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2008 12 16 RDA6x# 4 #OdA 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 16, 2008 3:30 P.M. Closed Session / 4:00 P.M. Open Session Beginning Resolution No. RA 2008-007 CALL TO ORDER Roll Call: Agency Board Members: Adolph, Franklin, Henderson, 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. 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. Redevelopment Agency Agenda 1 December 16, 2008 001 CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. APPROVAL OF MINUTES OF DECEMBER 2, 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 DECEMBER 16, 2008. 2. RECEIVE AND FILE TREASURER'S REPORT DATED OCTOBER 31, 2008. 3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED OCTOBER 31, 2008. 4. AUTHORIZATION FOR OVERNIGHT TRAVEL FOR THE CITY MANAGER, ASSISTANT CITY MANAGER -DEVELOPMENT SERVICES, AND TWO AGENCY BOARD MEMBERS TO ATTEND THE 2009 CALIFORNIA REDEVELOPMENT AGENCY (CRA) ANNUAL CONFERENCE AND EXPO IN MONTEREY, CALIFORNIA, APRIL 1-3, 2009. 5. 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, 2008. 6. APPROVAL OF LA QUINTA REDEVELOPMENT AGENCY FINANCIAL REPORTS IN ACCORDANCE WITH SECTION 33080 OF THE HEALTH AND SAFETY CODE. 7. APPROVAL OF AN AMENDMENT TO THE PROFESSIONAL SERVICES AGREEMENT WITH GOLF DIMENSIONS FOR SILVERROCK RESORT PHASE II PROJECT MANAGEMENT SERVICES. 8. APPROVAL OF REQUEST FOR PROPOSALS (RFP) FOR 2009 LA QUINTA MARKET STUDY. 9. ADOPTION OF A RESOLUTION MAKING FINDINGS PURSUANT TO HEALTH AND SAFETY CODE SECTION 33445 REGARDING AGENCY FUNDING OF THE ACQUISITION OF LAND EAST OF DUNE PALMS ROAD, SOUTH OF HIGHWAY 111, AND APPROPRIATING FUNDS. Redevelopment Agency Agenda 2 December 16, 2009 • 002 0 2 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 20, 2009, 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 16, 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 111, on December 12, 2008. DATED: /December 1,2, 2008 VERONICA J. KONTECINO, City Clerk City of La Q6iinta, California Public Notice Any writings or documents provided to a majority of the Redevelopment Agency regarding any item on this agenda will be made available for public inspection at the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours. CO3 Redevelopment Agency Agenda 3 December 16, 200d'" � T La�urr�.7`Q.� S cFM OF Ttiti9� COUNCIL/RDA MEETING DATE: December 16, 2008 ITEM TITLE: Demand Register Dated December 16, 2008 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated December 16, 2008 of which $254,366.50 represents Redevelopment Agency Expenditures AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR STUDY SESSION PUBLIC HEARING l��y�y��ilil►6Y��7_\��r•�i7_11ir�i►1�1�i3�:itiP►(y11i'L�Zi1�L[ylf!_L � � � Coo /rn 4 e(Pau&raj u - 5 ce � `k OF TttF' AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: December 16, 2008 BUSINESS SESSION: ITEM TITLE: Receive and File Treasurer's Report o2 dated October 31, 2008 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and file. PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA 005 a _ s cE`y OF'IKF'9 COUNCIL/RDA MEETING DATE: December 16, 2008 ITEM TITLE: Receive and File Revenue and Expenditure Report dated October 31, 2008 RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of the October 31, 2008 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, 2008 006 LA OUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO. 1: ADJUSTED REMAINING % BUDGET RECEIVED BUDGET RECEIVED LOWIMODERATE TAX FUND: Teri Increment Allocated Interest Non Allocated Interest Miscellaneous revenue Non Allocated Interest LORP-Rent Revenue Home Sales Proceeds Sale of Land Sewer Subsidy Reimbursements Rehabilitation Loan Repayments 2nd Trust Deed Repayment Transfer In TOTAL LOW/MOD TAX DEBT SERVICE FUND: Tac Increment Allocated Interest Non Allocated Interest Interest - County Loan Interest Advance Proceeds Tansfers In TOTAL DEBT SERVICE 11,501,20000 23,52381 11,477,67619 0,200% 53,00000 6,871.82 46,12818 12970% 000 52585 (525 85) 0.000% 000 000 000 0.000% 000 000 000 0.000% 225,000 00 83,084 00 141,916.00 36 930% 150,000 00 000 150,00D.00 0 000 % 0.00 0.00 0.00 0 000 % 0.00 603.34 (603 34) 0.000% 000 0.00 0.00 0.000% 0.00 92,500 00 (92,500 00) 0000% 000 000 000 0.000% 11,929,20000 207,10882 11,722,091.18 1.140% 46,004,900.00 94,09521 45,910,80479 0.200% 173,600 00 40,467 44 133,132 56 23.310 % 000 000 000 0.000% 000 000 000 0.000% 0.00 0.00 0.00 0 000 % 4,444,479 00 2,951,541.56 1,492,937.44 66.410 % 50,622979.00 3,086,104.21 47,535,874.79 6100% CAPITAL IMPROVEMENT FUND - NON-TAXABLE Pooled Cash Allocated Interest 000 87,485.59 (87,48559) 0.000% Non Allocated Interest 300,00000 118,35960 181.640.40 39.450% Developer Agreement Funding 000 000 000 0.000% Sale of Land Proceeds 3,894,600.00 000 3,894,60000 0000% Rental Income 000 000 000 0000% Transfers In 15,000,000 00 000 15 000 000.00 0000% _ TOTAL CAPITAL IMPROVEMENT 19194600.00 205845.19 18,988,754.81 1070% n., . 007 2 07/01/2008 - 10/31/2008 LA OUINTA REDEVELOPMENT AGENCY ADJUSTED BUDGET EXPENDITURES ENCUMBERED REMAINING BUDGET EXPENDITURE SUMMARY PROJECT AREA NO, 1: LOWIMODERATE TAX FUND: PERSONNEL 0.00 1690.00 SERVICES 8,36900 328,38900 6.05 81,426.05 0.00 42.9 288,942.95 BUILDING HORIZONS 0.00 000 000 000 LO RENTAL PROGRAM 275,00000 48,064.91 000 226.93509 BUILDING HORIZONS 250,00000 0.00 000 250,000 DO LAND ACQUISITION 4,371,45300 4.146,65730 0.00 224,79570 LOW MOD HOUSING PROJECTS 000 0.00 000 0.00 FORECLOSURE 150,00000 189,411.73 0.00 (39,41173) REIMBURSEMENT TO GEN FUND 706,271.00 235,42436 0.00 470,846.64 TRANSFERS OUT 4444,479.00 2,95154156 0.00 1.492937.44 TOTAL LOW/MUD TAX DEBT SERVICE FUND: SERVICES 000 395, BOND PRINCIPAL 960,00000 00 0:00000 0.00 0000 0,94 T 7,330,18900 3:709,24513 3,34000000 0.00 87 INTERSBONDI CITY INTEREST CITY ADVANCE 1,020,00000 1,020,00000 0.00 6800,9430 8,976,3 PASS THROUGH PAYMENTS 25,404,680.00 428:30816 428,300 0.00 1. 24,878,371.84 000 00 0.00 0.00 TRANSHIFT TRANSFERS OUT 6.00 78,966,396.00 2533,890.85 000 16432705.15 TOTAL DEBT SERVICE46:705 56 CAPITAL IMPROVEMENT FUND: PERSONNEL 1,10000 0.56 000 1,100.00 SERVICES 935,215.00 84,89056 000 850,00 LAND 000 0.00 000 0.00 ASSESSMENT AADVERTISING-ECONOMIC 000 0.00 0.00 000 VESSMENTECON MI DEV I M 0.00 000 0.00 000 C DEVELOP N ECONOMIC 0.00 000 000 000 BOND ISSUANCE BOND ISSUANCE COSTS 000 0.00 000 000 CAPITAL - BUILDING 000 96,5880 REIMBURSEMENT TO GEN FUND 4,88300 294,88300 4.68 98,294.6E 000 196,58832 TRANSFERS OUT 59 521 815.00 1010433132 000 58NO ,51138188 TOTAL CAPITAL IMPROVEMENT n., 008 3 LA OUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO. 2: LOWIMODERATE TAX FUND: Tax Increment Allocated Interest Non Allocated Interest Developer funding Vista Dunes MHP Rental Rev 2nd Trust Deed Repayment ERAF Shift - Interest Sale of Land Miraflores Note Repayment Transfer In TOTAL LOWIMOD TAX 2004 LOW/MODERATE BOND FUND. Allocated Interest Home Sale Proceeds Non Allocated Interest Transferin TOTAL LOW/MOD BOND DEBT SERVICE FUND: Tax Increment Allocated Interest Non Allocated Interest Interest Advance Proceeds Transfer In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: Allocated Interest Non Allocated Interest Developer Agreement Transfers In TOTAL CAPITAL IMPROVEMENT ADJUSTED REMAINING % BUDGET RECEIVED BUDGET RECEIVED 5,872,70000 9,182.83 5,863,51717 0160% 380,500.00 34,59098 345,909.02 9.090% 0 DO 000 000 0.000°/a 000 0.00 000 0 000% 0.00 0 DO 0.00 0.000 % 000 40,458 25 (40,458 25) 0 000% 0.00 0.00 0.00 0.000 % 000 0.00 000 0.000 % 000 000 0.00 0.000% 000 0.00 0 00 0 000% 6,253,200.00 84.232.06 6,168,967.94 1.350% 000 000 000 0 000% 0.00 0.00 000 0 000 % 102,000.00 128,197.10 (26,197.10) 125.680% 000 0.00 000 0.000% 10200000 128197.10 (26,19710) 125680% 23,490,800D) 36,731.35 23,454,068.65 0.160% 000 41,035.78 (41.03578) 0.000% 000 000 000 0000% 000 0.00 000 0 000% 1,953,598.00 11247,937 28 705 660 72 63.880 % 25,444,398.00 1,325,70441 24,118,693.59 5.210% 84,000.00 10,22979 73,77021 12A80% 000 000 000 0 000% 0.00 0.00 0.00 0 000% ODD 0.00 0.00 0.0D0% 84,000.00 10,22979 73,770.21 12A80% 009 4 07/01/2008 - 10/31/2008 LA OUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET PROJECT AREA NO.2: LOW/MODERATE TAX FUND: PERSONNEL 700.00 0.00 70000 SERVICES 5/2,82800 8A7 118,40000 000 9 394,41953 0.00 000 000 0.00 LOW MOD HOUSING LOW 000 0.00 000 000 FORECLOSURE ACQUISITION 150,000 0.00 0.00 10,00000 VISTA DUNES PACOUISITION VISTADUNESTION DO 50,00000 0.00 000 50,00000 LAND ACQUISITION 1,20164 000 REIMBURSEMENT TO GEN FUND 4.00 380,804.00 120,201 84 0.00 40402.36 240,402.36 TRANSFERS OUT 446871400 485,834.51 0.00 398287949 TOTAL LOW/MOD TAX 2004 LOW/MODERATE BOND FUND HOUSING PROGRAMS 3,052,80000 1,375,00000 0.00 1,677,8iXL00 LAND 000 0.00 0.00 00 000 TRANSFERS OUT 12,390,202.00 9509,95950 0.00 2,880242.50 TOTAL LOW/MOD BONG250 DEBT SERVICE FUND: SERVICES 0.00 206,02500 BONDPRINCIPAL305,184.00 115,000.00 5,275 00000 153,87125 000 .00 0.00 BOND INTEREST 25 0.00 ,220 75 INTEREST CITY ADVANCE 656,528.00 716,307 715.16334 000 09 940,22009 94 PAYMENTS 9,248,787.00 19,248,598.00 0.00 19,233,623.66 TPASS RANSFERS TRANSFERS OUT 1,953598.00 4793728 124793728 0.00 705,880.72 TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: PERSONNEL 700.00 000 0.00 700.00 SERVICES 286,413.00 57,441.36 0.00 228,97164 CAPITAL 000 000 000 000 ECONOMIC DEVELOPMENT ACTIVITY 0.00 0.00 000 000 REIMBURSEMENT TO GEN FUND 60.741.00 20,24732 000 40,493.68 TRANSFERS OUT 74,896.00 4,495.83 000 70,400.17 TOTAL CAPITAL IMPROVEMENT 0 T'VwoF4Q" COUNCIL/RDA MEETING DATE: December 16, 2008 ITEM TITLE: Authorization for Overnight Travel for the City Manager, Assistant City Manager -Development Services and Two Board Members to attend the 2009 California Redevelopment Agency (CRA) Annual Conference & Expo in Monterey, CA on April 1-3, 2009 RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Authorize overnight travel for the City Manager, Assistant City Manager -Development Services and Two Board Members to attend the 2009 California Redevelopment Agency (CRA) Annual Conference & Expo in Monterey, CA on April 1-3, 2009 (Attachment 1). FISCAL IMPLICATIONS: The Fiscal Year 2008/2009 Budget has allocated funds for travel, training and meetings for staff. Attendance at this seminar is estimated to be $2,175 per person based upon the following costs: Conference $ 545 Lodging (3 nights at $240/night) $ 730 Travel $ 600 Meals (4 days x $75) $ 300 Total $2,175 The cost for Assistant City Manger — Development Services will be divided among Project Areas 1 and 2 Capital Project Fund and Low -Mod Housing Fund as follows: Acct. #405-9001-702.510-01 (40%); #245-9001-703.51-01 (20%); 406-9002- 702.51-01 (20%); and #246-9002-703.51-01 20%). The cost for the City Manager and two Board members will be divided as follows: City Manager — 101-1002-413.51- 01 and Board members — 101-1001-41 1.51-01. Oil CHARTER CITY IMPLICATIONS: None BACKGROUND AND OVERVIEW: CRA provides education and networking opportunities for redevelopment practitioners so they can effectively apply California redevelopment law and regulations in reducing blight, promoting economic development, creating jobs, and developing affordable housing in their communities. CRA conducts educational seminars and conferences each year and publishes workbooks and documents regarding various aspects of redevelopment. The 2009 Annual Conference & Expo is a large convention of local and state officials, organizations and firms taking part in substantive sessions, small group discussions, a trade show, networking, and keynotes that provoke thought, stir to action, develop relationships and renew acquaintances. FINDINGS AND ALTERNATIVES: The alternatives available to the City Council include: 1. Authorize overnight travel for the City Manager, Assistant City Manager - Development Services and Two Board Members to attend the 2009 California Redevelopment Agency (CRA) Annual Conference & Expo in Monterey, CA on April 1-3, 2009; or 2. Do not authorize overnight travel for the City Manager, Assistant City Manager - Development Services and Two Board Members to attend the 2009 California Redevelopment Agency (CRA) Annual Conference & Expo in Monterey, CA on April 1-3, 2009; or 3. Provide staff with alternative direction. Respectfully submitted, Douglas R. tvans Assistant City Manager - Development Services Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. Conference Program Description 012 C { F i A ATTACHMENT 4 REDEVELOPMENT Suite 204 A 95814-3916 k your Calendars1 rivite you to join us at our 2099 Annual Conference and )'at the Monterey Conference Center. We`are planning itstanding series of sessions and events to inspire and J attendees for their work building better sustainable nunities. As always, it will also be a great time to network your peers and get the latest information on redevelopment I it will affect your agencies. _0' '.:. rvo your group discounted hotel room Oa Hotel (888) 222-5851 10 Monterey (800) 266-9432 reservations for both hotels ava Ilstration is available! ' co-workers to mark their calendars for is premier annual redevelopment event! for more information (916) 448-8760, or visit www.calredevelop.org Wuw 4 44r,�rw COUNCIL/RDA MEETING DATE: December 16, 2008 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, 2008 RECOMMENDATION: 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, 2008. FISCAL IMPLICATIONS: None. CHARTER CITY IMPLICATIONS: None. BACKGROUND 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. 014 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 2007/2008 Annual Continuing Disclosure Statement for the La Quinta 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 2007/2008, however, after June 30, 2008, the ratings of bond insurer have been downgraded twice. Material event notices (Attachment 2) has been filed with the appropriate repositories on July 23, 2008 and December 1, 2008 reporting these downgrades. It is important to note that the Agency has continued to pay debt service to the bondholders who invested in these bonds. 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 Quinta Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds for Fiscal Year End June 30, 2008; or 2. Do not 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, 2008; or 3. Provide staff with alternative direction. Respectfully submitted, M� John M. Falconer, Finance Director �15 Approved for submission by: Thomas P. Genovese, Executive Director Attachments: 1. 2007/08 Annual Continuing Disclosure Statement for the RDA 1998, 2001, 2002 and 2003 Tax Allocation Bonds 2. Material Event Disclosures dated July 23, 2008 and December 1, 2008 RDA 1998, 2001, 2002 and 2003 Tax Allocation Bonds �... 