2002 02 05 RDAT 6
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Redevelopment Agency Agendas are
available on the City's Web Page
@ www.la-quinta.org
Redevelopment Agency
Agenda
CITY COUNCIL CHAMBER
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
Tuesday February 5, 2002 - 12:00 Noon
Beginning Res. No. RA 2002-02
I. 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.
III. CLOSED SESSION
1. 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 EAST OF MADISON STREET BETWEEN AVENUE 58 AND AVENUE 60.
PROPERTY OWNER/NEGOTIATOR: WINCHESTER DEVELOPMENT; AND REAL PROPERTY
LOCATED WEST OF MADISON STREET BETWEEN AVENUE 60 AND AVENUE 62.
PROPERTY OWNER/NEGOTIATOR: DAVIS CAPITAL MANAGEMENT; AND REAL
PROPERTY GENERALLY LOCATED ON THE WEST SIDE OF JEFFERSON STREET, SOUTH
OF AVENUE 52. PROPERTY OWNER/NEGOTIATOR: KSL
2. 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 SOUTHEAST OF THE MILES AVENUE AND WASHINGTON STREET
INTERSECTION AND NORTH OF THE WHITEWATER CHANNEL. PROPERTY
OWNER/NEGOTIATOR: MADISON DEVELOPMENT
RDA Agenda
February 5, 2002
001
3. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, JERRY HERMAN,
PURSUANT TO GOVERNMENT CODE SECTION 54956.8, CONCERNING POTENTIAL
TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTY
LOCATED EAST OF MONROE STREET AND NORTH OF AVENUE 58 (APN 764-010-008
AND 011). PROPERTY OWNER/NEGOTIATOR: SUSAN HARVEY.
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.
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
MINUTES OF THE MEETING OF JANUARY 15, 2002.
VII. CONSENT CALENDAR
Note: Consent Calendar items are considered to be routine in nature and will be approved by
one motion.
1. APPROVAL OF DEMAND REGISTER DATED FEBRUARY 5, 2002.
Vill. BUSINESS SESSION
1. CONSIDERATION OF MID -YEAR BUDGET REPORT FOR FISCAL YEAR 2001 /02.
A. MINUTE ORDER
IX. PRESENTATIONS - None
RDA Agenda -2- February 5, 2002 0
X. STUDY SESSION - None
XI. DEPARTMENT REPORTS
XII. CHAIR AND BOARD MEMBERS' ITEMS
XIII. PUBLIC HEARINGS
RECONVENE JOINTLY AS THE CITY COUNCIL
AND LA QUINTA REDEVELOPMENT AGENCY
1. JOINT PUBLIC HEARING BETWEEN THE CITY COUNCIL AND THE REDEVELOPMENT
AGENCY TO APPROVE AN AGREEMENT TO SELL REAL PROPERTY LOCATED AT
52-645 AVENIDA DIAZ BY AND BETWEEN KATHERINE CARROLL AND THE LA QUINTA
REDEVELOPMENT AGENCY AND AUTHORIZATION FOR THE EXECUTIVE DIRECTOR TO
EXECUTE THE NECESSARY DOCUMENTS.
A. MINUTE ORDER ACTION
2. JOINT PUBLIC HEARING BETWEEN THE CITY COUNCIL AND REDEVELOPMENT AGENCY
TO APPROVE AN AGREEMENT TO SELL REAL PROPERTY LOCATED AT 53-540
AVENIDA CARRANZA BY AND BETWEEN TYRA PAINTER AND THE LA QUINTA
REDEVELOPMENT AGENCY AND AUTHORIZATION FOR THE EXECUTIVE DIRECTOR TO
EXECUTE THE NECESSARY DOCUMENTS.
A. MINUTE ORDER ACTION
XIV. ADJOURNMENT - Adjourn to a Regular Meeting of the Redevelopment Agency to be held on
February 19, 2002, commencing with Closed Session at 2:00 P.M. in the City Council
Chambers, 78-495 Calle Tampico, CA 92253.
000
RDA Agenda -3- February 5, 2002
DECLARATION OF POSTING
I, June S. Greek, City Clerk of the City of La Quinta, do hereby declare that the foregoing agenda for
the La Quinta Redevelopment Agency meeting of February 5, 2002, was posted on the outside entry
to the Council Chambers, 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, February 1, 2002.
