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2007 12 18 RDAa &# 4 4v au wei Redevelopment Agency agendas are available on the City' web page @ www.la-quinta.org REDEVELOPMENT AGENCY AGENDA CITY COUNCIL CHAMBERS 78-495 Calle Tampico La Quinta, California 92253 Regular Meeting TUESDAY, DECEMBER 18, 2007 3:00 P.M. Closed Session / 4:00 P.M. Open Session Beginning Resolution No. RA 2007-017 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 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. 1. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF PROPERTY LOCATED AT THE SOUTHEAST CORNER OF AVENUE 50 AND WASHINGTON STREET IDENTIFIED AS APN 770-040-012 AND REAL PROPERTY LOCATED ON THE EAST SIDE OF JEFFERSON STREET, SOUTH OF WESTWARD HO STREET IDENTIFIED AS APN 649-090-001 THROUGH -009. PROPERTY OWNER/NEGOTIATOR: URBAN HOUSING COMMUNITIES, ROGER DAVILA. Redevelopment Agency Agenda 1 December 18, 2007 4 � 001 2. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTY LOCATED SOUTHWEST OF THE INTERSECTION OF HIGHWAY 111 AND LA QUINTA CENTRE DRIVE. PROPERTY OWNER/NEGOTIATOR: TORRE NISSAN, GEORGE VELARDE. 3. CONFERENCE WITH AGENCY'S LEGAL COUNSEL REGARDING INITIATION OF LITIGATION — PURSUANT TO GOVERNMENT CODE SECTION 54956.9(c) (ONE MATTER). RECESS TO CLOSED SESSION RECONVENE AT 4:00 P.M. 4:00 P.M. PUBLI� 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 DECEMBER 4, 2007. CONSgNT CALENDAR NOTE: Consent Calendar items are considered to be routine in nature and will be approved by one Imotion. 1. APPROVAL OF DEMAND REGISTER DATED DECEMBER 18, 2007. 2. RECEIVE AND FILE TREASURER'S REPORT DATED OCTOBER 31, 2007. 3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED OCTOBER $1, 2007. Redevelopment Agency Agenda 2 December 18, 2007 J r 002 4. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA REDEVELOPMENT AGENCY 1998, 2001, 2002, AND 2003 TAX ALLOCATION BONDS FOR FISCAL YEAR ENDING JUNE 30, 2007. 5. APPROVAL OF LA QUINTA REDEVELOPMENT AGENCY FINANCIAL REPORTS IN ACCORDANCE WITH SECTION 33080 OF THE HEALTH AND SAFETY CODE. BUSINESS SESSION - NONE STUDY SESSION - NONE CHAIR AND BOARD MEMBERS' ITEMS - NONE PUBLIC HEARINGS - NONE ADJOURNMENT The next regular meeting of the Redevelopment Agency will be held on January 15, 2008, 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 December 18, 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 December 14, 2007. DATED: December 14, 1007 VERONICA J. MON_TECIINO, City Clerk City of La Quinta, California Redevelopment Agency Agenda 3 December 18, 2007 � 11 001 04 �p 5 4 44" 0 0 x° COUNCIURDA MEETING DATE: December 18, 2007 ITEM TITLE: Demand Register Dated December 18, 2007 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated December 18, 2007 of which $1,225,712.59 represents Redevelopment Agency Expenditures AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR STUDY SESSION PUBLIC HEARING PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA 004 T4&t 4 X4P Qu&rry AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: December 18, 2007 BUSINESS SESSION: _ ITEM TITLE: Receive and File Treasurer's Report et dated October 31, 2007 CONSENT CALENDAR: o 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 1 005 a Xry Qumrcv OF'PkSF' �S AGENDA CATEGORY: COUNCIURDA MEETING DATE: December 18, 2007 BUSINESS SESSION: ITEM JITLE: Receive and File Revenue and Expenditure Report dated October 31, 2007 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: Transmittal of the October 31, 2007 Statement of Revenue and Expenditures for the La Quinta Redevelopment Agency. Respectfully submitted, John M. Falconer,, Finance Director Approved for submission by: ` Thomas P. Genovese, Executive Director Attachment: 1. Revenue and Expenditures, October 31, 2007 006 ATTACHMENT 1 LA QUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO 1: LOWIMODERATE BOND FUND: Allocated Interest Home .Sale Proceeds Nan Allocated Interest Transfer In TOTAL LOW/MOD BOND LOW/MODERATE TAX! FUND: Tax Increment Allocated Interest Non Allocated Interest Miscelloneous revenue Non Allocated Interest LORP-dent Revenue Home Sales Proceeds Sale oP,Land Sevver.Subsidy Reimbursements Rehabilitation Loan Repayments 2nd Trost Deed Repayment Transfer In TOTAL, LOW/MOD TAX DEBT SERVICE FUND:! Tax Increment Allocatdd Interest Non Allocated Interest Interst-,County Loan IntemstlAdvance Proceeds Transfers In TOTALDEBT SERVICE CAPITAL IMPROVEMENT FUND - NON-TAXABLE Pooled Cash Allocated Interest Non Allocated Interest Developer Agreement Funding Sale of (and Proceeds Rental Ihcome Transfers In TOTALICAPITAL IMPROVEMENT CAPITAL IMPROVEMENT FUND -TAXABLE Pooled Cash Allocated Interest Non Allocated Interest Litigation Settlement Revenue Bond proceeds Rental Income Transfers In TOTAL (CAPITAL IMPROVEMENT 0710112007. 10/31/2007 REMAINING BUDGET RECEIVED BUDGET 0.00 000 000 000 000 000 Goo 0.00 000 0.00 000 000 000 000 0,00 10,600,60000 74.64 10,600,52536 404,800 00 18,189 51 386.610.49 0.00 46179 (46179) 000 125,00000 (125,00000) 000 0.00 000 252,000 00 72,031 00 179,969 00 150,00000 158,060.85 (8,06085) 000 0.00 000 000 3.23121 (3,231.21) 000 000 000 000 303,19004 (303,19004) 313,15600 000 313,15600 11,720,55600 680,23904 11,040,316.96 42,638,70000 (29854) 42,638,99854 896,100 00 233,264 25 662,835 75 000 000 000 000 000 000 000 000 000 4,450,26100 2,979,62044 1,470,64056 47,985,061.00 3.212,58615 44,772,47485 37,90000 47,77873 (9,87873) 500,000 00 266,573 36 233,426 64 coo 000 000 3,894,600 00 0.00 3,894,600.00 0,00 000 000 25,000,000.00 000 2500000000 29,432,500 00 314,352 09 29.118,147 91 000 000 000 000 000 000 000 000 000 000 coo 000 000 000 000 000 000 000 000 0.0 00 00 �t 007 2 LA QUINTA REDEVELOPMENT AGENCY 07/01/2007-1013112007 REMAINING EXPENDITURES M.1: BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDITURE UREA OM LOW/MODERATE,BOND FUND PERSONNEL SERVICES 000 000 000 000 REIMBURSEMENT TO GEN FUND 000 000 000 000 000 000 HOUSING PROJECTS 000 000 000 000 000 000 TRANSFERS OUT 0.00 000 000 000 TOTAL LOW/MOD BOND LOW/MODERATE TAX FUND: PERSONNEL SERVICES 1,10000 80515 000 29485 BUILDING HORIZONS 362,76400 76, 13489 000 286,62911 LQ RENTAL PROGRAM 0.00 200,00000 000 59,91524 000 000 000 140,08476 2nd TRUST DEED PROGRAM 225,00000 191,05000 000 33,95000 LAND ACQUISITION 10,276, 12700 4,694,61762 000 5,581,50938 FORECLOSURE 425.00000 146,15000 000 278,85000 REIMBURSEMENT TO GEN FUND 652,47100 217.48992 000 434,98103 TRANSFERS OUT 4,450,261.00 2,979,620.44 000 1,470,640 56 TOTAL LOW/MOO TAX DEBT SERVICE FUND SERVICES 457,30000 4,86166 000 452.43834 BOND PRINCIPAL 3,514,57900 2,795,00000 000 71957900 BONDINTEREST 7.500.55300 3,791,30813 000 3,709,24487 INTEREST CITY ADVANCE 1,020,00000 343,82603 000 676,17397 PASS THROUGH PAYMENTS 22 808,012 00 386,46759 000 22,421.54441 ERAF SHIFT 000 000 coo 000 TRANSFERS OUT 28,970,96000 2,519,37935 0.00 26,451,64065 TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: PERSONNEL 1,100.00 80515 000 29485 SERVICES 960.50900 99,73662 25,97500 834,79738 LAND ACQUISITION 000 0.00 000 000 ASSESSMENT DISTRICT 000 000 000 000 ADVERTISING -ECONOMIC DEV 0,00 000 000 000 ECONOMIC DEVELOPMENT 000 000 000 000 BOND ISSUANCE COSTS 000 000 000 000 CAPITAL -BUILDING 10,00000 000 000 10,00000 REIMBURSEMENT TO GEN FUND 311,03300 103,67728 000 207,35572 TRANSFERS OUT 63,089,04000 869, 87110 000 62,219,t6810 TOTAL CAPITAL IMPROVEMENT 1,07-4 CAPITAL IMPROVEMENT FUND/TAXABLE BONG BOND ISSUANCE COSTS 000 000 000 000 TRANSFERS OUT 000 000 000 000 TOTAL CAPITAL IMPROVEMENT 000 3 LA GUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO.21: LOW/MODERATE BOND FUND: Allocated Interest Non Allocated Interest Bond proceeds (net) Transfer In TOTAL LOW/MOD BOND LOW/MODERATE TAX (FUND: Tax Increment Allocated Interest Non Allocated Interest Developer funding Vista Dpnes 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 Sole Proceeds Non Allocated Interest Transfer In TOTAL LOW/MOD BOND DEBT SERVICE FUND: Tax Increment Allocated Interest Non Allocated Interest Interest. Advance Proceeds Transterlln TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: Allocates{ Interest Non Allocated Interest Developer Agreement Transfer$ In TOTAL CAPITAL IMPROVEMENT 07/0112007 - 10/3112007 REMAINING BUDGET RECEIVED BUDGET 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 5,563,900 00 000 5,563.900 00 742,100 00 65,087 57 677.012 43 000 000 000 000 000 000 000 000 0.00 000 59,21900 (59,21900) 000 000 000 000 000 000 000 000 000 6,306,00000 124,30657 6.181,69343 0.00 000 000 000 000 000 2,000.00000 695,19762 1,304,80238 000 000 000 2,000,00000 695,19762 1,304,80238 22,923,10000 0.00 22.923,10000 573,20000 50.04509 523,154.91 000 000 000 000 000 000 — _ 1,955,846.00 1,240,858 77 714,98723 25,452.14600 1,290,90386 24,161,242.14 58,900 00 25,082 91 33,817 09 000 000 000 000 000 000 000 000 000 58,900 00 25.082 91 33,817 09 009 0 LA QUINTA REDEVELOPMENT AGENCY 07/01/2007-10/3112007 EXPENDITURESUMMARY 22, PROJECT BUDGET EXPENDITURES ENCUMBERED REMAINING BUDGET LOW/MODERATt BOND FUND 2nd TRUST DEEDS 000 000 000 000 LAND BOND ISSUANCE COSTS 000 000 000 0.00 000 000 TRANSFERS OUT OA0 000 000 000 000 000 TOTAL LOW/MOD BOND LOW/MODERATO TAX FUND: PERSONNEL 70000 48724 000 21276 SERVICES 540,46400 83,02199 000 457,44201 2ND TRUST DEEDS 000 000 000 0 00 LOW MOD HOUSING PROJECTS 000 50000 000 (500 00) FORECLOSURE ACQUISITION 100.00000 000 000 100,00000 WATERCOLOR COURT HOMES 4,500,00000 2,036,10000 000 2,463,90000 LAND ACQUISITION 333,555 00 39,427 00 000 294,128 00 REIMBURSEMENT TO GEN FUND 356,505 00 118,83464 000 237,670 36 TRANSFERS OUT 7,256,43000 1,901,718.50 00 0,35, 5471150 TOTAL LOW/MOD TAX 2004 LOW/MODERRATE BOND FUND HOUSING PROGRAMS 000 000 000 000 LAND 000 000 000 000 TRANSFERS OUT 33,684,23600 3,700,32583 000 29,983,91017 TOTAL LOW/MOD BOND DEBT SERVICE FUND SERVICES 176,10000 41454 000 175,68546 BOND PRINCIPAL 110,000,00 110,00000 000 000 BONDINTEREST 310,13500 156,26375 000 153,87125 INTEREST CITY ADVANCE 1,000,00000 333,33328 000 66666672 PASS THROUGH PAYMENTS 18,688.406 00 2,61046 000 18,685,795 54 TRANSFERS OUT 1,955,84600 1,240,85871 000 714,98723 TOTAL DEBT SERVICE go CAPITAL IMPROVEMENT FUND: PERSONNEL 70000 48696 SERVICES 123.641.00 34,01321 ADVERTISING -ECONOMIC DEV 000 000 ECONOMIC DEVELOPMENT ACTIVITY 000 000 REIMBURSEMENT TO GEN FUND 25,29100 8,430.16 TRANSFERS OUT 473,004 00 4,425 00 TOTAL CAPITAL IMPROVEMENT 000 21304 000 89,627 79 000 000 0 00 000 000 16.860 64 vl.V. p�r� 5 ceit4t 4 eldP Qumrcv COUNCIVRDA MEETING DATE: December 18, 2007 ITEM TITLE: Approval of Annual Continuing Disclosure for the La Quinta Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds for Fiscal Year End June 30, 2007 REC0110MENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve, receive and file the Annual Continuing Disclosure for the La Quinta Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds for Fiscal Year End June 30, 2007. FISCAL IMPLICATIONS: 1►rem CHARMER CITY IMPLICATIONS: None. BACK91140UND AND OVERVIEW: On November 10, 1994, the Securities and Exchange Commission adopted amendments to existing federal regulations (Rule 15c2-12) for bonds issued after July 3, 1995, requiring issuers of municipal securities (bond issues) to do the following annually for each bond issue: 1. Prepare official statements meeting the content requirement of Rule 15c2-12. 2. File certain financial information and operating data with national and state repositories each year. is..00 011 3. Prepare announcements of the significant events including payment defaults, defeasances and draws on a reserve fund as the events occur. Attachment 1 is the 2006/2007 Annual Continuing Disclosure Statement for the La Quints Redevelopment Agency 1998 Housing Tax Allocation Bonds prepared in accordance with the three aforementioned requirements. Additionally, no announcement of significant events was necessary for Fiscal Year 2006/2007. In addition, the Agency has issued disclosure reports for the 2001, 2002 and 2003 RDA Tax Allocation Bond issues (Attachment 1). FINDINGS AND ALTERNATIVES: The alternatives available to the Redevelopment Agency Board include: 1. Approve, receive and file the Annual Continuing Disclosure for the La Quints Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds ,for Fiscal Year End June 30, 2007; or 2. Do not approve, receive and file the Annual Continuing Disclosure for the La Quints Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds for Fiscal Year End June 30, 2007; or 3. Provide staff with alternative direction. Respectfully submiitted,4-Ou"I" +/I John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. 2006/2007 Annual Continuing Disclosure Statement for the RDA 1998, 2001, 2002 and 2003 Tax Allocation Bonds `' 012 2 ATTACHMENT 1 LA QUINTA REDEVELOPMENT AGENCY $15y760,00 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION REFUNDING BONDS, SERIES 1998 Riverside County, California Dated: June 1, 1998 CUSIP: 504194 2007 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 10, 2007 Also available at: ImMuniFinancial www.muni.com ,^ 013 3 LIST OF PARTICIPANTS CITY OF LA QUINTA www.la-guinta.org John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT MuniFinancial Temecula, CA 92590 (951) 587-3500 Report available for viewing Caa www.muni.com UNDERWRITER Miller & Schroeder Financial, Inc. BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 5u' Street, 241h Floor Los Angeles, California 90071 (213) 613-6047 In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 014 4 1�11,kY:r012111011101,11 Pursuant to an Official Statement dated June 1, 1998, the La Quinta Redevelopment Agency (the "Agency") issued $15,760,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Refunding Bonds, Series 1998, (the "1998 Bonds"). The 1998 Bonds are being issued for the purpose of refinancing the Agency's La Quinta Redevelopment Project, Tax Allocation Bonds, Series 1991 (the "1991 Bonds"). The 1998 Bonds are payable on a parity with the Agency's previolusly issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Series 2002 (the "2002 Bonds") and the Agency's La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Taxable Series 2003 (the "2003 Bonds") (collectively the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located in the (Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 50.3% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 1098 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 1998 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 1998 Bonds do not constitute indebtledness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 1998 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the 1998 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. 2006101, 1998 TAB City of La Quinta 1 5 A BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 19, 2007 Tax Allocation Refunding Bonds, Series 1998 $15,760,000.00 B. FUND BALANCES Fund As of October 19, 2007 Reserve Fund n1 N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2007 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. Project Area No. 1 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base ('( Increment 1997/9$ $1,383,340,327 $13,157,051 $0 $1,396,497,378 $1,197,099,145 $12,161,894 1998/90 1,436,942,643 8,594,039 0 1,445,536,682 1,246,138,449 12,877,280 1999/00 1,627,578,717 8,034,814 0 1,635,613,531 1,436,215,298 15,659,371 2000101 1,927,812,440 14,948,366 0 1,942,760,806 1,743,362,573 18,685,564 2001/0$ 2,287,724,601 14,486,563 0 2,302,211,164 2,102,812,931 20,929,840 2002/0� 2,688,732,575 13,980,069 0 2,702,712,644 2,503,314,411 26,357,623 2003/ 3,062.917,787 13,537,804 0 3.076,455,591 2,877,057,358 29,958,693 2004/0$ 3,411,082,100 13,813,852 0 3,424,895,952 3,225,497,719 33,867,116 2005/0$ 3,956,642,179 29,248,534 0 3,985,890,713 3,786,492,480 45,632,751 2006/01 4,779,973,573 34,084,343 0 4,814,057,916 4,614,659,683 52,536,879 2007/08 5,210,779,209 34,173,241 0 5,244,952,450 5,045,554,217 N/A (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: Riverside County and Audited Financial Statements of the La Quinta Redevelopment Agency. 200610d, 1998 TAB City of La Quinta ° Ow6 r1 B. LAND USE PROJECT AREA NO. 1 2007/08 Total Percent Land Use Secured Value of Total Residential $4,532,496,798 82.51% Commercial 594,635,516 10.82% Timeshare Estates 28,018,895 0.51% Vacant 302,198,291 5.50% Miscellaneous/Unknown 36,117,206 0.66% Total Project Area No. 1 $5,493,466,706 100.00% Source: County of Riverside 2007108 secured property roll, as compiled by Muni Financial. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Less: Maximum Less: Less: Subordinated Maximum Annual Debt Fiscal gross Tax Nonsubordinated Housing Pledged Pass Net Annual Debt Service Year Increment Pass Througt i Set Aside Revenues Throughsl2i Revenues Service 1�1 Coverage 2001/02 $20,929,840 $1,168,978 $4,488,487 $15,272,375 $7,025,471 $8,246,904 $3,697,867 2.23 2002/03 20,357,623 1,378,611 5,271,524 19,707,488 8,371,098 11,336,390 7,887,768i'i 1.43 2003/04 20,958,693 1,355,988 5,991,739 22,610,966 8,603,713 14,007,253 9,890,703 1.41 2004/05 33,867,116 1,448,192 6,773,423 25,645,501 10,455,214 15,190,287 9,890,703 1.54 2005/06 4$,632,751 1,792,709 9,126,550 35,713,492 15,318,943 19,394,549 9,890,703 1.96 2006/07 5,2,536,879 1,959,308 10,507,377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 (1) The (Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax increment on a nonsubordinaled basis. Please notes although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non- subgrdinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The iAgency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. (3) The combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. (4) Anneal Debt Service on the 2003 Bonds began in fiscal year 2003104. Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office. 