1995 10 03 RDAd_0sN 1
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JQeJevefopment
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CITY COUNCIL CHAMBER
78-495 CalIe Tampico
La Quinta, California 92253
Regular Meeting
October 3, 1995, 1995 3:00 P.M.
CAlL TO ORDER
a. Roll Call Beginning Res. No.95-14
CONFIRMATION OF AGENDA
APPROVAL OF MI]'U'I'ES
a. Approval of Minutes of September 19, 1995
PUBUC COMMENT
ThLi is tile Id Gude for public 01-- on g*y sch?LM for a public hewuig. Please complele
a rtquew to s-?fonN a.d li-it yonr 01-- to three ni?w?u.
BUSINESS SE??ON
1 CONSIDERATION OF RESOLUTION APPROVING A THIRD IMPLEMENTATION AGREEMENT
BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND E. G. WILLIAMS
DEVELOPMENT COMPANY.
A) RESOLUTION ACTION.
2. CONSIDERATION OF APPROVAL OF DEMAND REGISTER WIRE TRANSFER OF SEPTEMBER
14, 1995 WILLIAMS DEVELOPMENT).
A) MINUTE ORDER ACTION.
000001
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d_0sN CONSENT CALENDAR
1 APPROVAL OF DEMAND REGISTER DATED OCTOBER 3, 1995.
2. ACCEPTANCE OF PROJECT 95-01 SEWER HOOK-UP SUBSIDY PROGRAM.
DEPAR?NT REPORTh
CHAIR AND BOARD MERWERS' ImMS
CLOSED SESSION
Note: Persons identified as negotiating parties where the City is considering acquisition of their property are not
inyited into the Closed Session meeting.
1. CONFERENCE WITH REAL PROPERTY NEGOTIATOR, DESERT SANDS UNIFIED SCHOOL
DISTRICT PURSUANT TO GOVERNMENT CODE SECTION 54956.8 REGARDING A
MEMORANDUM OF UNDERSTANDING REGARDING THE SALE OF CERTAIN REAL PROPERTY
LOCATED AT THE SOUTHEAST CORNER OF WASHINGTON STREET AND MILES AVENUE,
BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND DESERT SANDS
UNIFIED SCHOOL DISTRICT.
ADJOURNMENT
DECLARATION OF NG
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta Redevelopment Agency, do hereby declare that the
foregoing agenda for the Redevelopment Agency Meeting o? October 3, 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 Friday, September 29, 1995.
La Quinta Redevelopment Agency
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Z
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: October 3, 1995 CONSENT CALENDAR:
ITEM TITLE: STUDY SESSION:
Consideration of a resolution of the Redevelopment Agency PUBLIC HEARING:
approving a Third Implementation Agreement by and
between the La Quinta Redevelopment Agency and E. G.
Williams Development Company
RECOMMENDATION:
Approve the Thrd Implementation Agreement by and between the La Quinta Redevelopment Agency
and E.G. Williams Development Corporation.
FISCAL IMPLICATIONS
None. The financial transaction embodied in this Agreement involves the reallocation of monies that
were previously disbursed to E.G. Williams Development Company for this project.
BACKGROUND AND OVERVIEW:
In June of 1994, the La Quinta Redevelopment Agency approved a Disposition and Development
Agreement *DDA") with E.G. Williams Development Company *`Developer") that provided
affordable housing assistance to facilitate the development of 150 dwellings. Since that time, the
Developer has proceeded to subdivide the property, install necessary on- and off-site infrastructure
improvements, and commence the construction and sale of the single-family homes and the
construction and release of the multifamily senior citizen dwellings.
Subsequent to approving the DDA, project implementation activities surfaced necessary
modifications; these modifications were primarily the result of shifting market conditions that
required a reallocation of budgeted resources in order to ensure the sale and/or lease-up of the
completed dwellings. The Agreement Attachment 1) provides for further modifications to the DDA
in order to accommodate current market conditions.
The proposed modifications are as follows:
A reallocation of up to $60,000 of Agency approved and funded financial assistance to fund
nonrecurring closing costs. Monies used for this purpose, estimated to be up to $2,700 per unit,
shall be included in the Agency second trust deeds, and be applicable only to eligible very low
and low income households.
