2003 05 20 RDA6 a
T#444dja
Redevelopment Agency Agendas are
available on the City's Web Page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
Tuesday, May 20, 2003 - 2:00 P.M.
Beginning Resolution No. RA 2003-09
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Osborne, Perkins, Sniff, and Chairperson Henderson
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.
CLOSED SESSION
NOTE: Time permitting the Redevelopment Agency Board may conduct Closed Session
discussions during the dinner recess. In addition, persons identified as negotiating parties
are not invited into the Closed Session meeting when the Agency is considering acquisition
of real property.
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 SOUTHWEST OF THE MILES AVENUE AND WASHINGTON
Redevelopment Agency Agenda
0
May 20, 2003
STREET INTERSECTION AND NORTH OF THE WHITEWATER CHANNEL (APN'S
604-040-012/013 AND 604-040-022/023). PROPERTY OWNER/NEGOTIATOR:
RICHARD OLIPHANT, CALIFORNIA INTELLIGENT COMMUNITIES, LLC.
RECONVENE AT 3:00 P.M.
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.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1 . APPROVAL OF MINUTES OF MAY 6, 2003
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 MAY 20, 2003.
2. APPROVAL OF TREASURER'S REPORT OF MARCH 31, 2003.
3. APPROVAL OF REVENUES AND EXPENDITURES REPORT FOR MARCH 31, 2003.
4. APPROVAL OF BID FOR ASSESSMENT/SEWER HOOK-UP FEE SUBSIDY PROGRAM
- PROJECT 2003-03 - TRI STAR CONSTRUCTION.
5. APROVAL OF A REALLOCATION OF BUDGETED HOUSING FUNDS FROM
REDEVELOPMENT PROJECT AREA NO. 2 TO REDEVELOPMENT PROJECT AREA
NO. 1 FOR THE LA QUINTA HOUSING PROGRAM SECOND TRUST DEED LOAN
PROGRAM.
Redevelopment Agency Agenda 2 May 20, 2003
BUSINESS SESSION - NONE
STUDY SESSION
1. DISCUSSION OF SILVER ROCK RANCH IMPLEMENTATION ACTIVITIES.
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS
1. A JOINT PUBLIC HEARING BETWEEN THE CITY COUNCIL AND THE LA QUINTA
REDEVELOPMENT AGENCY TO APPROVE AN AGREEMENT TO SELL REAL
PROPERTY LOCATED AT 53-780 AVENIDA VALLEJO BY AND BETWEEN JAMES
CHAPA AND ROSARIO MACKAY AND THE LA QUINTA REDEVELOPMENT
AGENCY.
A. MINUTE ORDER ACTION
ADJOURNMENT
Adjourn to a special meeting to be held on May 30, 2003 at 10:00 a.m. and to a regularly
scheduled meeting of the La Quinta Redevelopment Agency to be held on June 3, 2003,
commencing with closed session at 2:00 p.m. and open session at 3:00 p.m. in the City
Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
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 Tuesday, May 20, 2003, was
posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the
bulletin board at the La Quinta Chamber of Commerce and at Stater Bros. 78-630 Highway
1 1 1, on Friday, May 16, 2003.
DATED: May 16, 2003
JUNE S. GREEK, CMC, City Clerk
City of La Quinta, California
Redevelopment Agency Agenda 3 May 20, 2003
T 6
4,V1 4 Sep Qum&
COUNCIL/RDA MEETING DATE: MAY 20, 2003
ITEM TITLE:
Demand Register Dated May 20, 2003
AGENDA CATEGORY:
BUSINESS SESSION
CONSENT CALENDAR
STUDY SESSION
PUBLIC HEARING
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated May 20, 2003 of which $123,736.00
represents Redevelopment Agency Expenditures.
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
F - •
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C�nrOF� AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: May 20, 2003
ITEM TITLE:
Transmittal of Treasurer's Report
as of March 31, 2003
RECOMMENDATION:
It is recommended the La Quinta Redevelopment Agency:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Receive and File the Treasurer's Report as of March 31, 2003.
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
4
COUNCIL/RDA MEETING DATE: May 20, 2003
ITEM TITLE:
Transmittal of Revenue and Expenditure
Report for March 31, 2003
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the March 31, 2003 State of Revenue and Expenditures for the La
Quinta Redevelopment Agency.
