2003 10 21 RDA6 a
X# 44,44M
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, October 21, 2003 - 2:00 P.M.
Beginning Resolution No. RA 2003-18
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.
Redevelopment Agency Agenda 1 October 21, 2003
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 A PORTION
OF 525 t ACRES LOCATED AT THE SOUTHWEST CORNER OF AVENUE 52 AND
JEFFERSON STREET. PROPERTY OWNER/NEGOTIATOR: HOPE DESERT CLASSIC.
2. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, MARK WEISS,
PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL
TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL
PROPERTY LOCATED WEST OF THE ALL AMERICAN CANAL ADJACENT TO THE
SANTA ROSA MOUNTAINS. PROPERTY OWNER/NEGOTIATOR: LARRY LICHLITER,
KSL.
1
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 OCTOBER 7, 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 OCTOBER 21, 2003.
2. TRANSMITTAL OF TREASURER'S REPORT DATED AUGUST 31, 2003.
Redevelopment Agency Agenda 2 October 21, 2003
3. TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED AUGUST 31,
20023 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING
SEPTEMBER 30, 2003.
4. ADOPTION OF A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF LA QUINTA MAKING AND UPDATING CERTAIN FINDINGS PURSUANT TO
HEALTH AND SAFETY CODE SECTION 33445(a) RELATING TO THE
DEVELOPMENT OF THE SILVERROCK RANCH PROJECT.
BUSINESS SESSION - NONE
STUDY SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Redevelopment Agency to be held on
November 4, 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, October 21, 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 111, on Friday, October 17, 2003.
DATED: October 17, 2003
5-z�- "!5(. 'J�!
JUNE S. GREEK, CIVIC, City Clerk
City of La Quinta, California
Redevelopment Agency Agenda 3 October 21, 2003
COUNCIL/RDA MEETING DATE: OCTOBER 21, 2003
ITEM TITLE:
Demand Register Dated October 21, 2003
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
AGENDA CATEGORY:
BUSINESS SESSION
CONSENT CALENDAR
STUDY SESSION
PUBLIC HEARING
Receive and File the Demand Register Dated October 21, 2003 of which $46,029.64
represents Redevelopment Agency Expenditures.
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
QKMrC4(j
. r' Ixerwa
OF
COUNCIL/RDA MEETING DATE: October 21. 2003 AGENDA CATEGORY:
ITEM TITLE:
Transmittal of Treasurer's Report
as of August 31, 2003
RECOMMENDATION:
It is recommended the La Quinta Redevelopment Agency:
BUSINESS SESSION:
CONSENT CALENDAR: a
STUDY SESSION:
PUBLIC HEARING:
Receive and File the Treasurer' s Report dated August 31, 2003.
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
T 6
4, t 4 44"
COUNCIL/RDA MEETING DATE: October 21, 2003
ITEM TITLE:
Transmittal of Revenue and
Expenditure Report dated
August 31, 2003 and Investment
Summary Report for the Quarter
Ending September 30, 2003
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: 3
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the August 31, 2003 Statement of Revenue and Expenditures for the La
Quinta Redevelopment Agency and Investment Summary Report for the Quarter Ending
September 30, 2003.