016 ATTACHMENT LA QUINTA REDEVELOPMENT AGENCY $151760,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION REFUNDING BONDS, SERIES 1998 Riverside County, California Dated: June 1, 1998 CUSIP: 504194 2008 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 16, 2008 Also available at: WILLDA N F 1111 Services www.wilidan.com 017 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 Willdan Financial Services* (formerly Munifinancial) Temecula, CA 92590 (951) 587-3500 Report available for viewing (a7 www.wilidan.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 5"' Street, 24t° Floor Los Angeles, California 90071 (213) 613-6047 In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. ,,.,. 018 L INTRODUCTION 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 previously 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 1998 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 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 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. 2007108, 1998 TAB City of La Quinta .j . 019 ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 9, 2008 Tax Allocation Refunding Bonds, Series 1998 $15,760,000 B. FUND BALANCES Fund As of October 9, 2008 Reserve Fund $841,805 Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2008 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. Area No. 1 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (1) Increment 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 2002/03 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 2005/06 3,956,642,179 29,248,534 0 3,985,890,713 3,786,492,480 45,632,751 2006/07 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 54,345,390 2008/09 5,246,680,334 31,678,392 0 5,278,358,726 5,078,960,493 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. 2007108, 1998 TAB City of La Quints 2 020 B. LAND USE PROJECT AREA NO. 1 2008/09 Total Percent Land Use Secured Value of Total Residential $4,471,424,726 83.82% Commercial 539,217,129 10.11 % Timeshare Estates 33,020,330 0.62% Vacant 282,051,845 5 29% Miscellaneous/Unknown 9,011,342 0.17% Total Project Area No. 1 $5,334,725,372 100.00% Source: County of Riverside 2008109 secured property roll, as compiled by W lldan Financial Services. 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 Nonsubordlnated Housing Pledged Pass Net Annual Debt Service Year Increment Pass Throughs('( Set Aside Revenues Throughs(2) Revenues Service (3) Coverage 2001/02 $20,929,840 $1,168,978 $4,488,487 $15,272,375 $7,025,471 $8,246,904 $3,697,867 223 2002/03 26,357,623 1,378,611 5,271,524 19,707,488 8,371,098 11,336,390 7,887,768j4) 1.43 2003/04 29,958,693 1,355,988 5,991,739 22,610,966 8,603,713 14,007,253 9,890,703 L41 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 2005106 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 52,536,879 1,959,308 10,507,377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 2007/08 54,345,390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703 1.94 (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 note, 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 began in fiscal year 2003/04. Source: Audited Financial Statements of the La Quinta Redevelopment Agency and the Statement of Indebtedness filed wath the Riverside County Auditor -Controller's Office. 2007108, 1998 TAB City of La Quinta 3 021 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 September1 Bonds Bonds Bonds Bonds Bonds Debt Service 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 2032 0 0 0 7.889.631 2.001,072 9,890,703 2007108, 1998 TAB City of La Quinta 4 022 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, 2008. 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. V. SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 1998 Bonds, has changed. A Material Event Notice has been disseminated regarding this matter. 2007108, 1998 TAB City of La Quinta b -- C23 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: 504194 2008 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 16, 2008 Also available at: WILLDAN Financial SernM www.willdanxom 024 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 Willdan Financial Services' (formerly Munifinancial) Temecula, CA 92590 (951) 587-3500 Report available for viewing t� www.wilidan.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, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein 025 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 Pledged 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. 2007108, 1998 TAB Proj 2 City of La Quinta 1 O G ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 9, 2008 Tax Allocation Refunding Bonds, Issue of 1998 $5,800,000 B. FUND BALANCES Fund As of October 9, 2008 Reserve Fund $423,788 Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2008 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. 2. PROJECT Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base tit Increment 1999/00 $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 2001/02 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 2003/04 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 2005/06 2,080,975,290 32,295,383 0 2,113,270,673 2,018,087,918 24,812,367 2006/07 2,420,689,543 42,208,337 0 2,462,897,880 2,367,715,125 25,971,446 2007/08 2,724,518,603 50,446,080 0 2,774,964,683 2,679,781,928 28,859,688 2008/09 2,805,349,012 61,576,037 0 2,866,925,049 2,771,742,294 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 Quints Redevelopment Agency. 2007108, 1998 TAB Proj 2 City of La Quinta 2 'rfn • .i 027 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 I't Set Aside Revenues Service (2) Coverage 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 1,624,848 423,788 383 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 2007/08 28,859,688 18,293,635 5,771,938 4,794,115 423,788 11.31 (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 Tax Increment on a nonsubordinated basis. (2) Maximum 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 -Controllers Office. C. LAND USE PROJECT AREA NO. 2 2008109 Total Percent Land Use Secured Value of Total Residential $2,122,206,608 75.31% Commercial 600,010,603 21.29% Apartments 21,801,189 0.77% Vacant 49,699,463 1.76% Miscellaneous/Unknown 24,333,071 0.86% Total Project Area No. 2 $2,818,060,934 100.00% Source: County of Riverside 2008/09 secured property roll, as compiled by Willdan Financial Services. 2007108, 1998 TAB Proj 2 City of La Quints e,. • 0 2 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 September 1 Principal Interest Debt Service 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 185,000 235,231.25 420,23125 2019 195,000 225,750.00 420,750.00 2020 205,000 215,512 50 420,512.50 2021 215,000 204,750 00 419,750.00 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 295,000 126,78750 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 $5,916,000 $5,038,217.60 $10,953,217.50 2007108, 1998 TAB Proj 2 City of La Quinta 4 ._.. 029 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, 2008. 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. V. SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 1998 Bonds, has changed. A Material Event Notice has been disseminated regarding this matter. 2007108, 1998 TAB Proj 2 City of La Quinta b 030 �.... . 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 2008 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 16, 2008 Also available at: ILLDAN l Financial services w .willdanxom 031 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 8; DISSEMINATION AGENT Willdan Financial Services* (formerly Munifinancial) Temecula, CA 92590 (951) 587-3500 Report available for viewing (d) www.wilidan.com UNDERWRITER Wedbush Morgan Securities BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West Vh Street, 24`h Floor Los Angeles, California 90071 (213) 613-6047 In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. p32 0. 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 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 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 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. 2007108, 2001 TAB City of La Quetta 7 033 ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 9, 2008 Tax Allocation Bonds, Series 2001 $48,000,000 B. FUND BALANCES Fund As of October 9, 2008 Reserve Fund $2,633,200 It/. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2008 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 Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (1) Increment 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 2002/03 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 2005/06 3,956,642,179 29,248,534 0 3,985,890,713 3,786,492,480 45,632,751 2006/07 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 54,345,390 2008/09 5,246,680,334 31,678,392 0 5,278,358,726 5,078,960,493 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 Cuinta Redevelopment. 2007108, 2001 TAB City of La Qmnta 2m, � . 034 B. LAND USE PROJECT AREA NO. 1 Land Use 2008109 Total Secured Value Percent of Total Residential $4,471,424,726 83.82% Commercial 539,217,129 10.11 % Timeshare Estates 33,020,330 0.62% Vacant 282,051,845 5.29% Miscellaneous/Unknown 9,011,342 0,17% Total Project Area No. 1 $5,334,725,372 100.00% Source: County of Riverside 2008/09 secured property roll, as compiled by Willdan Financial Services. 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 Throughslzl Revenues Service P) 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 7,887,768t"I 1.43 2003104 29,958,693 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 52,536,879 1,959,308 10,507,377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 2007/08 54,345,390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703 194 (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 nonsubordinated basis. Please note, 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 2003104 Source Audited Financial Statements of the La Quinta Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office 2007108, 2001 TAB City of La Quints 3 ,.... , 035 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 September1 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds 2003 Bonds Combined Debt Service 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 2032 0 0 0 7.889.631 2.001.072 9,890,703 2007108, 2001 TAB City of La Quinta W. 4 036 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, 2008. 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. V. SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 2001 Bonds, has changed. A Material Event Notice has been disseminated regarding this matter. 2007108, 2001 TAB City of La Quinta „5 037 LA QUINTA REDEVELOPMENT AGENCY $401000,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2002 Riverside County, California Dated: June 1, 2002 CUSIP: 504194 2008 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 16, 2008 Also available at: WILLDAN Finerwjw Sw v.o www.wilidan.com 038 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 Willdan Financial Services* (formerly Munifinancial) Temecula, CA 92590 (951) 587-3500 Report available for viewing 0 www.wilidan.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, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. 039 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. 1. The 2002 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 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 more 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 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. 2007108, 2002 TAB City of La Quinta 040 ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 9, 2008 Tax Allocation Refunding Bonds, Series 2002 $36,425,000 B. FUND BALANCES Fund As of October 9, 2008 Reserve Fund $2,013,648 Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2008 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. Area No. 1 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (1) Increment 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 2002103 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 2005/06 3,956,642,179 29,248,534 0 3,985,890,713 3,786,492,480 45,632,751 2006/07 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 54,345,390 2008/09 5,246,680,334 31,678.392 0 5,278,358,726 5,078,960,493 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 2007108, 2002 TAB City of La Quints n A 1 B. LAND USE PROJECT AREA NO. 1 Land Use 2008109 Total Secured Value Percent of Total Residential $4,471,424,726 83.82% Commercial 539,217,129 10.11 % Timeshare Estates 33,020,330 0.62% Vacant 282,051,845 5.29% Miscellaneous/Unknown 9,011,342 0.17% Total Project Area No.1 $5,334,725,372 100.00% Source: County of Riverside 2008109 secured property roll, as compiled by Widen Financial Services. 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 Throughs1�) Revenues Service t't Coverage 2001/02 $20,929,840 $1,168,978 $4,488.487 $15,272,375 $7,025,471 $8,246,904 $3697,867 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) 143 2003/04 29,958,693 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 9,890,703 154 2005/06 45,632,751 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 9,890,703 226 2007/08 54,345,390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703 1.94 (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 nonsubordinated basis. Please note, 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 Quints Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office 2007/08, 2002 TAB City of La Quinta V n r1 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 Septemberl Bonds Bonds Bonds Bonds Bonds Debt Service 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 2032 0 0 0 7,889,631 2,001,072 9,890,703 Total $10,804,871 $27,695,040 $88,112,615 $70,577,396 $49,960,641 $247,150,462 2007108, 2002 TAB City of La Quinta 4 043 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, 2008. 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. V. SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 2002 Bonds, has changed. A Material Event Notice has been disseminated regarding this matter. 2007108, 2002 TAB City of La Quinta C44 LA QUINTA REDEVELOPMENT AGENCY $26,400,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS TAXABLE SERIES 2003 Riverside County, California Dated: September 1, 2003 CUSIP: 504194 2008 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 16, 2008 Also available at: /WILLDAN i Flnancial Services www.wilidan.com 045 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 Willdan Financial Services' (formerly Munifinancial) Temecula, CA 92590 (951) 587-3500 Report available for viewinq (ED www.wilidan.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, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. p46 1. 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 2003 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 more 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. 