1995 10 17 RDAd_0gC',
OF
A?ecleueLpment M?enc?
CITY COUNCIL CIIAMBER
78-495 Calle Tampico
La Quinta, C?illfornia 92253
Regular Meeting
October 17, 1995, 3:00 P.M.
CAll 10 ORDER
a. Roll Call Beginning Res. No.95-15
CONFUIMATION OF AGENDA
APPROVAL OF
a. Approval of Minutes of October 3, 1995
PUBUC COMMENT
ThLi Li tile tinie Sd azide for lic cow-ton fly imuerliot sche?d for a public II-uLg. Pleuse comp?
4 zww foriii and iniapour Cow-mt: three rnbiu?u.
BUSINESS SESSION
TRANSMITTAL OF TREASURER'S REPORT DATED AUGUST 31, 1995.
A) MINUTE ORDER ACTION.
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d_0g CONSENT CAINDAR
1 APPROVAL OF DEMAND REGISTER DATED OCTOBER 17, 1995.
2 ADOPTION OF RESOLUTION AUTHORIZING THE TRANSFER OF PROPERTY LOCATED AT
THE NORTHWEST CORNER OF 48TH AVENUE AND JEFFERSON STREET FROM THE
REDEVELOPMENT AGENCY PROJECT AREA #2 FUND TO REDEVELOPMENT AGENCY
PROJECT #2 LOW-MOD FUND.
DEPARIMENT REPORTS
1 TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED AUGUST 31, 1995.
CHAIR AND BOARD ME??ERS' nl?MS
PUBLIC HEARINGS
JOINT PUBUC HEARINGS BETWEEN THE LA OUINTA REDEVELOPMENT AGENCY
BOARD ANDT'HE LA OUINTA CITY COUNCIL
1 AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE LA
QUINTA REDEVELOPMENT AGENCY AND THE BOYS AND GIRLS CLUB OF COACHELLA
VALLEY/BUILDING HORIZONS PROGRAM.
A) RESOLUTION ACTION.
2. DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE CITY OF LA QUINTA AND
DESERT SANDS UNIFIED SCHOOL DISTRICT FOR THE SALE OF APPROXIMATELY 25 ACRES
AT THE NORTHEAST CORNER OF 48TH AVENUE AND DUNE PALMS ROAD.
A) RESOLUTION ACTION.
CLOSED SESSION None
ADJOURNMENT
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d_0g DECLARMION OF PO?I1NG
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta Redevelopment Agency, do hereby declare that the
foregoing agenda for the Redevelopment Agency Meeting of October 17,1995 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, October 13, 1995.
D?.Oth 13, 19
RA L. 3UHOL Secretary
La Quinta Redevelopment Agency
PUBUC N(YIICE
The La Quinta City Coundl Chamber is handicapped accessible. If special equipment is needed for the
hearing impaired, please the City Clerk's Office at 777-7025, 24-hours in advance of the meeting and
accomodations will be made.
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d_0g AGENDA CATEGORY:
C?4 OF BUSINESS SESSION:
COUNCILIRDA MEETING DATE: October 17,1995 CONSENT CALENDAR:
ITEM TITLE: STUDY SESSION:
PUBLIC REARING:
Transmittal of Treasurer?s Report
as ofAugust 31, 1995
RECOMMENDATION:
Receive and file and make this item a part of the consent calendar in fliture agendas.
BACKGROUND AND OVERVIEW:
Transmittal of Treasurer's Report dated August 31, 1995 for the La Quinta Redevelopment Agency.
Staff has recently modified the format in conjunction with the Investment Advisory Board.
Staff requests that fliture Treasurers Report be a consent calendar item.
FINDINGS AND ALTERNATIVES:
I certif? that this report accurately reflects all pooled investments and is in compliance with
California Government Code Section 53645 as arnended 14/86; and is in conformity with City Code
3.08.010 to 3.08.070 Investment of Money and Funds.
I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet
next month's estimated expenditures.
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d_0g L?
rOF?? MEMORANDUM
AGENDA CATEGORY:
BUSINESS SESSION
COUNCILIRDA MEETING DATE: OCTOBER 17, 1995
CONSENT CALENDAR
ITEM TITLE:
STUDY SESSION
Demand Register Dated October 17, 1995 PUBLIC HEARING
RECOMMENDATION: Approve Demand Register Dated October 17, 1995.
