2004 04 20 RDAe a
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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, April 20, 2004 - 2:00 P.M.
Beginning Resolution No. RA 2004-07
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 - NONE
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.
RECONVENE AT 3:00 P.M.
Redevelopment Agency Agenda 1 April 20, 2004
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 APRIL 6, 2004
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 APRIL 20, 2004.
2. TRANSMITTAL OF TREASURER'S REPORT DATED FEBRUARY 29, 2004.
3. TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED FEBRUARY 29,
2004 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING, MARCH
31, 2004.
4. APPROVAL OF A FINANCING AGREEMENT BETWEEN THE. LA QUINTA
REDEVELOPMENT AGENCY AND THE CITY OF LA QUINTA FOR CONSTRUCTION
OF THE CITY LIBRARY.
5. APPROVAL OF AN APPROPRIATION OF $1,500,000 FROM THE UNALLOCATED
RESERVES OF THE PROJECT NO. 1 LOW- AND MODERATE -INCOME HOUSING
FUND, AND $1,000,000 FROM THE UNALLOCATED RESERVES OF THE PROJECT
NO. 2 LOW- AND MODERATE -INCOME HOUSING FUND TO MAKE THE FINAL
PAYMENT PER THE AFFORDABLE HOUSING AGREEMENT WITH DC & TC, LLC,
FOR THE MIRAFLORES SENIOR APARTMENTS.
Redevelopment Agency Agenda 2 April 20, 2004
BUSINESS SESSION
1. CONSIDERATION OF FINAL SILVERROCK LOGO FOR REGISTRATION AND USE.
A. MINUTE ORDER ACTION
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 May
4, 2004, 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, April 20, 2004, 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, April 16, 2004.
DATED: April 16, 2004
JUNE S. GREEK, CIVIC, City Clerk
City of La Quinta, California
Redevelopment Agency Agenda 3 April 20, 2004
T 0
414f 4
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: APRIL 20, 2004
ITEM TITLE:
Demand Register Dated April 20, 2004
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
BUSINESS SESSION
CONSENT CALENDAR
STUDY SESSION
PUBLIC HEARING
Receive and File the Demand Register Dated April 20, 2004 of which $12,883.71
represents Redevelopment Agency Expenditures.
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
COUNCIL(RDA MEETING DATE: April 20, 2004
ITEM TITLE:
Transmittal of Treasurer's Report
as of February 29, 2004
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
COUNCIL/RDA MEETING DATE: April 20, 2004
Transmittal of Revenue and Expenditure Report for
February 29, 2004 and Investment Summary Report
for the Quarter Ending March 31, 2004
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the Statement of Revenue and Expenditures for February 29, 2004
and Investment Summary Report for the Quarter ending March 31, 2004 for the
La Quinta Redevelopment Agency.