spectfAly submitted
M. Falconer, finance Director
Approved for submission by:
(-- �zz�
Thomas P. Genovese, Executive Director
Attachments 1 : Revenue and Expenditures Report, March 31, 2003
6 1t
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:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOW/MOD BOND
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
20,140,132.00
10,301,752.58
9,838,379.42
51.150%
0.00
87,045.44
(87,045.44)
0.000%
0.00
9,448.03
(9,448.03)
0.000%
0.00
0.00
0.00
0.000%
595,757.00
0.00
595,757.00
0.000%
1,738,783.00
1,738,782.66
0.34
100.000%
22,474,672.00
12,137,028.71
10,337,643.29
54.000%
0.00
7,732.56
(7,732.56)
0.000%
125,000.00
465,758.00
(340,758.00)
372.610%
0.00
55,789.22
(55,789.22)
0.000%
0.00
0.00
0.00
0.000%
41,500.00
30,794.40
10,705.60
74.200%
6,000,000.00
0.00
6,000,000.00
0.000%
6,166,500.00
560,074.18
5,606,425.82
9.080%
5,035,033.00
2,575,438.15
2,459,594.85
51.150%
200,000.00
18,348.10
181,651.90
9.170%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
341,000.00
281,368.77
59,631.23
82.510%
150,000.00
0.00
150,000.00
0.000%
0.00
0.00
0.00
0.000%
0.00
66,358.10
(66,358.10)
0.000%
0.00
135,785.34
(135,785.34)
0.000%
1,825,000.00
0.00
1,825,000.00
0.000%
7,551,033.00
3,077,298.46
4,473,734.54
40.750%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
11,793.50
(11,793.50)
0.000%
0.00
0.00
0.00
0.000%
0.00
11,793.50
(11,793.50)
0.000%
2
LA QUINTA REDEVELOPMENT AGENCY
07/01/2002 - 3/31/03
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO. 1:
DEBT SERVICE FUND:
SERVICES
586,870.00
314,816.96
0.00
272,053.04
BOND PRINCIPAL
1,567,022.00
1,567,788.00
0.00
(766.00)
BOND INTEREST
6,991,075.00
6,993,437.12
0.00
(2,362.12)
INTEREST CITY ADVANCE
595,757.00
368,067.77
0.00
227,689.23
PASS THROUGH PAYMENTS
9,649,709.00
5,148,564.07
0.00
4,501,144.93
ERAF SHIFT
723,550.00
0.00
0.00
723,550.00
TRANSFERS OUT
6,000,000.00
0.00
0.00
6,000,000.00
TOTAL DEBT SERVICE
26,113,983.00
14,392,673.92
0,00
11,721,309.08
CAPITAL IMPROVEMENT FUND:
PERSONNEL
4,900.00
5,187.32
0.00
(287.32)
SERVICES
214,379.00
138,354.65
0.00
76,024.35
LAND ACQUISITION
0.00
0.00
0.00
0.00
ASSESSMENT DISTRICT
0.00
0.00
0.00
0.00
ADVERTISING -ECONOMIC DEV
16,700.00
9,054.06
0.00
7,645.94
ECONOMIC DEVELOPMENT
552,682.00
226,436.67
0.00
326,245.33
BOND ISSUANCE COSTS
199,880.00
18,315.66
0.00
181,564.34
CAPITAL - BUILDING
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
1,086,106.00
814,579.56
0.00
271,526.44
TRANSFERS OUT
9,359,859.77
1,457,664.18
0.00
7,902,195.59
TOTAL CAPITAL IMPROVEMENT
11,434,506.77
2,669,592.10
0.00
8,764,914.67
LOW/MODERATE TAX FUND:
PERSONNEL
4,900.00
5,187.32
0.00
(287.32)
SERVICES
239,315.00
192,440.76
0.00
46,874.24
BUILDING HORIZONS
210,000.00
172,700.00
0.00
37,300.00
LQ RENTAL PROGRAM
329,000.00
424,242.33
0.00
(95,242.33)
LQ HOUSING PROGRAM
2,500,000.00
1,480,949.00
0.00
1,019,051.00
LOWMOD VILLAGE APARTMENTS
3,000,000.00
0.00
0.00
3,000,000.00
APARTMENT REHABILITATION
626,000.00
0.00
0.00
626,000.00
FORECLOSURE ACQUISITION
430,000.00
185,000.00
0.00
245,000.00
REIMBURSEMENT TO GEN FUND
206,485.00
154,863.63
0.00
51,621.37
TRANSFERS OUT
3,953,426.00
2,804,409.20
0.00
1,149,016.80
TOTAL LOW/MOD TAX
11,499,126.00
5,419,792.24
0.00
6,079,333.76
LOW/MODERATE BOND FUND
PERSONNEL
P
0.00
0.00
0.00
0.00
SERVICES
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
0.00
0.00
0.00
0.00
HOUSING PROJECTS
0.00
0.00
0.00
0.00
TRANSFERS OUT
0.00
0.00
0.00
0.00
TOTAL LOW/MOD BOND
0.00
0.00
0.00
0.00
r Y1
3
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 2:
DEBT SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Interest Advance Proceeds
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
Allocated Interest
Non Allocated Interest
Developer Agreement
Transfers In
TOTAL CAPITAL IMPROVEMENT
LOW/MODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
ERAF Shift - Interest
Sale of Land
Transfer In
TOTAL LOW/MOD TAX
LOW/MODERATE BOND FUND:
Allocated Interest
Non Allocated Interest
Transfer In
TOTAL LOW/MOD BOND
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
9.440,205.00
4,814,042.66