BACKGROUND:
Prepaid Warrants:
22930 22975 9,243.26
22976 46,131.19
22977 22987 69,387.22
P(R 2532-12602 61,596.95
PIR Tax Transfers 20,262.84 CITY DEMANDS $390,746.47
Payable Warrants:
22988 23098 227,582.27 RDA DEMANDS 43,457.26
$434,203.73 $434,203.73
FISCAL IMPLICATIONS:
Demand of Cash RDA $43,457.26
Jo n M. Falconer, Finance Director
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d_01g2?ffl 0% #4?a,(iaj
AGENDA CATEGORY:
C?4 OF BUSINESS SESSION:
COUNCILIRDA MEETING DATE: October 17, 1995 CONSENT CALENDAR:
ITEM ThE: STUDY SESSION:
Adoption of Agency Resolution authorizing the transfer of
property located at the northwest corner of 48th Avenue and PUBLIC HEARING:
Jefferson Street from the Redevelopment Agency Project
Area #2 Fund to Redevelopment Agency Project #2 Low-
Mod Fund.
RECOMMENDATION:
Approve Agency Resolution authorizing the transfer of certain real property from La Quinta
Redevelopment Project No.2 Redevelopment Fund to the Low and Moderate Income Rousing Fund.
FISCAL IMPLICATIONS:
This transaction will result in the transfer of $1,986,090 of nonbond affordable housing funds from
the Project No.2 Low and Moderate Income Housing Fund to the Project No.2 Redevelopment
Fund. As a result of this transfer, the Low and Moderate Income Housing Fund will purchase the
39.96-acre parcel for subsequent development with affordable housing.
BACKGROUND AND OVERVIEW:
In May, 1991, the Agency purchased two parcels of property within La Quinta Project No.2. One
parcel was designated for the future development of an Administrative Center by Desert Sands
Unified School District; that parcel was located at the intersection of Jefferson Street and 48th
Avenue. A second parcel, located at the future intersection of Dune Palms Road and 48th Avenue,
was designated for affordable housing.
Subsequent to property acquisition, the Agency, in 1994, elected to designate the Dune Palms Road
parcel as the location for the District Administrative Center; the Jeffersonl48th Avenue parcel was
then under consideration for commercial development. The commercial development proposal was
subsequently abandoned, and the Agency now desires to develop the Jeffersonl48th Avenue parcel
with affordable housing.
In order to facilitate affordable housing development and reimburse the Project No. 2
Redevelopment Fund for property acquisition expenses, the affached resolution will authorize the
interfund transfer of the property and flinds between the Project No.2 Redevelopment Fund and Low
and Moderate Income Housing Funds. This transfer of interest is accomplished as a fund transfer
due to the fact that legal title to the property will not change since each fund is a fund of the same
CCJH.007
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d_02glegal entity i.e., the La Quinta Redevelopment Agency. In consideration for the 39.96-acre parcel,
the Project No.2 Low and Moderate Income Housing Fund will transfer $1,986,090 to the
Redevelopment Fund to reimburse the Fund for property acquisition costs. This amount is based
upon the per-square-foot acquisition price of $1.41 the Agency initially paid for the parcel when
purchased in 1991. Review of 1995 market sales data for comparable properties indicates that this
is ajust value for this property.
FINDINGS AND ALTERNATIVES:
Agency approval of a Disposition and Development Agreement between the Agency, Desert Sands
Unified School District, and Desert Sands School Building Corporation will result in the sale of the
Dune Palms Road parcel to the District for development as an Administrative Center. This
transaction will eliminate the possibility of utilizing the Dune Palms Road parcel for affordable
housing. In order to continue the Agency's efforts to meet state-mandated affordable housing
requirements, the Jefferson/48th Avenue parcel is an ideal site for the development of the affordable
housing units proposed for the Dune Palms Road parcel. This transaction will formally transfer the
property to the Project No.2 Low and Moderate Income Housing Fund, and reimburse the Project
No.2 Redevelopment Fund for property acquisition expenses. As a result of this transaction, the
Redevelopment Project Area No.2 Capital Projects Fund will obtain funds in the amount of
$1,986,000 from the Project Area No.2 Low and Moderate Income Housing Fund. These flinds may
be utilized for various Capital Improvement Projects as contained in the Redevelopment Plan),
economic development purposes, or repayment of debt owed to the City General Fund. Staff will
address the use of these funds at a future meeting and the 1996/97 Five-Year Capital Improvement
Program discussions.
