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2001 07 17 RDAI Redevelopment Agency Agendas are available on the City's Web Page @ www.ia-quinta.org Redevelopment Agency Agenda CITY COUNCIL CHAMBER 78-495 Calle Tampico La Quinta, California 92253 Regular Meeting Tuesday, July 17. 2001 - 2:00 P.M. Beginning Res. No. RA 2001-04 CALL TO ORDER Roll Call: Board Members: Adolph, Pena, Perkins, Sniff, Chairperson Henderson II. PUBLIC COMMENT At this time, members of the public may address the Redevelopment Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. Please watch the timing device on the podium. Ill. CLOSED SESSION CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, MARK WEISS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTY LOCATED AT THE SOUTHWEST CORNER OF AVENUE 52 AND MADISON STREET - PROPERTY OWNER/NEGOTIATOR(S): (TRAVERTINE); THE SOUTHEAST CORNER OF AVENUE 52 AND MADISON STREET (JACK TRANKS); THE NORTHWEST CORNER OF AVENUE AND JEFFERSON STREET (KSL); AND THE SOUTHWEST CORNER OF AVENUE 60 AND MADISON STREET (DAVID CHAPMAN). NOTE: Time permitting, the Redevelopment Agency Board may conduct Closed Session discussions during the dinner recess. In addition, when the Agency is considering acquisition of property, persons identified as negotiating parties are not invited into the Closed Session Meeting. RDA Agenda July 17, 21010 1 RECONVENE AT 3:00 PM IV. PUBLIC COMMENT At this time members of the public may address the Agency Board on items that appear within the Consent Calendar or matters that are not listed on the agenda. Please complete a 'request to speak" form and limit your comments to three minutes. When you are called to speak, please come forward and state your name for the record. Please watch the timing device on the podium. For all Agency Business Session matters or Public Hearings on the agenda, a completed "request to speak" form must be filed with the City Clerk prior to the Agency beginning consideration of that item. V. CONFIRMATION OF AGENDA VI. APPROVAL OF MINUTES 1. MINUTES OF JUNE 26, 2001. 2. MINUTES OF JULY 3, 2001. VII. CONSENT CALENDAR Note: Consent Calendar items are considered to be routine in nature and will be approved by one motion. APPROVAL OF DEMAND REGISTER DATED JULY 17, 2001. 2. TRANSMITTAL OF THE TREASURER'S REPORT DATED MAY 31, 2001. 3. TRANSMITTAL OF THE REVENUE AND EXPENDITURES REPORT DATED MAY 31, 2001 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING JUNE 30. 2001. Vlll. BUSINESS SESSION 1. CONSIDERATION OF A RESOLUTION APPROVING THE FISCAL YEAR 2001/2002 LA QUINTA REDEVELOPMENT AGENCY BUDGET A. RESOLUTION ACTION 2. CONSIDERATION OF REVISED COMMERCIAL PROPERTY IMPROVEMENT PROGRAM. A. MINUTE ORDER ACTION 3. CONSIDERATION OF A MODIFICATION TO THE LA QUINTA HOUSING PROGRAM REGARDING HOME PURCHASE AND RESIDENTIAL REHABILITATION LOANS. A. MINUTE ORDER ACTION RDA Agenda -2- 002 July 17, 2001 IX. PRESENTATIONS - None X. STUDY SESSION - None XI. DEPARTMENT REPORTS XII. CHAIR AND BOARD MEMBERS' ITEMS XIII. PUBLIC HEARINGS - None XIV. ADJOURNMENT - Adjourn to a Regular Meeting of the Redevelopment Agency to be held on August 7, 2001, commencing with Closed Session at 2:00 P.M. in the City Council Chambers, 78-495 Calle Tampico, CA 92253. DECLARATION OF POSTING I, June S. Greek, Secretary of the La Quinta Redevelopment Agency, do hereby declare that the foregoing agenda for the La Quinta Redevelopment Agency meeting of July 17, 2001, 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 Stater Bros., 78-630 Highway 111, on Friday, July 13, 2001. DATED: July 13, 2001 9- f_- R JUNE S. GREEK, CIVIC 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 City Clerk's Office at 777-7025, 24-hours in advance of the meeting and accommodations will be made. FDA Agenda -3- 003 July 3, 2001 04 Twit Q" cF oraw5 AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: JULY 17, 2001 ITEM TITLE: Demand Register Dated July 17, 2001 BUSINESS SESSION CONSENT CALENDAR STUDY SESSION PUBLIC HEARING RECOMMENDATION: Approve Demand Register Dated July 17, 2001 BACKGROUND: Prepaid Warrants: 45898 - 459051 25,805.08 45906 - 45920) 2,250.13 45921 - 45931) 56,542.34 45932 - 459401 26,833.81 Wire Transfers) 23,451.02 P/R 7163 - 72381 99,303.98 P/R Tax Transfers) 28,439.77 CITY DEMANDS Payable Warrants: 45941 - 46062) 1,063,129.25 RDA DEMANDS $1,325,755.38 FISCAL IMPLICATIONS: Demand of Cash -RDA $22,704.82 $1,303,050.56 22,704.82 $1,325,755.38 AW CITY OF LA QUINTA BANK TRANSACTIONS 6/29/01 - 7/10/01 7/06/01 WIRE TRANSFER - DEFERRED COMP 7/06/01 WIRE TRANSFER - PERS 7/06/01 WIRE TRANSFER - CREDIT UNION $6,106.03 $11,798.99 $5,546.00 TOTAL WIRE TRANSFERS OUT $23,451.02 005 1002 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 11:32AM 07/10/01 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 45941 07/10/01 &01485 TERESO J GONZALEZ 40.00 45942 07/10/01 &01486 BILL MARLIN 60.00 45943 07/10/01 &01487 MASTER POOLS 330.40 45944 07/10/01 &01488 RON MILLER 180.00 45945 07/10/01 &01489 JANE SCHONDEL 8.00 45946 07/10/01 &01490 WB ELECTRIC 5.00 45947 07/10/01 &01491 JON SKRAMSTAD 20.00 45948 07/10/01 &01492 BRIAN WILSON 20.00 45949 07/10/01 &01493 BREIANNA DENGERING 9.00 45950 07/10/01 ACE010 ACE HARDWARE 892.11 45951 07/10/01 ALC050 BOB ALCALA 21.00 45952 07/10/01 AME032 AMERICAN CAPITAL 15.00 45953 07/10/01 AME175 AMERICAN FORENSIC NURSES 21.00 45954 07/10/01 AME200 AMERIPRIDE UNIFORM SVCS 58.27 45955 07/10/01 AND040 ANDREWS ELECTRONICS 67.99 45956 07/10/01 ARC100 ARCH 494.52 45957 07/10/01 ASCO01 A & S COFFEE SERVICE 112.00 45958 07/10/01 AUT030 AUTOMATED TELECOM 189.81 45959 07/10/01 AVA100 AVAYA INC 1239.80 45960 07/10/01 BAN015 DAVE BANG ASSOCIATES INC 1760.88 45961 07/10/01 BER125 BERG & ASSOCIATES INC 65617.41 45962 07/10/01 BER150 BERRYMAN & HENIGAR INC 1085.00 45963 07/10/01 BUR200 BURTRONICS BUSINESS SYS 153.18 45964 07/10/01 CAD010 CADET UNIFORM SUPPLY 7.08 45965 07/10/01 CAL016 CA ASSEMBLY OF LOCAL ARTS 75.00 45966 07/10/01 CDW050 CDW GOVERNMENT INC 758.20 45967 07/10/01 CEN050 CENTURY CROWELL 42030.00 45968 07/10/01 CEN051 CENTURY CROWELL COMMUN 2500.00 45969 07/10/01 COM015 COMPUTER U LEARNING CENTR 75.00 45970 07/10/01 CON015 CONRAD BUSINESS SVC INC 5000.00 45971 07/10/01 C00300 VALI COOPER & ASSOC INC 73585.46 45972 07/10/01 COR150 CORPORATE EXPRESS 1030.85 45973 07/10/01 COS050 COSTCO BUSINESS DELIVERY 1191.18 45974 07/10/01 DAN200 DANONE WATERS OF NORTH 25.75 45975 07/10/01 DEM150 LOUIS DE MARTINO 8500.00 45976 07/10/01 DES018 DESERT ELECTRIC SUPPLY 79.13 45977 07/10/01 DES065 DESERT TEMPS INC 11327.88 45978 07/10/01 DIG100 DIGITAL DISTRIBUTORS 348.70 45979 07/10/01 DOU200 LES DOUGLAS 38.50 45980 07/10/01 DRE100 DRESCO REPRODUCTION INC 283.61 45981 07/10/01 EDA100 EDA JOB TRAINING 900.00 45982 07/10/01 EME025 EMERGE 3550.05 45983 07/10/01 EXP200 EXPRESS DETAIL 800.00 45984 07/10/01 FAL050 JOHN FALCONER 196.71 45985 07/10/01 FIN200 FINGERPRINT AMERICA 1146.22 45986 07/10/01 FIR007 FIRST AID SELECT 295.63 45987 07/10/01 FIR015 FIRST AMERICAN REAL 140.74 006 003 ACCOUNTS PAYABLE - AP5005 CITY OF LA QUINTA CHECK CHECK NUMBER DATE CHECK REGISTER BANK ID: DEF VENDOR NO. NAME 11:32AM 07/10/01 PAGE 2 PAYMENT AMOUNT 45988 07/10/01 FIS050 FISHER BUSINESS SYSTEMS 158.03 45989 07/10/01 FRA010 MARNI FRANCISCO 69.00 45990 07/10/01 GRA010 GRANITE CONSTRUCTION CO 584085.04 45991 07/10/01 GUY100 GUYS & GALS UNIFORMS 299.77 45992 07/10/01 HAR100 JOHN HARDCASTLE 28.31 45993 07/10/01 HEG050 JIM HEGGE 247.50 45994 07/10/01 HIG010 HIGH TECH IRRIGATION INC 1452.17 45995 07/10/01 HIL150 HILTON FARNKOPF & 5490.21 45996 07/10/01 HOM030 HOME DEPOT 3236.95 45997 07/10/01 H00050 FAYE HOOPER 100.00 45998 07/10/01 IAE100 IAEM 115.00 45999 07/10/01 IMP100 IMPACT SCIENCES INC 32.50 46000 07/10/01 INF020 INFORMATION PUBLICATIONS 90.30 46001 07/10/01 INT400 INTOXIMETERS 2391.64 46002 07/10/01 KIN100 KINER/GOODSELL ADVERTISNG 4593.00 46003 07/10/01 KRI100 BRUCE KRIBBS CONSTRUCTION 7480.00 46004 07/10/01 LAQ040 LA QUINTA CHAMBER COMMERC 41500.00 46005 07/10/01 LAQ100 LA QUINTA VOLUNTEER FIRE 1694.25 46006 07/10/01 LES020 JANELLE LESLIE 10.50 46007 07/10/01 L00010 LOCK SHOP INC 237.80 46008 07/10/01 LUN050 LUNDEEN PACIFIC CORP 45152.51 46009 07/10/01 MAR300 MARTEL ELECTRONICS INC 475.10 46010 07/10/01 MCDO10 MC DOWELL AWARDS 91.38 46011 07/10/01 MEE100 WAYNE MEEDS 100.00 46012 07/10/01 MIR010 MIRASOFT INC 15675.00 46013 07/10/01 MOM100 MOM'S GAS STATION 1313.02 46014 07/10/01 MUN010 MUNI FINANCIAL SERV INC 4100.00 46015 07/10/01 MUN100 MUNICIPAL MANAGEMENT 330.00 46016 07/10/01 NAW010 RON NAWROCKI 1000.00 46017 07/10/01 NIC101 NICKERSON & ASSOC INC 3567.50 46018 07/10/01 NOR300 NORTHWOODS RESORT 386.28 46019 07/10/01 OFF005 OFFICE DEPOT INC 396.60 46020 07/10/01 OUT100 OUTDOOR SERVICES INC 100.00 46021 07/10/01 PIT100 NOEL PITTMAN 89.60 46022 07/10/01 PR1020 THE PRINTING PLACE 990.08 46023 07/10/01 PRP100 P & R PAPER SUPPLY CO INC 101.33 46024 07/10/01 PS1050 PSI ENVIRON GEOTECH CONS 6660.25 46025 07/10/01 RAL050 RALPHS GROCERY CO 107.14 46026 07/10/01 RAS020 RASA - ERIC NELSON 4680.00 46027 07/10/01 RBF100 RBF CONSULTING 1045.52 46028 07/10/01 RIE200 PAT RIENSCHE 621.60 46029 07/10/01 RIV100 RIVERSIDE COUNTY SHERIFFS 26959.06 46030 07/10/01 RIV152 RIV COUNTY TRANSPORTATION 9924.00 46031 07/10/01 ROB200 SCOTT ROBERTSON 157.50 46032 07/10/01 ROS010 ROSENOW SPEVACEK GROUP 18302.32 46033 07/10/01 SAN023 SAN DIEGO BUSINESS JOURNL 79.00 46034 07/10/01 SAX100 SAXON ENGINEERING SERVICE 3350.00 46035 07/10/01 SECO50 SECURITY LINK/AMERITECH 561.57 46036 07/10/01 SFC100 SFC CONSULTANTS 375.00 007 004 ACCOUNTS PAYABLE - AP5005 CITY OF LA QUINTA CHECK CHECK NUMBER DATE CHECK REGISTER BANK ID: DEF VENDOR NO. NAME 11:32AM 07/10/01 PAGE 3 PAYMENT AMOUNT 46037 07/10/01 SHAO10 SHADOW PALMS GARDENING 150.00 46038 07/10/01 SMA010 SMART & FINAL 498.16 46039 07/10/01 SM1010 MARILYN SMITH 12.48 46040 07/10/01 SMI300 SMITTY'S DIESEL TRUCK/RV 1011.30 46041 07/10/01 SOU007 SOUTHWEST NETWORKS, INC 3107.50 46042 07/10/01 SOU030 SO CALIF ASSOC GOVERNMENT 1631.00 46043 07/10/01 SOU100 SOUTHLAND GEOTECHNICL INC 1185.50 46044 07/10/01 STA050 STAPLES 248.34 46045 07/10/01 STA150 STATER BROS 22.46 46046 07/10/01 SUN075 SUNLINE TRANSIT AGENCY 264.00 46047 07/10/01 TOPO10 TOPS'N BARRICADES INC 369.00 46048 07/10/01 TRI100 TRI STATE LAND SURVEYORS 6284.88 46049 07/10/01 TRU010 TRULY NOLEN INC 135.00 46050 07/10/01 TTI100 TTI NATIONAL INC 7.85 46051 07/10/01 UNI095 UNITED IMAGING SUPPLY 448.95 46052 07/10/01 USB050 U.S.BANK TRUST NATL ASSOC 5314.30 46053 07/10/01 USO100 US OFFICE PRODUCTS 209.68 46054 07/10/01 VAL005 VALLEY ANIMAL CLINIC 200.00 46055 07/10/01 VAN075 VANDORPE CHOU ASSOC INC 4050.00 46056 07/10/01 VID050 VIDEO DEPOT 15.00 46057 07/10/01 VONO10 VON'S C/O SAFEWAY INC 196.71 46058 07/10/01 WES020 WEST GROUP 43.00 46059 07/10/01 WHE050 WHEELER'S 275.00 46060 07/10/01 WOO100 DEBBIE WOODRUFF 269.30 46061 07/10/01 XERO10 XEROX CORPORATION 5675.45 46062 07/10/01 YOU100 YOUNG ENGINEERING SERVICE 5215.00 CHECK TOTAL 1,063,129.25 who 1 I " a4. 