2005 09 20 RDAea# 44at«rw
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, September 20, 2005
2:00 p.m.
Beginning Resolution No. RA 2005-011
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Henderson, Perkins, Sniff, and Chairman Osborne
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, THOMAS P.
GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR
Redevelopment Agency Agenda 1 September 20, 2005
DISPOSITION OF A PORTION OF 525 ±ACRES LOCATED AT THE SOUTHWEST
CORNER OF AVENUE 52 AND JEFFERSON STREET. PROPERTY OWNER/
NEGOTIATOR: THEODORE LENNON, DDC DESERT DEVELOPMENT, INC.
2. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, DOUG
EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING
POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF
REAL PROPERTY REGARDING ENA NEGOTIATIONS WITH CVHC FOR PROPERTY
LOCATED AT THE NORTHWEST CORNER OF DUNE PALMS ROAD AND AVENUE
48. PROPERTY OWNERS/NEGOTIATORS: COACHELLA VALLEY HOUSING
COALITION.
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 THE MEETING OF SEPTEMBER 6, 2005.
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 SEPTEMBER 20, 2005.
2. TREASURER'S REPORT FOR THE PERIOD ENDING JUNE 30, AND JULY 31, 2005.
3. TRANSMITTAL OF REVENUE AND EXPENDITURE REPORTS FOR THE PERIOD
ENDING JUNE 30, AND JULY 31, 2005.
Redevelopment Agency Agenda 2 September 20, 2005
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
October 4, 2005 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 September 20, 2005, was
posted on the outside entry to the Council Chamber at 78-495 Calle Tampico and on the
bulletin boards at 51-321 Avenida Bermudas and 78-630 Highway 1 1 1, on Friday,
September 16, 2005.
DATED: September 16, 2005
JUNE S. GREEK, CIVIC, City Clerk
City of La Quinta, California
Redevelopment Agency Agenda 3 September 20, 2005
ceit., 4 atP Qu&z
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: SEPTEMBER 20, 2005
ITEM TITLE:
Demand Register Dated September 20, 2005
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated Sept. 20, 2005 of which
represents Redevelopment Agency Expenditures.
BUSINESS SESSION
CONSENT CALENDAR
STUDY SESSION
PUBLIC HEARING
$356,486.36
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
(
OF 'Tttf'9
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: September 20, 2005
ITEM TITLE: Transmittal of Treasurer's Reports
as of June 30, 2005 and July 31, 2005
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
a�
Witt 4
MOF IK4
COUNCIL/RDA MEETING DATE: September 20, 2005 AGENDA CATEGORY:
BUSINESS SESSION:
ITEM TITLE: Transmittal of Revenue and Expenditure
Report dated June 30, 2005 and July 31, 2005 CONSENT CALENDAR: 3
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File
FISCAL IMPLICATIONS:
None.
CHARTER CITY IM PUCATIONS:
None.
BACKGROUND AND OVERVIEW:
Transmittal of the June 30, 2005 and July 31, 2005 Statements of Revenue and
Expenditures for the La Quinta Redevelopment Agency.
Respectfully submitted,
ohn M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures Report for June 30, 2005
2. Revenue and Expenditures Report for July 31, 2005
ATTACHMENT 1
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 1:
LOW/MODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOW/MOD BOND
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
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
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
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%
6,480,979.00
6,773,423.16
(292,444.16)
104.510%
20,800.00
78,702.49
(57,902.49)
378.380%
