1995 04 18 RDAing -> 10+2 0 O9.aAA???f?
IQe?ueLjpment
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Crly COUNCIL CHAMBER
7S?95 Calle Tampico
La Quinta, California 92253
Regular Meeting
April 18, 1995 3:00 P.M.
CAlL TO ORDER Beginning Res. No. RA 9506
a. Roll Call
CONFTRMAIION OF AGENDA
APPROVAL OF
a. Approval of Minutes of April 4, 1995
PUBUC COMMKNT
This is the time set aside for public comment on any matter not scheduled for a public hearing. Please
complete a request to speak" form and limit your comments to three minutes.
BUSINESS SESSION
1. CONSIDERATION OF AN EXCLUSIVE UNDERWRITING AGREEMENT FOR THE 1995 LA
QUINTA REDEVELOPMENT AGENCY TAX ALLOCATION BONDS.
A) MINUTE ORDER ACTION.
2. RECEIVE AND FILE THE AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE
30, 1994.
A) MINUTE ORDER ACTION.
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ing -> 10+23. CONSIDERATION OF APPROVAL OF DEMAND REGISTER WARRANT NO.21377 WILLIAMS
DEVELOPMENT CORP.).
A) MINUTE ORDER ACTION.
CONSENT CAU?NDAR
Note: Consent Calendar Items are considered to be routine in nature and will be approved by one motion.
1. APPROVAL OF DEMAND REGISTER DATED APRIL 18, 1995.
DEPARTMENT REPORTS
CHAIR AND BOARD MEMBERS' iii?IS
PUBUC HEARINGS 7:00 P.M.
Note: There are no public hearings scheduled.
CLOSED SESSION
1. CONFERENCE WITH REAL PROPERTY NEGOTIATOR CONCERNING 50 INDIVIDUAL
RESIDENTIAL PROPERTIES LOCATED GENERALLY IN THE COVE, SPECIFICALLY
IDENTIFIED IN THE AGREEMENT WITH COACHELLA VALLEY LAND NEGOTIATOR,
BYRON RADAKKER INSTRUCTING THE NEGOTIATOR CONCERNING PRICE, TERMS OF
PAYMENT FOR ACQUISITION OF PROPERTIES PURSUANT TO GOVERNMENT CODE SECTION
54956.8.
2. CONFERENCE WITH LEGAL COUNSEL CONCERNING ON-GOING LITIGATION ATLAS
ENVIRONMENTAL VS CITY OF LA QUINTA AND KENKO, INC. VS CITY OF LA QUINTA.
3. REVIEW AND CONSIDERATION OP AGENCY LEGAL COUNSEL CONTRACT PURSUANT TO
GOVERNMENT CODE SECTION 54957.6.
ANOURNM?
DECLARATION OF POSTING
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta Redevelopment Agency, do hereby declare that the
foregoing agenda for the Redevelopment Agency Meeting of April 18, 1995 was posted on the outside entry to the
Council Chamber, 78-495 Calle Tampico and on the bulletin board at the La Quinta Chamber of Commerce on
NDRA L. JUH A, Secretary
a Quinta Redevelopment Agency
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AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: April 18, 1995 CONSENT CALENDAR:
ITEM TIThE: STUDY SESSION:
Consideration of an Exclusive Underwriting Agreement for the 1995 PUBLIC HEARING:
La Quinta Redevelopment Agency Tax Allocation Bonds.
RECOMMENDATION:
Authorize the Executive Director to execute the Exclusive Underwriting Agreement between the Agency and Stone
& Youngberg for the 1995 La Quinta Redevelopment Agency Tax Allocation Bonds.
FISCAL IMPLICATIONS:
None at this time. However, if the Agency elects to sell the tax allocation bonds, it may incur standard issuance
costs of up to 3.0% of the bond par amount, bond issuance premium costs of up to 1.0% of par amount, and a
surety bond cost of up to 3.5% of the bond reserve requirement.
BACKGROUND AND OVERVIEW:
In December, 1994, the Agency Board directed staff to initiate the process to structure tax allocation bonds involving
Project Areas No.1 and No.2; the purpose is to sell bonds and fund: affordable housing programs, and property
acquisition and development activities for the Desert Sands Unified School District Administrative Center. The bonds
for the School District Administrative Center will be secured by Project No.2 tax increment revenue payments the
District currently receives pursuant to the Agency/District pass-through agreement. After evaluating the costs
associated with marketing the bonds on a competitive bid versus a negotiated sale basis, Agency staff recommended
that this issue be marketed through the latter means.
Qualification statements were requested from four investment banking firms; three firms were subsequently
interviewed by Agency staff and legal counsel. After careful evaluation, the firm of Stone & Youngberg was selected
to serve as underwriter for this bond issue. The reasons for their selection were: 1) the firm's depth of experience on
similar bond transactions, 2) the experience and qualifications demonstrated by the underwriting team that would be
assigned to this issue, and 3) the favorable responses regarding Stone & Youngberg's cost parameters and service
delivery from client references.
The Exclusive Underwriting Agreement Attachment 1) grants to Stone & Youngberg the exclusive right to negotiate
for the purchase of tax allocation bonds from the Agency. Further, in return for this right, Stone & Youngberg will
perform services associated with structuring the financing, market the bonds, and incur certain costs and expenses
CCJH.007 OO9?O?
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AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: CONSENT CALENDAR:
FINANCE AUTHORITY April 18, 1995
ITEM TIILE: STUDY SESSION:
PUBLIC HEARING:
Transmittal of the Audited Financial
Statements for the Year Ended June 30, 1 994
RECOMMENDATION:
Receive and tile the Audited Financial Statements for the year ended June 30, 1 994.
FISCAL IMPLICATIONS:
None at this time.
BACKGROUND AND OVERVIEW:
Attached is the Audited Financial Statement for year ended June 30, 1 994. Ken AI-Iman
of Conrad & Associates, is available for any discussion and questions the Council may have.
The contents of the Audited Financial Statement are consistent with the Cash Flow Reports
previously discussed in detail with the City Council. The management letter regarding
operations of the City?s financial operations for Conrad & Associates was previously
transmitted to the City Council and noted no material weaknesses.
Thomas P. Genovese, City Manager
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BUSINESS SESSION
COUNCIURDA MEEIING DATE: April iS, 1995 CONSENT CALENDAR
M T1'1'LE: STUDY SESSION
PUBLIC HEARING
Consideration of Approval of Demand Register Warrant number 21377
Williams Development Corporation)
Approve Demand Register Warrant number 21377 Willaims Development Corporation).
BACKGROUND:
Prepnd Warrants
21231-21264 6,103.75
21265 1,756.00
21266-21275 66,925.04
21279-21 230 6,619.30 CITY DEMANDS $301,465.09
P'R 11673-1 1734 54,075.43
Payable Warrants: ItDADE?ANDS $1,000.00
21231 21379 239,574.32 RDA-WILLIAMS $72,593.75
375,058.84 $375,058.84
Refer to demand register dated April 18, 1995 for detail.
FISCAL IMPUC?ONS:
Dernandof Cash-RDA 72593.75
Q??
Thomas P Genovese, City Manager
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