DATED: February 1, 2002
J S REEK, CIVIC
City Clerk, City of La Quinta, California
PUBLIC NOTICES
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
RDA Agenda -4- February 5, 2002
cechf 4
COUNCIL/RDA MEETING DATE: FEBRUARY 5, 2002
ITEM TITLE:
Demand Register Dated February 5, 2002
RECOMMENDATION: Approve Demand Register Dated February 5, 2002
BACKGROUND:
Prepaid Warrants:
AGENDA CATEGORY:
BUSINESS SESSION
CONSENT CALENDAR l
STUDY SESSION
PUBLIC HEARING
48033 - 480461
745681.39
48047 - 480591
24,993.04
48060 - 480661
169282.54
Wire Transfers}
384,929.82
P/R 8179 - 82461
1035526.83
P/R Tax Transfers}
26,777.68 CITY DEMANDS $15127,428.10
Payable Warrants:
48067 - 481981
55%437.70 RDA DEMANDS 63,200.90
$15190,629.00 $1,19029.00
FISCAL IMPLICATIONS:
Demand of Cash -RDA $63,200.90
Falconer, Fi4ance Director
005
CITY OF LA QUINTA
BANK TRANSACTIONS 1/10/02 - 1/29/02
1/11/02 WIRE TRANSFER - RDA ESCROW $21,372.00
1/17/02 WIRE TRANSFER -RDA ESCROW $25,000.00
1/17/02 WIRE TRANSFER -RDA ESCROW $63,803.00
1/18/02 WIRE TRANSFER -DEFERRED COMP $5,330.80
1/18102 WIRE TRANSFER - PERS $9,522.02
1/18/02 WIRE TRANSFER - CREDIT UNION $4,922.00
1/14/02 WIRE TRANSFER - RDA ESCROW $65,000.00
1/29/02 WIRE TRANSFER - RDA ESCROW $65,000.00
1/29/02 WIRE TRANSFER - RDA ESCROW $60,000.00
1/29/02 WIRE TRANSFER - RDA ESCROW $64,980.00
TOTAL WIRE TRANSFERS OUT $384,929.82
006
002
ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 4:06PM 01/29/02
CITY OF LA QUINTA BANK ID: DEF PAGE 1
CHECK
NUMBER
CHECK
DATE
VENDOR
NO. NAME
***NO CHECKS WERE USED FOR PRINT ALIGNMENT.***
PAYMENT
AMOUNT
48067
01/29/02
&01611
ANDREA BACA
50.00
48068
01/29/02
&01612
WENDY BURGIE
55.00
48069
01/29/02
&01613
LORRAINE HUFF
48.00
48070
01/29/02
&01614
MARTHA ARENDS
25.00
48071
01/29/02
&01615
SANDRA BOYER
40.00
48072
01/29/02
&01616
MARY ANN HACKNEY
35.00
48073
01/29/02
&01617
WILLIAM HARRELL
55.00
48074
01/29/02
&01618
BETTY KUTTLER
69.00
48075
01/29/02
&01619
ROSEMARY LORD
55.00
48076
01/29/02
&01620
RICHARD MORGAN
138.00
48077
01/29/02
&01621
KRISTINE NOBLE
10.00
48078
01/29/02
&01622
SHERRY TREVOR
60.00
48079
01/29/02
&01623
NATIONAL CONSTRUCTION
24.00
48080
01/29/02
A44050
A440 PIANO SERVICE
85.00
48081
01/29/02
ABL001
ABLE RIBBON TECH
280.22
48082
01/29/02
ACE010
ACE HARDWARE
1493.02
48083
01/29/02
ADT100
ADT SECURITY SVC INC
141.45
48084
01/29/02
AME175
AMERICAN FORENSIC NURSES
168.00
48085
01/29/02
AND007
GARY ANDERSEN
180.00
48086
01/29/02
APH100
APHA PUBLICATIONS SALES
42.95
48087
01/29/02
ARC100
ARCH
356.26
48088
01/29/02
AT0010
A TO Z PARTY RENTALS
385.74
48089
01/29/02
ATT040
AT&T WIRELESS DATA SVC
4.90
48090
01/29/02
AUT030
AUTOMATED TELECOM
616.34
48091
01/29/02
AVA100
AVAYA INC
1263.82
48092
01/29/02
BAK010
FRED BAKER
184.86
48093
01/29/02
BAN020
BANG & BASH
483.75
48094
01/29/02
BER150
BERRYMAN & HENIGAR INC
13200.00
48095
01/29/02
BES130
BEST LUBE N TUNE
390.72
48096
01/29/02
BRI100
BRINKS INC
306.00
48097
01/29/02
CAD010
CADET UNIFORM SUPPLY
496.12
48098
01/29/02
CAL035
CAL PRESERVATION FOUNDATN
100.00
48099
01/29/02
CAR300
CARQUEST
484.54
48100
01/29/02
CDW050
CDW GOVERNMENT INC
789.71
48101
01/29/02
COA030
COACHELLA VALLEY INSURANC
814.00
48102
01/29/02
COA067
COACHELLA VLLY PONTIAC