0.00
1,567.23
(1,567.23)
0.000%
0.00
12,391.50
(12,391.50)
0.000%
0.00
0.00
0.00
0.000%
341,000.00
310,573.80
30,426.20
91.080%
990,000.00
668,641.92
321,358.08
67.540%
0.00
0.00
0.00
0.000%
0.00
84,987.55
(84,987.55)
0.000%
0.00
(2,120.93)
2,120.93
0.000%
0.00
1,965,988.15
(1,965,988.15)
0.000%
0.00
0.00
0.00
0.000%
7,832,779.00
9,894,154.87
(2,061,375.87)
126.320%
25,923,915.00
27,093,692.64
(1,169,777.64)
104.510%
66,000.00
255,611.18
(189,611.18)
387.290%
0.00
17.03
(17.03)
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
2,478,347.00
2,478,346.90
0.10
100.000%
28,468,262.00
29,827,667.75
(1,359,405.75)
104.780%
150,000.00 142,670.30 7,329.70 95.110%
Non Allocated Interest
750,000.00
624,365.54
125,634.46
83.250%
Litigation Settlement Revenue
0.00
0.00
0.00
0.000%
Loan Proceeds
0.00
0.00
0.00
0.000%
Rental Income
0.00
0.00
0.00
0.000%
Transfers In
442 928.00
442,928.00
0.00
100.000%
TOTAL CAPITAL IMPROVEMENT
1,342,928.00
1,209,963.84
132,964.16
90.100%
CAPITAL IMPROVEMENT FUND - TAXABLE
Pooled Cash Allocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
50,000.00
39,593.27
10,406.73
79.190%
Litigation Settlement Revenue
0.00
0.00
0.00
0.000%
Bond proceeds
0.00
0.00
0.00
0.000%
Rental Income
0.00
0.00
0.00
0.000%
Transfers In
0.00
0.00
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
50,000.00
39,593.27
10,406.73
79.190%
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 2:
LOWIMODERATE BOND FUND:
Allocated Interest
Non Allocated Interest
Bond proceeds (net)
Transfer In
TOTAL LOWIMOD BOND
LOWIMODERATE TAX FUND:
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
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%
Tax Increment
3,345,543.00
3,509,240.51
(163,697.51)
104.890%
Allocated Interest
24,100.00
140,741.62
(116,641.62)
583.990%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Developer funding
7,054,074.00
7,096,293.56
(42,219.56)
100.600%
Vista Dunes MHP Rental Rev
0.00
209,669.26
(209,669.26)
0.000%
2nd Trust Deed Repayment
0.00
332,746.70
(332,746.70)
0.000%
ERAF Shift - Interest
0.00
0.00
0.00
0.000%
Sale of Land
8,637,300.00
801,359.00
7,835,941.00
9.280%
Transfer In
0.00
0.00
0.00
0.000%
TOTAL LOWIMOD TAX
19,061,017.00
12,090,050.65
6,970,966.35
63.430%
2004 LOWIMODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOWIMOD BOND
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
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
1,000,000.00
1,191,332.19
(191,332.19)
119.130%
0.00
0.00
0.00
0.000%
1,000,000.00
1,191,332.19
(191,332.19)
119.130%
13,382,173.00
14,036,962.16
(654,789.16)
104.890%
0.00
174,271.94
(174,271.94)
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
4,099,819.00
41142,038.56
(42,219.56)
101.030%
17,481,992.00
18,353,272.66
(871,280.66)
104.980%
50,000.00 38,474.66 11,525.34 76.950%
0.00 0.00 0.00 0.000%
0.00 0.00 0.000%
0.00
0.00 0.00 0.00 0.000%
50,000.00 38,474.66 11,525.34 76.950%
3
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 1:
LOW/MODERATE BOND FUND
PERSONNEL
SERVICES
REIMBURSEMENT TO GEN FUND
HOUSING PROJECTS
07/01/2004 - 06/30/05 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
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
TRANSFERS OUT 0.00 0.00 0.00 0.00
TOTAL LOW/MOD BOND 0.00 0.00 0.00 0.00
LOW/MODERATE TAX FUND:
4,900.00
5,974.45
0.00
(1,074.45)
PERSONNEL
SERVICES
253,157.00
211,336.10
0.00
41,820.90
BUILDING HORIZONS
250,000.00
250,000.00
0.00
0.00
LQ RENTAL PROGRAM
150,000.00
333,347.95
0.00
(183,347.95)
LQ HOUSING PROGRAM
3,118,240.00
319,900.00
0.00
2,798,340.00
LOW MOD VILLAGE APARTMENTS