The alternative to this transaction would be to not adopt the resolution and designate the
Jefferson/48th Avenue parcel for nonhousing uses. This transaction would result in the following:
* Delay the construction of improvements to 48th Avenue by eliminating the primary purpose
for funding these improvements with low and moderate income housing funds.
* Reduce the amount of undeveloped property that may accommodate affordable housing
development.
* Delay the reimbursement of the Project No.2 Redevelopment Fund for costs incurred with
the acquisition of the Jefferson/Avenue 48 site.
The alternatives available to the Council are as follows:
1. Adopt the Agency Resolution as proposed;
2. Deny the request:
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AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: October 17,1995 CONSENT CALENDAR:
ITEM TIThE: STUDY SESSION:
PUBLIC REARING:
Transmittal of Revenue and
Expenditures Report dated August 31, 1995
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
Transmittal of the August 31, 1995 Statement of Revenue and Expenditures for the La Quinta
Redevelopment Agency.
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d_0;g 0
SESSION:
4'?Th? AGENDA CATEGORY:
4OF??
COUNCILIRDA MEETING DATE: October 17, 1995 CONSENT CALENDAR:
ITEM TIThE: STUDY SESSION:
A Joint Public Hearing between the La QLunta City Council PUBLIC HEARING:
and the Redevelopment Agency on an Amendment to the
Disposition and Development Agreement between the City
of La Quinta and the Boys and Girls Club of the Coachella
Valley/Building Horizons Program
RECOMMENDATION:
Adopt Agency Resolution approving the Second Amendment to the Disposition and Development
Agreement by and between the Agency and Boys and Girls Club of Coachella Valley/Building
Horizons Program and authorize the Agency Chairman to sign the Amendment.
FISCAL IMPLICATIONS:
The Second Amendment provides that the Agency may be repaid a maximum of $150,000 of Agency
financial assistance that was used for affordable housing development. This compares to the total
repayment of $190,000 as provided by the initial Disposition and Development Agreement DDA"),
and $170,000 as provided by the First Amendment to said DDA. The reduced repayment amount is
a result of increasing the Second Trust Deed assistance, as provided by the Second Amendment, to
$30,000 per unit. This increase would afford the opportunity for low income households to purchase
the two dwellings. The flinds have been previously allocated.
BACKGROUND AND OVERVIEW:
On September 30, 1994, the Agency and Building Horizons eveloper") entered into a DDA that
established a contractual obligation to facilitate the financing and construction of a two-unit, single-
family residential development to be sold at affordable housing costs to moderate income households.
Subsequent to its execution, the DDA was amended in July, 1995, to modify certain provisions which
afforded the Developer greater flexibility when selling the units. However, changing market
conditions has resulted in the inability of the Developer to market these units to moderate income
households. As such, the Developer petitioned the Agency to reconsider some of the constraints and
provide additional flexibility for the sale of these units.
Provisions of the Second Amendment. Modifications embodied in the Second Amendment are
detailed in the Report on the Second Amendment which is featured as Attachment 1 to this report.
In summary, the modifications proposed by the Second Amendment are as follows:
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d_0<g* Permit the sale of the residential units to low and moderate income households, which provide
that the units can be sold to households earning 61% to 20% of the median income of
Riverside County.
* Eliminate the 3% down payment requirement and afford potential home buyers the ability to
secure 100% lender financing.
* Increase the Second Trust Deed loan amounts from $20,000 per unit to $30,000 per unit;
under the DDA, the Agency converts some of the initial affordable housing assistance into
silent Second Trust Deeds which finance the difference between affordable housing costs and
affordable First Trust Deed mortgages), and the purchase cost.
Discussions involving Agency staff and the Developer indicate that with these modifications, the
Developer will be able to secure buyers for these two homes.
Public Hearin? Requirement. The pr(?ject was approved through a Disposition and Development
Agreement which is required by the California Community Redevelopment Law since Agency-
owned property, purchased with tax increment revenue, was to be sold. As a result, any subsequent
amendments to the DDA require that the same procedure involved in adopting the original DDA be
adhered to. As such, a joint public hearing is required, which was noticed once a week for two
consecutive weeks on October 3rd and October 10th. Further, the modifications to the DDA and an
accompanying report that summarized said modifications were available at the public counter in the
La Quinta Community Development Department since October 3rd.
