1993 07 06 RDAd_#&v
REDEVELOPMENT AGENCY
AGENDA
Crry COUNCIL CHAMBER
105 Calle Estado
La Quin?a, CzIifornia 92253
Regar Meeting
July 6, 1993 3:00 P.M.
CALL TO ORDER Beginning Res. No. RA 93-7
a. Roll Call
I'JBLIC COMMENT
BUSINESS SESSION
1. Consideration of Adoption of 1993194 Fiscal Year Budget.
a) Resolution Action.
2. Consideration of First Amendment to Affordable Housing Ag?'eement by and Among
the La Quinta Redevelopment Agency, Coachella Valley Land, and William Cusack.
a) Minute Order Action.
3. Transmittal of Treasurer's Report May 31, 1993.
a) Minute Order Action.
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d_#&CONSENT CALENDAR
1. Approval of Demand Register Dated June 30, 1993.
2. Approval of Settlement Agreement with Sanwa B.G.K.
PUBLIC HEARINGS None
CLOSED SESSION
a. Discussion of negotiations pursuant to Government Code Section 54956.8
Coachella Valley Land proposal for housing project including potential
acquisition of properties in the Cove area.
Simon Plaza proposal including potential acquisition of right-of-way at corner
of Washington Street and Highway 111.
TSM Development proposal including potential disposition/acquisition of
property at Avenue 48 and Dune Palms Murphy Property).
b. Discussion of on-going litigation pursuant to Government Code Section 54956.9(a)
Riverside County Interpleader Action Case No.234997
ADJOURNMENT
DECLARMiON OF POSIING
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 6, 1993
was posted on the outside entry to the Council Chamber, 78-105 Calle Estado and on the
bulletin board at the La Quinta Chamber of Commerce on Friday, July 2, 1993.
La Quinta Redevelopment Agency
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d_#&REDEVELOPMENT AGENCY
MEETING DATE: July 6, 1993 AGENDA CATEGORY:
ITEM TITLE: Consideration of Approval PUBLIC HEARING:
of Fiscal Year 1993/94 Budget I
BUSINESS SESSION: I
CONSENT CALENDAR:
STUDY SESSION:
SUMMARY: The proposed Fiscal Year 1993/94 Budget is presented for the
Redevelopment Agency's approval. Attached is a memorandum which provides
additional information regarding the Budget for the Board's consideration.
FISCAL IMPLICATIONS: None at this time.
APPROVED BY: 7
RECOMMENDATION: Adopt the following Resolutions regarding the Fiscal Year
1993/94 Budget:
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY APPROVING A BUDGET FOR
FISCAL YEAR 93-94.
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY ESTABLISHING A LOAN FROM
THE CITY OF LA QUINTA TO THE LA QUINTA REDEVELOPMENT AGENCY PROJECT AREA NO.
2.
Submitted by: Approved for submission to
Robert L. Hunt, the Chairman and Members of the
Executive Director La Quinta Redevelopment Agency
IM&L)-/ #kfr1?
Signature ROBERT L. HUNT, EXECUTIVE DIRECTOR
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d_#& M E M 0 ft A N D U M
REDEVELOPMENT AGENCY
MEETING DATE: July 6, 1993 AGENDA CATEGORY:
PUBLIC HEARING:
ITEM TITLE: Consideration of First Amendment
to Affordable Housing Agreement by and among BUSINESS SESSION:
the La Quinta Redevelopment Agency, Coachella
Valley Land, and William Cusack. CONSENT CALENDAR:
SThDY SESSION:
SUMMARY: On February 10, 1993, the Agency entered into an Affordable Housing
Agreement with Coachella Valley Land and William J. Cusack that provided for
the expenditure of up to $670,000 from Agency's twenty percent 20%) housing
set-aside fund during the next five years to facilitate the provision of ten
10) moderate income ownership units and twenty 20) very low income rental
units in the Cove. The rental unit component of the affordable housing
project is being implemented. The ownership unit component required the
review and approval by Fannie Mae. Fannie Mae requires certain modifications
to the Agreement in order to comply with its Comunity Lending Program
guidelines. The proposed First Amendment incorporates such modifications and
has been approved by Fannie Mae.
FISCAL IMPLICATIONS: Approval of the proposed First Amendment will have no
additional fiscal impact. The Agency assistance would be maintained at the
lesser of seven thousand dollars $7,000) or seven percent 7%) of the
purchase price for each Ownership Property as agreed upon in the existing
Affordable Housing Agreement. APPROVED BY:
RECOMMENDATION: That the Agency approve the First Amendment to Affordable
Housing Agreement to facilitate the implementation of the ownership component
of the project.
Submitted by: Approved for submission to the
Robert L. Hunt, Chair and Members of the La
Executive Director Quinta Redevelopment Agency
z.
Signature ROBERT L. HUNT, EXECUTIVE DIRECTOR
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d_#& Q2-?
REDEVELOPMENT AGENCY
MEETING DATE: July 06, 1993 AGENDA CATEGORY:
ITEM TITLE: PUBLIC HEARING:
BUSINESS SESSION: I
DEPARTMENT STAFF REPORT
FINANCE DIRECTOR CONSENT CALENDAR:
TRANSMITTAL OF STATEMENT OF STUDY SESSION:
FINANCIAL POSITION
Transmital of the May 31, 1993 Statement of Financial Position
for the La Quinta Redevelopment Agency.
RECOMMENDATION:
Receive and File
Submitted by: Approved for submission to
City Council
A J)i) LI
Signature K ROBERT L. HUNT
CITY MANAGER
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d_#$& OF
REDEVELOPMENT AGENCY
COUNCIL MEETING DATE: JULY 6, 1?93 AGENDA CATEGORY:
ITEM TITLE: PUBLIC HEARING:
BUSINESS SESSION:
Demand Register CONSENT CALENDAR: I
STUDY SESSION:
BACKGROUND:
Warrants 541 543 $194,934.90
FISCAL IMPLICATIONS: APPROVED BY:
Demand of Cash $194,934.90
RECOMMENDATION:
A?prova1 of Demand Register
Submitted by: Approved for submission to
City Council
ature?? ROBERT L. HUNT 1)A
CITY MANAGER
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d_#&&REDEVELOPMENT AGENCY
MEETING DATE: July 6, 19932 AGENDA CATEGORY:
PUBLIC HEARING:
ITEM TITLE: Approval of Settlement
Agreement with Sanwa B.G.K. BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
SUMMARY: Attached is a Joint Settlement Agreement between Sanwa B.G.K. and
a large number of plaintiffs including La Quinta all arising out of one of
the third party wymer litigation matters. The proposed Joint Settlement
Agreement will provide La Quinta with a $20,000 payment. Because of the fact
that this settlement was negotiated prior to the Iowa Trust settlement, it
will not be subject to the Iowa Trust splitting of recoveries as outlined in
the Iowa Trust Settlement Agreement.
FISCAL IMPLICATIONS: Receipt of $20,000 as provided for in the Agreement
Allocation between the Agency and City to be determined at a later d?.
APPROVED BY:
RECOMMENDATION: Approve the Settlement Agreement and authorize the Mayor to
execute the Agreement on behalf of the Redevelopment Agency and City of La
Quinta.
Submitted by: Approved for submission to
Thomas P. Genovese, Chairman and Members of the La
Assistant City Manager Quinta Redevelopment Agency
Signature ROBERT L. HUNT, CITY MANAGER
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