Respectfully submi
John M. Falconer, Finance Director
ve for submiss' by:
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures for February 29, 2004 and Investment
Summary Report dated March 31, 2004
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
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
23,134,787.00
11,877,257.45
11,257,529.55
51.340%
66,000.00
80,069.98
(14,069.98)
121.320%
0.00
575.81
(575.81)
0.000%
0.00
0.00
0.00
0.000%
967,182.00
0.00
967,182.00
0.000%
1,731,455.00
1,157,685.83
573,769.17
66.860%
25,899,424.00
13,115,589.07
12,783,834.93
50.640%
Pooled Cash Allocated Interest
0.00
143,506.90
(143,506.90)
0.000%
Non Allocated Interest
437,100.00
194,118.87
242,981.13
44.410%
Litigation Settlement Revenue
0.00
0.00
0.00
0.000%
Loan Proceeds
0.00
0.00
0.00
0.000%
Rental Income
4,530.00
6,794.40
(2,264.40)
149.990%
Transfers In
0.00
0.00
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
441,630.00
344,420.17
97,209.83
77.990%
CAPITAL IMPROVEMENT FUND - TAXABLE
Pooled Cash Allocated Interest
Non Allocated Interest
Litigation Settlement Revenue
Bond 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
2nd Trust Deed Repayment
Transfer In
TOTAL LOW/MOD TAX
LOW/MODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOW/MOD BOND
0.00
(358.26)
358.26
0.000%
0.00
41,570.51
(41,570.51)
0.000%
0.00
0.00
0.00
0.000%
26,400,000.00
26,400,000.00
0.00
100.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
26,400,000.00
26,441,212.25
(41,212.25)
100.160%
5,783,697.00
2,969,314.41
2,814,382.59
51.340%
4,400.00
792.14
3,607.86
18.000%
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
244,152.48
96,847.52
71.600%
150,000.00
215,820.56
(65,820.56)
143.880%
0.00
0.00
0.00
0.000%
0.00
95,697.59
(95,697.59)
0.000%
0.00
3,156.73
(3,156.73)
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
6,279,097.00
3,528,933.91
2,750,163.09
56.200%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0�
LA QUINTA REDEVELOPMENT AGENCY
07/01/2003 - 2/29104
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO.1:
DEBT SERVICE FUND:
SERVICES
394,585.00
341,834.32
0.00
52,750.68
BOND PRINCIPAL
2,208,831.00
2,208,831.00
0.00
0.00
BOND INTEREST
8,060,234.00
3,607,794.47
0.00
4,452,439.53
INTEREST CITY ADVANCE
967,182.00
644,788.00
0.00
322,394.00
PASS THROUGH PAYMENTS .
11,011,803.00
5,861,839.55
0.00
5,149,963.45
ERAF SHIFT
1,467,995.00
0.00
0.00
1,467,995.00
TRANSFERS OUT
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE
24,110,630.00
12,665,087.34
0.00
11,445,542.66
CAPITAL IMPROVEMENT FUND:
PERSONNEL
4,900.00
5,233.94
0.00
(333.94)
SERVICES
99,619.00
108,178.89
0.00
(8,559.89)
LAND ACQUISITION
307,300.00
292,410.55
0.00
14,889.45
ASSESSMENT DISTRICT
0.00
0.00
0.00
0.00
ADVERTISING -ECONOMIC DEV
16,700.00
11,683.22
0.00
5,016.78
ECONOMIC DEVELOPMENT
187,000.00
119,421.57
0.00
67,578.43
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
816,804.00
0.00
408,404.00
TRANSFERS OUT
27,628,078.00
(12,763,945.68)
0.00
40,392,023.68
TOTAL CAPITAL IMPROVEMENT
29,468,805.00
(11,410,213.511
0.00
40,879,0 88.51
CAPITAL IMPROVEMENT FUND/TAXABLE BOND
BOND ISSUANCE COSTS
955,822.00
949,968.12
0.00
5,853.88
TRANSFERS OUT
25,444,178.00
14,861,349.06
0.00
10,582,828.94
TOTAL CAPITAL IMPROVEMENT
26,400,000.00
15,811,317.18
0.00
10,588,682.82
LOW/MODERATE TAX FUND:
PERSONNEL
4,900.00
5,233.94
0.00
(333.94)
SERVICES
250,497.00
198,330.95
0.00
52,166.05
BUILDING HORIZONS
210,000.00
0.00
0.00
210,000.00
LQ RENTAL PROGRAM
150,000.00
132,817.74
0.00
17,182.26
LQ HOUSING PROGRAM
1,509,196.00
1,140,956.00