200610, 1998 TAB City of La Quints 0r D17 Il D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, 1998 Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in the table below was gathered and verified from the corresponding Official Statements. Maturity pate Septem4er1, 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds 2003 Bonds Combined Debt Service 2001 $2,163,275 $819.520 $2,430,720 $2,473,841 $1,999,210 $9,886,566 2008 2,161,629 819,520 2,430,720 2,475,391 2.000,564 9,887,814 2000 2,160,695 819,520 2,430,720 2,479,436 1,996,050 9,886,421 2010 2,159,880 819,520 2,430,720 2,475,676 2,000,163 9,885,959 201111 2,162,664 819,520 2,430,720 2,475,176 1,997,640 9,885,720 201� 2,160,003 819,520 2,430,720 2,477,681 1,998,755 9,886,679 2013 0 1,474,520 3,995,720 2,418,281 1,998,235 9,886,756 2014 0 1,475,460 3,997,470 2,413,031 1,996,080 9,882,041 201$ 0 1,474,580 4,000,220 2,411,281 1,997,392 9,883,473 2010 0 1,476,880 3,998,720 2,412,781 1,996,208 9,884,589 2011 0 1,472,100 3,997,970 2,417,281 1,997,528 9,884,879 201$ 0 1,475,500 3,997,720 2,414,531 1,996,040 9,883,791 2010 0 1,476,560 3,997,720 2,414,781 1,996,744 9,885,805 2020 0 1,475,280 3,997,720 2,412,781 1,999,328 9,885,109 20211 0 1,476,660 3,997,470 2,413,531 1,998,480 9,886,141 202� 0 1,475,440 3,996,720 2,416,781 1,999,200 9,888,141 202$ 0 1,476,620 3,997,790 2,412,281 2,001,176 9,887,867 2024 0 1,474,940 3,997,485 2,413,856 1,999,096 9,885,377 202$ 0 1,475,400 3,995,550 2,417,356 2,000,680 9,888,986 2020 0 1,472,740 3,996,730 2,417,525 1,997,434 9,884,429 2021 0 1,471,960 4,000,515 2,414,363 1,999,358 9,886,196 202$ 0 1,472,800 3,996,395 2,417,869 2,000,808 9,887,872 2020 0 0 3,999,370 3,887,531 1,996,462 9,883,363 2030 0 0 3,998,675 3,888,013 1,996,320 9,883,008 20311 0 0 3,999,055 3,890,550 1,999,738 9,889,343 20061OZ, 1998 TAB City of La Qointa 018 0 E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. None of the items below has occurred or has been previously reported during the fiscal year ended June 30, 2007. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. 019 200610, 1998 TAB City of La Quinta :j LA QUINTA REDEVELOPMENT AGENCY $6,750,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2 TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1998 Riverside County, California Dated: June 1, 1998 CUSIP: 604194 2007 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 10, 2007 Also available 9W) 020 MuniFinancial www.muni.com LIST OF PARTICIPANTS CITY OF LA QUINTA www.la-quinta.org John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT 8r DISSEMINATION AGENT MuniFinancial Temecula, CA 92590 (951) 587-3500 Report available for viewing (d www.muni.com UNDERWRITER Miller & Schroeder Financial, Inc. BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 5th Street, 24th Floor Los Angeles, California 90071 (213) 613-6047 ` In its (role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. o 021 11 L INTRODUCTION Pursuant to an Official Statement dated June 1, 1998, the La Quinta Redevelopment Agency (the "Agency") issued $6,750,000 La Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds, Issue of 1998 (the "Bonds"). The Bonds are being issued for the purpose of refinancing the Agency's La Quinta Redevelopment Project Area No. 2, Tax Allocation Bonds, Issue of 1992 (the "1992 Bonds"). The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 2 (the "Project Area No. 2") encompasses an area of approximately 3,116 acres, which includes approximately 14% of the total corporate area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The Bonds are special obligations of the Agency and are secured by a pledge of Pledgled Tax Revenues, as defined in the Official Statement. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This !Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which) are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other (parties described herein. 200610A, 1998 TAB Proi 2 City of La Quinta `) k 2 12 II. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 19, 2007 Tax Allocation Refunding Bonds, Issue of 1998 $6,916,000 B. FUND BALANCES Fund As of October 19, 2007 Reserve Fund t't N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2007 will b@ separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 2. acf.al*]tLlcly_LNW, Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (') Increment 1997/98 $485,513,978 $4,484,841 $0 $487,998,819 $392,816,064 $4,107,340 19909 557,362,624 6,306,503 0 563,669,127 468,486,372 5,085,079 1990/00 653,544,147 5,472,923 0 659,017,070 563,834,315 6,127,144 2000/01 790,754,123 9,600,421 0 800,354,544 705,171,789 7,587,996 200J/02 1,003,653,582 12,084,137 0 1,015,737,719 920,554,964 9,004,474 2002/03 1,260,121,204 14,535,754 0 1,274,656,958 1,179,474,203 12,396,203 200$/04 1,510,073,642 20,167,571 0 1,530,241,213 1,435,058,458 15,158,339 2004/05 1,745,868,028 21,504,380 0 1,767,372,408 1,672,189,653 17,546,203 200$/06 2,080,975,290 32,295,383 0 2,113,270,673 2,018,087,918 24,812,367 200$/07 2,420,689,543 42,208,337 0 2,462,897,880 2,367,716,125 25,971,446 2001/08 2,724,518,603 50,446,080 0 2,774,964,683 2,679,781,928 N/A (1) The Base Value for the Project Area No. 2 is $95,182,755. Source: Riverside County and Audited Financial Statements of the La Quinta Redevelopment Agency. 2006101, 1998 TAB Proj 2 City of La Quinta i') 023 13 B. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and Debt Service Coverage for the Bonds. Maximum Less: Less: Annual Maximum Annual Fiscal Gross Tax Nonsubordinated Housing Pledged Debt Debt Service Year Increment Pass Throughs ro Set Aside Revenues Service (2) Coverage 1997/98 $4,107,340 $2,181,302 $821,468 $1,104,570 $423,788 2.61 1998/99 5,085,079 2,845,255 1,017,016 1,222,808 423,788 2.89 1999/00 6,127,144 3,498,500 1,225,429 1,403,215 423,788 3.31 2000/01 7,587,996 4,445,548 1,517,600 1,624,848 423,788 3.83 2001/02 9,004,474 5,903,535 2,025,212 1,075,727 423,788 2.54 2002/03 12,396,203 7,539,849 2,479,241 2,377,113 423,788 5.61 2003/04 15,158,339 9,225,122 3,031,668 2,904,549 423,788 6.84 2004/05 17,546,203 10,605,577 3,345,543 3,595,083 423,788 8.48 2005/06 24,812,367 15,269,285 4,962,474 4,580,608 423,788 10.81 2006/07 25,971,446 16,457,383 5,194,289 4,319,774 423,788 10.19 (1) The Agency has entered into agreements with the Riverside County General Fund, Riverside County Library District, Riverside County Fire District, Riverside County Superintendent of Schools, Coachella Valley Water District, Coachella Valley Recreation and Parks District, Desert Sands Unified School District, and the Coachella Valley Mosquito Abatement District to pass through Tag Increment on a nonsubordinated basis: (2) Makimum Annual Debt Service on the Bonds is payable in the year 2024. Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office. C. LAND USE PROJECT AREA NO. 2 2007/08 Total Percent Land Use Secured Value of Total Residential $2,096,584,021 77.83% Commercial 468,059,737 17.38% Apartments 36,287,522 1.35% Vacant 52,858,938 1.96% Miscellaneous/Unknown 40,033,697 1.49% Total Project Area No. 2 $2,693,823,915 100.00% 2006107, 1998 TAB Proj 2 Source. County of Riverside 2007/08 secured property roil, as compiled by MuniFinancial. City of La Quinta J. 0 024 14 D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the Bonds. Information contained in the table below was gathered and verified from the Official Statement. Maturity Date September1, Principal Interest Debt Service 2007 $110,000 $312,527.50 $422,527.50 2008 115,000 307,742.50 422,742.50 2009 120,000 302,625.00 422,625.00 2010 125,000 296,475.00 421,475.00 2011 130,000 290,068.75 420,068.75 2012 140,000 283,406.25 423,406.25 2013 145,000 276,231.25 421,231.25 2014 150,000 268,800 00 418,800.00 2015 160,000 261,112.50 421,112.50 2016 170,000 252,912.50 422,912.50 2017 175,000 244,200.00 419,200.00 2018 185,000 235,231.25 420,231.25 2019 195,000 225,750.00 420,750.00 2020 205,000 215,612 50 420,512.50 2021 215,000 204,75000 419,7%00 2022 230,000 193,462.50 423,462.50 2023 240,000 181,387.50 421,387.50 2024 255,000 168,787.50 423,787.50 2025 265,000 155,400.00 420,400.00 2026 280,000 141,487.50 421,487.50 2027 295,000 126,787.50 421,787.50 2028 310,000 111,300.00 421,300.00 2029 325,000 95,025.00 420,025.00 2030 345,000 77,962.50 422,962.50 2031 360,000 59,850.00 419,850.00 2032 380,000 40,950.00 420,950.00 2033 400,000 21,000.00 421,000.00 Total $6,026,000 $5,350,745.00 $11,376,745.00 2006107, 1998 TAB Proj 2 City of La Quinta r 0 2 a U 15 E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. None of the items below has occurred or has been previously reported during the fiscal year ended June 30, 2007. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. 2006/0q, 1998 TAB Proj 2 City of La Quinta 5 J-0! 026 16 LA QUINTA REDEVELOPMENT AGENCY $48,000,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2001 Riverside County, California Dated: August 1, 2001 CUSIP: 504194 2007 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 10, 2007 Also available at: MuniFinancial www.muni.com a I) 027 17 LIST OF PARTICIPANTS CITY OF LA QUINTA www.la-guinta.org John Falconer Finance Director P.O. Box 1504 78495 Calle Tampico La Quinta, California 92247 (760)777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT MuniFinancial Temecula, CA 92590 (951) 587-3500 Report available for viewing (ED www.muni.com UNDERWRITER Wedbush Morgan Securities BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 5`" Street, 24"' Floor Los Angeles, California 90071 (213) 613-6047 In its role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. �. 0 028 18 I. INTRODUCTION Pursuant to an Official Statement dated August 15, 2001, the La Quinta Redevelopment Agency (the "Agency") issued $48,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001, (the "2001 Bonds"). The 2001 Bonds are being issued to finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No. 1, The 2001 Bonds are payable on a parity with the Agency's previously issued La Quinto Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds"), the previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002 (the "2002 Bonds") and the Agency's La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable Series 2003 (the "2003 Bonds") (collectively the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 50.3% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 2001 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 2001 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 2001 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 2001 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the 2001 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or complleteness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. 2006101, 2001 TAB City of La Quinta 1 J. U 029 19 fly W1011►`1M-107:7i r-1vlrfji` A. PRINCIPAL OUTSTANDING Bonds As of October 19, 2007 Tax Allocation Bonds, Series 2001 $48,000,000 B. FUND BALANCES Fund As of October 19, 2007 Reserve Fund t'1 N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond. /it. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2007 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. Project Area No. 1 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (') Increment 1997/9$ $1,383,340,327 $13,157,051 $0 $1,396,497,378 $1,197,099,145 $12,161,894 1998190 1,436,942,643 B,594,039 0 1,445,536,682 1,246,138,449 12,877,280 1999/00 1,627,578,717 8,034,814 0 1,635,613,531 1,436,215,298 15,659,371 2000/011 1,927,812,440 14,948,366 0 1,942,760,806 1,743,362,573 18,685,564 2001/0� 2,287,724,601 14,486,563 0 2,302,211,164 2,102,812,931 20,929,840 2002/01 2,688,732,575 13,980,069 0 2,702,712,644 2,503,314,411 26,357,623 2003/04 3,062,917,787 13,537,804 0 3,076,455,591 2,877,057,358 29,958,693 2004/0$ 3,411,082,100 13,813,852 0 3,424,895,952 3,225,497,719 33,867,116 2005/0e 3,956,642,179 29,248,534 0 3,985,890,713 3,786,492,480 45,632,751 2006/01 4,779,973,573 34,084,343 0 4,814,057,916 4,614,659,683 52,536,879 2007/0$ 5,210,779,209 34,173,241 0 5,244,952,450 5,045,554,217 N/A (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: (riverside County and Audited Financial Statements of the La Quinta Redevelopment. 200610, 2001 TAB City of La Quinta �1 2 O 20 C. LAND USE PROJECT AREA NO. 1 2007/08 Total Percent Land Use Secured Value of Total Residential $4,532,496,798 82.51% Commercial 594,635,516 10.82% Timeshare Estates 28,018,895 0.51% Vacant 302,198,291 5 50% Miscellaneous/Unknown 36,117,206 0.66% Total Project Area No.1 $6,493,466,706 100.00% Source: County of Riverside 2007108 secured property roll, as compiled by MuniFinancial. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Less: Maximum Less: Less: Subordinated Maximum Annual Debt Fiscal Bross Tax Nonsubordinated Housing Pledged Pass Net Annual Debt Service Year I�rcrement Pass ThrougIn Set Aside Revenues Throughs(" Revenues Service (3) Coverage 2001/02 $20.929.840 $1,168,978 $4,488,487 $15,272,375 $7,025,471 $8,246,904 $3,697,867 2.23 2002/03 26,357,623 1,378,611 5,271,524 19,707,488 8,371,098 11,336,390 7,887,768(4) 1.43 2003/04 20,958,693 1,355,988 5,991,739 22,610,966 8,603,713 14,007,253 9,890,703 1.41 2004/05 33,867,116 1,448,192 6,773,423 25,645,501 10,455,214 15,190,287 9,890,703 1.54 2005/06 46,632,751 1,792,709 9,126,550 35,713,492 15,318,943 19,394,549 9,890,703 196 2006/07 52,536,879 1,959,308 10,507,377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubordinaled basis. Please notes although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non - subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The,Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. (3) The combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. (4) Annual Debt Service on the 2003 Bonds begins in fiscal year 2003/04. Source: Audited Financial Statements of the La Quinta Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office. 20061Oi7, 2001 TAB City of La Quinta 3 J..0 031 21 D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, 1998 Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in the table below was gathered and verified from the corresponding Official Statements. Maturity Date $eptember1, 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds 2003 Bonds Combined Debt Service 2007 $2,163,275 $819,520 $2,430,720 $2,473,841 $1,999.210 $9,886,566 2008 2,161,629 819,520 2,430,720 2,475,391 2,000,554 9,887,814 2009 2,160,695 819,520 2,430,720 2,479,436 1,996,050 9,886,421 2010 2,159,880 819,520 2,430,720 2,475,676 2,000,163 9,885,959 2011 2,162,664 819,520 2,430,720 2,475,176 1,997,640 9,885,720 2012 2,160,003 819,520 2,430,720 2,477,681 1,998,755 9,886,679 2013 0 1,474,520 3,995,720 2,418,281 1,998,235 9,886,756 2014 0 1,475,460 3,997,470 2,413,031 1,996,080 9,882,041 2015 0 1,474,580 4,000,220 2,411,281 1,997,392 9,883,473 2016 0 1,476,880 3,998,720 2,412,781 1,996,208 9,884,589 2017 0 1,472,100 3,997,970 2,417,281 1,997,528 9,884,879 2018 0 1,475,500 3,997,720 2,414,531 1,996,040 9,883,791 2019 0 1,476,560 3,997,720 2,414,781 1,996,744 9,885,805 2020 0 1,475,280 3,997,720 2,412,781 1,999,328 9,885,109 2021 0 1,476,660 3,997,470 2,413,531 1,998,480 9,886,141 2022 0 1,475,440 3,996,720 2,416,781 1,999,200 9,888,141 2023 0 1,476,620 3,997,790 2,412,281 2,001,176 9,887,867 2024 0 1,474,940 3,997,485 2,413,856 1,999,096 9,885,377 2025 0 1,475,400 3,995,550 2,417,356 2,000,680 9,888,986 2026 0 1,472,740 3,996,730 2,417,525 1,997,434 9,884,429 2027 0 1,471,960 4,000,515 2,414,363 1,999,358 9,886,196 2028 0 1,472,800 3,996,395 2,417,869 2,000,808 9,887,872 2029 0 0 3,999,370 3,887,531 1,996,462 9,883,363 2030 0 0 3,998,675 3,888,013 1,996,320 9,883,008 2031 0 0 3,999,055 3,890,550 1,999,738 9,889,343 Total 200610t 2001 TAB City of La Quinta 032 22 E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. None of the items below has occurred or has been previously reported during the fiscal year ended June 30, 2007. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. 2006/0p, 2001 TAB City of La Quinta 5 a I) 033 23 LA QUINTA REDEVELOPMENT AGENCY $40,0001000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2002 Riverside County, California Dated: June 1, 2002 CUSIP: 504194 2007 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 10, 2007 Also available at: MuniFinancial www.muni.com j. 0 034 24 LIST OF PARTICIPANTS CITY OF LA QUINTA www.la- uinta.or John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT MuniFinancial Temecula, CA 92590 (951) 587-3500 Report available for viewing (g� www.muni.com UNDERWRITER Wedbush Morgan Securities BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 5th Street, 24th Floor Los Angeles, California 90071 (213) 613-6047 ' In its:role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. J 035 25 L INTRODUCTION Pursuant to an Official Statement dated June 12, 2002, the La Quinta Redevelopment Agency (the "Agency") issued $40,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002, (the "2002 Bonds"). The 2002 Bonds are being issued to finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No. t The 2002 Bonds are payable on a parity with the Agency's previously issued La Quints Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bond$"), the previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds") and the Agency's La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable Series 2003 (the "2003 Bonds") (collectively the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 50.3% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 2002 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 2002 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 2002 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 2002 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a mote complete description of the Agency and the 2002 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained hereiO are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. 20061017, 2002 TAB City of La Quinta � �..0 036 26 ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 19, 2007 Tax Allocation Refunding Bonds, Series 2002 $37,060,000 B. FUND BALANCES Fund As of October 19, 2007 Reserve Fund i'1 N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond. III. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2007 will b@ separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. Area No. 1 Fiscall Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (') Increment 1997/9$ $1,383,340,327 $13,157,051 $0 $1,396,497,378 $1,197,099,145 $12,161,894 1998/90 1,436,942,643 8,594,039 0 1,445,536,682 1,246,138,449 12,877,280 1999/00 1,627,578,717 8,034,814 0 1,635,613,531 1,436,215,298 15,659,371 2000/01 1,927,812,440 14,948,366 0 1,942,760,806 1,743,362,573 18,685,564 2001/02 2,287,724,601 14,486,563 0 2,302,211,164 2,102,812,931 20,929,840 2002/0$ 2,688,732,575 13,980,069 0 2,702,712,644 2,503,314,411 26,357,623 2003/04 3,062,917,787 13,537,804 0 3,076,455,591 2,877,057,358 29,958,693 2004/05 3,411,082,100 13,813,852 0 3,424,895,952 3,225,497,719 33,867,116 2005/0$ 3,956,642,179 29,248,534 0 3,985,890,713 3,786,492,480 45,632,751 2006/01 4,779,973,573 34,084,343 0 4,814,057,916 4,614,659,683 52,536,879 2007100 5,210,779,209 34,173,241 0 6,244,952,450 5,045,554,217 N/A (1) The Base Value for the Project Area No. 1 is $199,398,233. Source. Riverside County and Audited Financial Statements of the La Quints Redevelopment Agency. 2006/0q, 2002 TAB City of La Quinta 21 , 037 27 PROJECT AREA NO. 1 Land Use 2007/08 Total Secured Value Percent of Total Residential $4,532,496,798 82.51% Commercial 594,635,516 10.82% Timeshare Estates 28,018,895 0.51% Vacant 302,198,291 5.50% Miscellaneous/Unknown 36,117,206 0.66% Total Project Area No.1 $5,493,466,706 100.00% Source: County of Riverside 2007/08 secured property roll, as compiled by Muni Financial. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Less: Maximum Less: Less: Subordinated Maximum Annual Debt Fiscal Gross Tax Nonsubordinated Housing Pledged Pass Net Annual Debt Service Year Increment Pass Throughst'i Set Aside Revenues Throughs(2) Revenues Service (3) Coverage 2001/02 $2b,929,840 $1,168,978 $4,488,487 $15,272,376 $7,025,471 $8,246,904 $3,697,867 2.23 2002/03 20,357,623 1,378,611 5,271,524 19,707,488 8,371,098 11,336,390 7,887,768(41 1.43 2003/04 20,958,693 1,355,988 5,991,739 22,610,966 8,603,713 14,007,253 9,890,703 1.41 2004/05 3�1,867,116 1,448,192 6,773,423 25,645,501 10,455,214 15,190,287 9,890,703 1.54 2005/06 46,632,751 1,792,709 9,126,550 35,713,492 15,318,943 19,394,549 9,890,703 196 2006/07 5Z536,879 1,959,308 10,507,377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubordmated basis. Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non- subgrdinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The', Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Des�n Community College District. (3) The, combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. (4) Annpal Debt Service on the 2003 Bonds begins in fiscal year 2003104. Source: (Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office. f f'' 03$ 200610, 2002 TAB City of La Quinta 3 W D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, 1998 Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in the table below was gathered and verified from the corresponding Official Statements. MaturitylDate 1994 1998 2001 2002 2003 Combined Septernger1, Bonds Bonds Bonds Bonds Bonds Debt Service 2000 $2,161,857 $819,520 $2,430,720 $2.475,341 $1,997,018 $9,884,456 2001 2,163,275 819,520 2,430,720 2,473,841 1,999,210 9,886,566 2000 2,161,629 819,520 2,430,720 2,475,391 2,000,554 9,887,814 2000 2,160,695 819,520 2,430,720 2,479,436 1,996,050 9,886,421 2010 2,159,880 819,520 2,430,720 2,475,676 2,000,163 9,885,959 2011 2,162,664 819,520 2,430,720 2,475,176 1,997,640 9,885,720 2012 2,160,003 819,520 2,430,720 2,477,681 1,998,755 9,886,679 201� 0 1,474,520 3,995,720 2,418,281 1,998,235 9,886,756 2014 0 1,475,460 3,997,470 2,413,031 1,996,080 9,882,041 2014 0 1,474,580 4,000,220 2,411,281 1,997,392 9,883,473 2010 0 1,476,880 3,998,720 2,412,781 1,996,208 9,884,589 2011 0 1,472,100 3,997,970 2,417,281 1,997,528 9,884,879 2010 0 1,475,500 3,997,720 2,414,531 1,996,040 9,883,791 2010 0 1,476,560 3,997,720 2,414,781 1,996,744 9,885,805 2020 0 1,475,280 3,997,720 2,412,781 1,999,328 9,885,109 2021 0 1,476,660 3,997,470 2,413,531 1,998,480 9,886,141 202� 0 1,475,440 3,996,720 2,416,781 1,999,200 9,888,141 202$ 0 1,476,620 3,997,790 2,412,281 2,001,176 9,887,867 2024 0 1,474,940 3,997,485 2,413,856 1,999,096 9,885,377 202$ 0 1,475,400 3,995,550 2,417,356 2,000,680 9,888,986 2020 0 1,472,740 3,996,730 2,417,525 1,997,434 9,884,429 2021 0 1,471,960 4,000,516 2,414,363 1,999,358 9,886,196 2020 0 1,472,800 3,996,395 2,417,869 2,000,808 9,887,872 2020 0 0 3,999,370 3,887,531 1,996,462 9,883,363 2030 0 0 3,998,675 3,888,013 1,996,320 9,883,008 2031 0 0 3,999,055 3,890,550 1,999,738 9,889,343 2034 0 0 0 7,889,631 2,001,072 9,890,703 Toto'1 $15,130,003 $29,334,080 $92,974,055 $76,626,577 $53,956,769 $266,921,484 200&0O ,, 2002 TAB City of La Quinta '# 4 039 P*1 E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. None of the items below has occurred or has been previously reported during the fiscal year ended June 30, 2007. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. 2006/0A, 2002 TAB City of La Quinta 040 30 LA QUINTA REDEVELOPMENT AGENCY $26,4001000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS TAXABLE SERIES 2003 Riverside County, California Dated: September 1, 2003 CUSIP: 504194 2007 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 10, 2007 Also available at: MuniFinanaiaT 041 www.muni.com 31 LIST OF PARTICIPANTS CITY OF LA QUINTA www.la-guinta.org John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT MuniFinancial Temecula, CA 92590 (951) 587-3500 Resort available for viewing (a� www.muni.com UNDERWRITER Wedbush Morgan Securities BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 51h Street, 24th Floor Los Angeles, California 90071 (213)613-6047 In it$ role as Disclosure Consultant and Dissemination Agent, MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. �4 '' M 32 I" INTRODUCTION Pursuant to an Official Statement dated September 10, 2003, the La Quinta Redevelopment Agency (the "Agency") issued $26,400,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable Series 2003, (the "2003 Bonds"). The 2003 Bonds are being issued to finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No. 1. The 2003 Bonds are payable on a parity with the Agency's previously issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), the previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds"), the previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds") and the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002 (the "2002 Bonds") (collectively the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 50.3% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The $003 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 2003 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 2003 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 2003 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a mote complete description of the Agency and the 2003 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. J 200610p, 2003 TAB City of La Quinta i, O 33 11. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 19, 2007 Tax Allocation Bonds, Taxable Series 2003 $24,745,000 B. FUND BALANCES Fund As of October 19, 2007 Reserve Fund t'i N/A (1) The Reserve Fund is funded by a Reserve Account Surety Bond. Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2007 will be separately filed with the Nationally Recognized Municipal Securities Information Repositories and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. Fiscal Secured Unsecured U01ity Total Taxable Taxable Value Gross Tax Year' Value Value Value Value Above Base (') Increment 1997/9; $1,383,340,327 $13,157,051 $0 $1,396,497,378 $1,197,099,145 $12,161,894 1998/90 1,436,942,643 8,594,039 0 1,445,536,682 1,246,138,449 12,877,280 1999/00 1,627,578,717 8,034,814 0 1,635,613,531 1,436,215,298 15,659,371 2000/01 1,927,812,440 14,948,366 0 1,942,760,806 1,743,362,573 18,685,564 2001/0k 2,287,724,601 14,486,563 0 2,302,211,164 2,102,812,931 20,929,840 2002/0I 2,688,732,575 13,980,069 , 0 2,702,712,644 2,503,314,411 26,357,623 2003/04 3,062,917,787 13,537,804 0 3,076,455,591 2,877,057,358 29,958,693 2004/06 3,411,082,100 13,813,852 0 3,424,895,952 3,225,497,719 33,867,116 2005/06 3,956,642,179 29,248,534 0 3,985,890,713 3,786,492,480 45,632,751 2006/011 4,779,973,573 34,084,343 0 4,814,057,916 4,614,659,683 52,536,879 2007/00 5,210,779,209 34,173,241 0 5,244,952,450 5,045,554,217 N/A (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: Riverside County and Audited Financial Statements of the La Quinta Redevelopment Agency. 1 f, 1 044 2006107, 2003 TAB City of La Quinta 2 34 B. LAND USE PROJECT AREA NO. 1 2007/08 Total Percent Land Use Secured Value of Total Residential $4,532,496,798 82.51% Commercial 594,635,516 10.82% Timeshare Estates 28,018,895 0.51% Vacant 302,198,291 5.50% Miscellaneous/Unknown 36,117,206 0.66% Total Project Area No. 1 $5,493,466,706 100.00% Source: County of Riverside 2007/08 secured property roll, as compiled by MuniFinancial. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Less: Maximum Less: Less: Subordinated Maximum Annual Debt Fiscal (cross Tax Nonsubordinated Housing Pledged Pass Net Annual Debt Service Year 1�lcrement Pass Throughsttl Set Aside Revenues Throughst"t Revenues Service 1�1 Coverage 2001/02 $10,929,840 $1,168,978 $4,488,487 $15,272,375 $7,025,471 $8,246,904 $3,697,867 2.23 2002/03 �6,357,623 1,378,611 5,271,524 19,707,488 8,371,098 11,336,390 7,887,768t4t 1.43 2003/04 �9,958,693 1,355,988 5,991,739 22,610,966 8,603,713 14,007,253 9,890,703 1.41 2004/05 33,867,116 1,448,192 6,773,423 25,645,501 10,455,214 15,190,287 9,890,703 1.54 2005/06 45,632,751 1,792,709 9,126,550 35,713,492 15,318,943 19,394,549 9,890,703 1.96 2006/07 $2,536,879 1,959,308 10,507,377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water Distncl, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubordinated basis. Please note', although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non- subQrdinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. (3) The combined Maximum Annual Debt Service on the 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2009 in the amount of $7,890,371. The combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. (4) Anneal Debt Service on the 2003 Bonds begins in fiscal year 2003104. Source: Audited Financial Statements of the La Quinla Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controllers Office. A 045 200610�, 2003 TAB City of La Quints 35 D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, 1998 Bonds, 2001 Bonds, 2002 Bonds and the 2003 Bonds. Information contained in the table below was gathered and verified from the corresponding Official Statements. Maturity Date 1994 1998 2001 2002 2003 Combined Seplember1, Bonds Bonds Bonds Bonds Bonds Debt Service 12007 $2,163,275 $819,520 $2,430,720 $2,473,841 $1,999,210 $9,886,566 2008 2,161,629 819,520 2,430,720 2,475,391 2,000,554 9,887,814 �2009 2,160,695 819,520 2,430,720 2,479,436 1,996,050 9,886,421 2010 2,159,880 819,520 2,430,720 2,475,676 2,000,163 9,885,959 2011 2,162,664 819,520 2,430,720 2,475,176 1,997,640 9,885,720 '2012 2,160,003 819,520 2,430,720 2,477,681 1,998,755 9,886,679 2013 0 1,474,520 3,995,720 2,418,281 1,998,235 9,886,756 2014 0 1,475,460 3,997,470 2,413,031 1,996,080 9,882,041 2015 0 1,474,580 4,000,220 2,411,281 1,997,392 9,883,473 2016 0 1,476,880 3,998,720 2,412,781 1,996,208 9,884,589 2017 0 1,472,100 3,997,970 2,417,281 1,997,528 9,884,879 2018 0 1,475,500 3,997,720 2,414,531 1,996,040 9,883,791 2019 0 1,476,560 3,997,720 2,414,781 1,996,744 9,885,805 2020 0 1,475,280 3,997,720 2,412,781 1,999,328 9,885,109 2021 0 1,476,660 3,997,470 2,413,531 1,998,480 9,886,141 2022 0 1,475,440 3,996,720 2,416,781 1,999,200 9,888,141 �023 0 1,476,620 3,997,790 2,412,281 2,001,176 9,887,867 2024 0 1,474,940 3,997,485 2,413,856 1,999,096 9,885,377 2025 0 1,475,400 3,995,550 2,417,356 2,000,680 9,888,986 2026 0 1,472,740 3,996,730 2,417,525 1,997,434 9,884,429 2027 0 1,471,960 4,000,515 2,414,363 1,999,358 9,886,196 028 0 1,472,800 3,996,395 2,417,869 2,000,808 9,887,872 029 0 0 3,999,370 3,887,531 1,996,462 9,883,363 2030 0 0 3,998,675 3,888,013 1,996,320 9,883,008 2031 0 0 3,999,055 3,890,550 1,999,738 9,889,343 2032 0 0 0 7.889.631 2.001.072 9.890.703 046 2006107, 2003 TAB City of La Quinta 36 E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. None of the items below has occurred or has been previously reported during the fiscal year ended June 30, 2007. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. 04? 2006101, 2003 TAB City of La Quinta 5 37 COUNCIL,/RDA MEETING DATE: December 18, 2007 ITEM TITLE: Approval of La Quinta Redevelopment Agency'Financial Reports in Accordance with Section 133080 of the Health and Safety Code RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: _ CONSENT CALENDAR: 6yt1L11_i]•�y�XYLQ�F PUBLIC HEARING: Approve the La Quinta Redevelopment Agency Financial Reports in accordance with Section 33080 of the Health and Safety Code. FISCAll, IMPLICATIONS: None. BACKPROUND AND OVERVIEW: Section 33080 of the Health and Safety Code requires certain reports to be prepared and submitted to the governing body by December 31' of each year, which are as follows: Audited Financial Report — (Previously submitted) Redevelopment Agency State Controller's Report (Attachment 1) Statement of Indebtedness (Attachment 2) Housing and Community Development Report (Attachment 3) Loan Report (Attachment 4) Property Report (Attachment 5) 043 FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: 1. Approve the La Quinta Redevelopment Agency Financial Reports in accordance with Section 33080 of the Health and Safety Code; or 2. Do not approve the La Quinta Redevelopment Agency Financial Reports in accordance, with Section 33080 of the Health and Safety Code; or 3. Provide staff with alternative direction. Respectfully submitted, John W. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachments: 1. Redevelopment Agency State Controller's Report 2. Statement of Indebtedness 3. Housing and Community Development Report 4. Loan Report 5. Property Report ;1. 0 H 9 2 ATTACHMENT 1 k Lu k A ) ) 050 a a oa O c N T � ODD A aso M 0 0 $ Tia y P..N N c o� zLo c o E N L 6 L L y=c c S m N no 0, ap N d N O c �� c N „x9 a c F O N L_ d 3 o a d m N x $ ADA U $ N A A N E C L N N a LL� 3 Q a —a' :? a o. as d c aai� m c N Ep 3 o d ��o� 'n U to -n Uy L s adUa >`m m0 O 'v N N Q oc 0 c om= o a V x !_^c o d= E m° c T x s c d a oN c 9 E a� a 10 m o0 a a E a m ao Oa' nyC7 f0 E xo m �} IL N9 'Od Cti oE U AU 5� 6 AToi J L ai. 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J$ 3 3& a k !(L a© jO 075 § 28 ATTACHMENT 2 G W L L C,) 5 00 ay 'u p C Q a Q Vi 69 � rn ss L 0 7 M u Q vi O vi C o vi py M M vi vi Y N F a ui vi sv p d v a m H a o w p F w° w o � � w ,ti w w U y d V r C U p Iti a d v y � ° E" d O ray 7 O F O v c p. id d a u m �w-o ymU °w°C7 Hdw"'z P. E o id � U W t.' U p� id b G � N � U N �„�• N x � G m v o a > C M N y � Q y U U d U y d fi�r+y a 076 01 29 W z A W 1^ WW Q F O 0 N v�i W W O F d •o w � W A W ra Iti d C d V a d O q a W O O i d i d a a d F O u � pp F Q � 9 d F O 4 W Q y d W v N 'a G •o d a L a V a 0 0 Sao d d H O z R z O w L N v, a � vj sv sus aa o Q C U s. d Q � n _ T 'at O � ^ 0 ✓1 b M � H G T V vr M M M T p tC O. V N O ao � O O O va f9 » Y l� w F q C M C C C C C C C H r s9 a a y y O a N L N ttl d td N A � O� T T T W T T zz V1 ti V ^ pp N b O U al a' 8 C C a 3 rn a G s z s s A U U a b�•< „� i L It .I C 4 i 077 30 d L a0i O O ^ p T C ON O OG `0 C% VON16CN9 � Vi 6N9 W u 7 d A 4 7 U �« d ON oo N � F C' O YON 1 O O � 69 69 � 6N9 6N9 69 6�9 � L o ON 5 u o F � .4 C ❑ q O A vi v3 N« N e N N ttl A N R A d w a G p C C C C C ry H � Q n m � mti�d�y Is G C C p M h h h h N N N N � 1 --� ZZ N N N r � o N � N N N ❑ " m 0 0.'' P. W A 0 .— .- CEO Q col A P Q Q o C U U U U r° a U O1 U a an q 078 a o`er a m u o w- 31 W M d m it A C V b a m � C Q V3 69 y3 � a a Q a U a d HC N OOo O A ~ y n vi M N fA 69 OV3 o O 1 M V Yl v� V M fyA fA W Y y j m YR a E y r0 Y d N M N O m 0 o 0 0 y o 0 o 0 O V Pr o" e y N O M O O N Q N _ b b 0 0 w w 0 0 O � � � x k F F y N O M O A Q fA U E d C7 g El E 9 q E u u E 079 u > > c ❑ ❑ 0. .¢.• m U G W 32 � o 69 f9 69 Ni Le; ^9 p � �. e � w cs Yf Yi cv cs cs w cv w %o Ay c V V AT y u p b E 9 9 4Ei r V � O V N b W vi q p 'y a Y.Y. m zPs •W � Y p C O O O VI Y W uos cos cos cos w cos w v v " " a Y •w t G y O Y O � e c d xE°Q m u T1 G Vi — cli OO b y Y {si b b n 0` Q\ M N h cl P C M N nK .�. O 06 N Y O 1= O 9 DO C C O+ N vl N N V M V y QI 'O Y p �fJ �p ^ lO Q C M pN R .n .fin lrD Vl .�-i w R Y r YO eq P N �Ci zMs w cMs v W 66 O Vi 69 Y nn _ w Y ood; en Y m 9 e d C Ti � C pq C .4 A> Y> h E d e Ci Y O m N T y V 8 U F D F v L Y y 0 N O U o Y u y W m a c c CW'J a �� 09 C 09 C E9 C 09 C E9 C W G 09 G 09 C fn 3 r� I„i M C %� U a.aaa"wa"aawaa. a"a.aa. a" FG a O r,, LZ O o Y Y Y Y Y Y Y Y F F `wa 0°awaa'c °qa °paa°0.awa O O V 33 a 2!� A a, W O a W o r rn r I: Q V vi N S wl c 2 O k' Y (A f09 OK Vi Vi 69 Vi fA 69 „ a '^ O S W � q d C o N C m � o0 o coo 0o N N e 49 vi 69 F r R d �N � w vi cv of w cv � vs va ss A r m 7 ^C �p a O 'R y� OO N p V T W �,I N K O N O q O vi CI b ti r rYui � iH 69 e v u o0 w aI C M G d �p [7 O h ONO W Q\ N _yy ti 69 43 ^ yi 69 � y K V 6N9 (A O 6 ° N G 9 T ea c w G .p a 0o u N q C RUw.7a...lw..la..7waa.7a.'�a...