4,626,162.34
51.000%
0.00
24,536.44
(24,536.44)
0.000%
0.00
546.22
(546.22)
0.000%
863,674.00
0.00
863,674.00
0.000%
338,895.00
338,895.00
0.00
100.000%
10,642,774.00
5,178,020.32
5,464,753.68
48.650%
0.00
37,996.35
(37,996.35)
0.000%
20,000.00
5,315.26
14,684.74
26.580%
0.00
0.00
0.00
0.000%
1,100,000.00
1,100,000.00
0.00
100.000%
1,120,000.00
1,143, 311.61
(23,311.61)
102.080%
2,360,051.00
1,203,510.67
1,156,540.33
51.000%
20,700.00
58,950.40
(38,250.40)
284.780%
0.00
0.00
0.00
0.000%
17,507.00
17,507.00
0.00
100.000%
801,358.00
0.00
801,358.00
0.000%
16,964.00
0.00
16,964.00
0.000%
3,216,580.00
1,279,968.07
1,936,611.93
39.790%
0.00
0.00
0.00
0.000%
0.00
2,897.08
(2,897.08)
0.000%
0.00
0.00
0.00
0.000%
0.00
2,897.08
(2,897.08)
0.000%
2
LA QUINTA REDEVELOPMENT AGENCY
07/01/2002 - 3/31/03
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO. 2:
DEBT SERVICE FUND:
SERVICES
161,020.00
149,787.44
0.00
11,232.56
BOND PRINCIPAL
172,978.00
248,496.40
0.00
(75,518.40)
BOND INTEREST
586,665.00
508,016.95
0.00
78,648.05
INTEREST CITY ADVANCE
863,674.00
642,643.80
0.00
221,030.20
INTEREST - ERAF L/MOD LOAN
17,507.00
17,507.00
0.00
0.00
PASS THROUGH PAYMENTS
7,995,475.00
3,995,892.37
0.00
3,999,582.63
TRANSFERS OUT
1,100,000.00
1,100,000.00
0.00
0.00
TOTAL DEBT SERVICE
10,897,319.00
6,662,343.96
0.00
4,234,975.04
CAPITAL IMPROVEMENT FUND:
PERSONNEL
2,900.00
3,138.85
0.00
(238.85)
SERVICES
158,774.00
79,617.77
0.00
79,156.23
ADVERTISING -ECONOMIC DEV
33,300.00
22,304.64
0.00
10,995.36
ECONOMIC DEVELOPMENT ACTIVITY
93,425.00
21,579.74
19,870.00
51,975.26
REIMBURSEMENT TO GEN FUND
34,111.00
25,583.40
0.00
8,527.60
TRANSFERS OUT
(245,583.14)
(220,928.00)
0.00
(24,655.14)
TOTAL CAPITAL IMPROVEMENT
76,926.86
(68,703.60)
19,870.00
125,760.46
LOW/MODERATE TAX FUND:
PERSONNEL
2,900.00
3,138.85
0.00
(238.85)
SERVICES
197,049.00
152,755.85
0.00
44,293.15
SEWER SUBSIDIES
0.00
0.00
0.00
LQ RENTAL PROGRAM
500,000.00
132,880.00
0.00
367,120.00
ADAMS 48TH PLANNING
850,000.00
250,000.00
0.00
600,000.00
LOW MOD HOUSING PROJECTS
247,296.00
0.00
0.00
247,296.00
FORECLOSURE ACQUISITION
15,000.00
0.00
0.00
15,000.00
REIMBURSEMENT TO GEN FUND
71,298.00
53,473.41
0.00
17,824.59
TRANSFERS OUT
4,448,586.69
602,494.20
0.00
3,846,092.49
TOTAL LOW/MOD TAX
6,332,129.69
1,194,742.31
0.00
5,137,387.38
LOW/MODERATE BOND FUND
PERSONNEL
0.00
0.00
0.00
SERVICES
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
0.00
0.00
0.00
TRANSFERS OUT
2,375,928.46
2,358,964.46
0.00
16,964.00
TOTAL LOW/MOD BOND
2,375,928.46
2,358,964.46
0.00
16,964.00
5
COUNCIL/RDA MEETING DATE: May 20, 2003
ITEM TITLE:
Acceptance of Bid for Assessment/Sewer
Hook -Up Fee Subsidy Program - Project 2003-03,
Tri Star Construction
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Accept the low bid from Tri Star Construction for the hook-up of 10 sewers in the
amount of $29,500.00.
FISCAL IMPLICATIONS:
The Redevelopment Agency Capital Improvement Program Account #405-902-692-
000) has a current balance of $329,296.00. The amount remaining in this account
would be reduced by $29,500.00 to pay for the hook-ups.
BACKGROUND AND OVERVIEW:
Project 2003-03 provides for the hook-up of 10 sewers paid for by the fee subsidy
program. Four contractors submitted bids as follows: Key Construction, in the
amount of $54,700.00, Alms Underground, in the amount of $32,200.00, Roto
Rooter in the amount of $29,500.00, and Tri Star Construction, in the amount of
$29,500.00. Since two identical low bids were received, the City Attorney advised
that per § 20166 of the Public Contract Code (Attachment 1), "If two or more bids are
the same and the lowest, the legislative body may accept the one it chooses."
Tri Star Construction has performed successfully on four previous low -mod projects as
follows:
(Number of Units)
■ Project 2002-02, $52,200, awarded 10/01 /02 20
■ Project 2001-04, $53,890, awarded 10/16/01 24 *
■ Project 1999-14, $34,180, awarded 12/21 /99 20 *
■ Project 1998-02, $27,397, awarded 02/17/98 17 *
*Project 2001-04, 1999-14 and 1998-02 were completed as a subcontractor of DenBoer Engineering.