0.00
368,240.00
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
220,000.00
220,000.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
82,595.00
55,063.36
0.00
27,531.64
TRANSFERS OUT
2,398,079.00
1,157,685.83
0.00
1,240,393.17
TOTAL LOWIMOD TAX
8,025,267.00
2,910,087.82
0.00
5,115,179.18
LOWIMODERATE BOND FUND
PERSONNEL
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
74,623.00
0.00
0.00
74,623.00
TOTAL LOWIMOD BOND
74,623.00
0.00
0.00
74,623.00
3
LA QUINTA REDEVELOPMENT AGENCY
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO.2:
DEBT SERVICE FUND:
Tax Increment
11,485,062.00
5,961,584.83
5,523,477.17
51.910%
Allocated Interest
0.00
28,318.06
(28,318.06)
0.000%
Non Allocated Interest
0.00
23.83
(23.83)
0.000%
Interest Advance Proceeds
863,674.00
0.00
863,674.00
0.000%
Transfer In
3,442,855.00
211,959.68
3,230,895.32
6.160%
TOTAL DEBT SERVICE
15,791,591.00
6,201,886.40
9,589,704.60
39.270%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
0.00
15,432.58
(15,432.58)
0.000%
Non Allocated Interest
0.00
10,493.00
(10,493.00)
0.000%
Developer Agreement
0.00
0.00
0.00
0.000%
Transfers In
0.00
0.00
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
0.00
25,925.58
(25,925.58)
0.000%
LOW/MODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Developer funding
2nd Trust Deed Repayment
ERAF Shift - Interest
Sale of Land
Transfer In
TOTAL LOWIMOD TAX
LOWIMODERATE BOND FUND:
Allocated Interest
Non Allocated Interest
Bond proceeds (net)
Transfer In
TOTAL LOWIMOD BOND
2,871,265.00
1,490,396.21
1,380,868.79
51.910%
7,400.00
52,695.30
(45,295.30)
712.100%
20,000.00
0.00
20,000.00
0.000%
7,054,074.00
622,304.65
6,431,769.35
8.820%
0.00
55,733.59
(55,733.59)
0.000%
0.00
0.00
0.00
0.000%
0.00
108,570.08
(108,570.08)
0.000%
0.00
0.00
0.00
0.000%
9,952,739.00
2,329,699.83
7,623,039.17
23.410%
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
0.000%
0.00
0.00
0.00
0.000%
39,550,000.00
0.00
39,550,000.00
0.000%
4
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO.2:
DEBT SERVICE FUND:
07/0112003 - 2/29104 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
SERVICES
229,013.00
167,988.69
0.00
61,024.31
BOND PRINCIPAL
176,169.00
176,169.00
0.00
0.00
BOND INTEREST
578,895.00
290,253.18
0.00
288,641.82
INTEREST CITY ADVANCE
957,800.00
638,533.32
0.00
319,266.68
INTEREST - ERAF L/MOD LOAN
0.00
0.00
0.00
0.00
PASS THROUGH PAYMENTS
9,779,225.00
4,890,112.89
0.00
4,889,112.11
TRANSFERS OUT
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE
11,721,102.00
6,163,057.08
0.00
5,558,044.92
CAPITAL IMPROVEMENT FUND:
PERSONNEL
2,900.00
3,166.95
0.00
(266.95)
SERVICES
78,544.00
59,263.34
0.00
19,280.66
ADVERTISING -ECONOMIC DEV
0.00
3,490.97
0.00
(3,490.97)
ECONOMIC DEVELOPMENT ACTIVITY
0.00
2,800.00
0.00
(2,800.00)
REIMBURSEMENT TO GEN FUND
34,509.00
23,004.64
0.00
11,504.36
TRANSFERS OUT
(36,670.00)
(38,500.00)
0.00
1,830.00
TOTAL CAPITAL IMPROVEMENT
79,283.00
53,225.90
0.00
26,057.10
LOWIMODERATE TAX FUND:
PERSONNEL
2,900.00
3,167.09
0.00
(267.09)
SERVICES
127,171.00
137,452.37
0.00
(10,281.37)
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 PROJECT/47TH/ADAMS PROJ
489,592.00
0.00
0.00
489,592.00
48TH/ADAMS PLANNING
480,000.00
280,000.00
0.00
200,000.00
FORECLOSURE ACQUISITION
150,000.00
0.00
0.00
150,000.00
REIMBURSEMENT TO GEN FUND
71,988.00
47,992.00
0.00
23,996.00
TRANSFERS OUT
9,131,066.00
233,674.02
0.00
8,897,391.98
TOTAL LOWIMOD TAX
14,545,920.00
702,285.48
0.00
13,843,634.52
LOW/MODERATE BOND FUND
2nd TRUST DEEDS
7,000,000.00
0.00
0.00
7,000,000.00
LAND
31,000,000.00
0.00
0.00
