2004 06 01 RDA Minutes
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LA QUINT A REDEVELOPMENT AGENCY
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ì MINUTES
: JUNE 1,2004
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A regular meeting of the La Ouinta Redevelopment Agency was called to
order by Chairperson Henderson.
PRESENT: Board Members Adolph, Osborne, Perkins, Sniff,
Chairperson Henderson
ABSENT: None
PUBLIC COMMENT - None
CLOSED SESSION
1. Conference with Agency's real property negotiator, Mark Weiss,
pursuant to Government Code Section 54956.8 conceming potential
terms and conditions of acquisition and/or disposition of real property
located at the northwest corner of Avenue 48 and Dune Palms Road
- (APN: 649-030-034). Property Owner/Negotiator: Stan Rothbart.
2. Conference with Agency's real property negotiator, Jerry Herman,
pursuant to Government Code Section 54956.8 concerning potential
terms and conditions of acquisition and/or disposition of real property
located east of Dune Palms Road and 650 fe~t south of Highway 111,
which includes or is a portion of APNs: 649-030-016, 017, and 040,
for an Affordable Housing Agreement. Property Owner/Negotiator:
Urban Property Communities.
. Redevelopment Agency recessed to Closed Session to and until the hour of
3:00 p.m.
3:00 P.M.
The Redevelopment Agency meeting reconvened with no decisions being
made in Closed Session which require reporting pursuant to Section 54957.1
of the Government Code (Brown Act).
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PUBLIC COMMENT - None
Redevelopment Agency Minutes 2 June 1, 2004
CONFIRMATION OF AGENDA - Confirmed
APPROVAL OF MINUTES
MOTION - It was moved by Board Members Sniff/Adolph to approve the
Redevelopment Agency Minutes of May 17, 2004 as submitted. Motion
carried unanimously.
MOTION - It was moved by Board Members Adolph/Sniff to approve the
Redevelopment Agency Minutes of May 18, 2004 as submitted. Motion
carried unanimously.
CONSENT CALENDAR
1. APPROVAL OF DEMAND REGISTER DATED JUNE 1, 2004.
2. APPROVAL TO AWARD A CONTRACT TO DENBOER ENGINEERING
FOR THE SILVERROCK RESORT GOLF CART BRIDGES, PROJECT NO.
2002-07E.
MOTION - It was moved by Board Members Sniff/Adolph to approve
the Consent Calendar as recommended. Motion carried unanimously.
Board Member Perkins referenced the need to be consistent in the
spelling of SilverRock.
BUSINESS SESSION
1. CONSIDERATION OF ADOPTING A RESOLUTION OF THE LA QUINT A
REDEVELOPMENT AGENCY CERTIFYING A NEGATIVE DECLARATION
OF ENVIRONMENTAL IMPACT FOR ENVIRONMENTAL ASSESSMENT
2004-506 AND APPROPRIATION OF $50,000 FROM THE PROJECT
AREA NO.1 HOUSING FUND UNALLOCATED RESERVES FOR LAND
SURVEY AND PLANNING STUDIES RELATED TO THE DEVELOPMENT
OF PROPERTY LOCATED AT THE NORTHWEST CORNER OF AVENUE
48 AND DUNE PALMS ROAD.
Community Development Director Herman presented the staff report.
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Redevelopment Agency Minutes 3 June 1, 2004
RESOLUTION NO. RA 2004-09
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A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
. LA QUINT A, CALIFORNIA, CERTIFYING A NEGATIVE DECLARATION
OF ENVIRONMENTAL IMPACT FOR THE ACQUISITION OF THE
HAMMER PROPERTY (ENVIRONMENTAL ASSESSMENT 2004-506).
It was moved by Board Members Adolph/Osborne to adopt Resolution
No. RA 2004-09 as submitted. Motion carried unanimously.
MOTION - It was moved by Board Members Sniff/Adolph to
appropriate $50,000 from the Project Area No.1 Housing Fund
Unallocated Reserves for land survey and planning studies. Motion
carried unanimously.