2007108, 2003 TAB City of La Quinta 041 ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 9, 2008 Tax Allocation Bonds, Taxable Series 2003 $24,285,000 B. FUND BALANCES Fund As of October 9, 2008 Reserve Fund $1,509,867 Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2008 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 Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (') Increment 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 2001102 2,287,724,601 14,486,563 0 2,302,211,164 2,102,812,931 20,929,840 2002/03 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 2005/06 3,956,642,179 29,248,534 0 3,985,890,713 3,786,492,480 45,632,751 2006107 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 54,345,390 2008/09 5,246,680,334 31,678,392 0 5,278,358,726 5,078,960,493 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. 2007108, 2003 TAB City of La Quinta 2 n 48 B. LAND USE PROJECT AREA NO. 1 2008109 Total Percent Land Use Secured Value of Total Residential $4,471,424,726 83.82% Commercial 539,217,129 10.11 % Timeshare Estates 33,020,330 0.62% Vacant 282,051,845 5.29% Miscellaneous/Unknown 9,011,342 0.17% Total Project Area No. 1 $5,334,725,372 100.00% Source: County of Riverside 2008/09 secured property roll, as compiled by Willdan Financial Services. 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 Throughsttl Set Aside Revenues ThroughstZl Revenues Service tat 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"' 1.43 2003/04 29,958,693 1,355,988 5,991,739 22,610,966 8,603,713 14,007,253 9,890,703 141 2004/05 33,867.116 1,448,192 6,773,423 25,645,501 10,455,214 15,190,287 9,890,703 154 2005/D6 45,632,751 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 2007/08 54,345,390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703 194 (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 nonsubordinated basis Please note, 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 Dislnct (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) Annual Debt Service on the 2003 Bonds begins in fiscal year 2003104. Source: Audited Financial Statements of the La Quinta Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office. 2007108, 2003 TAB City of La Quinta 049 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 September 1 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds 2003 Bonds Combined Debt Service 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 2n32 0 0 0 7.889,631 2,001,072 9,890,703 2007108, 2003 TAB City of La Quinta 4 n O V. 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, 2008. 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. SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 2003 Bonds, has changed. A Material Event Notice has been disseminated regarding this matter. 2007108, 2003 TAB City of La Quinta 5 051 m 1 1 /1V1 IIVILIm 1 � LA QUINTA REDEVELOPMENT AGENCY $15,760,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO.1 TAX ALLOCATION REFUNDING BONDS, SERIES 1998 Riverside County, California Dated: June 1,1998 CUSIP: 504194 Material Event Notice As of July 23, 2008 Also available at: WILLDAN Finanaal Services Iant www.wilidan.com .. 052 NOTICE OF MATERIAL EVENT $15,760,000 La Quinta Redevelopment Agency La Quinta Redevelopment Project Area No.1 Tax Allocation Refunding Bonds, Series 1998 Ratings Change On June 5, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac Financial Group ("Ambac") from "AAA" to "AA". On June 19, 2008, Moody's Investors Service ("Moody's") downgraded Ambac from 'Aaa" to 'Aa3". Ambac is the Bond Insurer for the $15,760,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 1, Tax Allocation Refunding Bonds, Series 1998 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its municipal bond insurance policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated July 23, 2008. 053 LA QUINTA REDEVELOPMENT AGENCY $151760,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO.1 TAX ALLOCATION REFUNDING BONDS, SERIES 1998 Riverside County, California Dated: June 1,1998 CUSIP: 504194 Material Event Notice As of December 1, 2008 Also available at: WILLDAN Financial Services w .willdan.com NOTICE OF MATERIAL EVENT $15,760,000 La Quinta Redevelopment Agency La Quinta Redevelopment Project Area No.1 Tax Allocation Refunding Bonds, Series 1998 Ratings Change On November 5, 2008, Moody's Investors Service ("Moody's") downgraded Ambac Financial Group ("Ambac") from 'AaY to "Baal". On November 19, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac from 'AA" to 'A". Ambac is the Bond Insurer for the $15,760,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 1, Tax Allocation Refunding Bonds, Series 1998 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its municipal bond insurance policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated December 1, 2008. 055 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: 504194 Material Event Notice As of July 23, 2008 Also available at: WI LLDAN Financial Services rein www.willdan.com NOTICE OF MATERIAL EVENT $6,750,000 La Quinta Redevelopment Agency La Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds, Series 1998 Ratings Change On June 5, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac Financial Group ('Ambac") from "AAA" to "AA". On June 19, 2008, Moody's Investors Service ("Moody's") downgraded Ambac from 'Aaa" to 'Aa3". Ambac is the Bond Insurer for the $6,750,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 2, Tax Allocation Refunding Bonds, Series 1998 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its municipal bond insurance policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated July 23, 2008. p51 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: 504194 Material Event Notice As of December 1, 2008 Also available at: ✓WILLDAN $ Financial Services w .wilidanxom C59 NOTICE OF MATERIAL EVENT $6,750,000 La Quinta Redevelopment Agency La Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds, Series 1998 Ratings Change On November 5, 2008, Moody's Investors Service ("Moody's") downgraded Ambac Financial Group ('Ambac") from 'AaY to "Baal". On November 19, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac from 'AA" to 'A". Ambac is the Bond Insurer for the $6,750,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 2, Tax Allocation Refunding Bonds, Series 1998 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its municipal bond insurance policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated December 1, 2008. �59 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 Material Event Notice As of July 23, 2008 Also available at: i " ILLDAN Financial Services www.willdanxom �60 NOTICE OF MATERIAL EVENT $48,000,000 La Quinta Redevelopment Agency La Quints Redevelopment Project Area No.1 Tax Allocation Bonds, Series 2001 Ratings Change On June 5, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac Financial Group ("Ambac") from "AAA" to "AA". On June 19, 2008, Moody's Investors Service ("Moody's") downgraded Ambac from 'Aaa" to 'Aa3". Ambac is the Bond Insurer for the $48,000,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Series 2001 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its Financial Guaranty Insurance Policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated July 23, 2008. C61 LA QUINTA REDEVELOPMENT AGENCY $48,0001000 LA QUINTA REDEVELOPMENT PROJECT AREA NO.1 TAX ALLOCATION BONDS SERIES 2001 Riverside County, California Dated: August 1, 2001 CUSIP: 504194 Material Event Notice As of December 1, 2008 Also available at: wl LLDAN ,., Financial Services www.wllidan.com W. C62 NOTICE OF MATERIAL EVENT $48,000,000 La Quinta Redevelopment Agency La Quinta Redevelopment Project Area No.1 Tax Allocation Bonds, Series 2001 Ratings Change On November 5, 2008, Moody's Investors Service ("Moody's") downgraded Ambac Financial Group ('Ambac") from'Aa3" to "Baal". On November 19, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac from 'AA" to 'A". Ambac is the Bond Insurer for the $48,000,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Series 2001 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its Financial Guaranty Insurance Policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated December 1, 2008. �b3 LA QUINTA REDEVELOPMENT AGENCY $40,000,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO.1 TAX ALLOCATION BONDS SERIES 2002 Riverside County, California Dated: June 1, 2002 CUSIP: 504194 Material Event Notice As of July 23, 2008 Also available at: AlWILLDAN j = Financial Services �+ www.willdan.com C64 NOTICE OF MATERIAL EVENT $40,000,000 La Quinta Redevelopment Agency La Quinta Redevelopment Project Area No.1 Tax Allocation Bonds, Series 2002 Ratings Change On June 5, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac Financial Group ('Ambac") from "AAA" to "AA". On June 19, 2008, Moody's Investors Service ("Moody's") downgraded Ambac from 'Aaa" to 'Aa3". Ambac is the Bond Insurer for the $40,000,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Series 2002 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its Financial Guaranty Insurance Policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated July 23, 2008. LA QUINTA REDEVELOPMENT AGENCY $401000,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. I TAX ALLOCATION BONDS SERIES 2002 Riverside County, California Dated: June 1, 2002 CUSIP: 504194 Material Event Notice As of December 1, 2008 Also available at: VWILLDAN Financial Services www.willdan.com �66 NOTICE OF MATERIAL EVENT $40,000,000 La Quinta Redevelopment Agency La Quinta Redevelopment Project Area No.1 Tax Allocation Bonds, Series 2002 Ratings Change On November 5, 2008, Moody's Investors Service ("Moody's") downgraded Ambac Financial Group ('Ambac") from'AaY to "Baal". On November 19, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac from 'AA" to 'A". Ambac is the Bond Insurer for the $40,000,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Series 2002 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its Financial Guaranty Insurance Policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated December 1, 2008. v.. C 6 7 LA QUINTA REDEVELOPMENT AGENCY $26,400,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS Taxable Series 2003 Riverside County, California Dated. September 1, 2003 CUSP: 504194 Material Event Notice As of December 1, 2008 Also available at: WILLDAN z( RnancW Services www.willdan.com NOTICE OF MATERIAL EVENT $26,400,000 La Quinta Redevelopment Agency La Quinta Redevelopment Project Area No.1 Tax Allocation Bonds, Taxable Series 2003 Ratings Change On November 5, 2008, Moody's Investors Service ("Moody's") downgraded Ambac Financial Group ('Ambac") from 'Aa3" to "Baal". On November 19, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac from 'AA" to 'A". Ambac is the Bond Insurer for the $26,400,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Taxable Series 2003 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its Financial Guaranty Insurance Policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated December 1, 2008. 063 LA QUINTA REDEVELOPMENT AGENCY $261400, 000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS Taxable Series 2003 Riverside County, California Dated. September 1, 2003 CUSP: 504194 Material Event Notice As of July 23, 2008 Also available at: WILLDAN I Y Financial Sernces reecn www.wilidan.com 010 NOTICE OF MATERIAL EVENT $26,400,000 La Quinta Redevelopment Agency La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable Series 2003 Ratings Change On June 5, 2008, Standard and Poor's Rating Service ("S&P") downgraded Ambac Financial Group ('Ambac") from 'AAA" to 'AA". On June 19, 2008, Moody's Investors Service ("Moody's") downgraded Ambac from 'Aaa" to 'Aa3". Ambac is the Bond Insurer for the $26,400,000 La Quinta Redevelopment Agency's (the "Agency") La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Taxable Series 2003 (the "Bonds"). An explanation of the significance of the rating downgrade may be obtained from S&P and Moody's. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its Financial Guaranty Insurance Policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal and interest on the Bonds. This Material Event Notice is dated July 23, 2008. .... C 71 Tit,/ 4 4& Qakrry COUNCIL/RDA MEETING DATE: December 16, 2008 ITEM TITLE: Approval of La Quinta Redevelopment Agency Financial Reports in Accordance with Section 33080 of the Health and Safety Code RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: _ CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve the La Quinta Redevelopment Agency Financial Reports in accordance with Section 33080 of the Health and Safety Code. FISCAL IMPLICATIONS: None. BACKGROUND 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) 072 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 M. 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 .. 0,73 AIIAUnmr .. [/) # IL((( R Mkgq� {\ \_ /j E ,)§2 §§\ ® - k z @ /f!■� � })kI _ k _ IA!#toL k\ ƒ!) � � C!4 lialc { < ) \ z k E co ) a2 0 \\ \ { / ( k k ) \ E \ \ i 015 q q� ` k � = _ f ; \ 2 E f E 2 # 0 ® (_ 2\ . , ;I ƒf 4 /g !B / 7o 00 k )! » f } {/ ! � !!# - # f`� \ k�/k f I§§! 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V% C � ^ b C m N M u •7 N "7 u � � C � U O � O � U a e � en pp m y0 n, L m CO y �O ? maw mQ o w � y L O 9 U G m V T � y m U C m o � U •�. itl C C .p N L N tCE @ N wos� wx�6 F y 5 v m o o> Cw o� �,OL Ao Nm c s �' w i0 itl o O P. 0� s w ayyi c V U M 0 y 0 o y w N 1 U 112 L A V O 1 N M W N OO M O O Q 69 V3 . a � i L Q L a U a b ^ a � V3 V3 V3 V3 � ffi V3 Vi � 4li 49 V3 O Y'r c tcw- NN b b b b N N N b b ` Y O b G G G C C G ^g:r„... viv b b b b b v b b b L A at M N N N A CS N N �, C ¢ 03 Q V O ti b •( a Ns W b O v b 0 o o o o v- o o 0 lu lu U U �C O O yd ti q C N Oi y�j Orn O M M W C V3� �1 U3 Vi N� Q d p C Gi V L_ V s A ^ V V3 Vi 49 Vi O .. b h p b O C � � � o m E c m A c c F O Q n O 0 C N h o b ^ W Q M N a'f r 9 C r O h N � � G o m a b O u < m E C m J Q m 00 O U U 114 M q C• y yy � r r � a � o G A 'L fI9 La Y � A y � o u � o � � o 'o o F � a 0 N V F C R O F Y N L W R w R. 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's a .-1 F ill Footnotes to Reconciliation Statement Name of Agency La Quinta Redevelopment Agency Name of Project Area La Quinta Redevelopment Agency Project No. 2 Tax Year Fiscal Year Beginning. July 1, 2008 Reconciliation Dates From July 1 2007 To June 30, 2009 Low, & Moderate Housing Set Aside Increases: $ 454,793 Adjustment of Forecast remaining to 2038-39 454,793 County of Riverside Pass Through Increases: $ 593,72 Adjustment of Forecast remaining to 2038-39 593,725 Desert Sands Unified School Increases: $ 456,464 Adjustment of Forecast remaining to 2038-39 456,464 Coachella Valley Water District Increases: $ 154,490 Adjustment of Forecast remaining to 2038-39 154,490 County Superintendent of Schools Increases: $ 54,142 Adjustment of Forecast remaining to 2038-39 54,142 Desert Community College District Increases: $ 95.334 Adjustment of Forecast remaining to 2038-39 95,334 Coachella Valley Park & Rec Decreases: $ (408,0791 Adjustment of Forecast remaining to 2038-39 (408,079) Coach Valley Mosquito Abatement Increases: $ 33,858 Adjustment of Forecast remaining to 2038-39 33,859 Rent Reimbursement Increases: $ 1512 174 Adjustment of Forecast remaining to 2038-39 1,512,174 Overhead/Administration Decreases: $ (77,536) 2008-09 Budget Estimate (77,536) City of La Orient Advance Increases: $ 10,754,881 Adjustment of Forecast 10,754,881 County Administrative Fee (SB 25771 Decreases: $ (3,569,739 Adjustment of Forecast remaining to 2038-39 (3,569,739) .. il$ Page I of Footnotes to Reconciliation Statement Name of Agency La Quints Redevelopment Agency Name of Project Area La Quints Redevelopment Agency Project No. 2 Tax Year Fiscal Year Beginn ng July 1 2008 Reconciliation Dates' From July 1. 