400,000.00
0.00
0.00
400,000.00
LQRP - REHABILITATION
0.00
0.00
0.00
0.00
APT REHABILITATION
276,411.00
135,571.69
0.00
140,839.31
LQ HOUSING PROJECTS
500,000.00
265,000.00
0.00
235,000.00
REIMBURSEMENT TO GEN FUND
668,272.00
668,272.00
0.00
0.00
TRANSFERS OUT
2,478,347.00
2,478,346.90
0.00
0.10
TOTAL LOWIMOD TAX
8,099,327.00
4,667,749.09
0.00
3,431,577.91
DEBT SERVICE FUND:
SERVICES
496,585.00
365,809.79
0.00
130,775.21
BOND PRINCIPAL
2,395,000.00
2,395,000.00
0.00
0.00
BOND INTEREST
7,929,969.00
7,929,969.26
0.00
(0.26)
INTEREST CITY ADVANCE
952,764.00
1,037,978.72
0.00
(85,214.72)
PASS THROUGH PAYMENTS
12,283,973.00
12,366,483.30
0.00
(82,510.30)
ERAF SHIFT
2,780,728.00
2,780,728.42
0.00
(0.42)
TRANSFERS OUT
2,438,029.02
2,438,029.00
0.00
0.00
TOTAL DEBT SERVICE
29,277,048.00
29,313,998.49
0.00
(36,950.49)
CAPITAL IMPROVEMENT FUND:
4,900.00
5,429.30
0.00
(529.30)
PERSONNEL
SERVICES
116,393.00
204,179.27
0.00
(87,786.27)
LAND ACQUISITION
0.00
0.00
0.00
0.00
ASSESSMENT DISTRICT
0.00
0.00
0.00
0.00
ADVERTISING -ECONOMIC DEV
40,000.00
40,000.00
0.00
0.00
ECONOMIC DEVELOPMENT
50,000.00
16,770.12
0.00
33,229.88
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
292,413.00
292,413.00
0.00
(0.00)
TRANSFERS OUT
39,762,752.00
17,612,949.13
0.00
22,149,802.87
TOTAL CAPITAL IMPROVEMENT
40,266,458.00
18,171,740.82
0.00
22,094,717.18
CAPITAL IMPROVEMENT FUND/TAXABLE BOND
BOND ISSUANCE COSTS
0.00
0.00
0.00
0.00
TRANSFERS OUT
5,778,816.00
5 783 408.98
0.00
(4,592.98)
TOTAL CAPITAL IMPROVEMENT
5,778,816.00
5,783,408.98
0.00
(4,592.98)
N
LA QUINTA REDEVELOPMENT AGENCY
0710112004 - 06/30/05
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO.2:
LOW/MODERATE BOND FUND
2nd TRUST DEEDS
0.00
0.00
0.00
0.00
LAND
0.00
0.00
0.00
0.00
BOND ISSUANCE COSTS
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
LOW/MODERATE TAX FUND:
PERSONNEL
2,900.00
3,285.66
0.00
(386.65)
SERVICES
192,088.00
487,786.67
0.00
(295,698.67)
2ND TRUST DEEDS
500,000.00
0.00
0.00
500,000.00
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
7,058.20
0.00
1,416,144.80
WASH/MILES PROJECT
0.00
5,317.50
0.00
(5,317.50)
VISTA DUNES MOBILE HOME PARK
0.00
319,837.36
0.00
(319,837.36)
LOW MOD HOUSING PROJECT/47TH/ADAMS PROJ
776,239.00
44,351.00
0.00
731,888.00
48TH/ADAMS PLANNING
150,000.00
0.00
0.00
150,000.00
FORECLOSURE ACQUISITION
150,000.00
150,000.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
333,272.00
333,272.00
0.00
0.00
TRANSFERS OUT
7 350 044.00
363,356.58
18
0.00
(13,312.58)
TOTAL LOW/MOD TAX
13,397,746.00
8,714,264.96
0.00
4,683,481.04
2004 LOW/MODERATE BOND FUND
2nd TRUST DEEDS
0.00
0.00
0.00
0.00
LAND
0.00
0.00
0.00
0.00
BOND ISSUANCE COSTS
0.00
0.00
0.00
0.00
TRANSFERS OUT
1,920,965.00
753,612.79
0.00
1,167,352.21
TOTAL LOW/MOD BOND
1,920,965.00
753,612.79
0.00
1,167,352.21
DEBT SERVICE FUND:
SERVICES
179,013.00
180,374.00
0.00
(1,361.00)
BOND PRINCIPAL
95,000.00
95,000.00
0.00
0.00
BOND INTEREST
323,264.00
323,263.75
0.00
0.25
INTEREST CITY ADVANCE
1,459,580.00
1,459,580.01
0.00
(0.01)
INTEREST - ERAF UMOD LOAN
0.00
0.00
0.00
0.00
PASS THROUGH PAYMENTS
11,394,169.00
11,435,224.23
0.00
(41,055.23)
TRANSFERS OUT
994,948.00
994,948.00
0.00
0.00
TOTAL DEBT SERVICE
14,445,974.002
14,488,389.99
0.00
(42,415.99)
CAPITAL IMPROVEMENT FUND:
PERSONNEL
2,900.00
3,613.48
0.00
(713.48)
SERVICES
117,820.00
113,447.47
0.00
4,372.53
ADVERTISING -ECONOMIC DEV
250.00
0.00
0.00
250.00
ECONOMIC DEVELOPMENT ACTIVITY
40,000.00
34,581.57
0.00
5,418.43
REIMBURSEMENT TO GEN FUND
41,443.00
41,444.92
0.00
(1.92)
TRANSFERS OUT