Respepifully submitted,
ohn M. Falconor, Finance Director
rov for submission
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures Report, August 31, 2003
2. Investment Summary for the Quarter Ending September 30, 2003
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 - NON-TAXABLE
Pooled Cash Allocated Interest
Non Allocated Interest
Litigation Settlement Revenue
Loan Proceeds
Rental Income
Transfers In
TOTAL CAPITAL IMPROVEMENT
CAPITAL IMPROVEMENT FUND - TAXABLE
Pooled Cash Allocated Interest
Non Allocated Interest
Litigation Settlement Revenue
Bond proceeds
Rental Income
Transfers In
TOTAL CAPITAL IMPROVEMENT
LOWIMODERATE 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 LOWIMOD TAX
LOWIMODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOW/MOD BOND
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
20,744,336.00
0.05
20,744,335.95
0.0000/0
66,000.00
0.00
66,000.00
0.000%
0.00
1.85
(1.85)
0.000%
0.00
0.00
0.00
0.000%
967,182.00
0.00
967,182.00
0.000%
1,731,455.00
0.00
1,731,455.00
0.0000/0
23,508,973.00
1.90
23,508,971.10
0.0000/0
0.00
0.00
0.00
0.000%
437,100.00
40,828.20
396,271.80
9.3400/6
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.0000/0
4,530.00
2,264.80
2,265.20
50.0000/6
0.00
0.00
0.00
0.0000/0
441,630.00
43,093.00
398,537.00
9.760%
0.00
0.00
0.00
0.0000/0
0.00
0.00
0.00
0.0000/0
0.00
0.00
0.00
0.000%
26,400,000.00
0.00
26,400,000.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.0000/0
26,400,000.00
0.00
26,400,000.00
0.0000/0
5,186,084.00
0.04
5,186,083.96
0.000%
4,400.00
0.00
4,400.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.0000/0
0.00
0.00
0.00
0.000%
341,000.00
64,368.00
276,632.00
18.880%
150,000.00
79,970.05
70,029.95
53.310%
0.00
0.00
0.00
0.0000/0
0.00
38,675.62
(38,675.62)
0.000%
0.00
572.42
(572.42)
0.0000/6
0.00
0.00
0.00
0.0000/0
5,681,484.00
183,586.13
5,497,897.87
3.2300/6
0.00
0.00
0.00
0.0000/0
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.0000/0
0.00
0.00
0.00
0.0000/0
0.00
0.00
0.00
0.000%
2
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO,1:
DEBT SERVICE FUND:
07/01/2003 - 8131/03 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
SERVICES
394,585.00
3,180.00
0.00
391,405.00
BOND PRINCIPAL
1,643,831.00
0.00
0.00
1,643,831.00
BOND INTEREST
8,625,234.27
0.00
0.00
8,625,234.27
INTEREST CITY ADVANCE
967,182.00
161,197.00
0.00
805,985.00
PASS THROUGH PAYMENTS
9,959,701.00
352,414.00
0.00
9,607,287.00
ERAF SHIFT
4,000,000.00
0.00
0.00
4,000,000.00
TRANSFERS OUT
0.00
0.00
0.00
0.00 .
TOTAL DEBT SERVICE
25,590,633.27
516,7 1.00
0.00
5, 7 ,74 . 7
CAPITAL IMPROVEMENT FUND:
PERSONNEL
4,900.00
1,561.04
0.00
3,338.96
SERVICES
99,619.00
7,590.04
0.00
92,028.96
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
0.00
0.00
16,700.00
ECONOMIC DEVELOPMENT
187,000.00
31,017.19
0.00
155,982.81
BOND ISSUANCE COSTS
0.00
0.00
0.00
0.00
CAPITAL - BUILDING
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
1,225,208.00
204,201.00
0.00
1,021,007.00
TRANSFERS OUT
27,158,772.18
402,433.62
0.00
26,756,338.56
TOTAL CAPITAL IMPROVEMENT
28,692,199.18
646,962.89,
CAPITAL IMPROVEMENT FUND/TAXABLE BOND
BOND ISSUANCE COSTS
955,821.99
0.00
0.00
955,821.99
TRANSFERS OUT
25,444,178.01
0.00
0.00
25,444,178.01
TOTAL CAPITAL IMPROVEMENT
.00
0.00
0.00
26,400,000.00
LOWIMODERATE TAX FUND:
PERSONNEL
4,900.00
1,561.04
0.00
3,338.96
SERVICES
250,497.00
10,417.80
0.00
240,079.20
BUILDING HORIZONS
210,000.00
0.00
0.00
210,000.00
LQ RENTAL PROGRAM
150,000.00
37,378.19
0.00
112,621.81
LQ HOUSING PROGRAM
1,142,076.00
658,956.00
0.00
483,120.00
LOWMOD VILLAGE APARTMENTS
2,350,000.00
0.00
0.00
2,350,000.00
LQRP - REHABILITATION
500,000.00
0.00
0.00
500,000.00
APT REHABILITATION
350,000.00
0.00
0.00
350,000.00
FORECLOSURE ACQUISITION
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
82,595.00
13,765.84
0.00
68,829.16