STUDY SESSION. - None
CHAIR AND BOARD MEMBERS' ITEMS - None
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PUBLIC HEARINGS
1. JOINT PUBLIC HEARING BETWEEN THE LA QUINT A CITY COUNCIL
AND THE REDEVELOPMENT AGENCY TO CONSIDER ADOPTION OF:
1) A RESOLUTION OF THE .CITY COUNCIL APPROVING A LOAN
BETWEEN THE LA QUINT A REDEVELOPMENT AGENCY AND THE
LA QUINT A FINANCING AUTHORITY; AND 2) A RESOLUTION OF
THE LA QUINT A REDEVELOPMENT AGENCY APPROVING THE
ISSUANCE OF ITS FIRST SUPPLEMENTAL LOAN AGREEMENT,
ESCROW DEPOSIT AND TRUST AGREEMENT, OFFICIAL
STATEMENT, A PURCHASE CONTRACT, AUTHORIZING THE
EXECUTIVE DIRECTOR TO SET THE FINAL TERMS OF THE
APPROVAL OF THE AGENCY LOAN, APPROVING THE PAYMENT OF
COSTS OF ISSUING THE AGENCY LOAN, APPROVING THE
PAYMENT OF COSTS OF ISSUING THE AGENCY LOAN AND MAKING
CERTAIN DETERMINATIONS RELATING THERETO.
Finance Director Falconer presented the staff report.
r-- In response to Board Member Osborne, Robin Thomas, Senior Vice
President of Wedbush Morgan Securities, advised the 3D-year interest
rate is .in the low 5% and the front end should be as low as 2%. Mr.
Redevelopment Agency Minutes 4 June 1, 2004
Falconer confirmed 100% of the funds are to be used for low and
moderate-income housing.
In response to Chairperson Henderson, Mr. Falconer stated there is an
interest expense of $81,071,297 in addition to the principal amount,
making the total $171,071,297. He indicated the 1995 Housing bond
amount referenced on Page 2 was approximately $26.5 million
originally.
In response to Board Member Osborne, Mr. Falconer advised the $1
million savings in interest will be savings to the Redevelopment
Agency.
Board Member Sniff asked about early payment penalties. Mr.
Falconer indicated the bonds cannot be called until 10 years have
elapsed, at which time there would be a penalty.
Ms. Thomas explained the bonds are amortized over the 30-year
period, and the principal is balanced with the interest so there will be a
substantially-level debt service in each year. Although there is a 10-
year call protection on the bonds, the City could defuse them by
putting money in an escrow fund with a trustee. She confirmed the
bonds are not taxable, and can be refinanced at a lower interest rate
during the 1 O-year call protection period.
The Chair declared the PUBLIC HEARING OPEN at 7: 17 p.m. There
being no requests, the Chair declared the PUBLIC HEARING CLOSED
at 7: 17 p.m.
RESOLUTION NO. RA 2004-010
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
LA QUINT A, CALIFORNIA, APPROVING ITS FIRST SUPPLEMENTAL
LOAN AGREEMENT, ESCROW DEPOSIT AND TRUST AGREEMENT,
OFFICIAL STATEMENT, PURCHASE CONTRACT, AUTHORIZING THE
EXECUTIVE DIRECTOR TO SET THE FINAL TERMS OF THE
APPROVAL OF THE AGENCY LOAN, APPROVING THE PAYMENT OF
COSTS OF ISSUING THE AGENCY LOAN AND MAKING CERTAIN
DETERMINATIONS RELATING THERETO.
It was moved by Board Members Sniff/Adolph to adopt Resolution No.
RA 2004-010 submitted. Motion carried unanimously.
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Redevelopment Agency Minutes. 5 June 1, 2004
ADJOURNMENT
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There being no further business, it was moved by Board Members
. Adolph/Sniff to adjourn. Motion carried unanimously.
Respectfully submitted,
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JUNE S. GREEK, Secretary
City of La Quinta, California
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