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C?OFW? Redevelopment Agency
Agenda
CITY COUNCIL CHAMBER
78-495 CaIle Tampico
La Quinta, California 92253
Regular Meeting
February 4, 1997 3:00 P.M.
CALL TO ORDER
a. Roll Call Beginning Res. No. RA 97-01
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 January 21, 1997
BUSINESS SESSION
1. CONSIDERATION OF MID-YEAR BUDGET REPORT FOR FISCAL YEAR 1996/97.
A) MINUTE ORDER ACTION.
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w79eCONSENT 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 FEBRUARY 4,1997.
2. APPROVAL AND AUTHORIZATION TO EXECUTE THE NECESSARY DOCUMENTS AND
APPROPRIATE UP TO $65,000 FROM THE PROJECT AREA #1 HOUSING FUND, TO FUND A
SECOND TRUST DEED MORTGAGE FOR DORIS M. REED TO FACILITATE HER PURCHASE OF
THE PROPERTY LOCATED AT 78-250 WINTER COVE COURT.
DEPARTMENT REPORTS
CHAIR AND BOARD MEMBERS? ITEMS
PUBLIC HEARINGS None
CLOSED SESSION None
ADJOURNMENT
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w79e 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 February 4, 1997 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 and at Albertson's, 78-630 Highway 111, on Friday, January 31,
1997.
Da e January 31,1997
UNDRA OLA, 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 CitV Clerk's Office at 777-7025, 24-hours in advance of the
meeting and accommodations will be made.
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AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE:
February 4, 1997 CONSENT CALENDAR:
ITEM TIThE: STUDY SESSION:
PUBLTC REARING:
Consideration of Mid-Year Budget
Report For Fiscal Year 1996/97
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
1. Approve the New Appropriations as outlined in Attachment 1 of this
report totaling $387,936 of which $272,936 are from the General Fund
and $11 5,000 from the Redevelopment Agency.
2. Receive and File the Mid-Year Budget Report.
PLEASE SEE BUSINESS SESSION ITEM NO.6, CITY COUNCIL AGENDA
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w79e AGENDA CATEGORY:
BUSINESS SESSION
COUNCILIRDA MEETING DATE: FEBRUARY 4, 1997
CONSENT CALENDAR
ITEM TITLE:
STUDY SESSION
Demand Register Dated February 4, 1997 PUBLIC HEARING
RECOMMENDATION: Approve Demand Register Dated February 4, 1997
BACKGROUND:
Prepaid Warrants:
27876 27881 $17,081.34
27882 27898 38,887.09
27899 27901 481.81
PIR 15249 15319 75,350.57
PIR Tax Transfers 21,650.58 City Demands $690,368.97
Payable Warrants:
27904 28034 979,641.77 RDA Demands 442,724.19
$1,133,093.16 $1,133,093.16
FISCAL IMPLICATIONS:
Demand of Cash RDA $442,724.19
Joh Falconer, inance Director
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w79e AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: February 4,1997 CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
Approve and authorize the execution of the necessary
documents, and appropriate up to $65,000 from the PUBLIC HEARING:
Project Area No.1 Housing Fund, to fund a second
trust deed mortgage for Mrs. Doris M. Reed to facilitate
her purchase of the property located at 78-150 Winter
Cove Court
RECOMMENDATION:
Authorize the Agency Executive Director to execute the necessary documents and
appropriate $65,000 from the Redevelopment Project Area No. 1 Housing Fund to
underwrite a second trust deed mortgage for Mrs. Doris Reed.
FISCAL IMPLICATIONS:
This action would result in the expenditure of up to $65,000 of Housing Bond Proceeds
Account #244-913-670-190) that would be secured by a second trust deed. If the unit
remains affordable to a very low income household for the 30 year term of both the second
trust deed and affordability covenants, then the principal and accrued interest would be
forgiven. However, if the single family unit does not remain affordable for this term, then
the loan is callable with the principal, accrued interest, and additional financial penalties
being due and payable.
BACKGROUND AND OVERVIEW:
In July 1994, the Agency entered into a Disposition and Development Agreement DDA)
with Williams Development Corporation to facilitate construction of 150 affordable housing
units. Of these, 90 units were apartments affordable to very low and low income senior
households, and 60 units were single family dwellings of which were slated to be sold as
follows:
* up to 15 units could be sold as non-restricted market rate housing;
* 25 units were restricted to be sold to moderate income households;
* 10 units were restricted to be sold to low income households; and
* 10 units were restricted to be sold to very low income households.
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