2006 03 07 RDARedevelopment 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, March 7, 2006 — 2:00 P.M.
Beginning Resolution No. RA 2006-003
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Henderson, 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 REAL PROPERTY NEGOTIATOR, THOMAS P.
GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR
DISPOSITION OF REAL PROPERTY LOCATED AT THE SOUTHEAST CORNER OF
MILES AVENUE AND WASHINGTON STREET. PROPERTY OWNER/NEGOTIATOR:
CP DEVELOPMENT LA QUINTA, LLC.
Redevelopment Agency Agenda 1 March 7, 2006
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 IDENTIFIED AS: APN 609-040-005, -007, AND -023. PROPERTY
OWNERS/NEGOTIATORS: MIKE SOLLENBERGER AND THE TESTA FAMILY
PARTNERSHIP.
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 FEBRUARY 21, 2006
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 MARCH 7, 2006.
2. APPROVAL OF RESTRUCTURING ADVANCES BETWEEN THE CITY OF LA QUINTA
AND THE LA QUINTA REDEVELOPMENT AGENCY.
3. APPROVAL OF AN AMENDMENT TO THE EXCLUSIVE NEGOTIATION AGREEMENT
BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND COACHELLA
VALLEY HOUSING COALITION (CVHC) FOR THE DEVELOPMENT OF AN
AFFORDABLE HOUSING PROJECT LOCATED AT THE NORTHWEST CORNER OF
DUNE PALMS ROAD AND AVENUE 48.
Redevelopment Agency Agenda 2 March 7, 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
March 21, 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, Deborah Powell, Acting City Clerk of the City of La Quinta, do hereby declare that the
foregoing agenda for the La Quinta Redevelopment Agency meeting of March 7, 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 March 3,
2006.
DATED: March 3, 2006
DEBORAH POWELL, Acting City Clerk
City of La Quinta, California
Redevelopment Agency Agenda 3 March 7, 2006
COUNCIL/RDA MEETING DATE: March U"/, 1UU6
ITEM TITLE:
Demand Register Dated March 07, 2006
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
AGENDA CATEGORY:
CONSENT CALENDAR
STUDY SESSION
PUBLIC HEARING
Receive and File the Demand Register Dated March 07, 2006 of which $6,482,482.80
represents Redevelopment Agency Expenditures.
PLEASE SEE CONSENT CALENDAR ITEM NUMBER I ON CITY COUNCIL AGENDA
.11
QJ
w
V
AGENDA CATEGORY:
OF Teti
COUNCIL/RDA MEETING DATE: March 7, 2006 BUSINESS SESSION:
CONSENT CALENDAR:
ITEM TITLE: Approval
between the City of La
Redevelopment Agency
RECOMMENDATION:
of Restructuring Advances
Quinta and the La Quinta STUDY SESSION:
PUBLIC HEARING:
Approve the restructuring of advances between the City of La Quinta and the La
Quinta Redevelopment Agency (RDA) Project Areas 1 and 2 as outlined in
Attachments 1 and 2.
FISCAL IMPLICATIONS:
Staff has conducted a financial analysis of the outstanding advances between the
City and the RDA and believes that the restructuring will result in a greater
likelihood of repayment of both principal and interest. The restructuring would
result in the payment, on April 1, 2006, to the City of a total of $5,691,347,
consisting of $2,982,763 from Project Area 1, and $2,708,584 from Project Area
2. In addition, the City would receive $2,020,000 annually in interest on the
outstanding advance balances. With the reduction of principal, the amount of
future interest earnings on these advances in future years is reduced.
Repayment of the outstanding RDA 1 advances of $12,000,000 would begin FY
2030/2031 through FY 2033/2034 with the City receiving $3,000,000 annually
for the four fiscal years. The repayment date may have to be adjusted if the
Agency reaches its maximum tax increment limit of $2,000,000,000 prior to these
scheduled repayments.
Repayment of the outstanding RDA 2 advances of $10,000,000 would begin FY
2035/2036 through FY 2038/2039 with the City receiving $2,500,000 annually
for the four fiscal years. The repayment date may have to be adjusted if the
Agency reaches its maximum tax increment limit of $1,500,000,000 prior to these
scheduled repayments.
BACKGROUND AND OVERVIEW:
Beginning in FY 90/91, the City has from time to time advanced funds to the RDA
to construct projects in the RDA project areas. The interest on these advances has
been either 7% or 10% with no specific repayment date during the life of the
redevelopment plan. The restructuring would either repay the principal and/or
interest on the advances, or convert outstanding interest into principal and result in
$2,020,000 in interest being paid by the RDA to the City. After the restructuring,
RDA Project Area 1 would have a $6,000,000 advance at 10% and a $6,000,000
advance at 7% while RDA Project Area 2 would have a $10,000,000 advance at
10%.
