City Council

15.a PUBLIC HEARING TO APPORVE AN AMENDMENT TO DISPOSITION, 299\nDEVELOPMENT AND LOAN AGREEMENT, AND RELATED\nRESOLUTIONS, FOR ARC VILLAGE PROJECT WITH CHELSEA\nINVESTMENT COPORATION PURUSANT TO H&S SECTION 33433\nRECOMMENDATION:\n1. Hold a joint public hearing and adopt a Housing Authority\nResolution entitled, “A RESOLUTION OF THE PALM DESERT\nHOUSING AUTHORITY APPROVING AN AMENDMENT TO\nDISPOSITION, DEVELOPMENT AND LOAN AGREEMENT\nBETWEEN THE AUTHORITY AND CHELSEA INVESTMENT\nCORPORATION, OR ITS DESIGNEE (“Parties”) PURSUANT TO\nHEALTH AND SAFETY CODE SECTION 33433.”\n2. Adopt a Housing Authority Resolution entitled, “A RESOLUTION\nOF THE PALM DESERT HOUSING AUTHORITY DECLARING A\nHOUSING AUTHORITY OWNED PARCEL LOCATED OFF\nCOUNTY CLUB DRIVE IN THE CITY OF PALM DESERT TO BE\nEXEMPT SURPLUS LAND PURSUANT TO GOVERNMENT\nCODE SECTION 54221(f)(1)(F).”\n3. Approve Amendment to Disposition Development and Loan\nAgreement (“Amendment to DDLA”) between the Parties, including\nthe exhibits, for the conveyance of the Authority-owned vacant\nproperty located off of Country Club known as APN 622-370-014\nto Chelsea Investment Corporation, or its designee, (the\n“Developer” or “Chelsea”) for the construction of 39 units for rental\nto extremely low, very low and low income qualified households\nand one manager unit (the “Project”), pursuant to Health and\nSafety Code Section 33433.\n4. Authorize Housing Authority Loan to the Developer for the\npurchase and construction of the Project in the amount of\n$4,680,000, pursuant to terms of the Amendment to DDLA with the\nloan being secured by a subordinate deed of trust on the Project.\n5. Authorize Director of Finance to Appropriate $1,680,000 from\nunobligated Housing Asset Fund monies to Account Number\n8734195-4663900.\n6. Authorize the Executive Director to finalize and execute the\nAmendment to DDLA and documents deemed necessary to\neffectuate the Amendment to DDLA, the conveyance of the\nproperty and conditions of approval, with such changes thereto as\nthe Executive Director, in consultation with legal counsel, may\ndeem necessary and consistent with the purpose of the DDLA, as\namended by the Amendment to DDLA, and conditions of approval.\n5\nPalm Desert City Council Meeting Agenda\nMarch 27, 2025\n7. Authorize the Chairperson and Executive Director to execute\ndocuments necessary to effectuate the transfer.\n8. Adopt a City Resolution entitled, “A RESOLUTION OF THE CITY\nCOUNCIL OF THE CITY OF PALM DESERT MAKING FINDINGS\nPURSUANT TO THE HEALTH AND SAFETY CODE SECTION\n33433 IN CONNECTION WITH A PROPOSED AMENDMENT TO\nDISPOSITION, DEVELOPMENT AND LOAN AGREEMENT\nBETWEEN THE PALM DESERT HOUSING AUTHORITY AND\nCHELSEA INVESTMENT CORPORATION OR ITS DESIGNEE.”