363.18
48103
01/29/02
COL030
COLLEGE OF THE DESERT
90.00
48104
01/29/02
CON115
CONTRERAS CONST
172739.47
48105
01/29/02
COR150
CORPORATE EXPRESS
540.92
48106
01/29/02
COS050
COSTCO BUSINESS DELIVERY
1942.02
48107
01/29/02
CR0005
CROSSROADS SOFTWARE
30575.05
48108
01/29/02
DAN200
DANONE WATERS OF NORTH
252.07
48109
01/29/02
DES018
DESERT ELECTRIC SUPPLY
1753.76
48110
01/29/02
DESO40
DESERT JANITOR SERVICE
4378.50
48111
01/29/02
DES060
DESERT SUN PUBLISHING CO
120.25
48112
01/29/02
DES065
DESERT TEMPS INC
12674.27
48113
01/29/02
DIE050
DIETERICH POST
208.73
003
ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 4:06PM 01/29/02
CITY OF LA QUINTA BANK ID: DEF PAGE 2
CHECK
NUMBER
CHECK
DATE
VENDOR
NO. NAME
PAYMENT
AMOUNT
48114
01/29/02
DRE050
DREAM ENGINEERING INC
27.95
48115
01/29/02
ELM100
ELMS EQUIPMENT RENTAL INC
3420.00
48116
01/29/02
EQUO10
DALE EQUITZ
80.00
48117
01/29/02
ESR100
E.S.R.I INC
800.00
48118
01/29/02
EVA050
DAVID EVANS & ASSOC INC
3080.00
48119
01/29/02
EXP200
EXPRESS DETAIL
1725.00
48120
01/29/02
FED010
FEDERAL EXPRESS CORP
396.62
48121
01/29/02
FIR017
FIRST CHOICE SERVICES
398.30
48122
01/29/02
FRA010
MARNI FRANCISCO
82.00
48123
01/29/02
GAR040
GARZA TURF & POWER EQUIP
59.62
48124
01/29/02
GAS010
GASCARD INC
68.44
48125
01/29/02
GAT015
GATEWAY BUSINESS
4842.60
48126
01/29/02
GAT020
GATEWAY COMPANIES INC
1133.46
48127
01/29/02
GRA007
W W GRAINGER INC
159.96
48128
01/29/02
HAR010
HARRIS & ASSOCIATES
8505.00
48129
01/29/02
HAR100
JOHN HARDCASTLE
25.60
48130
01/29/02
HOA010
HUGH HOARD INC
1432.38
48131
01/29/02
HOM030
HOME DEPOT
3277.48
48132
01/29/02
JAS100
JAS PACIFIC
12820.64
48133
01/29/02
JIM100
JESSE JIMENEZ
97.35
48134
01/29/02
JPRO10
JP REPROGRAPHICS
214.09
48135
01/29/02
JUD010
JUDICIAL DATA SYSTEMS COR
222.00
48136
01/29/02
KEI010
KEITH COMPANIES
1500.00
48137
01/29/02
KIN100
KINER/GOODSELL ADVERTISNG
19348.77
48138
01/29/02
KRI100
BRUCE KRIBBS CONSTRUCTION
8892.00
48139
01/29/02
KUS050
KUSTOM SIGNALS INC
310.26
48140
01/29/02
LAQ010
LA QUINTA ARTS FOUNDATION
60000.00
48141
01/29/02
LAS050
LASER TEC
75.00
48142
01/29/02
LEA020
LEAGUE OF CALIF CITIES
7818.00
48143
01/29/02
LIG010
LIGHT SOURCE
1170.59
48144
01/29/02
LIN050
JAMES LINDSEY
57.20
48145
01/29/02
L00010
LOCK SHOP INC
84.64
48146
01/29/02
LOW100
LOWE'S COMPANIES INC
234.68
48147
01/29/02
MAR020
DIANE MARTIN
344.52
48148
01/29/02
MCDO10
MC DOWELL AWARDS
7.60
48149
01/29/02
MIL030
MILLENNIUM BILTMORE HOTEL
624.80
48150
01/29/02
MIR008
FELIPE MIRANDA
330.00
48151
01/29/02
MOM100
MOM'S GAS STATION
600.73
48152
01/29/02
MUN010
MUNI FINANCIAL SERV INC
8713.69
48153
01/29/02
NAW010
RON NAWROCKI
500.00
48154
01/29/02
NEX010
NEXTEL COMMUNICATIONS
2287.78
48155
01/29/02
NIC101
NICKERSON & ASSOC INC
20568.50
48156
01/29/02
OFF005
OFFICE DEPOT INC
1172.82
48157
01/29/02
OFF007
OFFICE DEPOT CREDIT PLAN
174.65
48158
01/29/02
OLI100
OLINN MESSAGE CENTER
100.45
48159
01/29/02
OWE020
OWEN & BRADLEY
480.07
48160
01/29/02
PET005
CASH/PETTY CASH
147.52
48161
01/29/02
PET100
PET PICKUPS
527.89
48162
01/29/02
PRI020
THE PRINTING PLACE
1765.16
004
ACCOUNTS
PAYABLE - AP5005
CHECK
REGISTER
4:06PM 01/29/02
CITY OF
LA QUINTA
BANK
ID: DEF
PAGE 3
CHECK
CHECK
VENDOR
PAYMENT
NUMBER
DATE
NO.