FINDINGS AND ALTERNATIVES:
The alternatives available to the City Council include:
1. Approve the restructuring of advances between the City of La Quinta and
the La Quinta Redevelopment Agency (RDA) Project Areas 1 and 2 as
outlined in Attachments 1 and 2; or
2. Do not approve the restructuring of advances between the City of La Quinta
and the La Quinta Redevelopment Agency (RDA) Project Areas 1 and 2 as
outlined in Attachments 1 and 2; or
3. Provide staff with alternative direction.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Proposed Restructuring of RDA Project Area 1 Advances
2. Proposed Restructuring of RDA Project Area 2 Advances
2
Proposed Restructuring of RDA Project Area 1 Advances from General Fund
ATTACHMENT 1
Principal
FY 05/06
Net
Beginning
Additions
Deletions
Ending
Change
RDA 1
- 10%
3,289,036
2,710,964
6,000,000
2,710,964
RDA 1 -
7% 2003
6,000,000
6,000,000
0
RDA 1 -
7% 2005
442,928
(442,928)
0
(442,928)
RDA 1 -
7% 2006
273,000
(273,000)
0
(273,000)
9,731,964
2,983,964
(715,928)
12,000,000
1,995,036
Interest
FY 05/06
Net
Beginning
Additions
Deletions
Ending
Change
RDA 1 - 10%
3,242,933
639,898
(3,882,831)
0
(3,882,831)
RDA 1 -
7% 2003
749,859
451,896
(1,201,755)
0
(1,201,755)
RDA 1 -
7% 2005
2,584
23,389
(25,973)
0
(25,973)
RDA 1 -
7% 2006
0
9,555
(9,555)
0
(9,555)
3,995,376
1,124, 738
(5,120,114)
0
(5,120,114)
Total
13,727,340
4,108,702
(5,836,042)
12,000,000
(3,125,078)
Principal Annual Interest
RDA 1 - 10% 6,000,000 600,000
RDA 1 - 7% 2003 6,000,000 420,000
12,000,000 1,020,000
This action would result in the repayment of $2,982,763 as follows:
RDA 1 - 10%
RDA 1 - 7% 2003
RDA 1 - 7% 2005
RDA 1 - 7% 2006
1,171,867
1,059,440
468,901
282,555
2,982,763
The RDA 1-7% 2003 loan was previously repaid the LAIF rate in accordance with the advance agreement earlier in FY 05/06
RDA 1 - 7% 2003 142,315
3
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E
RDA 1 -10%
Cumulative
Cumulative
FY
Beginning Balance
Principal
Interest
Ending Balance
Principal
Interest
Total
0
0
0
0
83/84
0
p
0
0
84/85
0
0
0
0
0
85/86
0
0
0
0
0
86/87
0
0
0
0
0
87/88
0
0
p
0
0
88/89
0
0
0
0
0
89/90
0
1,044,274
1,044,274
1,044,274
0
1,044,274
90/91
91/92
0
1,044,274
1,627,728
2,672,002
2,672,002
120,333
0
0
2,672,002
120,333
92/93
2,672,002
(2,551,669)
120,333
0
0
0
93/94
120,333
(120,333)
0
2,340,443
2,340,443
0
2,340,443
94/95
0
2,340,443
234,044
2,574,487
2,340,443
234,044
2,574,487
95/95
95/96
2340443
2,340,443
2,574,487
841,320
234,045
3,649,852
3,181,763
3,181,763
468,089
833,074
3,649,852
4,014,837
96/97
7/98
3,649,852
364,985
200,742
4,014,837
4,215,579
3,181,763
1,033,816
4,215,579
98/99 /98
37
(800,000)
3,415,579
3,181,763
233,816
3,415,579
12/31/98
319
4,215,579
170,779
3,586,358
3,181,763
404,595
3,586,358
8/99 - 1/ -6/30/9
3,415,579
239,088
3,825,446
3,181,763
643,683
3,825,446
7/1 /99 - 2/29/00
2/29/00
3,415,579
107,273
123,120
4,055,839
3,289,036
766,803
4,055,839
3/1/00 -
3,586,358
3,825,446
405,584
4,461,423
3,289,036
1,172,387
4,461,423
7/1/00 - 6/30/01
446,142
4,907,565
3,289,036
1.618,529
4,907,565
7/1/01 - 6/30/01
4,055,839
490,757
5,398,322
3,289,036
2,109,285
5,398,322
7/1/02 - 6/30/02
4,461,423
4,907,565
539,832
5,938,154
3,289,036
2,649,118
5.938,154
7/1/03 - 6/30/03
593,815
6,531,969
3,289,036
3,242,933
6,531,969
7/1 /04 - 6/30/04
5,398,322
5,931,154
489,898
7,021,867
3,289,036
3,732,831
7,021,867
7/1/05-3/31/06
6,531,969
