1997 07 15 RDAing -> 10;1CP?OF?? Redevelopment Agency
Agenda
CITY COUNCIL CHAMBER
76-495 CaIle Tampico
La Quinta, California 92253
Regular Meeting
July 15, 1997 3:00 PM.
CALL TO ORDER
a. Roll Call Beginning Res. No. RA 97-03
PUBLIC COMMENT
This is the time set aside for public comment on any matter not scheduled far 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 July 1, 1997
BUSINESS SESSION
1. CONSIDERATION OF FISCAL YEAR 1997198 BUDGET.
A) RESOLUTION ACTION.
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ing -> 10;12. CONSIDERATION OF MODIFICATIONS TO THE LA QUINTA HOUSING PROGRAMS HOME
PURCHASE SECOND TRUST DEED LOAN PROGRAM.
A) MINUTE ORDER ACTION.
CONSENT 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 JULY 15, 1997.
2. TRANSMITTAL OF TREASURER'S REPORT DATED MAY 31, 1997.
DEPARTMENT REPORTS
1. REVENUE AND EXPENDITURES REPORT DATED MAY 31, 1997.
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 SPECIAL LEGAL COUNSEL PURSUANT TO GOVERNMENT CODE SECTION
54956.9(a) REGARDING ONGOING LITIGATION REFCO CASE NO. CV 92-7626 RJK.
2. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR CONCERNING PROPERTY
LOCATED AT 78-120 CALEO BAY DRIVE, PURSUANT TO GOVERNMENT CODE SECTION
54956.8, INSTRUCTING THE NEGOTIATOR CONCERNING AN AMENDMENT TO THE OWNER
PARTICIPATION AGREEMENT. PROPERTY OWNER/NEGOTIATOR: HAROLD C. AND HARRIET
S. HARRIS.
ADJOURNMENT
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ing -> 10;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 July 15, 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, July 11, 1997.
Da? July11 1997
A UNDRA L JUHOLA Secretary
La Quinta Redevelopment Agency
PU?LIC 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:
COUNCILIRDA MEETING DATE: July 15,1997
CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
Consideration of Adopting Resolution
approving the Fiscal Year 1997-98 PUBLIC HEARING:
La Quinta Redevelopment Agency Budget
RECOMMENDATION:
Adopt Resolution approving Fiscal Year 1997-98's Proposed Redevelopment Agency
Budget and receive and file the Five Year Resource Allocation Plan.
FISCAL IMPLICATIONS:
All Fiscal Year 1997-98 revenues, operational appropriations and capital project funding
are included in the Proposed Fiscal Year 1997-98 City of La Quinta Budget. The
continuing appropriations are listed in Aftachment 1.
BACKGROUND AND OVERVIEW:
See City Council Staff Report.
Thomas P. Genovese Executive Director
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BUSINESS SESSION:
COUNCILJRDA MEETING DATE: July 15,1997 CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
Consideration of modifications to the La Quinta Housing PUBLIC HEARING:
Program's Home Purchase Second Trust Deed Loan
Program
RECOMMENDATION:
Approve the modifications to the La Quinta Housing Program Home Purchase Second Trust
Deed Loan Program as recommended by staff and consider and provide direction regarding
the modifications provided by local participating lenders/realtors
FISCAL IMPLICATIONS:
The recommended program modifications will not generate any fiscal impacts. A total of
$1.0 million has been allocated in the Agency's 1997-98 budget to fund Housing Program
activities.
BACKGROUND AND OVERVIEW:
In November, 1996, the Redevelopment Agency approved the La Quinta Housing Program,
which is comprised of three components: the provision of rehabilitation loans to improve
existing dwellings, the purchase and rehabilitation of dilapidated homes, and the Home
Purchase Second Trust Deed Program that underwrites silent second trust deed mortgages
to facilitate home purchases by very low, low, and moderate income households. Program
activities were initiated in February 1997 through an orientation meeting with local mortgage
brokers and realtors. Due to the number of second trust deed mortgage loan requests
received in the weeks following the orientation meeting, all of the $500,000 of the 1996-97
program funds were encumbered by mid-May. As a result, only home purchase second
trust deed loans have been funded to date through the housing program.
As of June 30,1997, a total of $442,550 was expended, with the remaining $57,450
encumbered but not yet expended. These funds have underwritten ten second trust deeds,
of which seven were for dwellings in Project Area No.1 and three were for dwellings in
Project Area No.2. The average second trust deed amount is $44,255, and three very low,
five low, and two moderate income households have been assisted. All ten units are
encumbered with 30-year affordability covenants.
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1 AGENDA CATEGORY:
BUSINESS SESSION
COUNCILIRDA MEETING DATE: JULY 15, 1997
CONSENT CALENDAR
ITEM TITLE:
STUDY SESSION
Demand Register Dated July 15, 1997 PUBLIC HEARING
RECOMMENDATION: Approve Demand Register Dated Dated July 15, 1997
BACKGRQUND:
Prepaid Warrants:
29615 29655 $311,082.70
29656 29657 97,937.00
29658 29661 10,820.84
29662 29663 386.61
Wire Transfers 1 50,000.00
PIR 16146- 16217 77,294.29
PIR 16219- 16223 3,962.69
PIR Tax Transfers 22,233.27
PIR PERS Transfers 16,081.40
PIR ICMA Transfers 4,003.00
City Demands $838,850.74
Payable Warrants:
RDA Demands 433,438.37
29664 29853 578,378.91
29818 VOIDED 108.40
$1,272,289.11 $1,272,289.1 1
FISCAL IMP?CA1?ONS:
Demand of Cash RDA $433,438.37
m\)A?1/2 000013
J?hnMFalcon?r Finance Director
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BUSINESS SESSION:
COUNCILIRDA MEETING DATE: July 1 5, 1997 CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of Treasurer's Report
as of May 31,1997
RECOMMENDATION:
Receive and file.
BACKGROUND AND OVERVIEW:
Transmittal of Treasurer's Report dated May 31, 1997 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.
Jo n M. FaIc ner, Finance Director
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Q
r?i
OF AGENDA CATEGORY:
BUSINESS SESSION:
COUNCILIRDA MEETING DATE: July 1 5, 1997 CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of Revenue and
Expenditures Report dated
May31, 1997
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
Transmittal of the May 31, 1997 Statement of Revenue and Expenditures for the
La Quinta Redevelopment Agency.
/1
Jo n M. Falconer, Finance Director
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