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CITY COUNCIL CHAMBER
78A95 Calle Tampico
La Quinta, California 92253
Regular Meeting
February 6, 19% 3:00 P.M.
CAIL TO ORDER
a. Roll Call Beginning Res. No.964)1
CONFIRMATION OF AGENDA
APPROVAL OF MP?
a. Approval of Minutes of January 16, 1996.
PUBUC COMME?MT
This is the aflie Sd azide for public CON-ad on any matliir not scke??fora pubhc heamig. Neuze conylele
a q5ut to N-N fonnaud hnua your coDII*? to thfte nmin?n.
BUSINESS SESSION
1 STATEMENT OF PROPERTY OWNERSHIP BY BOARD MEMBERS ADOLPH AND HENDERSON.
2. CONSIDERATION OF AMENDMENT NO.1 TO TRUST AGREEMENT FOR THE LA QUINTA
FINANCING AUTHORITY, LOCAL AGENCY REVENUE BONDS SERIES 1991 CITY HALL
PROJECT).
A) MINUTE ORDER ACTION.
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d_2m3CONSENT CAI?NDAR
1. APPROVAL OF DEMAND REGISTER DATED FEBRUARY 6, 1996.
2. APPROVAL OF AN EXPENDITURE OF UP TO $15,000 OF LOW-MOD ROUSING FUNDS FOR
THE PURCHASE OF TAX-DEFAULTED PROPERTY WITHIN THE CITY OF LA QUINTA PROJECT
AREA #1
DEPARTMENT REPORTS
CHAIR AND BOARD MEMBERS' ITEMS
PUBUC HEARINGS None
CloSED SESSION
Note: PeT5oflS 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 PURSUANT TO GOVERNMENT CODE
SECTION 54956.8 CONCERNING AN AMENDMENT TO THE DISPOSITION AND DEVELOPMENT
AGREEMENT WITH WILLIAMS I)EYELOPMENT COMPANY THAT WOULD AFFECT THE
TERMS OF PAYMENT FOR THE PROPERTY LOCATED ON CALLE TAMPICO, WEST OF
WASHINGTON STREET. PROPERTY OWNER NEGOTIATOR: BETTY WILLIAMS.
2. CONFERENCE WITH AGENCY REAL PROPERTY NEGOTIATOR PURSUANT TO GOVERNMENT
CODE SECTION 54956.8 CONCERNING POTENTIAL ON AND OFF-SITE IMPROVEMENT
ASSISTANCE FOR PROPERTY LOCATED AT THE SOUTHWEST CORNER OF DUNE PALMS
ROAD AND HIGHWAY 111. PROPERTY OWNER NEG?ATOR: LEE AND ASSOCIATES.
ADJOURNMENT
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d_2m3 DECLARATION OF POS'fNG
I, SAUNDRA L. JUHOLA, Secretary of the La Quinta Redevelopment Agency, do hereby declare that the
foregoing agenda for the Redevelopment Agency Meeting of February 6, 1996 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, February 2, 1996.
La Quinta Redevelopment Agency
PUBLIC NOTICE
The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the
hearing impaired, please call the City Clerk's Office at 777-7025, 24-hours in advance of the meeting and
accommodations will be made.
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d_2m3 AGENDA CATEGORY:
BUSINESS SESSION: 4
COUNCILIRDA MEETING DATE:
February 6, 1996 CONSENT CALENDAR:
ITEM TIThE: STUDY SESSION:
PUBLIC HEARING:
Consideration of Amendment No.1 to Trust
Agreement for the La Quinta Financing
Authority, Local Agency Revenue Bonds
Series 1991 City Hall Project)
RECOMMENDATION:
Authorize our bond trustee, First Trust, to contact bondholders of the 1991 City Hall Project and
request their approval of Amendment No.1 to Trust Agreement.
