2007 02 20 RDA64 4 4-4&&
Redevelopment Agency agendas are
available on the City' web page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calls Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, FEBRUARY 20, 2007 - 3:00 P.M.
Beginning Resolution No. RA 2007-002
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Henderson, Kirk, 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.
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 acquisition
of real property is considered.
RECESS TO CLOSED SESSION
RECONVENE AT 4:00 P.M.
Redevelopment Agency Agenda 1 February 20, 2007,
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.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF FEBRUARY 6, 2007.
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 FEBRUARY 20, 2007.
2. RECEIVE AND FILE TRANSMITTAL OF TREASURER'S REPORT DATED
DECEMBER 31, 2006.
3. RECEIVE AND FILE TRANSMITTAL OF REVENUE & EXPENDITURES REPORT
DATED DECEMBER 31, 2006.
4. ACCEPTANCE OF SILVERROCK RESORT ON -SITE & OFF -SITE NATIVE
AREA ENHANCEMENTS, PROJECT NO. 2002-07 (0).
BUSINESS SESSION
1. CONSIDERATION OF MID -YEAR BUDGET REPORT FOR FISCAL YEAR
2006/2007.
A. MINUTE ORDER ACTION
STUDY SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
Redevelopment Agency Agenda 2 February 20, 2007
PUBLIC HEARINGS — NONE
For all Public Hearings on the agenda, a completed "request to speak" form must
be filed with the City Clerk prior to consideration of that item.
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Redevelopment Agency to be held
on March 6, 2007, commencing with closed session at 3:00 p.m. and open session
at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA
92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Redevelopment Agency meeting of February
20, 2007, 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 111, on February 16, 2007.
DATED: February 16, 2007
� ` -
VERONICA J. NTECINO, City Clerk
City of La Quinta, California
3
Redevelopment Agency Agenda 3 February 20, 2007
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: February 20, 2007
BUSINESS SESSION:
ITEM TITLE: Demand Register Dated Feb. 20, 2007
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated Feb. 20, 2007 of which
$4,990,795.11 represents Redevelopment Agency Expenditures.
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
2
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COUNCIL/RDA MEETING DATE: February 20, 2007 AGENDA CATEGORY:
ITEM TITLE: Receive and File Transmittal of
Treasurer's Report as of December 31, 2006
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
BUSINESS SESSION: n
CONSENT CALENDAR: oC.
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
ceity/ 4 4 Qu&rcv
COUNCILIRDA MEETING DATE: February 20, 2007 AGENDA CATEGORY:
ITEM TITLE: Receive and File Transmittal of Revenue BUSINESS SESSION:2
and Expenditure Reports dated December 31, 2006 CONSENT CALENDAR: 11
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Transmittal of the December 31, 2006 Statement of Revenue and Expenditures for
the La Quinta Redevelopment Agency.
Respectfully submitted,
A-�" ��
John M. Falconer, Finance Director
6)
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures Report, December 31, 2006
7
E
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 1:
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
Non Allocated Interest
Litigation Settlement Revenue
Loan Proceeds
Rental Income
Transfers In
TOTAL CAPITAL IMPROVEMENT
CAPITAL IMPROVEMENT FUND - TAXABLE
Pooled Cash Allocated Interest
Non Allocated Interest
Litigation Settlement Revenue
Bond proceeds
Rental Income
Transfers In
TOTAL CAPITAL IMPROVEMENT
07/01/2006 - 12/31/2006 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
8,915,100.00
361,910.40
8,553,18960
4060%
333,300.00
220,744.69
112,555.31
66.230%
000
7,673.31
(7,673.31)
0.000%
0.00
81.97
(81.97)
0.000%
0.00
0.00
0.00
0.000%
252,000.00
120,574.42
131,425.58
47.850%
480,000.00
311,092.38
168,907.62
64.810%
000
0.00
000
0 000%
000
15,11289
(15,112.89)
0.000%
0.00
0.00
0.00
0.000%
0.00
626,166.26
(626,166.26)
0.000%
140,000.00
100,000.00
40,000.00
71.430%
10,120,400.00
1,763,356.32
8,357,043.68
17.420%
35,430,90000
1,447,641.67
33,983,258.33
4,090%
93,10000
325,274.13
(232,174.13)
349.380%
0.00
0.00
000
0.000%
000
000
0.00
0.000%
000
000
0.00
0.000%
4,448,30400
2,896,145.09
1,552,158.91
65.110%
39,972,304.00