TRANSFERS OUT
2,398,079.46
0.00
0.00
2,398,079.46
TOTAL LOWIMOD TAX
7,4 ,147.46
722,078.87
0.00
1 ,
LOWIMODERATE BOND FUND
PERSONNEL
SERVICES
REIMBURSEMENT TO GEN FUND
HOUSING PROJECTS
TRANSFERS OUT
TOTAL LOW/MOD BOND
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
KI
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
LOWIMODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Developer funding
ERAF Shift - Interest
Sale of Land
Transfer In
TOTAL LOW/MOD TAX
LOWIMODERATE BOND FUND:
Allocated Interest
Non Allocated Interest
Bond proceeds (net)
Transfer In
TOTAL LOWIMOD BOND
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
9,723,411.00
0.00
9,723,411.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.16
(0.16)
0.0000/6
863,674.00
0.00
863,674.00
0.0000/0
3,442,855.00
0.00
3,442,855.00
0.0000/0
14,029,940.00
0.16
14,029,939.84
0.0000/0
0.00
0.00
0.00
0.0000/0
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.0000/0
0.00
0.00
0.00
0.0000/0
0.00
0.00
0.00
0.000°k
2,430,853.00
0.00
2,430,853.00
0.000°h
7,400.00
0.00
7,400.00
0.0000/0
20,000.00
0.00
20,000.00
0.000°/
7,054,074.00
0.00
7,054,074.00
0.0000/0
0.00
0.00
0.00
0.000°/0
0.00
108,438.60
(108,438.60)
0.000%
0.00
0.00
0.00
0.000%
9,512,327.00
108,438.60
9,403,888.40
1.140%
0.00
0.00
0.00
0.000%
400,000.00
0.00
400,000.00
0.000%
39,150,000.00
0.00
39,150,000.00
0.0000/0
0.00
0.00
0.00
0.0000/0
39,550,000.00
0.00
39,550,000.00
0.0000/0
LA QUINTA REDEVELOPMENT AGENCY
07/01/2003 - 8/31/03
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO.2:
DEBT SERVICE FUND:
SERVICES
229,013.00
3,050.00
0.00
225,963.00
BOND PRINCIPAL
176,169.00
0.00
0.00
176,169.00
BOND INTEREST
578,895.00
0.00
0.00
578,895.00
INTEREST CITY ADVANCE
957,800.00
159,633.30
0.00
798,166.70
INTEREST - ERAF L/MOD LOAN
0.00
0.00
0.00
0.00
PASS THROUGH PAYMENTS
8,227,557.00
0.00
0.00
8,227,557.00
TRANSFERS OUT
0.00
0.00
0.00
TOTAL DEBT SERVICE
10,169,434.00
162,683.30
O.OT
10, ,750.70
CAPITAL IMPROVEMENT FUND:
PERSONNEL
2,900.00
944.66
0.00
1,955.34
SERVICES
78,544.00
12,174.64
0.00
66,369.36
ADVERTISING -ECONOMIC DEV
0.00
0.00
0.00
ECONOMIC DEVELOPMENT ACTIVITY
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
34,509.00
5,751.16
0.00
28,757.84
TRANSFERS OUT
(36 670.14)
(11,000.00)
0.00
(25,670.14)
TOTAL CAPITAL IMPROVEMENT
79,282.86
7,870.46
0.00
71,412.40
LOW/MODERATE TAX FUND:
PERSONNEL
2,900.00
944.66
0.00
1,955.34
SERVICES
127,171.00
3,662.14
0.00
123,508.86
2nd Trust deeds
150,000.00
0.00
0.00
150,000.00
2nd trust deeds from Centerpointe
2,520,000.00
0.00
0.00
2,520,000.00
48th and Adams - from Centerpointe
1,423,203.00
0.00
0.00
1,423,203.00
Low Mod Housing Pro*V470VAdams Proj
489,592.00
0.00
0.00
489,592.00
48th/Adams Planning
480,000.00
80,000.00
0.00
400,000.00
FORECLOSURE ACQUISITION
150,000.00
0.00
0.00
150,000.00
REIMBURSEMENT TO GEN FUND
71,988.00
11,998.00
0.00
59,990.00
TRANSFERS OUT
5,480,688.99
0.00
0.00
5,480,688.99
TOTAL LOW/MOD TAX
10,896,6TON
96,6U4.800.00
10,798,938.197
LOWIMODERATE BOND FUND
2nd TRUST DEEDS
LAND
BOND ISSUANCE COSTS
TRANSFERS OUT
TOTAL LOW/MOD BOND
7,000,000.00 0.00 0.00 7,000,000.00
31,000,000.00 0.00 0.00 31,000,000.00
1,500,000.00 0.00 0.00 1,500,000.00
0.00 0.00 0.00 0.00
39, 0 0.00 0.609, 00.
5
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COUNCIL/RDA MEETING DATE: October 21, 2003
ITEM TITLE: Adoption of a Resolution of the
Redevelopment Agency of the City of La Quinta Making
and Updating Certain Findings Pursuant to Health and
Safety Code Section 33445(a) Relating to the
Development of the SilverRock Ranch Project
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the Redevelopment Agency of the City of La Quinta
("Agency") making and updating certain findings pursuant to Health and Safety
Code Section 33445(a) relating to the development of the SilverRock Ranch
project.
