMENT AGREEMENT WHICH PROViDES FOR THE DISPOSITION OF PROPERTY BY THE AGENCY TO INTRAWEST RESORT OWNERSHIP CORPORATION FOR DEVELOPMENT PURSUANT TO THE REDEVELOPMENT PLAN FOR PROJECT AREA NO. 2 THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. In order to effectuate the provisions of the Redevelopment Plan (the "Redevelopment Plan") for Project Area No. 2(the "Project Area"), the Palm Dese�t Redevelopment Agency (the "Agency") proposes to amend that certain Disposition and Development Agreement dated as of February 13, 1997 by and between the Agency and Intrawest Resort Ownership Corporation ("IROC") (as heretofore amended, the "DDA"). On or about October 12, 1998, IROC assigned its rights and obligations under the DDA to Resort Ventures, L.P. ("Developer") and by entering into a Second Amendment to Disposition and Development Agreement (the "Amendment") with Devefoper the Agency will (a) agree to amend the amounts and time of payment of certain access and amenity fees to be paid by the Developer to City, (b) agree to amend the terms pursuant to which the Developer may acquire certain real property from the Agency pursuant to an existing option agreement between the Agency and Developer, and (c) agree to amend the term during which the Developer will have the exclusive right to sell timeshare units within the Desert Willow project at the Palm Desert Resort (the "Project"). Section 2. On January 9, 2003, the Agency and the City Council (the "City Council") of the City of Palm Desert (the "City") held a duly noticed public hearing on the approval by the Agency of the proposed Amendment, at which time all persons desiring to comment on, or ask questions concerning the Amendment were given the opportunity to do so. Prior to the public hearing, information concerning the Agency's approval of the proposed Amendment was available for public inspection in office of the City Clerk in accordance with Health and Safety Code Section 33433. Section 3. The Project is located in the Project Area. The development of the P�oject will assist in the elimination of blight. The City Council has previously determined that the Project Area is an area in which the combination of conditions of blight are so prevalent and so substantial that there is a reduction of, or lack of, proper utilization of the area to such an e�ent that it constitutes a serious physical, 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. Among other things, the Project Area contains vacant and underutilized properties, properties P6d02\0001 �71 bb33.6 RESOLUTfON NO. 461 which suffer from depreciated or stagnant property values and impaired investments, and deteriorated, aged and obsolete buildings. Such conditions tend to further deterioration and disuse because of the lack of incentive to landowners and their inability to improve, modernize or rehabilitate their property while the condition of the neighboring property remains unchanged. In addition, the Project Area is characterized by the existence of inadequate public improvements and utilities, which cannot be remedied by private or governmental action without redevelopment. The development of the Project will redevelop an underutilized parcel and will assist in the revitalization of the Project Area and create employment oppo�tunities for ��esidents of the Project Area. All of the foregoing will assist in encouraging private sector investment in the Project Area and will assist in eliminating blighting conditions in the Project Area. Section 4. The Agency has obtained an evaluation of the value of the property which is the subject of the Amendment from Real Estate Analysis Services Co., which has determined that the consideration paid by the Developer for its acquisition from the Agency, as provided in the DDA and as modified by the Amendment, is not less than its fair market value at its highest and best use in accordance with the Redevelopment Plan whereby the highest and best use is as the site for the Developer's Desert Willow Resort Club as provided in the DDA and the Amendment. Section 5. Based upon the foregoing and other information presented to the Agency, the Agency hereby finds and determines that (a) the previous sale of property to Developer, and the grant of an option to purchase property to Developer, as provided in the DDA and the Amendment are consistent with the Agency's implementation plan adopted pursuant to Health and Safety Code Section 33490 and will assist in the elimination of blighting conditions inside the Project Area, and (b) the consideration for the property as provided in the DDA and the Amendment is not less than its fair market value at its highest and best use in accordance with the Redevelopment Plan whereby the highest and best use is as the site for the Developer's Desert Willow Resort Club as provided in the DDA and the Amendment. Section 6. The Agency hereby approves the Amendment. The Agency hereby authorizes its Executive Director to execute and deliver the Amendment and related documents in substantially the forms presented to the Agency at this meeting and now on file with the City Clerk, with such changes therein or such other documents or actions as may be necessary or convenient P64Q2\000 I `�716633.6 RESOLUTION NO. 461 and as the Executive Director may approve, in his discretion, as being in the best interests of the Agency, such approval to be conclusively evidenced by the execution and delivery thereof. PASSED, APPROVED and ADOPTED this23ra day of January, 2003, by the following vote to wit: AYES; CRITES, FERGUSON, KELLY, SPIEGEL AND BENSON NOES: NONE ABSENT: NONE ABSTAIN: rrot�E �� an M. tienson, C;hairman . -- � 1 � �•_ _. ,� .ii►��� � __ - - � - - P6402�0001�71GG33.6 3