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1996 03 19 RDAing -> 103dA z Redevelopment Agency Agenda CITY COUNCIL CHAMBER 78-495 Calle Tampico La Quinta, California 92253 Regular Meeting March 19, 1996 3:00P.M. CALL TO ORDER a. Roll Call Beginning Res. No.96-03 CONFIRMATION OF AGENDA APPROVAL OF MINUTES a. Approval of Minutes of Ma?h 5, 1996. PUBLIC COMMENT 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 RETENTION OR SALE OF AGENCY-OWNED PROPERTY ON 50 DIFFERENT PARCELS OF LAND THROUGHOUT THE COVE EXACT ADDRESSES ARE ON FILE IN THE CITY CLERK'S OFFICE. A) MINUTE ORDER ACTION. BIB] 07-09-1999-U01 10:55:42AM-U01 ADMIN-U01 RDA-U02 03-U02 19-U02 1996-U02 ing -> 103dACONSENT CALENDAR 1. APPROVAL OF DEMAND REGISTER DATED MARCH 19, 1996. 2. TRANSMITTAL OF TREASURY REPORT DATED JANUARY 31, 1996. DEPARTMENT REPORTS 1. TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED JANUARY 31, 1996. CHAIR AND BOARD MEMBERS? ITEMS PUBLIC HEARINGS None CLOSED SESSION Note: Persons identified as negotiating parties where the City is considering acquisition of their property are not invited into the Closed Session meeting. 1. CONFERENCE WITH AGENCY?S REAL PROPERTY NEGOTIATOR PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL ACQUISITION AND/OR DISPOSITION OF PROPERTY, INCLUDING TERMS AND CONDITIONS, LOCATED AT THE SOUTHWEST CORNER OF DUNE PALMS ROAD AND HIGHWAY 111. PROPERTY OWNER NEGOTIATOR: LEE AND ASSOCIATES. ADJOURNMENT BIB] 07-09-1999-U01 10:55:42AM-U01 ADMIN-U01 RDA-U02 03-U02 19-U02 1996-U02 ing -> 103dA 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 March 19, 1996 was posted on the outside entry to the Council Chamber, 78495 Calle Tampico and on the bulletin board at the La Quinta Chamber of Commerce, and Albertsons on Friday, March 15,1996. AUNDRA L. JU LA, Secretary La Quinta Redevelopment Agency PUBLIC NOTICE The La Quinta City Council Chamber is handicapped accessible. It 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. Page 3 000003 BIB] 07-09-1999-U01 10:55:42AM-U01 ADMIN-U01 RDA-U02 03-U02 19-U02 1996-U02 ing -> 103dA AGENDA CATEGORY: 4OF?? BUSINESS SESSION: COUNCILIRDA MEETING DATE: March 19,1996 CONSENT CALENDAR: ITEM TIThE: STUDY SESSION: PUBLIC HEARING: Consideration of the retention or sale of Agency-owned property on 50 different parcels of land throughout the Cove area of La Quinta. Exact addresses on file in the City Clerk's office) RECOMMENDED ACTION: As directed by the Agency Board. BACKGROUND: In August of 1995, the La Quinta Redevelopment Agency purchased 50 single-family homes from Coachella Valley Land. The Agency took this action to protect a $? 0 million investment the Agency made in these units pursuant to previous Agreements Affordable Housing Agreements that were executed in March and October of 1993), and to preserve 50 units that were rented to very low income Section 8 households. A bankruptcy filing on the part of Coachella Valley Land initiated actions wherein the first trust deed mortgage holder was proceeding to foreclose on the property and extinguish all second and third trust deed liens. In an effort to preserve its affordable housing inventory, the Agency exercised the purchase option embodied in its Agreements with Coachella Valley Land, and purchased the units for $3.3 million. Affordable housing bond proceeds were employed to fund this transaction. Since the purchase, City staff, in conjunction with the Agency's redevelopment consultant, RSG, had been responsible for all property management and maintenance activities. The units continue to be rented by households who obtain Section 8 rental assistance from the Riverside County Housing Authority. As of this date, 10 of the 50 units are vacant, with five new tenant applications under review. It is anticipated that by the end of March, only five units will remain vacant. Since the Agency owns all 50 units free and clear of any mortgage liens, the program currently generates a positive cash flow of approximately $20,000 per month. Attached you will find a report Attachment prepared by the La Quinta Housing Program staff that itemizes more detailed information regarding the housing program. Further, the report outlines options that the Agency Board should consider regarding the continuation of this program. The purpose of this matter being before the Board is to discuss the program, in general, 000004 laquinra'srhsgpro BIB] 07-09-1999-U01 10:55:42AM-U01 ADMIN-U01 RDA-U02 03-U02 19-U02 1996-U02 ing -> 103dA NOTEXTPAGE BIB] 07-09-1999-U01 10:55:42AM-U01 ADMIN-U01 RDA-U02 03-U02 19-U02 1996-U02 ing -> 103dA NOTEXTPAGE BIB] 07-09-1999-U01 10:55:42AM-U01 ADMIN-U01 RDA-U02 03-U02 19-U02 1996-U02 ing -> 103dA NOTEXTPAGE BIB] 07-09-1999-U01 10:55:42AM-U01 ADMIN-U01 RDA-U02 03-U02 19-U02 1996-U02 ing -> 103dA NOTEXTPAGE BIB] 07-09-1999-U01 10:55:42AM-U01 ADMIN-U01 RDA-U02 03-U02 19-U02 1996-U02 ing -> 103dA NOTEXTPAGE BIB] 07-09-1999-U01 10:55:42AM-U01 ADMIN-U01 RDA-U02 03-U02 19-U02 1996-U02 ing -> 103dA AGENDA CATEGORY. BUSINESS SESSION COUNCILIRDA NIEETING DATE: MARCf? 19, 1996 CONSENT CALENDAR ITEM TITLE: STUDY SESSION Demand Regi?ter Dated March 19, 1996 PUBLIC HEARING RECOMNIENDATION: Approve Demand Register Dated March 19, 1996 BACKGROUND: Prepaid Warrants: 24463 245I3? 19,885.12 24514 24527? 36,578.12 24528 24531 41,899.93 Wire Transfersl 963,154.24 PIR 13385-I3463? 73,096.97 P/R Tax Transfers) 22,628.92 CITY DEMANDS $55 1,9?8.37 Payable Warrants: 24532-24645? 250,255.39 RDADEMANDS 855,580.32 $1,407,498.69 $1,407,498.69 FISCAL IMI'LICATIONS: Demand of Cash RDA $855,580.32 Jo n M. 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MEETING DATE: March19, 1996 CONSENT CALENDAR: ITEM TIThE: STUDY SESSTON: PUBLIC HEARING: Transmittal of Treasurer's Report asofjanuary3l, 1996 RECOMMENDATION: 4 Receive and file. BACKGROUND AND OVERVIEW: Transmittal of Treasurer's Report dated January 31, 1996 for the La Quinta Redevelopment Agency. FINDINGS AND ALTERNATIVES: I certify? that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1/1/86; 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. oooo?? 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