4,669,060.89
35,303,243.11
11.680%
12,500.00
97,577.50
(85,077 50)
780.620%
500,000.00
498,956.89
1,043.11
99.790%
000
0.00
0.00
0.000%
0.00
0.00
000
0.000%
0.00
0.00
0.00
0.000%
2,500,000.00
0.00
2,500,000.00
0000%
3,012,500.00
596,534.39
2,415,96561
19.800%
000
000
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
000
0.00
0.000%
0.00
000
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
000
000
0.000%
000
0.00
0.00
0.000%
3
LA QUINTA REDEVELOPMENT AGENCY 07/01/2006-12/3112006 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECT AREA NO. 1:
LOWIMODERATE TAX FUND
PERSONNEL
4,900.00
2,53852
000
2,361.48
SERVICES
368,881 00
69,125.28
0.00
299,755 72
BUILDING HORIZONS
250,000 00
0.00
0.00
250,000 00
LQ RENTAL PROGRAM
200,000.00
128,187.49
0.00
71,812.61
2nd TRUST DEED PROGRAM
500,000.00
0.00
0.00
600,000.00
LAND ACQUISITION
8,800,000 00
112,028 75
000
8,687,971.25
FORECLOSURE
150,000.00
0.00
0.00
150,000.00
REIMBURSEMENT TO GEN FUND
484,12700
242,062.86
000
242,064.14
TRANSFERS OUT
4,448,304 00
2,896,145 09
000
1,552,158.91
TOTAL LOWIMOD TAX
15,206,212 00
3,450,087 99
000
11,756,124.01
DEBT SERVICE FUND:
SERVICES
457,300 00
12,020 00
0.00
445,280 00
BOND PRINCIPAL
2,640,000 00
2,640,000.00
000
0.00
BOND INTEREST
7,658,900.00
3,867,592.13
0.00
3,791,307.87
INTEREST CITY ADVANCE
1,020,000.00
510,000.00
0.00
510,000.00
PASS THROUGH PAYMENTS
17,108,646 00
1,109,127.95
0.00
15,999,518.05
ERAF SHIFT
-
0.00
000
0.00
TRANSFERS OUT
6,608,515.00
2,600,930 98
0.00
4,007,584.02
TOTAL DEBT SERVICE
35,49
10,739,671 6
0.00
,7 3, 89. 4
CAPITAL IMPROVEMENT FUND:
PERSONNEL
4,900.00
2,538.52
000
2,361.48
SERVICES
541,710.00
311,57141
0.00
230,138.59
LANDACQUISITION
-
0.00
0.00
0.00
ASSESSMENT DISTRICT
-
0.00
000
0.00
ADVERTISING -ECONOMIC DEV
-
000
0.00
0.00
ECONOMIC DEVELOPMENT
-
000
0.00
0.00
BOND ISSUANCE COSTS
-
000
0.00
000
CAPITAL - BUILDING
-
000
000
0.00
REIMBURSEMENT TO GEN FUND
213,016.00
106,507 98
000
106,508.02
TRANSFERS OUT
23,100,946 00
3,459,582 89
000
19,641,363.11
TOTAL CAPITAL IMPROVEMENT
23,860,572 00
0,200 80
o.ou
19,vt5u.3fl.zu
CAPITAL IMPROVEMENT FUNDITAXABLE BOND
BOND ISSUANCE COSTS
-
000
0.00
000
TRANSFERS OUT
(42,807 00
0.00
0 00
(42,807.00)
TOTAL CAPITAL IMPROVEMENT
42,807.
0. 0
4 ,807. 0
4
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 2:
LOW/MODERATE 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 LOW/MOD TAX
2004 LOW/MODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOW/MOD BOND
07/01/2006-12131/2006 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
4,870,400.00
218,24429
4,652,155.71
4.480%
275,300.00
220,075.99
55,224.01
79.940%
0.00
0.00
0.00
0 000%
0.00
0.00
000
0.000%
000
000
0.00
0.000%
0.00
59,409.08
(59,409.08)
0,000%
0.00
0.00
000
0.000%
12,641,903.00
0.00
12,641,90300
0.000%
0.00
0.00
0.00
0.000%
17,787,603.00
497,729.36
17,289,873.64
2.800%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
2,000,000.00
1,467,72317
532,276.83
73.390%
0.00
0.00
0.00
0,000%
21000,000.00
1,467,723.17
532,27683
73.390%
DEBT SERVICE FUND:
Tax Increment
19,658,600 00
872,977 15
18,785,622 85
4.440%
Allocated Interest
273,900 00
198,963.94
74,936.06
72 640%
Non Allocated Interest
000
000
000
0.000%
Interest Advance Proceeds
0.00
0.00
0.00
0.000%
Transfer In
1,954,642 00
1,231,801.83
722,840.17
63 020%
TOTAL DEBT SERVICE
21,887,142 00
2,303,742.92
19,583,399.08
10 530%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
105,600.00
57,120 75
48,479.25
54.090%
Non Allocated Interest
0.00
0.00
0.00
0,000%
Developer Agreement
0.00
0.00
000
0 000%
Transfers In
0.00
0.00
000
0.000%
TOTAL CAPITAL IMPROVEMENT
105,600.00
57,120.75
48,479.25
54.090%
5
LA OUINTA REDEVELOPMENT AGENCY 0710112006-1213112006 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECT AREA NO. 2:
LOW/MODERATE TAX FUND:
PERSONNEL
2,90000
1.53623
0.00
1,363.77
SERVICES
324,111.00
90,11958
000
233,991.42
WATERCOLORS 2ND TRUST DEEDS
4,500,000.00
0.00
0.00
4,500,000.00
2ND TRUST DEEDS
-
000
000
0.00
FORECLOSURE ACQUISITION
150,000 00
0.00
0.00
150,000.00
REIMBURSEMENT TO GEN FUND
264,523.00
132,260.82
0.00
132,262.18
TRANSFERS OUT
2,543,097.00
1,240,049.57
0.00
1,303,047.43
TOTAL LOWIMOD TAX
7,784, 31.0
1,46,320,664.80
2004 LOW/MODERATE BOND FUND
HOUSING PROGRAMS
6,283,000 00
861,000 00
0.00 5,422,000.00
LAND
-
0.00
0.00 0.00
TRANSFERS OUT
53,091,795.00
4,483,091.67
0.00 48,608,70333
TOTAL LOWIMOD BOND
5 74,7 5.
