2006 01 17 RDA(may °b.epaa.&
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
January 17, 2006 at 2:00 P.M.
Beginning Resolution No. RA 2006-001
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.
CONFERENCE WITH AGENCY'S LEGAL COUNSEL REGARDING PENDING LITIGATION,
LA QUINTA REDEVELOPMENT AGENCY v. VERIZON CALIFORNIA, INC., RIVERSIDE
SUPERIOR COURT CASE NO. INC 055168, PURSUANT TO GOVERNMENT CODE
SECTION 54956.9(a)
Redevelopment Agency Agenda 1 January 17, 2006
2. CONFERENCE WITH AGENCY'S LEGAL COUNSEL REGARDING PENDING LITIGATION,
LA QUINTA REDEVELOPMENT AGENCY v. KSL DESERT RESORTS, INC., RIVERSIDE
SUPERIOR COURT CASE NO. INC 044676, PURSUANT TO GOVERNMENT CODE
SECTION 54956.9(a).
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
APPROVAL OF MINUTES OF JANUARY 3, 2006.
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
APPROVAL OF DEMAND REGISTER DATED JANUARY 17, 2006.
2. RECEIVE AND FILE TREASURER'S REPORT AS OF NOVEMBER 30, 2005.
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT FOR NOVEMBER 30,
2005 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING
DECEMBER 31, 2005.
4. AUTHORIZATION FOR OVERNIGHT TRAVEL FOR REDEVELOPMENT AGENCY
BOARD MEMBERS AND EXECUTIVE DIRECTOR TO TOUR THE RESORT AT
SQUAW CREEK IN OLYMPIC VALLEY, CALIFORNIA.
Redevelopment Agency Agenda 2 January 17, 2006
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
February 7, 2006 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 January 17, 2006, 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, January
13, 2006.
DATED: January 13, 2006
JUNE S. GREEK, CMC, City Clerk
City of La Quinta, California
Redevelopment Agency Agenda 3 January 17, 2006
T a 414f 4 �aw
AGENDA CATEGORY:
BUSINESS SESSION
COUNCIL/RDA MEETING DATE: January 17, 2006
CONSENT CALENDAR /
ITEM TITLE:
Demand Register Dated January 17, 2006
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
STUDY SESSION
PUBLIC HEARING
Receive and File the Demand Register Dated January 17, 2006 of which $5631)816.69
represents Redevelopment Agency Expenditures.
PLEASE SEE CONSENT CALENDAR ITEM NUMBER I ON CITY COUNCIL AGENDA
GSM - V,
OF
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: January 17, 2006
BUSINESS SESSION:
ITEM TITLE: Transmittal of Treasurer' s Report as of
r.
November 30, 2005 CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File.
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
V _ -
OF
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: January 17, 2006
BUSINESS SESSION:
ITEM TITLE: Transmittal of Revenue and Expenditure
Report for November 30, 2005 and Investment CONSENT CALENDAR:
Summary Report for the Quarter Ending December 31,
STUDY SESSION:
2005
PUBLIC HEARING:
RECOMMENDATION:
Receive and File.
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Transmittal of the November 30, 2005 Statement of Revenue and Expenditures and
Investment Summary Report for the Quarter Ending December 31, 2005 for the La
Quinta Redevelopment Agency.