2007 To June 30,200 Capital Improvement Program Increases: Adjustment for 2008-09 Budget $2,158,008 $2,158,008 Page 2 of 2 11 119 CALCULATION OF AVAILABLE REVENUES AGENCY NAME LA QUINTA REDEVELOPMENT AGENCY PROJECT AREA LA QUINTA REDEVELOPMENT AGENCY PROJECT NO. 2 TAX YEAR Fiscal Year Beginning July 1, 2008 RECONCILIATION DATES: JULY 1, 2007 TO JUNE 30, 2008 1. Beginning Balance, Available Revenues $13,932,008 (Per 2006-07 Statement of Indebtedness) 2. Tax Increment Received — Gross: $28,508,300 All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3. All other Available Revenues Received $1,179,887 (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 $43,620,195 6. Total amounts paid against indebtedness in previous year. (D + E on Reconciliation Statement) $29,917,964 7. Available Revenues, End of Year (5 - 6) $13.702,231 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 (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. 9/30/2008 120 G a L L W a m F W C A .L a A oe 0 o sv a o vi s O o rs � L c o v o o0 V N 00 O M 00 lr�w V r- N 00 A D\ M N N Q\ N O Wi b9 V � C F C v> ra cfl W N f7 O V1 a C .a m s N i w � F W ,fl Q W � w° w° O o w w 'i L R v ur N u � G a e7 `� Pa ;, Q �i v N a0. o F m ¢ w I w F o O L C a U a V u ro L w� au Fd 0 wz w 121 R r y S 00 r � •-• p D\ .-. O V N M vi M u � ri ri G A zs "� ss `A zv of yj L b Q � C i i7 U d h o � 69 69 0 k M r m _ W O O O O O O O r 69 w 79 0 V 'J L t0 ^ fC ^ N (O N N N a C G G G C G y 9 G b y Pa Q G G O P N U b ^ .m O �= F C4 b 3 G b N n m C . v p D\ O 0 O N O O U b W a ..l ^ U C] U Ll U 0.' o N a b Q I Sl wc�x Q m U C) w 122 L d x r P O .--i fA 69 L b L c V � b M N ^• yL G � . � � G P o - �a A M M ¢ 0 b b b b b b o = o 'L N M N N N N tO Vl P W b P P P P P P O P O O n• � M N N N N M � M ^ �D M M M M �O � � � �• a 1� G �n O O N q u v Vl N N C t' •O .� .� •- .0 .-1 v o u o ip N b U ro y y ad y e .5 5 '= o• 'q o � o P a O U U U 04 K U U w A Q CQ U Q m U Q 0 123 d rCl F O V1 N O. •y vi O �n �. 69 69 69 'L y a � m A t 0 U a V N No" n ❑ � r C O « o o M vi co �O ra M M V M 43 fA L W q E ❑ F O� M N .L 0 •� G o p o � c a v N 0 o M 0 0 W A N N N O W O W O CO c 0 0 m Q Q C N F N M r O O w O Q P7 U Ca W W CJ x 'x' .j o c 124 CQ A C� L � W y L � O G 0 w � L G= q 6M9 C L � a � � q L o V � a � d q � � eo 00 v3 b m A y M 0 �3 L}, d A L U_ 'fix O u F C m F vd �a R is q E - W 2 a F ka a M � v 00 o m q o N C b � O W u G: � Q n9y N b a>i Gr q c 0 � W m _a ti U : m c C 125 M O L vi o N v o0 lc � ^ y L 0 s = O a fi L ss cq v. w � w a sz �,s zs sv o c a v r 9 CII F" C L O r M O M N O N M b C tC N TE Q b Ow C � V UI W 01 w di V C m r y w d E � v A ti b u n E rn rn _ Q c � o c a y b b C r O� N vl Q E C M �O 4li N Ni N N1 d � � � C O O y V � L U N Pi U O V N 9 O w VI O O d S S tt v L GrEI 'J' �p rC 3 U Ca o d Vt. � E o i u o e c d y a o p q �Ua.aaada d.]aadaaaaa •• a F p, p d Q OLTa 126 a WI a a U a. co o r l= 9 WI C k' O o o O O O O O o .W eo ao. s 9 y 'A b Pi C b O a tea. E co v N rn °� ❑I C L O �/1 a .n ea F c 0 m a N CO b O � vl UI r m oo m � oo N Q V 4A Vi 49 Vi fn 4V a v a E = c 9 O R11 V a o= No vs vi sv zs ss W% G ua Q L b m w M ry O h M r M o0 QI C C V �O � � N G m L V 0• O V N O r Q M 69 fA c9 Rn � Vi V'i O s b F b O F = O C aEi " C � H Ci ii F is O N C O a F O y O O N i� y vri v"i A C G P4b x b o O U w G e` u C a a" C W Q 9 C i = pq G pp G 00 0U O 00 00 C op m (/� �^ F [] Q L O .-1Jl F 121 L a - -oci m} d m �j Q N Vl W b V N Vi W :/3 Vf V3 yj 9 .W E Y V (A FA (A 49 (A (A G . O C '^ A u 0. G w G �D V F ° .w v= w a n UI °' Q V W L Q E � C a° d= o 0 A M M a v v v W V � � y � � O'J N T W QI ON C d a O � N W P R m ,VO d7 b Q\ N N 0 A O C C C G O O O = G C C O m N Q Q Q W %a C IZ oo V R O O O U � 9 c ° Q L W i = '^ V d Q p° F o� a v v v v v v v F ILL L 00 GO C 00 .� ED C OO G' GO .0 M C OO .0 Q a,aaa:aa.aa.aaaRac. a m� j28 £jo 1 abed (£IS`56Z) CC-Z£OZ of 8ututewag lseoaaod jo luawlsnfpy :saseaaaaQ laulstQ ialeM alleA ellayaeoD f9tb`I I l) CC-Z£OZ of Outupwad zseoaiod jo luauusnfpy ove l S :saseauaaQ laulstQ Iegy bsoN ANPA e11ayaeoD f860` 1 ZO` I) ££-Z£OZ 01 Oululnuod lseaaloj jo luawlsnfpy (860`1Z0`1) $ :saseanaQ pulstQa apoD wntuwoDitasaQ I CC-Z£OZ of 8utuiewall lseoaiodjo luawlsnfpy I $ :saseauauf latnsIQ toogaS palwfl AOIIvA ellayaeOD CC-Z£OZ of �wuteulall lseaaioj jo luawlsnfpy $ :saseanaQ lauls]Q looyoS pagiun spueS pasaQ (055`h6L`L) ££-Z£OZ of 8uwtmod lseaa.to3 jo luawlsnfpy (OSS`D saseaaaaQ y nolyl,ssedaptsiantlljo AjunoD ap!sy laS SutsnoH alwapoW (S 18`6L£`Z) W mo l dq p!ed uotllod lno lau of uouoanoD (518`6L£`Z $ :saseauaaQ spuog utputyag uoPeaolly Xey 4661 i£60,0617) ££-Z£OZ ol8utwewaa ]seaato3 jo luawlsnfpy £6£`h0 0 $ :saseajaaQ aptsy JOS VUISROH alwapoW V eeol 800Z 0£ aunf 01 LOOZ [ Apf wwd :saled uotlegiauoaaU 800Z I &Inf uluw a8 ieak leased :ieaA xel f •oN laafoud 93uaNV luawdolanapag elulno el eajy laafad jo aweu Sz)uaSV luawdolanapag eluino eQ ,Caua2v jo aweu .. 129 juaulalels uollPlI au00ag 04 S310TA00d 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, 2008 Reconciliation Dates- From July 1 2007 To June 30, 2008 Rent Reimbursement Decreases: $ (833,227) Adjustment of Forecast (833,227) Overhead/Administration Increases: $ 3,919 Adjustment of Forecast 3,919 City of La Quinta Loan Increases: $ 1,027,729 Additional Pnncipal 1,027,729 County Superintendent of Schools Decreases: $ (374,880) Adjustment of Forecast (374,880) Cemetery District Decreases: $ (30,862) Adjustment of Forecast (30,862) Recreation & Park District Decreases: Adjustment of Forecast Resource Conservation District Decreases: Adjustment of Forecast Countv Administration Fee (SB 2557) Decreases: Adjustment of Forecast $ (189,709) (189,709) $ (3,631) (3,631) $ (6,813,588) (6,813,588) Page 2 of 3 130 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, 2008 Reconciliation Dates: From July 12007 To June 30, 2008 Capital Improvement Program Increases: Adjusted for 2007-08 Budget 47,1 14,350 $ 47,114,350 Page 3 of 3 131 CALCULATION OF AVAILABLE REVENUES AGENCY NAME LA OUINTA REDEVELOPMENT AGENCY PROJECT AREA LA OUINTA REDEVELOPMENT AGENCY PROJECT NO. 1 TAX YEAR Fiscal Year Beginning July 1, 2008 RECONCILIATION DATES: JULY 1, 2007 TO JUNE 30, 2008 1. Beginning Balance, Available Revenues $5,048,974 (Per 2006-07 Statement of Indebtedness) 2. Tax Increment Received — Gross: $55,831,186 All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3. All other Available Revenues Received $2,969,800 (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 $63,849,960 6. Total amounts paid against indebtedness in previous year (D + E on Reconciliation Statement) $50,962,193 7 Available Revenues, End of Year (5 - 6) $12,887,767 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 (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. 9/30/2008 132 A l l AUHIVILN I J CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT REDEVELOPMENT AGENCY ANNUAL HOUSING ACTIVITY REPORT FY ENDING: 6 / 30 / 2008 Agency Name and Address: County of Jurisdiction: La Quinta Redevelopment Agency Riverside 78495 Calle Tampico La Oumta. CA 92247 'Health & Safety Code Section 33080.1 requires agencies (RDAs) to annually report on their Low & Moderate Income Housing Fund and housing activities for the Department of Housing and Community Development (HCD) to report on RDAs' activities in accordance with Section 33080.6. Please answer each question below. Your 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 during the 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 project area existed? 2 Of these, how many were merged during vear? 0 If the agency has one or more adopted proiect areas, complete SCHEDULE HCD-A for each proiect area. If the agency has no adopted proiect 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 proiect area and/or assisted by the agency outside a proiect area? ® Yes. Complete all applicable HCD SCHEDULES D 1-D7 for each housing proiect completed and HCD SCHEDULE E. ❑ No. DO NOT complete HCD SCHEDULES DI-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, Dl-D7, and E are attached. ❑ B. On-line (hap:/1w Acd.ca govlydal) "Lock Report" date . HCD SCHEDULES not required. (lock date is shown under "Admin "Area and "Report Change History') 7. To the best of my knowledge: (a) the represen 'ons n. •Ide above and (b) agency information reported are correct. C 2-15712oa8 P1 P — Date ignature of Authorized Agency Representative P. n—..,. Title (760) 777-7150 Telephone Number • IF NOT REQUIRED TO REPORT, SUBMITONLYA PAPER COPY OF THIS PAGE. • IF REQUIRED TO REPORT, AND REPORTING BY USING PAPER FORMS (INPLACE OF REPORTING ON-LINE), SUBMIT THIS PAGE AND ALL APPLICABLE HCD FORMS (SCHEDULES A-E) WITH A COPY OF AGENCY S AUDIT. • IF REPORTING ON-LINE, PRINT AND SUBMIT "CONFIRMATIONLETTER" UPONLOCRING REPORT • MAIL A COPY OF (a) CONFIRMATION LETTER (IF HCD REPORT WAS ELECTRONICALL YFILED) OR (b) COMPLETED FORMSAND (c) AUDIT REPORT TO BOTH HCD AND THE SCO: Department of Housing & Community Development Division of Housing Policy Redevelopment Section 1800 P Street, Suite 430 Sacramento, CA 95814 The State Controller Division of Accounting and Reporting Local Government Reporting Section 3301 C Street Suite 500 Sacramento, CA 95816 Redevelopment Agency Annual Report - Fiscal Year 2007-2008 Cover(7IV/08) HCD-Cover Page 1 of 1133 SCHEDULE HCD-A Inside Project Area Activity for Fiscal Year that Ended 6 / 30 / 2008 Agency Name: _La_Ouinta Redevelopment Agency Project Area Name: Project Area No 1 Preparces Name, Title: Michael Benjamin, Associate Preparer's E-Mail Address: mbeniamin6ilwebrsg.com Preparer's Telephone No: (714) 5414585 ext.124 Preparer's Facsimile No: (714) 541-1175 GENERAL INFORMATION 1. Project Area Information a. 1. Year I" 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)? Yes X No_ 4. Current expiration of plan: I 1 / 29 / 2023 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 project 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 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: _/_/_ Resolution Scope (applicable Section 33413 mo day yr Post-1975 project areas and geographic areas added by amendment after 1975 to pre-1976 project areas: Both replacement and inclusionary 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 (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: 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 percentagelamount 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 not report "net" funds transferred from the Debt Service Fund on HCD-A Line 3a(3) when reportinH debt service expenditures on HCD-C, Line 4c. 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 Redevelopment Agencies— Fiscal Year 2007-2008 Sch A (7/1/08) HCD-A Page I of 6 134 Agency Name: _La Quints, Redvelopment Agency Project Area Name: _Project Area No. Proiect Area Housing Fund Revenues and Other Sources Report all 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 he reported as "Other Revenue" on Line 3j. (of this Schedule A), if this proiect 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. Tax Increment: (1) 100%ofGross Allocatiom $ 54345.390 (2) Calculate only 1 set -aside amount: either A or B below (A) 20% required by 33334.2 (Line 3a(1) x 20%): $ 10869078 (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 $ 10 869,078 " " 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 33334.2] (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 #5, next page): (6) Total deposit to the Housing Fund [result of Line 3a(3) through 3a(5)1: b. Interest Income: c. Rental/Lease Income (combine amounts separately reported to the SCO): d. Sale of Real Estate: 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. Loan Repayments: i. Debt Proceeds: j. Other Revenue(s) [Explain and identify amount(s)]: Miscellaneous Revenues ($ ) $ 471,811 $ 10 869,078 $ 1 048.925 $ 275,665 $ 158,061 $ 471,811 k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(6). through 3j.): $ 12,923,540 HCD-A Califomia Redevelopment Agencies — Fiscal Year 2007-2008 Page 2 of 6 Sch A (7/l/08) 135 Agency Name: _La Quinta Redvelopment Agency Project Area Name: _Project Area No. 1- Exemption(s) 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 only one of the Health and Safety Code Sections below (Note: An Annual Finding is required to be submitted to HCD) ❑ 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. ❑ Other: Specify code section and reasons): 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 finding: _/_/_ 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 # - mo 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 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: Fiscal Year Amount Deferred This Reporting FY Amount of Prior Deferrals Repaid During Reporting FY Cumulative Amount Deferred (Net of Any Amount(s) Repaid) (1) Last Reporting FY $ $ $ $ # # (2) This Reporting FY [The cumulative amount of deferred set -aside should also be shown on HCD-r., Line o 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: $ Reason(s)- California Redevelopment Agencies — Fiscal Year 2007-2008 Sch A (711,08) HCD-A Page 3 of 6 136 Agency Name: _La Quinta Redvelopment Agency Project Area Name: _Project Area No. Deferrals (continued) d. Section 33334.6(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? mo day yr If yes, when was the original plan adopted for the claimed deferral? mo day yr Identify Resolution # Date Resolution sent to HCD _/_/_ mo day yr When was the last amended plan adopted for the claimed deferral? _/_/_ mo day yr Identify Resolution # Date Resolution sent to HCD _/_/_ mo day yr Actual Project Area Households Displaced and Units and Bedrooms Lost Over Reporting Year: 6. a. Redevelopment Project 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 reporting Year, (refer to Section 33413 for unit and bedroom replacement requirements). N.noher of Hmrseholds/UnitsBedrooms Project Activity VL L M AM Total Households Permanently Displaced - Elderly Households Permanently Displaced - Non Elderly Households Permanently Displaced -Total Units Lost (Removed or Destroyed) and Required to be Replaced Bedrooms Lost (Removed or Destroyed) and Required to be Replaced ove Moderate Units Lost That Agency is Not Required to Replace AAbbove Moderate Bedrooms Lost That Agency is Not Required to Replace b. Other Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3) based on activities other than the destruction or removal of dwelling 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 Other Activity VL I L M AM Total Households Permanently Displaced - Elderly Households Permanently Displaced - Non Elderly Households Permanently Displaced - Total c. As required in Section 33413.5, identify, over the reporting Yeaz, 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 Imes 6a. and 6b. Date Date mo day yr Name of Agency Custodian Name of Agency Custodian mo day yr Please attach a separate sheet of paper listing any additional housing plans adopted. HCD-A California Redevelopment Agencies — Fiscal Year 2007-2008 Page 4 of 6 Sch A (7/I/08) 137 37 Agency Name: _La Quinta Redvelopment Agency Project Area Name: _Project Area No. 