� d O Op C OD .F Oq .G W G W O4 d $> a o L - Mom. OO G v Oq G OO v d F I.. a a a a a a a a a a a x u A ooc N rn m c d cNs ei c°Os chn � � 9 9 WI C E OK Y „ 69 609 zOs 609 609 .W e N N O q r O '+ N 00 c9 � � r F cNn us cs 0 G UI N h M QL (A Vi 6N9 u w d e d z N o 0 h h a OL C1I � � W con h uos sos zos r ri � u m 6M9 bM9 a C mv A q O �O h �O 00 C C m R rn VNV b C T of N � 0 « N M G 9 c d v d N N N W .F 09 .G W .G w a a a m F o� o m d u Y W .G 09 C W C C 00 C W as ."aaaa aa.'a"a Ogg 35 Footnotes to Reconciliation Statement Name of Agency La Quinta Redevelopment Agency Name of Project ,area La Quinta Redevelopment Agency Project No. I Tax Year: Fiscal Year Beginning July 1 2007 Reconciliation Dates, From July 1 2006 To June 30 2007 Low & Moderate lousing Set Aside Increases: $ 19,626,425 Adjustment of Forecast Remaining to 2032-33 19,626,425 1994 Tax Allocation Refunding Bonds Increases: $ 5,698,888 Correction based on debt service schedule 5,698,888 County of Riverskk Pass Through Increases: $ 33,724,281 Adjustment of Forecast Remaining to 2032-33 33,724,281 Desert Sands UniAed School District Increases: $ 2,925,158 Adjustment of Forecast Remaining to 2032-33 2,925,158 Coachella Valley14nified School District Decreases: $ (1) Adjustment of Forecast Remaining to 2032-33 (1) Desert Communit} College District Increases: $ 799,402 Adjustment of Forecast Remaining to 2032-33 799,402 Coachella Valley Mosa. Abat District Increases: $ 531,259 Adjustment of Forecast Remaining to 2032-33 531,259 Coachella Valley �Tater District Increases: $ 1,207,681 Adjustment of Forecast Remaining to 2032-33 1,207,681 Paget of 3 t, 083 36 Footnotes to Reconciliation Statement Name of Agency La Quinta Redevelopment Agency Name of Project Area La Quinta Redevelopment Agency Project No. 1 Tax Year: Fiscal Y�ar Beeinning July 1, 2007 Reconciliation Dates: From July 1, 2006 To June 30, 2007 Rent Reimbummegt Decreases: $ (13) Adjustment of Forecast (13) Overhead/Adminislration Increases: $ 1,242,416 Adjustment of Forecast 1,242,416 City of La Quinta I{oan Increases: $ 1,020,000 Additional Principal 1,020,000 County Superintendent of Schools Increases: $ 959,742 Adjustment of Forecast 959,742 Cemetery District Increases: $ 79,010 Adjustment of Forecast 79,010 Recreation & Park:District Increases: $ 485,994 Adjustment of Forecast 485,994 Resource Consetw4tion District Increases: $ 8,982 Adjustment of Forecast 8,982 County Administration Fee (SB 2557) Increases: $ 916,339 Adjustment of Forecast 916,339 Page 2 of 3 1 tl 084 37 Footnotes to Reconciliation Statement Name of Agency La Quinta Redevelopment Agency Name of Project Area La Quinta Redevelopment Agency Project No. 1 Tax Year: Fiscal Year Beginning July 1. 2007 2001 Tax Allocation Bonds 2003 Tax Allocation♦ Bonds Capital Improvers t Program Reconciliation Dates: From July 1 2006 To June 30, 2007 Decreases: Correction based on debt service schedule Decreases: Correction based on debt service schedule Increases: Adjusted for 2007-08 Budget $ (141,791) (141,791) $ (107,382) (107,382) 3,744,950 $ 3,744,950 Page 3 of 3 1 0 085 38 CALCULATION OF AVAILABLE REVENUES AGENCY NAME LA OUINTA REDEVELOPMENT AGENCY PROJECT AREA LA OUINTA REDEVELOPMENT AGENCY PROJECT NO I TAX YEAR Fiscal Year Beginning July 1, 2007 RECONCILIATION DATES: JULY 1, 2006 TO JUNE 30, 2007 1. Beginning Balance, Available Revenues ($1,420,694) (Per 2006-07 Statement of Indebtedness) 2. Tax Increment Received — Gross: $49,543,579 All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3. All other Available Revenues Received $3,874,600 (See Instructions) 4. Revenues from any other source, included in Column E of the Reconciliation Statement, but not included in (1-3) above $0 5. Sum of Lines I through 4 $51,997,485 6. Total amounts paid against indebtedness in previous year. (D + E on Reconciliation Statement) $46,948,511 7, Available Revenues, End of Year (5 - 6) $5,048,974 FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 NOTES Tax Increment Revenues: The only amount(s) to be excluded as Tax Increment Revenues are any amounts passed through to other local taxing agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set -aside in the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefor omitted from Available Revenues at year end. Item 4. above: This represents any payments from any source other than Tax increment OR available revenues. For instance, an agency funds a project with a bond issue. The previous SOI included a Disposition Development Agreement i(DDA) which was fully satisfied with these bond proceeds. The DDA would be shown on the Reconciliation Statement as fully repaid under the 'other" column (Col E), but with funds that were neither Tax Increment, nor "Available Revenues" as defined. The amounts used to satisfy this DDA would be included on line 4 above in order to accurately determine ending "Available Revenues." Rev. 9/2012067 a" 086 39 .. G y0 W N � ad. A i3 G C� Q r y a � Q N M VNj N N� Nl VN1 N j a M O M 00 Y1 `7 Q M O N b N fA N r 7 0 d C a O O R w o E E w W [? 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O O O O QI 9 00 v K O Q py vi 69 Vi 6N9 u c v v°1. 50 ill v .. �> E ❑ K N m E c v C C U dUa.aaaaaa.aaaa.aaaa.a eo � o Q I oil wa a,2i ;, 091 44 Footnotes to Reconciliation Statement Name o(Agency La Quints Redevelopment Agency Name otProject Area La Quinta Redevelopment Agency Project No.2 Tax Year Fiscal Year Beginning July 1 2007 Reconciliation Dates- From July 1 2006 To June 30 2007 Low & N7oderate Housing Set Aside Increases: $ 12,930,123 Adjustment of Forecast remammg to 2038-39 12,930,123 County of Riverside Pass Through Increases: $ 22,365,813 Adjustment of Forecast remaining to 2038-39 22,365,813 Desert S#nds Unified School Increases: $ 12,201,481 Adjustment of Forecast remaining to 2038-39 12,201,481 Coachell'p Valley Water District Increases: $ 5,009.398 Adjustment of Forecast remaining to 2038-39 5,009,398 County Cuoerintendem of Schools Increases: $ 1,375,129 Adjustment of Forecast remaining to 2038-39 1,375,129 Desert mmunity College District Increases: S 2,535492 Adjustment of Forecast remaining to 2038-39 2,535,492 Coachella Valley Park &Rec Increases: $ 1,118,335 Adjustment of Forecast remaining to 2038-39 1,118,335 Coach. 44allev Mosquito Abatement Increases: $ 925,284 Adjustment of Forecast remaining m 2038-39 925,284 Rent Reijnbursement Increases: $ 31,658 Adjustment of Forecast remaining to 2038-39 31,658 Overhea!kAdmnistration Increases: $ 649,537 2007-08 Budget Estimate 649,537 City of Lm Oumta Advance Increases: $ 1000,000 Adjustment of Forecast 1,000,000 County 4dministmhve Fee (SB 2577) Increases: $ 2J71,734 Adjustment of Forecast remaining to 2038-39 2,171,734 092 Page I of 45 Footnotes to Reconciliation Statement Name of,Agency La Quinta Redevelopment Agency Name of Project Area La Quinta Redevelopment Agency Project No. 2 Tax YeatFiscal Year Beginning July 1. 2007 Reconciliation Dates From July 1. 2006 To June 30, 2007 Capital Iftrovement Program Decreases: Adjustment for 2007-08 Budget ($4,371) 4 371 093 Page 2 of 2 46 CALCULATION OF AVAILABLE REVENUES AGENCY NAME LA OUINTA REDEVELOPMENT AGENCY PROJECT AREA LA OUINTA REDEVELOPMENT AGENCY PROJECT NO. 2 TAX YEAR Fiscal Year Beginning July 1, 2007 RECONCILIATION DATES: JULY 1, 2006 TO JUNE 30, 2007 I. Beginning Balance, Available Revenues $12,709,036 (Per 2006-07 Statement of Indebtedness) 2. Tax Increment Received — Gross: $24,780,116 All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3. All other Available Revenues Received $1,073,309 (See Instructions) 4. Revenues from any other source, included in Column E of the Reconciliation Statement, but not included in (1-3) above $0 5. Sum of Lines 1 through 4 $38,562,461 6. Total amounts paid against indebtedness in previous year. (D + E on Reconciliation Statement) $24,630,453 7. Available Revenues, End of Year (5 - 6) $13,932,008 FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 NOTES Tax Increment Revenues: The only amount(s) to be excluded as Tax Increment Revenues are any amounts passed through to other local taxing) agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set -aside in the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefor omitted from Availalble Revenues at year end. Item 4. above: This represents any payments from any source other than Tax increment OR available revenues. For instance, an agency funds a project with a bond issue. The previous SOI included a Disposition Development Agreement I(DDA) which was fully satisfied with these bond proceeds. The DDA would be shown on the Reconciliation Statement as fully repaid under the "other" column (Col E), but with funds that were neithet Tax Increment, nor "Available Revenues" as defined. The amounts used to satisfy this DDA would be included on line 4 above in order to accurately determine ending "Available Revenues." Rev. 9/20/2007 47 A 1 1 AUHIVIUM 1 3 CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT REDEVELOPMENT AGENCY ANNUAL HOUSING ACTIVITY REPORT FY ENDING: 6 / 30 / 07 Agency Name and Address: County of Jurisdiction: Riverside Health & Safety Code Section 33080.1 requires agencies (RDAs) to annually report on their Low & Moderate Income Housing Fund and housing acnyi(ies for the Department of Housing and Community Development (HCD) to report on RDAs' activities in accordance with Section 33080.6. Please answeer each question below. Year answers determine how to complete the HCD report 1. Check one of the items below to identify the Agency's status at the end of the reporting period: ❑ New (Agency formation occurred during reporting year. No financial transactions were completed). ® Active (Financial and/or housing transactions occurred during the reporting year) ❑ Inactive (No financial and/or housing transactions occurred duringthe he reporting year). ONLY COMPLETE ITEM 7 ❑ Dismantled (Agency adopted an ordinance and dissolved itself before start of reporting year). ONLY COMPLETE ITEM 7 2. During reporting year, how many adopted protect area existed? 2 Of these, how many were merged during year? 0 If the agency has one or more adopted project areas, complete SCHEDULE HCD-A for each project area. If the agency has no adopted protect areas, DO NOT complete SCHEDULE HCD-A (refer to next question) 3. Within an area outside of any adopted project area(s): (a) did the agency destroy or remove any dwelling units or displace any households over the reporting period, (b) does the agency intend to displace any households over the next reporting period, (c) did the agency permit the sale of any owner -occupied unit prior to the expiration of land use controls over the reporting period, and/or (d) did the agency execute a contract or agreement for the construction of any affordable units over the next two years? ❑ Yes (any question). Complete SCHEDULE HCD-B. ® No (all questions). DO NOT complete SCHEDULE HCD-B (refer to next question). 4. Did the agency's Low & Moderate Income Housing Fund have any assets during the reporting period? ® Yes! Complete SCHEDULE HCD-C. ❑ No. DO NOT complete SCHEDULE HCD-C. 5. During the reporting period, were housing units completed within a project area and/or assisted by the agency outside a project area? ® Yes. Complete all applicable HCD SCHEDULES D I-D7 for each housing proiect completed and HCD SCHEDULE E ❑ No DO NOT complete HCD SCHEDULES D I-D7 or HCD SCHEDULE E. 6. Specify whether method A and/or B was used to report financial and housing activity information to HCD- ® A. Forms. All required HCD SCHEDULES A, B, C, DI-D7, and E are attached. ❑ B. On-line (http://www,hcd.ca gov/rda/) "Lock Report" date: . HCD SCHEDULES not required. (lock date is shown under "Admin"Area and "Report Change History') 7. To the befit of my knowledge. (a) the represeNR and (b agen information reported are correct. jo( Z3 Loo 7 Dater An d Agency Representative Finance Director Title Telephone Number • IF NOT REQUIRED TO REPORT, SUBMIT DALYA PAPER COPY OF THIS PAGE. • IF REQUIRED TO REPORT, AND REPORTING BY USING PAPER FORMS (IN PLACE OF REPORTING ON-LINE), SUBMIT THIS PAGE AND ALL APPLICABLE HCD FORMS (SCHEDULES A-E) WITHA COPY OF AGE.NCY'S AUDIT. • IF REPORTING ON-LINE, PRINT AND SUBMIT "CONFIRMATION LETTER" UPON LOCKING REPORT • MAIL A COPY OF (a) CONFIRMATION LETTER (IF HCD REPORT WAS ELECTRONICALL YFILED) OR (b) COMPLETED FORMS AND (c) AUDIT REPORT TO BOTH HCD AND THE SCO: Department of Housing & Community Development Division of Housing Policy Redevelopment Section 180d P Street, Suite 430 Sacramento, CA 95814 Redevelopment *gency Annual Report - Fiscal Year 2005-2006 Cover (7/1i/06) The State Controller Division of Accounting and Reporting Local Government Reporting Section 3301 C Street Suite 500 Sacramento, CA 95816 095 U HCD-Cover Page I of 1 48 SCHEDULE HCD-A Inside Project Area Activity for Fiscal Year that Ended 6/ 30 / 2007 Agency Name: Isa Ouinta Redevelopment Agency Project Area Name: Project Area No. I Preparer's Name, Title: Michael Beniamm Associate Preparer's E-Mail Address mbenjamin(a�webrse.com Preparer's Telephone No: (714) 541-4585 ext.124 Preparer's Facsimile No: _(714) 541-1175 GENERAL INFORMATION I. Project Area Information a I Year l" plan for project area was adopted 1983 2 Year that plan was last amended (if applicable) 2003 3. Was plan amended after 2001 to extend time limits per Senate Bill 211 (Chapter 741, Statutes of 2001)9 Yes X No 4 Current expiration of plan: 11 / 29 L2023 mo day yr b. If project area name has changed, give previous name(s)or c. Year(s) of any mergers of the project area Identify former project areas that merged.- d. Year(s) Project area plan was amended involving real property that either: (1) Added property to plan: (2) Reproved property from plan: 2. Affordable Housing Replacement and/or Inclusionary or Production Requirements (Section 33413). Pre-1976 tarect areas not subsequently amended after 1975. Pursuant to Section 33413(d), only Section 33413(a) replacement requirements, apply to dwelling units destroyed or removed after 1995. The Agency can choose to apply all or part of Section 33413 to a prjoject area plan adopted before 1976 If the agency has elected to apply all or part of Section 33413, provide the date of the resolution and the applicable Section 33413 requirements addressed in the scope of the resolution. Date: /I Resolution Scope (applicable Section 33413 requirements): mo day yr Post-1975 project areas and eeogranhic areas added by amendment after 1975 to pre-1976 project areas: Both replacement and mclusionary or production requirements of Section 33413 apply. NOTE: Amounts to report on HCD-A lines 3a(1), 3b-3f, and 3i. can be taken from what is reported to the State Controller's Office (SCOT) on the Statement of Income and Expenditures as part of the Redevelopment Agency's Financial Transactions Report, except for the reclassifying of Transfers -In from Internal Funds and the reporting of Other Sources as discussed below: Transfers+In from other internal funds: Report the amount of transferred funds on applicable HCD-A, lines 3a-j. For example, report the amount transferred from the Debt Service Fund to the Housing Fund for the deposit of the required set -aside percentagetamount by reporting gross tax increment on HCD-A, Line 3a(1) and report the Housing Fund's share of expenditures for debt service on HCD-C, Line 4c. Do Other Sources: Non-GAAP (Generally Acceptable Accounting Principles) revenues such as from land sales for those agencies using the Land Held for Resale method to record land sales should be reported on HCD-A Line 3d. Housing fund receipts for the repayment of loan principal should be included on HCD-A Line 3h. California Redovelopment Agencies — Fiscal Year 2005-2006 HCD-A Sch A (7/l/06) Page I of 6 096 49 Agency Name: La Oumta Redevelopment Agency Project Area Name Project Area No.1 Project AW Housing Fund Revenues and Other Sources 3. Report 41 revenues and other sources of funds from this project area which accrued to the Housing Fund over the reporting year. Any income related to agency -assisted housing located outside the project area(s) should be reported as "Other Revenue" on Line 3j. (of this Schedule A), if this project area is named as beneficiary in the authorizing resolution. Any other revenue sources not reported on lines 3a: 3i., should also be reported on Line 3j. Enter on Line 3a(1) the full 100% of gross Tax Increment allocated prior to applicable pass through of funds and deductions for fees refer to Sections 33401, 33446, & 33676). Compute the required minimum percentage (%) of gross Tax Increment and enter the amount on Line 3a(2)(A) or 3a(2)(B). Next, report the amount of Tax Increment set -aside before any exemption and/or deferral (if amount set -aside is less than required minimum (%, explain the difference). If any amount of Tax Increment was exempted or deferred, in addition to completing lines 3a(4) and/or 3a(5), complete Line 4 and/or Line 5 To determine the amount of Tax Increment deposited to the Housing Fund [Line 3a(6)], subtract allowable amounts exempted [Line 3a(4)] or deferred [Line 3a(5)] from the actual amount allocated to the Housing Fund [Line 3a(3)]. a Taxl Increment (1) 100% of Gross Allocation: S 52 536,879 (2) Calculate only l set -aside amount: either A or B below: (A) 20% required by 33334.2 (Line 3a(1) x 20%): $ 10.507.376 (B) 30%required by 33333.10(g) (Line 3a(1) x 30%): $ (Senate Bill 211, Chapter 741, Statutes of 2001) (3) Amount of set -aside (Line 3a(2)) allocated to Housing Fund $ 10,507,376 * If, pursuant to Section 33334.3(i), less than the minimum % of Gross Tax Increment (see 3a(2) above) is being allocated from this project area, identify the project area(s) contributing the difference. Explain any other reason(s). (4) Amount Exempted [Health & Safety Code Section 33334 21 (if there is an amount exempted, also complete question #4, next page): (5) Amount Deferred [Health & Safety Code Section 33334 6] (if there is an amount deferred, also complete question 45, next page): (6) Total deposit to the Housing Fund [result of Line 3a(3) through 3a(5)]: b Interest Income: c. Regtal/Lease Income (combine amounts separately reported to the SCO)' d. Sal$ of Real Estate. e. Grap is (combine amounts separately reported to the SCO)' f. Bond Administrative Fees: g Deferral Repayments (also complete Line 5c(2) on the next page): h. Loan Repayments: i Debt Proceeds: j. Other Revenue(s) [Explain and identify amount(s)] Loan Repayments Refund of proceeds from home sale Transfer in from Debt Service Fund $ 862,612 $ 125,000 $ 100,000 k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(6) through 3j.): $ 10,507,376 $ 2,310,307 $ 234.328 $ 124,097 