7,021,867
2,710,964
(3,732,831)
6,000,000
6,000,000
(0)
6,000,000
3/315-
3/31/0
150,000
6,150,000
6,000,000
150,000
6,150,000
6/30/06
(150,000)
6,000,000
6,000,000
(0)
6,000,000
6/1/06-
6/30/0
6,000,000
600,000
6,600,000
6,000,000
600,000
6,600,000
6/30/07
6,150,000
(600,000)
6,000,000
6,000,000
(0)
6,000,000
6,600,000
600,000
6,600,000
6,000,000
600,000
6,600,000
07108
6,000,000
(600,000)
6,000,000
6,000,000
(0)
6,000,000
6,600,000
6,000,000
600,000
6,600,000
6,000,000
600,000
6,600,000
08/09
6,600,000
(600,000)
6,000,000
6,000,000
6,000,000
(0)
600,000
6,000,000
6,600,000
09/10
6,000,000
600,000
(600,000)
6,600,000
6,000,000
6,000,000
(0)
6,000,000
6,600,000
600,000
6,600,000
6,000,000
600,000
6,600,000
10/11
6,000,000
6,600,000
(600,000)
6,000,000
6,000,000
(0)
6,000,000
11/12
6,000,000
600,000
6,600,000
6,000,000
6,000,000
600,000
(0)
6,600,000
6,000,000
6,600,000
(600,000)
600,000
6,000,000
6,600,000
6,000,000
600,000
6,600,000
12/13
6,000,000
6,600,000
(600,000)
6,000,000
6,000,000
(0)
6,000,000
13/14
6,000,000
600,000
6,600,000
6,000,000
600,000
(0)
6,600,000
6,000,000
6,600,000
(600,000)
600,000
6,000,000
6,600,000
6,000,000
6,000,000
600,000
6,600,000
14/15
6,000,000
6,600,000
(600,000)
6,000,000
6,000,000
(0)
6,000,000
15/16
6,000,000
600,000
6,600,000
6,000,000
600,000
(0)
6,600,000
6,000,000
6,600,000
(600,000)
600,000
6,000,000
6,600,000
6,000,000
6,000,000
600,000
6,600,000
16/17
6,000,000
(600,000)
6,000,000
6,000,000
(0)
6,000,000
6,600,000
6,000,000
600,000
6,600,000
6,000,000
600,000
6,600,000
17/18
6,600,000
(600,000)
6,000,000
6,000,000
6,000,000
(0)
600,000
6,000,000
6,600,000
18/19
6,000,000
600,000
(600,000)
6,600,000
6,000,000
6,000,000
(0)
6,000,000
6,600,000
6, 000,000
600,000
6,600,000
6,000,000
600,000
6,600,000
19/20
6,000,000
(600,000)
6,000,000
6.000,000
6,000,000
(0)
600,000
6,000,000
6,600,000
20/21
6,000,000
600,000
(600,000)
6,600,000
6,000,000
6,000,000
(0)
6,000,000
6,600,000
6,000,000
600,000
6,600,000
6,000,000
600,000
6,600,000
21 /22
6,600,000
(600,000)
6,000,000
6,000,000
6,000,000
(0)
600,000
6,000,000
6,600,000
22/23
6,000,000
600,000
(600,000)
6,600,000
6,000,000
6,000,000
(0)
6,000,000
6,600,000
6,000,000
600,000
6,600,000
6,000,000
600,000
6,600,000
23/24
6,600,000
(600,000)
6,000,000
6,000,000
(0)
600,000
6,000,000
6,600,000
24/25
6,000,000
600,000
(600,000)
6,600,000
6,000,000
6,000,000
6,000,000
(0)
6,000,000
6,600,000
6,000,000
600,000
6,600,000
6,000,000
600,000
6,600,000
25/26
6,600,000
(600,000)
6,000,000
6,000,000
6,000,000
(0)
600,000
6,000,000
6,600,000
26/27
6,000,000
600,000
(600,000)
6,600,000
6,000,000
6,000,000
(0)
6,000,000
6,600,000
6,000,000
600,000
6,600,000
6,000,000
600,000
6,600,000
27/28
6,600,000
(600,000)
6,000,000
6,000,000
(0)
6,000,000
28/29
6,000,000
600,000
6,600,000
6,000,000
600,000
(0)
6,600,000
6,000,000
6,600,000
(600,000)
600,000
6,000,000
6,600,000
6,000,000
6,000,000
600,000
6,600,000
29/30
6,000,000
6,600,000
(600,000)
6,000,000
6,000,000
(0)
6,000,000
30/31
6,000,000
(1,500,000)
600,000
5,100,000
4,500,000
4,500,000
600,000
(0)
5,100,000
4,500,000
5,100,000
4,500,000
(1,500,000)
(600,000)
450,000
4,500,000
3,450,000
3,000,000
450,000
3,450,000
31/32
3,450,000
(450,000)
3,000,000
3,000,000
(0)
3,000,000
32/33
3,000,000
(1,500,000)
300,000
1,800,000
1,500,000
300,000
(0)
1,800,000
1,500,000
1,800,000
(300,000)
1,500,000
1,500,000
0
150,000
150,000
33/34