A:\agenda3
Roto Rooter has performed successfully on one previous low -mod project as follows:
(Number of Units)
■ Project 2001-03, $33,900, awarded 8/21 /01 20
Based on the experience of Tri Star with the program, staff is recommending that it
be awarded the current project. Therefore, the accepted low bid proposal submitted
by Tri Star Construction is included as Attachment No. 2.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Redevelopment Agency Board include:
1 . Accept the low bid from Tri Star Construction for the hook-up of 10 sewers in
the amount of $29,500.00; or
2. Accept the low bid from Roto Rooter for the hook-up of 10 sewers in the
amount of $29,500.00; or
3. Reject all bids and delay construction of Project 2003-03; or
4. Provide staff with alternative direction.
Respectfully submitted,
Tom Hartung, Building Safety Director
Approved for submission by:
homas P. Genovese, Executive Director
Redevelopment Agency
Attachment: 1. Public Contract Code
2. Bid Proposal Submitted by Tri Star Construction
A:\agenda3
ATTACHMENT 1
From: LexisNexis(TM) Print Delivery [lexisnexis@prod.lexisnexis.com]
Sent: Friday, May 09, 2003 2:03 PM
To: Tom Hartung; Diane Aaker
Subject: LexisNexis(TM) Email Request (1822:0:90566910)
LEXSTAT cal. public contracts 20166
DEERING'S CALIFORNIA CODES ANNOTATED
Copyright (c) 2003 by Matthew Bender & Company, Inc.
a member of the LexisNexis Group.
All rights reserved.
* THIS SECTION IS CURRENT THROUGH THE 2003 SUPPLEMENT (2001-2002 SESSION)
INCLUDING URGENCY LEGISLATION THROUGH 2O03 REG. SESS. CH. 1, 3/6/03
1ST EXTRA SESS. CH. 4X, 3/18/03 AND 2ND EXTRA SESS. CH. 1XX, 2/20/03
PUBLIC CONTRACT CODE
DIVISION 2. General Provisions
PART 3. Contracting by Local Agencies
CHAPTER 1. Local Agency Public Construction Act
ARTICLE 4. Cities
GO TO CODE ARCHIVE DIRECTORY FOR THIS JURISDICTION
Cal Pub Contract Code § 20166 (2003)
§ 20166. Rejection of bids; Identical bids; Absence of bids
In its discretion, the legislative body may reject any bids presented and
readvertise. If two or more bids are the same and the lowest, the legislative
body may accept the one it chooses. If no bids are received, the legislative
body may have the project done without further complying with this chapter.
HISTORY: Added Stats 1982 ch 465 § 11.
NOTES:
HISTORICAL DERIVATION:
(a) Former Gov C § 37904, as added Stats 1949 ch 79 § 1, amended Stats 1951
ch 609 § 1.
(b) Stats 1883 ch 49 § 777, as amended Stats 1891 ch 58 § 1, Stats 1915 ch
663 § 1, Stats 1941 ch 741 § 2, ch 1034 § 2.
(c) Stats 1883 ch 49 § 874 p 274, as amended Stats 1891 ch 49 § 1, Stats 1897
ch 87 § 1, Stats 1913 ch 27 § 1, Stats 1929 ch 294 § 3, Stats 1931 ch 131 § 5,
Stats 1933 ch 516 § 27, Stats 1939 ch 306 § 1, Stats 1941 ch 741 § 1, ch 1034 §
1.
CROSS REFERENCES:
When competitive bidding required: Pub Con C § 20162.
Resolution after bids rejected, completion of project: Pub Con C § 20167.
COLLATERAL REFERENCES:
Witkin Summary (9th ed) Contracts § 79.
----------------------------------------
Attachment scanned.
----------------------------------------
�'
ATTACHMENT 2
SEWER HOOK-UP
BIDDER'S DECLARATION
It is understood and agreed that:
1 . The undersigned has carefully examined all documents which will form a part
of the Contract namely, the Notice Inviting Bids; the Instruction to Bidders; this
Proposal; the Bidder's Declaration; the Bid Bond; the Designation of
Subcontractors; the Construction Project Reference; the Bidder's Assurance; the
Certificate of Non -Discrimination by Contractor; the Affidavit of Non -Collusion
by Contractor; the Contract Agreement; the Faithful Performance Bond the
Payment Bond; the Contractor's Worker's Compensation Insurance Certificate;
Instructions for Signing Bids, Bonds and Contracts; those certain specifications;
the General Conditions and the Special Provisions.
2. The undersigned has, by investigation at the site of the work and otherwise,
satisfied himself as to the nature and location of the work and fully informed
himself as to all conditions and matters which can in any way affect the work
or the cost thereof. No claim for allowance --time or money --will be allowed as
to such matters.
3. The undersigned fully understands the Scope of Work and has checked carefully
all words and figures inserted in this Proposal and he further understands that
the City will not be responsible for any errors or omissions in the preparation of
the Proposal.
4. The undersigned agrees and acknowledges that he is aware of the provisions
of Section 3700 of the California Labor Code which requires every employer to
be insured against liability for worker's compensation or to undertake self-
insurance in accordance with the provisions of that Code, and that the
undersigned will comply with such provisions before commencing the
performance of the Contract if it is awarded to the undersigned.