FISCAL IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
On May 15, 2002, the Agency made certain findings related to the acquisition of the Ranch
property (since renamed the "SilverRock Ranch" project).
On October 7, 2003, the Agency approved an updated budget related to the SilverRock
Ranch project. In light of that approval, it is now appropriate to update the findings
previously made at the onset of the project. The proposed Resolution accomplishes this
task.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Adopt a Resolution of the Redevelopment Agency of the City of La Quinta
making and updating certain findings pursuant to Health and Safety Code
Section 33445(a) relating to the development of the SilverRock Ranch project;
or
2. Do not adopt a Resolution of the Redevelopment Agency of the City of La
Quinta making and updating certain findings pursuant to Health and Safety Code
Section 33445(a) relating to the development of the SilverRock Ranch project;
or
3. Provide staff with alternative direction.
Respectfully submitted,
-07
L--
M. Katherine Jenson, City A ney
Approved for submission by:
Thomas P. Genovese, Executive Director
2
RESOLUTION NO. RA 2003-
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LA QUINTA MAKING AND UPDATING
CERTAIN FINDINGS PURSUANT TO HEALTH AND SAFETY
CODE SECTION 33445(a), RELATING TO THE
DEVELOPMENT OF THE SILVERROCK RANCH PROJECT
WHEREAS, on the 15th day of May, 2001, the La Quinta City Council
(the "City Council") approved the 2001-02 Economic Development Plan which includes
implementation policies supporting economic diversification, business expansion,
economic protection and preservation, and recreational opportunities; and
WHEREAS, the La Quinta Redevelopment Agency ( "Agency") now owns
525 acres of property (the "SilverRock Ranch") located in La Quinta Redevelopment
Project Area No. 1 (the "Project Area") which is suitable to attain the aforementioned
objectives; and
WHEREAS, on the 15th day of May, 2002 the Agency made certain
findings related to acquiring the SilverRock Ranch and implementing the purchase
agreement; and
WHEREAS, the Agency has now approved an updated budget and
conceptual plan for the SilverRock Ranch project; and
WHEREAS, the Agency now wishes to update its prior findings now that
the budget has been updated and conceptual plans have been approved; and
WHEREAS, the lack of recreational facilities and the prevalence of
economic maladjustment were documented as some of the conditions of blight that
justified the formation of the Project Area, as cited in the October 1983 Report to the
La Quinta City Council on the Proposed Redevelopment Plan for La Quinta
Redevelopment Project No. 1; and
WHEREAS, Section 518 of the Redevelopment Plan for La Quinta
Redevelopment Project No. 1, as amended by Amendment No. 1, authorizes the
Agency to purchase and improve property for park, recreation, cultural and community
facilities; and
3
Resolution No. 2003-
The SilverRock Ranch
Adopted: October 21, 2003
Page 3
WHEREAS, developing the SilverRock Ranch project would afford the
Agency the opportunity to address some of the aforementioned conditions of blight;
and
WHEREAS, there is inadequate funding within the City's General Fund or
from other sources to develop the SilverRock Ranch project; and
WHEREAS, it would be in the best interest of the public to pursue the
development of the SilverRock Ranch project.
NOW, THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment
Agency as follows:
SECTION 1. The above recitations are true and correct and are adopted
as the findings of the Agency Governing Board.
SECTION 2. Pursuant to Health and Safety Code Section 33445(a), the
Agency finds and determines that:
A. The continued development of the SilverRock Ranch project is of benefit to the
Project Area and to the immediate neighborhood in which the SilverRock Ranch
is located.
B. No other reasonable means of financing the SilverRock Ranch project are
available to the community.
C. The payment of funds for the development of the SilverRock Ranch project will
assist in the elimination of one or more blighting conditions inside the Project
Area, including the lack of recreational facilities and opportunities, and is
consistent with the Agency's implementation plan adopted pursuant to Section
33490.
D. This resolution shall take effect from and after its adoption.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held on the 21" of October, 2003, by the following vote:
LI
Resolution No. 2003-
The SilverRock Ranch
Adopted: October 21, 2003
Page 4
AYES:
NOES:
ABSENT:
ABSTAIN:
TERRY HENDERSON, Chair
La Quinta Redevelopment Agency
ATTEST:
JUNE S. GREEK, CMC, Agency Secretary
La Quinta Redevelopment Agency
(Seal)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Agency Counsel
La Quinta Redevelopment Agency
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