2008 04 15 RDA64444dja
Redevelopment Agency agendas are
available on the City' web page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calls Tampico
La Quints, California 92253
Regular Meeting
TUESDAY, APRIL 15, 2008
3:30 P.M. Closed Session / 4:00 P.M. Open Session
Beginning Resolution No. RA 2008-001
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Henderson, Osborne, Sniff, and Chairman Kirk
PUBLIC COMMENT
At this time, members of the public may address the Redevelopment Agency on any
matter not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CLOSED SESSION - NONE
RECESS TO CLOSED SESSION
RECONVENE AT 4:00 P.M.
Redevelopment Agency Agenda
April 15, 2008 001
4:00 P.M.
PUBLIC COMMENT
At this time members of the public may address the Redevelopment Agency on any matter
not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF APRIL 1, 2008.
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. APPROVAL OF DEMAND REGISTER DATED APRIL 15, 2008.
2. RECEIVE AND FILE TREASURER'S REPORT DATED FEBRUARY 29, 2008.
3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED FEBRUARY
29, 2008 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER
ENDING MARCH 31, 2008.
4. ADOPTION OF A RESOLUTION MAKING CERTAIN FINDINGS PURSUANT TO
HEALTH AND SAFETY CODE SECTION 33445(a).
BUSINESS SESSION - NONE
STUDY SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
002
Redevelopment Agency Agenda 2 April 15, 2008
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on May 6,
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 April 15,
2008, was posted on the outside entry to the Council Chamber at 78-495 Calle
Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630
Highway 1 1 1, on April 11, 2008.
DATED- April 11, 2008
VERONICA J. NTECINO, City Clerk
City of La Quinta, California
Redevelopment Agency Agenda
3
April 15, 2008
` 003
COUNCIL/RDA MEETING DATE: April 15, 2008
ITEM TITLE: Demand Register Dated
April 15, 2008
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
April 15, 2008 of which $280,924.63
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
I_,1 004
Wd4t 4 4& Qu'Krry
COUNCIL/RDA MEETING DATE: April 15, 2008
ITEM TITLE: Receive and File Treasurers Report
as of February 29, 2008
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
WIMP P [�,1�7,7 7 ua
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
COUNCIL/RDA MEETING DATE: April 15, 2008
ITEM TITLE: Receive and File Revenue and
Expenditure Report for February 29, 2008 and
Investment Summary Report for the Quarter Ending
March 31, 2008
RECOMMENDATION:
Receive and File.
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Receive and File the Statement of Revenue and Expenditures for February 29, 2008
and Investment Summary Report for the Quarter ending March 31, 2008 for the La
Quinta Redevelopment Agency.
I.W 006
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures for February 29, 2008 and
Investment Summary Report dated March 37, 2008
+_UU 007
K
01/01/2007 - 0212912008 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
LA OUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO.1:
LOW/MODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Trensfer In
TOTAL LOWIMOD BOND
Tax Increment
Allocated Interest
Non Allocated Interest
Miscellaneous revenue
Non Allocated Interest
LORP-Rem Revenue
Home Sales Proceeds
Sale of land
Sewer Subsidy Reimbursements
Rehabilitation Loan Repayments