5,344,091.67
0.00 54,030,703 33
DEBT SERVICE FUND:
SERVICES
176,100.00
6,800.00
0.00
169,300.00
BOND PRINCIPAL
205,000 00
105,000.00
0.00
100,000.00
BOND INTEREST
314.785 00
158,521.25
0.00
156,263.75
INTEREST CITY ADVANCE
1,000,000.00
499,999.96
0.00
500,000.04
PASS THROUGH PAYMENTS
16,419,465.00
192,491 78
0.00
16,226,973.22
TRANSFERS OUT
1,954,642.00
1,231,801.83
0.00
722,840.17
TOTAL DEBT SERVICE
94,614.82
0.00
17,875,377
CAPITAL IMPROVEMENT FUND:
PERSONNEL
2,90000
1,282.95
0.00
1,617.05
SERVICES
133,043 00
19,987.50
0.00
113,055 50
ADVERTISING -ECONOMIC DEV
-
0.00
0.00
0.00
ECONOMIC DEVELOPMENT ACTIVITY
-
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
36,53400
18,266.34
0.00
18,267.66
TRANSFERS OUT
193,235.00
45,379.00
0.00
147,856.00
TOTAL CAPITAL IMPROVEMENT
365,7
5.790.00
0,7
1y
Twyl 4 4 Q9&&
COUNCIL/RDA MEETING DATE: February 20, 2007
ITEM TITLE: Acceptance of SilverRock Resort On -Site & Off -
Site Native Area Enhancements, Project No. 2002-07 0
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: -4
STUDY SESSION:
PUBLIC HEARING:
Accept SilverRock Resort On -Site & Off -Site Native Area Enhancements, Project No.
2002-07 0 as complete; approve Contract Change Order No. 4 for final quantity
adjustments; authorize the City Clerk to file a Notice of Completion with the Office of
the County Recorder; and authorize staff to release retention in the amount of
$1 13,160.04, 35 days after the Notice of Completion is recorded.
FISCAL IMPLICATIONS:
The following is the budget summary for this project:
Appropriated Project and Contingency Amount
Original Contract Amount
Contract Change Order No.1
Contract Change Order No.2
Contract Change Order No.3
Contract Change Order No.4
Revised Contract Amount
Previous Payments
Remaining Fiscal Commitment including Retention
Remaining Budget Balance
$1,178,295.00
$902,688.50
$24,744.70
$12,005.10
$4,202.10
$187,960.00
$1,131,600.40
($834,689.88)
$296,910.52
$46,694.60
As shown, adequate funds remain to meet the City's fiscal commitment for this
project.
BACKGROUND AND OVERVIEW:
Since the opening of the Arnold Palmer Classic Course on February 14, 2005, daily
play of the golf course had identified native areas that are continually in play. These
areas had become difficult to play due to the hard native surface area.
Representatives of the PGA and the Bob Hope Chrysler Classic expressed concerns
regarding these areas including concerns about the areas becoming wet, and the
feasibility of being able to play under those conditions.
On June 20, 2006, the Agency approved enhancing the native areas (on -site) and
perimeter areas (off -site) at SilverRock Resort. The approved enhancements included
additional decomposed granite or "DG," additional plant material, and related irrigation
system adjustments for the new plants. Staff was authorized to advertise bids for the
SilverRock Resort On -Site & Off -Site Native Area Enhancements project.
On August 1, 2006, the Redevelopment Agency awarded a construction contract to
Sierra Landscape Company in the amount of $902,689 for the SilverRock Resort On -
Site and Off -Site Native Area and Perimeter Landscape Enhancement Project No.
2002-07 0 and appropriated $1,178,295 of funds from RDA 1 reserves.
A Notice to Proceed was issued to Sierra Landscape on August 9, 2006. The project
was extended from the original completion date of December 23, 2005 to January 10,
2006. The extension was a result of delays in finding approved materials for the entry
landscape improvements, which were installed under Contract Change Order (CCO)
No. 2. The completion date was then extended again to January 26, 2007, to replace
plants in the entry landscape that were damaged from five continual days of frost.
The original contract amount was $902,688.50. CCO Nos. 1-3 in the amount of
$40,951.90, for additional work not included in the original specifications. This
additional work included adding approximately 11 acres of sand in the "in play" native
areas and improvements to the entry landscape.
CCO No. 4 is for quantity adjustments throughout the project. The largest quantity
adjustment was for 33% more decomposed granite in the golf course native areas.
This amount is mostly due to the difficulty of calculating the amount of material
needed to build on slopes within the native areas at a minimum 1 inch thickness. This
additional material creates a more uniform appearance and better playability from the
native areas. The other quantity adjustments were for additional plant material and
irrigation that was approved by the landscape architect during landscape installation.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Accept SilverRock Resort On -Site & Off -Site Native Area Enhancements, Project
No. 2002-07 0 as complete; approve Contract Change Order No. 4 for final
quantity adjustments; authorize the City Clerk to file a Notice of Completion
with the Office of the County Recorder; and authorize staff to release retention
in the amount of $1 13,160.04, 35 days after the Notice of Completion is
recorded; or
2. Do not accept SilverRock Resort On -Site & Off -Site Native Area Enhancements,
Project No. 2002-07 0 as complete; do not approve Contract Change Order No.