NAME
AMOUNT
48163
01/29/02
PR0005
PROFESSIONAL SERVICE IND
2743.00
48164
01/29/02
RAL050
RALPHS GROCERY CO
149.98
48165
01/29/02
RBF100
RBF CONSULTING
980.26
48166
01/29/02
RIV020
RIV CNTY AUDITOR-CONTROLR
590.00
48167
01/29/02
RIV089
RIVERSIDE COUNTY RECORDER
1.00
48168
01/29/02
RIV101
RIV COUNTY SHERIFF/INDIO
3711.63
48169
01/29/02
RIV325
RIVERSIDE RUBBER STAMP
42.09
48170
01/29/02
ROC100
ROCKHURST COLLEGE CONT ED
199.00
48171
01/29/02
ROS010
ROSENOW SPEVACEK GROUP
52522.40
48172
01/29/02
ROT100
ROTO ROOTER
10678.50
48173
01/29/02
SHI010
SHIMCO CABINETS
3500.00
48174
01/29/02
SIM040
SIMPLER LIFE EMERGENCY
76.21
48175
01/29/02
SKY200
SKYTEL
16.50
48176
01/29/02
SMA010
SMART & FINAL
578.61
48177
01/29/02
SOCO10
THE SOCO GROUP INC
124.54
48178
01/29/02
SOU007
SOUTHWEST NETWORKS, INC
17868.53
48179
01/29/02
SOU204
SO CALIF CITY CLERKS ASSC
30.00
48180
01/29/02
STE003
M W STEELE GROUP INC
10580.12
48181
01/29/02
TKDO10
T.K.D. ASSOCIATES INC
8469.78
48182
01/29/02
TOP010
TOPS'N BARRICADES INC
1335.79
48183
01/29/02
TRI100
TRI STATE LAND SURVEYORS
1625.00
48184
01/29/02
TRU010
TRULY NOLEN INC
162.00
48185
01/29/02
TTI100
TTI NATIONAL INC
7.87
48186
01/29/02
USB050
U.S.BANK TRUST NATL ASSOC
1733.45
48187
01/29/02
USH100
USHERWOOD & ASSOC OF CAL
47.43
48188
01/29/02
VAL005
VALLEY ANIMAL CLINIC
40.00
48189
01/29/02
VAN075
VANDORPE CHOU ASSOC INC
900.00
48190
01/29/02
VID050
VIDEO DEPOT
11.21
48191
01/29/02
VON010
VON'S C/O SAFEWAY INC
28.11
48192
01/29/02
WAL010
WAL MART COMMUNITY
93.43
48193
01/29/02
WAR060
WARNER ENGINEERING
2460.00
48194
01/29/02
WES020
WEST GROUP
621.89
48195
01/29/02
WOR100
WORLDCOM
1405.00
48196
01/29/02
XER010
XEROX CORPORATION
4052.94
48197
01/29/02
XER012
XEROX CORPORATION
291.00
48198
01/29/02
YOU100
YOUNG ENGINEERING SERVICE
2485.00
CHECK TOTAL 559,437.70
003
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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.***
48060
01/24/02
BIA013
BIA - DESERT CHAPTER
48061
01/24/02
COA080
COACHELLA VALLEY WATER
48062
01/24/02
DES051
DESERT SANDS UNIFIED SCHL
48063
01/24/02
IMP010
IMPERIAL IRRIGATION DIST
48064
01/24/02
REY050
ELAINE REYNOLDS
48065
01/24/02
SUS100
ERV SUSSMAN
48066
01/24/02
VER200
VERIZON
CHECK TOTAL
3:10PM 01/24/02
PAGE 1
PAYMENT
AMOUNT
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8286.28
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6581.92
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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.***
48047
01/16/02
ABC100
ABC TV SERVICE
48048
01/16/02
BAN150
BANK OF NEW YORK
48049
01/16/02
CAL128
CA BOARD OF EQUALIZATION
48050
01/16/02
ELRO10
EL RANCHITO
48051
01/16/02
GRC100
GRC ELECTRONICS
48052
01/16/02
LAQ050
LA QUINTA CITY EMPLOYEES
48053
01/16/02
PLA050
CHRISTOPHER PLATAMONE
48054
01/16/02
RIV040
RIVERSIDE CNTY DEPT CHILD
48055
01/16/02
SAW050
BETTY SAWYER
48056
01/16/02
SOU007
SOUTHWEST NETWORKS, INC
48057
01/16/02
STUO10
WILLIAM STUBBLEFIELD
48058
01/16/02
UNIO05
UNITED WAY OF THE DESERT
48059
01/16/02
WEI050
MARK WEISS
CHECK TOTAL
2:15PM 01/16/02
PAGE 1
PAYMENT
AMOUNT
78.18
1500.00
163.00
262.59
176.00
416.00
378.00
426.50
319.59
20950.68
122.50
164.00
36.00
24,993.04
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03
0311
ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 2:49PM 01/10/02
CITY OF.LA QUINTA BANK ID: DEF PAGE 1
CHECK
CHECK
VENDOR
NUMBER
DATE
NO.