1,500,000
(1,500,000)
150,000
150,000
0
(0)
(0)
150,000
(150,000)
0
5
RDA 1 2003 - 7%
7.00%
Interest
Interest
Cumulative
Cumulative
FY
Beginning Balance
Princi al
Earned
Paid
Endinq Balance
Principal
Interest
Total
4/1/03 - 6/30/03
0
6,000,000
105,000
(126,374)
6,105,000
5,978,626
6,000,000
6,000,000
105,000
(21,374)
6,105,000
5,978,626
7/31/03
7/1/03 - 6/30/04
6,105,000
5,978,626
418,504
6,397,130
6,000,000
6,000,000
397,130
308,280
6,397,130
6,308,280
7/31/04
6,397,130
441,580
(88,850)
6,308,280
6,749,859
6,000,000
749,859
6,749,859
7/1/04 - 6/30/05
6,308,280
(142,315)
6,607,545
6,000,000
607,545
6,607,545
7/31/05
7/1/05-3/31/06
6,749,859
6,607,545
346,896
6,954,441
6,000,000
954,441
6,954,441
3/31/06
6,954,441
(954,441)
6,000,000
6,105,000
6,000,000
6,000,000
(0)
105,000
6,000,000
6,105,000
4/1/06-6/30/06
6,000,000
105,000
(105,000)
6,000,000
6,000,000
(0)
6,000,000
6/30/06
7/1/06-6/30/07
6,105,000
6,000,000
420,000
6,420,000
6,000,000
420,000
(0)
6,420,000
6,000,000
6,420,000
(420,000)
420,000
6,000,000
6,420,000
6,000,000
6,000,000
420,000
6,420,000
07/08
6,000,000
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
08/09
6,000,000
420,000
6,420,000
6,000,000
6,000,000
6,000,000
420,000
(0)
6,420,000
6,000,000
6,420,000
6,000,000
(420,000)
420,000
6,420,000
6,000,000
420.000
6,420,000
09/10
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
10/11
6,000,000
420,000
6,420,000
6,000,000
6,000,000
420,000
(0)
6,420,000
6,000,000
6,420,000
(420,000)
420,000
6,000,000
6,420,000
6,000,000
420,000
6,420,000
11/12
6,000,000
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
12/13
6,000,000
420,000
6,420,000
6,000,000
420,000
(0)
6,420,000
6,000,000
6,420,000
(420,000)
420,000
6,000,000
6,420,000
6,000,000
6,000,000
420,000
6,420,000
13/14
6,000,000
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
14/15
6,000,000
420,000
6,420,000
6,000,000
6,000,000
6,000,000
420,000
(0)
6,420,000
6,000,000
6,420,000
6,000,000
(420,000)
420,000
6,420,000
6,000,000
420,000
6,420,000
15/16
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
16/17
6,000,000
420,000
6,420,000
6,000,000
6,000,000
420,000
(0)
6,420,000
6,000,000
6,420,000
(420,000)
420,000
6,000,000
6,420,000
6,000,000
420,000
6,420,000
17/18
6,000,000
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
18/19
6,000,000
420,000
6,420,000
6,000,000
6,000,000
6,000,000
420,000
(0)
6,420,000
6,000,000
6,420,000
6,000,000
(420,000)
420,000
6,420,000
6,000,000
420,000
6,420,000
19/20
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
20/21
6,000,000
420,000
6,420,000
6,000,000
420,000
6,420,000
6,420,000
(420,000)
6,000,000
6,420,000
6,000,000
6,000,000
(0)
420,000
6,000,000
6,420,000
21/22
6,000,000
6,420,000
420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
22/23
6,000,000
420,000
6,420,000
6,000,000
6,000,000
6,000,000
420,000
(0)
6,420,000
6,000,000
23/24
6,420,000
6,000,000
(420,000)
420,000
6,420,000
6,000,000
420,000
6,420,000
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
24/25
6,000,000
420,000
6,420,000
6,000,000
6,000,000
420,000
(0)
6,420,000
6,000,000
6,420,000
(420,000)
420,000
6,000,000
6,420,000
6,000,000
420,000
6,420,000
25/26
6,000,000
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
26/27
6,000,000
420,000
6,420,000
6,000,000
6,000,000
6,000,000
420.000
(0)
6,420,000
6,000,000
27/28
6,420,000
6,000,000
(420,000)
420,000
6,420,000
6,000,000
420,000
