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REDEVELOPMENT AGENCY
AGENDA
CH'Y COUNCIL CHAMBER
7SA95 Calle Tmnpico
La Quinta, California 92253
Regular Mee?hig
October 19, 1993 3:00 P.M.
CALL TO ORDER Beginning Res. No. RA 93-11
a. Roll Call
CONFMl?MAIION OF AGENDA
APPROVAL OF TES
a. Approval of Minutes of October 5, 1993.
PUBLIC COMMENT
BUSINESS SESSION
1. Consideration of Approval to Transfer Bond Reserve Funds to L.A.I.F.
a) Minute Order Action.
CONSENT CALENDAR
1. Approval of Demand Register Dated October 19, 1993.
2. Approval of Agency Consent Letter Regarding Legal Representation on Landmark
Negotiation.
UdO??i
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CHAIR AND BOARD MEMBERS IIEMS
PUBLIC HEARINGS None
CLOSED SESSION
a. Discussion of negotiations pursuant to Government Code Section 54956.8
The Tucker Company's proposal for commercial project La Quinta Canyon
Center) located generally south of Highway 111 west of Adams Street and
east of Dune Palms Road
Aincor Realty Properties IIIIA-A-A Housing Partners proposal for housing
and commercial project including potential acquisition of property in the
Cove area.
ADJOURNMENT
DECLARATION OF POSTING
I, SAUNDRA L. 3UHOLA, Secretary of the La Quinta Redevelopment Agency, do hereby
declare that the foregoing agenda for the Redevelopment Agency Meeting of October 19,
1993 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, October 15,
1993.
LA, Secretary
La Quinta Redevelopment Agency
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REDEVELOPMENT AGENCY
MEETING DATE: OCTOBER 19, 1993 AGENDA CATEGORY:
ITEM TITLE: PUBLIC COMMENT:
CONSIDERATION OF APPROVAL TO TRANSFER BUSINESS SESSION: I
BOND RESERVE FUNDS TO LOCAL AGENCY
INVESTMENT FUND LAIF). CONSENT CALENDAR:
STUDY SESSION:
DEPARTMENTAL REPORTS:_____
SUMMARY:
The total debt service reserve funds of $2.6 million that are held by bank
trustees are currently invested in Treasury Funds that are earning less than
2% interest 1.8% to 1.9%). Local Agency Investment Fund LAIF) investments
are earning 4.47% interest. The Investment Advisory Board, at its September
B, 1993 meeting, approved the investment of bond reserves in LAIF with the
approval of the bond trustees).
FISCAL IMPLICATIONS: APPROVED BY:
An additional $67,123 per year in interest earnings could be realized with a
switch to LAIF.
RECOMMENDATION:
Agency approval to transfer bond reserve funds to LAIF, with the concurring
approval of the bank trustees.
Submitted By: Approved for submission to
Redevelopment Agency Board
#/YY4
THOMAS J. REIL17? ROBERT L. HUNT
FINANCE DIRECTOR EXECUTIVE DIRECTOR
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REDEVELOPMENT AGENCY
COUNCIL MEETING DATE: OCTOBER 19, 1993 AGENDA CATEGORY:
ITEM TITLE: PUBLIC HEARING:
BUSINESS SESSION:
Demand Register OCTOBER 19, 1993
CONSENT CALENDAR:
STUDY SESSION:
BACKGROUND:
Warrants 560 $3,271,290.69
FISCAL IMPLICATIONS: APPROVED BY:
Demand of Cash $3,271,290.69
RECOMMENDATION:
Approval of Demand Register
Submitted by: Approved for submission to
City Council
ROBERT L. HUNT
CITY MANAGER
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REDEVELOPMENT AGENCY
MEETING DATE: October 19, 1993 AGENDA CATEGORY:
PUBLIC HEARING.'
ITEM TITLE: Approval of Agency
consent letter regarding legal BUSINESS SESSION:
representation on Landmark
negotiation. CONSENT CALENDAR:
STUDY SESSION:
SUMMARY: Attached is correspondence from the City Attorney regarding attorney
client conflict relating to Landmark negotiations. The correspondence
requests execution of the conflict waiver regarding the purchase and sale
agreement negotiations with Landmark.
FISCAL IMPLICATIONS: None
APPROVED BY:
RECOMMENDATION: Authorize the Executive Director to execute conflict waiver
on behalf of the City of La Quinta Redevelopment Agency.
Submitted by: Approved for submission to the
Thomas P. Genovese Redevelopment Agency Board:
Assistant City Manager
Signature ROBERT L. HUNT, EXECUTIVE DIRECTOR
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