NAME
***NO CHECKS
WERE USED
FOR PRINT ALIGNMENT.***
48033
01/10/02
DEP008
DEPT OF CONSERVATION
48034
01/10/02
DOU050
DOUBLETREE HOTEL
48035
01/10/02
IMPO10
IMPERIAL IRRIGATION DIST
48036
01/10/02
IRWO20
BARBARA IRWIN
48037
01/10/02
LAN007
LAND CONCEPTS INC
48038
01/10/02
LOP050
RAY LOPEZ ASSOCIATES
48039
01/10/02
MIT150
MICHAEL MITCHELL
48040
01/10/02
PUE050
MARIA L PUENTE
48041
01/10/02
SHA050
ARCHIE SHARP
48042
01/10/02
SOU010
SOUTHERN CALIF GAS CO
48043
01/10/02
SPRO10
SPRINT
48044
01/10/02
VER200
VERIZON
48045
01/10/02
VER210
VERIZON INTERNET SOLUTION
48046
01/10/02
WRI050
ROBERT S WRIGHT
CHECK TOTAL
PAYMENT
AMOUNT
4989.81
2753.46
978.92
50.00
56788.53
4500.00
50.00
50.00
50.00
210.46
55.86
4085.35
69.00
50.00
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034
A/P - AP6002 CHECKS TO BE VOIDED 1:36PM 01/09/0
CITY OF LA QUINTA BANK ID: DEF PAGE 1
CHECK BK INVOICE VENDOR VENDOR
NUMBER ID DATE AMT. PAID NUMBER NAME
41780 DEF 07/11/00 150.00 HIS050 HISPANIC TRAINING
TOTAL VOIDED 150.00
INVOICE
DESCRIPTION
TRANSLATION SVCS
035
A/P - AP6002 CHECKS TO BE VOIDED
CITY OF LA QUINTA BANK ID: DEF
CHECK BK INVOICE VENDOR VENDOR
NUMBER ID DATE AMT. PAID NUMBER NAME
47936 DEF 12/31/01 50.00 REY050 ELAINE REYN07DS
TOTAL VOIDED 50.00
INVOICE
DESCRIPTION
CULTURAL A TS CC. 4%: ^:-N'
0 4 -.
036
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE:
February 5, 2002 CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Consideration of Mid -Year Budget
Report For Fiscal Year 2001 /2002
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Mid -Year Budget Report.
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
04-
T 0 0
4&f 4 4 a"
COUNCIL/RDA MEETING DATE:
February 5, 2002
ITEM TITLE:
Consideration of Mid -Year Budget
Report For Fiscal Year 2001 /2002
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Mid -Year Budget Report.
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
04
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: February 5, 2002
CONSENT CALENDAR:
l a L1.1 a a a afar•
STUDY SESSION:
A Joint Public Hearing Between the City Council and
Redevelopment Agency to Approve an Agreement to PUBLIC HEARING:
Sell Real Property Located at 52-645 Avenida Diaz
by and Between Katherine Carroll and the La Quinta
Redevelopment Agency and Authorization for the
Executive Director to Execute the Necessary
Documents
RECOMMENDATION:
Approve the sale of 52-645 Avenida Diaz to maintain an affordable housing unit in
Project Area No. 1 for a purchase price of $1 10,000 and authorize the Executive
Director to execute the necessary documents to complete the property sale.
FISCAL IMPLICATIONS:
The Agreement would result in the following fiscal impacts:
Resale Proceeds. The Agency will receive approximately $57,200 in cash proceeds
from this transaction generated by the new mortgage loan and down payment less
closing costs. The Agency's remaining $46,700 financial investment will be converted
into a silent second trust deed in favor of the Agency.
Property Rehabilitation Costs. None. All property rehabilitation costs have been
funded by rent revenue.
BACKGROUND AND OVERVIEW:
In August 1995, the Agency acquired 50 single family homes as a result of the
bankruptcy of Coachella Valley Land to protect the Agency's investment in the homes,
to prevent a pending foreclosure action, and to maintain the units as very low income
rental units. The Agency cost to acquire the 50 housing units averaged $86,500 per
unit.
043
G:\WPDOCS\CC Stf Rpts\52-645diazstaffreport.wpd
On February 17, 1998, the Agency authorized the sale of up to two (2) units per year
and directed staff to sell the units first to qualified existing tenants, and second to
other eligible very low income households. Because many of the tenants are now
receiving work training as a requirement of their state and county assistance, their
economic situation is improving. The proposed sale is the fifth unit to be sold to an
existing tenant.
