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1985 05 07 RDA^ AGENDA LA QUINTA REDEVELOPMENT AGENCY A regular meeting of the La Quinta Redevelopment Agency to be held at City Hall, 78-105 Calle Estado, La Quinta, California. May 7, 1985 7:30 p.m. 1. CALL TO ORDER 2. ROLL CALL 3. HEARINGS 4. CONSENT CALENDAR A. Approval of the Minutes of the La Quinta Redevelopment Agency meeting held April 16, 1985. B. PROPOSED RESOLUTION. A RESOLUTION OF ThE LA QUINTA REDEVELOPMENT AGENCY APPROVING DEMANDS. 5. BUSINESS SESSION A. Report from the Executive Director regarding selection of Financial Advisor for the flood control bond issue. 1) Motion for adoption. B. Other. 6. ADJOURNMENT BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ NOTEXTPAGE BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ NOTEXTPAGE BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ J I MEMORANDUM CETV OF LA QUINTA To: Honorable Chairman and Members of the La Quinta Redevelopment Agency From: Frank M. Usher, Executive Director Date: May 3, 1985 Subject: Selection of Financial Advisor for the Flood Control Bond Issue. Chairman Cox, Agency Member Bohnenberger, Larry Arceneaux from Katz Hollis and I have reviewed the proposals which we received from financial advisor services relative to our flood control bond issue. Proposals were received from Paine Webber, Stone & Youngberg, Fieldman, Rolapp & Associates, E.F. Hutton & Co., Birr Wilson & Co., and Bateman Eichler, Hill Richards. Based upon a review of experience and qualifications, financial approach, services, personnel and compensation, it is our recommen- dation that the Agency retain Paine Webber as our financial advisor. Their background includes extensive experience and excellent quali- fications in tax allocation bond issues. They have presented solid suggestions relative to the financing approach and their company's proposal is reasonable. It would be $49,500 for a $22 million bond issue, which would be paid out of the proceeds of bonds. Agency approval is respectfully recommended. FMU/aj j 1 S, A BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ NOTEXTPAGE BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ NOTEXTPAGE BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ NOTEXTPAGE BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ NOTEXTPAGE BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ NOTEXTPAGE BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ NOTEXTPAGE BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ j AGREEMENT FOR COOPERATION BETWEEN THE CITY OF LA QUINTA, THE LA QUINTA REDEVELOPMENT AGENCY AND THE COACHELLA VALLEY WATER DISTRICT This Agreement is entered into on this day of November, 1983 between the CITY OF LA QUINTA the 11City"), THE LA QUINTA REDEVELOPMENT AGENCY the Agency'1) and THE COACHELLA VALLEY WATER DISTRICT the District"). RECITALS 1. The City and the Agency propose to undertake certain redevelopment activities known as the Redevelopment Plan for the La Quinta Redevelopment Project" pursuant to the Community Redevelopment Law of the State of California in the interest of the health, safety and general welfare of the people of the City of La Quinta. 2. The Community Redevelopment Law authorizes Redevelopment Agencies to pay to any taxing agency within territory located within a project area other than the community which has adopted the project any amounts of money which in the Agency's determination is appropriate to alleviate any financial burden or detriment caused to any taxing agency by the Redevelopment Project. In addition, the Agency and the District have the authority to agree as to the details of the Redevelopment Plan and its implementation. 3. The parties wish to enter into an agreement to alleviate any financial burden or detriment caused to the District by the Redevelopment Plan and to agree as to certain details of the Redevelopment Plan and its implementation. BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ I * 4. In considering this Agreement the Agency and the City have found and determined that it would be appropriate to alleviate any financial burden or detriment caused to the District by the Redevelopment Plan as is provided for herein. COVENANTS 5. SPECIAL INDEBTEDNESS TAX ALLOCATION. Special indebtedness ad valorem property taxes including those designated by the County of Riverside for convenience as CV Water" and CV Improvement District No. 1," levied by or for the benefit of the District to pay the interest and redemption charges on indebtedness after the effective date of the Ordinance approving and adopting the respective Redevelopment Plan, shall continue to be allocated to and when collected shall be paid to the District. 6. GENERAL PURPOSE TAX ALLOCATION. In addition to such special indebtedness property taxes which shall continue to be allocated to and when collected paid to the District pursuant to Paragraph 5, above, there shall continue to be allocated to and when collected paid to the District twenty 20) percent of all other taxes levied by or for the benefit of the District within the Project Area. This twenty 20) percent shall be equal to 1.20 percent of the fiscal year tax increment revenues received by the Agency. This allocation of twenty percent to the District shall begin with the fiscal year 1989-90 tax increment revenues. 7. PAYMENT OF TAX ALLOCATIONS. At the option of the District and with the consent of the County of Riverside, the tax revenues specified in Paragraphs 5, 6 and 10 may be allocated and paid directly to the District by the County Auditor-Controller or other County Officer responsible for BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ I the payment of taxes. If, however, such tax revenues or any portion thereof are allocated and paid to the Agency, the Agency shall remit such tax revenues within sixty 60) days after the receipt thereof. It is the intention of the parties that the allocation and payment of tax revenues be made directly by the County to the District pursuant to this paragraph. Consequently, it is further the intention of the parties that no portion of such tax revenues shall be allocated to the Low and Moderate Income Housing Fund pursuant to Section 33334.2 and Section 33334.3 of the Health and Safety Code. To the extent that the Agency may receive any portion of the tax revenue to be allocated and paid to the District, the receipt of such tax revenue shall be deemed to be received by and for the benefit of the District. 