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HomeMy WebLinkAboutRDA RES 497RESOLUTION NO. 497 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY APPROVING AN EXCHANGE AGREEMENT W1TH DESERT WELLS 237, LLC 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 Desert Redevelopment Agency (the "Agency") proposes to enter into an Exchange Agreement (the "Agreement") with Desert Wells 237, LLC (the "Purchaser"), pursuant to which Agreement the Agency will convey to the Purchaser title to that certain real property described in Exhibit A to the Agreement (the "Agency Property") and located in the City of Palm Desert, California (the "City"), in exchange for the conveyance by the Purchaser to the Agency of title to that certain real property described in Exhibit B to the Agreement (the "Purchaser Property") and located in the City. Section 2. On February 2, 2005, the City Council and the Agency Board held a duly noticed public hearing on the approval of the Agency's proposed conveyance of the Agency Property to the Purchaser pursuant to the Agreement, at which time all p�rsons desiring to comment on, or ask questions concerning, the Agreement were given the opportunity to do so. Prior to the public hearing, information conce�ning the Agency's proposed conveyance of the Agency Property to the Purchaser was available for public inspection in office of the City Clerk in accordance with Health and Safety Code Section 33433. Section 3. Based upon the foregoing and other information presented to the Agency, the Agency hereby finds and determines that (i) the conveyance of the Agency Property to the Purchaser is consistent with the Agency's implementation plan adopted pursuant to Health and Safety Code Section 33490; (ii) the conveyance of the Agency Prope�ty to the Purchaser pursuant to the Agreement will assist in the elimination of one or more blighting conditions inside the Project Area, and (iii) the consideration for the Agency Property is not less than the fair market value of the Agency Property at its highest and best use in accordance with the Redevelopment Plan for the Project Area. Section 4. The Agency hereby approves the conveyance of the Property to the Purchaser and hereby authorizes its Executive Director to execute and deliver the Agreement in substantiaNy the form presented to the Agency at this meeting and now on file with the City Clerk, together with all other documents and agreements pertaining to the P6402\0001 \775105.2 RESOLUTION NO. 497 Agreement, with such changes therein as may be necessary 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 this 10th day of February 2005 by the following vote to wit: AYES: BENSON, FERGUSON, KELLY, SPIEGEL, and CRITES NOES: NONE ABSENTS: NONE ABSTAINS: NONE ATTEST: RAC ELLE D. KLASSEN, ECRETARY CITY OF PALM DESERT, CALIFORNIA �' / / i�� r 1 : •���• � . � . P6402\0001 \775 I 05.2 2