4 for final quantity adjustments; do not authorize the City Clerk to file a Notice
of Completion with the Office of the County Recorder; and do not authorize
staff to release retention in the amount of $1 13,160.04, 35 days after the
Notice of Completion is recorded; or
3. Provide staff with alternative direction.
Respectfully submitted,
imothy R. o sso , E.
Public Works irec /City Engineer
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Contract Change Order No. 4
2. Final Cost Adjustments for Project No. 2002-07 0
CONTRACT:
CONTRACTOR:
Attachment 1
SilverRock Resort Perimeter On/Offsite Native Area Enhancements
Project No. 2002-07 O
Sierra Landscape Company
P.O. Box 14247
Palm Desert, CA 92255
CONTRACT CHANGE ORDER NO. 4
Sheet 1 of 2
•#;•!•i!#!f!•iRflY#filY#ftf{iY#;f;{f##fi•r#i#flYYt♦f{!Yr#iN#i#i#!#!♦i•#ifif#;!!latiafi#fflarl;f;
Pursuant to the terms of the original Contract Agreement, you are hereby directed to make the herein described changes or do the
following described work not included in the plans and specifications for this Contract. Unless otherwise stated all work shall conform
to the terms, general conditions, and special provisions of the original Contract.
wwlf#s#•:;;farl;!!rrl;;s#rf!!♦riiY#!#;•aar:;N##f#flaa##a;larrf:lR#a#arf#rs;#s!;{waarairlw#!Nw#f!#
DESCRIPTION OF CHANGE
Upon direction by the City of La Quints, the contractor shall be reimbursed for additional quantities needed for
project close-out (see Final Cost Adjustment attachment). The adjustment quantities are supplemental to the
contract that was awarded by City Council on August 1, 2006. $187,960.00
Total $187,960.00
Previous Contract Amount Through Change Order No. 3
$943,640.40
Add This Change Order No. 4
$187,960.00
Revised Contract Total
$1,131,600.40
By reason of this contract change order the time of completion is adjusted as follows: 0 days added to contract time.
The revised contract completion date shall be: 1/26107.
Nair! Y;taw{•r###!!!!r#•af{rY!#r#!####!lawr!!f##s!#rf#!#:►!ra#f#•#s!!!!!#rf •Yf!lrra#f#rf#!:##r;i#•
Submitted
Approved
!f;lfYYtii•#•fYY###ffYr•#lf NiYiwaf if#I;RNlra#ff#!Ni#rffRNiYa•#;!f#!###f Maflairf#i!!if#fa♦f wlwfrfi
We, the undersigned Contractor, have given careful consideration to the change proposed and hereby agree, if this proposal is
approved, that we will provide all equipment, fumish alf materials, perform all labor, except as may be noted above, and perform all
services necessary to complete the above specified work, and hereby accept as full compensation the amount shown above, which
includes all direct andindirectoverhead expenses for any delays.
Accepted By: �C�Qyc _ Title: e2 .
Contractor: Sierra Landscape Company
Date: 91j-46;t
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`ter 4 1w4a&tnu
COUNCIL/RDA MEETING DATE: February 20, 2007
ITEM TITLE: Consideration of Mid -Year Budget Report
for Fiscal Year 2006/2007
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: J
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve an increase of $9,880,000 in estimated property tax increment revenue.
Approve an increase of $2,347,700 in estimated investment interest revenue.
Approve an increase of $1,150,000 in estimated revenues from other sources.
Approve an appropriation increase of $4,469,054 in pass through tax payments.
Approve an increase of $318,020 in appropriations for other purposes.
Receive and file the Mid -Year Budget Report.
FISCAL IMPLICATIONS:
During the annual budget process, staff estimates revenues and expenditures for the
Redevelopment Agency (RDA,) and at mid -year reassesses those estimates, which are
through December 31 s`. As a result of staff's review, we are recommending the
following budget changes to the RDA Fiscal Year 2006/2007 budget:
Estimated Tax Increment Revenues
Property taxes are adjusted to the tax roll information prepared by the County Auditor's
office, which was received in early January. As a result of the tax roll information, the
property tax revenues for Project Area 1 and 2 are adjusted. For Project Area 1,
property tax increments increased by 13.40% and for Project Area 2, property tax
increments increased by 8.85%. Based upon the forecasted revenues, an increase of
$9,880,000 in estimated property tax increment revenue is projected.
17
Estimated Interest Income Revenues
RDA Project Area 1 Capital Improvement Project Fund is projected to generate an
increase of $687,000 in interest income, based upon cash balances in pooled cash and
the fiscal agent.
RDA 2 2004 Housing Fund is projected to generate an increase of $800,000 in interest
income based upon cash balances in pooled cash and the fiscal agent.
RDA Project Area 1 & 2 Debt Service Funds are projected to generate an increase of
$460,000 and $126,000 in interest income, respectively, based upon cash balances in
pooled cash.
RDA Project Area 1 & 2 Low & Moderate Income Funds are projected to generate an
increase of $109,000 and $165,700 in interest income, respectively, based upon cash
balances in pooled cash.