2nd Trust Deed Repayment
Transfer In
TOTAL LOWIMOD TAX
DEBT SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Imerst - County Loan
Interest Advance Proceeds
Transfers In
TOTAL DEBT SERVICE
0.00
000
0.00
0.000%
000
000
0.00
0.000%
0.00
0.00
000
0.000%
0.00
000
0.00
0.00D%
0.00
0.00
000
0.000 %
11,166,237.00
5,093,078.44
6,073,15856
45.610%
404,800.00
(37,854.70)
442,65470
-9.350%
0.00
907.50
(907.50)
0.000%
125,000.00
125.000.00
0.00
100.000%
0.00
0.00
0.00
0.000%
252,000.00
180,302.15
71,69785
71.550%
150,000.00
158,060.85
(8,060.85)
105.370%
0.00
0.00
000
0.000%
4,000.00
3,231.21
76879
80.780%
0.00
000
0.00
0.000%
350,000.00
303,190.04
46,809.96
86.630%
313156.00
313156.00
000
100.000%
12,765,193.00
6.139,07149
6,626,121.51
48,090%
44,664,949.00
20,369,328.33
24.295,620.67
45600%
596,100.00
445.875.25
150,224.75
74800%
0.00
0.00
0 DO
0.000%
0.00
0.00
000
0.000%
0.00
000
0.00
0.000%
4,504,087.00
2,979,620.44
1,524,466 58
66150%
49,765.136.00
23,794,824.02
25,970,311.98
47810%
CAPITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest
337.900.00
186,911.88
150,988 12
55.320%
Non Allocated Interest
750,000.00
478,665.46
271,334.54
63.820%
Developer Agreamern Funding
0.00
201,379.00
(201,379.00)
0.000%
Sale of Land Proceeds
0.00
0.D0
000
0.000%
Rental Income
0.00
0.00
000
0.000%
Transfers In
25 000 000.00
25,000,000.00
000
100.000%
TOTAL CAPITAL IMPROVEMENT
26,087,900.00
25,866,956.34
220,943.66
99.150%
CAPITAL IMPROVEMENT FUND -TAXABLE
Pooled Cash Allocated Interest
0.00
000
0.00
0.000%
Non Allocated Interest
0.00
0.00
000
0.000%
Litigation Settlement Revenue
0.00
000
0.00
0.000%
Bond proceeds
000
000
000
0000%
Rental Income
000
0.00
0.00
0.000%
Transfers In
0.00
0.00
0.00
0,000%
TOTAL CAPITAL IMPROVEMENT
0.00
0.00
0.00
0.000%
%_Q 003
3
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 1:
07/01/2007 - 02/29/2008 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
LOWIMODERATE BOND FUND
PERSONNEL
000
0.00
0.00
000
SERVICES
000
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
0.00
000
0.00
0.00
HOUSING PROJECTS
000
000
0.00
000
TRANSFERS OUT
0.00
000
0.00
0.00
TOTAL LOW/MOD BOND
LOWIMODERATE TAX FUND:
PERSONNEL
1,100.00
805.15
0.00
294.85
SERVICES
396,099.00
221,799.74
0.00
174,299.26
BUILDING HORIZONS
0.00
0.00
0.00
0.00
LO RENTAL PROGRAM
200,000.00
132,189.08
0.00
67,810.92
2nd TRUST DEED PROGRAM
225,000.00
191,050 00
000
33,950.00
LAND ACQUISITION
10,276,127.00
5,794,18283
000
4,481,944.17
FORECLOSURE
425,000.00
86,952.81
000
338,047.19
REIMBURSEMENT TO GEN FUND
652,471.00
434,979 B4
0.00
217,491.16
TRANSFERS OUT
4,51,187.00
2979620.44
000
1,524,466.58
TOTAL LOINIMOD TAXg!MT
DEBT SERVICE FUND:
SERVICES
457,300 00
367,239.98
0.00
90,060.02
BOND PRINCIPAL
3.514,579.00
2,795,00000
0.00
719,579.00
BOND INTEREST
7,500,553.00
3,791,308.13
0.00
3,709,244.87
INTEREST CITY ADVANCE
1,020,000.00
683,826.03
0.00
336,173.97
PASS THROUGH PAYMENTS
23,901,662 00
11,760,030.17
0.00
12,141.631.83
ERAF SHIFT
000
000
0.00
0.00
TRANSFERS OUT
28,870,980 00
27 519,319.35
0.00
1 451,640.65
TOTAL DEBT SERVICE
_
CAPITAL IMPROVEMENT FUND:
PERSONNEL
1.100.00
80515
0.00
294.85
SERVICES
1,016,22900
474,34037
32,060.00
509,838.63
LAND ACQUISITION
0.00
000
0.00
0.00
ASSESSMENT DISTRICT
0.00
0.00
0.00
000
ADVERTISING -ECONOMIC DEV
000
0.00
0.00
000
ECONOMIC DEVELOPMENT
0.00
000
0.00
0.00
BOND ISSUANCE COSTS
0.00
000
000
0.00
CAPITAL -BUILDING
10,000.00
0.00
000
10,00000
REIMBURSEMENT TO GEN FUND
