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2002 12 17 RDA
'(may' od 44d4a 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 auinta, California 92253 Regular Meeting Tuesday, December 17, 2002 - 2:00 P.M. Beginning Res. No. RA 2002-21 CALL TO ORDER Roll Call: Board Members: Adolph, 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 - None 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. 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 ON THE NORTH SIDE OF CALLE TAMPICO, WEST OF DESERT CLUB DRIVE, EMBASSY SUITES (TENTATIVE PARCEL MAP 29909, PARCEL 8.) PROPERTY OWNER/NEGOTIATOR: DANNY BROWN, BISON HOTEL GROUP. RECONVENE AT 3:00 PM Redevelopment Agency Agenda December 17, 2002 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 should be filed with the City Clerk prior to the Agency beginning consideration of that item. V. CONFIRMATION OF AGENDA VI. APPROVAL OF MINUTES 1. APPROVAL OF MINUTES OF DECEMBER 3, 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 FOR DECEMBER 17, 2002. 2. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA REDEVELOPMENT AGENCY 1995, 1998, 2001, AND 2002 TAX ALLOCATION BONDS FOR FISCAL YEAR END JUNE 30, 2002. 3. APPROVAL OF TREASURER'S REPORT DATED OCTOBER 31, 2002. 4. APPROVAL OF REVENUE AND EXPENDITURE REPORT FOR OCTOBER 31, 2002. Vill. BUSINESS SESSION 1. CONSIDERATION OF AN AMENDMENT TO AN AFFORDABLE HOUSING REHABILITATION AGREEMENT BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND LA QUINTA 34, LLC. (LAWRENCE RAEL) A. MINUTE ORDER ACTION IX. STUDY SESSION X. CHAIR AND BOARD MEMBERS' ITEMS XI. PUBLIC HEARINGS - None Redevelopment Agency Agenda Page 2 002 December 17, 2002 XII. ADJOURNMENT Adjourn to a regularly scheduled Meeting of the Redevelopment Agency to be held on January 7, 2003, commencing with closed session at 2:00 p.m. and open session at the conclusion of the 3:00 p.m. City Council business session in the City Council Chambers, 78-495 Calle Tampico, La Quinta, 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 Tuesday, December 17, 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, 78-371 Highway 111, and at Stater Bros., 78-630 Highway 1 1 1, on Friday, December 13, 2002. DATED: December 13, 2002 JUNE S. dREEK, Agency Secretary 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 ` 003 Redevelopment Agency Agenda Page 3 December 17, 2002 T4'!t 4 4 Q" AGENDA CATEGORY: BUSINESS SESSION COUNCIL/RDA MEETING DATE: DECEMBER 17, 2002 CONSENT CALENDAR ITEM TITLE: STUDY SESSION Demand Register Dated December 17, 2002 PUBLIC HEARING RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated December 17, 2002 of which$100,740.00 represents Redevelopment Agency Expenditures. PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA 004 TWY� 4 e4� Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: December 17, 2003 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Approval of Annual Continuing Disclosure PUBLIC HEARING: for the La Quinta Redevelopment Agency 1995,1998, 2001 and 2002 Tax Allocation Bonds for Fiscal Year End June 30, 2002 RECOMMENDATION: Approve, receive and file the Annual Continuing Disclosure for the La Quinta Redevelopment Agency 1995, 1998, 2001 and 2002 Tax Allocation Bonds for Fiscal Year End June 30, 2002. FISCAL IMPLICATIONS: None. BACKGROUND AND OVERVIEW: On November 10, 1994, the Securities and Exchange Commission adopted amendments to existing federal regulations (Rule 15c2-12) for bonds issued after July 3, 1995, requiring issuers of municipal securities (Bond issues) to do the following annually for each bond issue: 1. Prepare official statements meeting the content requirement of Rule 15c2-12. 2. File certain financial information and operating data with national and state repositories each year. 3. Prepare announcements of the significant events including payment defaults, defeasances and draws on a reserve fund as the events occur. Attachment 1 is the 2001 /02 Annual Continuing Disclosure Statement for the La Quinta Redevelopment Agency 1995 and 1998 Housing Tax Allocation Bonds prepared in accordance with the three aforementioned requirements. Additionally, no announcement of significant events was necessary for Fiscal Year 2001 /02. Attachment 1 is the 2001 /02 Annual Continuing Disclosure Statement for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds prepared in accordance with the three aforementioned requirements. Additionally, no announcement of significant events was necessary for Fiscal Year 2001 /02. FINDINGS AND ALTERNATIVES: The alternatives available to the City Council include: 1 . Approve, receive and file the Annual Continuing Disclosure for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 2002; or 2. Do not approve, receive and file the Annual Continuing Disclosure for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 2002; or 3. Provide staff with alternative direction. Respectfully submitted, hn M. Falcorfer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachment 1: 2001 /02 Annual Continuing Disclosure Statement for the La Quinta Financing Authority 11:? ATTACHMENT 1 ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 30, 2002 REDEVELOPMENT PROJECT AREAS NO. 1 AND 2 1995 HOUSING TAX ALLOCATION BONDS LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 007 6 G 4 LIST OF PARTICIPANTS CITY OF LA QUINTA www 1a-ffWnfa_nr©I John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92253 (760) 777-7150 MuniFinancial Temecula, CA 92590 (909) 699-3990 Report available for viewin_g www.muni.com Brad Scarborough U.S. Bank Trust, N.A. 550 South Hope Street, Suite 500 Los Angeles, California 90071 (213) 533-8741 In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 008 6tj5 L INTRODUCTION Pursuant to an Official Statement dated July 13, 1995, the La Quinta Redevelopment Agency (the "Agency") issued $22,455,000 Redevelopment Project Areas No. 1 and 2, 1995 Housing Tax Allocation Bonds, (the "Bonds") to finance affordable housing in or of benefit to the Community Redevelopment Project Areas No. 1 and 2 (collectively the "Redevelopment Projects"). The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1 ") encompasses an area of approximately 11,200 acres, which includes approximately 56% of the current area of the City. Redevelopment Project Area No. 2 (the "Project Area No. 2") encompasses an area of approximately 3,116 acres north of Project Area No. 1. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The Bonds were sold by the Agency for the purpose of increasing, improving and/or preserving the supply of low and moderate income housing within the Redevelopment Projects. The Bonds are special obligations of the Agency and are secured by a pledge of Housing Set -Aside Tax Revenues, as defined in the Official Statement. The Agency also has outstanding, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), a portion of the debt service on which is payable prior to the Bonds from Tax Revenues required to be deposited in the Project Area no. 1 Low and Moderate Income Housing Fund. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the Bonds, reference is made to the Official Statement. 1 2001/02, 1995 TAB City of La Quinta ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of September 2, 2002 1995 Housing Tax Allocation Bonds $20,360,000 B. FUND BALANCES Fund As of November 14, 2002 Reserve Fund (1) N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the MBIA Insurance Corporation. Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2002 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Redevelopment Project Areas. Project Area No. 1 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (1) Increment 1996/97 $1,297,020,107 $13,821,291 $0 $1,310,841,398 $1,111,443,165 $11,344,856 1997/98 1,383,340,327 13,157,051 0 1,396,497,378 1,197,099,145 12,161,894 1998/99 1,436,942,643 8,594,039 0 1,445,536,682 1,246,138,449 12,877,280 1999/00 1,627,578,717 8,034,814 0 1,635,613,531 1,436,215,298 15,659,371 2000/01 1,927,812,440 14,948,366 0 1,942,760,806 1,743,362,573 18,685,564 2001/02 2,287,724,601 14,486,563 0 2,302,211,164 2,102,812,931 20,929,840 2002/03 2,688,732,575 13,980,069 0 2,702,712,644 2,503,314,411 Not Available (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: Riverside County. 