2002 05 07 RDA Minutes LA QUINTA REDEVELOPMENT AGENCY
MINUTES
MAY 7, 20O2
'A regular meeting of the La Quinta Redevelopment Agency was called to order by
Chairperson Henderson.
PRESENT: Board Members Adolph, Pe~a, Perkins, Sniff, Chairperson Henderson
ABSENT: None
PUBLIC COMMENT - None
Agency Counsel Jenson recommended a closed session item be added pursuant to
Government Code Section 54946.8 regarding property located generally west of
Jefferson Street and south of Avenue 52. She advised the need to add the item arose
after posting of the agenda.
MOTION - It was moved by Board Members Sniff/Adolph to add Closed Session Item
No. 4 regarding property located generally west of Jefferson Street and south of
Avenue 52 (KSL Land Holdings) pursuant to Government Code Section 54946.8, as
the need to add the item arose after posting of the agenda. Motion carried
unanimously.
CLOSED SESSION
Mayor Pe~a did not participate in Item No. I due to a potential conflict of interest.
1. Conference with City/Agency real property negotiator, Jerry Herman, pursuant
to Government Code Section 54946.8 concerning potential terms and
conditions of acquisition and/or disposition of real property located west of
Montezuma, east of the Coachella Valley Water District Storm Water Channel,
south of Calle Ensenada, and north of Calle Chillon, APNs 773-245-02, 773-
311-027, 773-190-003, and 773-002-003. Property Owner/Negotiator:
C. Byron Murphy/Rick Murphy.
2. Conference with City/Agency 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 at the
northeast corner of Calle Tampico and Eisenhower Drive, portion of APN 773-
022-014. Property Owner/Negotiator: Hal Lynch, RGC.
3. 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 50-777 Santa Rosa
Plaza. Property Owner/Negotiator: Danny Brown.
Redevelopment Agency Minutes 2 May 7, 2002
4. 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 generally on the west
side of Jefferson Street, south of Avenue 52 (APNs 770-200-009 through -
010; 770-260-017; 772-150-001 through -005; 772-290-001 through -007,
and 772-290-009 through -013; 772-310-002 through -007; and 772-310-009
through -013. Property Owner/Negotiator: KSL Holdings Inc./Chevis Hosea.
The Agency recessed to Closed Session to and until the hour of 3:00 pm.
3:00 P.M.
The Agency reconvened in joint session with the City Council and the Financing
Authority to consider Business Item Nos. 1 and 2.
BUSINESS SESSION
1. CONSIDERATION OF: 1) AUTHORIZATION TO PROCEED WITH THE
ISSUANCE OF LA QUINTA REDEVELOPMENT AGENCY 2002 PROJECT AREA
NO. I TAX ALLOCATION BONDS; 2) APPROVAL OF BOARD DISCLOSURE
COUNSEL CONTRACT; AND 3) APPROVAL OF BOND UNDERWRITER
CONTRACT.
Finance Director Falconer presented the staff report.
Board Member Adolph asked if the bond expenses are expected to be higher
than last year's bonds, to which Mr. Falconer responded NO.
MOTION - It was moved by Board Members Sniff/Adolph to authorize staff and
the bond team to proceed with the issuance of 2002 Project Area No. 1 Bonds
and approve a contract with Stradling Yocca Carlson & Rauth to serve as Bond
Disclosure Counsel and Wedbush Morgan Securities to provide underwriting
services. Motion carried unanimously.
2. CONSIDERATION OF A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
LA QUINTA REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF
TAX ALLOCATION BONDS OF SAID AGENCY IN A PRINCIPAL AMOUNT NOT
TO EXCEED $50,000,000 TO FINANCE A PORTION OF THE COSTS OF A
REDEVELOPMENT PROJECT KNOWN AS THE LA QUINTA REDEVELOPMENT
PROJECT AREA NO. 1 AND APPROVING CERTAIN DOCUMENTS AND TAKING
CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH.
Finance Director Falconer presented the staff report.
Redevelopment Agency Minutes 3 May 7, 2002
RESOLUTION NO. RA 2002-08
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
LA QUINTA, CALIFORNIA, AUTHORIZING THE ISSUANCE OF TAX ALLOCATION
BONDS OF SAID AGENCY IN A PRINCIPAL AMOUNT OF NOT TO EXCEED FIFTY
MILLION DOLLARS ($50,000,000) TO FINANCE A PORTION OF THE COSTS OF
A REDEVELOPMENT PROJECT KNOWN AS THE LA QUINTA REDEVELOPMENT
PROJECT AREA NO. 1 AND APPROVING CERTAIN DOCUMENTS AND TAKING
CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH.
It was moved by Board Members Sniff/Adolph to adopt Resolution No. RA
2002-08 as submitted. Motion carried unanimously.
The Agency recessed to and until 7:00 p.m.
7:00 P.M.
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA - Confirmed
APPROVAL OF MINUTES
MOTION - It was moved by Board Members Sniff/Adolph to approve the Minutes of
April 9, 2002, as submitted. Motion carried unanimously.
MOTION - It was moved by Board Members Sniff/Adolph to approve the Minutes of
April 16, 2002, as submitted. Motion carried unanimously.
CONSENT CALENDAR
1. APPROVAL OF DEMAND REGISTER DATED MAY 7, 2002.
MOTION - It was moved by Board Members Sniff/Adolph to approve the Consent
Calendar as recommended. Motion carried unanimously.
Redevelopment Agency Minutes 4 May 7, 2002
STUDY SESSION - None
DEPARTMENT REPORTS - None
CHAIR AND BOARD MEMBERS' ITEMS - None
PUBLIC HEARINGS - None
The Agency recessed to Closed Session as delineated on Page 1.
The Agency meeting reconvened with no decisions being made in Closed Session which
require reporting pursuant to Section 54957.1 of the Government Code (Brown Act).
ADJOURNMENT
There being no further business the meeting was adjourned.
Respectfully submitted,
JUNE S. GREEK, Agency Secretary
La Quinta Redevelopment Agency