Respectfully submitted,
F
{
John M. Falconer, Finance Director
I 1, .. 6
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures Report, November 30, 2005
2. Investment Summary Report for the Quarter Ending
December 31, 2005
4
K
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
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
703,709.48
5,971,690.52
10.540%
50,900.00
14,433.85
36,466.15
28.360%
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
94,109.00
181,891.00
34.100%
480,000.00
347,927.05
132,072.95
72.480%
0.00
0.00
0.00
0.000%
0.00
42,613.85
(42,613.85)
0.000%
0.00
3,216.79
(3,216.79)
0.000%
0.00
664,620.57
(664,620.57)
0.000%
0.00
0.00
0.00
0.000%
7,482,300.00
1,870,630.59
5,611,669.41
25.000%
DEBT SERVICE FUND:
Tax Increment
26,701,600.00
2,814,837.93
23,886,762.07
10.540%
Allocated Interest
93,100.00
33,090.67
60,009.33
35.540%
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
976,470.99
2,969,331.01
24.750%
TOTAL DEBT SERVICE
30,740,502.00
3,824,399.59
26,916,102.41
12.440%
CAPITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest
12,500.00
33,925.92
(21,425.92)
271.410%
Non Allocated Interest
500,000.00
347,245.46
152,754.54
69.450%
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
909,510.00
273,000.00
636,510.00
30.020%
TOTAL CAPITAL IMPROVEMENT
1,422,010.00
654,171.38
767,838.62
46.000%
CAPITAL. IMPROVEMENT FUND - TAXABLE
Pooled Cash Allocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000%
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
0.00
0.00
0.00
0.000%
K
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 1:
LOW/MODERATE BOND FUND
PERSONNEL
SERVICES
REIMBURSEMENT TO GEN FUND
HOUSING PROJECTS
TRANSFERS OUT
TOTAL LOW/MOD BOND
07/01/2005-11/30/05 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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
LOW/MODERATE TAX FUND:
4,900.00
2,649.90
0.00
2,250.10
PERSONNEL
SERVICES
265,405.00
50,051.07
0.00
215,353.93
BUILDING HORIZONS
125,000.00
37,500.00
0.00
87,500.00
LQ RENTAL PROGRAM
332,000.00
83,349.30
0.00
248,650.70
LQ HOUSING PROGRAM
320,000.00
0.00
0.00
320,000.00
LOWMOD VILLAGE APARTMENTS
400,000.00
0.00
0.00
400,000.00
2nd TRUST DEED PROGRAM
3,298,340.00
0.00
0.00
3,298,340.00
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
283,155.85
0.00
396,418.15
TRANSFERS OUT
3,945,802.00
976,470.99
0.00
2,969,331.01
TOTAL LOW/MOD TAX
9,657,021.00
1,433,177.11
0.00
8,223,843.89
DEBT SERVICE FUND:
SERVICES
537,800.00
7,770.00
0.00
530,030.00
BOND PRINCIPAL
2,500,000.00
2,500,000.00
0.00
0.00
BOND INTEREST
7,805,905.00
3,938,313.13
0.00
3,867,591.87
INTEREST CITY ADVANCE
1,116,237.00
481,064.54
0.00
635,172.46
PASS THROUGH PAYMENTS
13,076,663.00
1,510,019.15
0.00
11,566,643.85
ERAF SHIFT
3,000,000.00
0.00
0.00
3,000,000.00
TRANSFERS OUT
4,374,737.00
1,249,470.99
0.00
3,125,266.01
TOTAL DEBT SERVICE
32,411,342.00
9,686,637.81
0.00
22,724,704.19
CAPITAL. IMPROVEMENT FUND:
4,900.00
2,649.90
0.00
2,250.10
PERSONNEL
SERVICES
307,362.00
65,841.94
0.00
241,520.06
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
55,000.00
0.00
0.00
55,000.00
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
133,131.24
0,00
186,383.76
TRANSFERS OUT
23,453,157.00
2,887,243.90
0.00
20,565,913.10
TOTAL CAPITAL IMPROVEMENT
24,139,934.00
3,088,866.98
0.00
21,051,067.02
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)
i�a
LA QUINTA REDEVELOPMENT AGENCY
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO. 2:
LOW/MODERATE BOND FUND:
Allocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Bond proceeds (net)
0.00
0.00
0.00
0.000%
Transfer In
0.00
0.00
0.00
0.000%
TOTAL LOW/MOD BOND
0.00
0.00
0.00
0.000%
LOW/MODERATE TAX FUND:
Tax Increment
3,445,900.00
460,723.55
2,985,176.45
13.370%
Allocated Interest
275,300.00
17,685.36
257,614.64
6.420%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Developer funding
0.00
0.00
0.00
0.000%
Vista Dunes MHP Rental Rev
0.00
14,317.58
(14,317.58)
0.000%
2nd Trust Deed Repayment
0.00
112,097.40
(112,097.40)
0.000%
ERAF Shift - Interest
0.00
0.00
0.00
0.000%
Sale of Land
0.00
0.00
0.00
0.000%
Transfer In
0.00
0.00
0.00
0.000%
TOTAL LOW/MOD TAX
3,721,200.00
604,823.89
3,116,376.11
16.250%
2004 LOW/MODERATE BOND FUND:
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
554,997.47
863,402.53
39.130%
Transfer In
0.00
0.00
0.00
0.000%
TOTAL LOW/MOD BOND
1,418,400.00
554,997.47
863,402.53
39.130%
DEBT SERVICE FUND:
Tax Increment
13,783,600.00
1,842,894.20
11,940,705.80
13.370%
Allocated Interest
0.00
21,999.32
(21,999.32)
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
6,828,246.00
8,274,432.01
(1,446,186.01)
121.180%
TOTAL DEBT SERVICE