Property Resale. The sale transaction would be structured as other Agency affordable
housing projects, wherein the existing Agency -funded silent second trust deed would
cover the difference between the market sales price and an affordable first trust deed
mortgage. The proposed purchaser now qualifies in the low income category. If this
sale is authorized, the unit will be sold for the market value of $1 10,000, with the
buyer funding a 3% down payment and a private lender originating a $60,000 first
trust deed mortgage (the maximum loan the homebuyer can obtain). The Agency
would convert $461,700 of its equity in the property into a silent second trust deed
loan.
Prior to the sale, this unit will have been substantially rehabilitated and therefore, can
be counted toward the Agency's inclusionary housing requirement.
FINDINGS AND ALTERNATIVES:
Alternatives available to the Agency Board include:
1 . Approve the sale of 52-645 Avenida Diaz to maintain an affordable housing unit
in Project Area No. 1 for a purchase price of $1 10,000 and authorize the
Executive Director to execute the necessary documents to complete the
property sale; or
2. Deny the request to sell this property and maintain it as a very low income
rental unit; or
3. Provide staff with alternative direction.
Respectfully submitted,
er y Hermin
:Orhmunity Development Director
1aquinta\1ghp\renta1 housing\52-645diazstaffreport.wpd
OlJ�
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments:
1 . Summary Report
0
laquinta\lghp\rental housing\52-645diazstaffreport.wpd
Q�v
ATTACHMENT #1
SUMMARY REPORT
FOR THE PROPOSED
SALE AGREEMENT BETWEEN THE
LA QUINTA REDEVELOPMENT AGENCY
AND
KATHERINE CARROLL
February 5, 2002
INTRODUCTION
This document is the Summary Report ("Report") for the proposed sale between the
La Quinta Redevelopment Agency ("Agency") and Katherine Carroll ("Buyer"). The
purpose of the Sale Agreement ("Agreement") is to facilitate the sale by the Agency
of a single-family dwelling to the Buyer.
This Report has been prepared pursuant to Section 33433 of the California Health and
Safety Code ("California Community Redevelopment Law") and presents the following:
A summary of the proposed transaction.
• The cost of the sale to the Agency.
• The estimated value of the interest to be conveyed, determined at the highest
and best uses permitted by the Agency's Redevelopment Plan.
• The estimated value to be conveyed, determined by the use and with the
conditions, covenants, and development costs required by the Agreement.
9 An explanation of why the sale, pursuant to the Agreement, will assist in the
elimination of blight.
SUBJECT PROPERTY
The Subject Property ("Property") is a 3-bedroom, 2-bath single-family dwelling located
at 52-645 Avenida Diaz within La Quinta Redevelopment Project Area No. 1.
THE TRANSACTIONS PROVIDED FOR BY THE AGREEMENT
The Agreement will facilitate the sale of the Property to the Buyer, who will continue
to occupy the dwelling. The sales price of $1 10,000, which is fair market value for
the property, will be funded through a combination of the Buyer's down payment of
$3,300, $60,000 financed through the Buyer's first trust deed mortgage, and
$46,700 of the Agency's equity in the Property will be converted into a silent second
trust deed loan. This second trust deed will include covenants to insure that the
Property will remain affordable to a low income family for a minimum of 30 years.
The monies required to fund the Agency's second trust deed were expended in
August, 1995, when the Agency purchased this unit in order to secure its investment
in the unit through an Affordable Housing Agreement with Coachella Valley Land. A
portion of these purchase monies will be repaid to the Agency through the Buyer's
down payment and first trust deed mortgage; the remaining funds will stay in place
to fund the Agency's second trust deed mortgage and closing cost contribution. The
Agency will receive approximately $57,200 from this transaction.
G4
00
G:\WPDOCS\CC Stf Rpts\52-645 diaz summary report.doc
History of Property
This Property is currently a part of the Agency Rental Property Purchase Program. In
May, 1998, the Agency offered this property to the tenant for purchase and the Buyer
subsequently expressed an interest in purchasing the unit. Since that time, the Buyer
has been approved by First Pacific Financial for a mortgage up to the amount of
$60,000. The Buyer is an existing tenant who now qualifies as a low income
household.