1,826,079.00
1,11,046.08
0.00
485,032.92
TOTAL CAPITAL IMPROVEMENT
2,028,492.00
1,534,133.52
0.00
494,358.48
ATTACHMENT 2
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO.1:
LOW/MODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOW/MOD BOND
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
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
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%
6,675,400.00
0.00
6,675,400.00
0.000%
50,900.00
0.00
50,900.00
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%
276,000.00
23,706.00
252,294.00
8.590%
150,000.00
125,000.00
25,000.00
83.330%
0.00
0.00
0.00
0.000%
0.00
16,415.18
(16,415.18)
0.000%
0.00
820.80
(820.80)
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
7,152,300.00
165,941.98
6,986,358.02
2.320%
DEBT SERVICE FUND:
Tax Increment
26,701,600.00
0.00
26,701,600.00
0.000%
Allocated Interest
93,100.00
0.59
93,099.41
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Interst - County Loan
0.00
0.00
0.00
0.000%
Interest Advance Proceeds
0.00
0.00
0.00
0.000%
Transfers In
3,945,802.00
0.00
3,945,802.00 _
0.000%
TOTAL DEBT SERVICE
30,740,502.00
0.59
30,740,501.41
0.000%
CAPITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest 12,500.00 0.00 12,500.00 0.000%
Non Allocated Interest 500,000.00 74,539.02 425,460.98 14.910%
Litigation Settlement Revenue
0.00
0.00
0.00
0.000%
Loan Proceeds
0.00
0.00
0.00
0.000%
Rental income
0.00
0.00
0.00
0.000%
Transfers in
0.00
0.00
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
512,500.00
74,539.02
437,960.98
14.540%
CAPITAL IMPROVEMENT FUND - TAXABLE
Pooled Cash Allocated Interest
Non Allocated Interest
Litigation Settlement Revenue
Bond proceeds
Rental Income
Transfers In
TOTAL CAPITAL IMPROVEMENT
0.00 0.00
0.00 0.00
0.00 0.000%
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%
0.00
0.00
0.00
0.000%
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 2:
LOWIMODERATE BOND FUND:
Allocated Interest
Non Allocated Interest
Bond proceeds (net)
Transfer In
TOTAL LOW/MOD BOND
LOWIMODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Developer funding
Vista Dunes MHP Rental Rev
2nd Trust Deed Repayment
ERAF Shift - Interest
Sale of Land
Transfer In
TOTAL LOWIMOD TAX
2004 LOWIMODERATE BOND FUND:
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
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%
3,445,900.00
0.00
3,445,900.00
0.000%
275,300.00
0.00
275,300.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
5,372.14
(5,372.14)
0.000%
0.00
56,628.40
(56,628.40)
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%
3,721,200.00
62,000.54
3,659,199.46
1.670%
Allocated Interest
0.00
0.00
0.00
0.000%
Home Sale Proceeds
0.00
0.00
0.00
0.000%
Non Allocated Interest
1,418,400.00
83,889.87
1,334,510.13
5.910%
Transfer In
0.00
0.00
0.00
0.000%
TOTAL LOW/MOD BOND
1,418,400.00
83,889.87
1,334,510.13
5.910%
DEBT SERVICE FUND:
Tax Increment
13,783,600.00
0.00
13,783,600.00
0.000%
Allocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Interest Advance Proceeds
0.00
0.00
0.00
0.000%
Transfer In
1,706,754.00
0.00
1,706,754.00
0.000%
TOTAL DEBT SERVICE
15,490,354.00
0.00
15,490,354.00
0.000%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
37,100.00
0.00
37,100.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
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
37,100.00
0.00
37,100.00
0.000%
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 1:
LOWIMODERATE BOND FUND
PERSONNEL
SERVICES
REIMBURSEMENT TO GEN FUND
HOUSING PROJECTS
TRANSFERS OUT
TOTAL LOW/MOD BOND