FINDINGS AND ALTERNATIVES:
Approving the DDA will provide the Developer greater flexibility in selling these homes, thus
increasing the community's supply of covenant restricted affordable housing; the sale will also result
in the partial repayment of Agency financial assistance that was originally paid to facilitate property
acquisition and construction activities. Tf the Agency was to elect to not approve the DDA, then the
Developer would have a limited ability to sell the units, and potentially would default on the
Agreement.
Alternatives available to the Agency are as follows:
1. Adopt Agency Resolution approving the Amendment to the Disposition and Development
Agreement as recommended and authorize the Agency Chairman to sign the Agreement;
2. Adopt Agency Resolution approving the Amendment to the Disposition and Development
Agreement with flirther recommendations;
3. Deny the Agreement.
erty He a Community Development Director
Attachment:
1. Second Amendment on the Disposition and Development Agreement 0 0 OO 0
an,.
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GP4OF
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: October 17, 1995 CONSENT CALENDAR:
ITEM TIThE: STUDY SESSION:
A Joint Public Hearing with the City Council and the PUBLIC HEARING:
Redevelopment Agency regarding the Disposition and
Development Agreement between the Agency, Desert Sands
Unified School District, and Desert Sands School Building
Corporation for the sale of approximately 25 acres at the
northeast corner of 48th Avenue and Dui? Palms Road
RECOMMENDATION:
Adopt Agency Resolution approving and authorizing the execution of the Disposition and
Development Agreement between the Agency, Desert Sands Unified School District, and Desert
Sands School Building Corporation, the allocation of funds, and authorizing the Agency Chairman
to sign the Disposition and Development Agreement.
FISCAL IMPACT:
The Disposition and Development Agreement DDA") provides that the District will pay the
Agency $1.2 million in cash to purchase a 25.89 gross acres of property; further, the DDA provides
that the District will fund an additional $994,000 of improvements to Dune Palms Road. Finally,
the DDA commits the Agency to expending up to $3.6 million in Project No.2 low and moderate
income housing funds to underwrite the construction of improvements to 48th Avenue. The net
outlay of additional Agency funds resulting from the DDA is $1,410,000. An allocation of $3.6
million will be committed to the construction of 48th Avenue improvements from the Project No.
1 and No.2 low and moderate income housing fund.
BACKGROUND AND OVERVIEW:
Synopsis of the Disposition and Development Agreement. The DDA provides for the following:
* That the Agency will sell 25.89 acres to the District for a cash price of $1.2 million.
* That the District will construct improvements to Dune Palms Road from the future alignment
of 48th Avenue north to Highway 111.
* That the Agency will construct improvements to 48th Avenue from Adams Street east to
Jefferson Street.
* An Implementation Agreement that would result in the disbursement of the District's percentage
share of tax increment per year for the next 34 years which the District would use to fund some
of the costs associated with constructing the District Administrative Center. The Agency/District
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d_0Cg Cooperation Agreement, dated July 5, 1989, provides that the District shall receive up to 50%
of the tax increment revenue generated by the District's property tax levy in Project Area
No.2 to fund District facilities and improvements. This Implementation Agreement fulfills
provisions of said Cooperation Agreement.
Public Hearin? Requirement. The California Redevelopment Law requires that the Agency convene
ajoint public hearing, with the City Council, to receive community input when property purchased
with tax increment revenue is subsequently sold. The notice of this joint public hearing was
published once a week for two consecutive weeks on October 3rd and October 10th) in the Desert
Sun. Further, copies of both the DDA Attachment 1) and a Summary Report Attachment 2) were
available at the Community Development Department's public counter on October 3rd. Both the
Surmnary Report and DDA were subsequently revised on October 9th to reflect the addition of the
Desert Sands School Building Corporation as a third party to the DDA. The District requested that
the Building Corporation be added because it will assume the responsibility of constructing the
Administrative Center and infrastructure improvements for the District.
Project Description. The project involves the sale of 25.89 acres of property to the District, upon
which a 164,000 square foot Administration and Educational Services Center will be constructed.