311,033.00
207,354.56
000
103,678 44
TRANSFERS OUT
13,089,04000
2761,908.76
0.00
6032713124
TOTAL CAPITAL IMPROVEMENT
CAPITAL IMPROVEMENT FUNDITAXABLE BOND
BOND ISSUANCE COSTS
0.00
000
0.00
0.00
TRANSFERS OUT
0.00
000
0.00
0.00
TOTAL CAPITAL IMPROVEMENT
wee
13
LA OUINTA REDEVELOPMENT AGENCY
07/01/2007. 02/29/2008
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO.2:
LOW/MODERATE BOND FUND:
Allocated Interest
000
0.00
0.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000-A
Bond proceeds (net)
0.00
0.00
0.00
0 DOD%
Transfer In
0.00
0.00
0.00
0.D00%
TOTAL LOWIMOD BOND
0.00
0.00
0.00
0.000%
LOWIMODERATE TAX FUND:
Tax Increment
5,701,66000
2.700,812.73
3.000,647.27
47.370%
Allocated Interest
400,000.00
169,992.34
230,007.66
42.500%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Developer funding
0.00
OAO
0.00
0.000%
Vista Dunes MHP Rental Rev
0.00
0.00
0.00
0.000%
2nd Trust Deed Repayment
75,ODO.OD
59,219.00
15,781.00
78.960%
ERAF Shift - Imerest
0.00
000
000
0.000%
Sale of Land
352,68700
352,687.00
0.00
100.000%
MireBores Note Repayment
52,200.00
56.198.00
(3,998 00)
107.660%
Transfer In
8378966 DO
9378966.00
0.00
100.ODO%
TOTAL LOW/MOD TAX
15,960.51300
12.717.875.07
3,242,637.93
79.680%
2004 LOWIMODERATE BOND FUND:
Allocated Interest
0.00
OAO
0.00
0.000%
Home Sale Proceeds
000
0.00
0.00
O.ODO%
Non Allocated Interest
2,000,000.0D
1,242,374.60
757,625A0
62.120%
Transfer In
000
0.00
0.00
0.000%
TOTAL LOWIMOD BOND
2,000,000.00
1,242,374.60
757,625.40
62.120%
DEBT SERVICE FUND:
Tax Increment
22,806,640.OD
10,803,250.92
12,003,389.08
47.370%
Allocated Interest
300,00000
142,683.43
157,316.57
47.560%
Non Allocated Interest
0 DO
0.00
0.00
0.000%
Interest Advance Proceeds
000
0.00
0.00
0.OD0%
Transfer In
1955846.00
124085677
714987.23
63.440%
TOTAL DEBT SERVICE
25,062,486.OD
12.186,793.12
12,875,692.88
48.630%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
80,000.00
57,381.72
22,618.28
71.730%
Non Allocated Interest
000
0.00
0.00
0.000%
Developer Agreement
000
0.00
O.DO
0.000%
Transfers In
0.00
000
000
0.ODO%
TOTAL CAPITAL IMPROVEMENT
80,000.00
57,38172
22,618.28
71.730%
LA QUINTA REDEVELOPMENT AGENCY 07/0112007. 021=008
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO. 2:
LOWIMODERATE BOND FUND
2nd TRUST DEEDS
0.00
0.00
0.00
0.00
LAND
000
0.00
0.00
000
BOND ISSUANCE COSTS
000
0.00
0.00
0.00
TRANSFERS OUT
0.00
000
0.00
000
TOTAL LOW/MOD BOND
LOWIMODERATE TAX FUND:
PERSONNEL
70000
487.24
0.00
212.76
SERVICES
664,062.00
249,402.21
0.00
414,67979
2ND TRUST DEEDS
000
0.00
000
0.00
LOW MOD HOUSING PROJECTS
000
5,000.00
0.00
(5,000 00)
FORECLOSURE ACQUISITION
100,000.00
000
0.00
100.00000
WATERCOLOR COURT HOMES
4,500,000.00
3,284,100.00
000
1,215,90000
LANDACQUISITION
333,555.00
72,427.00
0.00
261,12800
REIMBURSEMENT TO GEN FUND
356,505 00
237.669.28
000
118.835.72
TRANSFERS OUT
7,21,13101
1 704,442.77
000
5,551,987 23
TOTAL LOWIMOD TAX
2004 LOWIMODERATE BOND FUND
HOUSING PROGRAMS
3,200,000.00
000
0.00
3,200,000.00
LAND
0.00
000
000
0.00
TRANSFERS OUT
13,11,2101
11290293.00
000
1393,943.00
TOTAL LOWIMOD BOND
DEBT SERVICE FUND:
CAPITAL IMPROVEMENT FUND:
SERVICES
BOND PRINCIPAL
BONDINTEREST
INTEREST CITY ADVANCE
PASS THROUGH PAYMENTS
TRANSFERS OUT
TOTAL DEBT
10000
0.00 (13,39866)
0.00 0.00
0.00 153,871 25
0.00 649.432.94
000 9.518.891.09
PERSONNEL
700.00
48696
000
213.04
SERVICES
242,094.00
66,326.61
000
175,767.39
ADVERTISING -ECONOMIC DEV
0.00
000
0.00
0.00