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I e m o O O \ r e rl t9 $ U Q rn r o r 0 r o r rn r m r m r m r rn r m r m r m m r m r o r 0 r e n o E Z m F Z N rn O N O m o o C� o o e n N o o 0 0 0 o o r rn e r O o O 0 o 0 a a N r N m O m O O O O N O m O c a 4 a Z N Q 41 W U\ N O IJ W U (1 N a N a F N r] F U N O e a E a a F t/I !il a a N n a F VI ❑ a U E a Q 3 m Z a z N L] ti W s 4] O O F d O F N a a O F m m 3 O> 0 U 0 f/i w 0 E a N m 0 m O F a O E a a U fil O F a 6 0 F F z w a o w z a W m O O F a O Q F IF z m O u S O > z a c� O ❑ ❑ z x O ❑ z a U w "£"> rn .z. a `u g z 41 F a 41 a t,1 a N a O ❑ z m U >❑ m O z w m U❑ 0 z m o zz O m m E 0 z a 0 z u 0 W uN i ❑ > s> W X 01 ❑ Q O+ a ❑ m a o m a 0 m a o �/] > E rn > > z Q a p. m > m m ❑ > > U z o> a z m L] m > W 9 > a U w m o m❑ o £ m U > z m ❑ i ❑ > Z£ N a m Z o N m N 0 F r N 0 F e N o E e N U e m U rn P U rn e V ,r O ❑ tI W '�yZL, a lO U U U O O O O l0 ry h pmj q N m m � o F m a o W 41 £ O m O O O O O O O O O O O O .i m v N r if1 O O O O O O O O O O O O z F o r O m m N o w 0 0 0 0 0 o O o o N Yf J U Q N O .4 O O l("J1 O I'1 r O O (�1 O N O N O N O .4 O N O rl N .-I O .4 N O rl N O N O O .y O O rl O O .-i O O .4 O O .y O O ♦y N a a O N a a O N a a O m a a H V z .z, rvf m N d Q m m U H F 2 F N F Z F m F 2 F m m U 0 0 m U 0 0 m U 0 N U 0 0 Z U a Q a 3 a 3 m a m H Z �+ 'a F z F z E a u a u] U z a u m u] U a £ Z Q o U (il O d til a m O I s m O d O O m m Q N O a a ❑ M z m m z z m m Z z m m 0 0 I -I 0 F 0 a W S ❑ o W ❑ U U a a s F z W O uz] > O N O 0 O 0 O 0 '.❑ 0 0 0 7 0 0 0 a > N a > N > o >> O o O ru 3 O s 3 00 s 3 U U Q N U F Z O m m O>> m m m m O m 0 O m 0 O m 0 O m 0 a > z > > 2 2 N 3 3 3 022 ois F Z 0 0 � x o u rn rn rn m rn W F O o 0 0 0 am E E E F F �O m o m m o o F m N O N o Z F W Z £ o m m m N O �L O O O O m O N pi N N r m r � N a a a u a a a a > a m O O O m m 0 0 fil H F C F Q 4 F `t F a Iui z a m a a z cui z u 0 W 0 0 > C 7 .4 C% ❑ u ❑ z u z z z a w m z z ami > w> m m a> 4> ❑ O O m W W z o r O❑ W m N m > > m m m Z Z I -I ❑ i-I O �O N N I ❑ O O O � a Q m WN p O � F Oi N O O C r f0 N O �O �O vl .7 O. Z O 0 0 0 O O F O N ri m U U .+ Q o O 0 0 0 0 0 W U z W m m O Z Z Z U � O O O Z W a 0 0 0 o z a o m a a a0 a0 m 3 0 Z rZi U U U W Q O W a °a as S m e s 0 0 x x x F W z 0 > o 0 0 0 0 O o 0 ou Q U 3 x x x 023 020 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 3:04PM 07/06/01 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 45932 07/06/01 ATT010 A T & T 101.71 45933 07/06/01 COA080 COACHELLA VALLEY WATER 86.62 45934 07/06/01 IMPO10 IMPERIAL IRRIGATION DIST 10411.77 45935 07/06/01 KRI100 BRUCE KRIBBS CONSTRUCTION 10930.00 45936 07/06/01 LAQ040 LA QUINTA CHAMBER COMMERC 234.00 45937 07/06/01 MOM100 MOM'S GAS STATION 1093.04 45938 07/06/01 SAN220 SAN DIEGO ZOO 503.00 45939 07/06/01 SOU010 SOUTHERN CALIF GAS CO 610.33 45940 07/06/01 VER200 VERIZON 2863.34 CHECK TOTAL 26,833.81 024 021 — N m P r 0 £ W E £ W F £ W F £ W E £ W F £ W E £ W F £ W F £ W F £ W F £ W E £ W F £ W F £ W E £ W E £ W F £ W F £ W F £ W F N O O� ., O1 r v N ✓1 O O O o O O O O P O �O O m O O 1 P m N O O O O O O O O O O 1'1 tit O+ u1 r P m T r O m m m ~ N r o o P e a m N o a u 2 U f>/1 a W a U N a W 4 E o a z W U > U z F U U > u a F U U > u a F U U > u a F U U > u s F U U > u a F V U > 0 a F U a 4 E o a z W > E F a 4 u❑ m ❑ Qza q F o 0 2 W > m U z In - a 0 a. x U z m a 0 rNr�( m U z m a 0 aqq. x U z m a 0 aQa.'' x U z v> a 0 qrq x U z m a 0 aqq. x U z m a 0 a. 4 F o 0 ❑ Z W > m m a ❑ a a W 4 m F 0 W O F o Z F W z > W 0 o m 1 O O 0 m O 1'1 0 �o �p p 0¢ 0 m 0 0 > m O 0 > m 'J 0 > m 0 0 > UI -J 0 > U1 ❑ 0 > v a 'y p � e W �O 10 0 0 0 o a m Ip �O Ip o O O O O o o O P o £ a o 0 0 o m o F N N 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 .a 0 0 0 0 0 0 0 u u u u u u u F F F E F F E O O 0❑ U F F 0❑ i££ E S i f 0 0 0 0 0 0 0 O O O O O z0 F o O F 0 0 0 0 m a a a a a a a z N N E F F F F F F Z W W W W W W W p �d a s a a a a a a a m x x � 3 a g 1 >> s a a a a m u u x u x u x u x u x u F m F a m W a z a z F F a a a a a a a F F F a z z z z z N z z z u W N o a w u s s a z z a a a W o ❑ o o m o Q a� a U W W W W W W W U d d d d ,� d d d - g F F a s d d a m a a a o ou ou F W W £ Z O p p O O O O O O O O O p p p O O O O O P v v P C O O N O O O O O O O O O O O O O O O O O v O O N N O 5 (� V F F F a d d d d d d d £ Z a u a a � 0 022 0 F 2 0 m 0 m £ 4 E E F F d d m rl m m m N F I'1 N I"1 r Z F m £ ❑ o cv Q £ N d Q O t�f v O t"1 t�l t�1 O m o u N a a til ❑ a Q 4 O Q £ O O O O O F F F F U U O N m m >> N m S S m m > Q o Z m m w w Z Z. W w > m> O O m> ❑ Q S S N U w N ❑ a �o r m �o > I > m N N r O Z Z £ rn r� rn i-I ❑ F O �o � Z N to 1p r ❑ o �n ui r N � Q Z d Q til m m I o o d E m o D o n Z N nt t"I m F y r rl m v O rl .y c U U q o 0 0 0 0 0 0 O U of m O Q O {J h d d Q a I F U 4 a z z a N O 4 m H N d Q O ❑ C C m a z oN m F > > > Z 0 > > o 0 0 0 Q U 0 > > > 026 023 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 2:43PM 07/05/01 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 45921 07/05/01 CAL040 CALIFORNIA VISION SERVICE 1044.97 45922 07/05/01 CAN050 CANADA LIFE ASSURANCE CO 555.18 45923 07/05/01 DEP008 DEPT OF CONSERVATION 3441.65 45924 07/05/01 FRE075 GARY FREEL 420.00 45925 07/05/01 LAQ050 LA QUINTA CITY EMPLOYEES 390.00 45926 07/05/01 PRI050 PRINCIPAL MUTUAL 47688.84 45927 07/05/01 RECO15 RECWARE BY ACTIVE.COM 350.00 45928 07/05/01 RIV040 RIVERSIDE CNTY DEPT CHILD 426.50 45929 07/05/01 SUP100 SUPPORT PAYMENT CLEARING- 150.00 45930 07/05/01 UNIO05 UNITED WAY OF THE DESERT 179.00 45931 07/05/01 UNUO50 UNUM LIFE INS 1896.20 CHECK TOTAL 56,542.34 027 024 Z N v (�1 v N fl fl N 1"1 ti N T P b 6Q' F O Z O N O r� o w _ U F t9 £ U £ U ££ (9 U £ m m rn m D ££ O t9 £ m m m m m m U £ d c� d a m w F w F w E w F w F m F rn F w F w F w F m F rn F m F w F rvf N r m m P o 0 o P o 0 0 0 0 0 Z w F Z ul N ti O tit r N (+1 O � O S b N O1 1p O O O P m o O 0 ul 0 O 0 O 0 N e � o o e N ❑❑ D o m m m o in ❑ N � �n rn q a I I w w i x m F asFF a¢F 0.m. 0.m. aa aa o a a Z a Z s a Z a uw F a❑. a F a m a F a EO aDu QF a<' U zUzam D O 0 O E 0 0 1 1 0m Z D m 0 F 0 F 1 O 1 0 0 m z 0 F EZ 4 uN u HOa iOs ag O > O O Nm Oa ❑ ww w ww 0a ❑ < 0a o .,Ou Oa .F z Oa 0m ❑ Z U O Z Z ZFZ 0 O Z Q Z Z Z ❑ Z O Z ❑ zF 1 2 o M > w a > z s > M > a a > � � > � > a > a > a > ❑ > 1 m w w > m m o L m £ O F a a 0, N ❑ O w \ o 0 o 0 4 > Z❑ 1 > z m x m r m m ❑� F ` Z F O m �O z Z z Z m O O F 4 a z a w m m 1 a 0 o F w a w o o 0 0 o o ry r o o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N P r N N N N �O N N ry N F Z '.J O O O O O O O O N O O O O O O O O O O O O O O O O O O O O O O N O O O O N O O O O Q O O O O O O O O O O O O O O w U 0 u m w m w ❑ ti U F a > > a N w z w O w 0 x a w m a 00 ,0] a s U a a ❑ O O D Q a f+£1 (£+1 O d a N m m m > C > K Jv N a O s D H F J+ F Z F a a o o a u u ££ u £ < O Z .wa z z a u u z H F 4 a m o a a w a m a ❑ a m z u u o o u a s a s s z h F Z w O w > O P O �n m o m o r 1 0 O 0 O O ,n O ,n Jl .. O P O o �(1 o O �n 028 O N F m o 0 o O o d 0 dq 0 0 o U O > a o F 0 O Q U Q U a U w 0❑- w q 025 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF CHECK CHECK VENDOR NUMBER DATE NO. NAME ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 2:12PM 06/29/01 PAGE 1 PAYMENT AMOUNT 45906 06/29/01 BES150 BEST SIGNS INC 258.00 45907 06/29/01 DAVO10 MIKE DAVIS 50.00 4590E 06/29/01 DIA100 DENISE DIAMOND 50.00 45909 06/29/01 HENO10 MICHELLE HENSON 50.00 45910 06/29/01 IMPO11 IMPERIAL IRRIGATION DIST 995.00 45911 06/29/01 IMPO15 IMPERIAL IRRIGATION DIST 400.00 45912 06/29/01 LEWO10 TOM LEWIS 50.00 45913 06/29/01 MAH100 CYRILLE P MAHFOUD 50.00 45914 06/29/01 OLA100 MILTON OLANDER 50.00 45915 06/29/01 OSB050 LEE M OSBORNE CPA 50.00 45916 06/29/01 REBO50 JOAN REBICH 50.00 45917 06/29/01 REY050 ELAINE REYNOLDS 50.00 45918 06/29/01 SHA040 ROSITA SHAMIS 50.00 45919 06/29/01 STJO10 VICTORIA ST JOHNS 50.00 45920 06/29/01 VER200 VERIZON 47.13 CHECK TOTAL 2,250.13 029 026 C4 F O Z 0 m N m O O O O O O O O O O O O Z W F Z m o 0 0 Ott o O o 0 0 0 0 Q d O O O O O O O O O O O O O O O O O O O O O 0 m U' o ul o U m O fJ in ❑ J1 O W O o m a O V1 m O a a O a N a a o N O N N Z Z Z 61 m £ <' O m O m O m O m z z £ E £ £ i❑] F �� 2 Hm O £ O O O a a U u a am U a au U a m a Waua❑ W a > > ❑ a❑ > a❑ .m. > z O > F m 0 > N O F O Z O a F O a F O Faa O NOuuZ£ > O a W a F F 4 E F W F 3 F F F F F F F F E F Q >a Z O Sa Sa Z 0a W m Fm Sa W Oa H FW aa 0 qaqa N u z Z Z Z Za z O Uz E❑ ZmZmZmZ❑Za O z ❑ m W a O W > W > F W a > £ W £ > W W 3 > U W > W > W > W m > > W W > > W > W > £ £ W > F m ❑ v�i OU U OU d h H .zi N rzi O U m o V W O W ❑ • a W O o o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Z Z E N N N m N N N N N N •+ ❑ ❑ r+ O z Z h Z h Z. n m N Z 7 z 5 Z h Z S Z h 'Z h a w z a W m w a 1 o F o � a m£ o o 0 o 0 o n r o 0 0 0 0 0 0 0 0 0 0 ❑ m rn rn m rn m m m m m m o m O F OU N N N N �O N N a O o ry 0 o O 0 O o 0 0 0 0 0 .a O F m F m O � 0 Z O Z O O N W V ❑ O F U F � 0 � G a o z z a a o z o £ z a a o S u Z m a .Z. 0 .u, m a ❑ ❑ W a a a .+ a .+ a W � a ° z o umi a a W N °i a S w N W u m s a E a o a o a £ ui o z F� � m £ rzi ❑ £ �+ H F aa. U £ a h W Z O o O �/1 o O O ❑ .-i N .y O .a o O O O ut m O Y1 O !