The center will include the District's administrative, maintenance, operation, transportation,
warehouse, and nutritional service facilities, and the District's bus storage yard, day care center, and
Board meeting room. A minimum of 500 District employees would be located in this facility. The
project was the subject of both Planning Commission and City Council consideration pursuant to
Public Use Permit 95-016. In addition to the Administrative Center, the DDA also provides that the
District will construct improvements to I)une Palms Road from State Highway 111 south to the
future alignment of 48th Avenue. Said improvements shall include utility and drainage facilities,
and roadway improvements including traffic signals at the Dune Palms Road/Highway 111
intersection. Finally, the DDA provides that the Agency shall improve 48th Avenue from Adams
Street east to Jefferson Street. Said improvements will include roadway, utility, drainage, and
landscaping improvements. The 48th Avenue improvements will not only provide secondary access
to the Administrative Center, but will also provide primary access to two Agency-owned properties
that are contiguous to 48th Avenue. Both Dune Palms Road and 48th Avenue improvements are
listed as public infrastructure projects in the Redevelopment Plan for La Quinta Redevelopment
Project No.2.
Historv of the Site/Project. The site was one of two parcels of property that were acquired by the
Agency in May, 1991. One parcel was contiguous to the future alignment of Dune Palms Road
Dune Palms Road Parcel"), and the second was located northwest of the intersection of Jefferson
Street and 48th Avenue Jeffersonl48th Avenue Parcel"). The Agency's original intent in
purchasing these parcels was to.
* Develop the Dune Palms Road Parce? with affordable housing, and
* Develop the larger Jefferson/48th Avenue Parcel with both the District Administrative Center
and commercial uses.
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d_0DgFINDINGS AND ALTERNATIVES:
Approving the DDA will provide for the following:
* the sale of Agency-owned property to the District for the construction of new public facilities
that will serve both the City of La Quinta and the region as a whole. Further, locating these
facilities in La Quinta will relocate over 500 jobs to La Quinta, resulting in increased demand
for commercial and other support services that could be met by local businesses.
* the construction of needed road, utility, and flood control improvements to both Dune Palms
Road and 48th Avenue; currently, both streets are paper right-of-ways that do not feature any
improvements. Both of these roadways are listed as public improvement projects to be
addressed through redevelopment in the Project No.2 Redevelopment Plan, and are needed
arterials in order to provide access to both the administrative center and the 90 acres of vacant
property that the Agency desires to develop with affordable housing.
* the means to fund the aforementioned improvements through tax increment revenue. The
Implementation Agreement embodied within the DDA provides that the District may access tax
increment revenue, as afforded by the 1989 Agency/District Cooperation Agreement to construct
needed District facilities. Through both correspondence and discussions, District representatives
have provided factual data that indicates that the District has no other means through which to
fund these improvements other than tax increment revenue. Further, Agency expenditures to
construct 48th Avenue improvements will assist in the development of affordable housing on
adjacent Agency-owned properties. To date, the Agency has assisted affordable housing
development through funding necessary off-site infrastructure improvements, thus reducing cost
burdens and affording lower home purchase prices.
* the Agreement will implement provisions of the Agency's 1994 Five-Year Implementation Plan
that provide for the development of these two sites with housing and public uses. The housing
activities that the DDA will facilitate are identified in the Housing Compliance Plan section of
the Agency's Five-Year Implementation Plan. If the DDA is approved by the Agency and City
Council, then staff proposes to subsequently bring forward amendments to the Five-Year
Implementation Plan to specifically identify the projects that will be funded through the DDA.
Analysis indicates that the only alternative to adopting the DDA is not to adopt it. This would put
the Agency on record as to not desiring to sell the property to the District, and would eliminate the
option of the District constructing the Administrative Center within the City of La Quinta. Further,
the means to construct improvements to Dune Palms Road would be significantly reduced, and
would most likely obligate the Agency to solely fund these improvements in the future. Finally,
48th Avenue improvements will initiate the first step of developing Agency-owned properties
contiguous to this street; 48th Avenue will provide access to these properties, and will reduce the
costs associated with affordable housing development.
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d_0EgThe options available to the Agency are as follows:
1. Adopt the Agency Resolution as proposed;
2. Deny the request.
err Herman, ommunity Development Director
Attachments:
1. Disposition and Development Agreement
2. Revised Summary Report
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