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 number 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 Project Activity VL L M AM Total Households Permanently Displaced - Elderly Households 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 T/_/_ Name of Agency Custodian mo day yr Date /_/_ Name of Agency Custodian mo 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) 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? /_/_ Resolution # Date sent to HCD:_/_/ mo day yr mo day yr of Name California Redevelopment Agencies — Fiscal Year 2007-2008 HCD-A Sch A (7/1/08) Page 5 of 6 136 Agency Name: _La Quinta Redvelopment Agency Project Area Name: _Project Area No. Sales of Owner -Occupied Units Inside the Project Area Prior to the Expiration of Land Use Controls Section 33413(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 b. SALES VL L M Total Units Sold Over Reporting Year Equal Units. ®No ❑Yes Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years? $ <— Total LMHIF Spent On Equal Units Over Reporting Year Number of Units SALES VL L M Total Units Made Equal This Reporting Yr to Units Sold Over This Reporting Yr Units Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago Units Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago Units Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago Affordable Units 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 reporting year. 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, 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. Col 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 M Total Contractor Date (w/in 2 yrs of Col B Line 6a] [Line7al VL L $ $ $ a Please attach a separate sheet of paper to list additional information. Cahfomia Redevelopment Agencies— Fiscal Year 2007-2008 Sch A (7/l/08) HCD-A Page 6 of 6 139 SCHEDULE HCD-A Inside Project Area Activity for Fiscal Year that Ended 6 / 30 / 2008 Agency Name: La Quinta Redevelopment Agency Project Area Name: Project Area No 2 Preparers Name, Title: Michael Benjamin, Associate Preparers E-Mail Address: mbeniamin(,webrsiz.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 I' 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 X No_ 4. Current expiration of plan: 11 / 29 / 2023 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 project 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 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: _//_ Resolution Scope (applicable Section 33413 requirements): Too day yr Post 1975 project areas and geographic areas added by amendment after 1975 to pre-1976 project areas: Both replacement and inclusionary 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 (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: Transfers -In from other internal funds: Report the amount of transferred funds on applicable HCD-A, tines 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 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 not report net funds transferred from the Debt Service Fund on HCD-A Line 3a(3) when reporting debt service expenditures on HCD-C. Line 4c. 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 Redevelopment Agencies— Fiscal Year 2007-2008 Sch A (7/I/08) HCD-A Page 1 of 6 140 Agency Name: _La Quinta Redvelopment Agency Project Area Name: _Project Area No. Project Area Housing Fund Revenues and Other Sources 3. Report all 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 areas) 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 Imes 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 Imes 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%ofGross Allocation: $ 28859,688 (2) Calculate only 1 set -aside amount either A or B below: (A) 20%required by 33334.2 (Line 3a(l) x 20%): $ 5,771,938 (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 $ 5 771 938 * 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 33334.2] (if there is an amount exempted, also complete question #4, next page): IS ) (5) Amount Deferred [Health & Safety Code Section 33334.6] (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)]: $ 5,771,938 b. Interest Income: $ 1035,141 c. Rental/Lease Income (combine amounts separately reported to the SCO): $ d. Sale of Real Estate: $ 352,685 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. Loan Repayments: $ i. Debt Proceeds: $ j. Other Revenue(s) [Explain and identify amount(s)]: Miscellaneous Revenues $ 115,417 Advance from City $ 9,378,966 g $ 9,494,383 k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(6). through 3j.): $ 16,654,147 Cahfomia Redevelopment Agencies — Fiscal Year 2007-2008 HCD-A soh A (7/I/08) Page 2 of 6 141 Agency Name: _La Quints Redvelopment Agency Project Area Name: _Project Area No. 2- Exemption(s) 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 only one of the Health and Safety Code Sections below (Note: An Annual Finding is required to be submitted to HCD) ❑ 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 nummum 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. ❑ 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 t 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 (0) finding was adopted: _/_/_ Resolution #. Too 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 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: Fiscal Year Amount Deferred This Reporting FY Amount of Prior Deferrals Repaid During Reporting FY Cumulative Amount Deferred (Net of Any Amount(s) Repaid) (1) Last Reporting FY $ $ $y (2) This Reporting FY $ * The 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: $ Reasons): California Redevelopment Agencies — Fiscal Year 2007-2008 HCD-A Page 3 of 6 Sch A (711/08) 142 Agency Name: _La Quints, Redvelopment Agency Project Area Name: _Project Area No. Deferrals (continued) 5. d. Section 33334.6(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? mo day yr If yes, when was the original plan adopted for the claimed deferral? mo day yr Identify Resolution # Date Resolution sent to HCD mo day yr When was the last amended plan adopted for the claimed deferral? mo day yr Identify Resolution # Date Resolution sent to HCD mo day yr Actual Project Area Households Displaced and Units and Bedrooms Lost Over Reporting Year: 6. a. Redevelopment Protect 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 reporting year. (refer to Section 33413 for unit and bedroom replacement requirements). Number of Households/Units/Bedrooms Project Activity VL L M AM Total Households Permanently Displaced - Elderly Households Permanently Displaced - Non Elderly Households 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 Above Moderate Bedrooms Lost That Agency is Not Required to Replace b. Other Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3) based on activities other than the destruction or removal of dwelling 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 Other Activity VL L M I AM I Total Households Permanently Displaced - Elderly Households Permanently Displaced - Non Elderly Households Permanently Displaced - Total C. As required in Section 33413.5, identify, over the reporting Year, 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 Date mo day yr Name of Agency Custodian Name of Agency Custodian mo day yr Please attach a separate sheet of paper listing any additional housing plans adopted. Califomia Redevelopment Agencies — Fiscal Year 2007-2008 HCD-A Sch A (7/1/08) Page 4 of 6 143 Agency Name: _La Quinta Redveeopment Project Area Name: _Project Area No. 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 number 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). Nomher of Households Project Activity VL L M AM Total Households Permanently Displaced - Elderly Households Permanently Displaced - Non Elderly Households Permanently Displaced - Total b. As required in Section 33413.5, for the current fiscal veaz, 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 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 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? _/_/_ Resolution # Date sent to HCD:_/_/_ mo day yr mo day yr of Name of Other Calmforma Redevelopment Agencies — Fiscal Year 2007-2008 Sch A (7/v08) HCD-A Page 5 of 6 144 Agency Name: _La Quinta Redvelopment Agency Project Area Name: _Project Area No. Sales of Owner -Occupied Units Inside the Project Area Prior to the Expiration of Land Use Controls 9, Section 33413(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. l7 Sales. Did the agency permit the sale of any owner -occupied units during the reporting year? ®No ❑Yes $ t-- Total Proceeds From Sales Over Reporting Year Number of Units SALES VL L M Total Units Sold Over Reporting Year Equal Units. ®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 SALES VL L M Total Units Made Equal This Reporting Yr to Units Sold Over This Reporting Yr Units Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago Units Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago Units Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago Affordable Units 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 aereement or contract executed over the reporting year. 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, 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. Rn WnT REPORT ANY UNITS ON Tuft arHFnrtt.R A THAT ARE REPORTED ON OTHER HCD-As, B, OR Ds. VCal 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 s of Col B Line 6a Line 7a VL L M Total E E E S E E Please attach a separate sheet of paper to list additional information. California Redevelopment Agencies — Fiscal Year 2007-2008 Sch A(7/1/08) HCD-A Page 6 of 6 145 SCHEDULE HCD-C Agency -wide Activity for Fiscal Year Ended 0 / 30 / 2008 Agency Name: La Ouinta Redevelopment Agency County: Riverside Preparer's Name, Title: Michael Benaimin, Associate Preparer's E-Mail Address: mbeniaminAwebrsg com Preparer's Telephone No: (714) 316-2124 Preparer's Facsimile No: (714) 541-1175 Low & Moderate Income Housine 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) $ 54.041.619 a. If Beginning Balance requires adiustment(s) describe and provide dollar amount (positive/negative) making 0 total adjustment: Use < $ > for negative amounts or amounts to be subtracted. b. Adjusted Beginning Balance [Beginning Balance plus + or minus <-> Total Adlustment(s)] $ 54,041,619 2. Project Area(s) Receipts and Housing Fund Revenues a. Total Project Area(s) Receipts. Total Summed amount of HCD-Schedule A(s) (from Line 3k) $ 29A77.687 b. Housing Fund Resources not reported on HCD Schedule -A(s) Describe and Provide Dollar Amounts) (Positive/Negative) Making Up Total Housing Fund Resources c. Total Housing Fund Resources 3 Total Resources (Line lb. + Line 2a + Line 2c.) $ 83,519,306 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 Imes 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 the Land Held for Resale method to record land purchases should be reported on HCD-C Line 4a(I ). 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: http://www le infog_ ca.gov/ (California Law)] beginning with Section 33000 of the Health and Safety Code. California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-C soh C (7ni08) Page 1 of 10 146 Agency Name: La Ouinta Redevelopment Agency 4. Expenditures, Loans, and Other Uses a. Acquisition of Property & Building Sites [33334 2(e)(1)l & Housing [33334.2(e)(6)1: (1) Land Purchases(Investment- Land Heldfor Resale)* $ (2) Housing Assets (Fixed Asset) * S (3) Acquisition Expense $ 29,397,486 (4) Operation of Acquired Property $ 248,108 (5) Relocation Costs $ (6) Relocation Payments $ (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 I - 9) $ 29,645,594 b. Subsidies from Low and Moderate Income Housing Fund (LMIHF)' (1) 1" Time Homebuyer Down Payment Assistance $ (2) Rental Subsidies S (3) Purchase of Affordability Covenants [33413(b)2(B)] $ (4) Other [Explain and identify amount(s)]. 