� ri O .4 O O O O ri O 0 O 030 a U a £ O O a a 027 e m QZ F Z O T N O 41 F £ £ £ m £ 4 F F E a a m N O O m •"� F O O Z F Ll Z O o v a Q� O O O O O O O O O U U e Z Z £ T O O U U a a a a F Z F E > F F O O O m 0 0 Q U F N U a ¢ a z z > z O M N > C Z O O m > a > £ > o > m m u o a m w U 4] O C O O e > > m N N O Z z £ O O O Z Z ut .+ x a z a a m m m a o o � F C O O O L] O O O m O O O £ .'J P 01 ul Z O O m u'i ilt �o F Z � m U U Q o 0 0 m o m o Z Z 0 Q m m m m F M Z 0 s 0 a m 0 o x C > > F to LZ Z O > o o a O O e O Q U N h > 031 028 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF CHECK CHECK VENDOR NUMBER DATE NO. NAME ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 45898 06/27/01 &01484 JOHN MITCHELL 45899 06/27/01 COA080 COACHELLA VALLEY WATER 45900 06/27/01 GABO50 GABRIEL'S WROUGHT IRON 45901 06/27/01 GEN100 THOMAS P GENOVESE 45902 06/27/01 IMPO10 IMPERIAL IRRIGATION DIST 45903 06/27/01 LAQ040 LA QUINTA CHAMBER COMMERC 45904 06/27/01 PET005 CASH/PETTY CASH 45905 06/27/01 VER200 VERIZON CHECK TOTAL 4:48PM 06/27/01 PAGE 1 PAYMENT AMOUNT 67.00 15178.65 200.00 35.49 9926.65 100.00 260.55 36.74 25,805.08 03? 029 E Z O r N u a w w w w w w w w w w w w w w w w w w w w w w m m P Z F O ✓t �p Jl O N O O O N O �(1 O m Jl m O O w z r in O rnr m m r m o of m 0 �O r in m N o O n a w r > O o m m � N Z x w m fail a £ w feral m a U Z w F a Q N Q N m a a Z ❑ a F Z O a O F O a m F 0 £ F O U >>>>>>> U U U U U U 0 Z O F O IE.I a w O F O O F U U U U U U U U U U E w F w a F m m m N m m N E F O d O a O > m > m > N > m > m > m. > Ul > m > m > m a U a a 0 O a O M U U N U U N a C . O z > Z U ❑❑ Z Z a a a a a o❑ a❑ a z s a a a a o a m H m O w 4] w w w 41 a w a w a w a w a 41 z w W Z F> Z F U F U F U F U F U F F Z a Z m w ❑ W> F F F F F F F F F F > > > w w w w w w U w U> w E> m m w a a 3 a 3 a 3 a 3 a 3 a 3 a 3 a 3 a 3 a 3 w w a a a a a a a z w w W a £ w w w w W W w a U a m N UJ m O p O O O O O ry 4 1 m0 O > m O 0 0 Z£ .+ ❑ '� `.' a C a C O r O O r O r O r O r m o O o 0 0 0 o ❑ >>>; 0 o 0 0 0 0 0 0 Vl �(1 J1 �(1 N N � a W z z a w m m a o o F W m o o mw N N N N N o O O O O N m N N N N N H N m m F Z 'J O O O O m vl P 4' � P P �fI P P N P P � P O P �O P Jl P P N C P uI P P ✓) P ry � O P vl P � � v � P vl m N O O U N fi P P P< P l0 m ry Q o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 F F F F F F F G w F w F w F w F w F w F w F w F w F w F O O❑❑❑❑❑❑ £ m a 3 a 3 a 3 a 3 a 3 a S a 3 a 3 a 3 a 3 H z O z O z O z O z O z O z O u 0 w w w w w w w w w w u a Q a a a a a a a a a a O w > a O Q O a a Q a O a m T x y a a a a a a a a a a a a a a a a a a a a a a O m O z F a a H a N a - a a H a a a x > > > > > > > x A z N o x u x u x u x u x x x x x a m a o s a a a a0 u a u a u a0 Q u a u a u ao m O d W a a $ s a ❑ z 0 0 U 0 U 0 U U 0 U 0 0 0 a x N x x E E m 0 Q F z m W O U U U U U U E U o E v m a m a m a m a m a m a m a m a m a m a �n m o z a m a a a a m 0033 U .. o 0 0 0 0 0 0 0 0 0 o a w z a a H a u w u u u u u u u u u u O u E N E E N m a w m 030 a O N N N N N (�1 m t1 11 N F Z O r N \ N S o W F £ £ E £ £ £ £ £ £ £ U a W W W W W W W W W W m n o o m z F W Z •+ h r O� .� J1 m o lC �p Q £O£ d Q N r O �O b N N x x x x x x x x x U V U V U U U (al U S F Z fF] IF.1 faH] f.F] [F.1 fF] 4H] fHl fF] E o d d d d d d d d d O O W O F W W W W W W W W W F O F d VI fn (/1 UI m VI m N VI a a o a a a a a a a a a o F O > a O m O O O m O m m 0 a 0 Z U R! W W m m m m Z u Z U W M O a ry O I > m ry Z Z £ O H O Z r a r 6 Z d Q m W m a I O O w F a O O O O O O O O O N W O O O O O O O O O t+t O r .i m r n In r r Z m 0 0 o rt 0 0 1 N rt F '.J O 1 O 0 O ill OU N N N N N Q O O O O O O O O O O N O O N d Q I V1 a U N a U !n a U < a U N a U m a U In a U N a U U] a U W E W a o d m F d a S Z W F W d a U F W d S a U F W d a U F W d a U F W d a U F W d a U F W d a U F W a a U H W Z d o a U > Z O 0 O N O F U Q U 0 O F W d 0 O F W d 0 O F W d 0 O F W d 0 O F W d 0 O F W d 0 O F W d 0 O F W d 0 0 O N F a W W d > A 034 031 Tiht44Q" AGENDA CATEGORY: COUNCILIRDA MEETING DATE: July 17, 2001 ITEM TITLE• Transmittal of Treasurer's Report as of May 31, 2001 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: BUSINESS SESSION: CONSENT CALENDAR: C STUDY SESSION: PUBLIC HEARING: Transmittal of Treasurer's Report dated May 31, 2001 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. E n M. Falconer/. Finance Director Approved for Submission by: Thomas P. Genovese, City Manager Attachment: Treasurer's Report, La Quinta Redevelopment Agency 035 Tit�t44Q" MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for May 31, 2001 DATE: June 20, 2001 Attached is the Treasurer's Report for the month ending May 31, 2001. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept. The following table summarizes the changes in investment types for the month: Investment Beginning Purchased Notes Sold/Matured Other Ending Change Cash $1,842,622 (1) ($1,076,072) $766,550 ($1,076,072) LAIF $8,859,754 0 8,859,754 0 US Treasuries (2) $28,960,566 10,000,000 (9,000,000) (84,351) 29,876,215 915,649 US Gov't Agencies (2) $12,929,508 7,164,000 (5,000,000) 28,854 15,122,362 2,192,854 Commercial Paper (2) ! $3,493,054 10,500,000 (3,500,000) (19,920) 10,473,134 6,980,080 I Mutual Funds $10,624,606 0 (1) (71,985) 10,552,621 1 71,985 Total $66 710 110 $27 664 000 $18 648 057 $75 417 $75 650 636 $8 940 526 I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and ins in conformity with the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. the City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. toi Finance Director/Treasurer (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month. (2) The amount reported in the other column represents the amortization of premium/discount for the month on US Treasury, Commercial Paper and Agency investments. 036 062 C I m C C y C C C Z Z Z Z Z Z Z Z W oc C 2�Si Na c a U LL LL m j a N o I d > qo N N T C a d A j— N T E$ a a a c T v d > T O C 5 C 5 m v = c � c o a Zi N N d� 'N 'gyp G?0 N N E° N'�ddYl e o f�0 �a oON > a K O m O m � aEco I o CNN S. ._. °� tlf 99 h vE V O N 0- Z S V W y ¢ ty Vi N O e d e e o g E e " e e a ry z N 3 > Ei iD 4 co LL J O O m m q O m J 8R e e ;p a� m n a ° E a y 0 a 0 N 0 d y o 2 Um EQ'z N y N E V o C? ¢_ LL c w ° N d c >'�. a LL d_ 9 C z Nry y p g N O A O `boo 6 V ao o a R m m° 90 0 L°a d Q 9 N yy 0 Li LL N 6> O a d d LLE a �dmU �c4 g �H`$ m o d '� ._ t Z mo c ax �. E ._ c dt c 0 a L 'T p O a E C a 0 LL p3 2m Z O E - y mo ad E ENE m u .. 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Eu c°y m o�n Q E c E c U U U o d d LL c y� y :2m m (7 H H m dELLEE > apif A (� UJ w:9 m =zU3�aa»j�� L > 039 00 NONN.N-O �tnO W �N rOl� N r N�QA O f7 O] Q OI N O (0 R)Omm�(pN�O�-t00 Ypf :0 O b 1p "0 w ON N 0 N Ip ~ °I ly a mAoQmc?oyQmorQlri n m m 0 O O Q v A p C mmvl� a ui�em � c c LL C LL C D LL o cql d li � ,� � tU Dj pppUE D C C 2 L r Q OE D L EC O D C JLLN LLN°AO_ILL D [LL[II11 C C G C N D J ly J J N j O LL a'LLd Evg9 cli �:° Tua O�UNn¢IS �Fnym m a°i a� �mori VS A E aN�N Nm._Da a Apl ..a q o. = m 0 V N 2 N vA d m m o 0 s� N fA O Fia(5a >mSUa fW rc Uo� i mo °r'oon Q ymrnvin M°II C u j N Q O O �nee�omm on iA�n r' vw n ry rn n n 0 0 C' A m n m 00p 0 0 � 0 AQ�r!C'nMm C On N N O� N OI AOOO tO ON M� HF! m m N w gNmo�l dN E �rnui .r Qo �1$�omoi ❑ Nw N N m m N owl t0 t0 N m C fOw�� C6 yN N J mfO C')N O'.N ao�oo °?n p��l� mul 400 v mmPNp� '�el7i-gid W ^ ^ � W bi NPPOOj A mm�NNA 1 b ... N W 1y11 ��Zi R pyi My� rNmm b N MPN b W W n W O N Y`O O VV m�E <2 O� WrO �m Oa m N YI W N w $IQ Y ^j�mOW I m�M n_ M mi�lO P O j Nbn mm W <�00^iOQ mW M W } O O d M N N P q N VV M Q M O N n N O '40C ('� W ^0 ^ 0 �m�MN O b � O b LL N NM M{OWryQaN N N N W Np� ONiNOIPOIIQ NOmmNb N O. N yS� 40NpW Q _vNm W NNW h Nm T'm � O q O O q OIm NmON 0i W mW LL b Hi b b N w < NN rmm VMS mNOmmN N N lNY Y8W O1IpO�P mmN rN Oa O b m p 0 Q N m Q 0 f V m O b b N N OlnC�r OOnmOq � � YSN Imp OOI Wmh OP m �tZiW mM ONI NtONO m�tM00 mQ W NMN�N �'IW W�MN O O LLI n M n M �mmmWW o I l m YN O�-Nm1� ON O It (gip OI O 10 W N O W T Q W V m{p n WO NW O hbI �mmNN VV]^��Q n � � n H W I C Y E o L a � r w c � R V J L b_p V d 'YJ Y qbq c a � `Y '0op 6 0 e by Srfq �$K 5y�(%1 LL'iJUOF 2 00 W 2 w U w 8 A M 041 ��w x x s s 5 d$o. g� e8 o3=so i=��5�c mfi IIv gg9o�a ��°EEEEEE� <i i))i))ijjriE Fa .ay E %i ii�U�3 k�F`o Ed 00000� ass' mm m mmms 9 <e < �g= age o0000 3' so <' 14-8 CITY OF LA OUINTA CITY CITY FIXED LONG TERM RDA RDA FA FIXED LONG TERM FINANCING LONG TERM GRAND BALANCE SHEET OSRIIKH CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (10,288,549.25) 18 8641,583 43 10109221 6677 R639 LORP INVESTMENT IN POOLED CASH 805 00000 805 000 00 INVESTMENT T-BILLtNOTES S OTHER 55,644000.W 5564400C OC AS AUTO MALL CH 1W,981.67 160 981 67 117 805 19) LORP CASH (17,805.19) BOND REDEMPTION CASH 185.013 54 1.540 96 186.554 5C BOND RESERVE CASH 9,825A27.82 540.136.34 10 366 064 16 BOND PROJECT CASH BOND ESCROW CASH 1 00 PETTY CASH CASH B INVESTMENT TOTAL I'DIX) 00 45.51 , 2.42 29,W2, 19.60 642769.51 75 622 21 92153 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 42,248.25 60.900.00 8010 OW 00 8113.14825 PREMIUMMISCOUNT ON INVESTMENT (172,2W 15) 0.50 049 (17228516) LQRP-ACCOUNTS RECEIVABLE 8344381 83 443 81 INTEREST RECEIVABLE 2 6131706.20 2681 ]Ofi 20 LOANOTES RECEIVABLE W DUE FROM OTHER AGENCIES 15,00000 15.000 00 DUE FROM OTHER AGENCIES -CVAG 2,289096.69 2.29909669 CVAG ALLOWANCE (2.293.D96.69) (229909669) DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 856,6D4. 19 551,03804 u07fia2 J3 DUE FROM RDA 8, 497,5W,20 8 497 550 20 INTEREST ADVANCE -DUE FROM RDA 2,799,7" 46 2.799744 46 ADVANCES TO OTHER FUNDS 3 3fib NSF CHECKS RECEIVABLE 3,138,66 ACCRUED REVENUE 833A0 83340 TRAVEL ADVANCES 2,228.50 2. 228 50 EMPLOYEE ADVANCES PREPAID EXPENSES - --- --- RECEIVABLE TOTAL 12,ON,228. 11 3,377,921.95 8010 OW 49 23.432.150 55 WORKER COMPENSATION DEPOSIT RENT DEPOSITS 7500 UTILITY DEPOSITS 75.W 2. 10000 MISC. DEPOSITS 2.l(X W DEPOSITS TOTAL 2,1]5.00 2.t7500 GENERAL FIXED ASSETS 1386, 331.67 15, 590,699.W 9988279.05 26.96530972 ACCUMULATED DEPRECIATION (812,743. 27) (812 743 27) AMOUNT AVAILABLE TO RETIRE LR DEBT 3,395,117.03 3 395.117 03 AMOUNT TO BE PROVIDED FOR L7 DEBT 1,615.6Q.34 95,d]9,505.68 80t0.00000 105 135.153 02 TOTAL OTHER ASSETS 573.585.40 15,590,69900 1,645,64734 9,988,27906 98,874,622. 