010 2001/02, 1995 TAB City of La Quinta 2 067 PROJECT AREA NO.2 Fiscal Year Secured Value Unsecured Value Utility Value Total Taxable Value Taxable Value Above Base ill Gross Tax Increment 1996/97 $419,135,799 $3,521,574 $0 $422,657,373 $327,474,618 $3,510,820 1997/98 485,513,978 4,484,841 0 487,998,819 392,816,064 4,107,340 1998/99 557,362,624 6,306,503 0 563,669,127 468,486,372 5,085,079 1999/00 653,544,147 5,472,923 0 659,017,070 563,834,315 6,127,144 2000/01 790,754,123 9,600,421 0 800,354,544 705,171,789 7,587,996 2001/02 1,003,653,582 12,084,137 0 1,015,737,719 920,554,964 9,004,474 2002/03 1,260,121,204 14,535,754 0 1,274,656,958 1,179,474,203 Not Available (1) The Base Value for the Project Area No. 2 is $95,182,755. Source: Riverside County. B. HOUSING SET -ASIDE REVENUE The following table sets forth the Housing Set -Aside revenue for the Redevelopment Project Areas. PROJECT AREA NO. 1 Fiscal Year Total Taxable Value Gross Tax Increment Housing Set Aside 1996/97 $1,311,330,288 $11,344,856 $2,268,971 1997/98 1,396,497,378 12,161,894 2,432,379 1998/99 1,445,536,682 12,877,280 2,575,456 1999/00 1,635,613,531 15,659,371 3,131,874 2000/01 1,942,760,806 18,685,564 3,737,113 2001/02 2,302,211,164 20,929,840 4,488,487 Source: Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office PROJECT AREA NO.2 Fiscal Year Total Taxable Value Gross Tax Increment Housing Set Aside 1996/97 $422,657,373 $3,510,820 $702,164 1997/98 487,998,819 4,107,340 821,468 1998199 563,669,127 5,085,079 1,017,016 1999/00 659,017,070 6,127,144 1,225,429 2000/01 800,354,544 7,587,996 1,517,600 2001/02 1,015,737,719 9,004,474 2,025,212 Source: Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office 021 2001/02, 1995 TAB City of La Quinta 3 C. DEBT SERVICE COVERAGE The following table sets forth the debt service for the Bonds and the portion of debt service on the 1994 Bonds payable from Housing Set -Aside revenue. Fiscal Debt Service Year Payment 1994 Bonds Debt Service Payment �'� Total Debt Service Payable From Housing Set -Aside Housing Set -Aside (2) Debt Service Coverage 1996/97 $1,601,215 $491,069 $2,092,284 $2,971,135 1.42 1997/98 1,598,615 490,186 2,088,801 3,253,847 1.56 1998/99 1,599,965 490,436 2,090,401 3,592,472 1.72 1999/00 1,600,175 490,876 2,091,051 4,357,303 2.08 2000/01 1,599,200 490,506 2,089,706 5,254,713 2.51 2001/02 1,602,180 491,035 2,093,215 6,513,699 3.11 (1) Represents the 18.5% portion of annual debt service on the 1994 Bonds to which the Agency has allocated Housing Set -Aside revenue derived from Project Area No. 1. (2) Housing Set -Aside includes revenue from Project Area No. 1 and Project Area No. 2. D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the Bonds and the portion of debt service for 1994 Bonds payable from the Housing Set -Aside revenue. Maturity Date 1994 September 1 Bonds Debt 1995 Bonds Total of Service (') Principal Interest Debt Service Combined 2003 $490,706.03 $405,000 $1,193,460 $1,598,460 $2,089,166.03 2004 490,521.03 425,000 1,173,615 1,598,615 2,089,136.03 2005 490,770.78 450,000 1,152,365 1,602,365 2,093,135.78 2006 490,728.23 530,000 1,129,415 1,659,415 2,150,143.23 2007 491,050.13 560,000 1,101,590 1,661,590 2,152,640.13 2008 490,676.43 590,000 1,071,350 1,661,350 2,152,026.43 2009 490,464.60 620,000 1,038,900 1,658,900 2,149,364.60 2010 490,279.60 655,000 1,004,180 1,659,180 2,149,459.60 2011 490,911.38 695,000 967,500 1,662,500 2,153,411.38 2012 490,307.35 735,000 925,800 1,660,800 2,151,107.35 2013 780,000 881,700 1,661,700 1,661,700.00 2014 825,000 834,900 1,659,900 1,659,900.00 2015 875,000 785,400 1,660,400 1,660,400.00 2016 925,000 732,900 1,657,900 1,657,900.00 2017 985,000 677,400 1,662,400 1,662,400.00 2018 1,040,000 618,300 1,658,300 1,658,300.00 2019 1,105,000 555,900 1,660,900 1,660,900.00 2020 1,170,000 489,600 1,659,600 1,659,600.00 2021 1,240,000 419,400 1,659,400 1,659,400.00 2022 1,315,000 345,000 1,660,000 1,660,000.00 2023 1,395,000 266,100 1,661,100 1,661,100.00 2024 1,475,000 182,400 1,657,400 1,657,400.00 2025 1,565,000 93,900 1,658,900 1,658,900.00 Total $4,906,415.56 $20,360,000 $17,641,075 $38,001,075 $42,907,490.56 Represents the 18.5% of annual debt service on the 1994 Bonds to which the Agency has allocated Housing Set - Aside revenue derived from Project Area No. 1. 012 2001102, 1995 TAB City of La Quinta 4 G g V. SIGNATURE The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. LA QUINTA REDEVELOPMENT AGEAICY A 17 John Falconer' Finance Director December 17, 2002 013 2001102, 1995 TAB City of La Quinta 5 ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 30, 2002 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2 TAX ALLOCATION REFUNDING BONDS ISSUE OF 1998 LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 014 LIST OF PARTICIPANTS CITY OF LA QUINTA www.la-dllfTlta.oCp John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92253 (760) 777-7150 * In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 915 L L INTRODUCTION Pursuant to an Official Statement dated June 1, 1998, the La Quinta Redevelopment Agency (the "Agency") issued $6,750,000 La Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds, Issue of 1998 (the "Bonds"). The Bonds are being issued for the purpose of refinancing the Agency's La Quinta Redevelopment Project Area No. 2, Tax Allocation Bonds, Issue of 1992 (the 1992 Bonds"). The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 2 (the "Project Area No. 2") encompasses an area of approximately 3,116 acres, which includes approximately 16% of the total corporate area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the Bonds, reference is made to the Official Statement. ois 2001/02, 1998 TAB Proj 2 City of La Quinta 1 II. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of September 2, 2002 Tax Allocation Refunding Bonds, Issue of 1998 $6,415,000 B. FUND BALANCES Fund Reserve Fund As of November 14, 2002 N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. /it. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2002 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 2. PROJECT AREA NO.2 Fiscal Year Secured Value Unsecured Value Utility Value Total Taxable Value Taxable Value Above Base (') Gross Tax Increment I ) 1996/97 $419,135,799 $3,521,574 $0 $422,657,373 $327,474,618 $3,510,820 1997/98 485,513,978 4,484,841 0 487,998,819 392,816,064 4,107,340 1998/99 557,362,624 6,306,503 0 563,669,127 468,486,372 5,085,079 1999/00 653,544,147 5,472,923 0 659,017,070 563,834,315 6,127,144 2000/01 790,754,123 9,600,421 0 800,354,544 705,171,789 7,587,996 2001/02 1,003,653,582 12,084,137 0 1,015,737,719 920,554,964 9,004,474 2002/03 1,260,121,204 14,535,754 0 1,274,656,958 1,179,474,203 Not Available (1) The Base Value for the Project Area No. 2 is $95,182,755. (2) Information gathered from the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office Source: Riverside County. 2001102, 1998 TAB Proj 2 City of La Quinta 017 2 L 614 B. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and Debt Service Coverage for the Bonds. Maximum Less: Less: Annual Maximum Annual Fiscal Gross Tax Nonsubordinated Housing Pledged Debt Debt Service Year Increment Pass Throughs Set Aside Revenues Service (2) Coverage 1996/97 $3,510,820 $1,863,941 $702,164 $944,715 $423,788 2.23 1997/98 4,107,340 2,181,302 821,468 1,104,570 423,788 2.61 1998/99 5,085,079 2,845,255 1,017,016 1,222,808 423,788 2.89 1999/00 6,127,144 3,498,500 1,225,429 1,403,215 423,788 3.31 2000/01 7,587,996 4,445,548 1,517,600 1,624,848 423,788 3.83 2001/02 9,004,474 5,903,535 2,025,212 1,072,727 423,788 2.54 (1) The Agency has entered into agreements with the Riverside County General Fund, Riverside County Library District, Riverside County Fire District, Riverside County Superintendent of Schools, Coachella Valley Water District, Coachella Valley Recreation and Parks District, Desert Sands Unified School District, and the Coachella Valley Mosquito Abatement District to pass through Tax Increment on a nonsubordinated basis. (2) Maximum Annual Debt Service on the Bonds is payable in the year 2024. Source: Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office C. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the Bonds. Maturity Date Debt Seutember 1 of Principal Interest Service 2003 $90,000 $328,925.00 $418,925.00 2004 95,000 325,235.00 420,235.00 2005 100,000 321,292.50 421,292.50 2006 105,000 317,042.50 422,042.50 2007 110,000 312,527.50 422,527.50 2008 115,000 307,742.50 422,742.50 2009 120,000 302,625.00 422,625.00 2010 125,000 296,475.00 421,475.00 2011 130,000 290,068.75 420,068.75 2012 140,000 283,406.25 423,406.25 2013 145,000 276,231.25 421,231.25 2014 150,000 268,800.00 418,800.00 2015 160,000 261,112.50 421,112.50 2016 170,000 252,912.50 422,912.50 2017 175,000 244,200.00 419,200.00 2018 185,000 235,231.25 420,231.25 2019 195,000 225,750.00 420,750.00 2020 205,000 215,512.50 420,512.50 2021 215,000 204,750.00 419,750.00 2022 230,000 193,462.50 423,462.50 2023 240,000 181,387.50 421,387.50 2024 255,000 168,787.50 423,787.50 2025 265,000 155,400.00 420,400.00 2026 280,000 141,487.50 421,487.50 2027 295,000 126,787.50 421,787.50 2028 310,000 111,300.00 421,300.00 2029 325,000 95,025.00 420,025.00 2030 345,000 77,962.50 422,962.50 2031 360,000 59,850.00 419,850.00 2032 380,000 40,950.00 420,950.00 2033 400,000 21,000.00 421,000.00 Total $6,415,000 $6,643,240.00 $13,058,240.00 018 2001102, 1998 TAB Proj 2 City of La Quinta 3 A 1 5 V. SIGNATURE The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. LA QUINTA REDEVELOPMENT AG RCY John Falc ne FinanceIl Director December 17 , 2002 019 2001102, 1998 TAB Proj 2 City of La Quinta `+ 16 ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 30, 2002 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION REFUNDING BONDS SERIES 1998 LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 6L LIST OF PARTICIPANTS CITY OF LA QUINTA u►u►�,V la.n►�inta_nrd John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92253 (760) 777-7150 In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 021 �. �I1 L INTRODUCTION Pursuant to an Official Statement dated June 1, 1998, the La Quinta Redevelopment Agency (the "Agency") issued $15,760,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Refunding Bonds, Series 1998, (the "1998 Bonds"). The 1998 Bonds are being issued for the purpose of refinancing the Agency's La Quinta Redevelopment Project, Tax Allocation Bonds, Series 1991 (the "1991 Bonds"). The 1998 Bonds are payable on a parity with the Agency's previously issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the 1994 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds") and the Agency's previously issued La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Series 2002 (the "2002 Bonds") (collectively the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 56% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 1998 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 1998 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 1998 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 1998 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the 1998 Bonds, reference is made to the Official Statement. 022 2001/02, 1998 TAB City of La Quinta i H. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of September 2, 2002 Tax Allocation Refunding Bonds, Series 1998 $15,760,000 B. FUND BALANCES Fund As of November 14, 2002 Reserve Fund ('I N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. III. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2002 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. PROJECT AREA NO. 1 Fiscal Secured Year Value Unsecured Value Utility Value Total Taxable Value Taxable Value Above Base (1) Gross Tax Increment (2) 1996/97 $1,297,020,107 $13,821,291 $0 $1,310,841,398 $1,111,443,165 $11,344,856 1997/98 1,383,340,327 13,157,051 0 1,396,497,378 1,197,099,145 12,161,894 1998/99 1,436,942,643 8,594,039 0 1,445,536,682 1,246,138,449 12,877,280 1999/00 1,627,578,717 8,034,814 0 1,635,613,531 1,436,215,298 15,659,371 2000/01 1,927,812,440 14,948,366 0 1,942,760,806 1,743,362,573 18,685,564 2001/02 2,287,724,601 14,486,563 0 2,302,211,164 2,102,812,931 20,929,840 2002/03 2,688,732,575 13,980,069 0 2,702,712,644 2,503,314,411 Not Available. (1) The Base Value for the Project Area No. 1 is $199,398,233. (2) Information gathered from the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office Source: Riverside County. 023- 2001/02, 1998 TAB City of La Quinta 2 B. LAND USE Percent of Total 2001/02 Assessed Land Use Total Assessed Value Value Agriculture $517,283 0.02% Commercial 96,707,503 4.04% Golf Course/Recreation 39,815,567 1.67% Government 714,488 0.03% Medical 95,716 0.00% Office 6,617,091 0.28% Residential 1,914,998,609 80.08% Utilities 139,111 0.01 % Vacant 331,611,143 13.87% Total Value $2,391,216,511 100.00% (1) Assessed Values were obtained from the First American Real Estate Solutions, MetroScan data system. The assessed values obtained from MetroScan do not match the County's assessed values due to a difference in databases. The discrepancy in assessed values is less than 4.0% and is therefore considered less than significant. Source: Rosenow Spevacek Group, Inc. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Maximum Maximum Annual Less: Less: Less Annual Debt Fiscal Gross Tax Nonsubordinated Housing Pledged Subordinated Net Debt Service Year Increment Pass Throughs(') Set Aside Revenues Pass Throughs(2) Revenues Service (3) Coverage 2001/02 $20,929,840 $1,168,978 $4,488,487 $15,272,375 $7,025,471 $8,246,904 $3,697,867 2.23 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubordinated basis. Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non - subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. (3) The combined Maximum Annual Debt Service on the 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2009. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. 024 2001102, 1998 TAB City of La Quinta � ry D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, the 1998 Bonds, 2001 Bonds and the 2002 Bonds. Maturity Date September 1 of 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds Combined Debt Service 2003 $2,161,759 $819,520 $2,430,720 $2,475,769 $7,887,768 2004 2,160,944 819,520 2,430,720 2,475,881 7,887,065 2005 2,162,044 819,520 2,430,720 2,474,381 7,886,665 2006 2,161,857 819,520 2,430,720 2,475,341 7,887,438 2007 2,163,275 819,520 2,430,720 2,473,841 7,887,356 2008 2,161,629 819,520 2,430,720 2,475,391 7,887,260 2009 2,160,695 819,520 2,430,720 2,479,436 7,890,371 2010 2,159,880 819,520 2,430,720 2,475,676 7,885,796 2011 2,162,664 819,520 2,430,720 2,475,176 7,888,080 2012 2,160,003 819,520 2,430,720 2,477,681 7,887,924 2013 0 1,474,520 3,995,720 2,418,281 7,888,521 2014 0 1,475,460 3,997,470 2,413,031 7,885,961 2015 0 1,474,580 4,000,220 2,411,281 7,886,081 2016 0 1,476,880 3,998,720 2,412,781 7,888,381 2017 0 1,472,100 3,997,970 2,417,281 7,887,351 2018 0 1,475,500 3,997,720 2,414,531 7,887,751 2019 0 1,476,560 3,997,720 2,414,781 7,889,061 2020 0 1,475,280 3,997,720 2,412,781 7,885,781 2021 0 1,476,660 3,997,470 2,413,531 7,887,661 2022 0 1,475,440 3,996,720 2,416,781 7,888,941 2023 0 1,476,620 3,997,790 2,412,281 7,886,691 2024 0 1,474,940 3,997,485 2,413,856 7,886,281 2025 0 1,475,400 3,995,550 2,417,356 7,888,306 2026 0 1,472,740 3,996,730 2,417,525 7,886,995 2027 0 1,471,960 4,000,515 2,414,363 7,886,838 2028 0 1,472,800 3,996,395 2,417,869 7,887,064 2029 0 0 3,999,370 3,887,531 7,886,901 2030 0 0 3,998,675 3,888,013 7,886,688 2031 0 0 3,999,055 3,890,550 7,889,605 2032 0 0 0 7,889,631 7,889,631 Total $21,614,750 $31,792,640 $100,266,215 $82,952,608 $236,626,213 025 2001102, 1998 TAB City of La Quinta 4 V. SIGNATURE The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. LA QUINTA REDEVELOPMENT AGENCY _ A John Falconer' Finance Director December % 7 , 2002 026 2001/02, 1998 TAB City of La Quinta 5 . 