The undersigned will begin work after award of Contract and a Notice to
Proceed has been given as herein specified, and provided all requirements in
regard to bonds and insurance have been satisfied and will complete said Work
within the time specified. The undersigned will execute the Contract and furnish
the required statutory bonds and certificates of insurance within the period of
time specified in the Contract Documents.
P-2
5. The undersigned will accept an award and enter into a Contract for all Work
scheduled herein on which he puts in a bid. The award for such work is to be
entirely at the discretion of the City after evaluation of the bids as submitted.
The undersigned agrees that the City shall recover or retain as liquidated
damages an amount equal to the difference between the low bid and amount
of the bid of the bidder with whom the City enters into a Contract, and the
surplus, if any shall be returned to the lowest bidder in accordance with the
provisions of Section 20174 of the California Public Contracts Code in the event
of his failure to execute a Contract and furnish bonds and insurance therefor
within the time provided.
6. This bid will not be withdrawn within a period of thirty (30) days after the date
of its proper opening by the City.
Respectfully submitted,
Ini ✓/ _ ` -
Contractor's Business Name Contractor Title
Business Address: Street
J t.
City State Zip
Business Phone Number
Name Title
BY Title
Contractor's License No. and
Classification
1
Date
Residence: Street
City State Zip
Residence Phone No.
5
P-3
BIDDING SCHEDULE
BUILDING SEWER HOOK-UP AND ABANDON EXISTING FACILITIES
1. PARCEL HOUSE NO.
2.
3.
4.
5.
Street Address
Sewer Hook-up L.S. $
Abandon Existing Facilities L.S. L11de L
TOTAL
PARCEL HOUSE NO. 51-2M Ave_ Velas�o
Street Address
Sewer Hook-up L.S.
Abandon Existing Facilities L.S.
TOTAL
PARCEL HOUSE NO. 51-91"Ye,yilla
Street Address
Sewer Hook-up L.S.
Abandon Existing Facilities L.S.
TOTAL
PARCEL HOUSE NO. A. me. -
Herrera -Street Address
Sewer Hook-up L.S. $ /11, (:!-�"'
Abandon Existing Facilities L.S.
TOTAL fz�,
PARCEL HOUSE NO._ 52-fi15 Ave..-Dlaz
Street Address
Sewer Hook-up L.S. $ /, 57" -kD
Abandon Existing Facilities L.S. f C/ cz e6
TOTAL
P-13A
6. PARCEL HOUSE NO. 52-090 Ave Martinez
Street Address
Sewer Hook-up L.S. $
Abandon Existing Facilities L.S. 41 ell)
TOTAL S `-
7. PARCEL HOUSE NO. 52-125 Ave. Mendoza _
Street Address
Sewer Hook-up L.S. $ 55G nc�
Abandon Existing Facilities L.S. _ L1IT
TOTAL
8. PARCEL HOUSE NO. 53-320 Ave_ Rhin
Street Address
Sewer Hook-up L.S. $'C,
Abandon Existing Facilities L.S.
TOTAL
9. PARCEL HOUSE NO. 54-025 Ave. V _laaco _
Street Address
Sewer Hook-up L.S. $
Abandon Existing Facilities L.S. 1 466 , °C'
TOTAL, q �-
10. PARCEL HOUSE NO. 52-500 Ave. Ramirez
Street Address
Sewer Hook-up L.S. $ 556
Abandon Existing Facilities L.S. Lk,)e�, c
TOTAL , `1 S _60
GRAND TOTAL $ a �C'CJ • ���
P-13B
ail
COUNCIL/RDA MEETING DATE: May 20, 2003
ITEM TITLE:
Approval of a Reallocation of Budgeted Housing Funds
from Redevelopment Project Area No. 2 to
Redevelopment Project Area No. 1 for the La Quinta
Housing Program Second Trust Deed Loan Program
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve a reallocation of FY 2002-03 budgeted Housing Funds in the amount of
$367,120 from Redevelopment Project Area No. 2 (Acct. 246-906-683-676) to
Redevelopment Project Area No. 1 (Acct. 245-903-683-676) for the La Quinta
Housing Program Second Trust Deed Loan Program.
FISCAL IMPLICATIONS:
The transfer of $367,120 from Non -Carryover Funds in Project Area No. 2 (Acct. 246-
906-683-676) to Project Area No. 1 (Acct. 245-903-683-676) would result in a
revised current fiscal year budget of:
Project Area No. 1 $2,867,120
Project Area No. 2 $ 132,880
$3,000,000
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
The FY 2002-03 budget allocated $2,500,000 in Project Area No. 1 (Acct. 245-903-
683-676) and $500,000 in Project Area No. 2 (Acct. 246-906-683-676) for the La
Quinta Housing Program Second Trust Deed Program.
Project Area No. 1 has funded $1,729,884, reserved $675,631 for funding, has
applications under review in the amount of $40,000 and a remaining balance of
$94,485. However, Project Area No. 2 has only funded two (2) loans totaling
$132,800 in assistance. There has been no interest and no other applications pending
in Project Area No. 2.
G:\WPDOCS\CC Stf Rpts\RDAHousing Realloc.wpd
Staff is requesting, because of the success of the program in Project Area No. 1 , to
reallocate funds from Project Area No. 2 to Project Area No. 1 .