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d_0sN The maximum purchase price, as defined in the DDA, shall be increased by $990 for each of the
three models as described below:
Model DDA Price Modified Price
$107,000 $107,990
2 $112,000 $112,990
3 $116,000 $116,990
This modification will provide the Developer with additional revenue to fund sale incentives for
moderate income homebuyers. The Developer has provided evidence that indicates difficulties
in selling moderate income affordable homes that feature resale deed restrictions) in the current
market without the ability to provide buyer incentives.
FINDINGS AND ALTERNATIVES:
Tn order to facilitate the timely sale of these units, it is recommended that the modifications, as
outlined in the Agreement, be approved.
The options available to the Agency are:
1. Approve the modifications as presented;
2. Deny the modifications and provide direction to staff.
ommunity Development Director
CCJH.002 000004
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MEMORANDUM
OF
AGENDA CATEGORY
BUSINESS SESSION
COUNCW/RDA MEETING DATE: OCTOBER 3, 1995
CONSENT CALENDAR
ITEM TITLE:
STUDY SESSION
Demand Register Dated October 3, 1995 PUBLIC IIEARING
RECOMMENDATION: Approve Demand Register wire transfer of September 14, 1995 Williams
Development)
BACKGROUND:
Prepaid Warrants:
22799 22801 215.00
22802 1,027.00 CITY DEMANDS $831,365.60
22803 22815 38,783.18
Wire Transfer 358,450.15
PIR 12469-12531 60,940.76
PIR Tax Transfers 19,983.61
Payable Warrants: RDADEMANDS 19,122.21
22816 22929 729,538.26 RDA-WILLIAMS 358,450.15
$1,208,937.96 $? 208,937.96
FISCAL IMPLICATIONS:
Demand of Cash RDA $358,450.15
1%.
ohn Falconer, Finance Director oOOO1.?
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d_0s,N MEMORANDUM
AGENDA CATEGORY:
BUSINESS SESSION
COUNCILIRDA MEETWG DATE: OCTOBER 3, 1995
CONSENT CALENDAR
ITEM TITLE:
STUDY SESSION
Demand Register Dated October 3, 1995 PUBLIC HEARING
RECOMMENDATION: Approve Demand Register Dated October 3, 1995 with the exception of wire
transfer of September 14, 1995 Williams Development Corportation)
BACKGROUND:
Prepaid Warrants:
22799 2280? 215.00
22802 1,027.00 CITYDFMANDS $831,365.60
22803 228?5 38,783.?8
Wire Transfer? 358,450.15
PIR 12469-12531J 60,940.76
P?R Tax Transfers 19,983.61
Payable Warrants: RDADEMANDS 19,?22.21
22816-22929? 729,538.26 RDA-WILLIAMS 358,450.?5
$1,208,937.96 $? 208,937.96
FISCAL IMPLICATIONS:
Demand of Cash-RDA $19,122.21
Jo n M Fa?nance Director
000044.
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d_0sNN 0
*
AGENDA CATEGORY:
REDEVELOPMENT AGENCY BUSINESS SESSION:
MEETING DATh: October 3, 1995
CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
Acceptance of Assessment/Sewer Hook-Up
Fee Subsidy Program Project 95-01, and PUBLIC HEARING:
Authorization for City Clerk to Record Notice
of Completion
A???pt Project 95 Ol and instruct the City Clerk to file a Notice of Completion with the County Recorder.
FISCAL IMPUCATIONS.?
None.
BACKGROUND AND OVERVIEW:
All work for Project 95-01 at the following locations, has been completed in accordance with the specifications.
51-895 Avenida Alvarado 51-877 Avenida Vallejo
52-690 Avenida Villa 52-085 Eisenhower Drive
52-900 Avenida Navarro 53-450 Avenida Vallejo
77-900 Calle Monterey 77-300 Calle Monterey
54-217 Eisenhower Drive 53-749 Avenida Velasco
54-195 Avenida Velasco 54-255 Avenida Herrera
54-393 Avenida Velasco
FINDINGS AND ALTERNATIVES:
The Contractor has met all the provisions of the contract, there are no alternatives other than to accept Project 95-01.
Torn Hartung Director of Building and Safety
OOO67?
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