2001 09 13 RDA NOTICE AND CALL OF
SPECIAL MEETING OF THE
LA QUINTA REDEVELOPMENT AGENCY
TO THE MEMBERS OF THE Redevelopment Agency OF THE CITY OF LA QUINTA AND TO
THE CITY CLERK:
NOTICE IS HEREBY GIVEN that a special meeting of the Redevelopment Agency of
the City of La Quinta is hereby called to be held on Thursday, September 13, 2001,
commencing at 2:00 p.m. in the Council Chambers La Quinta Civic Center, 78-495 Calle
Tampico, La Quinta, CA 92253.
Said special meeting shall be for the purpose of consideration of an appropriation of
up to $150,000 from Project Area No. 1, Low-Moderate Income Housing Affordable Fund
to acquire a single family home located at 53-625 Avenida Navarro
Date: September 11, 2001 T~.~,erso~~
President~bf La Quinta Redevelopment Agency
NOTICE IS HEREBY GIVEN that a special meeting of the Redevelopment Agency of
the City of La Quinta, California will be held on Monday, September 13, 2001 commencing
at 11:00 a.m. in the Council Chambers at the La Quinta Civic Center, 79-495 Calle
Tampico, La Quinta, CA 92253. Said meeting shall be for the purpose of consideration of
an appropriation of up to $150,000 from Project Area No. 1, Low-Moderate Income
Housing Affordable Fund to acquire a single family home located at 53-625 Avenida
Navarro
Juhe_,~'. Greek, CMC
Agency Secretary
City of La Quinta
Redevelopment Agency
SPECIAL MEETING
Agenda
City Council Chamber
78-495 Calle Tampico
La Quinta, California 92253
September 13, 2001
2:00 PM
CALL TO ORDER Beginning Reso. No. n/a
a. Pledge of Allegiance
b. Roll Call
PUBLIC COMMENT
CONFIRMATION OF AGENDA
CLOSED SESSION - None
CONSENT CALENDAR - None
BUSINESS SESSION
1. CONSIDERATION OF AN APPROPRIATION OF UP TO $150,000 FROM PROJECT AREA NO.
I LOW-MOD INCOME HOUSING AFFORDABLE FUND TO ACQUIRE A SINGLE FAMILY
HOME LOCATED AT 53-625 AVENIDA NAVARRO.
A) MINUTE ORDER ACTION.
MAYOR AND COUNCIL MEMBER ITEMS
ADJOURNMENT
DECLARATION OF POSTING
I, June S. Greek, City Clerk of 'the City Council of the City of La Quinta do hereby declare
that the foregoing agenda for the La Quinta City Council special meeting of September 13,
2001, was posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and
on the bulletin board at the Chamber of Commerce and at Stater Bros., 78-630 Highway 111, on
Wednesday, September 12, 2001.
DATED: September 12, 2001
JUNE S. GREEK, CMC
City Clerk of the City of La Quinta
PUBLIC NOTICE
The La Quinta City Council 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.
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: September 1 3, 2001
CONSENT CALENDAR:
ITEM TITI,E: STUDY SESSION:
Consideration of an Appropriation of up to $150,000
from Project Area No. 1 Low Mod Income Housing PUBLIC HEARING:
Affordable Fund to Acquire a Single Family Home
Located at 53-625 Avenida Navarro
RECOMMENDATION:
Approve the acquisition of the property located at 53-625 Avenida Navarro (the
"Property"), authorize the appropriation of funds from the Project Area No. 1 Low Mod
Housing Fund in an amount not to exceed $150,000 and authorize Rosenow Spevacek
Group to act on the Agency's behalf at the sale.
FISCAL IMPLICATIONS:
The purchase of this Property, at the Trustee's Sale, will require an expenditure from
the Project Area No. 1 Low Mod Housing Fund in an amount not to exceed $150,000.
Adequate funds are available for the appropriation and subsequent expenditure.
BACKGROUND AND OVERVIEW:
A Notice of Trustee's Sale has been received notifying the Agency that on September
17, 2001, a single family home located at 53-625 Avenida Navarro will be sold at
auction. This house was originally sold in October 2000, with a second trust deed
amount of $50,000 to a Iow income household; this unit was part of the La Quinta
Housing Program. The current outstanding loan balance of the first trust deed is
anticipated to be $80,886. This figure plus the second trust deed amount of $50,000
represents a total of $130,886.