71 8.01000000 134. 68283650 TOTAL ASSETS 58 1$7 423 93 15 590 699 00 1645647,34 33 040 641.55 9 968 279.05 98 874 622 ] i _ _8 652 7]0770 00_ :8 010 000 00 _ 233 940 083 58 LIABILITIES: ACCOUNTS PAYABLE 7,66084 766084 DUE TO OTHER AGENCIES 573,311.34 573.31134 DUE TO OTHER FUNDS 89,434.26 1318.20797 1 407 642 23 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES 6,029. 10 6.029 t0 PAYROLL UASILMES 5,005.18 5.005 18 STRONG MOTION INSTRUMENTS 1, 175.90 1, 17590 FRINGE TOED LIZARD FEES 78,981.50 78.98150 SUSPENSE 4,527,86 4 127 85 DUE TO THE CITY OF LA OUINTA - - PAYABLESTOTAL 766,125.97 1318207.97 2084.33394 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS 487 ARTS IN PUBLIC PLACES DEPOSITS 467,77487 LORP DEPOSITS 1466300 14663 fifi3 00 DEVELOPER DEPOSITS 106859446 1A68.59446 MISC. DEPOSITS 439.S39.50 439 839 50 AGENCY FUND DEPOSITS 2,056,784.3D _ _ 2.056784 30 TOTAL DEPOSITS 4,032,993.13 14663.00 4041, 65613 DEFERRED REVENUE 6,270,67 8,010. 000. 00 __8.018. 27067 OTHER LIABILITIES TOTAL 8,270.67 8,010000.00 8018, 27067 COMPENSATED ABSENCES PAYABLE 321 991 94 321 991 94 DUE TO THE CITY OF LA QUINTA 1,32365540 11.297 298 46 12.620 953 86 DUE TO COUNTY OF RIVERSIDE - 12 249,102.00 12 249.102 00 DUE TO CV. UNIFIED SCHOOL DIST. 9 418,222 25 9.418, 222 25 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 85,910, 00000 B.Ot000000 ]3,92000000 TOTAL LONG TERM DEBT 1645,64].36 98874,6227t 8.010,00000 t08,530.27005 TOTAL LIABILITIES 4,807,389. 77 1646.64734 1332.870.97 9887462271 8,01000000 8010.00000 122680.53079 EQUITY -FUND BALANCE 53,220,om 16 15,59Q699.00 31, 707, 77058 9.988.279. 05 642770W 111.259, 55279 TOTAL LIABILITY S EQUITY5813742393 1559069900 1 645 647 34 3304064155 998827905 9887462271 865277000 _ 8010000.M_23394008358 CASH S INVESTMENT TOTAL 75,UZ921.53 PREMIUWDISCOUNT ON INVESTMENT 1172.285181 TOTAL 75.660.83S.37 T4ht 4 4 Qum& AGENDA CATEGORY: July 17, 2001 BUSINESS SESSION: COUNCIL/RDA MEETING DATE: ITEM TITLE: Transmittal of Revenue and Expenditure Reports dated May 31, 2001 and Investment Summary Report for the Quarter Ending June 30, 2001. RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: Transmittal of the May 31, 2001 Statement of Revenue and Expenditures for the La Quinta Redevelopment Agency and Investment Summary Report for the Quarter Ending June 30, 2001. Respec u ly submitted: 1 Jo n M. Falcone ,Finance Director /Ap oved for sub by: Thomas P. Genovese City Manager Attachments: 1. Revenue and Expenditures Report, May 31, 2001 2. Investment Summary for the Quarter Ending June 30, 2001 044 ATTACHMENT 1 LA QUINTA REDEVELOPMENT AGENCY REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA NO. 1: DEBT SERVICE FUND: Tax Increment 13,946,901.00 14,616,885.53 (669,984.53) 104.8% Allocated Interest 0.00 116,868.66 (116,868.66) 0.0% Non Allocated Interest 0.00 310,116.79 (310,116,79) 0.0% Interest Advance Proceeds 394,500.00 371,785.37 22,714.63 94.2% Transfers In 1,739,031.00 1,739,031.11 (0.11) 100.0% TOTAL DEBT SERVICE 16 080 432.00 17 154 687.46 (1,074,255.46) 106 7% CAPITAL IMPROVEMENT FUND: Pooled Cash Allocated Interest 0.00 28,555.75 (28,555.75) 0.0% Non Allocated Interest 290,400.00 14,438.11 275,961.89 5.0% Litigation Settlement Revenue 0.00 0.00 0.00 0.0% Loan Proceeds 0.00 0.00 0.00 0.0% Transfers In 3,888,672.63 0.00 3,888,672.63 0.0% TOTAL CAPITAL IMPROVEMENT _ _ 4,179,072.63 42 993.86 4,136,078.77 1.0% LOW/MODERATE TAX FUND: _ Tax Increment 3,486,725.00 3,654,221.38 (167,496.38) 104.8% Allocated Interest 200,000.00 50,630.32 149,369.68 25.3% Non Allocated Interest 112,880.00 0.00 112,880.00 0.0% Miscellaneous revenue 0.00 454.60 (454.60) 0.0% Non Allocated Interest 0.00 5,494.31 (5,494.31) 0.0% LQRP-Rent Revenue 341,000.00 356,545.00 (15,545.00) 104.6% Home Sales Proceeds 150,000.00 172,210.11 (22,210.11) 114.8% Sale of Land 0.00 19,343.00 (19,343.00) 0.0% Sewer Subsidy Reimbursements 0.00 44,687.09 (44,687.09) 0.0% Rehabilitation Loan repayments 0.00 27,521.51 (27,521.51) 0.0% Transfer In 0.00 0.00 0.00 0.0% TOTAL LOW/MOD TAX 4,290 605.00 4,331,107.32 (40 502.32) 100.9% LOW/MODERATE BOND FUND: Allocated Interest 0.00 0.00 0.00 0.0% Home Sale Proceeds 0.00 0.00 0.00 0.0% Non Allocated Interest 0.00 258,035.82 (258,035.82) 0.0% Transfer In 0.00 0.00 0.00 0.0% TOTAL LOW/MOD BOND 0.00 258 035.82 (258 035.82) 0.0% C)45 003 LA QUINTA REDEVELOPMENT AGENCY 07/0112000. 6/31/2001 REMAINING % EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED PROJECT AREA NO 1 DEBT SERVICE FUND: SERVICES 236,280.00 237,346.18 0.00 (1,066.18) 100.5% BOND PRINCIPAL 1,419,469.00 1,420,166.00 0.00 (697.00) 100.0% BOND INTEREST 3,278,362.00 3,280,793,38 0.00 (2,431.38) 100.1 % INTEREST CITY ADVANCE 405,584.00 371, 785,37 0,00 33,798.63 91.7% INTEREST -ERAF LOAN 0.00 0.00 0.00 0.00 0.0% PASS THROUGH PAYMENTS 8,544,213.00 8,456,269 80 0.00 87,943.20 99.0% TRANSFERS OUT 3,888,672.00 0.00 0,00 3,888,672.00 0.0% TOTAL DEBT SERVICE _ 17,772 580.00 13 766 360.73 000 4 006 219 27 77 5% CAPITAL IMPROVEMENT FUND: PERSONNEL 9,950.00 6,074.70 0.00 3,875.30 61.1% SERVICES 170,859.00 117, 292.96 0.00 53,566.04 68.6% LAND ACQUISITION 0.00 0.00 0,00 0.00 0.0% ASSESSMENT DISTRICT 76,569.54 0.00 0.00 76,569.54 0.0% ECONOMIC DEVELOPMENT 190,00000 68,710.68 0.00 121,289.32 36.2% CAPITAL -BUILDING 0.00 0,00 0.00 0.00 0.0% REIMBURSEMENT TO GEN FUND 597,613.00 547, 811.99 0.00 49,801.01 91.7% TRANSFERS OUT 5,023,815.00 1,639,341.58 0.00 3,384,473.42 32.6% TOTAL CAPITAL IMPROVEMENT 6 068 806.54 2379,231 .91 0 00 3 689 574 63 39 2i LOW/MODERATE TAX FUND: _ PERSONNEL 9,950.00 6,074.70 0.00 3,875.30 61.1 % SERVICES 229,372.00 209,035.52 0.00 20,336.48 91.1 % ASSESSMENT SUBSIDY PROGRAM 542, 00000 257,258.07 0.00 284,741.93 47.5% UNDERGROUND UTILITY SUBSIDY 100,000.00 28,439.73 0.00 71,560.27 28.4% BUILDING HORIZONS 210,000.00 172,700.00 0.00 37,300.00 82.2% LQ RENTAL PROGRAM 280,000.00 420,752.52 000 (140,752.52) 150.3% LQ HOUSING PROGRAM 7,093,800,00 1,722,992.34 0.00 5,370,807. 66 24.3% REIMBURSEMENTTO GEN FUND 260,258.00 238,569.76 0.00 21,688,24 91.7% TRANSFERS OUT 1739031.00 1739031.11 000 (011) 100.0% TOTAL LOW/MOD TAX 10 464 411.00 4,794,853 75 0 00 5,669,557 25 45 8 % LOW/MODERATE BOND FUND PERSONNEL 0.00 0.00 0.00 0.00 0.0% SERVICES 0.00 0.00 0.00 0.00 0.0% REIMBURSEMENT TO GEN FUND 0.00 0.00 0.00 0.00 0.0% HOUSING PROJECTS 0.00 0.00 0,00 0.00 0.0% TRANSFERS OUT 1,784,724. 23 1,077,000.42 0.00 707,723,81 60.3% TOTAL LOW/MOD BOND 1 784 724.23 1 077 000.42 000 707.72381 60 3 % I' 2 004 LA QUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO. 2: DEBT SERVICE FUND: Tax Increment Allocated Interest Non Allocated Interest Interest Advance Proceeds Transfer in TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: Allocated Interest Non Allocated Interest Developer Agreement Transfers In Proceeds from City Loan TOTAL CAPITAL IMPROVEMENT LOW/MODERATE TAX FUND: Tax Increment Developer funding Allocated Interest Non Allocated Interest Sale of Land Transfer in TOTAL LOW/MOD TAX LOW/MODERATE BOND FUND: Allocated Interest Non Allocated Interest Transfer in TOTAL LOW/MOD BOND REMAINING % BUDGET RECEIVED BUDGET RECEIVED 5,641,374.00 5,953,755.42 (312,381,42) 105.5% 0.00 39,743.96 (39,743,96) 0.0% 0.00 1,949.23 (1,949.23) 0.0% 479,283.00 576,842.75 (97,559.75) 120.4% 338,760.00 339,759.50 (999,50) 100.3% 6,459 417.00 6,912,050.86 (452 633.56) 107.0% 7,263.00 86,957.57 (79,694.57) 1197.3% 31,226.00 27,242.21 3,983.79 87.2% 0.00 5,000.00 (5,000.00) 0.0% 1,230,180.00 0.00 1,230,180.00 0.0% 0.00 0.00 0.00 0.0% 1,268669.00 119199.78 1149469.22 9.4% 1,410,644,00 1,488,438.84 (77,794.84) 105.5% 0.00 0.00 0.00 0.0% 60,800.00 101,417.09 (40,617,09) 166.8% 0.00 0.00 0.00 0.0% 0.00 1.00 (1.00) 0.0% 0.00 0.00 0.00 0.0% 1,471,444.00 1,589,856.93 (118 412.93) 108.0% 0.00 0.00 0.00 0.0% 0.00 71,397.65 (71,397,65) 0.0% 0.00 0.00 0.00 0.0% 0.00 71397.65 (71397.65) 0.0% 047 005 LA QUINTA REDEVELOPMENT AGENCY 07/01/2000 - 6/31/2001 REMAINING % EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED PROJECT AREA NO 2- DEBT SERVICE FUND: SERVICES 88,770.00 98,580. 02 0.00 (9,810.02) 111.1 % BOND PRINCIPAL 155,531.00 154,834.00 0.00 697.00 99.6% BONDINTEREST 432,732.75 598,180.98 0.00 (165,448.23) 138.2% INTEREST CITY ADVANCE 479,283.00 576,842.75 0.00 (97, 559.75) 120.4% INTEREST -ERAF LOAN 0.00 ODO 0.00 0.00 0.0% PASS THROUGH PAYMENTS 4,716,188.00 3,530,967.84 0.00 1, 185,220. 16 74.9% TRANSFERS OUT 1,230,180.00 0.00 0.00 1,230,180,00 00% TOTAL DEBT SERVICE 7 102 684.75 4,959.405.59 000 2 143 279 16 69 8% CAPITAL IMPROVEMENT FUND: PERSONNEL 6,000.00 3,676.12 0.00 2,323.88 61.3% SERVICES 98,626.00 70,235.17 0.00 28,390.83 71.2% ECONOMIC DEVELOPMENT ACTIVITY 163,100.00 63,737.22 0.00 99,362.78 391% REIMBURSEMENT TO GEN FUND 175,184,00 160, 555.26 0.00 14,628.74 91.6% TRANSFERS OUT 2,495,473.00 1,305, 468.14 0.00 1, 190,004.86 52.3% TOTAL CAPITAL IMPROVEMENT 2,936 383.00 1,60367t91 0 00 1,334,711 09 _ 54 6% LOW/MODERATE TAX FUND: PERSONNEL 6,00000 3,676.13 0.00 2,323.87 61.3% SERVICES 492,473.00 162,704.58 0.00 329,768.42 33.0% LO HOUSING PROGRAM 1,698,020.00 206,241.35 0.00 1,491,778.65 12.1% UNDERGROUND UTILITY ASSESSMENT 250,000,00 19,912.56 0.00 230,087.44 8.0% ASSESSMENT SUBSIDY PROGRAM 200,000.00 30,966.13 0,00 169,033.87 15.5% REIMBURSEMENT TO GEN FUND 366,179. 00 335,664.01 0.00 30,514.99 91.7% TRANSFERS OUT 1,941,39900 462,537.04 0.00 1,478,861.96 23.8% TOTAL LOW/MOD TAX 4 95_071.00 1 221 70180 0.00 3 732 369.20 _ 24.7% LOW/MODERATE BOND FUND PERSONNEL 0.00 0.00 0.00 0.00 0.0% SERVICES 0.00 0.00 0.00 0.00 0.0% REIMBURSEMENT TO GEN FUND 0.00 0.00 0,00 0.00 0.0% TRANSFERS OUT 2,522,731.00 0.00 0,00 2,522,731.00 00% TOTAL LOW/MOD BOND 2,522 731.00 0,00 000 2,522,731,00 _ 0 0 ' m noR City of La Quinta Quarterly Investment Summary - Footnote 1 June 30, 2001 Financing Authority ATTACHMENT 2 Maturity Issuer of Investment Investment Type Date Par Value Market Value Amortized Cost U.S. Bank Money Market Mutual Fund Next Day 1,545 1,545 1,545 U.S. Bank Money Market Mutual Fund Next Da 542,000 542,000 542,000 Subtotal $543,545 $543,545 $543,545 Plus % Attributable to Financing Authority from City Pooled Investments Total Footnote 1 - The Quarterly Investment Report does not include the City of La Quints checking account, sweep account, Housing Program account or petty cash account. Market Value is based upon most current information available. 