ECONOMIC DEVELOPMENT ACTIVITY
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
25,291.00
16,860 32
0.00
8,430.68
TRANSFERS OUT
473,004.10
1106145.813
000
362,058.07
TOTAL CAPITAL IMPROVEMENTlg4
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COUNCIL/RDA MEETING DATE: April 15, 2008
ITEM TITLE: Adoption of a Resolution Making Certain
Findings Pursuant to Health and Safety Code Section
33445(a)
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution authorizing the use of Agency funding for the improvements
identified in the Fiscal Year 2008/2009 through 2012/2013 Capital Improvement
Program (CIP) and making certain findings pursuant to Health and Safety Code Section
33445(a)
FISCAL IMPLICATIONS:
Adoption of the Resolution will approve the projects identified in the Fiscal Year
2008/2009 through 2012/2013 CIP and make the necessary findings pursuant to the
Health and Safety Code for use of Redevelopment Agency (RDA) Project Area No. 1
funds. Allocation of funds for these projects will not be approved until the City
Council approves the Fiscal Year 2008/2009 annual operating budget.
The first year of the five-year forecast, or capital budget, will be included in the City's
annual operating budget. When the City Council approves the annual operating budget
for Fiscal Year 2008/2009, it will also authorize the expenditure of $9,128,071 for
Fiscal Year 2008/2009 capital project expenditures.
CHARTER CITY IMPLICATIONS:
Because RDA funding will be used on several of the proposed projects, the RDA
funded projects will be bid with a requirement that the contractors pay prevailing
wage.
I.,i 013
BACKGROUND AND OVERVIEW:
On March 18, 2008, staff presented the CIP and five-year forecast to City Council for
review during Study Session. The document is a statement of the City's goals,
objectives, and priorities for a five-year CIP and the financial commitments required to
accomplish those objectives.
The purpose of the CIP is to provide the City with a long-range program for major
municipal capital construction projects based on the systematic development of an
accompanying financial plan. The CIP is a five-year planning instrument used by the
City to identify capital improvement needs and to coordinate financing and timing of
those needs in a manner that maximizes benefit to the public. As each annual budget
is prepared, additional projects and priority needs are identified and added to the
program to maintain a total five-year plan.
The amount allocated within the CIP for first year projects is called the capital budget
and is based on existing fund balances and projected revenues. The capital budget is
incorporated into the annual City "operating" budget, which appropriates funds for
specific facilities, equipment and improvements. Projects slated for subsequent years
in the program are approved on a planning basis only and do not receive expenditure
authority until they are incorporated into the capital budget. The CIP is updated
annually and can be amended at any time based on revenue availability and changes in
project priorities.
The 2007/2008 CIP identified $67,395,836 in capital improvement projects. With one
exception, all 2007/2008 projects are either completed, are currently in the design or
construction stage, or will have contracts awarded by the end of the fiscal year. The
exception is project 200707 — New Traffic Signal (Dune Palms Road at Retail Center).
