1996 10 01 RDAing -> 107,1 0
Redevelopment Agency
Agenda
CITY COUNCIL CHAMBER
78-495 CalIe Tampico
La Quinta, California 92253
Regular Meeting
October 1, 1996 3:00 P.M.
CALL TO ORDER
a. Roll Call Beginning Res. No. 96?8
PUBLIC COMMENT
This is the time set aside for public comment on any matter not scheduled for a public hearing. Rease
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 September 17,1996
BUSINESS SESSION
000001
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ing -> 107,1CONSENT CALENDAR
Note: Consent Calendar items are considered to be routine in nature and will be approved by
one motion.
1. APPROVAL OF DEMAND REGISTER DATED OCTOBER 1, 1996.
DEPARTMENT REPORTS None
CHAIR AND BOARD MEMBERS' ITEMS
PUBLIC HEARINGS 7:00 PM
JOINT PUBLIC HEARING WITH THE LA QUINTA CITY COUNCIL.
1. APPROVAL OF AGREEMENT AND ESCROW INSTRUCTIONS FOR THE SALE OF REAL
PROPERTY BY AND BETWEEN THE AGENCY AND MR. DAVID GALVIN FOR THE PROPERTY
LOCATED AT 54-900 AVENIDA VALLEJO.
A) MINUTE ORDER ACTION.
CLOSED SESSION None
ADJOURNMENT
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ing -> 107,1 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 October 1, 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, September 27, 1996.
Da$tdSe,Ptemb;;7?1j9;
Secretary
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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fOF??
AGENDA CATEGORY
BUSINESS SESSION
COUNCIL RDA MEETING DATE: OCTOBER I, 1996
CONSENT CALENDAR
ITEM TITLE.
STUDY SESSION
Demand Regi?ter Dated October I 1996 PUBLIC IEARING
RECO?MENDATION: Appro?e Demand Register Dated October 1, 1996
BACKGROUND:
Prepaid Wa?rants:
26517-2(?519 578.35
26520 26530? 37,642.75
P.R 14;519-145871 72,262.46
P?R Tax Transfers? 21,492.05 CITY DEM??DS $663,005.20
Payable \Variants:
26531 26654%i 546,457.07 RDA DEMANDS 15,427.48
$678,432.68 $678,432.68
FISCAL INIPLICATIONS:
Demand of Cash RDA $15,427.48
ohn 1. Falconer, FII)ance Director 000004
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ing -> 107,-1 AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: October 1, 1996
CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
A Joint Public Hearing with the City Council and
4-
Redevelopment Agency on an Agreement and Escrow PUBLIC HEARING:
Instructions for the sale of real property by and
between the Agency and Mr. and Mrs. David Galvin
for the property located at 54-900 Avenida Vallejo
RECOMMENDATION:
Approve the Agreement and Escrow Instructions regarding the disposition of the
property located at 54-900 Avenida Vallejo, and instruct the Executive Director to sign
the appropriate documents.
FISCAL IMPLICATIONS:
The sale of the property as outlined in the Agreement and Escrow Instructions will
result in the Agency receiving the return of $56,620 from the sale proceeds and the
Agency will hold a Second Trust Deed on the property in the amount of $1 7,100. The
Agency's original investment in the property of $86,000 was made from the Agency's
Project Area No.1 Low and Moderate Income Housing Fund.
BACKGROUND AND OVERVIEW:
Earlier this year, Mr. and Mrs. David Galvan appeared before the Agency Board and
expressed an interest in purchasing one of the 50 units owned by the Agency and
staff was directed to follow up on this transaction. Since that time, Mr. and Mrs.
Galvin were approved for a home loan in the amount of $59,900; they selected this
property, one of the vacant units owned by the Agency; and an appraisal of the
property provided an appraised value of $77,000.
When the Agency purchased the units in August, 1 995, prior to the bankruptcy action
by Coachelta Valley Land, their objective was to continue the Section 8 rental program
and to sell the vacant units as they became available through normal attrition. Sale
of this property will meet the Agency's objectives for these 50 properties and facilitate
the recordation of affordability covenants on the title to the property.
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