6,420,000
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
28/29
6,000,000
420,000
6,420,000
6,000,000
6,000,000
420,000
(0)
6,420,000
6,000,000
6,420,000
(420,000)
420,000
6,000,000
6,420,000
6,000,000
420,000
6,420,000
29/30
6,000,000
6,420,000
(420,000)
6,000,000
6,000,000
(0)
6,000,000
30/31
6,000,000
(1,500,000)
420,000
4,920,000
4,500,000
4,500,000
4,500,000
420,000
(0)
4,920,000
4,500,000
31/32
4,920,000
4,500,000
(1,500,000)
(420,000)
315,000
3,315,000
3,000,000
315,000
3,315,000
3,315,000
(315,000)
3,000,000
3,000,000
(0)
3,000,000
32/33
3,000,000
(1,500,000)
210,000
1,710,000
1,500,000
210,000
(0)
1,710,000
1,500,000
1,710,000
(210,000)
1,500,000
105,000
1,500,000
0
105,000
105,000
33/34
1,500,000
(1,500,000)
105,000
0
0
0
105,000
105,000
0
0
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ATTACHMENT 2
Proposed Restructuring of RDA Project Area 2 Advances from General Fund
Principal
FY 05/06
Net
Beginning
Additions
Deletions Ending
Change
RDA 2 - 10% 6,308,514
3,691,486
10,000,000
3,691,486
RDA 2 - 7% 5,800,000
(5,800,000) 0
(5,800,000)
12,108, 514
3,691,486
(5,800,000) 10, 000, 000
(2,108, 514)
Interest
FY 05/06
Net
Beginning
Additions
Deletions Ending
Change
RDA 2 - 10% 5,280,866
1,119,204
(6,400,070) 0
(6,400,070)
RDA 2 - 7% 406,000
85,900
(491,900) 0
(491,900)
5,686,866
1,205,104
(6,891,970) 0
(6,891,970)
Total 17,795,380 4,896,590 (12,691,970) 10,000,000 (9,oUU,4b4)
Principal Annual Interest
RDA 2 - 10% 10,000,000 1,000,000
RDA 2-7% 0 0
10, 000, 000 1,000,000
This action would result in the repayment of $2,708,584 as follows:
RDA 2 - 10% 2,708,584
2,708,584
The RDA 2-7% was previously repaid from the sale of the Hammer property earlier in FY 05/06
RDA 2 - 10% 6,291,900
6,291,900
0
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ff•J
RDA 2 10% Advance Detail
Convert $6,150,070 in interest into $3,691,486 in principal to have $10 million principal outstanding. Repay General Fund
$2,458,584 in cash for interest
Repay General Fund $250,000 in interest in cash for April May and June of FY 05/06
Total: At the end of FY 05/06 have $10 million in principal outstanding and repay the General Fund $2,708,584 in cash for
interest
Beginning in FY 35/36 repay $2.5 million principal for 4 years to retire debt
FY IBeginning
Balance Principal
83/84
84/85
0
85/86
0
86/87
0
87/88
0
88/89
0
89/90
0
90/91
0
91 /92
1,628,068
92/93
3,494,495
93/94
5,171,403
94/95
4,321,796
95/96
3,708,514
96/97
4,079,365
97/98
4,450,218
98/99 - 12/31/98
4,895,239
1 /31 /99
5,140, 001
1 /31 /99
5,182, 834
98/99 - 2/1/99 - 6/3
4,182,834
7/1/99-6/30/00
4,357,119
7/1 /00-6/30/01
6,292,831
7/ 1 /01-6/30/02
6,922,114
8/31 /02
7,614,325
9/ 1 /02-6/30/03
8,841,231
7/1/03-6/30/04
9,578,000
7/1 /04-6/30/05
10,535,800
7/1 /05-3/31 /06
11,589,380
3/31/06
12,458,584
4/1 /06-6/30/06
10,000,000
6/30/06
10,250,000
06/07
10,000,000
11,000,000
07/08
10,000,000
11,000,000
08/09
10,000,000
11,000,000
09/10
10,000,000
11,000,000
10/11
10,000,000
11, 000, 000
11/12
10,000,000
11,000,000
12/13
10,000,000
11, 000, 000
13/14
10,000,000
11, 000, 000
14/ 15
10, 000, 000
11,000,000
15/16
10,000,000
11,000,000
16/ 17
10, 000, 000
11,000,000
17/18
10,000,000
11,000,000
1,628,068
1,866,427
1,676,908
(849,607)
(613,282)
1,500,000
1,100,000
3,691,486
Interest
Ending Balance
Cumulative
Principal
Cumulative
Interest
Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,628,068
1,628,068