31,000,000.00
BOND ISSUANCE COSTS
1,500,000.00
0.00
0.00
1,500,000.00
TRANSFERS OUT
50,000.00
0.00
0.00
50,000.00
TOTAL LOWIMOD BOND
39,550,000.00
0.00
0.00
39,550,000.00
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COUNCIL/RDA MEETING DATE: April 20, 2004
Approval of a Financing Agreement
between the La Quinta Redevelopment
Agency and the City of La Quinta for
Construction of the City's Library
RECOMMENDATION
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve a financing agreement between the La Quinta Redevelopment Agency and
the City of La Quinta to fund construction of the City's library, approving an advance
not to exceed $3,100,000 from the Redevelopment Agency Capital Projects No. 1
Fund to the Library Developer Impact Fee Fund (DIF).
FISCAL IMPLICATIONS
The total funding required for the design and construction for the first phase of the
library is $5,110,813 which is derived as follows:
Library DIF $4,301,676
County Library DIF $ 400,000
Library Fund $ 409,137 (1
Total Funding $ 5,110,813
(1) The City has an agreement with the County of Riverside to provide library funds based upon tax increment revenues generated
in Project areas land 2.
Use of Library DIF Funds
As of February 2004, the Library DIF has collected approximately $1,200,000 in fees.
Throughout its existence the DIF is scheduled to collect $4,300,000. Rather than
waiting an additional 25-30 years to acquire adequate,funding to build the library on a
"pay as you go" basis, staff is recommending an advance of approximately
$3,100,000 ($4,300,000- $1,200,000) from RDA Project Area 1 to fully fund the
library construction.
This advance would bear interest based upon the average quarterly interest rate
earned from the investment pool and would be repaid with future Library DIF
collections, as outlined in the Development Impact Fee Report previously adopted by
the City Council. While future collections of Library DIF are uncertain, it would take
approximately 25-30 years to repay the advance. The RDA project area expires in
approximately 29 years. Once the Library DIF repays the RDA, these repaid monies
would be used for eligible RDA activities. The amount of the principal to be repaid
annually would be determined during the budget process based upon the available
Library DIF fund balances.
CHARTER CITY IMPLICATIONS
The Contract for the library was bid on a prevailing wage basis since Redevelopment
Agency funding was going to be utilized to loan funds to the Library DIF. To
determine whether projects will be bid on a prevailing wage basis, staff anticipates
the funding source(s) that will be used. If the project requires more than one funding
source and one of the funding sources requires the payment of prevailing wages, then
the entire project is bid based upon the payment of prevailing wages.
BACKGROUND AND OVERVIEW
Attachment 1 consists of a financing agreement between the La Quinta
Redevelopment Agency and the City. of La Quinta formalizing a loan from Project Area
1 to the Library Impact Fee fund. The loan would bear interest and has no specified
repayment date. Repayment of the loan principal and interest would be made during
the budget process. While not anticipated, in the worst case, the loan could be
forgiven by the Agency Board if adequate development did not occur to generate
funds to repay the loans before the Project Area was dissolved in the year 2033.
Any unspent funds after the project was completed would be returned to the
Redevelopment Agency and the outstanding loan amount would be reduced.