6::3 ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 305 2002 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2001 LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 027 LIST OF PARTICIPANTS John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92253 (760) 777-7150 MuniFinancial Temecula, CA 92590 (909) 699-3990 Report available for viewing Ccil www.munLcom UNDERWRITER In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 028 5 L INTRODUCTION Pursuant to an Official Statement dated August 15, 2001, the La Quinta Redevelopment Agency (the "Agency") issued $48,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001, (the "2001 Bonds"). The 2001 Bonds are being issued to finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No. The 2001 Bonds are payable on a parity with the Agency's previously issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds") and the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002 (the "2002 Bonds") (collectively the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1 ") encompasses an area of approximately 11,200 acres, which includes approximately 56% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 2001 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 2001 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 2001 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 2001 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the 2001 Bonds, reference is made to the Official Statement. 029 2001/02, 2001 TAB City of La Quinta H. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of September 2, 2002 Tax Allocation Bonds, Series 2001 $48,000,000 B. FUND BALANCES Fund Reserve Fund As of November 14, 2002 N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond. Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2002 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. PROJECT AREA NO. 1 Fiscal Secured Year Value Unsecured Value Utility Value Total Taxable Value Taxable Value Above Base (') Gross Tax Increment (2) 1996/97 $1,297,020,107 $13,821,291 $0 $1,310,841,398 $1,111,443,165 $11,344,856 1997/98 1,383,340,327 13,157,051 0 1,396,497,378 1,197,099,145 12,161,894 1998/99 1,436,942,643 8,594,039 0 1,445,536,682 1,246,138,449 12,877,280 1999/00 1,627,578,717 8,034,814 0 1,635,613,531 1,436,215,298 15,659,371 2000/01 1,927,812,440 14,948,366 0 1,942,760,806 1,743,362,573 18,685,564 2001/02 2,287,724,601 14,486,563 0 2,302,211,164 2,102,812,931 20,929,840 2002/03 2,688,732,575 13,980,069 0 2,702,712,644 2,503,314,411 Not Available (1) The Base Value for the Project Area No. 1 is $199,398,233. (2) Information gathered from the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office. Source: Riverside County. 030 2001102, 2001 TAB City of La Quinta 2 Cr- �. B. LAND USE Percent of 2002/03 Total Total Assessed Assessed Land Use Value Value Agriculture $2,399,624 0.10% Commercial 117,100,418 4.64% Golf Course/Recreation 85,216,008 3.38% Government 714,488 0.03% Medical 2,433,889 0.10% Office 7,297,983 0.29% Residential 2,198,732,725 87.13% Utilities 139,111 0.01 % Vacant 109,378,198 4.33% Total $2,523,412,444 100.00% (1) Assessed Values were obtained from the First American Real Estate Solutions, MetroScan data system. The assessed values obtained from MetroScan do not match the County's assessed values due to a difference in databases. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Maximum Maximum Annual Less: Less: Less Annual Debt Fiscal Gross Tax Nonsubordinated Housing Pledged Subordinated Net Debt Service Year Increment Pass Throughs(l) Set Aside Revenues Pass ThroughslZI Revenues Service t31 Coverage 2001/02 $20,929,840 $1,168,978 $4,488,487 $15,272,375 $7,025,471 $8,246,904 $3,697,867 2.23 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubordinated basis. Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non - subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. (3) The combined Maximum Annual Debt Service on the 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2009. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. 031 2001102, 2001 TAB City of La Quinta 3 , D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, the 1998 Bonds, 2001 Bonds and the 2002 Bonds. Maturity Date September 1 of 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds Combined Debt Service 2003 $2,161,759 $819,520 $2,430,720 $2,475,769 $7,887,768 2004 2,160,944 819,520 2,430,720 2,475,881 7,887,065 2005 2,162,044 819,520 2,430,720 2,474,381 7,886,665 2006 2,161,857 819,520 2,430,720 2,475,341 7,887,438 2007 2,163,275 819,520 2,430,720 2,473,841 7,887,356 2008 2,161,629 819,520 2,430,720 2,475,391 7,887,260 2009 2,160,695 819,520 2,430,720 2,479,436 7,890,371 2010 2,159,880 819,520 2,430,720 2,475,676 7,885,796 2011 2,162,664 819,520 2,430,720 2,475,176 7,888,080 2012 2,160,003 819,520 2,430,720 2,477,681 7,887,924 2013 0 1,474,520 3,995,720 2,418,281 7,888,521 2014 0 1,475,460 3,997,470 2,413,031 7,885,961 2015 0 1,474,580 4,000,220 2,411,281 7,886,081 2016 0 1,476,880 3,998,720 2,412,781 7,888,381 2017 0 1,472,100 3,997,970 2,417,281 7,887,351 2018 0 1,475,500 3,997,720 2,414,531 7,887,751 2019 0 1,476,560 3,997,720 2,414,781 7,889,061 2020 0 1,475,280 3,997,720 2,412,781 7,885,781 2021 0 1,476,660 3,997,470 2,413,531 7,887,661 2022 0 1,475,440 3,996,720 2,416,781 7,888,941 2023 0 1,476,620 3,997,790 2,412,281 7,886,691 2024 0 1,474,940 3,997,485 2,413,856 7,886,281 2025 0 1,475,400 3,995,550 2,417,356 7,888,306 2026 0 1,472,740 3,996,730 2,417,525 7,886,995 2027 0 1,471,960 4,000,515 2,414,363 7,886,838 2028 0 1,472,800 3,996,395 2,417,869 7,887,064 2029 0 0 3,999,370 3,887,531 7,886,901 2030 0 0 3,998,675 3,888,013 7,886,688 2031 0 0 3,999,055 3,890,550 7,889,605 2032 0 0 0 7,889,631 7,889,631 Total $21,614,750 $31,792,640 $100,266,215 $82,952,608 $236,626,213 1'%4, 2001102, 2001 TAB City of La Quinta 4 V. SIGNATURE The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. LA QUINTA REDEVELOPMENT AGE,,ICY Mn Falconer ' nance Director December t7 , 2002 033 2001102, 2001 TAB City of La Quinta 5 ".a , %l V— 0 ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 3% 2002 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2002 LA QUINTA REDEVELOPMENT AGENCY CITY OF LA QUINTA RIVERSIDE COUNTY, CALIFORNIA 034 C LIST OF PARTICIPANTS John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92253 (760) 777-7150 MuniFinancial+ Temecula, CA 92590 (909) 699-3990 Report available for viewing www.munLcom Rutan & Tucker LLP Costa Mesa, California In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 035 t� 2 V L INTRODUCTION Pursuant to an Official Statement dated June 12, 2002, the La Quinta Redevelopment Agency (the "Agency") issued $40,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002, (the "2002 Bonds"). The 2002 Bonds are being issued to finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No. The 2002 Bonds are payable on a parity with the Agency's previously issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), the previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds") and the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds") (collectively the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 56% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 2002 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 2002 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 2002 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 2002 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the 2002 Bonds, reference is made to the Official Statement. 