0
1,628,068
3,494,495
3,494,495
0
3,494,495
5,171,403
5,171,403
0
5,171,403
4,321,796
4,321,796
0
4,321,796
3,708,514
3,708,514
0
3,708,514
370,851
4,079,365
3,708,514
370,851
4,079,365
370,853
4,450,218
3,708,514
741,704
4,450,218
445,021
4,895,239
3,708,514
1,186,725
4,895,239
244,762
5,140,001
3,708,514
1,431,487
5,140,001
42,833
5,182,834
3,708,514
1,474,320
5,182,834
(1,000,000)
4,182,834
3,708,514
474,320
4,182,834
174,285
4,357,119
3,708,514
648,605
4,357,119
435,712
6,292,831
5,208,514
1,084,317
6,292,831
629,283
6,922,114
5,208,514
1,713,600
6,922,114
692,211
7,614,325
5,208,514
2,405,811
7,614,325
126,905
8,841,231
6,308,514
2,532,717
8,841,231
736,769
9,578,000
6,308,514
3,269,486
9,578,000
957,800
10,535,800
6,308,514
4,227,286
10,535,800
1,053,580
11,589,380
6,308,514
5,280,866
11,589,380
869,204
12,468,584
6,308,514
6,150,070
12,458,584
(6,150,070)
10,000,000
10,000,000
0
10,000,000
250,000
10,250,000
10,000,000
250,000
10,250,000
(250,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11, 000, 000
10, 000, 000
1,000,000
11, 000, 000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
(1,000,000)
10, 000, 000
10, 000, 000
0
10, 000, 000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
(1,000,000)
10, 000, 000
10, 000, 000
0
10, 000, 000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11, 000, 000
10, 000, 000
1,000,000
11, 000, 000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11, 000, 000
10, 000, 000
1,000,000
11, 000, 000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11, 000, 000
10, 000, 000
1,000,000
11, 000, 000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
(1,000,000)
10, 000, 000
10, 000, 000
0
10, 000, 000
11
RDA 2 10% Advance Detail
Convert $6,150,070 in interest into $3,691,486 in principal to have $10 million principal outstanding. Repay General Fund
$2,458,584 in cash for interest
Repay General Fund $250,000 in interest in cash for April May and June of FY 05/06
Total: At the end of FY 05/06 have $10 million in principal outstanding and repay the General Fund $2,708,584 in cash for
interest
Beginning in FY 35/36 repay $2.5 million principal for 4 years to retire debt
Principal
Interest
Ending Balance
Cumulative
Principal
Cumulative
Interest
Total
Beginning
Balance
FY
1,000,000
11,000,000
10,000,000
1,000,000
0
11,000,000
10,000,000
18/19
10,000,000
11,000,000
10,000,000
(1,000,000)
1,000,000
10,000,000
11,000,000
10,000,000
10,000,000
1,000,000
11,000,000
19/20
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
20/21
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
21 /22
10, 000, 000
1,000,000
11, 000, 000
10, 000, 000
1,000,000
11, 000, 000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
22/23
10, 000, 000
1,000,000
11, 000, 000
10, 000, 000
1,000,000
0
11, 000, 000
10,000,000
11,000,000
10, 000, 000
(1,000,000)
1,000,000
10,000,000
11, 000, 000
10,000,000
10, 000, 000
1,000,000
11, 000, 000
23/24
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
24/25
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
0
11,000,000
10,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
25/26
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
26/27
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
27/28
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
28/29
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
29/30
10, 000, 000
1,000,000
11, 000, 000
10, 000, 000
