AMENDED AND RESTATED DISPOSITION, DEVELOPMENT AND LOAN AGREEMENTDisposition, Development and Loan Agreement • March 28th, 2024
AGREEMENT (the “Agreement”) is dated as of April 11, 2024, and is entered into by and among the CITY OF PALM DESERT, a municipal corporation (the “City”), the PALM DESERT HOUSING AUTHORITY, a public body corporate and politic (the “Authority”) and PALM COMMUNITIES, a California corporation (the “Developer”), each individually a “Party” and collectively the “Parties,” with reference to the following facts, understandings and intentions of the Parties:
DISPOSITION, DEVELOPMENT AND LOAN AGREEMENTDisposition, Development and Loan Agreement • February 23rd, 2023
Developer with the City Loan to provide construction funding in consideration for the Developer's agreement to construct and operate the Development consistent with this Agreement and the Regulatory Agreement, including without limitation, the occupancy and affordability restrictions. The amount of the City Loan provided pursuant to this Agreement does not exceed the amount of City's assistance necessary to make the Developer's acquisition of the Property and the construction and operation of the Development, as restricted by this Agreement, financially feasible.