Proceeds from 2ntl Trust Deed Repayments
Project Area 1 & 2 Low- & Moderate -Income Housing Funds have been receiving funds
from the sale of Agency -assisted homes. The Agency will receive god Trust Deed
repayments of $1,000,000 from PA 1 and $100,000 from PA 2.
Proceeds from Sewer Subsidy and Rehab Loan repayments
Project Area 1 Low & Moderate Income Fund will receive an estimated $50,000 from
the sale of Agency -assisted homes that received past sewer subsidies.
Additional Pass Through Appropriations Requested
As a result of the increased tax increment, the Agency is required to pass through, or
pay to other taxing entities that operate in the Project Area, tax increment funds based
upon negotiated or statutory agreements. Since the tax increment will increase, these
pass through amounts will increase by $4,469,054 to a total of $38.0 million.
Additional Debt Service PA 1 and RDA PA1 Capital Project Appropriations Requested
Staff is requesting $200,000 for legal expenditures in RDA Debt Service PA1 and
$118,200 for PM-10 expenditures in RDA PA 1.
Museum Funding
In the past, Museum construction funding had been delayed based on the Agency
requirement to fund the State deficit through the Educational Relief Augmentation
funding (ERAF) payments. In Fiscal Year 2006/2007, no ERAF payment was mandated
by the State, and the Fiscal Year 2006/2007 budget had funding for the construction of
the museum. $2.5 million was budgeted to be transferred from the Debt Service PA 1
2
Fund to the Capital Improvement Project PA1 Fund. This transfer is no longer necessary
since the Museum will now be funded with Library funds. Therefore, both the
aforementioned transfer and the construction budget of $2.7 for the Museum are being
transferred out of the Redevelopment Agency.
BACKGROUND AND OVERVIEW:
A comprehensive report is prepared annually at mid -year to inform the Agency Board,
for their consideration, of any changes in the financial position of the Agency.
The Mid -Year Budget Report involves a financial assessment of Agency operations.
This report provides information on the RDA revenues, operations, capital projects and
requests for budget transfers and/or new appropriations.
The majority of the tax increment revenue for the RDA is received from the County in
January and May; therefore, actual tax increment revenues have not been received to
date.
The earned tax increment equals the 50% benchmark. Provided as part of Attachment
1, is the revenue and expenditure detail for the RDA.
The budget amounts have been adjusted to reflect the latest data from the County
Auditor/Controller's office.
The following table reflects the mid -year tax increment additions and reports an increase
of $8,309,882 in tax increment from prior year actual collections.
REDEVELOPMENT AGENCY TAX INCREMENT REVENUE SUMMARY
Description
(1)
Budget
(2)
12/31/06
YTD Actual
(2)/(1)=(3)
%
(4)/12.6
12/31/06
Earned
(4)
06/07
Year End
Estimate
(4)-(1)
Est Year End
Variance
over (under)
(5)
05106
Year End
Actual
(4)/(5)-100%
Percent
Change
(4)-(5)
Change
$
PA #1
Debt Service
$41,396,800
$1,447,642
3.50%
$20,698,400
$41,396,800
$0
$36,506,201
13.40%
$4,890,599
Low/Moderate
10,349,200
361,910
3 50%
5,174,600
10,349.200
0
9,126,550
13.40%
1,222,650
Total Tax Increment
51,746,000
1,809,552
3.50%
25,873,000
51,746,000
0
45,632,751
1340%
6,113,249
PA #2
Debt Service
Low/Moderate
21,607,200
5,401,800
872,977
218,244
4,04%
404%
10,803,600
2,700,900
21,607,200
5,401,800
0
0
19,849,893
4,962,474 1
885%
8.85%
1.757,307
439,326
Total Tax Increment
27,009,000
1,091,221
4.04%
13,504,500
27,009,000
0
24,812,367
8.85%
2,196,633
Totals
$78,755,000
$2.900,774
3.68%
$39,377,500
$78,755,000
$0
$70,445,118
11.80%
$8,309,882
3
Project Area No. 1 estimated revenues exceed prior year collected revenues by
$6,113,249 and by $2,196,633 for Project Area No. 2.
Staff is proposing additional revenues and appropriation changes in Redevelopment
Project Area Nos. 1 & 2 (Attachment 2) based upon the following:
• Updated tax increment estimates;
• Updated investment earnings forecasts;
• through payments affected by updated tax increment estimates;
• Updated revenue collections from 2nd trust deed, and sewer subsidies;
• Modifying Transfers in and out for the funding change to the Museum; and,
Y Increases in legal and PM-10 expenditures.