1,000,000
11, 000, 000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
30/31
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
11, 000, 000
(1,000,000)
10, 000, 000
10, 000, 000
0
10, 000, 000
31 /32
10, 000, 000
1,000,000
11, 000, 000
10, 000, 000
1,000,000
0
11, 000, 000
10,000,000
11,000,000
10, 000, 000
(1,000,000)
1,000,000
10,000,000
11, 000, 000
10,000,000
10, 000, 000
1,000,000
11, 000, 000
32/33
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
33/34
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
34/35
10,000,000
1,000,000
11,000,000
10,000,000
1,000,000
11,000,000
11,000,000
(1,000,000)
10,000,000
10,000,000
0
10,000,000
35/36
10,000,000
(2,500,000)
1,000,000
8,500,000
7,500,000
1,000,000
0
8,500,000
7,500,000
36/37
8,500,000
7,500,000
(2,500,000)
(1,000,000)
750,000
7,500,000
5,750,000
7,500,000
5,000,000
750,000
5,750,000
5,750,000
(750,000)
5,000,000
5,000,000
0
5,000,000
37/38
5,000,000
(2,500,000)
500,000
3,000,000
2,500,000
500,000
0
3,000,000
2,500,000
3,000,000
(500,000)
2,500,000
2,500,000
38/39
2,500,000
(2,500,000)
250,000
250,000
0
250,000
250,000
250,000
(250,000)
0
0
0
0
Total
0
0
0
t
12
RDA 2 7% Advance Detail
FY
7/1 /03-6/30/04
7/1 /04-6/30/05
7/1 /05-8/31 /05
9/01/05 - Sams Club
9/1 /05-10/31 /05
10/31 /05
nno,
Beginning
Balance
Principal
Interest
Ending Balance
Cumulative
Principal
Cumulative
Interest
Total
5,800,000
0
5,800,000
5,800,000
0
5,800,000
5,800,000
406,000
6,206,000
5,800,000
406,000
6,206,000
6,206,000
72,403
6,278,403
5,800,000
478,403
6,278,403
6,278,403
(4,643,089)
(478,403)
1,156,911
1,156,911
0
1,156,911
1,156,911
13,497
1,170,408
1,156, 911
13,497
1,170,408
1,170,408
1,156,911
13,497
0
0
0
0
13
0 •c
_ W
c� OF9
COUNCIL/RDA MEETING DATE: March 7, 2006
ITEM TITLE: Approval of an Amendment to the
Exclusive Negotiation Agreement by and Between
the La Quinta Redevelopment Agency and
Coachella Valley Housing Coalition for the
Development of an Affordable Housing Project
Located at the Northwest Corner of Dune Palms
Road and Avenue 48
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
3
Approve Amendment No. 1 to the Exclusive Negotiation Agreement between the
La Quinta Redevelopment Agency and Coachella Valley Housing Coalition for the
design and development of an affordable housing project and authorize the Agency
Chair to execute the required documents.
FISCAL IMPACT:
None.
BACKGROUND AND OVERVIEW:
On July 22, 2005 the Agency and Coachella Valley Housing Coalition (CVHC)
entered into an Exclusive Negotiation Agreement (ENA) that established a 180-day
period wherein both entities would exclusively work to prepare concept plans for
an affordable housing project, and develop a Disposition Development Agreement
(DDA) that outlines property disposition and development responsibilities.
Per the ENA, a formal amendment is required to extend the exclusive negotiation
period. Because the Agency and CVHC are at a point where Agency legal counsel
will be drafting the Disposition and Development Agreement, staff is recommending
that the exclusive negotiating period be extended until June 30, 2006. The
attached Amendment No. 1 to the Exclusive Negotiation Agreement would
accomplish this task.
(18
On February 21, 2006, the Agency approved the concept site plan and building
elevations for a 218-unit affordable housing project. At this meeting the Agency
directed staff to prepare a DDA.