The Cost of the Sale to the Agency
The Agency will have a total of approximately $1 14,000 invested in its ownership of
the Property through its cost to purchase the unit and to remedy deferred maintenance
items which existed at the time of purchase. The sales contract with the Buyer
provides for a purchase price of $1 10,000. Under this proposed transaction, the
Agency's investment will be treated as follows:
Agency Purchase Price:
$ 86,500
Total Cost to Qualify Unit as Substantially
Rehabilitated (funded from rent revenue):
27,500
Total Agency Investment:
$1 14,000
Buyer Down Payment:
3,300
Buyer First Trust Deed Monies Paid to Agency:
60,000
Agency Affordable Housing Second Trust Deed:
46,700
Total Purchase Price:
$1 10,000
Unfunded Agency Investment:
$ 4,000
Estimated Value of the Interest to be Conveyed, Determined at the Highest and Best
Uses Permitted by the Agency's Redevelopment Plan
The Redevelopment Plan for La Quinta Redevelopment Project No. 1 provides that the
Property shall be used for low -density residential development. The Agency's
consultant commissioned a real property appraisal to determine the current market
value of a typical Agency owned rental property. The appraisal, dated April 13, 1999,
indicated a fair market value of $85,000. A real property appraisal of a similar unit
conducted in May, 2000 indicated a fair market value of $106,000. The subject
property was recently appraised in conjunction with this loan at a current market value
of $1 10,000. This value coincides with other similarly sized rental units in the Cove.
Estimated Value of the Interest to be Conveyed, Determined at the Use With the
Conditions, Covenants, and Development Costs Required by the Agreement
The Agreement provides that the Property will be sold at the current market value of
$1 10,000, which reflects the fair market value.
Explanation of Why the Sale of the Property Pursuant to the Agreement will Assist in
the Elimination of Blight
The Agreement provides for the sale of the Property and the recordation of
affordability covenants that will insure its continued affordability to a low income
household for 30 years. In conjunction with the sale, the unit will be substantially
rehabilitated with long term capital improvements, thereby extending the life of the
unit and improving its appearance. Thus, the transaction will insure the continued
affordability of a substantially rehabilitated single-family dwelling to a low income 047
household.
G:\WPDOCS\CC Stf Rpts\52-645 diaz summary report.doc 006
COUNCIL/RDA MEETING DATE: February 5, 2002
A Joint Public Hearing Between the City Council and
Redevelopment Agency to Approve an Agreement to
Sell Real Property Located at 53-540 Avenida
Carranza by and Between Tyra Painter and the La
Quinta Redevelopment Agency and Authorization for
the Executive Director to Execute the Necessary
Documents
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve the sale of 53-540 Avenida Carranza to maintain an affordable housing unit
in Project Area No. 1 for a purchase price of $1 10,000 and authorize the Executive
Director to execute the necessary documents to complete the property sale.
FISCAL IMPLICATIONS:
The Agreement would result in the following fiscal impacts:
Resale Proceeds. The Agency will receive approximately $89,750 in cash proceeds
from this transaction generated by the new mortgage loan and down payment less
closing costs. The Agency's remaining $14,150 financial investment will be converted
into a silent second trust deed in favor of the Agency.
Property Rehabilitation Costs. None. All property rehabilitation costs have been
funded by rent revenue.
BACKGROUND AND OVERVIEW:
In August 1995, the Agency acquired 50 single family homes as a result of the
bankruptcy of Coachella Valley Land to protect the Agency's investment in the homes,
to prevent a pending foreclosure action, and to maintain the units as very low income
rental units. The Agency cost to acquire the 50 housing units averaged $86,500 per
unit.
On February 17, 1998, the Agency authorized the sale of up to two (2) units per year
and directed staff to sell the units first to qualified existing tenants, and second to
other eligible very low income households. Because many of the tenants are now
G:\WPDOCS\CC Stf Rpts\53-540 carranza staff report.doc
receiving work training as a requirement of their state and county assistance, their
economic situation is improving. The proposed sale is the sixth unit to be sold to an
existing tenant.
Property Resale. The sale transaction would be structured as other Agency affordable
housing projects, wherein the existing Agency -funded silent second trust deed would
cover the difference between the market sales price and an affordable first trust deed
mortgage. The proposed purchaser now qualifies in the moderate income category.
If the sale is authorized, the unit will be sold for the market value of $1 10,000, with
the buyer funding a 3% down payment and a private lender originating a $92,550 first
trust deed mortgage (the maximum loan the homebuyer can obtain). The Agency
would convert $14,150 of its equity in the property into a silent second trust deed
loan.
Prior to the sale, this unit will have been substantially rehabilitated and therefore, can
be counted toward the Agency's inclusionary housing requirement.
FINDINGS AND ALTERNATIVES:
Alternatives available to the Agency Board include:
1 . Approve the sale of 53-540 Avenida Carranza to maintain an affordable housing
unit in Project Area No. 1 for a purchase price of $1 10,000 and authorize the
Executive Director to execute the necessary documents to complete the
property sale; or
2. Deny the request to sell this property and maintain it as a very low income
rental unit; or
3. Provide staff with alternative direction.
Respectfully submitted,
-ry Hero an
mmunity Development Director
Approved for submission by:
r;; f
Thomas P. Genovese, Executive Director
043
Attachments:
1 . Summary Report
G:\WPDOCS\CC Stf Rpts\53-540 carranza staff report.doc
0()
ATTACHMENT #1
SUMMARY REPORT
FOR THE PROPOSED SALE AGREEMENT
BETWEEN THE
LA QUINTA REDEVELOPMENT AGENCY
AND
TYRA PAINTER
February 5, 2002
INTRODUCTION
This document is the Summary Report ("Report") for the proposed sale between the
La Quinta Redevelopment Agency ("Agency") and Tyra Painter ("Buyer"). The purpose
of the Sale Agreement ("Agreement") is to facilitate the sale by the Agency of a
single-family dwelling to the Buyer.