The necessary findings to allow the loan pursuant to Health and Safety Code Sections
33445 and 33679, were adopted by Resolution at the April 6, 2004 joint public
hearing of the City Council and Redevelopment Agency.
FINDINGS AND ALTERNATIVES
The alternatives available to the Agency Board include:
1. Approve a financing agreement between the La Quinta Redevelopment
Agency and the City of La Quinta for construction of the City's library
in an amount not to exceed $3,100,000 from the Redevelopment Agency
Capital Projects No. 1 Fund to the Library Developer Impact Fee fund; or
2. Do not approve a financing agreement between the La Quinta
Redevelopment Agency and the City of La Quinta for construction of the
City's library; or
3. Provide staff with alternative direction.
2
Respectfully submitted,
7r�±A-
Tom Hartung, Dire or of Building and Safety
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Financing Agreement
3
FINANCING AGREEMENT
THIS FINANCING AGREEMENT ("Agreement") is made and entered into this
day of 12004, by and between the LA QUINTA REDEVELOPMENT .AGENCY, a
public body corporate and politic ("Agency"), and the CITY OF LA QUINTA, a charter city and
municipal corporation ("City").
RECITALS
WHEREAS, Agency is a public body, corporate and politic, organized under the
California Community Redevelopment Law (Health & Safety Code § 33000 et SeM.); and
WHEREAS, City is a municipal corporation and a charter city of the State of California
organized and existing under the Constitution of the State of California; and
WHEREAS, Agency, pursuant to Health and Safety Code Section 33445, is authorized to
provide funding, including in the form of loan financing, for the development of publicly owned
improvements; and
WHEREAS, City and Agency mutually desire to enter into this Agreement to set forth
their respective obligations with respect to a public improvement financing loan by the Agency
to the City's Library Developer Impact Fee fund ("Library DIF Fund") in the amount up to Three
Million, One Hundred Thousand ;Dollars ($3, 100,OQJO to be used by the City to meet the cost of
constructing certain of the publicly owned improvements which will create the City's library set
forth in Exhibit "A" attached hereto and incorporated herein; and
WHEREAS, without the loan set forth herein such publicly owned improvements to the
City's library would not be developed for many years until such time as sufficient Library DIF
fees were collected; and
WHEREAS, it is anticipated that the loan financing set forth herein shall be repaid by
City from the future collection of Library DIF fees as new private development occurs in the
community; and
WHEREAS, no portion of the loan funds are to used for any purpose not permitted by
Health and Safety Code Section 33445 as such code section exists on the date of this Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter
contained, Agency and City agree as follows:
Agency Loan; Interest; Use of Loan. Principal.
Agency hereby loans to City the principal amount of up to Three Million, One Hundred
Thousand Dollars ($3.100,000) ("Loan Principal") from currently available tax increment funds
for Redevelopment Project Area No. 1. Interest shall accrue on the outstanding loan principal at
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the earning rate of the City's Investment Pool Funds, and shall be adjusted quarterly. The Loan
Principal shall be used only for the publicly owned improvements set forth.in Exhibit "A" hereto
and incorporated herein. No portion of the Loan Principal shall be used for any purpose not
permitted by Health and Safety Code Section 33445 as it exists on the date of this Agreement.
Repayment.
The Loan Principal and the accrued interest shall be repaid by City in annual installments
from available monies paid into the Library DIF Fund. The first annual installment shall be for
the period from the date of this Agreement to June 30, 2005, and shall be paid to Agency not
later than July 31, 2005. Subsequent annual installments shall cover succeeding fiscal year
periods and shall be payable by the July 31" following the end of a fiscal year (i.e., second
annual installment shall be for the period July 1, 2005 through June 30, 2006, and shall be
payable by July 31, 2006). The amount of each payment shall be not less than the amount of
Library DIF Fees collected by City during the period to which a particular installment payment
applies. City shall be entitled to repay all or part of the Loan Principal at any time with no other
charges, fees, or penalties. All amounts due under this Agreement shall be payable at the offices
of the City.