This project is tentatively on hold until the final geometry of the intersection is
determined.
Included in the CIP document is a "Capital Improvement Program Fiscal Year
2007/2008 Project Status Report," which lists: one 1996/1997 project carried -over,
one 2000/2001 project underway, one 2000/2001 project completed, one 2001 /2002
project underway, one 2002/2003 project underway, one 2004/2005 project
underway, two 2004/2005 projects completed, three 2005/2006 projects underway,
three 2005/2006 projects completed, eight 2006/2007 projects underway, four
2006/2007 projects completed, ten 2007/2008 projects underway, and two
2007/2008 projects completed. Also included is a "Carryover Project Summary"
which provides the life -to -date expenditures for all active CIP projects.
i -;. 014
Overall, the CIP is proposing approximately $31,937,000 in projects during the next
five years. The remaining projects represent unfunded "Additional Projects" totaling
$77,767,081 and "Developer Reimbursement Agreements" totaling $6,743,149. The
funding of projects listed within these unfunded categories will require future City
Council consideration to ensure revenue availability.
The Capital Budget proposed during Fiscal Year 2008/2009 includes $9,128,071 in
capital improvement projects. There are a total of ten projects identified to receive
funding. Project Number 199613-Washington Street/1-10 Interchange Improvements is
a recurring long-term commitment.
Two other projects are recurring as part of a long term plan to fill missing sidewalk
links (199702-Sidewalks-Various Locations) and to install new or upgrade existing
handicap access ramps (Project Number 199703-Handicap Access Ramp -Various
Locations) to comply with the ever evolving ADA standards.
There are seven new or secondary phased projects proposed to complete the
2008/2009 CIP. These projects include:
200708 - Corporation Yard Phase I Construction
200801 - Sound Attenuation Wall (W. Washington Street at Laguna de la Paz)
200802 - New Traffic Signal (Desert Club Drive at Avenue 52)
200803- Village/Cove Area Fire Station - Phase 1
200804- "Old Town" Enhanced Pedestrian Crossings
200805- Fred Wolff Bear Creek Nature Trail Improvements
200806- Colonel Paige Sports Field Lighting
This CIP is developed using fiscally conservative methodology as directed by the City
Council. Prior to proceeding with any project, City staff will present the project to the
City Council for authorization.
Health and Safety Code Section 33445(a) requires the City Council to make certain
findings regarding the use of RDA funding for capital improvements and to consent to
the use of the funding. The attached resolution contains the required findings, which
are supported by the information in this report and by the staff presentation which will
be made during the hearing. Specifically, there is inadequate funding within the City's
General Fund or from other sources (other than the funding from the La Quinta
Redevelopment Agency) to completely and fully fund the improvements identified
within the capital budget. This is due to the fact that the General Fund and non -
redevelopment funding is already committed to other finding. The completion of the
improvements identified within the capital budget will help to obtain the goals and
objectives of La Quinta Redevelopment Project Area No. 1 as well as to afford an
opportunity to eliminate conditions of blight in the Project Area by provided needed
infrastructure and physical improvements. The proposed improvements will provide a
015
direct benefit to residents and visitors within the Redevelopment Agency Project Area
No. 1 and to the neighborhoods in which the improvements will be located. Finally,
Staff has determined that the improvements are consistent with the Agency's
implementation plan.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency include:
1. Adopt a Resolution authorizing the use of Agency funding for the improvements
identified in the Fiscal Year 2008/2009 through 2012/013 Capital Improvement
Program and making certain findings pursuant to Health and Safety Code
Section 33445(a); or
2. Do not adopt a Resolution authorizing the use of Agency funding for the
improvements identified in the Fiscal Year 2008/2009 through 2012/2013
Capital Improvement Program and making certain findings pursuant to Health
and Safety Code Section 33445(a); or
3. Provide staff with alternative direction.
Respectfully submitted,
T othy R. J nas n, P.E.
