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HomeMy WebLinkAboutRDA RES 516RESOLUTION NO. 516 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT WITH COACHELLA VALLEY WATER DISTRICT THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMiNES, RESOLVES AND ORDERS AS FOLLOWS: Section l. In order to effectuate the provisions of the Redevelopment Plan (the "Redevelopment Pian") for Project Area No. 3(the "Project Area"), the Palm Desert Redevelopment Agency (the "Agency") proposes to enter into a Disposition and Development Agreement (the "AgreemenY') with Coachella Valley Water District (the "Purchaser"), pursuant to which Agreement the Agency will convey to the Purchaser title to that certain real property described in Exhibit C 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 properiy described in Exhibit A to the Agreement (the "Purchaser Properiy"), the granting of an option to the Agency to acquire that certain real property described in E�ibit B to the Agreement (the "Option Parcel"), and other considerarion, all on the terms and conditions set forth in the Agreement. Section 2. On February 9, 2006, 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 persons desiring to comment on, or ask questions concerning, the Agreement were given the opportunity to do so. Prior to the public hearing, information concerning 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. The Agency has obtained an evaluation of the value of the Agency Property from R.F. Sweet & Associates (Palm Desert, CA), which has deternuned that the fair market value of the Agency Properiy, at the highest and best use in accordance with the Redevelopment Plan for the Project Area, is equal to the fair market value ofthe Purchaser Property and the other consideration for which the Agency Properiy will be exchanged. Section 4. 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 Properiy 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 Properiy is not less than the fair mu•ket value of the Agency Property at its highest and best use in accordance with the Redevelopment Plan for the Project Area. P6402\OOO I\866065.1 RESOLDTYON IdO. 536 Section 5. The Agency hereby approves the conveyance of the Properry to the Pm•chaser aud hei•eby authorizes its Executive Director to execute and deliver the Ag•eement in substantially the form presented to the Agency at this meeting and now on file with the City Clerk, together with all other documents and agreeinents pertaining to the 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 9th day of February, 2006. AYLS: BEIdSOPT, REI,LY, SPIEGEL, and FERGIISON NOES: NOPIE ABSEPPL: CRITES P6402\000t\866065.1 2