The following chart provides the details by Project Area of the funds budgeted,
expended or encumbered, and loan requests for the Program during FY 2002-03:
Project Area No. 1
Total Budget $2,500,000
Already funded (23 loans) 1,729,884
Funds available 770,116
Approved loans pending $4141910
Other applications pending 260,721
Total funds required (10 loans) 675,631
Funds available 94,485
Project Area No. 2
Total budget
$500,000
Already funded (2 loan)
132,880
Funds available
367,120
Funds needed
0
Transfer amount
$367,120
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1 . Approve a reallocation of FY 2002-03 budgeted Housing Funds in the amount
of $367,120 from Redevelopment Project Area No. 2 (Acct. 246-906-683-676)
to Redevelopment Project Area No. 1 (Acct. 245-903-683-676) for the La
Quinta Housing Program Second Trust Deed Loan Program; or
2. Do not approve a reallocation of FY 2002-03 budgeted Housing Funds; or
3. Provide staff with alternative direction.
Respectfully submitted,
ry 'Hdrman
ommunity Development Director
Approved for submission by:
Thomas P. Genovese, Executive Director
G:\WPDOCS\CC Stf Rpts\RDAHousing Reallocmpd
r a�
4 V M - �9
F OF
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: May 20, 2003 BUSINESS SESSION:
CONSENT CALENDAR:
ITEM TITLE: STUDY SESSION: I
Discussion of Silver Rock Ranch Implementation PUBLIC HEARING:
Activities
RECOMMENDATION:
As deemed appropriate by the Redevelopment Agency.
FISCAL IMPLICATIONS:
None for this action. The FY 2002-03 Capital Improvement Program includes a project
entitled Municipal Golf Course — Phase I, including $2.5 million for contractual services
related to planning, engineering and property management. Current construction
estimates for Phase I, including supporting infrastructure, total $21 .5 million.
BACKGROUND AND OVERVIEW:
The Redevelopment Agency acquired 525 acres of property commonly referred to as
The Ranch in June of 2002. The Agency adopted a conceptual land use plan and
renamed the project "Silver Rock Ranch" in May 2003. The Agency authorized
Requests for Proposals (RFPs) for both "Development Coordinator" and "Golf
Architect" services. Architect interviews are scheduled for May 30, 2003. The
Development Coordinator position remains vacant pending successful negotiation of
a contract for said services (e.g., Tom Frost, Inc., was not retained by the Agency,
and Chapman Golf subsequently withdrew their proposal (Attachment 1); staff will
initiate discussions with the third -ranked firm, Berryman and Henigar, unless directed
otherwise by the Agency) .
Staff itemized selected tasks that are required for project implementation (Attachment
21 Ctaff then rA\/IA\n/P_H thPCA tack- With C;MA fnr rmmnlPtPnPcc and to P\/allatP the
merit of consolidating certain tasks under the direction of specific consultants (i.e.,
perhaps including lakes, irrigation, landscape architecture with the golf course, etc.,
within the scope of the Golf Course Architect, for example) (Attachment 3) .
Consistent with actions taken to -date, staff believes it appropriate to circulate RFP's
for selected services (i.e., such as the Development Coordinator, Golf Course
Architect, Construction Manager, Golf Course Operator, etc.). As the Agency moves
forward, however, numerous implementation issues surface that the Agency may wish
to address. Following are some of these issues. Generally, staff recommendations are
reflected in the first option for each item.
Organizational Structure
1 . Retain the current organizational structure (i.e., as with all other City/Agency
projects, Agency provides policy direction and Executive Director implements
that policy — currently with centralized management out of the Director's
Office); or
2. Create an alternative structure specific to this project. Options might include
"Commission," "Citizen's Committee," or "Strong Mayor/Chair" formats
wherein certain administrative responsibilities are assumed by Agency Members,
a Committee, or the Agency Chairperson.
Contract Organization
1 . Streamline project management by grouping contracts under selected master
consultants (i.e., Golf Course Architect, Civil Engineer, Land Use Planner, etc.);
or
2. Separate disciplines and tasks, issue RFP's, or otherwise select
contractors/consultants for each, and coordinate activities internally; or
3. Solicit proposals from a master developer(s) to "turnkey" project development.
Plan Consistency
1. Negotiate a continued role with GMA International (see Attachment 4) in an
attempt to ensure a "seamless" plan implementation. Such activities might
include attention to project landscaping, grading and/or architectural themes; or
2. Issue a new RFP for additional specific planning services; or
2
3. Utilize the golf architect and potential hotel/commercial developers to refine
specific components of the plan under staff oversight.
Development Coordinator
1. Negotiate with the third -ranked firm (Berryman and Henigar) for Development
Coordinator services; or
2. Reject all proposals and reformulate an RFP with fewer restrictions on contract
term and future project involvement; or
3. Reject all proposals and assign tasks to existing staff (i.e., probably resulting in
various Department Directors being assigned specific project components for
management and oversight under the general direction of the Manager's Office).
Project Name and Logo
1. SilverRock Ranch; or
2. Silver Rock Ranch (i.e., Silver Rock as one word or two, Attachment 5).
Staff is prepared to discuss perceived advantages/disadvantages of the concepts
outlined above. Certain concepts may require additional investigation, including legal
review (e.g., the "turnkey" concept, for example), should the Agency wish to seriously
pursue implementation.