ublic Works Dire for/City Engineer
Approved for submission by:
Thomas P. Genovese, Executive Director
-0 016
RESOLUTION N0. RA 2008-
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY OF THE CITY OF LA QUINTA, CALIFORNIA,
ADOPTING THE FISCAL YEAR 2008/2009 THROUGH
2012/2013 CAPITAL IMPROVEMENT PLAN AND
MAKING CERTAIN FINDINGS PURSUANT TO HEALTH
AND SAFETY CODE SECTION 33445(a) AND
CONSENTING TO THE EXPENDITURE OF FUNDS FOR
THE IMPROVEMENTS
WHEREAS, pursuant to Government Code Section 66002, the City of
La Quinta ("City") is required to review and adopt a Capital Improvement Plan (the
"Plan"); and
WHEREAS, the City is required to conduct a noticed public hearing for
consideration of adoption of the Plan; and
WHEREAS, notice of the public hearing has been given pursuant to
Government Code Section 65090; and
WHEREAS, the Plan is a five-year planning instrument used by the City to
identify capital improvement needs and to coordinate financing and timing of those
needs in a manner that maximizes the return to the public; and
WHEREAS, the Plan is a statement of the City's goals, objectives and
priorities for a five-year Plan and the financial commitments required to accomplish
those objectives; and
WHEREAS, the Fiscal Year 2008/2009 through 2012/2013 Plan proposes
approximately $31,937,006 in improvement projects and $77,767,081 of
unfunded additional improvement projects over the five-year period, commencing
on July 1, 2008 and ending June 30, 2013; and
WHEREAS, the amount allocated from the Plan for first -year projects, called
the capital budget, proposes $9,128,071 in improvements, as shown in Exhibit 1,
heretofore made a part of this Resolution; and
WHEREAS, there is inadequate funding within the City's General Fund or
from other sources other than the funding from the La Quinta Redevelopment
Agency to completely and fully fund the improvements identified within the capital
budget; and
Resolution No. RA 2008-
Capital Improvement Plan
Adopted: April 15, 2008
Page 2
WHEREAS, the completion of the improvements identified within the capital
budget will help to obtain the goals and objectives of La Quinta Redevelopment
Project Area No. 1 (Project Areal as well as to afford an opportunity to eliminate
conditions of blight in the Project Area; and
WHEREAS, it would be in the best interest of the public to completely fund
all improvements identified within the capital budget.
NOW THEREFORE, BE IT RESOLVED, by the Agency:
SECTION 1. The above recitations are true and correct and are adopted as
the findings of the Agency.
SECTION 2. The Agency does hereby adopt the Fiscal Year 2008/2009
through 2012/2013 Capital Improvement Plan, and approve the capital budget, as
shown in Exhibit 1, heretofore made a part of this Resolution.
SECTION 3. The Agency hereby consents to Agency funding to be utilized to
fund certain improvements within the Fiscal Year 2008/2009 Capital Budget.
SECTION 4. Pursuant to Health and Safety Code Section 33445(a), the
Agency finds and determines that:
A. The proposed improvements identified within the Fiscal Year
2008/2009 Capital Budget are of benefit to the Redevelopment Agency Project
Area No. 1 and to the immediate neighborhoods in which the improvements will be
located.
B. No other reasonable means of financing the improvements are
available to the community.
C. The proposed improvements identified within the Fiscal Year
2008/2009 Capital Budget will assist in the elimination of one or more blighting
conditions inside the Project Areas and are consistent with the Agency's
implementation plan adopted pursuant to Section 33490.
BE IT FURTHER RESOLVED, the Agency for the City of La Quinta authorizes
the inclusion of said capital budget into the Fiscal Year 2008/2009 operating
budget, which appropriates funds for specific facilities, equipment and
improvements.
Resolution No. RA 2008-
Capital Improvement Plan
Adopted: April 15, 2008
Page 3
PASSED, APPROVED and ADOPTED at a regular meeting of the Agency held
on this 15t" day of April 2008, by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
TOM KIRK, Chairperson
City of La Quinta, California
ATTEST:
VERONICA J. MONTECINO, CMC, Agency Secretary
City of La Quinta, California
(Seal)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Agency Counsel
City of La Quinta, California
41. 019
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