Subordination.
The repayment of the Loan Principal by City shall be junior and subordinate to all City
obligations incurred prior to the date of this Agreement.
Non -Recourse Obligation.
No officer, official, employee, agent, or representatives of .City shall be liable for any
amounts due hereunder, and no judgment or execution thereon entered in any action hereon shall
be personally enforced against any such officer, official, employee, agent, or representative.
Entire Agreement; Amendments.
This Agreement shall constitute the entire agreement of the parties. This Agreement may
be amended or modified only by an agreement in writing signed by the parties.
[end — signature page follows]
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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their authorized representatives, as of the date first above written.
"AGENCY"
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
Agency Counsel
i
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
LA QUINTA REDEVELOPMENT AGENCY
By:
Terry Henderson, Chairwoman
"CITY"
CITY OF LA QUINTA
By:
Don Adolph, Mayor
C�
.4wI1:
PUBLICLY OWNED RvIPROVEMENTS
All offsite and on site improvements associated with Capital Improvement Project 2000-06, the
City of La Quinta Library, including but not limited to structures, utilities, landscape
installation, parking areas, and fixtures.
7
00, Loi •
IW 4`�a
Y
OF 'r9
COUNCIL/RDA MEETING DATE:
April 20, 2004
ITEM TITLE: Approve the Appropriation of $1,500,000
from the Unallocated Reserves of. the Project No. 1
Low- and Moderate -Income Housing, Fund, and
$1,000,000 from the Unallocated Reserves of the
Project No. 2 Low- and Moderate -Income Housing
Fund to Make the Final Payment per the Affordable
Housing Agreement with DC &TC, LLC for the
Miraflores Senior Apartments
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: 6"
STUDY SESSION:
PUBLIC HEARING:
Approve the appropriation of $1,500,000 from the unallocated reserves of the Project
No. 1 Low- and Moderate -Income Housing Fund, and $1,000,000 from the unallocated
reserves of the Project No. 2 Low- and Moderate -Income Housing Fund, to fund the
Agency's remaining obligations per the Affordable Housing Agreement with DC & TC,
LLC. for the Miraflores senior apartments.
FISCAL IMPLICATIONS:
This appropriation will result in the expenditure of $2,500,000 from the Project Area
No. 1 and 2 Low- and Moderate -Income Housing Fund account number 245-0000-
290.00-00 ($1,500,000) and 246-0000-290.00-00 ($1,000,000). This expenditure
was authorized by both the City Council and Agency Board when the Affordable
Housing Agreement was approved on November 21, 2000.
BACKGROUND AND OVERVIEW:
The Agency Board approved an Affordable Housing Agreement with DC & TC, LLC
("Developer") on November 21, 2000 that facilitated the construction of 118 senior
apartment units at Miraflores. The Affordable Housing Agreement provided that the
Agency would fund up to $6.0 million, or 37%, of the $16.1 million of development
costs to generate 118 senior units affordable to very low- and low-income senior
households. These units would remain affordable to these households for 55 years.
The Developer proposed to fund the remaining $10.1 million of development costs
through a combination of private financing, Developer equity, 4% Tax Credits, and
issuing multi -family revenue bonds. On October 2, 2001 the Agency Board approved
applying for 4% Tax Credits and authorized staff to pursue the issuance of multi -family
revenue bonds.