FINDINGS AND ALTERNATIVES:
Alternatives available to the Agency Board include:
1 . Approve Amendment No. 1 to the Exclusive Negotiation Agreement between
the La Quinta Redevelopment Agency and Coachella Valley Housing Coalition
for the design and development of an affordable housing project and
authorize the Agency Chair to execute the required documents; or
2. Do not approve Amendment No. 1 to the Exclusive Negotiation Agreement
between the La Quinta Redevelopment Agency and Coachella Valley Housing
Coalition for the design and development of an affordable housing project
and do not authorize the Agency Chair to execute the required documents;
or
3. Provide staff with alternative direction.
Respectfully submitted,
Douglas PtyEvans
Community Development Director
Approved for submission by:
Thomas P. Genovese
Executive Director
Attachments: 1 . Amendment No. 1
C.19
ATTACHMENT 1
AMENDMENT NO. 1 TO EXCLUSIVE NEGOTIATION AGREEMENT
THIS AMENDMENT NO. 1 TO EXCLUSIVE NEGOTIATION AGREEMENT
("Amendment No. 1") is made and entered into as of February _, 2006 by and between LA
QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"), and
COACHELLA VALLEY HOUSING COALITION, a California non-profit benefit corporation
("Developer").
RECITALS:
A. On or about July 22, 2005, the Agency and Developer entered into that certain
Exclusive Negotiation Agreement (the "ENA"), pursuant to which Agency and Developer
agreed to initiate exclusive negotiations for up to one hundred eighty (180) days concerning the
possible sale by Agency to Developer of certain real property owned in fee by the Agency for the
Developer's subsequent development thereon of an affordable housing project, all as more fully
described in the ENA.
B. Pursuant to authority granted in the ENA, the Agency's Executive Director has
extended the "First Due Diligence Period" (as that term is defined in the ENA), on two (2)
separate occasions, for a cumulative total of one hundred twenty (120) days, until March 20,
2006.
C. The Developer has completed several of the tasks required to be completed during
the First Due Diligence Period, but as a result of various alterations to the site plans agreed to by
Developer and Agency, and delays resulting from the scheduling of public meetings and
workshops, several of the tasks required to be completed during the First Due Diligence Period
still require completion. Developer and Agency now wish to extend the First Due Diligence
Period to provide the Developer with additional time to complete such uncompleted tasks.
AGREEMENT:
NOW, THEREFORE, in consideration of the foregoing recitals, which are incorporated
herein by this reference, and for valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:
The ENA is hereby amended to extend the First Due Diligence Period until June 30,
2006.
2. Except as otherwise expressly provided in this Amendment No. 1, all of the terms and
conditions of the ENA shall remain in full force and effect.
3. In the event of any action between Agency and Developer seeking enforcement of any of
the terms and conditions to this Amendment No. 1, the prevailing party in such action shall be
awarded, in addition to damages, injunctive or other relief, its reasonable costs and expenses,
including without limitation its expert witness fees and reasonable attorney's fees.
n
IL 4.
G:\WPDOCS\Documents\CVHC\ENA Amd LDOC -1-
4. This Amendment No. 1 shall be construed according to its fair meaning and as if
prepared by both parties hereto.
5. This Amendment No. 1 shall be governed by the internal laws of the State of California
and any question arising hereunder shall be construed or determined according to such law. The
Municipal and Superior Courts of the State of California in and for the County of Riverside, or
such other appropriate court in such county, shall have exclusive jurisdiction of any litigation
between the parties concerning this Amendment No. 1. Service of process on Agency shall be
made in accordance with California law. Service of process on Developer shall be made in any
manner permitted by California law and shall be effective whether served inside or outside
California.
6. Time is of the essence of this Amendment No. 1 and of each and every term and
provision hereof.
7. This Amendment No. 1 may be executed in counterparts, each of which, when this
Amendment No. 1 has been signed by all the parties hereto, shall be deemed an original, and
such counterparts shall constitute one and the same instrument.
[End — Signature Page Follows]
G:\WPDOCS\Documents\CVHC\ENA Amd 1.DOC -2-
IN WITNESS WHEREOF, Agency and Developer each hereby represents that it has read
this Amendment No. 1, understands it, and hereby executes this Amendment No. 1 to be
effective as of the day and year first written above.
Date: February 27 92006
Date:
"Developer"
COACHELLA VALLEY HOUSING COALITION,
a 5A for ' non-profit public benefit corporation
B.
Its: E �Cive Director
"Agency"
LA QUINTA REDEVELOPMENT AGENCY,
a public body, corporate and politic
2006 By:
Agency Chair
ATTEST:
June Greek, Agency Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
0
M. Katherine Jenson, Agency Counsel
GAWPDOCS\Documents\CVHC\ENA Amd LDOC -3-