20,611,846.00
10,139,325.53
10,472,520.47
49.190%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
37,100.00
12,156.83
24,943.17
32.770%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Developer Agreement
0.00
7,824,583.57
(7,824,583.57)
0.000%
Transfers In
0.00
0.00
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
37,100.00
7,836,740.40
(7,799,640.40)
21123.290%
5
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 2:
07/01/2005-11/30/05 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
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
20,001.25
0.00
(17,101.25)
SERVICES
280,628.00
83,194.69
0.00
197,433.31
2ND TRUST DEEDS
1,000,000.00
0.00
0.00
1,000,000.00
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
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
85,644.13
0.00
(85,644.13)
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
146,128.31
0.00
204,579.69
TRANSFERS OUT
1,706,754.00
1,982,532.01
0.00
(275,778.01)
TOTAL LOW/MOD TAX
8,210,432.00
2,318,210.39
0.00
5,892,221.61
2004 LOW/MODERATE BOND FUND
HOUSING PROGRAMS
51,021,866.00
48.00
0.00 51,021,818.00
LAND
3,000,000.00
0.00
0.00 3,000,000.00
TRANSFERS OUT
1,167,353.00
552,893.75
0.00 614,459.25
TOTAL LOW/MOD BOND
DEBT SERVICE FUND:
SERVICES
195,970.00
0.00
0.00
195,970.00
BOND PRINCIPAL
200,000.00
100,000.00
0.00
100,000.00
BOND INTEREST
319,168.00
160,646.25
0.00
158,521.75
INTEREST CITY ADVANCE
1,593,358.00
568,791.51
0.00
1,024,566.49
PASS THROUGH PAYMENTS
11,726,665.00
746,313.01
0.00
10,980,351.99
TRANSFERS OUT
1,706,754.00
1,982,532.01
0.00
(275,778.01)
TOTAL DEBT SERVICE
15,741,915.00
3,558,282.78
0.00
12,183,632.22
CAPITAL IMPROVEMENT FUND:
PERSONNEL
2,900.00
1,602.86
0.00
1,297.14
SERVICES
195,162.00
16,535.20
0.00
178,626.80
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
9,959.60
0.00
13,943.40
TRANSFERS OUT
5,606,525.00
6,390,596.40
0.00
(784,071.40)
TOTAL CAPITAL IMPROVEMENT
5,828,490.00
6,418,694.06
0.00
(590,204.06)
E
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0 Sep
oF AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: January 17, 2006
CONSENT CALENDAR: ,,..
ITEM TITLE: Authorization for Overnight Travel for
Redevelopment Agency Board Members and Executive STUDY SESSION:
Director to Tour the Resort at Squaw Creek in Olympic PUBLIC HEARING:
Valley, CA
RECOMMENDATION:
Approve authorization for overnight travel for Redevelopment Agency Board Members
and Executive Director to tour the Resort at Squaw Creek in Olympic Valley, CA.
FISCAL IMPLICATIONS:
Costs associated with touring Squaw Creek Resort will be funded through Account No.
405-9001-702.51-01- Travel and Meetings. The breakdown of expenditures
anticipated for this conference is as follows:
• Travel $ 2,500
• Lodging 2,700
• Car Rental (2 SUV's) 400
• Meals 900
Total $ 6,500
This budget is for the cost if all five Agency Board Members and the Executive Director
take part in this trip. Costs will be lower if fewer than five Agency Board Members
participate.
BACKGROUND AND OVERVIEW:
In March 2005, the Agency Board approved an Exclusive Negotiation Agreement with
DDC Desert Development, Inc. (a division of Lowe Enterprises) to create a
Concept/Site Plan and development program for SilverRock Resort. The Concept/Site
Plan and development program were approved by the Agency Board on July 19, 2005.
On December 20, 2005, the Agency Board conducted a Study Session with DDC to
review the feature hotel development program, which proposes a condo -hotel. Agency
Board Members reviewed how this facility, as a condo -hotel, would function and
sustain the services that are associated with a full -service resort. To further Agency
Board Members' understanding of the condo -hotel concept, DDC Desert Development
staff invited RDA Board Members to tour the Resort at Squaw Creek, which Lowe
Enterprises has purchased, remodeled, and currently operates as a condo -hotel. This
tour will allow Agency Board Members and staff to experience firsthand how a condo -
hotel looks, feels, and functions, and how a Lowe Enterprises project is operated and
managed.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1 . Approve authorization for overnight travel for Redevelopment Agency Board
Members and Executive Director to tour the Resort at Squaw Creek in
Olympic Valley, CA; or
2. Do not approve authorization for overnight travel for Redevelopment Agency
Board Members and Executive Director to tour the Resort at Squaw Creek in
Olympic Valley, CA; or
3. Provide staff with alternative direction.
Respectfully submitted,
Thomas P. Genovese, Executive Director
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