036 2001102, 2002 TAB City of La Quinta 7 , �3 H. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of September 2, 2002 Tax Allocation Refunding Bonds, Series 2002 $40,000,000 B. FUND BALANCES Fund As of November 14, 2002 Reserve Fund �'� N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond. 111. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2002 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. PROJECT AREA NO. 1 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (') Increment (2) 1996/97 $1,297,020,107 $13,821,291 $0 $1,310,841,398 $1,111,443,165 $11,344,856 1997/98 1,383,340,327 13,157,051 0 1,396,497,378 1,197,099,145 12,161,894 1998/99 1,436,942,643 8,594,039 0 1,445,536,682 1,246,138,449 12,877,280 1999/00 1,627,578,717 8,034,814 0 1,635,613,531 1,436,215,298 15,659,371 2000/01 1,927,812,440 14,948,366 0 1,942,760,806 1,743,362,573 18,685,564 2001/02 2,287,724,601 14,486,563 0 2,302,211,164 2,102,812,931 20,929,840 2002/03 2,688,732,575 13,980,069 0 2,702,712,644 2,503,314,411 Not Available (1) The Base Value for the Project Area No. 1 is $199,398,233. (2) Information gathered from the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office Source: Riverside County. 037 2001102, 2002 TAB City of La Quinta 2 () 4 B. LAND USE Percent of 2002/03 Total Total Assessed Assessed Land Use Value Value Agriculture $2,399,624 0.10% Commercial 117,100,418 4.64% Golf Course/Recreation 85,216,008 3.38% Government 714,488 0.03% Medical 2,433,889 0.10% Office 7,297,983 0.29% Residential 2,198,732,725 87.13% Utilities 139,111 0.01 % Vacant 109,378,198 4.33% Total $2,523,412,444 100.00% (1) Assessed Values were obtained from the First American Real Estate Solutions, MetroScan data system. The assessed values obtained from MetroScan do not match the County's assessed values due to a difference in databases. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Maximum Maximum Annual Less: Less: Less Annual Debt Fiscal Gross Tax Nonsubordinated Housing Pledged Subordinated Net Debt Service Year Increment Pass Throughslll Set Aside Revenues Pass Throughs12) Revenues Service (3) Coverage 2001/02 $20,929,840 $1,168,978 $4,488,487 $15,272,375 $7,025,471 $8,246,904 $3,697,867 2.23 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubordinated basis. Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non - subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. (3) The combined Maximum Annual Debt Service on the 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2009. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. 038 2001/02, 2002 TAB City of La Quinta D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, the 1998 Bonds, 2001 Bonds and the 2002 Bonds. Maturity Date September 1 of 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds Combined Debt Service 2003 $2,161,759 $819,520 $2,430,720 $2,475,769 $7,887,768 2004 2,160,944 819,520 2,430,720 2,475,881 7,887,065 2005 2,162,044 819,520 2,430,720 2,474,381 7,886,665 2006 2,161,857 819,520 2,430,720 2,475,341 7,887,438 2007 2,163,275 819,520 2,430,720 2,473,841 7,887,356 2008 2,161,629 819,520 2,430,720 2,475,391 7,887,260 2009 2,160,695 819,520 2,430,720 2,479,436 7,890,371 2010 2,159,880 819,520 2,430,720 2,475,676 7,885,796 2011 2,162,664 819,520 2,430,720 2,475,176 7,888,080 2012 2,160,003 819,520 2,430,720 2,477,681 7,887,924 2013 0 1,474,520 3,995,720 2,418,281 7,888,521 2014 0 1,475,460 3,997,470 2,413,031 7,885,961 2015 0 1,474,580 4,000,220 2,411,281 7,886,081 2016 0 1,476,880 3,998,720 2,412,781 7,888,381 2017 0 1,472,100 3,997,970 2,417,281 7,887,351 2018 0 1,475,500 3,997,720 2,414,531 7,887,751 2019 0 1,476,560 3,997,720 2,414,781 7,889,061 2020 0 1,475,280 3,997,720 2,412,781 7,885,781 2021 0 1,476,660 3,997,470 2,413,531 7,887,661 2022 0 1,475,440 3,996,720 2,416,781 7,888,941 2023 0 1,476,620 3,997,790 2,412,281 7,886,691 2024 0 1,474,940 3,997,485 2,413,856 7,886,281 2025 0 1,475,400 3,995,550 2,417,356 7,888,306 2026 0 1,472,740 3,996,730 2,417,525 7,886,995 2027 0 1,471,960 4,000,515 2,414,363 7,886,838 2028 0 1,472,800 3,996,395 2,417,869 7,887,064 2029 0 0 3,999,370 3,887,531 7,886,901 2030 0 0 3,998,675 3,888,013 7,886,688 2031 0 0 3,999,055 3,890,550 7,889,605 2032 0 0 0 7,889,631 7,889,631 Total $21,614,750 $31,792,640 $100,266,215 $82,952,608 $236,626,213 2001102, 2002 TAB City of La Quinta 4 �J v Li V. SIGNATURE The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. LA QUINTA REDEVELOPMENT AGENZY 14 John Falconer ' Finance Director December i 7 , 2002 M1 2001102, 2002 TAB City of La Quinta 5 " u �a�� Q•c o`�`o F �Witu�l'�Cv 5 OF�w AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: December 17, 2002 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Transmittal of Treasurer's Report PUBLIC HEARING: as of October 31, 2002 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and file. PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA 041 w� G� 4 OF C19 AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: Transmittal of Revenue and Expenditure Report for October 31, 2002 RECOMMENDATION: Receive and File. BUSINESS SESSION: December 17, 2002 CONSENT CALENDAR: BACKGROUND AND OVERVIEW: STUDY SESSION: PUBLIC HEARING: Transmittal of the October 31, 2002 Statement of Revenue and Expenditures for the La Quinta Redevelopment Agency. Respect Ily submitted: JobK M. Fa'lcolner, F nance Director Approved for submission by: homas P. Genovese, Executive Director Attachments 1: Revenue and Expenditures Report, October 31, 2002 042 ATTACHMENT 1 LA QUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO. 1: DEBT SERVICE FUND: Tax Increment Allocated Interest Non Allocated Interest Interst - County Loan Interest Advance Proceeds Transfers In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: Pooled Cash Allocated Interest Non Allocated Interest Litigation Settlement Revenue Loan Proceeds Rental Income Transfers In TOTAL CAPITAL IMPROVEMENT LOW/MODERATE TAX FUND: Tax Increment Allocated Interest Non Allocated Interest Miscellaneous revenue Non Allocated Interest LQRP-Rent Revenue Home Sales Proceeds Sale of Land Sewer Subsidy Reimbursements Rehabilitation Loan Repayments Transfer In TOTAL LOW/MOD TAX LOW/MODERATE BOND FUND: REMAINING % BUDGET RECEIVED BUDGET RECEIVED 18,048,724.00 (95,456.15) 18,144,180,15 -0.530% 19,671.11 (19,671.11) 0.000% 7,510.57 (7,510.57) 0.000% 0.00 0.00 0.000% 490,757.00 0.00 490,757.00 0.000% 1738,783.00 1,146,225.66 592,557.34 65.920% 20, 278, 264.00 1, 077, 951.19 19, 200, 312.81 5.320 % 1,208.80 (1,208.80) 0.000% 125,000.00 245,100.33 (120,100.33) 196.080% 0.00 0.00 0.000% 0.00 0.00 0.000% 41,500.00 1,132.40 40,367.60 2.730% 0.00 0.00 0.000% 166,500.00 247,441.53 (80,941.53) 148.610% 4,512,181.00 (23,864.03) 4,536,045.03 -0.530% 200,000.00 7,522.16 192,477.84 3.760% 17,507.00 0.00 17,507.00 0.000% 0.00 0.00 0.000% 0.00 0.00 0.000% 341,000.00 127,982.00 213,018.00 37.530% 150,000.00 0.00 150,000.00 0.000% 0.00 0.00 0.000% 31,764.62 (31,764.62) 0.000% 15,110.34 (15,110.34) 0.000% 0.00 0.00 0.000% 5,220,688.00 158,515.09 5,062,172.91 3.040% Allocated Interest 0.00 0.00 0.000% Home Sale Proceeds 0.00 0.00 0.000% Non Allocated Interest 7,694.10 (7,694.10) 0.000% Transfer In 0.00 0.00 0.000% TOTAL LOW/MOD BOND 0.00 7,694.10 (7,694.10) 0.000% 043 � 3 LA QUINTA REDEVELOPMENT AGENCY REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA NO. 2: DEBT SERVICE FUND: Tax Increment 7,585,373.00 29.08 7,585,343.92 0.000% Allocated Interest 4,902.16 (4,902.16) 0.000% Non Allocated Interest 394.62 (394.62) 0.000% Interest Advance Proceeds 882,433.00 0.00 882,433.00 0.000% Transfer In 338,895.00 211,932.00 126,963.00 62.540% TOTAL DEBT SERVICE 8,806,701.00 217,257.86 8,589,443.14 2.470% CAPITAL IMPROVEMENT FUND: Allocated Interest 8,328.05 (8,328.05) 0.000% Non Allocated Interest 20,000.00 4.10 19,995.90 0.020% Developer Agreement 0.00 0.00 0.000% Transfers In 0.00 0.00 0.000% Proceeds from City Loan 1100,000.00 0.00 1,100,000.00 0.000% TOTAL CAPITAL IMPROVEMENT 1,120,000.00 8,332.15 1,111,667.85 0.740% LOW/MODERATE TAX FUND: Tax Increment 1,896,343.00 (21,502.77) 1,917,845.77 -1.130% Developer Funding 0.00 0.00 0.000% Allocated Interest 20,700.00 14,397.22 6,302.78 69.550% Non Allocated Interest 0.00 0.00 0.000% Sale of Land 0.00 0.00 0.000% Transfer In 0.00 0.00 0.000% TOTAL LOW/MOD TAX 1,917,043.00 (7,105.55) 1,924,148.55 -0.370% LOW/MODERATE BOND FUND: Allocated Interest 0.00 0.00 0.000% Non Allocated Interest 1,849.09 (1,849.09) 0.000% Transfer In 0.00 0.00 0.000% TOTAL LOW/MOD BOND 0.00 1,849.09 (1,849.09) 0.000% 044 _ 6 4 LA QUINTA REDEVELOPMENT AGENCY 07/01/2002-10/31102 REMAINING % EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED PROJECT AREA NO.1: DEBT SERVICE FUND: SERVICES 586,870.00 0.00 0.00 586,870.00 0.0% BOND PRINCIPAL 1,567,022.00 1,567,788.00 0.00 (766.00) 100.0% BOND INTEREST 6,991,075.00 3,278,260.92 0.00 3,712,814.08 46.9% INTEREST CITY ADVANCE 490,757.00 163,585.72 0.00 327,171.28 33.3% PASS THROUGH PAYMENTS 8,418,042.00 0.00 0.00 8,418,042.00 0.0% TRANSFERS OUT 0.00 0.00 0.00 0.0% TOTAL DEBT SERVICE 18,053,766.00 5,009,634.64 0.00 13,044,131.36 27.7% CAPITAL IMPROVEMENT FUND: PERSONNEL SERVICES LAND ACQUISITION ASSESSMENT DISTRICT ADVERTISING -ECONOMIC DEV ECONOMIC DEVELOPMENT BOND ISSUANCE COSTS CAPITAL - BUILDING REIMBURSEMENT TO GEN FUND TRANSFERS OUT TOTAL CAPITAL IMPROVEMENT LOW/MODERATE TAX FUND: LOW/MODERATE BOND FUND PERSONNEL SERVICES BUILDING HORIZONS LQ RENTAL PROGRAM LQ HOUSING PROGRAM APARTMENT REHABILITATION FORECLOSURE ACQUISITION REIMBURSEMENT TO GEN FUND TRANSFERS OUT TOTAL LOW/MOD TAX 4,900.00 2,242.50 0.00 2.657.50 45.8% 214,379.00 59,471.69 0.00 154,907.31 27.7% 0.00 0.00 0.00 0.00 0.0% 0.00 0.00 0.00 0.00 0.0% 16,700.00 4,975.58 0.00 11,724.42 29.8% 552,682.00 76,232.54 0.00 476,449.46 13.8% 199,880.00 19,663.11 0.00 180.216.89 9.8% 0.00 0.00 0.00 0.00 0.0% 1,086,106.00 362,035.36 0.00 724,070.64 33.3% 9,455,709.77 726,418.50 0.00 8,730,291.27 7.7% 11,530,356.77 1,250,039.28 0.00 10,280,317.49 10.8% 4,900.00 2,242.50 0.00 2,657,50 45.8% 239,315.00 31,261.23 0.00 208,053.77 13.1 % 210,000.00 80,000.00 0.00 130,000.00 38.1% 829,000.00 120,510.80 0.00 708,489.20 14.5% 2,500,000.00 486,006.00 0.00 2,013,994.00 19.4% 626,000.00 0.00 0.00 626,000.00 0.0% 150,000.00 0.00 0.00 150,000.00 0.0% 206,485.00 68,828.28 0.00 137,656.72 33.3% 3,953,426.00 1,146,225.66 0.00 2,807,200.34 29.0% 8,719,126.00 1,935,074.47 0.00 6,784.051.53 22.2% PERSONNEL 0.00 0.00 0.00 0.0% SERVICES 0.00 0.00 0.00 0.0% REIMBURSEMENT TO GEN FUND 0.00 0.00 0.00 0.0% HOUSING PROJECTS 0.00 0.00 0.00 0.0% TRANSFERS OUT 0.00 0.00 0.00 0.00 0.0% TOTAL LOW/MOD BOND 0.00 0.00 0.00 0.00 0.0% 045 LA QUINTA REDEVELOPMENT AGENCY EXPENDITURE SUMMARY PROJECT AREA NO.2: DEBT SERVICE FUND: SERVICES BOND PRINCIPAL PRINCIPAL - ERAF L/MOD LOAN BOND INTEREST INTEREST CITY ADVANCE INTEREST - ERAF L/MOD LOAN PASS THROUGH PAYMENTS TRANSFERS OUT TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: PERSONNEL SERVICES ADVERTISING -ECONOMIC DEV ECONOMIC DEVELOPMENT ACTIVITY REIMBURSEMENT TO GEN FUND TRANSFERS OUT TOTAL CAPITAL IMPROVEMENT LOW/MODERATE TAX FUND: PERSONNEL SERVICES SEWER SUBSIDIES LQ RENTAL PROGRAM ADAMS 48TH PLANNING LOW MOD HOUSING PROJECTS FORECLOSURE ACQUISITION REIMBURSEMENT TO GEN FUND TRANSFERS OUT TOTAL LOW/MOD TAX 07/01/2002-10131102 REMAINING % BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED 161,020.00 3,050.00 0.00 157,970.00 1.9% 172,978.00 248,496.40 0.00 (75,518.40) 143.7% 39,135.00 0.00 0.00 39,135.00 0.0% 586,665.00 217,763.77 0.00 368,901.23 37.1 % 761,433.00 270,851.50 0.00 490,581.50 35.6% 17,507.00 0.00 0.00 17,507.00 0.0% 6.440,423.00 0.00 0.00 6,440,423.00 0.0% 0.00 0.00 0.00 0.00 0.0% 8,179,161.00 740,161.67 0.00 7,438,999.33 9.0% 2.900.00 1,356.90 0.00 1,543.10 46.8% 158,774.00 25,917.18 0.00 132,856.82 16.3% 33,300.00 10,101.92 0.00 23,198.08 30.3% 93,425.00 15,400.00 0.00 78,025.00 16.5% 34,111.00 11,370.40 0.00 22,740.60 33.3% (128433.14) (177,054.00) 0.00 48,620.86 137.9% 194,076.86 (112,907.60) 0.00 306,984.46 -58.2% 2,900.00 1,356.90 0.00 1,543.10 46.8% 197,049.00 31,294.22 0.00 165,754.78 15.9% 0.00 0.00 0.00 0.0% 500,000.00 34,040.00 0.00 465,960.00 6.8% 50,000.00 0.00 0.00 50,000.00 0.0% 1,598,000.00 0.00 0.00 1,598,000.00 0.0% 15,000.00 0.00 0.00 15,000.00 0.0% 71,298.00 23,765.96 0.00 47,532.04 33.3% 2,623,586.69 474,867.89 0.00 2,148,718.80 18.1% 5,057,833.69 565,324.97 0.00 4,492,608.72 11.2% LOW/MODERATE BOND FUND PERSONNEL 0.00 0.00 0.00 0.0% SERVICES 0.00 0.00 0.00 0.0% REIMBURSEMENT TO GEN FUND 0.00 0.00 0.00 0.0% TRANSFERS OUT 2,358,964.46 0.00 0.00 2,358,964.46 0.0% TOTAL LOW/MOD BOND 2,358,964.46 0.00 0.00 2,358,964.46 0.0% Tity/ 4 4 Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: December 17, 2002 CONSENT CALENDAR: STUDY SESSION: Consideration of an Amendment to an Affordable PUBLIC HEARING: Housing Rehabilitation Agreement By and Among the La Quinta Redevelopment Agency and La Quinta 34 LLC (Lawrence Rael) Adopt a Resolution of the Redevelopment Agency approving the First Amendment to the Affordable Housing Rehabilitation Agreement and authorize the Executive Director to execute the necessary documents. None. The Agency previously appropriated $350,000 to fund property purchase and rehabilitation activities. The First Amendment (Attachment 1) does not result in the expenditure of additional Agency funds. On September 13, 2001 the Agency entered into an Affordable Housing Rehabilitation Agreement that funded a $350,000 loan to increase off-street parking and rehabilitate a 34-unit apartment complex. Agency funds were designated to purchase the adjoining 10,000 square foot property that would be improved with additional off- street parking and carports, increasing the complex's off-street parking inventory. Further, funds were allocated towards replacing the wood mansard roof with tile. In return the Agency secured 14 of the 34 units as rental housing affordable to moderate income households at a per unit cost of $17,500. These units would be counted towards the Agency's affordable housing production requirements. To date, $70,000 of the $350,000 loan has been allocated. Mr. Rael purchased the adjoining 10,000 square foot parcel and has installed the tile mansard roof. 047 G:\WPDOCS\CC Stf Rpts\RaeIAHAStfRpt.wpd A subsequent fire destroyed eight of the 34 units. Mr. Rael initially proposed to rebuild these units. However, he is now processing plans to use the space once occupied by the eight units for off-street parking that will serve the remaining 26 units. These and the other off-street parking spaces will be improved with carports and landscaping. Mr. Rael is also processing plans to develop the adjoining 10,000 square foot lot with five rental residential units. Mr. Rael has requested the Agency reallocate the remaining $280,000 of Agency loan funds to underwrite some of the costs associated with building the five new units. This request is based upon the fact that he has funded the rehabilitation costs for a majority of the improvements the Agency loan would have funded per the original Agreement. Further, he still would reserve 14 units in the apartment complex to be affordable to moderate income family households. These units would feature 30-year affordability covenants and would count towards the Agency's inclusionary housing requirements. Agency staff