The proposed additional revenues and appropriations are as follows:
Mid -Year Budget Revenues and Appropriations by Fund
REDEVELOPMENT AGENCY TAX ADDITIONAL REVENUE AND APPROPRIATIONS
(1)
(2)
(3)
(4)
(1)thru (4)
(6)
(7)
(8)
(1)thru (8)
(5)-(9)
Tax
Interest
Sewer Sub
Transfer
(5)
Transfer
Pass Thru
(9)
Fund
Increment
Income
2nd Trust
In
Revenues
Out
Other
Expenditures
Net
PA 1
Debt Sery
5,965,900
460,000
6,425,900
(2,500,000)
2,841,524
200,000
541,524
5,884,376
RDA 1 CIF
687,000
(2,500,000)
(1,813,000)
(2,700,000)
118,020
(2,581,980)
768,980
Low Mod
1,434,100
1 109,000
1 1,050,000
1 2,693,100
11
1 0
2,593,100
7,400,000
1,256,000
1,050,000
(2,500,000)
7,206,000
(5,200,000)
2,841,524
318,020
(2,040,456)
9,246,456
PA 2
Debt Sery
1,948,600
126,000
2,074,600
1,627,530
$1,627,530
447,070
RDA 2 CIF
0
0
2004 Bond
800,000
800,000
0
800,000
Low Mod
531,400
165,700
1 100,000
797,100
0
0
797,100
2,480,000
1,091,700
100,000
0
3,671,700
0
1,627,530
0
1,627,530
2,044,170
Total
9,880,000
2,347,700
1,150,000
(2,500,000)
10,877,700
(5,200,000)
4,469,054
318,020
(412,926)
11,290,626
These proposed adjustments will result in an estimated increase in net revenues over
appropriations of $9,246,456 in Project Area No. 1 and $2,044,170 in Project Area No.
2. 0
0
A detailed list of the Fiscal Year budget appropriation requests can be found in
Attachment 3.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Redevelopment Agency Board include:
1. Approve an increase of $9,880,000 in estimated property tax increment revenue;
and
Approve an increase of $2,347,700 in estimated investment interest revenue;
and
Approve an increase of $1,150,000 in estimated revenues from other sources.
Approve an appropriation increase of $4,469,054 in pass through tax payments;
and
Approve an appropriation increase of $318,020 for other purposes; and
Receive and file the Mid -Year Budget Report.
2. Do not approve the above changes; or
3. Provide staff with alternative direction.
Respectfully submitted,
V t� — 4'n��
YVvv
John M. Falconer, Finance Director
Approved for submission by:
rA
Thomas P. Genovese, Executive Director
Attachments 1. RDA Revenue and Expenditures through December 31, 2006
2. Mid -Year review budget worksheet _
3. Mid -Year review budget detail
5
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 1:
Attachment 1
07101/2006 - 12131/2006 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
LOWIMODERATE TAX FUND:
Tax Increment
Tax Increment
Allocated Interest
Allocated Interest
Non Allocated Interest
Miscellaneous revenue
Non Allocated Interest
LQRP-Rent Revenue
Home Sales Proceeds
Sale of Land
Sewer Subsidy Reimbursements
Sewer Subsidy Reimbursements
Rehabilitation Loan Repayments
2nd Trust Deed Repayment
2nd Trust Dead Repayment
Transfer In
TOTAL LOWIMOD TAX
DEBT SERVICE FUND:
Tax Increment
Tax Increment
Allocated Interest
Allocated Interest
Non Allocated Interest
Inters( - County Loan
Interest Advance Proceeds
Transfers In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest
Pooled Cash Allocated Interest
Non Allocated Interest
Non Allocated Interest
Litigation Settlement Revenue
Loan Proceeds
Rental Income
Transfers In
Transfers In
TOTAL CAPITAL IMPROVEMENT
CAPITAL IMPROVEMENT FUND - TAXABLE
Pooled Cash Allocated Interest
Non Allocated Interest
Litigation Settlement Revenue
Bond proceeds
Rental Income
Transfers In
TOTAL CAPITAL IMPROVEMENT
8,915,100.00
361,910.40
8,553,189.60
4.060%
1,434,100.00
0.00
1,434,100.00
0.000%
333,300
00
220,744 69
112,555
31
66 230%
109,000.00
0.00
109,000.00
0.000%
0.00
7,67331
(7,67331)
0,000%
0.00
81.97
(81,97)
0.000%
0.00
0.00
0.00
0 000%
252,000.00
120,574.42
131,425.58
47,850%
480,000.00
311,092.38
168,907.62
64.810%
000
0.00
0.00
0.000%
0.00
15,11289
(15,11289)
0.000%
50,000.00
0.00
50,000.00
0.000%
000
000
0.00
0.000%
000
626,166 26
(626,166.26)
0 000%
1,000,000.00
0.00
1,000,000.00
0.000%
140,00000
100,000.00
40,000.00
71.430%
12,713,500.00
1,763,356.32
10,950,143.68
13.870%
35,430,90000