299 $543,844 049 ()0 T4ht 4 Qu&& AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: July 17, 2001 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: PUBLIC HEARING: Consideration of a Resolution Approving the Fiscal Year 2001-2002 La Quinta Redevelopment Agency Budget RECOMMENDATION: Adopt a Resolution of the Redevelopment Agency approving the Fiscal Year 2001-2002 City of La Quinta Redevelopment Agency Budget. FISCAL IMPLICATIONS: All Fiscal Year 2001-2002 revenues, operational appropriations and capital project funding are included in the Proposed Fiscal Year 2001-2002 City of La Quinta Budget. BACKGROUND AND OVERVIEW: See City Council Staff Report Respectfully submitted, Thomas P. Genovese, Executive Director 050 RESOLUTION NO. RA2001- A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY APPROVING A BUDGET FOR FISCAL YEAR 2001-2002 WHEREAS, each year the La Quinta Redevelopment Agency adopts a Budget for Revenues and Expenditures for the upcoming Fiscal Year; and WHEREAS, the La Quinta Redevelopment Agency desires to make provisions for a level of services commensurate with the needs of the City; and WHEREAS, the La Quinta Redevelopment Agency has reviewed said budget and has had several public meetings to receive public input; and WHEREAS, the La Quinta Redevelopment Agency has, after due deliberation and consideration, made such amendments in the proposed budget as it considers desirable; and NOW, THEREFORE, BE IT RESOLVED by the La Quinta Redevelopment Agency to adopt, as follows: SECTION 1. The Fiscal Year 2001-2002 Budget which is on file with the La Quinta Redevelopment Agency Secretary, is hereby approved. SECTION 2. Continuing Appropriations which remain unspent and were authorized by Council in Fiscal Year 2000-01, are approved in the Fiscal Year 2001 /2002 Budget in an amount not to exceed $651,000 ( Attachment 1). SECTION 3. Encumbrances for Fiscal Year 2000-01 for committed appropriations are approved in the Fiscal Year 2001-02 budget in an amount not to exceed $54,558 (Attachment 2). SECTION 4. Budget adjustment procedures are approved as follows: A. Additional appropriations and the transfer of cash or unappropriated fund balance from one fund to another shall be made only upon Redevelopment Agency approval. B. Transfers of budgeted appropriations between divisions or capital projects shall be made only upon Redevelopment Agency approval. C. Transfers of budgeted appropriations between accounts within a division or capital project may be made with the approval of the Executive Director or his designee. 051 002 D. Prior year budget continuing Appropriations and Encumbrances for unexpended capital project appropriations remaining from uncompleted prior year capital projects shall be made with Executive Director approval. These carry-over appropriations are for prior year Redevelopment Agency approved capital projects and shall not exceed the approved project budget. SECTION 4. The Executive Director shall render a monthly report to the La Quinta Redevelopment Agency Board on the status of Agency operations as it relates to the approved budget and any amendments thereto. PASSED, APPROVED AND ADOPTED this day of 2001, by the following vote: AYES: NOES: ABSENT: ABSTAIN: TERRY HENDERSON, Chair La Quinta Redevelopment Agency ATTEST: JUNE GREEK, City Clerk City of La Quinta, California APPROVED AS TO FORM: KATHY JENSON, City Attorney City of La Quinta, California 05^ 001 Tiht 4 ZA Q" AGENDA CATEGORY: .y BUSINESS SESSION: COUNCIURDA MEETING DATE: July 17, 2001 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Consideration of Revised Commercial PUBLIC HEARING: Property Improvement Program Approve the revised Commercial Property Improvement Program. Funds have been reserved within the Fiscal Year 2001-2002 Budget in the amount of $150,000 for direct loan costs and an additional $25,000 for support costs. Proposed program funding would come from tax increment generated by Redevelopment Project Area No. 1. On May 16, 2000, the Redevelopment Agency Board formally approved a business assistance program known as the Commercial Property Improvement Program (CPIP) for properties within Project Area No. 1 (includes The Village). An implementation plan (i.e. brochure, timelines, processes) was subsequently approved by the Board on July 5, 2000. Staff began implementation of the program by accepting applications effective September 11, 2000 and, to date, has processed nine applications awarding approximately $95,000. Based on recent input from the City Attorney's.Office, staff is proposing a revision to the Commercial Property Improvement Program to more clearly identify financial assistance from the program as a loan (last year, awards were referenced as "grants"). Loans will be given on an interest -free basis and amortized over a five year period with annual payments which may be forgiven if the subject property is maintained to the standards envisioned for the purpose of the original loan. Another substantive revision to the CPIP is the clarification that funding can be used for costs associated with new cornmercial construction on vacant parcels. This will allow the City to offer assistance to developers/owners for new construction rather than just rehabilitating an existing structure. It is hoped that 0500 this may attract new commercial development in The Village. In addition to these two, primary revisions, other proposed changes include: ■ Clarifying when labor costs are covered under the program. ■ Clarifying that loan funding will be based on the lowest bid amount submitted by the applicant. ■ Clarifying the requirements for licenses by the State Contractor's Board and the City of La Quinta. ■ Clarifying that the three required bids need only be obtained up to the program limits of $15,000. The attached program procedures incorporate the above changes in redline format (Attachment 1). For the first year of implementation of the CPIP, notices were sent to all commercial property owners in Redevelopment Project Area No. 1 and a date was selected on which to begin accepting applications. The City has, via the Chamber's Gem newsletter and the City's website, promoted the CPIP for the last year. Several eligible properties have already taken advantage of the program. Staff, therefore, is recommending that the City begin accepting applications as soon as the new CPIP is approved by the Board. Staff is prepared to advertise the program via the City's website and the Chamber's Gem again this year. Following Board approval, staff will work with the City's economic development consultant (RSG, Inc.) to create a new brochure for distribution to interested parties. The alternatives available to the Agency Board include: 1. Approve the revised Commercial Property Improvement Program as amended; or 2. Do not approve the revised Commercial Property Improvement Program; or 3. Provide staff with alternative direction. 054 002 Respectfully submitted, Mark Weiss, Assistant City Manager Approved for submission by: (2-, Iv /t� � � el Thomas P. Genovese, Executive Director Attachments: 1. Commercial Property Improvement Program G:\MyMaMPDOCS\CRY COUNCIL\.CSTFFCOMMERCIALPFOPTYIMPPOVEMNT 07-1701.wO4 055 003 ATTACHMENT 1 LA QUINTA REDEVELOPMENT AGENCY COMMERCIAL PROPERTY IMPROVEMENT PROGRAM PURPOSE In order to encourage business enterprises to enhance the economic and aesthetic potential of their property, and to attract new commercial development, the La Quinta Redevelopment Agency (Agency) has established a Commercial Property Improvement Program (Program). Program objectives include: The rehabilitation of commercial structures to enhance aesthetics, restore historic features, and extend a building's economic life, and; Offsetting building improvement costs to facilitate the efforts of creating and expanding business enterprises. . Offsetting construction costs associated with new commercial construction on vacant parcels. GFants Assistance of up to $15,000 may be available to eligible tenants and business/commercial property owners. These gFants This assistance is available in the form of interest -free loans that may fund building improvements including new facades, signs, painting, lighting, parking, and landscaping-.; and new construction on vacant parcels. Payment on these loans may be forgiven provided that specified maintenance objectives are met. Successful applicants will receive an interest -free loan from the City to cover the improvement construction costs up to a specified maximum amount. Loan payments will be amortized over a five (5) year period with annual payments. Annual inspections of the subject property will be made at least thirty (30) days prior to the annual loan due date. Properties which have been maintained, and still have the improvements funded under this program, will have that year's loan payment waived/forgiven. All others shall make the loan payment. A thirty (30) day extension may be granted to bring the property into compliance at the sole discretion of the Director. 