8. USE OF TAX INCREMENT REVENUES. The tax increment revenues received by the Agency as the result of the La Quinta Redevelopment project shall be used solely as follows: a) Payment of the expenses of the administration of the Agency. b) Payment, if required, of the amounts provided to the Low and Moderate Income Rousing Fund pursuant to Sections 33334.2 and 33334.3 of the Health and Safety Code. c) Payment of Six Hundred Thousand Dollars $600,000.00) to the District as part payment for a bridge crossing the Coachella Valley Stormwater Channel. This $600,000 shall not be included in any bond issue and shall be subordinate to the principal and interest payments of any bond issue of the Agency for the purposes listed in subparagraphs a), b), and d) of this Section. d) Payment of the cost of the construction of the flood control improvements and facilities listed on Exhibit A" hereto. BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ I e) To the extent that in any fiscal year tax increment revenues received by the Agency are not expended under the provisions of subparagraphs a) b) c) and d) 4.69 percent thereof shall be paid to the District within sixty 60) days after the close of any such fiscal year. 9. INCREASE IN AUTHORIZED INDEBTEDNESS FOR THE REDEVELOPMENT PLAN. In the event the tax increment fund indebtedness limit of $___________________________________ for the Redevelopment Plan is subsequently increased by action of the City and Agency, all special indebtedness ad valorem property taxes and all other ad valorem property taxes levied by or for the benefit of the District within the Project Area shall continue to be allocated and paid to the District in the manner provided for in Paragraph 7. 10. ALLEVIATION OF FINANCIAL BURDEN. The parties agree that compliance with Paragraphs 5, 6, 7 and S hereof by the Agency will alleviate any financial burden or detriment caused to the District by the implementation of the Redevelopment Plan. Li. EFFECTIVE DATE AND TERM. This Agreement shall become effective upon the effective date of an Ordinance of the City Council of the City adopting the Redevelopment Plan and La Quinta Redevelopment Project. 12. MODIFICATION. This Agreement shall not be modified except by written Agreement of the parties. 13. SEVERABILITY. Each paragraph and provision of this Agreement is severable from each other provision and if any provision or part herein is declare invalid the remaining provision shall nevertheless remain in full force and effect. BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ I J 14. ENTIRE AGREEMENT. This Agreement constitutes the entire, complete and final expression of the Agreement of the parties. IN WITNESS WHEREOF the parties have executed this Agreement on the day, month and year first above written. CITY OF LA QUINTA Mayor ATTEST: City Clerk LA QUINTA REDEVELOPMENT AGENCY Chairman ATTEST: Executive Director COACHELLA VALLEY WATER DISTRICT President ATTEST: Secretary BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ I I EXHIBIT A't Proposed Public Improvement and Facilities Projects LA QUINTA REDEVELOPMENT AGENCY Flood control improvements and facilities, consisting of the following components: 1. West Drainage System approximately 14,000 linear feet of training dike and channel system to intercept and channel flows from Bear Creek and other drainages. 2. East Drainage System approximately 9,000 linea* feet of training dike and channel system to intercept and channel all flows east of Bear Creek. 3. Cove Reservoir a reservoir of up to 250 acre feet storage capacity, with a 35 foot spillway to protect against flood damage, and a buried outlet from the Oleander Reservoir flood evacuation channel. 4. Other Supporting Facilities such other dikes, channels, reservoirs, conduits, pumping stations, and other supporting facilities as may be necessary in conjunction with or addition to the three facilities described above. BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ MEMORANDUM OF UNDERSTANDING This is a memorandum of understanding between the City of La Quinta City), the La Quinta City Redevelopment Agency Agency), and the Coachella Valley Unified School District District) regarding the District's participation in the La Quinta Redevelopment Project. It is agreed that these agencies will enter into a contractual agreement on or before December 20, 1983, which will include the following: 1* The Agency will distribute annually, to the District, all of their share of tax increments in excess of the Agency's requirement for debt service and the twenty 20) per cent set aside for deposit in the housing trust fund. 2. The amount distributed to the District shall be subordinate to the Agency's pledge of tax increments needed for repayment of indebtedness incurred to accomplish the activities identified in the La Quinta Redevelopment Plan and needed for deposit in the housing trust fund. 3. The funding limit of the project shall be increased at the time of adoption by the agency and City Council to permit the District to receive not less than $7,000,000 during the 35 year life of the project. 4. The Agency shall deduct from the District's share of the tax increment as defined in 3 above, twenty 20) per cent for deposit in the Agency's housing trust fund and an additional three 3) per cent for administrative purposes. If the cost of the administration exceeds three 3) per cent, the District upon verification will reimburse the Agency for incurred costs. 5. The District shall have the option of requesting the Agency to retain all tax increments to which it is entitled to if the State determines that these monies shall count against the District's apportionment allocation. Administrative cost for this activity shall be limited to those defined in 4 above. The Agency shall expend these funds as directed by the District. BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02 ^ I 1 I If the District fails to expend these funds during the fiscal year of alloca- tion, the Agency shall have the option of suspending further tax increments to the District until such time as all funds are expended. 6. The District shall be responsible for expending their share of the tax increments for student and education obligations accruing directly or indirectly from the activities of the Agency. These expenditures shall be expended according to the following: a. New classroom and other construction costs including site acquisition. b. New furniture, equipment, and instructional materials. c. New school buses. d. Expansion and/or rehabilitation of current facilities, furniture, and equipment to which project related students are assigned. 7. If the project activities as outlined in the plan are not transacted within three 3) years of the contract date, the agreement will become null and void. Date:_____________________________________ Date: COACHELLA VALLEY UNIFIED SCHOOL. DIST. LA QUINTA REDEVELOPMENT AGENCY Date:_________________________________ CITY OF LA QUINTA CC: James Dilworth Larry Arceneaux BIB] 03-26-1998-U01 03:59:56PM-U01 ADMIN-U01 RDA-U02 05-U02 07-U02 1985-U02