2"d Trust Deeds $ 4,838,250 (5) Subtotal Subsidies from LMIHF (Sum of Lines I - 4) $ 4,838,250 Debt Service [33334.2(0(9)l. If paid from LMTHF, 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 $ 321,900 (b) Revenue Bonds & Certificates of Participation (c) City/County Advances & Loans (d) U. S. State & Other Long -Term Debt (2) Interest Expense (3) Debt Issuance Costs (4) Other [Explain and identify amount(s)]' (5) Subtotal Debt Service (Sum of Lines 1 - 4) Planning and Administration Costs [33334.3(e)(I)1: (1) Administration Costs (2) Professional Services (non project specific) (3) Planning/Survey/Design (non protect specific) (4) Indirect Nonprofit Costs [33334.3(e)(1)(B)] (5) Other [Explain and identify amount(s)]: (6) Subtotal Planning and Administration (Stun of Lines 1 - 5) $ 1,570,000 $ 100,000 $ 4,521,936 $ 585,638 $ 1,191,181 $ 6,513,836 $ 1,776,819 California Redevelopment Agencies- Fiscal Year 2007-2008 HCD-C Sch C (71,/08) Page 2 of 10 l 1N Agency Name: La Ouinta Redevelopment Agency 4. Expenditures, Loans, and Other Uses (continued) e. On/Off-Site improvements [33334.2(e)(2)] Complete item 13 $ f. Housing Construction [33334.2(e)(5)] $ g Housing Rehabilitation [33334.2(e)(7)] $ It. Maintain Supply of Mobilehome Parks [33334.2(e)(10)] $ i. Preservation of At -Risk Units [33334.2(e)(11)] $ Transfers Out of Agency (1) For Transit village Development Plan (33334.19) $ (2) Excess Surplus [33334.12(a)(1)(A)] $ (3) Other (specify code section authorizing transfer and amount) A. Section $ B. Section $ Other Transfers Subtotal $ (4) Subtotal Transfers Out of Agency (Sum ofj(1) through j(3)) $ k. Other Expenditures, Loans, and Uses [Explain and identify amount(s)]: S Subtotal Other Expenditures, Loans, and Uses $ I. Total Expenditures, Loans, and Other Uses (Sum of lines 4a: k.) $ 42,774,499 5. Net Resources Available [End of Reporting Fiscal Year] [Page 1, Line 3, Total Resources nuns Total Expenditures, Loans, and Other Uses on Line 4.1.) $ 40,744,807 6 Encumbrances and Unencumbered Balance a. Encumbrances. Amount of Line 5 reserved for future payment of legal contract(s) S 26,207,301 or agreement(s). See Section 33334.12(g)(2) for definition. Refer to item 10 on Sch-A(s) and item 4 on Sch-B. b. Unencumbered Balance (Line 5 minus Line 6a). Also enter on Page 4, Line 1 la. $ 14,537,506 7 Designated/Undesignated Amount of Available Funds a. Designated From Line 6b- Budgeted/planned to use near -term Refer to item 10 on Sch-A(s) and item 4 on Sch-B $ 14,537,506 b. Undesignated From Line 6b- Portion not Yet budgeted/planned to use $ 0 8. Other 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)]. $ b. Value of Land Purchased with Housing Funds and Held for Development of Affordable Housing. Complete Sch-C item 14. $ c. Loans Receivable for Housing Activities $ d. Residual Receipt Loans (periodic/fluctuating payments) $ e. FRAY Loans Receivable (all years) (Sec. 33681) $ f Other Assets [Explain and identify amount(s)]: S g. Total Other Housing Fund Assets (Sum of lines 8a -f) $ 9. TOTAL FUND EQUITY[Line 5 (Net Resources Available) +8g (Total Other Housing Fund Assets] $ 40,744,807 Compare 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 $ 40,744,807 California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-C 1t Sch C (7/1i08) Page 3 of 10 14 a Agency Name: La Ouinta 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 Fond during 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 the 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 funds reserved and committed 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 Surplus: 9 I a ,e 5 to'A... bt, Fxeess Snmins for the renortine veer. Columns 6 and 7 track prior years' Excess Surplus. Column 1 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 I"Day Is` Day Against FY Balance of Surplus for Each Reportine Deposits to Prior Four Adjusted Excess Surplus Excess Surplus as of Fiscal Year as of Years Housing Fund FYs Balance Balances End of Reportine Year End of Reportine Year 4 RQt Yrs Ago FY 2003-04 $ 9,023,407 $ S $ 3 Rot Yrs Ago FY 2004-05 $ iQ282,664 $ $ $ 2 Rst Yrs Ago FY 2005-06 $ 14,089,024 $ $ $ 1 Rpt Yr Ago $ FY 2006-07 $ 15,701,664 $ Sum of Column 2 Last Yen s Sch C Cot 4 minus. lareer $ CURRENT Reporting Adiusted Balance of Cot 3 or $ Imm (report positive $) Year ITY 2007-08 $ 49.096,759 $ 7,280,549 $ 0 $ $ I I Reportine Year Ending Unencumbered Balance and Adjusted Balance: a. Unencumbered Balance (End of Year) [Page 3, Line 6b] $ 14,537,506 b. If eligible, adjust the Unencumbered Balance for: (1) Debt Proceeds [33334.12(g)(3)(B)]: Identify unspent debt proceeds and related income remaining at end of reporting year $ 0 (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 49% or more of new or rehabilitated units will be affordable to lower -income households $ 0 12. Adjusted Balance (for next year's determination of Excess Surplus) [Line 1 In minus sum of I lb(l) and 1 Ib(2)] $ 14,537,506 Note: Do not enter Adjusted Balance in Colo It is to be reported as next year's Ist 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 the plan described in 12a. was adopted, enter the plan adoption date: California Redevelopment Agencies — Fiscal Year 2007-2008 Sch C (7/1108) mo day yr HCD-C Page 4 of 10 n (� Agency Name: La Ouinta Redevelopment Agency Miscellaneous Uses of Funds 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. Has your agency used the authority related to definitions of income or family size adjustment factors provided in Section 33334.13(a)? Yes ❑ No ❑ Not Applicable 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? Yes ❑ No ❑ Not Applicable California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-C 150 Sch C (7/1/08) Page 5 of.10 1 Agency Name: La Ouinta Redevelopment Agency 16. Did the Agency use non-LMIHF funds as matching funds for the Federal HOME or HOPE program during the reporting period? � If yes, please indicate the amount of non-LMIHF funds 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 NOTSUBM/TANYDOCUMENTS/BECORDS. Has your agency made any deposits to or withdrawals from the LMIHF? Yes ® No ❑ If yes, identify the doctunent(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 Housine 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. Suaeestions/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. Annual Monitoring Reports of Previously Completed Affordable Housing Proiects/Proerams (H&SC 33418) Were all Annual Monitoring Reports received for all prior years' affordable housing projects/programs? Yes ® No ❑ California Redevelopment Agencies— Fiscal Year 2007-2008 HCD-C Sch C (7/l/08) Page 6 of 10 15 q Agency Name: La Ouinta Redevelopment Agency 21. Excess Surplus Expenditure Plan (H&SC 33334.10(a) Not Applicable California Redevelopment Agencies — Fiscal Year 2007-2008 HCD-C Sch C (7N08) Page 7 of 10 152 Agency Name- La Ouinta Redevelopment Agency 22. Footnote area to provide additional infomranon. California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-C Page 8 of 10 sch c (7/I/08) Agency Name. La Ouinta Redevelopment Agency 23. Proiect Achievement and HCD Director's Award for Housing Excellence Project achievement information is optional but can serve important purposes: Agencies' achievements can inform others of successful redevelopment projects and provide instructive information for additional successful projects. Achievements may be included in HCD's Annual Report of Housing Activities of California Redevelopment Agencies to assist other local agencies in developing effective and efficient programs to address local housing needs. In addition, HCD may select various projects to receive the Director's Award for Housing Excellence. Projects may be selected based on criteria such as local affordable housing need(s) met, resources utilized, barriers overcome, and project innovation/complexity, etc. Project achievement information should only be submitted for one affordable residential project that was completed wrthin the reporting year as evidenced by a Certificate of Occupancy. The project must not have been previously reported as an achievement. To publish agencies' achievements in a standard format, please complete information for each underlined category below addressing suggested topics in a narrative format that does not exceed two pages (see example, next page). In addition to submitting information with other HCD forms to the State Controller, please submit achievement information on a 3.5 inch diskette and identify the software type and version. For convenience, the diskette can be separately mailed to: HCD Policy Division, 1800 3" Street, Sacramento, CA 95814 or data can be entailed by attaching the file and sending it to: rlevi,()hedea2ov. AGENCY INFORMATION • Project Type (Choose one of the categories below and one kind of assistance representing the no .mary project type): New/Additional Units (Previously Unoccupied/Uninhabitable)- Existing Units (Previously Occupied) - New Construction to own - Rehabilitation of Owner -Occupied - New Construction to rent - Rehabilitation of Tenant -Occupied - Rehabilitation to own - Acquisition and Rehabilitation to Own - Rehabilitation to rent - Acquisition and Rehabilitation to Rent - Adaptive Re -use - Mobilehomes/Manufactured Homes - Mixed Use Infrll - Payment Assistance for Owner or Renter - Mobilehomes/Manufactured Homes - Transitional Housing - Mortgage Assistance - Other (describe) - Transitional Housing - Other (describe) • Agency Name: • Agency Contact and Telephone Number for the Project: • Project Name • Clientele served [owner, renter, income group, special need (e.g. large family or disabled), etc.] • Number and type of units and location, density, and size of project relative to other projects, etc. • Degree of affordability/assistance rendered to families by project, etc. • Uniqueness (land use, design features, additional services/amenities provided, funding sources/collaboration, before/after project conversion such as re -use, mixed use, etc.) • Cost (acquisition, clean-up, infrastructure, conversion, development, etc.) HISTORY • Timeframe from planning to opening • Barriers/resistance (legal/financial/community, etc.) that were overcome • Problems and creative solutions found • Lessons learned and/or recommendations for undertaking a similar project AGENCY ROLE AND ACHIEVEMENT • Degree of involvement with concept, design, approval, financing, construction, operation, and cost, etc. • Specific agency and/or community goals and objectives met, etc. Cahfomia Redevelopment Agencies — Fiscal Year 2007-2008 HCD-C Sch C (711/08) Page 9 of 10 154 Agency Name- La Ouinta Redevelopment Agency Proiect Type: NEW CONSTRUCTION- OWNER OCCUPIED Redevelopment Agency Contact: Name (Area Code) Telephone # Project/Program Name: Project or Program Description During the reporting year, construction of 12 homes was completed. Enterprises, which specializes in community self-help projects, was the developer, assisting 12 families in the construction of their new homes. The homes took 10 months to build. The families' work on the homes was converted into "sweat equityvalued at $15,000. The first mortgage was from CHFA. Families were also given an affordable second mortgage. The second and third mortgage loans were funded by LMlHF and HOME funds. History The .(City or County) of struggled for several years over what to do about the area. The tried to encourage development in the area by rezoning a large portion of the area for multi -family use, and twice attempted to create improvement districts. None of these efforts were successful and the area continued to deteriorate, sparking growing concern among city officials and residents. At the point that the Redevelopment Agency became involved, there was significant ill will between the residents of the and the (City or County). The introduced the project in with discussions of how the Agency could become involved in improving the blighted residential neighborhood centering on . This area is in the core area of town and was developed with disproportionately narrow, deep lots, based on a subdivision plat laid in 1950. Residents built their homes on the street frontages of and leaving large back -lot areas that were landlocked and unsuitable for development, having no access to either avenue. The Agency worked with 24 property owners to purchase portions of their properties. Over several years, the Agency purchased enough property to complete a tract map creating access and lots for building. Other non -profits have created an additional twelve affordable homes. Agency Role The Agency played the central role. The Project is a classic example of successful redevelopment. All elements of blight were present: irregular, land -locked parcels without access; numerous property owners; development that lagged behind that of the surrounding municipal property; high development cost due to need for installation of street improvements, utilities, a storm drain system, and undergrounding of a flood control creek; and a low-income neighborhood in which property sale prices would not support high development costs. The Agency determined that the best development for the area would be single-family owner -occupied homes. The Agency bonded its tax increment to fund the off -site improvements. A tract map was completed providing for the installation of the street improvements, utilities, storm drainage, and the undergrounding of Creek. These improvements cost the Agency approximately $1.5 million. In lieu of using the eminent domain process, the Agency negotiated with 22 property owners to purchase portions of their property, allowing for access to the landlocked parcels. This helped foster trust and good will during the course of the negotiations. The Project got underway once sufficient property was purchased. California Redevelopment Agencies — Fixal Year 2007-2008 sch C (7/1/08) HCD-C Page 10 of 10 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-1 s, & Ds3-4-5. 2: 20 sub rehab (nonrestricted): Area 3: 4 Agy Dev. Rentals; 16 Nonagy Dev. Rentals. Complete 2 D-t s & 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. 1 General Title of Housing Project/Program: La Quinta Home Purchase Loan Program Project/Program Address (optional): Boys & Girls Club 1 La Quinta Rental Resale Street: Cam: ZIP: 53-100 Avenida Villa La Quinta 92253 53-785 Avenida Ramirez La Quinta 92253 Owner Name (optional): Garza \ Pacelli Total ProjectlProgram Units: #2 Restricted Units: #2 Unrestricted Units: #0 Was this a federally assisted multi -family rental project [Gov't Code Section 65863.10(a)(3)1? ❑ YES ® 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) #2 Number of units restricted that are serving one or more Special Needs: #2 ❑ Check, if data not available 1Alntn- A Unit may carves multinle "Special Needs" below. Sum of all the below can exceed the "Number of Units" above) I'----. ..__.----• ---- . . # DISABLED (Mental) # FARMWORKER (Permanent) # TRANSITIONAL HOUSING # DISABLED (Physical) #2 FEMALE HEAD OF HOUSHOLD # ELDERLY # FARMWORKER (Migrant) # LARGE FAMILY # EMERGENCY SHELTERS (4 or more Bedrooms) (allowable use onIV with "Other Housing Units Provided - Without LMIHF" Sch-D6 e___:_I &a A n.... o..��.:..�1.... Ter. Imm.r dw/mn.fh/vnwr usina digits. e.a. 071UlIZVUZI: HTINUFU>YIIII tall Vl V1 J 641o1 Mac ......... Replacement Housing Units .... ..• �... �. �_ ....-.. .. Inclusion Housing Units Other HousingUnits Provided With LMIHF Without LMIHF Restriction Start Date 7/2/2007 9/14/2007 Restriction End Date 7/2/2052 9/14/2052 Perpetuity Funding Sources Redevelopment Funds: $ 191,050.00 Federal Funds $ --- State Funds: $ __--_— Other Local Funds: $ Private Funds: $ Owner's Equity: $ _--- TCAC/Federal Award: $ ---- —___ TCAC/State Award: $ _ Total Development/Purchase Cost: $ Check all appropriate form(s) below that will be used to identify all of this Project's/Program's Units: ® Replacement Housing Units (Sch HCD-D2) Inclusionary Units: Other Housing Units Provided: ® Inside Project Area (Sch HCD-D3) ® With LMIHF (Sch HCD-D5) ❑ Outside Project Area (Sch HCD-D4) California Redevelopment Agencies - Fiscal Year 2007-2008 Sch DI (7/l/08) ❑ Without LMIHF (Sch HCD-D6) ❑ No Agency Assistance (Sch HCD-D7) HCD-D1 156 SCHEDULE HCD-D1 GENERAL PROJECT/PROGRAM INFORMATION For each different Project/Program (area/name/aciv or nonapv 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-Is, & Ds3-4-5. 