1,087,612 $ 14,263,720 Cal forma Redevelopment Agencies — Fiscal Year 2005-2006 HCD-A,i 09.7 Sch A (7/I/06) Page 2 of 6 50 Agency Name: Ira Quints Redevelopment Agency Project Area Name: Protect Area No.1 Exemptions) 4 a. If an exeihption was claimed on Page 2, Line 3a(4) to deposit less than the required amount, complete the following information Check MY one of the Health and Safety Code Sections below providing a basis for the exemption: ❑ Section 33334.2(a)(1): No need in community to increase/improve supply of lower or moderate income housing. ❑ Section 33334.2(a)(2): Less than the minimum set -aside % (20% or 30%) is sufficient to meet the need. ❑ Section 33334.2(a)(3): Community is making substantial effort equivalent in value to minimum set -aside % (20% or 30%) and has specific contractual obligations incurred before May 1, 1991 requiring continued use of this funding Note: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30, 1993 but contracts entered into prior to May 1, 1991 may not be subject to the exemption sunset. ❑ Othek: Specify code section and reason(s): b. For any exemption claimed on Page 2, Line 3a(4) and/or Line 4a above, identify: Date that initial (1") finding was adopted ____ / / Resolution # Date sent to HCD: _/ / mo day yr mo day yr Adoption, date of reporting year finding / /_ Resolution # Date sent to HCD: mo day yr me day yr Deferral(s) 5 a Specify the authority for deferring any set -aside on Line 3a(5). Check only one Health and Safety Code Section boxes: ❑ Section 33334.6(d): Applicable to project areas approved before 1986 in which the required resolution was sent to HCD befote September 1986 regarding needing tax increment to meet existing obligations. Existing obligations can include those incurred after 1985, if net proceeds were used to refinance pre-1986 listed obligations. Note: The deferral previously authorized by Section 33334.6(e) expired. it was only allowable in each fiscal year prior to July 1, 1996 with certain restrictions. ❑ Othet: Specify code Section and reason: b. For any deferral claimed on Page 2, Line 3a(5) and/or Line 5a above, identify: Date that initial (I") finding was adopted: _ / / Resolution #_ can day yr Adoption) date of reporting year finding _// Resolution # _ mo day yr Date sent to HCD: mo day yr Date sent to HCD: mo day yr c. A deferred set -aside pursuant to Section 33334.6(d) constitutes indebtedness to the Housing Fund Summarize the amounts) of set-asille deferred over the reporting year and cumulatively as of the end of the reporting year Amount of Prior Cumulative Amount Amount Deferred Deferrals Repaid Deferred (Net of Any Fiscal Year This Reporting FY During Reporting FY Amount(s) Repaid) (1) Last Reporting FY ..$ . ...... _ �'. sv a $ (2) This Reporting FY $ $ * Th cumulative amount of deferred set -aside should also be shown on HCD-C, Line 8a. If the prior FY cumulative deferral shown above differs from what was reported on the last HCD report (HCD-A and HCD-C), indicate the amount of difference and the reason: Difference: S Reason(s): Cahfoima Redevdodment Agencies— Fiscal Year 2005-2006 HCD-Ap Sch A (7/1/06) 1 Page 3 of 6 Ma . 51 Agency Name: I4a Ouinta Redevelopment Agency Deferral(s) (combined) Project Area Name: Project Area No.1 d. Section 1s3334.6(g) requires any agency which defers set -asides to adopt a plan to eliminate the deficit in subsequent years. If this agency has deferred set -asides, has it adopted such a plan? Yes ❑ No ❑ If yes, by what date is the deficit to be eliminated? me day yr If yes, when was the original plan adopted for the claimed deferral? mo day yr Identify )resolution # Date Resolution sent to HCD me day yr When was the last amended plan adopted for the claimed deferral? mo day yr Identify Resolution # Date Resolution sent to HCD me day yr Actual Proiect 4rea Households Displaced and Units and Bedrooms Lost Over Reportin¢ Year: 6. a Redevelopment Project Activity. Pursuant to Sections 33080 4(a)(1) and (a)(3), report by income category the number of elderly d nonelderly households permanently displaced and the number of units and bedrooms removed or destroyed, over the repotting_ year, (refer to Section 33413 for unit and bedroom replacement requirements). Number of Households/Units/Bedrooms Projec Activity VL L M AM Total Households Permanently Displaced - Elderly Households Permanently Displaced - Non Elderly Households Permanently Displaced -Total Units L st (Removed or Destroyed) and Required to be Replaced Bedrooms Lost (Removed or Destroyed) and Required to be Replaced Above Poderate Units Lost That Agency is Not Required to Replace Above oderate Bedrooms Lost That Agency is Not Required to Replace b. Other 4ctivity. Pursuant to Sections 33080.4(a)(1) and (a)(3) based on activities other than the destruction or removal of dwellin4uunits and bedrooms reported on Line 6a, report by income category the number of elderly and nonelderly households permanently displaced over the reporting year: Number of Households Other ctivity VL L M AM Total House olds Permanently Displaced - Elderly House olds Permanently Displaced -Non Elderly House olds Permanently Displaced - Total c. As required in Section 33413.5, identify, over the reporting _yea r, each replacement housing plan required to be adopted before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported on lines 6a. and 6b. Date //_ ino day yr Date me day yr Name of Agency Custodian Name of Agency Custodian Please attach a separate sheet of paper listing any additional housing plans adopted. 099 CiI fonna Rcdcvcloo'mcnt Agencies— Fiscal Year 2005-2006 HCD-A son A(7/v06) Page 4 of 6 52 Agency Name: La Oninta Redevelopment Agency Project Area Name: _Protect Area No.l Estimated Project Area Households to be Permanently Displaced Over Current Fiscal Year: 7. a. As required in Section 33080.4(a)(2) for a redevelopment project of the agency, estimate, over the current fiscal year, the member of elderly and nonelderly households, by income category, expected to be Permanently displaced. (Note: actual displacements will be reported for the next reporting year on Line 6). Number of Households Projeck Activity VL L M AM Total House olds Permanently Displaced - Elderly House olds Permanently Displaced - Non Elderly Households Permanently Displaced - Total b. As required in Section 33413.5, for the current fiscal year, identify each replacement housing plan required to be adopted before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported in 7a. Date / / Name of Agency Custodian Me day yr Date / / Name of Agency Custodian me day yr Please attach a separate sheet of paper listing any additional housing plans adopted. Units Developed' Inside the Project Area to Fulfill Requirements of Other Project Area(s) 8 Pursuant to Section 33413(b)(2)(A)(v), agencies may choose one or more project areas to fulfill another project area's requirement to construct new or substantially rehabilitate dwelling units, provided the agency conducts a public hearing and finds, based on substantial epidence, that the aggregation of dwelling units in one or more project areas will not cause or exacerbate racial, ethnic, or economic segregation. Were any dwelling units in this project area developed to partially or completely satisfy another project area's requirement to construct new or substantially rehabilitate dwelling units? ® No. ❑ Yes. Date initial finding was adopted? /_/_ Resolution # Date sent to HCD. me, day yr mo day yr Number of Dwelling Units N me of Other Project Area(s) VL L M Total Cahfomia Redeveloljment Agencies —Fiscal Year 2005-2006 Sch A (7/t/06) - HCD-A Page 5 o?6 1,09 53 Agency Name. to Ouinta Redevelopment Agency Project Area Name: Project Area No.1 Sales of Owner -occupied Units Inside the Protect Area Prior to the Expiration of Land Use Controls Section 334 t3(e)(2)(A) specifies that pursuant to an adopted program, which includes but is not limited to an equity sharing program, agencies may permit the sale of owner -occupied units prior to the expiration of the period of the land use controls established by the agency. Agencies must deposit sale proceeds into the Low and Moderate Income Housing Fund and within three (3) years from the date the unit Was sold, expend funds to make another unit equal in affordability, at the same income level, to the unit sold. a. Sales. 6d the agency permit the sale of any owner -occupied units during the reporting year? NNo ❑Yes 17 Total Proceeds From Sales Over Reporting Year Number of U ALES VL L M T Total Wnits Sold Over Reporting Year IN Eclual Uriits. NNo ❑Yes Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years � Total LMIHF Spent On Equal Units Over Reporting Year Number of Units ALES VL L M Total nits Made Equal This Reporting Yr to Units Sold Over This Reporting Yr nits Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago nits Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago Onits Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago Affordable Unit to be Constructed Inside the Project Area Within Two Years 10 Pursuant to Section 33080 4(a)(10), report the number of very low, low, and moderate income units to be financed by any federal, state, local, or private source in order for construction to be completed within two years from the date of the agreement or contract executed over the re ortin ear. Identify the project and/or contractor, date of the executed agreement or contract, and estimated completion ate Specify the amount reported as an encumbrance on HCD-C, Line 6a. and/or any applicable amount designated on HCD-C, Line 7a. such as for capital outlay or budgeted funds intended to be encumbered for project use within two years from the reporting year's agreement or contract date. DO NOT REPORT ANY UNITS ON THIS SCHEDULE A THAT ARE REPORTED ON OTHER HCD-As, B, OR Ds. Co A Nance of Project' and/or Cont actor Col B Agreement Execution Date Col C Estimated Completion Date Win 2 rs of Col B Col D Sch C Amount Encumbered Line 6a Col E Sch C Amount Designated Line 7a] VL L M Total $ $ Please attach a separate sheet of paper to list additional information. Cuhfot nia Redevelooment Agencies -Fiscal Year 2005-2006 Sch A (7/U06) 'A 11 101 HCD-A Page 6 of 6 PEII SCHEDULE HCD-A Inside Project Area Activity for Fiscal Year that Ended 6 / 30 / 2007 Agency Name: La Ouinta Redevelopment Aeencv Project Area Name. Project Area No 2 Preparer's Name,'Title: Michael Benjamin, Associate Preparer's E-Mail Address: mbenjamin(a)webrsg com Preparer's Telephone No' (714) 541-4585 ext.124 Preparer's Facsimile No (714) 541-1175 GENERAL INFORMATION I. Project Area Information a. 1. Year 1" plan for project area was adopted: 1989 2. Year that plan was last amended (if applicable): 2003 3. Was plan amended after 2001 to extend time limits per Senate Bill 211 (Chapter 741, Statutes of 2001)? Yes_ No X 4. Current expiration of plan: 5 / 16 / 2029 mo day yr b If project area name has changed, give previous name(s) or number: c. Year(s) of any mergers of the project area: Identify''former project areas that merged:- d. Year(s) (project area plan was amended involving real property that either: (1) Added property to plan (2) Removed property from plan: 2. Affordable Housing Replacement and/or Inclusionary or Production Requirements (Section 33413). Pre-1976 pr�ject areas not subsequently amended after 1975 Pursuant to Section 33413(d), only Section 33413(a) replacement requirement$ apply to dwelling units destroyed or removed after 1995. The Agency can choose to apply all or part of Section 33413 to a project area plan adopted before 1976. If the agency has elected to apply all or part of Section 33413, provide the date of the resolution and the applicable Section 33413 requirements addressed in the scope of the resolution Date: mo day yr Resolution Scope (applicable Section 33413 requirements): Post-1975 ptolect areas and geographic areas added by amendment after 1975 to pre-1976 project areas: Both replacement and mclusionaryor production requirements of Section 33413 apply. NOTE: Amounts to report on HCD-A lines 3a(1), 3b-3f, and 3i. can be taken from what is reported to the State Controller's Office (SCO) on the Statement of Income and Expenditures as part of the Redevelopment Agency's Financial Transactions Report, except for the reclassifying of Transfers -In from Internal Funds and the reporting of Other Sources as discussed below: Transfer$ -In from other internal funds: Report the amount of transferred funds on applicable HCD-A, lines 3a-ja For example, report the amount transferred from the Debt Service Fund to the Housing Fund for the deposit of the required set -aside percentage/amount by reporting gross tax increment on HCD-A, Line 3a(1) and report the Housing Fund's share of expenditures for debt service on HCD-C, Line 4c. Do Other Sotjrces: Non-GAAP (Generally Acceptable Accounting Principles) revenues such as from land sales for those age roes using the Land Held for Resale method to record land sales should be reported on HCD-A Line 3d f ;u ng fund receipts for the repayment of loan principal should be included on HCD-A Line 3h. Cahfomia Red'µvelopment Agencies — Fiscal Year 2005-2006 HCD-A SchA(7/1/06) Page I of 102 55 Agency Name. 4a Ouinta Redevelopment Agency Project Area Name: Project Area No 2 Project Ares Housing Fund Revenues and Other Sources 3 Report hll revenues and other sources of Rinds from this project area which accrued to the Housing Fund over the reporting year Any income related to agency -assisted housing located outside the project area(s) should be reported as "Other Revenue" on Line 3I. (of this Schedule A), if this project area is named as beneficiary in the authorizing resolution Any other revenue sources not reported on lines 3a.-3i., should also be reported on Line 3j. Enter op' Line 3a(1) the full 100% of Bross Tax Increment allocated prior to applicable pass through of funds and deductions for fees (refer to Sections 33401, 33446, & 33676). Compute the required minimum percentage (%) of gross Tax Increment and enter the amount on Line 3a(2)(A) or 3a(2)(B) Next, report the amount of Tax Increment set -aside before any exemption and/or deferral (if amount set -aside is less than required minimum (% explain the difference) If any amount of Tax Increment was exempted or deferred, in addition to completing lines 3a(4) and/or 3a(5), complete Line 4 and/or Line 5 To determine the amount of Tax Increment deposited to the Housing Fund [Line 3a(6)], subtract allowable amounts exempted [Line 3a(4)] or deferred [Line 3a(5)] from the actual amount allocated to the Housing Fund [Line 3a(3)] a. Tax Increment: (1) 100% of Gross Allocation: $ 25,971,446 (2) Calculate only 1 set -aside amount: either A or B below: (A) 20%required by 33334 2 (Line 3a(1) x 20%): $ 5,194,289 (B) 30% required by 33333,10(g) (Line 3a(l) x 30%). $ (Senate Bill 21 1, Chapter 741, Statutes of 2001) (3) Amount of set -aside (Line 3a(2)) allocated to Housing Fund $ 5,194,288 * If, pursuant to Section 33334.3(1), less than the minimum % of Gross Tax Increment (see 3a(2) above) is being allocated from this project area, identify the project area(s) contributing the difference. Explain any other reason(s): (4) Amount Exempted [Health & Safety Code Section 33334.21 (if there is an amount exempted, also complete question #14, next page): ($ ) (5) Amount Deferred [Health & Safety Code Section 33334.61 (if there is an amount deferred, also complete question #5, next page): ($ ) (6) Total deposit to the Housing Fund [result of Line 3a(3) through 3a(5)]: $ 5,194,288 ° b Interest Income: $ 1245,153 c Rental/Lease Income (combine amounts separately reported to the SCO) $ d. Salo of Real Estate: S e Grants (combine amounts separately reported to the SCO): $ f. Bond Administrative Fees: $ g. Deferral Repayments (also complete Line 5c(2) on the next page): $ h. Loon Repayments: $ i. Debt Proceeds: $ I Other Revenue(s) [Explain and identify amount(s)]: Loan Repayments $ 59,409 $ S 59,409 k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(6). through 3j.) $ 6,498,850 103 Cahfomia RcAcvclodmcnt Agencies — Fiscal Year 2005-2006 HCD-A Sch A (7iu06) Page 2 of 6 Agency Name. 4a Ouinta Redevelopment Agency Project Area Name: Project Area No.2 Exemption(s) i 4 a If an exemption was claimed on Page 2, Line 3a(4) to deposit less than the required amount, complete the following information Check on1v one of the Health and Safety Code Sections below providing a basis for the exemption. ❑ Section 33334.2(a)(1): No need in community to increase/improve supply of lower or moderate income housing ❑ Section 33334.2(a)(2): Less than the minimum set -aside % (20% or 30%) is sufficient to meet the need. ❑ Section 33334.2(a)(3) Community is making substantial effort equivalent in value to minimum set -aside % (20% or 30%) and I)as specific contractual obligations incurred before May 1, 1991 requiring continued use of this funding. mote: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30, 1993 but pontracts entered into prior to May 1, 1991 may not be subject to the exemption sunset. ❑ Other: Specify code section and reason(s). b For any exemption claimed on Page 2, Line 3a(4) and/or Line 4a above, identify: Date that,initial (I') finding was adopted: /�_ Resolution # Date sent to HCD: mo day yr mo day yr Adoption date of reporting year findine: _// Resolution # Date sent to HCD. mo day yr mo day yr Deferral(s) 5. a Specify the authority for deferring any set -aside on Line 3a(5). Check only one Health and Safety Code Section boxes ❑ Section 33334.6(d). Applicable to project areas approved before 1986 in which the required resolution was sent to HCD before September 1986 regarding needing tax increment to meet existing obligations. Existing obligations can include those incurred after 1985, if net proceeds were used to refinance pre-1986 listed obligations. (Note: The deferral previously authorized by Section 33334.6(e) expired. It was only allowable in each fiscal year prior to July 1, 1996 with certain restrictions. ❑ Other: Specify code Section and reason: b For any deferral claimed on Page 2, Line 3a(5) and/or Line 5a above, identify' Date that initial (1") finding was adopted: _�_/ Resolution # Date sent to HCD: mo day yr me day yr Adoption date of reporting year findine: /_/ Resolution # Date sent to HCD: mo day yr mo day yr c A deferred set -aside pursuant to Section 33334.6(d) constitutes indebtedness to the Housing Fund. Summarize the amount(s) of set -aside deferred over the reporting year and cumulatively as of the end of the reporting year Amount of Prior Cumulative Amount Amount Deferred Deferrals Repaid Deferred (Net of Any Fiscal Year This Reportme FY During Reporting FY Amount(s) Repaid) 77 (I) �ast Reporting FY (2) this Reporting FY $ $ $ T e cumulative amount of deferred set -aside should also be shown on HCD-C, Line 8a. If the p�ior FY cumulative deferral shown above differs from what was reported on the last HCD report (HCD-A and HCD-C), indicate the amount of difference and the reason: Difference: S Reason(s): Cahfania Redevelopment Agencies— Fiscal Year 2005-2006 Sch A (7/I/06) HCD-A 104 Page 3 of 6 57 Agency Name. �I a Oumta Redevelopment Agency Deferrals (continued) Project Area Name: Protect Area No 2 5. d. Section j13334.6(g) requires any agency which defers set -asides to adopt a plan to eliminate the deficit in subsequent years. If this agency has deferred set -asides, has it adopted such a plan? Yes ❑ No ❑ If yes, b� what date is the deficit to be eliminated? /— me day yr If yes, When was the original plan adopted for the claimed deferral? Identify' Resolution # _ Date Resolution sent to HCD When Was the last amended plan adopted for the claimed deferral? Identify Resolution # Date Resolution sent to HCD no day yr mo day yr me day yr. mo day yr Actual Project 4rea Households Displaced and Units and Bedrooms Lost Over Reporting Year: 6 a. Redevelopment Proiect Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3), report by income category the number of elderly and nonelderly households permanently displaced and the number of units and bedrooms removed or destroyed, over the repmrtine year, (refer to Section 33413 for unit and bedroom replacement requirements). nr.. hor of Fa,,cPhnld.omits/Bedrooms Proje t Activity House olds Permanently Displaced - Elderly VL L M AM Total House olds Permanently Displaced -Non Elderly House olds Permanently Displaced -Total Units Lost (Removed or Destroyed) and Required to be Replaced Bedrooms Lost (Removed or Destroyed) and Required to be Replaced Above Moderate Units Lost That Agency is Not Required to Replace Abovel Moderate Bedrooms Lost That Agency is Not Required to Replace Other Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3) based on activities other than the destmction or removal of dwelhi g units and bedrooms reported on Line 6a report by income category the number of elderly and nonelderly households permanently displaced over the reporting year Number of Households VL L M AM otal T Othel Activity Hous holds Permanently Displaced - Elderly Households Permanently Displaced - Non Elderly Hous holds Permanently Displaced - Total As required in Section 33413.5, identify, over the reporting year, each replacement housing plan required to be adopted before' the permanent displacement, destmetion, and/or removal of dwelling units and bedrooms impacting the households reported on lines 6a. and 6b. Date mo day yr Date— mo day yr Name of Agency Custodian Name of Agency Custodian Please attach a separate sheet of paper listing any additional housing plans adopted. 105 HCD-A Cali Co ma Redevd'lopmcni Agencies —Fiscal Yee, 2005-2006 Page 4 of 6 Sch A (7/I/06) 58 Agency Name. Aa Ouinta Redevelopment Agency Project Area Name: Project Area No.2 Estimated Pro'W Area Households to be Permanently Displaced Over Current Fiscal Year: 7 a. As required in Section 33080.4(a)(2) for a redevelopment project of the agency, estimate over the current fiscal year, the number of elderly and nonelderly households, by income category, expected to be permanently displaced (Note actual displacepnents will be reported for the next reporting year on Line 6). Number of Households Proje Activity VL L M AM Total House olds Permanently Displaced - Elderly House olds Permanently Displaced - Non Elderly House olds Permanently Displaced - Total b As required in Section 33413.5, for the current fiscal year, identify each replacement housing plan required to be adopted before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported in 7a. Date mo day yr Date / mo day yr Name of Agency Custodian Name of Agency Custodian Please attach a separate sheet of paper listing any additional housing plans adopted. Units Developer Inside the Project Area to Fulfill Requirements of Other Protect Area(s) 8. Pursuant to Section 33413(b)(2)(A)(v), agencies may choose one or more project areas to fulfill another project area's requirement to construct new or substantially rehabilitate dwelling units, provided the agency conducts a public hearing and finds, based on substantial evidence, that the aggregation of dwelling units in one or more project areas will not cause or exacerbate racial, ethnic, or economic segregation. Were any dwelling units in this project area developed to partially or completely satisfy another project area's requirement to construct new or substantially rehabilitate dwelling units? ® No. ❑ Yes. Date initial finding was adopted? _J� Resolution # Date sent to HCD: mo day yr mo day yr Number of Dwelling Units Name of Other Project Areas) VL L M Total Cahferma Redevelo(inent Agencies —Fiscal Year 2005-2006 Sch A (7/I/06) HCD-A, 106 Page 5 of 6 Fes: Agency Name. La Oumta Redevelopment Agency Project Area Name: _Protect Area No 2 Sales of Owner -occupied Units Inside the Project Area Prior to the Expiration of Land Use Controls 9. Section 3341I3(c)(2)(A) specifies that pursuant to an adopted program, which includes but is not limited to an equity sharing program, agencies may permit the sale of owner -occupied units prior to the expiration of the period of the land use controls established by the agency. Agencies must deposit sale proceeds into the Low and Moderate Income Housing Fund and within three (3) years from the date the unit Was sold, expend funds to make another unit equal in affordability, at the same income level, to the unit sold. a. Sales. Did the agency permit the sale of any owner -occupied units during the reporting year? ®No ❑Yes Total Proceeds From Sales Over Reporting Year Number of Units ALES VL L M Total l,lnits Sold Over Reporting Year [x] Equal Urlits. ®No ❑Yes Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years? - Total LMIHF Spent On Equal Units Over Reporting Year Number of Units ALES VL L M Total Wnits Made Equal This Reporting Yr to Units Sold Over This Reporting Yr nits Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago nits Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago nits Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago Affordable Unit to be Constructed Inside the Project Area Within Two Years 10 Pursuant to Section 33080.4(a)(10), report the number of very low, low, and moderate income units to be financed by any federal, state, local, Or private source in order for construction to be completed within two years from the date of the agreement or contract executed over the renortiniz vear Identify the project and/or contractor, date of the executed agreement or contract, and estimated completion date. Specify the amount reported as an encumbrance on HCD-C, Line 6a. and/or any applicable amount designated on HCD-C, Lin¢ 7a such as for capital outlay or budgeted funds intended to be encumbered for project use within two years from the reporting ye8r's agreement or contract date. DO NOT 4PORT ANY UNITS ON THIS SCHEDULE A THAT ARE REPORTED ON OTHER HCD-As, B, OR Ds. Cal A Col B Col C Col D Col E Name of Agreement Estimated Sch C Amount Sch C Amount Project and/or Execution Completion Date Encumbered Designated Contractor Date (w/in 2 yrs of Col B Line 6a Line 7a VL L M Total $ $ Please attach a separate sheet of paper to list additional information. Cahrornia Redevcloomcni Agencies — F.scal Yeai 2005-2006 Sch A (7/ 1 /06) HCD-A `" 107 Page 6 of 6 SCHEDULE HCD-C Agency -wide Activity for Fiscal Year Ended 6/ 30 / 2007 Agency Name La Ouinta Redevelopment Agency County: Riverside Preparer's Name, Title: Michael Benjamin, Associate Preparer's E-Mail Address: mbenlamin(a)webrsgxom Preparer's Telephone No: (714) 541-4585, ext. 124 Preparer's Facsimile No. (714) 541-1175 Low & Moderate Income Housing Funds Report on the "status and use of the agency's Low and Moderate Income Housing Fund." Most information reported here should be based on information reported to the State Controller. 1. Beginning Balance (Use "Net Resources Available" from last fiscal year report to HCD) S 83-769,803 a. If geeinning Balance requires adjustment(s),describe and provide dollar amount (positive/negative) making up total adjustment: Use < $ > for negative amounts or amounts to be subtracted. b. Adjusted Beginning Balance [Beginning Balance plus + or minus <-> Total Adjustment(s)] $ 83,769,803 2. Projedt Area(s) Receipts and Housing Fund Revenues a. Total Project Areas) Receipts. Total Summed amount of HCD-Schedule A(s) (from Line 3k) S 20,762,570 b. Ho}tsing Fund Resources not reported on HCD Schedule -A(s) Describe and Provide Dollar Amount(s) (PositivelNegative) Making Up Total Housing Fund Resources $ c. Total Housing Fund Resources 3. Total Resources (Line Ib+Line 2a+Line 2c.) S $ 104,532,373 NOTES: Many amounts to report as Expenditures and Other Uses (beginning on the next page) should be taken from amounts reported to the State Controller's Office (SCO). Review the SCO's Redevelopment Agencies Financial Transactions Report. Housing Fund "transfers -out" to other internal Agency funds: Report the specific use of all transferred funds on applicable lines 4a.- k of Schedule C For example, transfers from the Housing Fund to the Debt Service Fund for the repayment of principal and interest of debt proceeds deposited to the Housing Fund should be reported on the applicable item comprising HCD-C Line 4c, providing tax increment (gross and deposit amounts) were reported on Sch-As. External transfers out of the Agency should be reported on HCD-C Line 4j [e g. transfer of excess surplus to the County Housing Authority). Other Uses: Non-GAAP (Generally Accepted Accounting Principles) recording of expenditures such as land purchases for agencies using th10 Land Held for Resale method to record land purchases should be reported on HCD-C Line 4a(1). Funds spent resulting in loans to the Housing Fund should be included in HCD-C lines 4b., 4f, 4g., 4h., and 4i as appropriate. The statutory cite pertaining to Community Redevelopment Law (CRL) is provided for preparers to review to determine the appropriateness of Low and Moderate Income Housing Fund (LMIHF) expenditures and other uses. HCD does not represent that line items identifying any expenditures and other uses are allowable. CRL is accessible on the Internet [website: httlrNwww.lcgmfo ca.gov/ (California Law)] beginning with Section 33000 of the Health and Safely Code. California Redpvclopnnent Agencies — Fiscal Year 2005-2006 Sch C (7/1/06)i '" 108 HCD-C Page I of 10 61 Agency Name. La Oumta Redevelopment Agencv 4. Expenditures, Loans, and Other Uses a Acituisuion ofPronerty & Building Sites [33334.2(e)(I)I & Housing [33334.2(e)(6 (1) Land Purchases(Investment— Land Heldfor Resale)* $ (2) Housing Assets (Fixed Asset) * $ (3) Acquisition Expense $ 21,200,832 (4) Operation of Acquired Property $ 241,658 (5) Relocation Costs $ (6) Relocation Payments $ 80,866 (7) Site Clearance Costs $ (8)', Disposal Costs $ (9) Other [Explain and identify amount(s)] * Reported to SCO as part of Assets and Other Debts (10) Subtotal Property/Building Sites/Housing Acquisition (Sum of Lines 1 — 9) $ 21,523,356 b. Subsidies from Low and Moderate Income Housing Fund (LMIHF): (1) 1" Time Homebuyer Down Payment Assistance $ 4,830,800 (2) Rental Subsidies $ (3) Purchase of Affordability Covenants [33413(b)2(B)] $ (4), Other [Explain and identify amount(s)]' (5)1 Subtotal Subsidies from LMIHF (Sum of Lines 1 — 4) $ 4,830,800 c. Debt Service [33334 2(e)(91I. If paid from LMIHF, report LMIHF's share of debt service. If paid from Debt Service Fund, ensure "gross" tax increment is reported on HCD-A(s) Line 3a(1) (1) Debt Principal Payments (a) Tax Allocation, Bonds & Notes $ (b) Revenue Bonds & Certificates of Participation $ 1,520,000 (c) City/County Advances & Loans $ (d) U. S. State & Other Long —Term Debt $ (2), Interest Expense $ 4,882,698 (3) Debt Issuance Costs $ (4) Other [Explain and identify amount(s)]. (5) Subtotal Debt Service (Sum of Lines I —4) $ 6,402,698 d. Planning and Administration Costs [33334.3(e)(1 (I)i Administration Costs $ 324,656 (2)1 Professional Services (non project specific) $ 974,964 (3)1 Planning/Survey/Design (non project specific) $ (4)� Indirect Nonprofit Costs [33334.3(e)(1)(B)] $ (5)1 Other [Explain and identify amount(s)]. (6)1 Subtotal Planning and Administration (Sum of Lines I — 5) $ 1,299,620 Cahfomia RcOvelopment Agencies — Fiscal Year 2005-2006 Sch C(7/j/06)1 ., '' 10..q HCD-C Page 2 of 10 62 Agency Name- La Ouinta Redevelopment Aeencv 4. Expenditures, Loans, and Other Uses (continued) e OnyOff--Site Improvements [33334 2(e)(2)] Complete item 13 $ 1,179,938 f Housing Construction [33334.2(e)(5)] $ g Housing Rehabilitation [33334 2(e)(7)] $ 12,029 It Maintain Supply of Mobilehome Parks [33334.2(e)(10)] $ 1. Preservation of At -Risk Units [33334.2(e)(11)] $ j. Transfers Out of Agency (lp For Transit village Development Plan (33334 19) $ (2)1 Excess Surplus [33334 12(a)(1)(A)] $ (3)1 Other (specify code section authorizing transfer and amount) A. Section S B. Section $ Other Transfers Subtotal $ (4)1 Subtotal Transfers Out of Agency (Sum ofj(1) through j(3)) $ it Other Expenditures, Loans, and Uses [Explain and identify amount(s)]. Capital Improvement Projects to facilitate Affordable Housing production $ 15,242,313 Subtotal Other Expenditures, Loans, and Uses $ 15,242,313 1 Total Expenditures, Loans, and Other Uses (Sum of lines 4a.-k.) $ 50,490,754 5. Net R sources Available [End of Reporting Fiscal Year] [Page 1,� ine 3, Total Resources minus Total Expenditures, Loans, and Other Uses on Line 4.1.) 6 Encumbrances and Unencumbered Balance a. Encumbrances. Amount of Line 5 reserved for future payment of legal contract(s) or Tzreement(s) See Section 33334 12(g)(2) for definition. Ref r to item 10 on Sch-A (s) and item 4 on Sch-B b. Un�nwmbered Balance (Line 5 minus Line 6a). Also enter on Page 4, Line I la. 7. Desighated/Undesignated Amount of Available Funds a. Designated From Line 6b- Budgeted/planned to use near -term ReAr to item 10 on Sch-A(s) and item 4 on Sch-B b Un(lesignated From Line 6b- Portion not vet budgeted/planned to use $ 46,761,070 $ 7,280,549 8. Otherl Housing Fund Assets (non recurrent receivables) not included as part of Line 5 a. Indebtedness from Deferrals of Tax Increment (Sec. 33334.6) [refer to Sch-A(s), Line 5c (2)]. S b. Valpe of Land Purchased with Housing Funds and Held for Development of Affordable Housing. Complete Sch-C item 14. $ c. Loahs Receivable for Housing Activities $ d. Residual Receipt Loans (penodic/fluctuating payments) $ e ERAF Loans Receivable (all years) (Sec. 33681) $ f Other Assets [Explain and identify amount(s)]: $ $ S 54,041,619 9 Total Other Housing Fund Assets (Sum of lines 8a -f) a 9. TOTAL FUND EQUITY[Line 5 (Net Resources Available) +8g (Total Other Housing Fund Assets] S 54,041,619 Comp4re Line 9 to the below amount reported to the SCO (Balance Sheet of Redevelopment Agencies Financial Transactions Report. [Explain differences and identify amount(s)]' ENTER LOW -MOD FUND TOTAL EQUITIES (BALANCE SHEET) REPORTED TO SCO $ 54,041,619 Califunua Red�vclopment Agencies — Fiscal Year 2005-2006 HCD- C 1 119 Sch C (7/I/06)� Page 3 of 10 63 Agency Nairle La Oumta Redevelopment Agency Excess Surplus Information Pursuant to Section 33080 7 and Section 33334.12(g)(1), report on Excess Surplus that is required to be determined on the first day of a fiscal year. Excess Surplus exists when the Adjusted Balance exceeds the greater of (1) $1,000,000 or (2) the aggregate amount of tax increment deposited to the Housing Fund dining the prior four fiscal years. Section 33334.12(g)(3)(A) and (B) provide that the Unencumbered Balance can be adjusted for: (1) any remaining revenue generated in the reporting year from unspent debt proceeds and (2) if thel land was disposed of during the reporting year to develop affordable housing, the difference between the fair market value of land and the value received. The Unencumbered Balance is calculated by subtracting encumbrances from Net Resources Available. "Encumbrances" are fiends reserved andicornmitted pursuant to a legally enforceable contract or agreement for expenditure for authorized redevelopment housing activities [Section 33334.12(g)(2)]. For Excess Surplus calculation purposes, carry over the prior year's HCD Schedule C Adjusted Balance as the Adjusted Balance on the first day of the reporting fiscal year. Determine which is larger: (1) $1 million or (2) the total of tax increment deposited over the prior four years. Subtract the largest amount from the Adjusted Balance and, if positive, report the amount as Excess Surplus. 