LOWIMODERATE TAX FUND:
PERSONNEL
SERVICES
BUILDING HORIZONS
LQ RENTAL PROGRAM
LQ HOUSING PROGRAM
LOWMOD VILLAGE APARTMENTS
2nd TRUST DEED PROGRAM
07/01/2005 - 07/31/05 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
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
4,900.00
0.00
4,483.40
265,405.00
0.00
260,157.00
250,000.00
0.00
250,000.00
332,000.00
0.00
295,599.51
320,000.00
0.00
320,000.00
400,000.00
0.00
400,000.00
3,298,340.00
0.00
3,298,340.00
416.60
5,248.00
0.00
36,400.49
0.00
0.00
0.00
LQRP - REHABILITATION
0.00
0.00
0.00
0.00
APT REHABILITATION
136,000.00
0.00
0.00
136,000.00
FORECLOSURE
150,000.00
0.00
0.00
150,000.00
REIMBURSEMENT TO GEN FUND
679,574.00
56,631.13
0.00
622,942.87
TRANSFERS OUT
3,945,802.00
0.00
0.00
3,945,802.00
TOTAL LOWIMOD TAX
9,782,021.00
98,696.22
0.00
9,693,324.78
DEBT SERVICE FUND:
SERVICES
537,800.00
1,530.00
0.00
536,270.00
BOND PRINCIPAL
2,500,000.00
0.00
0.00
2,500,000.00
BOND INTEREST
7,805,905.00
0.00
0.00
7,805,905.00
INTEREST CITY ADVANCE
1,116,237.00
93,019.75
0.00
1,023,217.25
PASS THROUGH PAYMENTS
13,076,663.00
0.00
0.00
13,076,663.00
ERAF SHIFT
3,000,000.00
0.00
0.00
3,000,000.00
TRANSFERS OUT
3,465,227.00
0.00
0.00
3,465,227.00
TOTAL DEBT SERVICE
31,501,832.00
94,549.75
0.00
31,407,282.25
CAPITAL IMPROVEMENT FUND:
PERSONNEL
4,900.00
416.60
0.00
4,483.40
SERVICES
307,362.00
3,635.50
0.00
303,726.50
LAND ACQUISITION
0.00
0.00
0.00
ASSESSMENT DISTRICT
0.00
0.00
0.00
0.00
ADVERTISING -ECONOMIC DEV
0.00
0.00
0.00
0.00
ECONOMIC DEVELOPMENT
25,000.00
0.00
0.00
25,000.00
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
319,515.00
26,626.21
0.00
292,888.79
TRANSFERS OUT
22,144,647.00
808,471.60
0.00
21,336,175.40
TOTAL CAPITAL IMPROVEMENT
22,801,424.00
839,149.91
0.00
21,962,274.09
CAPITAL IMPROVEMENT FUND/TAXABLE BOND
BOND ISSUANCE COSTS
0.00
0.00
0.00
0.00
TRANSFERS OUT
(4 594.00)
0.00
0.00
(4,594.00)
TOTAL CAPITAL IMPROVEMENT
(4 594.00)
0.00
0.00
(4,594.00)
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO.2:
LOWIMODERATE BOND FUND
2nd TRUST DEEDS
LAND
BOND ISSUANCE COSTS'
TRANSFERS OUT
TOTAL LOW/MOD BOND
LOW/MODERATE TAX FUND:
PERSONNEL
SERVICES
2ND TRUST DEEDS
2ND TRUST DEEDS FROM CENTERPOINTE
48TH AND ADAMS - FROM CENTERPOINTE
07/01/2005 - 07/31/05 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
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
2,900.00
252.11
0.00
2,647.89
280,628.00
2,952.00
0.00
277,676.00
1,000,000.00
0.00
0.00
1,000,000.00
2,520,000.00
0.00
0.00
2,520,000.00
1,423,203.00
710.00
0.00
1,422,493.00
WASH/MILES PROJECT
0.00
0.00
0.00
0.00
VISTA DUNES MOBILE HOME PARK
0.00
25,772.53
0.00
(25,772.53)
LOW MOD HOUSING PROJECT/47TH/ADAMS PROJ
0.00
0.00
0.00
0.00
47TH/ADAMS PROJECT
776,239.00
0.00
0.00
776,239.00
FORECLOSURE ACQUISITION
150,000.00
0.00
0.00
150,000.00
REIMBURSEMENT TO GEN FUND
350,708.00
29,225.63
0.00
321,482.37
TRANSFERS OUT
1:706,754.00
0.00
0.00
1,706,754.00
TOTAL LOWIMOD TAX
8,210,432.00
58,912.27
0.00
8,151,519.73
2004 LOWIMODERATE BOND FUND
HOUSING PROGRAMS
51,021,866.00
0.00
0.00
51,021,866.00
LAND
3,000,000.00
0.00
0.00
3,000,000.00
TRANSFERS OUT
1,167,353.00
23,166.51
0.00
1,144,186.49
TOTAL LOWIMOD BOND
55,189,219.00
23,166.51
0.00
55,166,052.49
DEBT SERVICE FUND:
SERVICES
195,970.00
0.00
0.00
195,970.00
BOND PRINCIPAL
200,000.00
0.00
0.00
200,000.00
BOND INTEREST
319,168.00
0.00
0.00
319,168.00
INTEREST CITY ADVANCE
1,593,358.00
132,779.87
0.00
1,460,578.13
PASS THROUGH PAYMENTS
11,726,665.00
0.00
0.00
11,726,665.00
TRANSFERS OUT
1,706,754.00
0.00
0.00
1,706,754.00