FISCAL IMPACT:
The City would receive $704,717.50 from the debt service reserve fund from our trustee and incur
expenses of $35,236 for the insurance policy from MBIA and $1,500 in related legal and trustee fees
for a total of $36,736.
BACKGROUND AND OVERVIEW:
This amendment woi?Lld allow for the acceleration of proposed improvements to the Civic Center
complex as identified as Deferred Project DFO 1 in the Fiscal Year 995/96 Capital Jmprovement
Project. This would not be eligible for funding before July 1, 2000 under the current CIP.
When the bonds were issued in 1991, $707,717.50 was set aside in a debt service reserve flind. The
Municipal Bond Investors Assurance Corporation MBIA) has agreed to issue an insurance policy,
in the amount of the debt service reserve fund as substitution for the cash requirement. This is a
standard practice that the City has used in its recent bond financing.
At the time the staff report was written the La Quinta Redevelopment Agency has a verbal
commitment from the MBIA that they will issue such a debt service reserve policy if the
bondholders agree. The actual commitment letter will be furnished for the Council at the February
6, 1996 meeting.
The policy would cost 5% of the $704,717.50 debt service reserve or $35,236). Additional legal
and trustee costs have been budgeted at $1,500 for a projected budget outlay of $36,736.
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d_2m3 The attachments consist of the following documents:
A letter from the bondholders on First Trust letterhead notifying the bond holders of the
proposed change in the indenture Attachment No.1).
A response letter from the bondholders on First Trust letterhead requesting their consent
Attachment No.2).
The Amendment No.1 to the Trust Agreement Attachment No.3).
All of these documents would be sent to the bondholders.
FINDINGS AND ALTERNATIVES:
Alternatives available to the La Quinta Redevelopment Agency are as follows:
1. Approve the request as presented;
2. Deny the request.
Jo M. Falconer, Finance Director
OOOO()5
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AGENDA CATEGORY:
BUSINESS SESSION
COUNCLL/RDA MEETING DATE: FEBRUARY 6 1996
CONSENT CALENDAR
ITEM TITLE:
STUDY SESSION
Demand Register Dated February 6, 1996 PUBLIC HEARING
RECOMNIENDATION: Approve Demand Register Dated February 6, 1996
BACKGROUND:
Prepaid Warrants:
23958 23968? 33,01 l.5Q
23969 23976) 41,776.44
23977 23980) 543.93
PIR 13074-13147) 70,155.45
PIR Tax Transfers) 20,94767 CITY DEMANDS $569,817.70
Payable Warrants:
23981 24I0I? 408,196.71 RDADEMANDS 4,814.00
$574,631.70 $574,631.70
FISCAL. IMPLICATIONS:
Demand of Cash RDA $4,814.00
o$;nMFaI((er;;???nceDirector
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C
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: February 6,1996 CONSENT CALENDAR:
ITEM TIThE: STUDY SESSION:
Approval of an expenditure of up to $15,000 of Low-Mod
Housing funds for the purchase of tax-default property PUBLIC HEARING:
within the City of La Quinta Project Area #1
RECOMMENDATION:
Approve the appropriation of up to $15,000 for the acquisition of tax-default property and authorize
staff to execute the necessary forms and purchase agreements with the County of Riverside.
FISCAL IMPLICATIONS:
Allocation of up to $15,000 from the Low-Mod Housing fund for Redevelopment Project Area
#1.
BACKGROUND AND OVERVIEW:
As in years past, the City has been informed by the County of Riverside that tax defaulted property
within the City is being placed up for auction on March26, 1996. Tn the past, the properties put up
for auction have always been reclaimed by the property owners and the City has never purchased
a tax-default property. In the event one of the properties is not reclaimed, staff is asking for
authorization to enter into an agreement to purchase the parcels as noted in Attachment 1.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency are as follows:
1. Approve the appropriation
2. Deny the request.
mmunity Development Director
Attachment:
1. Vicinity map showing location of parcels
CCRDA002
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