Respectfully submitted,
Mark Weiss, Assistant Executive Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1 . Correspondence from David Chapman
2. Task list
3. Consolidation list
4. GMA correspondence
5. Logos
51
GOLF DEVELOPMENT
CHAPMAN
May 14, 2003
Mr. Mark Weiss
City of La Quinta
Redevelopment Agency
78-495 Calle Tampico
La Quinta, CA 92253
ATTACHMENT 1
Dear Mark,
It is with great regret that I withdraw my name from consideration for the Development
Coordinator position for Silver Rock Ranch Resort.
I have recently had numerous requests for my services in the private sector and since that
is where my comfort level lies I have to pursue those endeavors .
I appreciate very much your confidence in me and I would like to be involved somehow
with the project in the future.
I wish you al he best.
Sin ere ,
1
David Chapman
78505 Old Avenue 52 - La Quinta, CA 92253 0 Office: 760-564-3355 Fax: 760-564-23565
ATTACHMENT 2
Silver Rock Ranch Project
Project Requirements
Disciplines
Scheduling*
Water Management Plan*
Master Grading Plan*
Drainage Plan* (Could be part of Civil Engineering)
Landscape Plan#
Cart Plan#
Agronomist#
Irrigation Plan for Golf Course#
General Irrigation Plan
Lakes Specialist*
Civil Engineer*
Off/onsite improvements
Dry Utilities (phone, cable, gas)
Water Backbone
Grading
Drainage
Bridge
Geotech/Soils
Topo Map
PM 10 Plan/Coordination
Marketing
Clubhouse Architect
Temporary Clubhouse*
Maintenance Facility
Signage
Superintendent/Operator *
Construction Manager*
Media Infrastructure
Restrooms
* = Need ASAP # = Could be part of Golf Course Architect's Scope of Work
Cann-qtri irtinn
Bid Specs for Contractors
RFP Process
Analyze RFP's
Prevailing Wage
C01
May-13-03 03:01P GMA Newport Beach 1S)4S)E
ATTACHMENT 3
SILVERRQC K RANCH PROJECT
Project ReapirelllentS
Golf Course Architect
• Irrigation plan
* Agronomist
+ Cart plan
+ Landscape plan within golf course envelop
+ Lakes specialist
+ Drainage plan within golf course envelop
+ Grading plan within golf course envelop
Project Civil Engineer
• On/off site improvements
+ Dry utilities
Water backbone
Wastewater back bane
* Grading final Plan/precise grading plan outside of the golf course envelop
• Drainage plan (coordination with golf course Arohitect)
+ Bridge(s)
• Geotech!soils
* Topo mapping
• Streets/road improvements
+ Bid specs for contractors
Marketing
* Media infrastructure
+ Promotional stTategy/campaign
Club Mouse Architect
* Temporary club house
* Restrooms
+ Improvements places and bid SlIeCS f0T contractors
• Interior design
Landscape ,architect
+ SiLmage
• La.ndscape plan outside the golf course envelop
• Precise: grading plan
7
05-13-03 14:18 RECEIVED FROM:19496759552 P•02
May-13-03 03:01P GMA NE2!wpar-t Bc2!ach 19496759552 P-03
Construction Management
+ Schcdiflitig
+ ColistI uctioll l7lallat-T,e[
* Manage bidding process
Legal Services
• Various liability/obligation agreements
• Reciprocal rights
+ Servicing agreements
Water Management Specialist
Water -management plan
+ Wastewater tri�lagement plan
Operations
• Supert ntendcntJoperator
• Maintenance agreements/manual
Proiect Manae+er/Project Administrator
• Project over site
• Manage the public praCess
* Matiage the team members
Manage budget
+ State and City compliance
* Manage preparation of project perfornia
65-13-63 14:18 RECEIVED FROM:19496759552 P•03
} Planning • Landscape Architecture Entitlement •
28th Street Marina • 2700 Newport Blvd. Suite 19 ATTACHMENT 4
Y. ptt
Phone (949) 675-9SS9 •Fax (949) 675-9552 • Ei
DATE:
April 28, 2003
TO:
Mark Weiss
From:
Gil Martinez/Carol Ackerman
RE:
Ongoing Master Planning Services
As you know, we are nearing the completion of our current contract with the City for master
planning services. In the course of defining and designing the proposed golf, resort, retail and
recreational project, we have learned a great deal about the property, the participants and
Redevelopment Agency process and the evolving marketplace to which this project will be
responsive. In creating a world -class municipal golf course and additional amenities appropriate
to our Scope of Work, we have engaged in most segments of the planning process and have
responded to a number of assignments or tasks beyond our current contract. You have invested
in the GMA team and collectively, we understand a significant body of detail relative to the on-
going design and development needs of this remarkable site. Projects of this speed and
complexity benefit from `institutional' memory, experience and talent -specific continuity, as you
are well aware.