has evaluated this revision and recommends that the remaining funds be reallocated to the five new units. The parameters of this proposal were reviewed with the Agency Board at the February 19, 2002 meeting. The attached First Amendment to Affordable Housing Rehabilitation Agreement revises the original Agreement to permit the expenditure of the remaining $280,000 of Agency loan funds on development costs associated with the five new apartment units. Further, it revises the Scope of Development and Schedule of Performance to encompass the development program and development schedule for the five new rental units. Other provisions of the original Agreement remain the same, including the reservation of 14 units to be affordable to moderate income family households. The Agency's loan is structured so that no principal or interest payments will be made as long as the improvements are made and the 14 units remain affordable to moderate income households for 30 years. The original Agreement includes covenants to insure this performance. If these and other maintenance conditions are not maintained, then the principal and accrued interest are due and payable. Enforcement is via a second trust deed that the Agency could elect to foreclose upon. Alternatives available to the Agency Board include: 1. Adopt a Resolution of the Redevelopment Agency approving the First Amendment to the Affordable Housing Rehabilitation Agreement and authorize the Executive Director to execute the necessary documents; 71M G:\WPDOCS\CC Stf Rpts\RaeIAHAStfRpt.doc 2. Do not adopt a Resolution of the Redevelopment Agency approving the First Amendment to the Affordable Housing Rehabilitation Agreement; or 3. Provide staff with alternative direction. Respectfully submitted, Jdfry Herman C mmunity Development Director Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. First Amendment to an Affordable Housing Rehabilitation Agreement 0 3 n49 G:\WPDOCS\CC Stf Rpts\RaeIAHAStfRpt.wpd RESOLUTION RDA NO. A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY APPROVING THE "FIRST AMENDMENT TO AN AFFORDABLE HOUSING REHABILITATION AGREEMENT" BETWEEN THE AGENCY AND LA QUINTA 34 LLC LA QUINTA PALMS APARTMENTS LAWRENCE RAEL WHEREAS, the La Quinta Redevelopment Agency ("Agency") is a public body, corporate and politic, organized and existing under the California Community Redevelopment Law ("Health & Safety Code § 33000 et seq.) ("CRL"); and WHEREAS, pursuant to the CRL, the Agency and the City Council of the City of La Quinta ("City" or "City Council," as applicable) previously approved and adopted the Redevelopment Plan, as amended ("Redevelopment Plan") for Project Area No. 1 ("Project Area"); and WHEREAS, the Agency is engaged in activities leading to increasing and improving the supply of affordable housing within and outside the Project Area; and WHEREAS, on September 13, 2001 the Agency entered into that certain Affordable Housing Rehabilitation Agreement ("Original Agreement") with La Quinta 34 LLC, a California limited liability company ("Participant") which is the owner of that certain real property improved with an apartment complex located generally southeast of the Eisenhower Drive/Calle Tampico intersection and known as Assessor Parcel No. 773-071-017 ("Apartment Parcel"); and WHEREAS, the Agency and the Participant desire to amend the Original Agreement on the terms set forth in the First Amendment to Affordable Housing Rehabilitation Agreement ("Amendment"); and WHEREAS, all actions required of the Agency to be taken precedent to review and consideration of the Amendment by the Agency have been taken in accordance with applicable law. NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of La Quinta, California, as follows: 1 . The Agency finds and determines that the Amendment effectuates the purposes of the Community Redevelopment Law (Health & Safety Code § 33000 et seq.) and of the Plan and is in the best interests of the citizens of the City of La Quinta. 2. The Amendment, a copy of which is on file with the Agency. Secretary, is hereby approved. The Agency Executive Director and Agency Counsel are hereby authorized and directed to make final modifications to the Amendment 050 0�-`4 G:\WPDOCS\CCReso-COA\CCResoRaelAmdAHRA.doc Resolution RDA No. Affordable Housing Rehabilitation Agreement - Lawrence Rael Adopted: December 17, 2002 that are consistent with the substantive terms of the Amendment approved hereby, and the Agency Executive Director is authorized to thereafter sign the Amendment on behalf of the Agency. 3. The Agency Executive Director is authorized and directed, on behalf of the Agency, to sign such other and further documents, including, but not limited to subordination agreements and escrow instructions, that require the Agency's signature, and to take such other and further actions, as may be necessary to properly carry out the terms of the Amendment. PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held this 17th day of December, 2002, by the following vote: AYES: NOES: ABSENT: ABSTAIN: TERRY HENDERSON, Agency Chair City of La Quinta, California ATTEST: JUNE S. GREEK, Agency Secretary City of La Quinta, California APPROVED AS TO FORM: M. KATHERINE JENSON, Agency Counsel City of La Quinta, California 051 005 G:\WPDOCS\CCReso-COA\CCResoRaelAmdAHRA.doc FIRST AMENDMENT TO AFFORDABLE HOUSING REHABILITATION AGREEMENT This FIRST AMENDMENT TO AFFORDABLE HOUSING REHABILITATION AGREEMENT ("Amendment") is entered into this day of , 2002, by and between the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"), and LA QUINTA 34 LLC, a California limited liability company ("Participant"). RECITALS: A. On or about September 13, 2001, Agency and Participant entered into that certain Affordable Housing Rehabilitation Agreement (the "Original Agreement"), which Original Agreement provides for Agency to loan to Participant funds for Participant's rehabilitation of that certain real property more particularly described therein as the "Site." B. Agency and Participant desire to amend the Original Agreement on the terms set forth in this Amendment. AGREEMENT: Based upon the foregoing Recitals, which are incorporated herein by this reference, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Agency and Participant agree as follows: 1. Defined Terms. Any capitalized terms contained in this Amendment which are not defined herein shall have the meaning given in the Original Agreement, unless expressly provided to the contrary. 2. Site Map. The Site Map attached to the Original Agreement as Exhibit "B" is hereby replaced with "Exhibit B (revised)" attached to this Amendment as Attachment No. 1. 3. Project; Scope of Development. Agency and Participant have agreed to modify the improvements Participant is required to construct and install on the Site. In order to effectuate this modification, the Scope of Development attached to the Original Agreement as Exhibit "C" is hereby replaced with "Exhibit C (revised) attached to this Amendment as Attachment No. 2. 4. Schedule of Performance. The Schedule of Performance attached to the Original Agreement as Exhibit "D" is hereby replaced with "Exhibit D (revised)" attached to this Amendment as Attachment No. 3. 5. Agency. Concurrently with the execution of this Amendment, Participant shall execute an endorsement to the Agency Note in the form attached hereto as Attachment No. 4. Said endorsement shall be affixed to the Agency Note and made a part thereof. 538/015610-0040 304887.01 PM02 n52 007 6. Full Force and Effect; Conflicts. Except as expressly set forth in this Amendment, all terms, conditions, and provisions of the Original Agreement shall remain in full force and effect. If there is a conflict between the provisions of this Amendment and the provisions of the Original Agreement, the provisions of this Amendment shall control. 