This Report has been prepared pursuant to Section 33433 of the California Health and
Safety Code ("California Community Redevelopment Law") and presents the following:
• A summary of the proposed transaction.
• The cost of the sale to the Agency.
• The estimated value of the interest to be conveyed, determined at the highest
and best uses permitted by the Agency's Redevelopment Plan.
• The estimated value to be conveyed, determined by the use and with the
conditions, covenants, and development costs required by the Agreement.
• An explanation of why the sale, pursuant to the Agreement, will assist in the
elimination of blight.
SUBJECT PROPERTY
The Subject Property ("Property") is a 3-bedroom, 2-bath single-family dwelling located
at 53-540 Avenida Carranza within La Quinta Redevelopment Project Area No. 1.
THE TRANSACTIONS PROVIDED FOR BY THE AGREEMENT
The Agreement will facilitate the sale of the Property to the Buyer, who will continue
to occupy the dwelling. The sales price of $1 10,000, which is fair market value for
the property, will be funded through a combination of the Buyer's down payment of
$3,300, $92,550 financed through the Buyer's first trust deed mortgage, and
$14,150 of the Agency's equity in the Property will be converted into a silent second
trust deed loan. This second trust deed will include covenants to insure that the
Property will remain affordable to a moderate income family for a minimum of 30
years.
The monies required to fund the Agency's second trust deed were expended in
August, 1995, when the Agency purchased this unit in order to secure its investment
in the unit through an Affordable Housing Agreement with Coachella Valley Land. A
portion of these purchase monies will be repaid to the Agency through the Buyer's
down payment and first trust deed mortgage; the remaining funds will stay in place
to fund the Agency's second trust deed mortgage and closing cost contribution. The
Agency will receive approximately $89,750 from this transaction.
00It
G:\WPDOCS\CC Stf Rpts\53-540 carranza summary report.doc
History of Property
This Property is currently a part of the Agency Rental Property Purchase Program. In
May, 1998, the Agency offered this property to the tenant for purchase and the Buyer
subsequently expressed an interest in purchasing the unit. Since that time, the Buyer
has been approved by First Pacific Financial for a mortgage up to the amount of
$92,550. The Buyer is an existing tenant who now qualifies as a moderate income
household.
The Cost of the Sale to the Agency
The Agency will have a total of approximately $1 14,000 invested in its ownership of
the Property through its cost to purchase the unit and to remedy deferred maintenance
items which existed at the time of purchase. The sales contract with the Buyer
provides for a purchase price of $1 10,000. Under this proposed transaction, the
Agency's investment will be treated as follows:
Agency Purchase Price:
$ 86,500
Total Cost to Qualify Unit as Substantially
Rehabilitated (funded from rent revenue):
27,500
Total Agency Investment:
$1 14,000
Buyer Down Payment:
$ 3, 300
Buyer First Trust Deed Monies Paid to Agency:
92,550
Agency Affordable Housing Second Trust Deed:
14,150
Total Purchase Price:
$1 10,000
Unfunded Agency Investment: $4,000
Estimated Value of the Interest to be Conveyed, Determined at the Highest and Best
Uses Permitted by the Agency's Redevelopment Plan
The Redevelopment Plan for La Quinta Redevelopment Project No. 1 provides that the
Property shall be used for low -density residential development. The Agency's
consultant commissioned a real property appraisal to determine the current market
value of a typical Agency owned rental property. The appraisal, dated April 13, 1999,
indicated a fair market value of $85,000. A real property appraisal of a similar unit
conducted in May, 2000 indicated a fair market value of $106,000. The subject
property was recently appraised in conjunction with this loan at a current market value
of $1 10,000. This value coincides with other similarly sized rental units in the Cove.
Estimated Value of the Interest to be Conveyed, Determined at the Use With the
Conditions, Covenants, and Development Costs Required by the Agreement
The Agreement provides that the Property will be sold at the current market value of
$1 10,000, which reflects the fair market value.
Explanation of Why the Sale of the Property Pursuant to the Agreement will Assist in
the Elimination of Blight
The Agreement provides for the sale of the Property and the recordation of
affordability covenants that will insure its continued affordability to a moderate income
household for 30 years. In conjunction with the sale, the unit will be substantially
rehabilitated with long term capital improvements, thereby extending the life of the
unit and improving its appearance. Thus, the transaction will insure the continued
affordability of a substantially rehabilitated single-family dwelling to a moderate income (�
household. 5
G:\WPDOCS\CC Stf Rpts\53-540 carranza summary report.doc V O J