1,447,64167
33,983,258.33
4.090%
5,965,900.00
0.00
5,965,900.00
0.000%
93,100.00
325,27413
(232,17413)
349380%
460,000.00
0.00
460,000.00
0.000%
0.00
0.00
000
0.000%
000
0.00
000
0.000%
0.00
000
0.00
0,000%
4,448,304.00
2,896,14509
1,552,158.91
65.110%
46,398,204
00
4,669,060.89
41,729,143.11
10.060%
12,500.00
97,577.50
(85,077.50)
780 620%
187,000.00
0.00
187,000.00
0.000%
500,00000
498,956.89
1,043.11
99.790%
500,000.00
0.00
500,000.00
0.000%
0.00
000
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0 000%
2,500,000.00
0.00
2,500,000.00
0.000%
(2,600,000.00)
0.00
(2,500,000.00)
0.000%
1,199,500.00
596,53439
602,965.61
49.730%
000
000
0.00
0.000%
000
000
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
000
0.00
0 000%
0.00
000
0.00
0 000%
0.00
0.00
0.00
0.000%
LA QUINTA REDEVELOPMENT AGENCY 07/01/2006-1213112006 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECT AREA NO. 1:
LOWIMODERATE TAX FUND:
PERSONNEL
4,900.00
2,53852
0.00
2,36148
SERVICES
368.88100
69,12528
000
299,75572
BUILDING HORIZONS
250,00000
000
000
250,00000
LO RENTAL PROGRAM
200,00000
128,18749
000
71,81251
2nd TRUST DEED PROGRAM
500,000 00
000
000
500,000 00
LAND ACQUISITION
8,800,00000
112,028.75
000
8,687,97125
FORECLOSURE
150,000.00
000
000
150,000 00
REIMBURSEMENT TO GEN FUND
484,12700
242,06286
000
242,06414
TRANSFERS OUT
4,448,304.00
2,896,14509
000
1,552,15891
TOTAL LOW/MOD TAX
15,206,212.00
3,450,08799
0.00
11,756,12401
DEBT SERVICE FUND:
SERVICES
457,300.00
12,020 00
000
445,280 00
SERVICES
200,000.00
0.00
0.00
200,000.00
BOND PRINCIPAL
2,640,00000
2,640,00000
000
000
BOND INTEREST
7,658,90000
3,867,592.13
000
3,791,30767
INTEREST CITY ADVANCE
1,020.00000
510,00000
000
510,00000
PASS THROUGH PAYMENTS
17,108,64600
1,109.12795
000
15.999.518.05
PASS THROUGH PAYMENTS
2,841,524.00
0.00
0.00
2,841,524.00
ERAF SHIFT
-
0.00
000
000
TRANSFERS OUT
6,608,515 00
2,600,930.98
000
4.007,584 02
TOTAL DEBT SERVICE
38,534,88500
10,739,671.06
000
27,795,21394
CAPITAL IMPROVEMENT FUND:
PERSONNEL
4,90000
2,538.52
000
2,36148
SERVICES
54171000
311,57141
000
230.13859
SERVICES
118,020.00
0.00
0.00
118,020.00
LANDACQUISITION
-
000
000
0.00
ASSESSMENT DISTRICT
-
000
0.00
000
ADVERTISING -ECONOMIC DEV
-
000
0.00
000
ECONOMIC DEVELOPMENT
-
000
000
0.00
BOND ISSUANCE COSTS
-
000
0.00
0.00
CAPITAL - BUILDING
-
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
213,016.00
106,50798
0.00
106,508.02
TRANSFERS OUT
23,100,94600
3,459,58289
0.00
19,641,363.11
TRANSFERS OUT
(2,700,000.00)
0.00
0.00
(2,700,000.00)
TOTAL CAPITAL IMPROVEMENT
21,278,59200
3,880,20080
0.00
20,098,39120
CAPITAL IMPROVEMENT FUNDITAXABLE BOND
BOND ISSUANCE COSTS
-
000
000
0.00
TRANSFERS OUT
(42,807 00)
0,00
0 00
(42,807 00)
TOTAL CAPITAL IMPROVEMENT
(42,807.00)
0 00
000
(42.807.00)
^3
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 2:
07/01/2006 - 12/3112006 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
LOW/MODERATE TAX FUND:
Tax Increment
Tax Increment
Allocated Interest
Allocated Interest
Non Allocated Interest
Developer funding
Vista Dunes MHP Rental Rev
2nd Trust Deed Repayment
2nd Trust Deed Repayment
ERAF Shift - Interest
Sale of Land
Transferin
TOTAL LOWIMOD TAX
2004 LOWIMODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Non Allocated Interest
Transfer In
TOTAL LOWIMOD BOND
DEBT SERVICE FUND:
Tax Increment
Tax Increment
Allocated Interest
Allocated Interest
Non Allocated Interest
Interest Advance Proceeds
Transferin
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
Allocated Interest
Non Allocated Interest
Developer Agreement
Transfers In
TOTAL CAPITAL IMPROVEMENT
4,870,400.00
218,244.29
4,652,15571
4.480%
531,400.00
0.00
531,400.00
0.000%
275,300
00
220,075 99
55,224
01
79 940%
165,700.00
0.00
165,700.00
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%
000
59,409.08
(59,409.08)
0.000%
100,000.00
0.00
100,000.00
0.000%
0.00
0.00
000
0.000%
12,641,903.00
000
12,641,903.00
0.000%
0.00
000
000
0 000%
18,584,703.00
497,729.36
18,086,973.64
2.680%