056 0115 07/09/01 ELIGIBILITY REQUIREMENTS Commercial property owner and tenants within La Quinta Redevelopment Project Area No. 1 are eligible to apply. If the applicant is a tenant, the property owner must provide written authorization for Program participation. ELIGIBLE PROJECT COSTS Gfants Loans may fund engineering and architectural design, permits and fees, and exterior improvement construction costs. Eligible construction elements include: Exterior Facade Improvements - Reconstruction or removal and replacement of signs, awnings/canopies, exterior wall finishes, doors and windows, and decorative roof treatments to the entrance and visible sides of the building. Exterior facade improvements will require the removal of old, obsolete, and/or non -conforming signs or structures as determined by staff. Site Improvements - Reconstruction and/or expansion of parking lots, sidewalks, landscaping and irrigation systems, exterior lighting, and other improvements that enhance the property's general appearance. Demolition - Removal of structurally unsound or non -conforming structures. Other Improvements - Electrical and plumbing system upgrades may also qualify when directly associated with facade improvements. Agency staff will determine the eligibility of other capital improvements on a case -by -case basis. New construction — Construction of new commercial ventures on vacant land. A licensed contractor (State and City) must perform all work for projects costing in excess of $3,000. For projects eesting receiving assistance of $3,000 or less, the applicant or other personnel may perform the work- ; however loans for labor will not be provided unless the work is performed by a licensed contractor. All applicable City permits must be obtained as well as a City business license. DESIGN GUIDELINES Design guidelines for facade improvements may include: Enhancing the original features of the building, including significant architectural 0 5 i details; 006 07/09/01 Incorporating colors that complement neighboring buildings; Utilizing materials suitable to the building style; Providing exterior accent features to enhance appearance; Using appropriate and creative signage, landscaping, and lighting, and; Increasing and/or opening window areas to expose interiors. Care should be taken to avoid cluttered and poorly designed window treatments. Properties within the Village of La Quinta are encouraged to incorporate the Village Design Guidelines design elements. AVAILABLE FINANCIAL ASSISTANCE This Program is funded through a combination of Agency tax increment and City general fund revenue. Applicants will be approved on a first -come, first -served basis, with the amount of financial assistance determined by the Agency. All approved gFaRt6 IOans will require a 10% funding match by the applicant. A maximum of $15,000 will be allocated to any one property/Complex in a given fiscal year. Approved gfaat funds may be used to reimburse an applicant for up to $1,000 in architectural service fees. Subsequent architectural expenses may be matched dollar for dollar. However, all architectural service costs will be the applicant's responsibility if the improvements are not constructed per the approved gr-aat. loan. PROGRAM STEPS Applicants seeking grant loan allocations of $3,000 or less for materials only (i.e. not seeking funding for labor costs) are subject to the following procedures: 1. The applicant will obtain an application and Program description from the Agency. Applications are available at the Community Development Department located at City Hall. 2. The applicant will submit to the Agency a completed application, project description, and tWO (2) current photos of the subject property. 3. City staff will meet with the applicant to discuss Program requirements as they 058 pertain to their specific needs. 00 7 3 07/09/01 4. The applicant will prepare improvement sketches and preliminary cost estimates; the sketches should identify materials, colors, and other improvement recommendations. The City's Architecture and Landscaping Review Committee (ALRC) will review and approve proposed improvements. 6. The applicant will obtain and submit two (2) quotes/bids for materials only subjest The applicant will not be reimbursed for labor costs if he/she does the work. If the applicant is seeking reimbursement for contractor labor costs, the applicant must follow procedures listed below for loans in excess of $3,000. 7. The Agency and applicant will sign a Building Improvement Rebate Agreement outlining the work to be completed. No work shall commence (other than the initial design sketches) until the applicant submits an executed Rebate Agreement and all applicable building permits are obtained. 8. The applicant will obtain all applicable building permits. The applicant is responsible for project implementation. The project must be started within 90 days from obtaining building permits and be completed within one year after the execution of the Rebate Agreement. 10. Upon completion, the applicant must submit photos of the finished project, and proof of vendor payment and lien releases. City staff will then visit the site to certify project completion within 15 days after receiving these materials from the applicant. 11.The applicant will receive the approved grant loan funding upon verification of project completion. This will occur within 15 days after the site visit and certification of vendor payments and lien releases. 12. Applicants seeking gfaat funding in excess Of $3,000, or seeking reimbursement for any contractor labor Costs will be subject to the following procedures: The applicant will obtain an application and Program description from the Agency. Applications are available at the Community Development Department located at City Hall. 059 4 07/09/01 2. The applicant will submit a completed application, project description, and two (2) current photos of the subject property. 3. City staff will meet with the applicant to discuss Program requirements as they pertain to their specific needs. 4. An architect or design professional will prepare improvement sketches and preliminary cost estimates; the sketches should identify materials, colors, and other improvement recommendations. 5. The City's Architecture and Landscaping Review Committee (ALRC) will review and approve proposed improvements. Funding awards will be based on the lowest bid amount(s). The applicant may choose any licensed contractor, but funding award will be based on the lowest bid. 6. If applicable, an architect or design professional will prepare construction drawings. 7. The applicant will obtain three (3) contractor bids. All contractors must be licensed by the State and have a business license with the City of La Quinta. Bids need only be obtained up to the program limits (i.e. $15,000). For example, if the improvement/construction costs are $100,000, the applicant does not need to get three bids for every component or for the total amount. However, if the applicant is seeking $15,000, then three bids must be obtained totaling at least $16,500 ($15,000 plus 10% match of $1,500) for that component being funded by the program. 8. The applicant will submit the construction bids and proof of contractor insurance to City staff. 9. The Agency and applicant will sign a Building Improvement Rebate Agreement outlining the work to be completed. No work shall commence (other than the initial design activities) until the applicant submits an executed Rebate Agreement and the applicant obtains all applicable building permits. 10.The applicant, or the contractor, will obtain all applicable building permits. 11. The applicant is responsible for project implementation. Construction must start 060 within 90 days from obtaining building permits and be completed within one year () 91) 5 07/09/01 after the execution of the Rebate Agreement. 12.The grant loan wiu may be funded in three equal payments at the applicant's request. Payment of 33% of the total great amount will be made when construction commences. A second payment of 33% of the total grant amount will occur when the project is 50% complete (the Rebate Agreement will describe this milestone). The third payment will be made upon project completion and verification of the items presented in #13 and #14 below. If the applicant does not choose the three equal payment plan, the payment will be made upon project completion and verification of the items presented in #13 and #14 below. 13. Upon completion, the applicant must submit photos of the finished project, and proof of vendor payment and contractor lien releases. City staff will then visit the site to certify project completion within 15 days after receiving these materials from the applicant. 14. The applicant will receive the final progress payment upon verification of project completion. This will occur within 15 days after the site visit and certification of vendor payments and construction lien releases. For new construction, final progress payments will not be made until a Certificate of Occupancy has been issued by the City and the business is open to the public. 15.Successful Applicants must comply with all local, State, and Federal laws including payment of any prevailing wages as applicable and required by law. S:\citymgrlBRITTICPIP programlCPIPREDLINE2001.doc 061 6 07/09/01 010 Tu"f 4 4'Q" COUNCIL/RDA MEETING DATE: July 17, 2001 Consideration of a Modification to the La Quinta Housing Program Regarding Home Purchase and Residential Rehabilitation Loans (; *1LbhTtlA0IDZ�I[1]0E AGENDA CATEGORY: BUSINESS SESSION: 3 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve revisions to the La Quinta Housing Program's Second Trust Deed Loan Program (Attachment 1) to reflect current market sales prices, revisions to the Residential Rehabilitation Loan Program to provide a special circumstance grant, and revisions to the standard loan documents for all Agency -funded second trust deed loans. FISCAL IMPLICATIONS: None. BACKGROUND AND OVERVIEW: In the 1996-97 fiscal year the Agency adopted the La Quinta Housing Program that was designed to facilitate home purchase and existing dwelling rehabilitation opportunities for very low, low and moderate -income households. The Program has three components: a second trust deed loan component that facilitates new home purchases, a rehabilitation loan component that funds improvements to existing single and up to four unit multi -family dwellings, and a dilapidated dwelling purchase and refurbishment component wherein units in need of substantial rehabilitation are purchased and rehabilitated by the Agency and subsequently resold to low or moderate income households. The silent second trust deed and dilapidated dwelling rehabilitation components include the recordation of affordability covenants to insure the unit's continued affordability to the designated household for 30 years. These units are also counted towards the Agency's affordable housing production efforts. This Program has been funded annually and has assisted 120 households as of June 30, 2001. 