In order to preserve the investment the City and the process have in GMA and with the intention
of maximizing that investment into and through completion of the project, we propose that our
current contract be extended. In the on -going, forward planning role, GMA would respond to and
assist the City in further matters of site planning, (accurately interpreting and implementing the
overall master plan), provide coordination with the chosen golf course architect, especially as
issues of interpreting the costs and effects of the grading and drainage issues; well as support
the efforts of the development coordinator and other parties soon to be engaged. We anticipate
creating the necessary grading and drainage plan that will address the comprehensive
topography and construction needs of the site, which consider the lakes, waterways, golf
course(s), building pads and circulation program, including multi -modal trails; provide the design
plan for the treatment of the perimeter of the property, which would include the fencing plan so as
to take advantage of our previous elevation and view studies, thus ensuring a preservation of the
views of the watermark and mountain base; and seamlessly providing various additional services
to facilitate the on -going coordination of team input as the project accelerates and becomes
increasingly complex.
Mark, as you know, we have been in this role of master planner `from concept to completion' on
whole new cities, villages, master planned communities and golf and resort projects around the
globe. We can assure you that our commitment is to the success of the overall project and will
keep the intent and vision of the master plan first and foremost in our minds. We look forward to
another discussion with your office in the coming days to refine this proposal to meet our mutual
goals and objectives and thank you, your fine staff and the Agency for a stimulating and engaging
opportunity with the City of La Quinta.
4]
ATTACHMENT 5
T
11
12
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: May 20, 2003 CONSENT CALENDAR:
ITEM TITLE:
A Joint Public Hearing Between the City
Council and Redevelopment Agency to Approve
an Agreement to Sell Real Property Located at
53-780 Avenida Vallejo By and Between the La
Quinta Redevelopment Agency and James
Chapa/Rosario Mac Kay
RECOMMENDATION:
STUDY SESSION:
PUBLIC HEARING:
Approve the sale of 53-780 Avenida Vallejo to maintain an affordable housing unit in
Project Area No. 1 for a purchase price of $130,000 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. From the purchases price of $130,000, the Agency will receive
approximately $79,000 in cash proceeds from this transaction generated by the buyers
down payment of $3,900, plus the $82,000 financed from the first trust deed less the
closing costs of $6,900. The Agency's remaining $44,100 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 , 4
other eligible very low income households. Because many of the tenants are now
G:\WPDOCS\CC Stf Rpts\RDAHousesale.wpd
receiving work training as a requirement of their state and county assistance, their
economic situation is improving. The proposed sale is the eighth (8th) unit to be sold;
seven (7) of these units were sold to existing tenants.
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 $130,000, with the
buyer funding a 3% down payment and a private lender originating a $82,000 first
trust deed mortgage (the maximum loan the homebuyer can obtain) . The Agency
would convert $44,100 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 Redevelopment Agency include:
1. Approve the sale of 53-780 Avenida Vallejo to maintain an affordable housing
unit in Project Area No. 1 for a purchase price of $130,000 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.
3. Provide staff with an alternative direction.
Respectfully submitted by:
Jeer Herman
Co munity Development Director
Approved for submission by:
L'
Thomas P. Genovese, Executive Director
Attachment:
1 . Summary Report
G:\WPDOCS\CC Stf Rpts\RDAHousesale.wpd
SUMMARY REPORT
FOR THE PROPOSED SALE AGREEMENT
BETWEEN THE
LA QUINTA REDEVELOPMENT AGENCY
AND
JAMES CHAPA AND ROSARIO MAC KAY
May 20, 2003
INTRODUCTION
This document is the Summary Report ("Report") for the proposed sale between the
La Quinta Redevelopment Agency ("Agency") and James Chapa / Rosario MacKay
("Buyers"). The purpose of the Sale Agreement ("Agreement") is to facilitate the sale
by the Agency of a single-family dwelling to the Buyers.
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 53-780 Avenida Vallejo 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 Buyers, who will continue
to occupy the dwelling. The sales price of $130,000, which is fair market value for
the property, will be funded through a combination of the Buyer's down payment of
$3,900, $82,000 financed through the first trust deed mortgage, and $44,100 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 45 years.
G:\WPDOCS\Documents\SumRpt53-780 vallejo.doc 3
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 Buyers'
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 $79,000 from this transaction.
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. Recently, the Buyers were
approved by Total Financial Services for a mortgage up to the amount of $82,000.
The Buyers are existing tenants who now qualify as a low income household.
The Cost of the Sale to the Agency
The Agency will have a total of approximately $1 19,000 invested in its ownership of
the Property through its cost to purchase the unit, to remedy deferred maintenance
items which existed at the time of purchase, and to qualify the unit as substantially
rehabilitated. The sales contract with the Buyers provide for a purchase price of
$130,000. 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):
32,500
Total Agency Investment:
$1 19,000
Buyer Down Payment:
$3,900
Buyer First Trust Deed Monies Paid to Agency:
82,000
Agency Affordable Housing Second Trust Deed:
44,100
Total Purchase Price:
$130,000
Unfunded Agency Investment:
M
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
sold in February, 2002 indicated a fair market value of $1 10,000. The subject
property has not yet been appraised in conjunction with this loan, however this value
N
G:\WPDOCS\Documents\SumRpt53-780 vallejo.doc 4
coincides with other similarly sized rental units in the Cove, however, the $130,000
sales price has been recommended by the Agency's property manager/realtor on this
transaction as a value which 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
$130,000, 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 45 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
household.
G:\WPDOCS\Documents\SumRpt53-780 vallejo.doc `