1996 06 04 RDAing -> 104Z Redevelopment Agency
Agenda
CITY COUNCIL CHAMBER
78-495 CaIle Tampico
La Quinta, California 92253
Regular Meeting
June 4, 1996 3:00 P.M.
CALL TO ORDER
a. Roll Call Beginning Res. No.96-03
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.
Please watch the timing device on the podium.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
a. Approval of Minutes of May21, 1996.
BUSINESS SESSION
1. CONSIDERATION OF A REQUEST FROM THE BOYS & GIRLS CLUB FOR THIRD YEAR FUNDING
FOR THE BUILDING HORIZONS PROGRAM.
A) MINUTE ORDER ACTION.
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ing -> 104Z2. CONSIDERATION OF RESOLUTION APPROVING THE FOURTH IMPLEMENTATION AGREEMENT
BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND E. G. WILLIAMS
DEVELOPMENT CORPORATION.
A) RESOLUTION ACTION.
CONSENT CALENDAR
1. APPROVAL OF DEMAND REGISTER DATED JUNE 4, 1996.
DEPARTMENT REPORTS None
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 TERMS AND CONDITIONS OF ACQUISITION
ANDIOR DISPOSITION OF REAL PROPERTY LOCATED AT THE SOUTHEAST CORNER OF SIMON
DRIVE AND HIGHWAY 111. PROPERTY OWNER NEGOTIATOR: JACK FRANKS.
2. CONFERENCE WITH AGENCY NEGOTIATOR, PURSUANT TO GOVERNMENT CODE SECTION
54956.8 CONCERNING THE ACQUISITION AND CONDITIONS OF RIGHT-OF-WAY AND
CONSTRUCTION OF IMPROVEMENTS. PROPERTY NEGOTIATOR: MICHAEL SHOVLIN, TDC.
ADJOURNMENT
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I, Saundra L. Juhola, Secretary of the La Quinta Redevelopment Agency, do hereby declare that the
foregoing agenda for the Redevelopment Agency Meeting of June 4, 1996 was posted on the outside entry
to the Council Chamber, 78-495 CalIe Tampico and on the bulletin board at the La Quinta Chamber of
Commerce, and Albertsons on Friday, May 31, 1996.
D?d May31, 1996
uNDRAOLA,Secretary
L
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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BUSINESS SESSION:
June 4, 1996
COUNCILIRDA MEETING DATE: CONSENT CALENDAR:
ITEM TIThE: STUDY SESSTON:
Lonstderation of a request by the Boys and Girls Club for an
Affordable Housing Agreement for Third Year funding by PUBLIC HEARING:
and between the La Quinta Redevelopment Agency and
Building Horizons
RECOMMENDATION:
Approve the Affordable Housing Agreement and authorize the Executive Director to execute the
necessary documents and appropriate the $210,000 from Redevelopment Project Area #1 low and
moderate income housing fund.
FISCAL IMPLICATIONS:
The program outlined in the Agreement will require an expenditure of up to $210,000; the
Agreement, however, provides that the Agency shall be repaid up to $150,000 at the close of
escrow when the two single family dwellings are sold. The source of these funds will be the
Agency's Project No.1 low and moderate income housing fund.
BACKGROUND AND OVERVIEW:
In 1994, the Agency entered into a Disposition and Development Agreement with the Building
Horizons Program to facilitate the construction and sale of two single family homes to low or
moderate income households. In 1995, an Affordable Housing Agreement was entered into
between the Agency and Building Horizons to facilitate the construction of two additional units.
Both Agreements provided a total of $420,000 to underwrite program activities. These monies
were structured as a construction loan, secured through a trust deed recorded against the four lots,
with $300,00 to be repaid upon the sale of the units, and the remaining $120,000 to be converted
into silent second trust deed mortgages to ensure that overall housing costs would be affordable
to low and moderate income households. When both agreements were structured, it was
contemplated that the dwellings would sell for a sales price of $115,000 each; however, the
decline in Cove real estate values has resulted in a new market price point of $105,000 to
$107,000. This price reduction, however, has not reduced the amount repaid to the Agency.
To date, both the First Year Program homes funded through the DDA) have been sold and the
Agency has been repaid $150,000, pursuant to the DDA. The Second Year program homes are
nearing completion and Building Horizons is actively marketing these units.
CCJH.006
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AGENDA CATEGORY:
GP4OF??O? BUSINESS SESSION:
COUNCILIRDA MEETING DATE: June 4, 1996 CONSENT CALENDAR:
ITEM TIThE: STUDY SESSTON:
Consideration of a the Fourth Implementation
Agreement by and between the La Quinta PUBLIC HEARING:
Redevelopment Agency and E. G. Williams
Development Company for the Amended Williams
DDA
RECOMMENDATION:
Approve the Fourth Implementation Agreement and authorize the Agency Chairman to
execute the necessary documents.
FISCAL IMPLICATIONS:
The improvements outlined in the Agreement will require an expenditure of up to
$510,756; the source of these funds will be the Agency's Project No. 1 low and
moderate income housing fund.
BACKGROUND AND OVERVIEW:
In 1 994, the Agency entered into a Disposition and Development Agreement with E.
G. Williams Development Company Developer) to facilitate the construction of an
affordable housing project located north of Calle Tampico and east of Desert Club
Drive. Part of the Developer's responsibilities were to construct all road, utility, and
drainage improvements necessary to facilitate the residential development.
The property upon which this development was subsequently constructed was a 36-
acre parcel that the Agency purchased from the Resolution Trust Corporation; 26 acres
were devoted to single family and multi-family residential development, and the
remaining ten acres were earmarked for an elementary school to be constructed by
Desert Sands Unified School District District). In October, 1 994, the Agency approved
a purchase and sale agreement that facilitated the sale of the ten acre site to the
District. One of the agreement's provisions was that the District would pay, and the
Agency would subsequently construct, all necessary roadway, utility and flood control
improvements that are required to service the elementary school. The District paid
$510,756 to fund the construction of these off-site improvements.
CCJROO1
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A
OF
AGENDA CATEGORY:
BUSINESS SESSION
COUNCILIRDA MEETING DATE: JUNE 4, 1996
CONSENT CALENDAR
ITEM TITLE:
STUDY SESSION
Demand Register Dated June 4, 996 PUBLIC HEARING
RECOMMENDATION: Approve Demand Register Dated June 4, 1996
BACkGROUND:
Prepaid Warrants:
25327 25329? 2,093.41
25330 25336? 34,805.52
25337 25338,? 1,916.88
25339 25340? 1,398.41
PIR 13792-13868 71,375.96
PIR Tax Transfers? 22,212.68 CITY DEMANDS $438,128.91
Payable Warrants:
25341 25426) 304,681.19 RDADEMANDS 355.14
$438,484.05 $438,484.05
F1?CAL INIPLICATIONS:
Demand of Cash RDA $355.14
j;)(jic/Lijj??Lj?nr Jr'2
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