06`' G:\W PDOCS\ccjhfsQSRpt.doc Second Trust Deed Loan Program. The following market conditions have impacted the home purchase loan program during the last year: 1. Sales prices increased Citywide, particularly in Project Area No. 2, and the sales prices of many new homes being constructed increased to more than the program's maximum sales price limitation. 2. Interest rates declined, which should have resulted in more affordable mortgage loan payments; however, this financial benefit was diluted by home price increases. 3. Low-income buyers in Project Area No. 1 are experiencing difficulty in locating new homes at prices that meet the California Redevelopment Law's affordability requirements. To address these conditions staff is recommending that: 1 . The maximum Agency second trust deed loan be increased to $75,000 for very low-income households and to $65,000 for low income households; no increase is necessary for moderate -income households. 2. The restriction that the first loan be greater than the Agency loan be removed for very low-income buyers. 3. The sales price limitation is increased to $130,000 for very low-income buyers, $150,000 for low-income buyers and $200,000 for moderate -income buyers. The Agency's housing consultant, RSG, has been originating these loans through La Quinta's lending and building industries. Their experience, combined with lending industry requests to increase existing limits in order to qualify additional bankable buyers, generated these revisions. Further, approximately 95% of the second trust deed loans are placed in Project Area No. 1. These revisions will increase opportunities for Project Area No. 2 home purchasers to find homes that qualify for this program. Finally, the recommendations are within the maximum monthly affordable housing cost allowances defined by the Redevelopment Law. Residential Rehabilitation Loan Program. The City's code enforcement activities have generated property owner inquiries regarding the availability of City/Agency financial resources to comply with code enforcement requirements. To address this need and to facilitate additional residential rehabilitation activities for households in need (where the owner has very little income and may also have physical or medical problems which prevent them from being able to repay an Agency -funded rehabilitation loan), staff proposes that a loan program be 063 G:\WPDOCS\ccjhfsQS Rpt.doc included in the rehabilitation loan component for these special circumstances. The loans would be available for hardship circumstances only and upon referrals from code enforcement activities, and would either be due upon the sale of the property or forgiven after 15 years if the household falls within the very low income category. The maximum loan amount would be $5,000. Loan Document Modifications. Agency staff annually requests that legal counsel review existing loan documents to insure they comply with current redevelopment and lending statutes. This review generated the following recommended modifications: 1 . The "Resale Restriction and Maintenance Agreement' and the "Declaration of Conditions, Covenants and Restrictions for Property" contain many of the same provisions; therefore, counsel recommends combining them into a single document called "Affordable Housing Agreement and Declaration of Covenants Running with the Land." 2. Section 50052.5 of Redevelopment Law provides the Agency an option to adopt an alternate calculation for affordable housing costs for low and moderate -income households. The optional housing cost calculation would provide a slightly higher monthly housing cost allowance for households having gross household incomes that are near the higher end of the income category and provide a greater purchase opportunity. Affordable housing costs for low income households (gross incomes between 51 % and 80% of median income) cannot exceed 30% of 70% of median income adjusted for household size; the alternate calculation for households earning between 70% and 80% of median income would allow housing costs of up to 30% of the household's actual gross income. Affordable housing costs for moderate income households (gross incomes between 81 % and 120% of median income) currently may not be less than 28% of the household's gross income nor exceed 35% of 1 10% of median income; the alternate calculation for households earning between 110% and 120% of median income would allow housing costs of up to 35% of the household's actual gross income. Legal counsel is recommending the loan documents be modified to allow the Agency to exercise this option. Doing so would increase the number of moderate -income households that would qualify, allowing the Agency to expand the availability of the second trust deed loans. 3. The loan documents prohibit a subsequent sale of the property to a non - qualified household. Further, the documents do provide that if the property cannot be sold to an income eligible household, then either the Agency can purchase the unit to preserve the affordability covenant or the unit may be sold to a non -qualified household and the Agency will share in any appreciation. These provisions are enforced through a recorded deed of trust that insures the Agency is notified of a pending sale. 064 4. G AW PDOCS\ccjhfsQSRpt.doc Legal counsel recommends that the loan documents be modified to include an expanded description of these options. 4. Pursuant to Civil Code, an equity sharing percentage must be established at the time a loan is funded. The property's initial equity and the Agency's share of that equity forms the basis for the shared appreciation calculations which the Agency would receive if the property is not resold as an affordable unit. Legal counsel recommends the loan documents be revised to further detail these equity sharing requirements and the method of calculation. 5. Agency second trust deed funds and the affordability covenants are secured by a deed of trust. Agency legal counsel recommends that an institutional deed of trust be used that includes a rider that details the loan acceleration provisions. Further, the revised deed of trust would delete the word "Subordinated" from the title to ensure that it is not assumed to be subordinate to all future liens, but instead only to the borrower's primary loan, which is recorded concurrently with the Agency loan. 6. The current Assumption and Assignment Agreement (which is used when a property is subsequently resold to another qualified buyer) does not clarify that the original borrower is released from the covenants and conditions imposed by the loan documents upon unit sale. The recommended modifications would clarify these provisions. FINDINGS AND ALTERNATIVES: The alternatives available to the Redevelopment Agency include: 1. Approve revisions to the La Quinta Housing Program's Second Trust Deed Loan Program to reflect current market sales prices, revisions to the Residential Rehabilitation Loan Program to provide a special circumstance loan, and revisions to the standard loan documents for all Agency -funded second trust deed loans; or 2. Do not approve the modifications to the Second Trust Deed Program and the Residential Rehabilitation Loan Program; or 3. Provide staff with alternative direction. Respectfully sub Heonaif munity Development Director 065 G:\WPDOCS\ccjhfsQSRpt.doc Approved for submission by: Thomas P. Genovese, Executive Director Attachment: La Quinta Housing Program's Second Trust Deed Loan Program J M G:\W PDOCS\ccjhfsQSRpt.doc ATTACHMENT #1 La Quinta Redevelopment Agency La Quinta Housing Program 2001 Home Purchase Second Trust Deed Loan Program 067 ADOPTED JULY _, 2001 u 0 7 The purpose of the Home Purchase Second Trost Deed Loan Program funded by the La Quinta Redevelopment Agency (the "Agency") is to provide silent second trust deed mortgages to fund the difference between market sales prices, and a mortgage amount which will provide housing costs that are affordable to very low, low, and moderate income households in the purchase of a residence. The Agency loan program was developed to provide "gap" funding; it funds the difference between the maximum first loan a buyer can obtain and the purchase price less down payment, up to the maximum for the buyer's income category. The 2001.02 fiscal year program incorporates the following program revisions: The Agency loans have been increased to a maximum of $75,000 for very low income households and $65,000 for low income households. No increase has been provided for moderate income; the maximum loan of $25,000 will still apply. • To provide a greater opportunity for very low income households to purchase a home, the restriction that the first loan be greater than the Agency loan has been removed for very low income buyers only. • The sales price limitation has been increased to: Very low income $130,000 Low income $150,000 Moderate income $200,000 In order to avoid an overooncentration of loans in any one neighborhood, or with one builder / developer, selling realtor or lender, the Agency will limit the number of loans that one entity may obtain during the first six (6) months of each funding cycle to six (6) loan packages. If unexpended funds remain in this account by the seventh month of each fiscal year, then entities who previously reached their loan limit may apply for and receive additional loans employing unexpended funds. Potential purchase properties must be located in one of the La Quinta Redevelopment Agency's two Redevelopment Project Areas (map attached). Program Description 0 Eligible Households - Home purchase loans will be available to very low, low, and moderate income households. The applicable income limits are provided in the attached income limit chart. • First Mortgage - Prospective buyers must first receive preliminary loan approval from their first trust deed lender for a fixed rate 30-year mortgage loan before applying to receive an Agency second trust deed. The loan amount must result in a principal and interest payment which, when added to the monthly cost of property taxes, insurance, mortgage or homeowner's association fees (if applicable) and a reasonable utility allowance, results in a total monthly payment that is within the applicable housing cost allowance applicable based on the number of bedrooms or family size whichever is applicable. (Refer to Income Limit Chart definitions). All applications for home buyer assistance must include a copy of the first trust deed lender's loan package, mortgage analysis worksheet and lender's approval letter. 