000
0.00
0.00
0.000%
000
0.00
0.00
0.000%
2,000,000 00
1,467,723.17
532,276.83
73.390%
800,000.00
0.00
800,000.00
0.000%
000
0.00
0.00
0.000%
2,800,000.00
1,467,723 17
1,332,276.83
52.420%
19,658,600.00
872,977.15
18,785,622.85
4440%
1,948,600.00
0.00
1,948,600.00
0.000%
273,900
00
198,963.94
74,936.06
72,640%
126,000.00
0.00
126,000.00
0.000%
000
0.00
0.00
0.000%
0.00
0.00
000
0.000%
1,954,642.00
1,231,801.83
722,840.17
63.020%
23,961,742.00
2,303,74292
21,657,999.08
9.610%
105,60000
57,120.75
48,479.25
54.090%
000
000
0.00
0.000%
0.00
0.00
0.00
0,000%
0.00
0.00
0.00
0 000%
105,600.00
57,120.75
48,479.25
54.090%
t,. 22 4
LA OUINTA REDEVELOPMENT AGENCY 07/01/2006-12131/2006 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECT AREA NO.2:
LOW/MODERATE TAX FUND:
PERSONNEL
2,90000
1,536.23
000
1,36377
SERVICES
324,11100
90,11958
000
233,991.42
WATERCOLORS 2ND TRUST DEEDS
4,500,00000
000
0.00
4,500.00000
2ND TRUST DEEDS
-
000
000
0.00
FORECLOSURE ACQUISITION
150,00000
000
000
150,000.00
REIMBURSEMENT TO GEN FUND
264,52300
132,26082
0.00
132,26218
TRANSFERS OUT
2,543,097,00
1,240,04957
000
1,303,047.43
TOTAL LOWIMOD TAX
7,784,631 00
1,463,966 20
0.00
6,320,854.50
2004 LOW/MODERATE BOND FUND
HOUSING PROGRAMS
6,283,000 00
861,000 00
000
5,422,000 00
LAND
-
000
0.00
000
TRANSFERS OUT
53,091,79500
4,483,09167
000
48,608,70333
TOTAL LOW/MOD BOND
59,374,79500
5,344,091.67
0.00
54,030.70333
DEBT SERVICE FUND:
SERVICES
176,100,00
6,80000
000
169,30000
BOND PRINCIPAL
206,00000
105,00000
000
100,00000
BONDINTEREST
314,78500
158,52125
000
156,263.75
INTEREST CITY ADVANCE
1,000,00000
499,99996
0.00
500,000.04
PASS THROUGH PAYMENTS
16,419,46500
192,49178
000
16,226,973.22
PASS THROUGH PAYMENTS
1,627,530.00
0.00
0.00
1,627,530.00
TRANSFERS OUT
1,954,64200
1,231,80183
000
722,84017
TOTAL DEBT SERVICE
21,697,52200
2,194,61482
000
19,502,90718
CAPITAL IMPROVEMENT FUND:
PERSONNEL
2,90000
1,282.95
000
1,617.05
SERVICES
133,04300
19,98750
000
113,05550
ADVERTISING -ECONOMIC DEV
-
000
0.00
0.00
ECONOMIC DEVELOPMENT ACTIVITY
-
000
0.00
000
REIMBURSEMENT TO GEN FUND
36,534.00
18,266.34
0.00
18,267.66
TRANSFERS OUT
193,23500
45,37900
000
147,85600
TOTAL CAPITAL IMPROVEMENT
365,71200
84,91579
000
280,79621
Attachment 2
La Quinta Redevelopment Agency
Mid -Year Review Budget Worksheet
Estimated Revenues
Summary by Fund:
Tax Increment
Interest
Other
Total
RDA PA 1 Debt Service Fund
$ 5,965,900
$ 460,000
$ 6,425,900
RDA PA 2 Debt Service Fund
1,948,600
126,000
2,074,600
RDA PA 1 Low Mod Fund
1,434,100
109,000
1,050,000
2,593,100
RDA PA 2 Low Mod Fund
531,400
165,700
100,000
797,100
RDA 2004 Housing Bond Fund
-
RDA PA 1 Capital Improvement Project
687,000
687,000
RDA PA 1 Capital Improvement Project
(2,500,000)
(2,500,000)
RDA PA 2 2004 Low Mod Bond Fund
800,000
800,000
Total
$ 9,880,000
$ 2,347,700
1 $ (11350,000)l
$ 10,877,700
Appropriations
Summary by Fund
Pass Through
Other
Transfers
Total
RDA PA 1 Debt Service Fund
$ 2,841,524
$ 200,000
3,041,524
RDA PA 1 Debt Service Fund
(2,500,000)
(2,500,000)
RDA PA 2 Debt Service Fund
1,627,530
1,627,530
RDA PA 1 Low Mod Fund
-
RDA PA 2 Low Mod Fund
'
RDA 2004 Housing Bond Fund
'
RDA PA 1 Capital Improvement Project
118,020
(2,700,000)
(2,581,980)
RDA PA 1 Capital Improvement Project - Taxable
-
RDA PA 2 2004 Low Mod Bond Fund
'
Total
318,020
$ 5,200,000
$ 412,926
Change by Fund
Summary by Fund
Revenues
Appropriations
Net
RDA PA 1 Debt Service Fund
$ 6,425,900
$ 3,041,524
$ 3,384,376
RDA PA 2 Debt Service Fund
2,074,600
1,627,530
447,070
RDA PA 1 Low Mod Fund
2,593,100
-
2,593,100
RDA PA 2 Low Mod Fund
797,100
-
797,100
RDA PA 1 Capital Improvement Project
687,000
(2,581,980)
3,268,980
RDA PA 2 2004 Low Mod Bond Fund
800,000
-
800,000
Total
$ 13,377,700
$ 2,087,074
$ 11,290,626
ISummary by Project Area
I Revenues
lAppropriations
Net
PA 1
PA
9,706,000
3,671,700
459,544
1,627,530
9,246,456
2,044,170
Total
$ 13,377,700
$ 2,087,074
$ 11,290,626
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