2: 20 sub rehab (nonrestricted): Area 3: 4 Agy Dev. Rentals; 16 Nonagy Dev. Rentals. Complete 2 D-1s & 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-1s, 1 D-4, & 1 D-5. Name of Redevelopment Agency: Identify Project Area or specify "Outside": General Title of Housing Project/Program: Project/Program Address (optional): Street: Various La Quinta Redevelopment Agency Project Area No. 2 La Quints Home Purchase Loan Program Watercolors Senior Housing CC; ZIP: La Quinta 92253 Owner Name (optional): Various Total Project/Program Units: #48 Restricted Units: #48 Unrestricted Units: #0 'or proiectslprograms with no RDA assistance do not complete any of below or any of HCD D2-136. Only complete HCD-D7. Was this a federally assisted multi -family rental project [Gov't Code Section 65863.10(a)(3)1? ❑ YES ® 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' #48 Number of units restricted that are serving one or more Special Needs: #48 ❑ Check, if data not available (/tore: H unit may serve mwupie k_ DISABLED (Mental) k_ DISABLED (Physical) t FARMWORKER (Migrant) IVCeUS UVIUM JUlll UI all 1110 uOIUIr Lvn vn• — a•.v ....•••.... FARMWORKER (Permanent) FEMALE HEAD OF HOUSHOLD LARGE FAMILY (4 or more Bedrooms) TRANSITIONAL HOUSING ELDERLY EMERGENCY SHELTERS (allowable use oniv with "Other Housing Aff dabili and/or S ecial Need Use Restriction Term enter da /month/ ear usingdigits, 9.9. 07luirzuu[ : or Re lacement Housing Units Inclusionary Housing Units Other Housin Units Provided With LMIHF Without LMIHF Restriction Start Date 7/1/2007 — 6/30/2008 7/112052-6/30/2052 Restriction End Date 7/1/2007 — 6/30/2008 7/1/2052-6/30/2052 Perpetuity Funding Sources Redevelopment Funds: $ 4,453,100.00 Federal Funds $ --- State Funds: $ _ Other Local Funds: $ __— Private Funds: $ Owner's Equity: $ TCAC/Federal Award: $ ___— TCAC/State Award: $ Total Development/Purchase Cost: $ 4.453.100.00 Check all appropriate form(s) below that will be used to identify all of this Project's/Program's Units: ® Replacement Housing Units (Sch HCD-D2) Inclusionary Units: ® Inside Project Area (Sch HCD-D3) ❑ Outside Project Area (Sch HCD-D4) Other Housing Units Provided: ® With LMIHF (Sch HCD-D5) ❑ Without LMIHF (Sch HCD-D6) ❑ No AOencv Assistance (Sch HCD-D7) California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-D1 151 Sch DI (7/1108) ,• SCHEDULE HCD-D2 REPLACEMENT HOUSING UNITS (units not claimed on Schedule D-5,6,7) restricted 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. Affordable Housing Project Name: Agency Rental Resale 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): ❑ Aaencv Developed ® Non-Aaencv 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 LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG 0 = 0 = 0 Count of Bedrooms (e.g.: 1 elderly, low, 2 bdrm unit and 4 nonelderly, low, 2 bdrm units = 10 low (2 bdrms x 5) t 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 California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-D2 Sch D2 (7f1108) Page I of 2 Q '� V Agency Name: La Ouinta Redevelopment Agency SCHEDULE HCD-D2 REPLACEMENT HOUSING UNITS (continued) Housing Project Name: Agency Rental Resale Program Enter the number of restricted replacement units and bedrooms for applicable activity below: Note: "INELG"refers to a household that is no longer eligible but still a temporary resident and part of the total B. Substantial Rehabilitation (Post'931AB 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 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. 1 t TOTAL (sum of all unit Bedrooms) VLOW LOW MOD TOTAL INELG. 1 TOTAL UNITS (Add only TOTAL of all "Total Elderly / Non Elderly Units" not bedrooms): IJTOTAL UNITS is less than "Total Project Units" on HCD Sch D1, 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: ® Inside Project Area (Sch HCD-D3) ® With LMIHF (Sch HCD-D5) ❑ Outside 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 LOW MOD TOTAL INELG. \LOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-D2 Page 2 of 2 Sch D2 (7/1/08) 159 SCHEDULE HCD-D2 REPLACEMENT HOUSING UNITS (units not claimed on Schedule D-5,6,7) (restricted 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: Watercolors Senior Housing 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): ❑ Agencv Developed ® Non-Agencv 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 LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG 5 1 6 �= 1 5 t 6 Count of Bedrooms (e.g.: 1 elderly, low, 2 bdrm unit and 4 nonelderly, low, 2 bdrm units = 10low (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 6 1 6 3 Bedroom Unit (3 x # of units) 4 or more Bedroom Unit (4 x If of units) VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. 4 1 3 1 TOTAL (sum of all unit Bedrooms) VLOW LOW MOD TOTAL INELG 10 3 13 California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-D2 1 C O Scb D2 (7/I/08) Page I o02 1 U Agency Name: La Ouinta Redevelopment Agency SCHEDULE HCD-D2 REPLACEMENT HOUSING UNITS (continued) Housing Project Name: Watercolors Senior Housin Enter the number of restricted replacement units and bedrooms for applicable activity below: Note: "INELG"refers to a household that is no longer eligible but still a temporary resident and part of the total B. 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 LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. Count of Bedrooms tog • 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 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): 11 II Ij TOTAL UNITS is less than "Total Project Units" on HCD Sch 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: Inclusionary Units Other Housing Units Provided: ® Inside Project Area (Sch HCD-D3) ® With LMIHF (Sch HCD-D5) ❑ Outside 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 LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. E:I:I= = I I California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-D2 Sch D2 (711/08) Page 2 of 2 161 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 Quinta Redevelopment Agency Redevelopment Project Area Name: Project Area No. 1 Affordable Housing Project Name: Boys & Girls Club Check only one. If both apply, complete a separate form for each (with another Sch-D1): ❑ Agency Developed ® Non-Agencv 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 Construction Units: 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 I I I = == Of Total, Identify the number aggregated from other project areas (see HCD-A(s), Item 8): B. Substantial Rehabilitation (Post-'93/AB 1290 Definition of Value >, ; : Credit for Obligations Since 1994): 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. Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): C. 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 LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG. TOTAL UNITS (Add only TOTAL of all "TOTAL Elderly / Non Elderly Units,,): M If TOTAL UNITS is less 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-D2) (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 LOW MOD TOTAL INELG. VLOWW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG California Redevelopment Agencies - Fiscal Year 2007-2008 Sch D3 (7/I/08) HCD-D3 162 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 Quinta Redevelopment Agency Redevelopment Project Area Name: Project Area No. 2 Affordable Housing Project Name: Watercolors Senior Housing Check only one. If both apply, complete a separate form for each (with another Sch-D1): ❑ Agency Developed ® Non-Agencv 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 Construction Units: 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. 7 1 35 42 F7 7 35 42 Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): B. Substantial Rehabilitation (Post '93/AB 1290 Definition of Value >25e/: Credit for Obligations Since 1994): 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 Ej= Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): C. 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 LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. TOTAL UNITS (Add only TOTAL of all "TOTAL Elderly / Non Elderly Units"): 42 !fTOTA UUNITS is less 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-D2) (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 LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG VLOW LOW MOD TOTAL INELG F7 California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-D3 Sch D3 (7/I/08) 163 SCHEDULE HCD-E CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION BASED ON SPECIFIED HOUSING ACTIVITY DURING THE REPORTING YEAR Agency: La 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)] 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 Ane 0 3. Subtotal - Baseline of AA ne Developed Units (add lines 1 & 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%) 0 PART II [H&SC Section 33413(b)(2)] NONAGENCY DEVELOPED UNITS DURING THE REPORTING YEAR ONLY INSIDE A PROJECT AREA 6. New Units Developed by Any Nonaeency Person or Entity I 7. Substantially Rehabilitated Units Developed by Any Nona eg ncy Person or Entity 0 8. Subtotal - Baseline of Nonageny Developed Units (add lines 6 & 7) 2 9. Subtotal of Increased Inclusionary Obligation (Line 8 x 15%) (see Notes 1 and 2 below) I 10. Very -Low Inclusionary Obligation Increase (Line 9 x 40%) I PART III REPORTING YEAR TOTALS 11. Total Increase in Inclusionary Obligation (add lines 4 and 9) 1 12. Very Low Inclusionary Obligation Increase (add line 5 and 10) (Line 12 is a subset of Line 11) j .............................................................................................................................. 1. Section 33413(b)(1), (2), and (4) require agencies to ensure that applicable percentages (30% or 1590 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 generally 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 (proiect 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 Affordable (70 or .85) (.70 or .85) (.30 or.] 5) California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-E Sch & 1 (7/01 /08) 164 SCHEDULE HCD-E CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION BASED ON SPECIFIED HOUSING ACTIVITY DURING THE REPORTING YEAR Agency: La 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 and/or (b) developed only in a project area by a nonagency person or entity. PART I [H&SC Section 33413(b)(1)] AGENCY DEVELOPED UNITS DURING THE REPORTING YEAR BOTH INSIDE AND OUTSIDE OF A PROJECT AREA 1. New Units Developed by the AZency 0 2. Substantially Rehabilitated Units Developed by the Agency 0 3. Subtotal - Baseline of Agen�c 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. Very -Low Inclusionary Obligation Increase Units (Line 4 x 50%) 0 PART II [H&SC Section 33413(b)(2)] NONAGENCY DEVELOPED UNITS DURING THE REPORTING YEAR ONLY INSIDE A PROJECT AREA 6. New Units Developed by Any Nonagency Person or Entity 36 7. Substantially Rehabilitated Units Developed by Any Nonagency Person or Entity 0 8. Subtotal - Baseline of Nonagency Developed Units (add lines 6 & 7) 36 9. Subtotal of Increased Inclusionary Obligation (Line 8 x 15%) (see Notes I and 2 below) 5 10. Verv-Low Inclusionary Obligation Increase (Line 9 x 40%) 2 PART III REPORTING YEAR TOTALS 11. Total Increase in Inclusionary Obligation (add lines 4 and 9) 5 12. Very=Low Inclusionary Obligation Increase (add line 5 and 10) (Line 12 is a subset of Line 11) 2 • ••...........................!! lttYRRlllli itiitt F}}l1 Y YY i Y Y. *.*YYi*i*FR}}1l Yttii}}!lilt Rt R}iiittlt4iiitttiiiit Fliiit Fl F♦ 1. Section 33413(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 generally restricted for the longest feasible time beyond the redevelopment plan Is 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 planning period may be calculated as follows: AFFORDABLE units = Market -rate x 630 or .15) TOTAL units = Market -rate or A ordable (.70 or .85) (.70 or .85) (30 or .15) California Redevelopment Agencies - Fiscal Year 2007-2008 HCD-E Sch E-1 (7/01/08) 165 141 l A%ir1IVICIV I fF La Quinta Redevelopment Agency Loan Report June 30. 2008 No notes were in default at year end and all notes were deemed to be in compliance with agreement provisions. The following is a description of the notes over $50,000 outstanding: $2,112,847 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. The balance as of June 30, 2008 was $3,641,983. 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 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 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 from operations to pay accrued interest and principal on this Note. Per Section 3, Term of Note: Repayment, 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 55" anniversary date of the Certificate of Completion The balance as of June 30, 2008 was $9,443, 802. 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 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. 166 A l l AUHIVItN 1 b LA OUINTA REDEVELOPMENT AGENCY PROPERTYREPORT 6/30/2008 Descr_1 Descr 2 Desist_3 Descr_4 COST DATE LAND PARCEL BLOCK 122 LOTS 14 & 15 BELLOWS ESTATE RDA PROPERTY 105,000 00 019190 LAND PARCEL BLOCK 122 L0TS 7.8.9,10,11,12,13 LA QUINT, LTD PRTN RSHP- 40 homes remaining RDA PROPERTY 440,000.00 03/01/90 LAND PARCEL BLOCK 134 LOTS 19 & 20 GEORGEBRADLEY (RDAPROPERTY) 60.000.00 04/01/90 LAND PARCEL 51-319 WASHINGTON GLADYSKELLER (RDAPROPERTY) 68,332.00 10/01/90 LAND PARCEL BLOCK 84 LOTS 67 & 78 ADJACENT TO CVC CTR WAYNEKIRK, R COLLINS RDA PROPERTY 130.415.00 12101f90 LAND PARCEL 2,612 ACRES ADDITION TO FRIZZ BURNS PARK RDA PROPERTY 237,515.00 059191 LAND PARCEL BLOCK 66 LOT 77 ADJACENTTOCIViCCENTER (RDAPROPERTY) 60.977.00 05/0191 LAND PARCEL C V LAND 774081-027 53275 Ramirez 88,000.00 0812595 LAND PARCEL CV LAND 774131-013 53523 Martinez 88,000.00 082595 LAND PARCEL C V LAND 773-222-022 52225 Vallejo 88,000.00 082595 LAND PARCEL C V LAND 744-044-017 53105 Obregon 88,00000 082595 LAND PARCEL C.V. LAND 773-083-021 51395 Vallejo 88,00000 082595 LAND PARCEL C V. LAND 774-131-014 53541 Mamnez 88.00000 0825/95 LAND PARCEL C V. LAND 773-265-020 52425 Eisenhower 88,00000 082595 LAND PARCEL CV LAND 773-281-020 52635 Diaz 88.00000 082595 LAND PARCEL C.V. LAND 773-321-013 52985 Cananza 88,000.00 0825/95 LAND PARCEL C V. LAND 773-326-024 52985 Eisenhower 88,00000 082595 LAND PARCEL C.V. LAND 773-333.018 52835 Villa 88,000 00 082595 LAND PARCEL C V LAND 773-333-019 52845 Villa 88,000 00 082595 LAND PARCEL C V LAND 774-04 020 52155 Obregon 88,000 00 W2595 LAND PARCEL C V. LAND 774-044-021 53175 Obregon 88.000 00 08/2595 LAND PARCEL C V LAND 774-053-017 63105 Herrera 88,000.00 08/2595 LAND PARCEL CV LAND 774-094-014 53275 Navarro 88.00000 08/2595 LAND PARCEL CV LAND 774-122-016 53565 Vallejo 88,00000 OB/2595 LAND PARCEL C V LAND 774143 017 53925 Juarez 88.000.00 OB/2595 LAND PARCEL C V LAND 774151-023 53965 Diaz 88.000.00 OW25/95 LAND PARCEL C V. LAND 774-153-014 53775 Alvarado 88,000.0g OW25MS LAND PARCEL CV LAND 774-163-015 53795 Henera 88.000.00 082595 LAND PARCEL C V LAND 774-175-007 53680 Navarro 88,000.00 O1112595 LAND PARCEL CV LAND 774213-023 M245 Herten, 88,000.00 08/2595 LAND PARCEL C V LAND 774-232-032 54280 Madero B8,000.00 08/2595 LAND PARCEL C.V. LAND 773-295-017 52565 Eisenhower 88,000.00 OB/2595 LAND PARCEL 77885 Calls Montezuma Museum 106,773.00 O3/0390 Land, The Ranch CIP 723 42,520,98Z00 06/30/02 Vista dunes Mobile Home Park CIP 1737 2,571,091 00 06/30/04 Hammer Property CIP 1741 8,752,276.00 06/30/04 Land, The Ranch CIP 723 50.74300 06/30/04 Vista dunes Mobile Home Park CIP 4737 4,486,016.00 06/30/05 Hammer Property CIP 1741 92,724.00 06130105 Land, The Ranch CIP 723 36,524.00 06MOMS Land, The Ranch CIP 723 698,714.00 06/30105 Land, The Ranch CIP 723 (16.586.350.00) 06130/05 Land, The Ranch CIP 723 (570,257.00) O6/3095 Land, The Ranch Conveyance of Wellsite to SilverRock Transfer to SilverRock (352,687 00) 11/06107 Land- Westward Ho & Dune Palms/Hallett full -04 004 46160 Dune Palms 516,83392 05/31/06 Land- Westward Ho & Dune Palms/Pereyra 649-0 M12-6 46178 Dune Palms 397.622 25 06/13/06 Vista tlunes Mobile Home Park CIP 1737 1,486,66400 06/30/06 Land- Westward Ho & Dune Palms/Fountair 600-030-003 46150 Dune Palms 365,45098 01/16/07 Land- Westward Ho & Dune Palms/Slater 60D-030-002 46130 Dune Palms 2,000.00 01/16/07 Land - Hwy 111 - Mazella 649-030-016,017 Hwy 111 South side East Dune Palms 19,966,444 14 03/16/07 Land -Westward Ho&Dune Palms/Ramirez 600-030-008 46176 Dune Palms 827,64000 042697 Vista dunes Mobile Home Park CIP 1737 49,338.10 06/30/07 Land - Westward Ho & Dune Palms/Pereyra 649-040-012-6 46178 Dune Palms 16,882 00 06/30/07 Land - Westward Ho & Dune Palms/Hallett 649-040-004 46160 Dune Palms 22,415 28 06/30/07 Land - Comer CalleSonora & Ave Herten, 773-223-022 Vacant Lot - Lot 11. Black 76 Unit 10 Book 18 page 70 20,100 00 06/30/07 68,780,183.67 Land - Westward Ho & Dune Palms/Pereym 649-040-012-6 46178 Dune Palms 467.19 06/3098 Land - Westward Ho & Dune Palms/Hadned 649-040-004 46160 Dune Palms 2,48314 06/ mB Land - Westward Ho & Dune Palms/Ramirez 600-030-008 46176 Dune Palms 26,852.19 06130/08 Land - Westward Ho & Dune PaImsJFountsu 600-030-003 46150 Dune Palms 15,502.18 06/30/08 Land - Hwy 111 - Mazella 649-030-016,017 Hwy 111 South side East Dune Palms 38,798 00 06130108 Land - Ostrawsky 773-077-014 Village Parcel 1,110.30621 06/30/O8 Land - Testa 609-040-005 4,608,637 fit 06GO/08 Land - Goodman Washington St Apls 609-040-007 & 609-040-023 185,730 00 06/30/08 5,988,776 53 74,768,96020 ^..