10. Excess $uurplus 9 a a x, s t� ralridare Fvrecc cn.r,lm fnr the renortinv year. Columns 6 and 7 track Drior vears' Excess Surolus. Column I Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Sum of Tax Current Current Amount 4 Prior and Total Tax Increment Reporting Year Reportine Year Expended/Encumbered Remaining Excess Current Increment Deposits Over 1" Day I`r Day Against FY Balance of Surplus for Each Reportin Deposits to Prior Four Adjusted Excess Surplus Excess Surplus as of Fiscal Year as of Years Housing Fund FYs Balance Balances End of Reporting Year End of Reportine Year 4 Rot Yrs Ago ' FY 2002-01 S 71750,765 ' $ $ $ 3 iQ Yrs Ago $ 9,023 407 y ;� " ii �s ;y $ rHu� $ $ FY 2003-04 ,,; :: �" � 2 Rut Yrs Ago $ 10,282 664 FY 2004-05 Yr Agol FY 2005-0 $ 14,089,024: S $ $ CURREN'1[ ;":r)°'s`"r-':;''3"';' h Sum of Column 2 Last Year's Sch C Cot minus: larger Reportine 4" •ce: s' : d '3 Adjusted Balance of Col 3 or$Imm (report Positive $1 Year FY 20n 6-04 xt, '•' $ 4L145,860 $ 23,037.582 $ 0 $ $ I I RepoLtng Year Ending Unencumbered Balance and Adjusted Balance a Unencumbered Balance (End of Year) [Page 3, Line 6b] b. If e4gible, adjust the Unencumbered Balance for (1) Debt Proceeds [33334.12(g)(3)(B)]. Identify uns ent debt proceeds and related income remaining at end of reporting year (2) Land Conveyance Losses [(33334.12(g)(3)(A))]: Identify reporting year losses from sales/grants/leases of land acquired with low -mod funds, if 49t or more of new or rehabilitated units will be affordable to lower -income households S 7,280,549 $ 0 $ 0 12, Adjusted Balance (for next year's determination of Surplus) [Line I la minus sum of 11 b(1) and I Ib(2)] $ 7,280,549 Note: Dot enter Adjusted Balance in Col 4 It is to be reported as next year's 1st day amount to determine Excess Surplus a. If there is remaining Excess Surplus from what was determined on the first day of the reporting year, describe the agency's plan (as specified in Section 33334.10) for transferring, encumbering, or expending excess surplus b. If tlhe plan described in 12a was adopted, enter the plan adoption date: mo day yr Miseelhme�us Uses of Funds Cahfomia Rcdevclopmcn[ Agcncics —Fiscal Ycar 2005-2006 HCD-C 111 Sch C (7/1/06] Page 4 of 10 64 Agency Nan1e- La Oumta Redevelopment Aeenev 13. If an amount is reported in 4e., pursuant to Section 33080.4(a)(6), report the total number of very low-, low-, and moderate -income households that directly benefited from expenditures for onsite/offsite improvements which resulted in either new construction, rehabilitation, or the elimination of health and safety hazards. (Note: If Line 4e of this schedule does not show expenditures for improvements, no units should be reported here.) Income) Level Households Constructed Households Rehabilitated Households Benefiting from Elimination of Health and Safety Hazard Duration of Deed Restriction Very Low Low Moderate 14 If the agency is holding land for future housing development (refer to Line 8b), summarize the acreage (round to tenths, do not report square footage), zoning, date of purchase, and the anticipated start date for the housing development Site Name/Location* No. of Acres Zoning Purchase Date Estimated Date Available Comments Please attach a separate sheet of paper listing any additional sites not reported above. 15. Section 33334.13 requires agencies which have used the Housing Fund to assist mortgagors in a homeownership mortgage revenue bond program, or home financing program described in that Section, to provide the following information: a. Hag your agency used the authority related to definitions of income or family size adjustment factors provided in Section 33134.13(a)? Yes ❑ No ❑ Not Applicable El b. Has the agency complied with requirements in Section 33334.13(b) related to assistance for very low-income households equal to twice that provided for above moderate -income households? Ye$ ❑ No ❑ Not Applicable California Redevelopment Agencies — Fiscal Year 2005-2006 HCD-C 112 Sch C (7/ii06)i Page 5 of 10 65 Agency Name: La Ouinta Redevelopment Aeencv 16 Did the Agency use non-LMIHF funds as matching funds for the Federal HOME or HOPE program during the reporting period? YES ❑ NO If yes, please indicate the amount of non-LMIHF finds that were used for either HOME or HOPE program support. HOME$ HOPE$ 17. Pursuant to Section 33080.4(a)(11), the agency shall maintain adequate records to identify the date and amount of all LMIHF deposits and withdrawals during the reporting period. To satisfy this requirement, the Agency should keep and make available upon request any and all deposit and withdrawal information. DO NOT SUBMITANYDOCUMENTSIRECORDS. Has your agency made any deposits to or withdrawals from the LMIHF? Yes ® No ❑ If yes, Identify the document(s) describing the agency's deposits and withdrawals by listing for each document, the following (attach additional pages of similar information below as necessary): Name of document (e g. ledger, journal, etc.) Expenditure Detail Report Name of Agency Custodian (person): Louise West Custodian's telephone number (760) 777-7055 Place where record can be accessed: Finance Dept./City Hall Name of document (e.g. ledger, journal, etc.): Revenue Detail Report Name of Agency Custodian (person) Louise West Custodian's telephone number: (760) 777-7055 Place where record can be accessed: Finance Dept./City Hall 18. Use of Other (non Low -Mod Funds) Redevelopment Funds for Housing Please briefly describe the use of any non-LMIHF redevelopment funds (i.e., contributions from the other 80% of tax increment revenue) or other non Low -Mod funds) to construct, improve, assist, or preserve housing in the community. 19. Suggesoons/Resource Needs Please provide suggestions to simplify and Improve future agency reporting and identify any training, information, and/or other resources, etc. that would help your agency to more quickly and effectively use its housing or other funds to increase, improve, and preserve affordable housing? 20. AnnuO Monitoring Reports of Previously Completed Affordable Housing Proiects/Programs (H&SC 33418) Were all Annual Monitoring Reports received for all prior years' affordable housing projects/programs? Yes ® No ❑ 113 Cal forma Redhvelopment Agencies —Fiscal Ycar2005-2006 HCD-C sch C (7/I/06)i Page 6 of 10 m Agency Naine. La Ouinta Redevelopment Ageney 21 Excess Surplus Expenditure Plan (H&SC 33334.10(a) Not Applicable ` 114 Califomia Reitevclopment Agencies— Fiscal Ycai 2005-2006 HCD-C 9ch C (711ro6) Page 7 of 10 67 Agency NaMe La Oumta Redevelopment Agent:v 22. Footnote) area to provide additional information. Cali fomia Redevelopment Agencies —Fiscal Year 2005-2006 HCO'C 115 Bch C (7/l/06) Page 8 of 10 68 SCHEDULE HCD-D1 GENERAL PROJECT/PROGRAM INFORMATION For each different Project/Program (area/name/agv or nonagy dev/rental or owner), complete a D1 and applicable D2-D7. Examples: 1: 25 minor rehab (Nonagy Dev): Area 1: 15 Owner; Area 2: 6 Rental; & Outside: 4 Rental. Complete 3 D-1s, & Ds3-4-5 2: 20 sub rehab (nonrestricted): Area 3: 4 Agy Dev. Rentals; 16 Nonagy Dev. Rentals. Complete 2 D-Is & 2 D-5s. 15 sub rehab (restricted): Area 4: 15 Nonagy Dev, Owner. Complete 1 D-1 & 1 D-3. 4: 10 new (Outside). 2 Agy Dev (restricted Rental), 8 Nonagy Dev (nonrestricted Owner) Complete 2 D-1 s, 1 D-4, & 1 D-5. Name of Redevelopment Agency: Identify Project Area or specify "Outside": General Title Of Housing Project/Program; Project/Progrom Address (optional): Street: Various Owner Name optional): various La Quinta Redevelopment Agency Project Area No. 1 La Quinta Home Purchase LoanProgram Various In -Fill Lots City: ZIP: La Quetta 92253 Total Project/Prbgram Units: #4 Restricted Units: #4 Unrestricted Units: # For proiects/prodrams with no RDA assistance do not complete any of below or any of HCD 132-136. Only complete HCD-D7. Was this a federally assisted multi -family rental project [Gov't Code Section 65863.10(a)(3)]? ❑ YES ® NO Number of un�ts occupied by ineligible households (e.g. ineligible income/# of residents in unit) at FY end #0 Number of bedrooms occupied by ineligible persons (e.g. ineligible income/# of residents in unit) at FY end #0 Number of units restricted for special needs: (number must not exceed "Total Project Units') #3 Number of units restricted that are serving one or more Special Needs: #3 ❑ Check, if data not available (vole: H unn Iqray Jerve rnumprc opuwal rVvvuJ vvwv , ouur v, ou "'o ..on... gym" vn ,. 11— rvwrrr v1 _'. - ... - - - / # DISABLED (Mental) # FARMWORKER (Permanent) # TRANSITIONAL HOUSING # DISABLED (Physical) #3 FEMALE HEAD OF HOUSHOLD # ELDERLY # FARMWORKER (Migrant) # LARGE FAMILY # EMERGENCY SHELTERS (4 or more Bedrooms) (allowable use only with "Other Housing Units Provided - Without LMIHF" Sch-D6 Affordability and/or Special Need Use Restriction Term enter da /month/ ear using digits, e.g. U7IU112UUZ : Replacement Housing Units Inclusionary Housing Units Other HousingUnits Provided With LMIHF Without LMIHF Restriction Start Date 7/1/2006 to 6/30/2007 7/1/2006 to 6/30/2007 Restriction End Date 7/1/2051 to 6/30/2052 7/1/2051 to 6/30/2052 Perpetuity Funding Sources Redevelopment Funds: $ 342,0001 Federal Fundls $ State Funds: $ ---------- Other Local Funds: $ __________ Private Fund$: $ ----- ____ Owner's Equity: $ ____ _____ TCAC/Federal Award: $ ________ TCAC/State Award: $ ---- _____ Total Develooment/Purchase Cost: $ 2,99QI Check all appropriate form(s) below that will be used to identify all of this Project's/Program's Units: ® Replacement Housing Units Inclusionary Units: Other Housing Units Provided: (Sch HCD-02) ❑ Inside Project Area (Sch HCD-D3) ® With LMIHF (Sch HCD-D5) ❑ Outside Project Area (Sch HCD-D4) ❑ Without LMIHF (Sch HCD-D6) ❑ No Agency Assistance (Sch HCD-D7) California Redevelopment Agencies - Fiscal Year 2006-2007 HCD-D 1 ,r . ^ Sch D1 (7/1/0� b 69 SCHEDULE HCD-D1 GENERAL PROJECT/PROGRAM INFORMATION For each different Project/Program (area/name/age or nonage dev/rental or owner), complete a D1 and applicable D2-D7. Examples: 1: 25 minor rehab (Nonagy Dev): Areal: 15 Owner; Area 2: 6 Rental, & Outside: 4 Rental. Complete 3 D-1s, & Ds3-4-5. 2: 20 sub rehab (nonrestricted): Area 3: 4 Agy Dev. Rentals; 16 Nonagy Dev. Rentals. Complete 2 D-ls & 2 D-5s 3 15 sub rehab (restricted): Area 4: 15 Nonagy Dev, Owner. Complete 1 D-1 & 1 D-3. 4: 10 new (Outside). 2 Agy Dev (restricted Rental), 8 Nonagy Dev (nonrestricted Owner) Complete 2 D-1 s, 1 D-4, & 1 D-5. Name of Redevelopment Agency: La Quinta Redevelopment Agency Identify Project Area or specify "Outside": Project Area No. 2 General Title of Housing Project/Program: La Quinta Home Purchase Project/ProgrOm Address (optional): Street: City: ZIP: Watercolors Se for Housing La Quinta 92253 Owner Name Qoptional): various Total Project/Program Units: #58 Restricted Units: #58 Unrestricted Units: #______ Was this a federally assisted multi -family rental project [Gov't Code Section 65863.10(a)(3)]? ❑ YES Z NO Number of units occupied by ineligible households (e.g. ineligible income/# of residents in unit) at FY end #0 Number of bedrooms occupied by ineligible persons (e.g. ineligible income/# of residents in unit) at FY end #0 Number of units restricted for special needs: (number must not exceed "Total Project Units') #58 Number of units restricted that are serving one or more Special Needs: #58 ❑ Check, if data not available (wore. H unn Indy serve muruPie oPcudr rvcew uewvv. ounr u1 au urc -1 u....v.,, # DISABLED (Mental) # FARMWORKER (Permanent) # TRANSITIONAL HOUSING # DISABLED (Physical) # FEMALE HEAD OF HOUSHOLD #58 ELDERLY # FARMWQRKER (Migrant) # LARGE FAMILY # EMERGENCY SHELTERS (4 or more Bedrooms) (allowable use only with "Other Housing Units Provided - Without LMIHF" Sch-D6) Affordability and/or S ecial Need Use Restriction Term enter day/month/yea using digits, e.g. 07/0112002 : Re lacement Housing Units Inclusionary Housing Units Other Housing Units Provided With LMIHF Without LMIHF Restriction Start Date 7/1/2006 to 6/30/2007 7/1/2006 to 6/30/2007 Restriction End'Date 7/1/2051 to 6/30l2052 7/1/2051 to 6/30l2052 Perpetuity Funding Sources Redevelopment Funds: $ 4,723,800, Federal Funds $ State Funds: $ ------ ___ Other Local Funds: $ --- Private Funds: $ _ Owner's Equity: $ ____ ____ TCAC/Federail Award: $ __________ TCAC/State !Award: $ Total Development/Purchase Cost: $ $4Qi Check all appropriate forms) below that will be used to identify all of this Project's/Program's Units: ® Replacemeht Housing Units Inclusionary Units: Other Housing Units Provided: (Sch HCD-02) ® Inside Project Area (Sch HCD-D3) With LMIHF (Sch HCD-D5) ❑ Outside Project Area (Sch HCD-D4) ❑ Without LMIHF (Sch HCD-D6) ❑ No Agency Assistance (Sch HCD-D7) California Redevelopment Agencies - Fiscal Year 2006-2007 HCD-D1 Sch DI (TH06) r 117 70 SCHEDULE HCD-D2 REPLACEMENT HOUSING UNITS (units not claimed on Schedule D-5,6,7) ( estricted units that fulfill requirement to replace previously destroyed or removed units) Agency: La Qq inta Redevelopment Agency Redevelopment Project Area Name, or "Outside": Project Area No. 1 Affordable Housing Project Name: La Quinta Housing Program — Home Purchase Loan Program Check only one: ® Inside Project Area ❑ Outside Project Area Check only one. If both apply, complete a separate form for each (with another Sch D-1): ❑ Aaency'!Developed ® Non -Agency Developed Check only one. If both apply, complete a separate form for each (with another Sch D-1): ❑ Rental ® Owner -Occupied Enter the number of restricted replacement units and bedrooms for each applicable activity below: Note: 'INELG veers to a household that is no longer eligible but still a temporary resident and part of the total A. New Construction: Elderly Units Non Elderly Units Total Elderly & Non Elderly Units VLOW I,OW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG Count o� Bedrooms (e e . 1 elderly, low, 2 bdrm unit and 4 nonelderly low, 2 bdrm units = 10 low (2 bdrms x 5) 1 Bedroom Unit (1 x # of units) 2 Bedroom Unit (2 x # of units) VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. 3 Bedroom Unit (3 x # of units) 4 or more Bedroom Unit (4 x # of units) VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. 3 3 TOTAL (sum of all unit Bedrooms) VLOW LOW MOD TOTAL INELG 1 3 Substantial Rehabilitation (Post 93/AB 1290 definition: increased value, inclusive of land. is >25% Elderly Units Non Elderly Units Total Elderly & Non Elderly Units VLOW tON MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG 3 1 =1 3 = Count of Bedrooms (e.g.: 1 elderly, mod 1 bdrm unit and 2 nonelderly, mod 1 bdrm units = 3 mod (1 bdrms x 3) 1 Bedroom Unit (1 x # of units) 2 Bedroom Unit (2 x # of units) VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. 3 Bedroom Unit (3 x # of units) 4 or more Bedroom Unit (4 x # of units) VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. Ig I I g TOTAL (sum of all unit Bedrooms) VLOW LOW MOD TOTAL INELG non o 119 California Redevelopment Agencies - Fiscal Year 2006-2007 HCD-D2 Sch D2 (7/1/06) Page 1 of 71 Agency Name, La Oumta Redevelopment Agency Housing Project Name: La Ouinta Housing Program — Home Purchase Loan Program SCHEDULE H¢D-D2 REPLACEMENT HOUSING UNITS (continued) Note. `INELG"tefers to a household that is no longer eligible but still a temporary resident and part of the total C. Non -Substantial Rehabilitation (fulfills Pre 94 Replacement Obligation): Elderly Units Non Elderly Units Total Elderly & Non Elderly Units VLOW OOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG 1 Bedroom Unit (1 x # of units) 2 Bedroom Unit (2 x # of units) VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG. 3 Bedroom Unit (3 x # of units) 4 or more Bedroom Unit (4 x # of units) VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG II 1 11 1 TOTAL (sum of all unit Bedrooms) VLOW LOW MOD TOTAL INELG TOTAL UNITS (Add only TOTAL of all "Total Elderly / Non Elderly Units" not bedrooms): M /f TOTAL U TS h less then "Total Project Units" on HCD Sch Dl, report the remaining units as instructed below. Check all appropriate form(s) listed below that will be used to identify remaining Project Units to be reported Inclusionary Units Other Housing Units Provided: ® Insi a Project Area (Sch HCD-D3) ® With LMIHF (Sch HCD-D5) ❑ Cu side Project Area (Sch HCD-D4) ❑ Without LMIHF (Sch HCD-D6) ❑ No Assistance (Sch HCD-D7) Identify the number of Replacement Units which also have been counted as Inclusionary Units: Elderly Units Non Elderly Units Total Elderly & Non Elderly Units VLOW 40W MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG, VLOW LOW MOD TOTAL INELG 119 California Redevel'fsment Agencies - Fiscal Year 2006-2007 HCD-D2 Sch D2 (7/u06) Page 2 of 2 72 SCHEDULE HCD-D2 REPLACEMENT HOUSING UNITS (units not claimed on Schedule D-5,6,7) ( estricted units that fulfill requirement to replace previously destroyed or removed units) Agency: La Quinta Redevelopment Agency Redevelopment Project Area Name, or "Outside": Project Area No. 2 Affordable Housing Project Name: La Quinta Housing Program — Home Purchase Loan Program Check only one: ® Inside project Area ❑ Outside Project Area Check only orle. If both apply, complete a separate form for each (with another Sch D-1): ❑ Agent; Developed ® Non -Agency Developed Check only one. If both apply, complete a separate form for each (with another Sch D-1): ❑ Rental ® Owner -Occupied Enter the number of restricted replacement units and bedrooms for each applicable activity below: Note: "INELG" refers to a household that is no longer eligible but still a temporary resident and part of the total A. New Construction: Elderly Units Non Elderly Units Total Elderly & Non Elderly Units VLOW OW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG 15 11 2� 15 11 26 Count 0 Bedrooms (e.g.: I elderly, low, 2 bdrm unit and 4 nonelderly, low, 2 bdrm units = 10 low (2 bdrms x 5) 1 Bedroom Unit (1 x # of units) 2 Bedroom Unit (2 x # of units) VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG 20 4 24 3 Bedroom Unit (3 x # of units) 4 or more Bedroom Unit (4 x # of units) VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG 15 30 45 TOTAL (sum of all unit Bedrooms) VLOW LOW MOD TOTAL INELG. 35 34 69 B. Substa titial Rehabilitation (Post 93/AB 1290 definition: increased value, inclusive of land, is >25%): Elderly Units Non Elderly Units Total Elderly & Non Elderly Units VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG. 1 Bedroom Unit (1 x # of units) 2 Bedroom Unit (2 x # of units) VLOW LOW MOD TOTAL INELG VLOW r LOW -MOD TOTAL INELG. 