TOTAL DEBT SERVICE
15,741,915.00
132,779.87
0.00
15,609,135.13
CAPITAL IMPROVEMENT FUND:
PERSONNEL
2,900.00
251.94
0.00
2,648.06
SERVICES
195,162.00
3,424.50
0.00
191,737.50
ADVERTISING -ECONOMIC DEV
0.00
0.00
0.00
0.00
ECONOMIC DEVELOPMENT ACTIVITY
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
23,903.00
1,991.92
0.00
21,911.08
TRANSFERS OUT
485,033.00
0.00
0.00
485,033.00
TOTAL CAPITAL IMPROVEMENT
706,998.00
5,668.36
0.00
701,329.64
cewvl 4 64PQu&rw
COUNCIL/RDA MEETING DATE: September 20, 2005
ITEM TITLE: Consideration of a Finance Agreement between
the City of La Quinta and the Agency and of an Additional
Appropriation for the SilverRock Resort Golf Course Grading
and Drainage Improvements, Project No. 2002-07 L
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: /
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve a Finance Agreement (Attachment 1) with the City of La Quinta and the
Agency and appropriate an additional $273,000 from General Fund Reserves to the
SilverRock Resort Construction Account (401-1723-551 .45-01) for the
construction. of SilverRock Resort Golf Course Grading and Drainage Improvements,
Project No. 2002-07L.
FISCAL IMPLICATIONS:
On June 7, 2005, the Agency approved the mountain storm runoff and drainage
improvements to be designed by PACE and The Keith Companies to remedy future
erosion problems from mountain storm water runoff.
On July 19, 2005, the engineers estimate for these improvements was $300,000.
The total estimated cost for the project included design, administration,
survey/testing, and contingency was $440,210. Therefore, an appropriation of
$357,000 was anticipated to complete the work.
On September 16, 2005, staff received a proposal from Landscapes Unlimited, who
are currently performing the native area restoration project for Landmark Golf, in
the amount of $549,884. Based on this proposal, the anticipated construction
costs for this project are as follows:
Construction
$550,000
Design
$83,210
Survey/Testing
$25,000
Contingency
$55,000
Total
$713,210
S:\CityMgr\STAFF REPORTS ONLY\9-20-05\Agency Mountain Drainage.doc
Therefore, an appropriation of $273,000 is necessary to cover the anticipated costs
of this work.
BACKGROUND AND OVERVIEW:
On June 7, 2005, the Agency discussed additional improvements for SilverRock
Resort, which included the mountain storm runoff drainage improvements. These
improvements will better protect golf course No. 1 from mountain storm runoff that
caused significant erosion during the past winter. Now that the mountain runoff
areas have been identified, improvements will be constructed so that mountain
runoff will have minimal impacts to the golf course in the future.
On July 19, 2005, the Agency approved an emergency contract resolution
authorizing staff to negotiate this construction contract with the contractor
currently on site or another qualified landscape contractor for the native bunker
work restoration. To that end, staff prepared contract documents for the work and
requested a proposal from Landscapes Unlimited, which they prepared and
delivered to the City after the RDA Agenda posting on September 16, 2005. Staff
is currently negotiating the exact contract amount with Landscapes Unlimited and
may seek another proposal from an equally qualified contractor. However, an
appropriation is necessary before the next regular scheduled meeting of the Agency
in order to complete this work prior to over seeding scheduled to begin October 10,
2005, as well as before additional storm damage occurs to the golf course.