1
The tax credits were secured, the multi -family revenue bonds were sold, and the 118
senior apartment units have been built and are now occupied. The Developer is now
converting the construction loan into the permanent mortgage by securing the final
payment of tax credit equity and the remaining $5,000,000 of the multi -family
revenue bond principal. Per the Affordable Housing Agreement, the Agency is
obligated to make its final contribution of $2,500,000 as part of this process. The
appropriation will fund the Agency's contribution.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Approve the appropriation of $1,500,000 from the unallocated reserves of the
Project No. 1 Low- and Moderate -Income Housing Fund, and $1,000,000 from
the unallocated reserves of the Project No. 2 Low- and Moderate -Income
Housing Fund, to fund the Agency's remaining obligations per the Affordable
Housing Agreement with DC & TC, LLC. for the Miraflores senior apartments; or
2. Do'not approve the appropriation of $1,500,000 from the unallocated reserves
of the Project No. 1 Low- and Moderate -Income Housing Fund, and $1,000,000
from the unallocated reserves of the Project No. 2 Low- and Moderate -Income
Housing Fund, to fund the Agency's remaining obligations per the Affordable
Housing Agreement with DC & TC, LLC. for the Miraflores senior apartments; or
3. Provide staff with alternative direction.
Respectfully submitted,
J f
Herm�
C m unity Development Director
Approved for submission by:
Thomas P. Genovese, Executive Director
2
COUNCIL/RDA MEETING DATE: April 20, 2004
ITEM TITLE: Consideration of Final SilverRock Logo for
Registration and Use
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: /
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
As deemed appropriate by the Redevelopment Agency Board.
FISCAL IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
On April 6, 2004, the Redevelopment Agency approved a logo for SilverRock. The
logo was comprised of a mark (a stylized "S" and "R") and a script below the mark
that read "SilverRock." The motion passed on April 6, 2004 included direction from
the Agency indicating "SilverRock" should be one word. Now, in order to register the
logo, staff is seeking the Agency's preference regarding the exact look of the entire
script for "SilverRock Resort."
As the Agency was previously informed via an Item of Interest, an effort has been
underway for some time to trademark SilverRock Resort (name, mark, and script). In
order to continue with this effort and file appropriate applications with the United
States Patent and Trademark Office ("USPTO"), staff is seeking final approval from the
Agency on the exact look of the script. McMurry has submitted three options for
Agency consideration (Attachment 1):
1. SILVERROCK RESORT (second "R" in first word capitalized, as initially presented)
2. SILVERROCK RESORT ("S" in first word remaining same size, and small second "R")
3. SILVERROCK resort (first word same size caps, and second word all lower case)
Each option is depicted in Attachment 1 in appropriate form and scale, and has two
corresponding illustrations (A and B) given legal counsel's recommendation to file two
separate applications with the USPTO: one for merchandise and one for services. The
application for merchandise (shirts, caps, towels, novelty items, etc.) will include the
approved mark, with the script below reading "SilverRock." The application for
services (golf, hotel, resort, spa and restaurant services, etc.) will also include the
approved mark, but the script below will read "SilverRock Resort." Once the Agency
approves one of the three options (i.e., the exact look of the script), those exact
illustrations will be included in the applications for registration with the USPTO. This
will also allow consistent use of the logo to begin.
Complete registration of the logo(s) will take at least one year, at which time the
registration symbol (0) can be used in conjunction with the marks as registered. In the
meantime, the pending registration symbol (T") can be used in connection with any
variations of the marks. The name, mark, and script will be protected as soon as the
applications are filed with the USPTO, or as soon as common law rights begin to
accrue from the use of the marks) in commerce. Staff will continue to work with
legal counsel on the trademark and inform the Agency of the progress made on this
effort.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Redevelopment Agency Board include:
1. Approve the selection of a script for the SilverRock Resort logo; or
2. Do not approve the selection of a script for the SilverRock Resort logo; or
3. Provide staff with alternative direction.
Respectfully submitted,
Mark Weiss, Assistant Executive Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachment: 1. SilverRock Resort logo submissions for registration and use
2
1) Logo as originally presented
Attachment 1
A)
B)
S I LVE F, ROCK
S I LVE P, ROCK
R E S O R T
3
2) Silverrock / Silverrock Resort
SILVERROCK
SILVERROCK
R E S O R T
r. �
3) silverrock / silverrock resort
SILVERROCK
SILVERROCK
resorc
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