3 Bedroom Unit (3 x # of units) 4 or more Bedroom Unit 14 x # of units) VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG TOTAL (sum of all unit Bedrooms) VLOW LOW MOD TOTAL INELG non o California Redevelopment Agencies - Fiscal Year 2006-2007 Sch D2 (7/I/06) 120 HCD-D2 Page 1 of 2 73 Agency Name La Ouinta Redevelopment Agency Housing Project Name: La Ouinta Housing Program — Home Purchase Loan Program SCHEDULE HOD-D2 REPLACEMENT HOUSING UNITS (continued) Note WELG"tefers to a household that is no longer ellgib/e but still a temporary resident and part of the total C Non-SuWantial Rehabilitation (fulfills Pre 94 Replacement Obligation): Elderly Units Non Elderly Units Total Elderly & Non Elderly Units VLOW LOW MOD T OTAL (INELG VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG II 11 = = Count 0edrooms fe.s.: 3 nonelderly, vlow, 3 bdrm units and 4 nonelderly 4 bdrm units TOTAL 25 bdrms) 1 Bedroom Unit (1 x # of units) 2 Bedroom Unit (2 x # of units) VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. 3 Bedroom Unit (3 x # of units) 4 or more Bedroom Unit (4 x # of units) VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG TOTAL (sum of all unit Bedrooms) VLOW LOW MOD TOTAL INELG. I II 11 TOTAL UNIT (Add only TOTAL of all "Total Elderly / Non Elderly Units" not bedrooms): 26 If TOTAL U TS is less than "Total Project Units" on HUD Sch DI, report the remaining units as instructed below. Check all app¢opriate form(s) listed below that will be used to identify remaining Project Units to be reported Inclusionary Units Other Housing Units Provided: ® Insi a Project Area (Sch HCD-D3) ® With LMIHF (Sch HCD-D5) ❑ Out ide Project Area (Sch HCD-D4) ❑ Without LMIHF (Sch HCD-D6) ❑ No Assistance (Sch HCD-D7) Identify the number of Replacement Units which also have been counted as Inclusionary Units: Elderly Units Non Elderly Units Total Elderly & Non Elderly Units VLOW uOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG. = I I I = I 1 = 121 California Redevelopment Agencies - Fiscal Year 2006-2007 HCD-D2 Sch D2 (7/1106) Page 2 of 2 74 SCHEDULE HCD-D3 INCLUSIONARY HOUSING UNITS (INSIDE PROJECT AREA) (units not claimed on Schedule D-4,5,6,7) (units with required affordability restrictions that agency or community controls) Agency: La Qtlinta Redevelopment Agency Redevelopment Project Area Name, or "Outside": Project Area No. 2 Affordable Housing Project Name: La Quinta Housing Program — Home Purchase Loan Program2 Check only one. If both apply, complete a separate form for each (with another Sch-01): ❑ Agency',Developed ® Nan -Agency Developed Check only one. If both apply, complete a separate form for each (with another Sch-D1): ❑ Rental ® Owner -Occupied Enter the number of units for each applicable activity below: Note: 'INELG"refers to a household that is no longer eligible but still a temporary resident and part of the total A. New Ct nstruction Units: Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW 4OW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG 32 Eli 2 F-7 32 32 Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): B. SubstaPtial Rehabilitation (Post-93/AB 1290 Definition of Value >25%: Credit for Obligations Since 1994): Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW 4OW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): C. Otherloubstantial Rehabilitation (Pre-94/AB 1290 Definition: Credit for Obligations Between 1976 and 1994): Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW OW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG F I F I II 1= = = = D. Acquisition of Covenants (Post-93/AB 1290 Reform: Only Multi -Family Vlow & Low & Other Restrictions): Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW OW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG TOTAL UNt S (Add only TOTAyof all "TOTAL Elderly / Non Elderly Units"): 32 If TOTAL UN! S is tell than "Total Project Units"on HCD Schedule DI, report the remaining units as Instructed below. Check all appropriate form(s) listed below that will be used to identify remaining Project Units to be reported: ® Replacement Housing Units ❑ Inclusionary Units (Outside Project Area) Other Housing Units Provided: (Sch HCD-02) (Sch HCD-D4) ® With LMIHF (Sch HCD-D5) ❑ Without LMIHF (Sch HCD-D6) ❑ No Assistance (Sch HCD-D7) Identify the number of Inclusionary Units which also have been counted as Replacement Units: Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW L W MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG = = California Redevelopment Agencies - Fiscal Year 2006-2007 HCD-D3 Sch D3 (7/1106) 122 75 SCHEDULE HCD-E CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION BASED ON SPECIFIED HOUSING ACTIVITY DURING THE REPORTING YEAR Agency: 4a Quinta Redevelopment Agency Name of project or Area (if applicable, list "Outside" or "Summary": Project Area No. 1 Complete this form to report activity separately by project or area or to summarize activity for the year. Report all new construction and/or substantial rehabilitation units from Forms D2 through D7 that were: (a) developed by the agency and/or (b) developed only in a project area by a nonagency person or entity. PART I [H&SC Section 33413(b)(1)j AGENCY DEVELOPED UNITS DURING THE REPORTING YEAR BOTH INSIDE AND OUTSIDE OF A PROJECT AREA 1. New Units Developed by the Agency 0 2. Substantially Rehabilitated Units Developed by the ANY 0 3. Subtotal - Baseline of Agency Developed Units (add lines 1 & 2) 0 4. Subtotal of Increased Inclusionary Obligation (Line 3 x 30%) (see Notes 1 and 2 below) 0 5. Ver -L w Inclusionary Obligation Increase Units (Line 4 x 50%) 0 PART II [H&SC Section 33413(b)(2)1 ( ONAGENCY DEVELOPED UNITS DURING THE REPORTING YEAR ONLY INSIDE A PROJECT AREA 6. New Units Developed by Any Nona eg ncy Person or Entity 1 7. Substantially Rehabilitated Units Developed by Any Nonagency Person or Entity 3 8. Subtotal - Baseline of Nonagency Developed Units (add lines 6 & 7) 4 9. Subtotal of Increased Inclusionary Obligation (Line 8 x 15%) (see Notes 1 and 2 below) 10. Ver - 'ow Inclusionary Obligation Increase (Line 9 x 40%) 1 PART III REPORTING YEAR TOTALS 11. Total Increase in Inclusionary Obligation (add lines 4 and 9) �1 F12. Ver - ow Inclusionary Obligation Increase (add lines 5 and 10) (Line 12 is a subset of Line ]I) 1 NOTES: 1. Section [i3413(b)(1), (2), and (4) require agencies to ensure that applicable percentages (30% or 15%) of all (market -rate and affordable) "new and substantially rehabilitated dwelling units" are made available at affordable housing cost within 10 year planning periods. Market -rate units: units not assisted with low -mod funds and jurisdiction does not control affordability restrictions. Affordable units: units generalo restricted for the longest feasible time beyond the redevelopment plan's land use controls and jurisdiction controls affordability restrictions. Agency developed units: market -rate units can not exceed 70 percent and affordable units must be at least 30 percent; however, all units assisted with low -mod funds must be affordable. Nonagency developed (project area) units: market -rate units can not exceed 85 percent and affordable units must be at least 15 percent. 2. Production requirements may be met on a project -by project basis or in aggregate within each 10 year planning period. The percentage of affordable units relative to total units required within each 10 year plannin p period may be calculated as follows: AFFORDABLE units = Market -rate x .30 or .15) TOTAL units = Market -rate or Affordable (.70 or.85) (.70 or.85) (.30 or.15) California Redevelopment Agencies - Fiscal Year 2006-20U/ Sch F-1 (7/01/06) 123 SCHEDULE HCD-E CALCMATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION BASED i ON SPECIFIED HOUSING ACTIVITY DURING THE REPORTING YEAR Agency: 4a Quinta Redevelopment Agency Name of project or Area (if applicable, list "Outside" or "Summary": Project Area No. 2 Complete this form to report activity separately by project or area or to summarize activity for the year. Report all new construction and/or substantial rehabilitation units from Forms D2 through D7 that were: (a) developed by the agency antUor (b) developed only in a project area by a nonagency person or entity. PART I (H&SC Section 33413(b)(1)j AGENCY DEVELOPED UNITS DURING THE REPORTING YEAR BOTH INSIDE AND OUTSIDE OF A PROJECT AREA 1. New Units Developed by the Agency 0 2. Substantially Rehabilitated Units Developed by the Agency 0 3. Subtotall - Baseline of Agency Developed Units (add lines I & 2) 0 4, Subtotal of Increased Inclusionary Obligation (Line 3 x 30%) (see Notes I and 2 below) 0 5. Very -Low Inclusionary Obligation Increase Units (Line 4 x 50%) Q PART II [H&SC Section 33413(b)(2)] NONAGENCY DEVELOPED UNITS DURING THE REPORTING YEAR ONLY INSIDE A PROJECT AREA 6. New U( its Developed by Any Nonagencv Person or Entity 58 7. Substantially Rehabilitated Units Developed by Any Nonagencv Person or Entity Q 8. Subtotal - Baseline of Nonagencv Developed Units (add lines 6 & 7) 58 9. Subtotall of Increased Inclusionary Obligation (Line 8 x 15%) (see Notes I and 2 Below) 99 10. Ver - ow Inclusionary Obligation Increase (Line 9 x 40%) 3 PART III REPORTING YEAR TOTALS 11. Total Increase in Inclusionary Obligation (add lines 4 and 9) 9 12. Very-41ow Inclusionary Obligation Increase (add lines 5 and 10) (Line 12 is a subset of Line 11) 3 NOTES. 1. Section 83413(b)(1), (2), and (4) require agencies to ensure that applicable percentages (30% or 15%) o all (market -rate and affordable) "new and substantially rehabilitated dwelling units" are made available at affordable housing cost within 10 year planning periods. Market -rate units: units not assisted with low -mod funds and jurisdiction does not control affordability restrictions. Affordable units: units general restricted for the longest feasible time beyond the redevelopment plan's land use controls and jurisdiction controls affordability restrictions. Agency developed units: market -rate units can not exceed 70 percent and affordable units must be at least 30 percent; however, all units assisted with low -mod funds most be affordable. Nonagencv developed (project area) units: market -rate units can not exceed 85 percent and affordable units must be at least 15 percent. 2. Production requirements may be met on a project -by -project basis or in aggregate within each 10-year planning period. The percentage of affordable units relative to total units required within each 10 year planning period may be calculated as follows: AFFORDABLE units = Market -rate x (.30 or .15) TOTAL units = Market -rate or A ordable (.70or. 85) (.70or. 85) (.30or.15) California Redevelopment Agencies - Fiscal Year 2006-2007 HCD-E Sch E-1 (7/01/06) 124 77 N 1 1 MLIMVIGIM 1 -r La Quinta Redevelopment Agency Loon Report JuOe 30, 2007 No notes were in default at year end and all notes were deemed to be in compliance with agfeement provisions. The following is a description of the notes over $50,000 outstanding: 2,1I12,847 Amended and Restated Rental Conveyance Area Promissory Note. This loan is for the Seasons Senior Apartments located west of the Ralph's Center in the Village. It is the document in the PDF file 1083. As shown on the financial statements for La Quinta Seniors, L.P., there is not sufficient cash from operations to pay accrued interest and principal on this note. Section 2 of the note indicates that the Holder shall have the option to make annual payments from "Residual Cash Flow" or if there is not sufficient Residual Cash Flow, then the Holder shall pay all principal and accrued interest on June 15, 2029 This development was funded, in part, with 4% tax credits and the Note was structured to facilitate tax credit financing. When the Agency approved this project, there was no anticipation that this note would be repaid. Instead, the Agency assistance was structured in this manner to facilitate foreclosure in case of default during the terms of the affordability covenants. The audit relponse should reflect that the Agency will not be receiving payment on this note this year be ause the audited financial statements show that there is not sufficient proceeds from project cash flow to make the annual payment, and that the unpaid amount will be added to the loan principal per the terms of the Amended and Restated Rental Conveyance Area Promissory Note. $9,500,000 Replacement Promissory Note. This loan is for the Mira Flores Senior Apartments. It is the document in the PDF file 1082. This Note replaces the $6,000,000 Promissory Note dated December 20, 2000, As the financial statement demonstrates, there is not sufficient cash flow froth operations to pay accrued interest and principal on this Note. Per Section 3, Term of Note: Re a ment, the Holder shall pay in each calendar year that there is positive Cash Flow 75% of that calendar year's Cash Flow. Cash Flow is further defined as residual receipts Said Section further states that if there is not sufficient Cash Flow to make these annual payments, then all unpaid principal and accrued but unpaid interest on this Note is due and payable on the 551" anniversary date of the Certificate of Completion. This development was funded, in part, with 4% tax credits and the Note was structured to fac litate tax credit financing. When the Agency approved this project, there was no anticipation that this note would be repaid. Instead, the Agency assistance was structured in this manner to facilitate foreclosure in case of default during the terms of the affordability covenants. The audit response should reflect that the Agency will not be receiving payment on this note this year because the audited financial statements show that there is not sufficient proceeds from project cash flow to make the annual payment, and that the unpaid amount will be added to the loan principal per the terms of the Note. 129 78 ATTACHMENT 5 LA QUINTA REDEVELOPMENT AGENGY PROPERTYREPORT 0-Jun-07 IDescr_1 Descr_2 Descr_3 Descr 4 COST DATE LAND PARCEL BLOCK 122 LOTS 14 & 15 BELLOWS ESTATE RDA PROPERTY 105,000 1/1/1990 LAND PARCEL BLOCK 122 LOTS 7,8,9,10,11,12,13 LA QUINT, LTD PRTNRSHP-40 homes remaining RDA PROPERTY 440,000 311/1990 LAND PARCEL LOCK 134 LOTS 19 & 2C GEORGEBRADLEY (RDAPROPERTY) 60,000 4/1/1990 LAND PARCE 51-319 WASHINGTON GLADYSKELLER (RDAPROPERTY) 68,332 1011/1990 LAND PARCEL�LOCK 84 LOTS 67 & 78 ADJACENT TO CVC CTR WAYNEKIRK, R COLLINS RDA PROPERTY 130,415 12/1/1990 LAND PARCEL Z612 ACRES ADDITION TO FRITZ BURNS PARK RDA PROPERTY 237,515 5/1/1991 LAND PARCEL BLOCK 66 LOT 77 ADJACENTTOCIVICCENTER (RDAPROPERTY) 60,977 5/1/1991 LAND PARCELICV LAND & BUILDING 774-081-027 53275 Ramirez 88,000 8/25/1995 LAND PARCELIC V LAND & BUILDING 774-131-013 53523 Martinez 88,000 8/25/1995 LAND PARCELIC V. LAND & BUILDING 773-222-022 52225 Vallejo 88,000 8/25/1995 LAND PARCEL C V. LAND & BUILDING 744-044-017 53105 Obregon 88,000 8/25/1995 LANDPARCELICV LAND&BUILDING 773-083-021 51395 Vallejo 88,000 8/25/1995 LAND PARCELIC.V. LAND & BUILDING 774-131-014 53541 Martinez 88,000 8/25/1995 LAND PARCELC V LAND & BUILDING 773-265-020 52425 Eisenhower 88.000 8/25/1995 LAND PARCELIC.V LAND & BUILDING 773-281-020 52635 Diaz 88.000 8/25/1995 LAND PARCELIC.V LAND & BUILDING 773-321-013 52985 Carranza 88,000 8/25/1995 LAND PARCELIC V LAND & BUILDING 773-326-024 52985 Eisenhower 88,000 8/25/1995 LAND PARCELIC.V. LAND & BUILDING 773-333-018 52835 Villa 88.000 8/25/1995 LAND PARCELIC.V. LAND & BUILDING 773-333-019 52845 Villa 88,000 8/25/1995 LAND PARCELIC.V LAND & BUILDING 774-044-020 52155 Obregon 88.000 8/25/1995 LAND PARCELICV LAND & BUILDING 774-044-021 53175 Obregon 88,000 8/25/1995 LAND PARCELC V LAND & BUILDING 774-053-017 53105 Herrera 88,000 8/25/1995 LAND PARCELC.V LAND & BUILDING 774-094-014 53275 Navarro 88.000 8/25/1995 LAND PARCELIC V LAND & BUILDING 774-122-016 53565 Vallejo 88,000 8/25/1995 LAND PARCELIC V LAND & BUILDING 774-143-017 53925 Juarez 88,000 8/25/1995 LAND PARCELIC V LAND & BUILDING 774-151-023 53965 Diaz 88,000 8/25/1995 LAND PARCELIC.V LAND & BUILDING 774-153-014 53775 Alvarado 88,000 8/25/1995 LAND PARCELIC.V. LAND & BUILDING 774-161-016 53785 Ramirez 88.000 8/25/1995 LAND PARCELIC.V LAND & BUILDING 774-163-015 53795 Hamm 88,000 8/25/1995 LAND PARCELIC.V. LAND & BUILDING 774-175-007 53880 Navarro 88.000 8/25/1995 LAND PARCELIC.V. LAND & BUILDING 774-213-023 54245 Herten 88.000 8/25/1995 LAND PARCELIC.V. LAND & BUILDING 774-232-032 54280 Madero 88.000 8/25/1995 LAND PARCELIC.V LAND & BUILDING 773-295-017 52565 Eisenhower 88,000 8/25/1995 LAND PARCEL 77885 Calls Montezuma 106,773 03/03/2000 Lano, The Ranch CIP 723 42,520,987 6/30/2002 Vista dunes Mobile Home Park CIP 1737 2.571,091 6/30/2004 Hammer Property CIP 1741 8,752.276 6/30/2004 Lano, The Ranch CIP 723 50,743 6/30/2004 Vista dune Mobile Home Park CIP 1737 4,486,016 6/30/2005 Hammer Property CIP 1741 92,724 6/30/2005 Lano, The Ranch CIP 723 36,524 6/30/2005 Lano, The Ranch CIP 723 698.714 6/30/2005 Lan The The Ranch CIP 723 (16,586,350) 6/30/2005 Lan , The Ranch CIP 723 (570,257) 6/30/2005 And -Westward jio & Dune Palms/Hartnel 649-040-004 46160 Dune Palms 516,834 5/31/2006 -and -Westward o & Dune Palms/Pereyn 649-040-012-6 46178 Dune Palms 397,622 6/13/2006 Vista dune Mobile Home Park CIP 1737 1,486,664 6/30/2006 (Subtotal 47,950,600 PURCHASED IN FY 06107 and - Westward �•Iuo & Dune Palms/Fountai 600-030-003 46150 Dune Palms 365,451 1/16/2007 Land - Westwap Ho & Dune Palms/Slater 600-030-002 4613D Dune Palms 2,000 1/16/2007 Land - Flwy 111 - Mazella 649-030-016,017 Hwy 111 South side East Dune Palms 19,966,444 3/16/2007 and- Westward Ho & Dune Palms/Ramiro 600-030-008 46176 Dune Palms 827,640 426/2007 Vista dune$ Mobile Home Park CIP 1737 49,338 6/30/2007 -antl - Westward Ho & Dune Palms/Pereyr. 649-040-012-6 46178 Dune Palms 16,882 6/30/2007 -and - Westward Ho & Dune Palms/Hartnel 649-040-004 46160 Dune Palms 22,415 6/30/2007 Land - Comer CQIIeSonora & Ave Herrera 773-223-022 racant Lot - Lot 11, Block 76 Unit 10 Book 18 page 70 20,100 6/30/2007 '(Subtotal 21,270.271 1 69,220,871 126 79