7. Execution and Counterparts. This Amendment may be executed in several counterparts, and all so executed shall constitute one agreement binding on both parties hereto, notwithstanding that both parties are not signatories to the original or the same counterpart. [signatures on next page] 1053 538/015610-0040 304887.01 PM02 -2- IN WITNESS WHEREOF, Agency and Participant have entered into this Amendment as of the date first written above. ATTEST: Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP Attorneys for the La Quinta Redevelopment Agency "AGENCY" LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic Executive Director "PARTICIPANT" LA QUINTA 34 LLC, a California limited liability company Its: 538/015610-0040 304887.01 PM02 -3- 054 Oj-J9 ATTACHMENT NO. 1 EXHIBIT "B" (revised) SITE MAP [To Be Attached] n55 538/015610-0040 304887.01 PM02 ATTACHMENT NO. 2 EXHIBIT "C" (revised) SCOPE OF DEVELOPMENT The renovation of the Site shall result in the rehabilitation of the Units on the Apartment Parcel, the installation of carports on the Apartment Parcel to be used exclusively for vehicle parking for residents leasing Units on the Apartment Parcel, and the rehabilitation of the Acquisition Parcel with new Units, in accordance with the following: A. MINIMUM IMPROVEMENTS The following improvements shall be minimum improvements performed by Participant under this Agreement and the disbursements of the Rehabilitation Loan shall first be used toward the payment of the following improvements: 1. A tile mansard roof shall be installed on the entire existing apartment complex. 2. The portion of the Apartment Parcel on which the carports are to be installed shall be graded and paved with asphalt paving. 3. Approximately sixteen (16) carports shall be installed on the Apartment Parcel. 4. Six (6) new apartment units shall be constructed on the Acquisition Parcel. B. ADDITIONAL IMPROVEMENTS Should Rehabilitation Loan funds be available after disbursements devoted toward payment of the improvements identified in Section A above have been made, and the improvements identified in Section A have been completed, or in the sole judgment of the Agency Executive Director will be completed without further disbursements from the Rehabilitation Loan, the remaining Rehabilitation Loan funds may, at Participant's discretion, be disbursed to assist in meeting Participant's costs of the following additional rehabilitation improvements: Upgrading the landscaped common areas on the Apartment Parcel. 2. Upgrading the fencing for the complex and carport/parking area on the Apartment Parcel. 3. Installing or upgrading patio enclosures on all units having patios on the Apartment Parcel. 4. Upgrading or installing wood shingle and Spanish tile on all units on the Apartment Parcel. 5. Payment of permit fees to the City related to the fourteen (14) units identified herein and in the Agency Regulatory Agreement as the Restricted Units. n56 538/015610-0040 304887.01 PM02 6. Payment for, or reimbursement of, costs incurred by Participant related to upgrading the Units or apartment complex on the Apartment Parcel as reasonably approved by the Executive Director. All disbursements for the improvements set forth in this Exhibit "C" shall be subject to the Disbursement Procedures set forth in Exhibit "K." n97 538/015610-0040 012 304887.01 PM02 -2- ATTACHMENT NO. 3 EXHIBIT "D" (revised) SCHEDULE OF PERFORMANCE ITEM TIME FOR NO. ITEM OF PERFORMANCE PERFORMANCE REFERENCE 1. Participant submits evidence of Concurrent with Effective Date § 8.0 insurance required by Agreement. of Agreement. 2. Participant submits complete Not later than § 6.2.2, 6.2.3 application on Project to City, 200_. including all required preliminary and final drawings and permit applications, and City has approved same and is ready to issue building permits for the Project upon payment of fees, and Participant has obtained all permits and approvals required to commence construction of the Project. 3. Participant (i) enters into Sale Completed. §3.1 Escrow Instructions with Owner, (ii) opens the Escrow, (iii) delivers to Agency a signed copy of the Sale Escrow Instructions and a copy of the Grant Deed; and (iv) notifies Agency in writing of the name, address, telephone number, and fax number of the Escrow Agent. 4. Participant submits evidence of Prior to Close of Escrow. Agency insurance required by Agency Regulatory Regulatory Agreement. Agreement, § 7.0 5. Participant satisfies all conditions to Not later than September 30, § 3.2-3.7 close of escrow, closes escrow (and 2001. at Closing Agency funds the Agency Escrow Deposit) and acquires the Acquisition Parcels, and Escrow Agent records the Agency Deed of Trust, Agency 058 538/015610-0040 304887.01 PM02 -1- G 0 Regulatory Agreement, Declaration, and Subordination Agreement. 6. Participant commences construction Fourteen (14) days after § 6.2.5; Exh. C. of Acquisition Parcel improvements issuance of building permits. described in ¶ A.4 of the Scope of Development (construction of new units.). 7. Participant commences construction Fourteen (14) days after § 6.2.5; Exh. C. of Apartment Parcel improvements issuance of building permits. (tile mansard roof, paving, carports, etc.) per Scope of Development, ¶¶ A.1, A.2 & A.3 . 8. Agency disburses Rehabilitation Per terms of the Agreement. § 4.1; Exh. J Loan (other than Agency Escrow Deposit) in accordance with terms of Agreement. 9. Participant completes construction Within days § 6.2.5; Exh. C. of Acquisition Parcel improvements after performance of Item No. described in ¶ A.4 of the Scope of 6. Development (construction of new units). 10. Participant completes construction Within days after § 6.2.5; Exh. C. of Apartment Parcel improvements performance of Item No. 7. (tile mansard roof, paving, carports, etc.) per Scope of Development, ¶¶ A.1. A.2 & A.3. 11. Participant completes any of the Not later than sixty (60) days § 6.2.5; 6.5, Exh. Additional Improvements per the after performance of Item Nos. C. Scope of Development ¶ B funded 9 and 10. in whole or in part with Rehabilitation Loan, obtains a certificate of occupancy from the City (if applicable), and requests Agency issuance of the Release of Construction Covenants. 12. Agency issues Release of Within ten (10) days after § 6.5 Construction Covenants. Participant's request, if Participant is entitled thereto. 0 5A 9 538/015610-0040 0 .:A 304887.01 PM02 -2- 13. Participant submits annual report Not later than the September 1 Agency pursuant to Health and Safety Code following the June 30 end of Regulatory Agr., Section 33418 to Agency. each fiscal year for term of the § 3.7 Regulatory Agreement. It is understood that this Schedule of Performance is subject to all of the terms and conditions of the text of the Agreement. The summary of the items performance in this Schedule of Performance is not intended to supersede or modify the more complete description in the text; in the event of any conflict or inconsistency between this Schedule of Performance and the text of the Agreement, the text shall govern. 1)r 538/015610-0040 V �� 5 304887.01 PM02 -3- ATTACHMENT NO. 4 ENDORSEMENT TO NOTE The Affordable Housing Rehabilitation Agreement between the La Quinta Redevelopment Agency and La Quinta 34, LLC dated September 13, 2001, was amended pursuant to that certain First Amendment to Affordable Housing Rehabilitation Agreement dated . Accordingly, the references in the Note to which this Endorsement is attached to the Affordable Housing Rehabilitation Agreement shall be deemed to refer to the Affordable Housing Rehabilitation Agreement as amended by the First Amendment to Affordable Housing Rehabilitation Agreement. Date: LA QUINTA 34 LLC, a California limited liability company an Lawrence C Rael, Managing Member nPi 0-1- 538/015610-0040 304887.01 PM02