Continuing Action Regarding the Expenditure of Public Funds Pertaining to an
Emergency Contract for the Construction of the SilverRock Resort Mountain
Drainage Improvements
Resolution No. RDA 2005-010 was approved by the Agency on July 19, 2005.
This resolution delegated the City Manager authority to respond to the stated
emergency without giving notice for bids to let contracts as defined in Part 3,
Chapter 1, Article 4 of the Public Contract Code.
In accordance with Chapter 2.5, Section 22050 (b)(3) and (c)(2) Emergency
Contracting Procedures, of the Public Contract Code, the City Manager shall report
to the Agency at its next meeting the reasons justifying why the emergency will
not permit a delay resulting from a competitive solicitation for bids and why the
action is necessary to respond to the emergency.
Further, the Agency shall initially review the emergency action not later than seven
days after the action, or at its next regularly scheduled meeting if that meeting will
occur not later than 14 days after the action, and at least every regularly scheduled
meeting thereafter until the action is terminated, to determine that there is a need
to continue the action.
2
S:\CityMgr\STAFF REPORTS ONLY\9-20-05\Agency Mountain Drainage.doc
It is the opinion of this office that the emergency circumstances of the project have
not changed since the approval of Resolution No. RDA 2005-010. Therefore, due
to the impending thunderstorms, the limited time available to acquire the necessary
materials to perform the emergency mountain drainage repairs and improvements
will not permit the typical delay that results from a competitive solicitation for bids.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency include:
1. Approve a Finance Agreement with the City of La Quinta and the Agency
and appropriate an additional $273,000 from General Fund Reserves to the
SilverRock Resort Construction Account (401-1723-551 .45-01) for the
construction of SilverRock Resort Golf Course Grading and Drainage
Improvements, Project No. 2002-07L; or
2. Do not approve a Finance Agreement with the City of La Quinta and the
Agency and appropriate an additional $273,000 from General Fund Reserves
to the SilverRock Resort Construction Account (401-1723-551 .45-01) for
the construction of SilverRock Resort Golf Course Grading and Drainage
Improvements, Project No. 2002-07L; or
3. Provide staff with alternative direction.
Respectfully submitted,
othy R J na n, P.E.
Public Works Dir ctor/City Engineer
Approved for submission by:
C7�� e-,,-
Thomas P. Genovese, Executive Director
Attachment: 1 . Finance Agreement
3
S:\CityMgr\STAFF REPORTS ONLY\9-20-05\Agency Mountain Drainage.doc
ATTACHMENT 1
FINANCING AGREEMENT
THIS FINANCING AGREEMENT ("Agreement") is made and entered into this
day of September, 2005, 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 seq.); 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, 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 City to
the Agency to the in the amount up to $273,000, to be used by the Agency to meet the cost of
construction drainage improve for the mountain storm water runoff at SilverRock Resort., and
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter
contained, Agency and City agree as follows:
Section 1. City Loan; Interest, Use of Loan Principal.
The City hereby loans to Agency the principal amount of $273,000 ("Loan Principal")
from currently available General Fund. Interest shall accrue on the outstanding Loan Principal at
the rate of 7% per annum. The Loan Principal shall be used for the publicly owned drainage
improvements for the mountain storm runoff at SilverRock.
Section 2. Repayment.
The Loan Principal and the accrued interest shall be repaid by Agency prior to the
termination of the Plan for Redevelopment Project Area No. 1.
Section 3. Subordination.
The repayment of the Loan Principal by City shall be junior and subordinate to all
Agency obligations incurred prior to the date of this Agreement.
Section 4. Non -Recourse Obligation.
No officer, official, employee, agent, or representatives of the Agency 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.
1 191015610-0048
303499.01 a09/20/05
Section 5. 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.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their authorized representatives, as of the date first above written.
"AGENCY"
LA QUINTA REDEVELOPMENT AGENCY
LM
ATTEST:
Secretary
APPROVED AS TO FORM:
Agency Counsel
Chairman
"CITY"
CITY OF LA QUINTA
By:
Mayor
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
5
119/015610-0048
301499 01 a09/20/05 _2_