0 Eligible Properties - Prospective home buyers may consider a single-family, townhome, or condominium unit that is currently for sale in one of the two (2) Redevelopment Project Areas in the 068 ADOPTED JULY . 2001 008 City of La Quinta. Properties with pools are not eligible. Funds may only be used to purchase newly constructed units or units which have been substantially rehabilitated. Newly constructed homes are homes which are under construction at least to the framing stage or are newly constructed and vacant. Evidence of construction is required as part of the loan package. Homes where a lease purchase option agreement was executed by the applicant at the time the unit was newly constructed are also eligible. In such cases, the applicant will be requested to provide a copy of the executed agreement as part of the loan package. Substantially rehabilitated units are homes where either the seller or buyer can demonstrate that the property has been upgraded by the addition of improvements which are equal to 25% of the property's "after rehab" value, including the value of the land. The improvements must be completed prior to submission of the application for the Agency loan, be documented, and have been made within the past year. Z The unit sales Price shall not exceed: Moderate Income Households: Low Income Households: Very Low Income Households $200,000 $150,000 $130,000 Q Eliaible Loan Amounts - The maximum loan amounts for the home purchase loans are as follows: Moderate Income Households: Low Income Households: Very Low Income Households $25,000 $65,000 $75,000 The Agency loan is used to fund the gap between the maximum mortgage loan for which the buyer qualifies and the purchase price of the home less the buyer's down payment up to the maximum amount for their income category. The applicable maximum Agency loan amounts are not to be considered a fixed amount. In determining the actual Agency loan amount, first deduct the down payment from the sales price, then the maximum mortgage loan which can be extended to the buyer. The remainder is the amount of the Agency loan up to the maximum for the applicable income category. Z Agency Loan Amounts - The Agency loan must be in an amount which is less than the first mortgage loan. An exception applies to very low income households where the Agency loan amount may be greater than the first mortgage loan to provide a greater home purchase opportunity for households who fall in this income category. Q Affordability Covenants - In order to ensure that the unit remains affordable to an eligible very low, low, or moderate income household for a minimum of 30 years, affordability covenants will be recorded against the unit when the home purchase loan is funded. 0 Aaencv Loan Funds - Funds will only be reserved for applications that are complete on submittal pending completion of construction. The Agency loan funds will be disbursed through escrow to borrowers who meet the eligibility requirements described in the Eligible Households Section, have obtained loan approval from their first trust deed lender, and have sufficient funds for their down payment and closing costs. Loan Description 0 The loan will be structured as a second trust deed mortgage under the following restrictions: 061 ADOPTED JULY_, 2001 The principal and shared appreciation payments are deferred and shall be forgiven as long as the unit remains affordable to a very low, low, or moderate income household for a thirty (30) year term. • In the event of a resale during the term of the loan, the property must be sold to a buyer of the same income category as the initial owner at a sales price that results in an affordable housing cost at the time of the sale. • The Agency retains first right to purchase unit from the owner if they are unable to sell the property to an income eligible household at an affordable housing cost to retain the affordability covenants before agreeing to allow the original owner to sell the property at a market sales price. In this event, the principal and shared appreciation payment will be due on sale. 0 The loan -to -value ratio shall not exceed 97% of the value of the unit to be purchased. For this purpose: • The loan amount will be the combined total of the home buyer's first trust deed and the Agency second trust deed. • The value of the unit will be the purchase price plus applicable closing costs. 0 Prospective home buyers must first receive preliminary loan approval from their first trust deed lender for a fixed rate 30-year mortgage loan before applying to receive an Agency second trust deed. 0 Prospective home buyers must have sufficient funds for their down payment and any buyer paid closing costs. The use of gift funds as down payment assistance is allowed but must be evidenced by a gift letter. 0 A portion of the non -recurring closing costs may be funded as part of the Agency loan if allowed by the primary lender. In such cases, the Agency's loan -to -value ratio must be met and the total Agency loan must be less than the maximum allowed for that income category. The closing cost assistance amount will be included in the second trust deed loan. 0 All applications for home buyer assistance must include a copy of the first trust deed lenders loan package. Funds will only be reserved for loan packages which are complete on receipt; details are contained in the Submittal Requirements Section. The Agency will agree to subordinate to a refinancing of the first mortgage loan only to reduce the interest rate on that mortgage; the owner will not be allowed to remove equity or pay off other debt with the proceeds of a refinancing. The original first mortgage amount may not be exceeded during the term of the Agency loan. These second trust deeds will not subordinate to any subsequent second deeds of trust that may be filed against the property. Eligible Households In order to use Housing Fund monies, the Agency must follow the income and affordable housing cost criteria set forth in the California Redevelopment Law. 0 The attached chart presents the 2001 income limits for each family size based on the median income for Riverside County and the maximum affordable housing cost allowance that will apply based on the income category, family size or number of bedrooms in the unit. 0 To be eligible for housing assistance, a purchaser (or borrower): • must have an accepted sales contract for the purchase of a home; 070 ADOPTED JULY 2001 010 • must be able to qualify for a first trust deed loan in the appropriate amount; • have gross household income equal to or less than the 2001 income limits for their household size; and • the transaction must take place at an affordable housing cost. Total housing costs include the first mortgage principal and interest, property taxes, hazard insurance, PMI or MIP and HOA fee, if applicable, and a reasonable utility allowance. Monthly housing costs must be equal to or less than the amount allowed for the applicable bedroom or family size and the income category. Submittal Requirements 0 In order to determine a purchaser's or borrower's eligibility, the information listed below should be submitted to the Agency's housing coordinator: • Completed Agency loan application A copy of the lender's completed loan application (1003), mortgage credit analysis worksheet (MCAW) or 1008, and the lender's prequalification loan approval letter providing the following information: ✓ Name and age of each person who will live in the home. ✓ Present home address and telephone number. ✓ Employer name, address and telephone number for each employed member of the household. ✓ Anticipated annual gross income from all sources for each employed member of the household, including: 1) Wages, salaries, overtime pay, commissions, etc., including unemployment and disability compensation or public assistance. 2) Interest income or income from business or rental property. 3) Periodic receipts such as social security, annuities, pensions or retirement funds, alimony, child support, etc. • Last two pay stubs for each employed member of the household or year to date profit and loss statement for self-employed individuals. Documentation to support all other income. • Last two years federal income tax returns, including W-2's. • Last two bank statements for all checking and/or savings accounts. • Accepted sales contract for the purchase of a qualified property. • Evidence that construction is at least to the framing stage, i.e. a copy of the job site City Building Department inspection card or a photo of the home under construction. 071 ADOPTED JULY � 2001 U 11, K a 8 C P _ - P 9_ C O w £ S Y N E ] p y - C p N V C ¢ Y C d A Z a c Y i o o - Z O £ c O <V P _ _ a V - `o p a L « £ N � E 2 d c c0 V V C 6 a c m m a o _ o � E f O a rn m v m O w £ L N ] o - N � C u - 6 C N � � o - V 3 o £ 0 N - P- w £ O - u ] o p V C O N � ¢ u e 6 N a � _ Y _ o Z' o o s` Y � N 6 _ f0 - - 9 N b O N £ Y N E ] x E - C p O y C < Y O. C Y b S d o - � z o E £ � m O m _ - 9 p 1p Z o L w £ d ] E O e E - p o � y C 6 Y n Y a o - Y o E £ V O z - m _ - a � - c O N L w £ Y ] o x Y _ 0 0 ¢ c Y - a e A Y - 3 0 0 01 _ m - c x 9 N M £ S u E ] o u o _ e p O y C < ` u e a n N a Y o 3 " � o o £ 0112 07 1 J_ { \ \ O � � � \(jk f|70 \-7 0 ƒ 073 O13