In order to protect the Agency's second trust deed investment of $50,000, the
Agency would have to purchase the Property. This Property is subject to public bid
and will be sold to the highest bidder. If the Agency does not elect to purchase the
Property, then the Iow income affordability covenant would be extinguished. If the
Agency is not the successful bidder, any amount less than $130,886 being offered for
the Property will cause a loss of the Agency's second trust deed and a loss of a
qualifying unit for its inclusionary housing requirement.
G:\WPDOCS\CCjhForec153625 navarro acq.doc
FINDINGS AND ALTERNATIVES:
The alternatives available to the Redevelopment Agency include:
1. Approve the acquisition of the property located at 53-625 Avenida Navarro,
authorize the appropriation of $150,000 from the Project Area No. 1 Low Mod
Income Housing Funds (245-000-300-290) and authorize Rosenow Spevacek
Group to act on the Agency's behalf at the sale; or
2. Do not approve the acquisition of the property located at 53-625 Avenida
Navarro, nor authorize the appropriation of $150,000 from the Project Area No.
1 Low Mod Income Housing Affordable Funds (245-000-300-290) and do not
authorize Rosenow Spevacek Group to act on the Agency's behalf at the sale;
or
3. Provide staff with alternative direction.
Respectfully su bmi,t, ted,
(~ommunit'y Development Director
Approved for submission by:
thomas P. Genovese, Executive Director
Attachment:
1. Notice of Trustee Sale
OO2
G:\WPDOCS\CCjhForec153625 navarro acq.doc
RECORDINGREQUESTEDBY: ATTACH M E NT # 1
Riverside
5898 CONDOR DRIVE, MP-88
MOORPARK, CA 93021
WHEN RECORDED MAIL TO: /~u~,/~~
5898 CONDOR DRIVE, MP-88
MOORPARK, CA 93021 ~!c~
Attn: ~0,, ~/
Ts 0,-o5 5
Doc ID #00066623092005N
Title Order No. 077015994
Investor/Insurer No. 0482343739703
APN No.:774-134-016-5
NOTICE OF TRUSTEE'S SALE
YOU ARE IN DEFAULT UNDER A DEED OF TRUST, DATED 09/05/2000.
UNLESS. YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE
SOLD AT A "'~'"'"~ YOU ~ . T s ~ ~F
,: ~~ SALE. IF NEED AN EXP.~AN~T.,.,N 1 THE
NATURE OF THE PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A
LAWYER.
Notice is hereby .given that CTC Real Estate Services, as duly appointed trustee pursuant to the Deed of Trust executed by
FERNANDO I. FLORES, A MARRIED MAN AS HIS SOLE & SEPERATE PROPERTY, dated 09/05/2000 and recorded
09/14/2000, as. Instrumem No. 2000-361034, in BOok, Page, ), of Official Records in the office of the County Recorder of
RIVERSIDE County, State of California, will sell on 09/17/2001 at 10:00 AM, At the Main Street entrance to the County
Courthouse, 4050 Main Street, Riverside, CA
at public auction, to the highest bidder for cash or check as described below, payable in full at time of sale, all right, title,
and interest conveyed to and now held by it under said Deed of Trust, in the property situated in said County and State and
as more fully described in the above referenced Deed of Trust. The street address and other common designation, if any, of
the real property described above is purported to be: 53-625 AVENIDA NAVARRO, LA QUINTA, CA 92253. The
undersigned Trustee disclaims any liability for any incorrecmess of the street address and other common designation, if any,
shown herein.
The total amount of the unpaid balance with interest thereon of the obligation secured by the property to be sold plus
reasonable estimated costs, expenses and advances at the time of the initial publication of the Notice of Sale is $88,636.89.
It is possible that at the time of sale the opening bid may be less than the total indebtedness due.
In addition to cash, the Trustee will accept cashier's checks drawn on a state or national bank, a check drawn by a state or
federal credit union, or a check drawn by a state or federal savings and loan association, savings association, or savings bank
specified in Section 5102 of the Financial Code and authorized to do business in this state.
Said sale will be made, 'in an "AS IS" condition, but without covenant or warranty, express or implied, regarding title,
possession', or e,cmnbrances, to satisfy ~he ........... secured said .... ,
provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note,
plus fees, charges and expenses of the Trustee and of the trusts created by said Deed of Trust.
DATED: August 26, 2001
CTC Real Estate Services
5898 CONDOR DRIVE, MP-88
MOORPARK, CA 93021
Phone: (800) 281-8219, Sale Information (805) 578-6618
By:/S/Foreclosure Officer
CTC Real Estate Services is a debt collector attempting to collect a debt. Any information obtained will be used for that
purpose.
0O4
CTC Form mlgnos (07/00