• 167 ��OEAf OE TKY'9 COUNCIL/RDA MEETING DATE: December 16, 2008 ITEM TITLE: Approval of an Amendment to the Professional Services Agreement with Golf Dimensions for SilverRock Resort Phase II Project Management Services RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 7 STUDY SESSION: PUBLIC HEARING: Approve an Amendment to the Professional Services Agreement with Golf Dimensions for SilverRock Resort Phase II Project Management Services and authorize the Executive Director to execute the Amendment. FISCAL IMPLICATIONS: The total approved contract budget for Golf Dimensions is $2,200,000 over 47 months, including a budget for reimbursable items in a not -to -exceed amount of $50,000 per year. To date, a total of $820,827 has been billed (37% of the total budget). There are adequate funds in the initial term's budget ($1,149,990) to cover this two month contract amendment. Phase II Improvements include Infrastructure, Permanent Clubhouse, Roads and Entries, and the second Golf Course. These four projects are included in the 2008/2009 Capital Improvement Program. Project management costs are charged proportionately to the "engineering" category of each project. BACKGROUND AND OVERVIEW: On February 6, 2007, the Agency Board approved a Professional Services Agreement with Golf Dimensions for SilverRock Resort Phase II project management services (Attachment 1). At the time, the SilverRock Phase II project was anticipated to span nearly four years. Therefore, the project management contract was divided into two terms, and includes a mid-term review by the 1.63 Agency Board to assess the progress and quality of work performed by Golf Dimensions. The initial term of this agreement is for a 23-month period (through December 2008), and the second term is for a 24-month period (through December 2010). Agency staff is proposing an amendment to the Professional Services Agreement (Attachment 2), extending the initial term for an additional 61 days (until March 2, 2009). This is due to several factors, including a future Agency Board review of estimated permanent clubhouse operations costs and timing of clubhouse construction; issues affecting infrastructure design and construction; the economy's affect on future golf course demand; etc. Staff is requesting the additional 60 days to analyze these issues, and determine how they might affect project management, scheduling, and possible contract amendments. Agency staff will schedule the mid-term review in February 2009. FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: 1. Approve an amendment to the Professional Services Agreement with Golf Dimensions for SilverRock Resort Phase II Project Management Services and authorize the Executive Director to execute the Amendment; or 2. Do not approve an amendment to the Professional Services Agreement with Golf Dimensions for SilverRock Resort Phase II Project Management Services; or 3. Provide staff with alternative direction. Respectfully submitted, Do glas R vans — Assistant City Manager — Development Services 169 Approved for submission by: Thomas P. Genovese, Executive Director Attachments: 1. PSA with Golf Dimensions 2. PSA Amendment 170 ATTACHMENT PROFESSIONAL SERVICES AGREEMENT THIS PROFESSIONAL SERVICES AGREEMENT (the "Agreement") is made and entered into by and between the LA QUINTA REDEVELOPMENT AGENCY ("Agency'), and PROJECT DIMENSIONS, INC. dba Golf .a GaII19948—wARWID Dimensions ("Consultant'). The parties hereto agree as follow 1.0 SERVICES OF CONSULTANT 1.1 Gm9e of Services. In compliance with all terms and conditions of this Agreement, Consultant shall provide those services related to Silver Rods Resort — Phase II as specified in the "Scope of ServIcW attached hereto as Exhibit "A" and incorporated herein by this reference (the "services" or 'work,'). Consultant warrants nIbe performed in a competent, accordance with the standards prevalent in the industry for such services. manner 1.2 Compliance with Law. Ali services rendered hereunder shall be provided in accordance with all ordinances, resolutions, statutes, rules, regulations and laws of the City of La Quinta ("City") and any Federal, State or local governmental agency of competent jurisdiction. 1.3 Licenses Permits Fees and Assessments. Except as otherwise specified herein, Consultant shall obtain at its sole cost and expense such licenses, permits and approvals as may be required by law for the performance of the services by Consuttant required by this Agreement. Consultant shall have the sole obligation to pay for any fees, assessments and taxes, plus applicable penalties and interest, which may be imposed by law and arise from or are necessary for the performance of the services by Consultant required by this Agreement. 1.4 Famili rite with VYo k. By executing this Agreement, Consultant warrants that (a) it has thoroughly investigated and considered the work to be performed, (b) it has investigated the site of the work and fully acquainted itself with the conditions there existing, (a) it has carefully considered how the work should be performed, and (d) it fully understands the facilities, difficulties and restrictions attending performance of the work under this Agreement. Should Consultant discover any latent or unknown conditions materially differing from those inherent in the work or as represented by Agency, Consultant shall immediately inform Agency of such fact and shall not proceed except at Consultants risk until written instructions are received from the Contract Officer (as defined in Section 4.2 hereof). 1.5 Care of Work and Standard of Work. a, Care of Work. Consultant shall adopt reasonable methods during the life of the Agreement to furnish continuous protection to the work performed by Consultant, r-IR/427247.7 and the equipment, materials, papers and other components thereof to prevent losses or damages, and shall be responsible for all such damages, to persons or properly, until acceptance of the work by Agency, except such losses or damages as may be caused by Agency's own negligence. The performance of services by Consultant shall not relieve Consultant from any obligation to correct any incomplete, inaccurate or defective work at no further cost to Agency, when such inaccuracies are due to the negligence of Consultant. b. Standard of Work. Agency acknowledges that Consultant itself is not a licensed professional (i.e. — architect, engineer, real estate broker, etc.). Consultant acknowledges and understands that the services and work contracted for under this Agreement require specialized skills and abilities and that Consultant is being hired based on the understanding that certain of Consultant's employees who will be supervising and/or performing the work hereunder are landscape architects, architects or other professionals. As such and consistent with this understanding, Consultant's services and work will be held to a heightened standard of quality and workmanship notwithstanding the fact that Consultant itself is not a licensed professional. Consistent with Section 1.4 hereinabove, Consultant represents to Agency that it holds the necessary skills and abilities to satisfy the heightened standard of work as set forth in this Agreement. 1.6 Additional Services. In accordance with the terms and conditions of this Agreement, Consultant shall perform services in addition to those specified in the Scope of Services when directed to do so by the Contract Officer, provided that Consultant shall not be required to perform any additional services without compensation or any services which require a professional license. Any additionin compensation the Contract exceeding five percent (5%) of the Contract Sum may be approved Officer. Any greater increase must be approved by the Agency Council. 1.7 Special Requirements. Additional terms and conditions of this Agreement, if any, which are made a part hereof are set forth in Exhibit "D" (the "Special Requirements"). In the event of a conflict between the provisions of the Special Requirements and any other provisions of this Agreement, the provisions of the Special Requirements shall govern. 2.0 c`OMPENSATION 2.1 Contract Sum. For the services rendered pursuant to this Agreement, Consultant shall be compensated on a time and materials basis in accordance with Exhibit V (the 'Schedule of Compensation") in a total amount not to exceed One Million One Hundred Eighty -Eight Thousand Dollars ($1,188,000) prior to the Mid -Tenn Review (defined below in Section 3.4), and not to exceed Two Million Dollars ($2,000,000) in the aggregate during the full term hereof (the "Contract Sum"), except as provided in Section 1.6. The method of compensation set forth in the Schedule of Compensation is payment for time and materials based upon Consultant's rate schedule, but not exceeding the Contract Sum (as applicable at the time), or such other i-nv4277A7.7 172 f ' t methods as may be specified in the Schedule of Compensation. In addition to the Contract Sum, compensation shall include reimbursement for actual and necessary expenditures for reproduction costs, transportation expense and similar costs and expenses when and if (and subject to any limitations) specified in the Schedule of Compensation; as set forth in the Schedule of Compensation, the aggregate amount of reimbursables shall not exceed Two Hundred Thousand Dollars ($200,000). 2.2 Method of Payment. Any month in which Consultant wishes to receive payment, Consultant shall submit to Agency no later than the tenth (10th) working day of such month, in the form approved by Agency s Finance Director, an invoice for services rendered prior to the date of the invoice. Such invoice shall (1) describe in detail the services provided, including time and materials, and (2) specify each staff member who has provided services and the number of hours assigned to each such staff member. Such invoice shall contain a certification by a principal member of Consultant specifying that the payment requested is for work performed in accordance with the terns of this Agreement. Agency will pay Consultant for all expenses staled thereon which are approved by Agency pursuant to this Agreement no later than thirty (30) days after invoices are received by the Agency. 3.0 PERFORMANCE SCHEDULE 3.1 Time of Essence. Time is of the essence in the performance of this Agreement. 3.2 Schedule of Performance. All services rendered pursuant to this Agreement shall be performed diligently and within the time period established in Exhibit "C" (the "Schedule of Performance"). Extensions to the time period specified in the Schedule of Performance may be approved in writing by the Contract Officer. 3.3 Force Maleure. The time period specified in the Schedule of Performance for performance of the services rendered pursuant to this Agreement shall be extended because of any delays due to unforeseeable causes beyond the control and without the fault or negligence of Consultant, including, but not restricted to, act of God or of the public enemy, fires, earthquakes, floods, epidemic, quarantine restrictions, riots, strikes, freight embargoes, acts of any governmental agency other than Agency, and unusually severe weather, if Consultant shall within ten (10) days of the commencement of such delay notify the Contract Officer in writing of the causes of the delay. The Contract Officer shall ascertain the facts and the extent of delay, and extend the time for performing the services for the period of the forced delay when and If in his or her judgment such delay is justified, and the Contract Officers determination shall be final and conclusive upon the parties to this Agreement. 3.4 L. The term of this agreement shall commence on March 1, 2007 and terminate on December 31, 2010 (initial term). This agreement may be extended upon mutual agreement by both parties (extended term). Unless earlier terminated in 1l3 accordance with this Section or Sections 7.7 or 7.8 of this Agreement, this Agreement shall continue in full force and effect until the earlier of the expiration of the tens or the completion of the services, except as otherwise provided in the Schedule of Performance. If the Agency has not exercised its right of termination prior to December 31, 2008, the Agency shall conduct a mid-term review (the 'Mid -Term Review") of this Agreement and the progress and quality of the work prior to that date and determine if Agency wishes to continue with the Agreement; the decision the Agency makes following the Mid -Tenn Review shall be at the Agency's sole and absolute discretion. If the Agency's Board votes to to continue this Agreement beyond December 31, 2008, then the Executive Director shall provide written notice to Consultant prior to December 31, 2008 (the 'Continuance Notice") that the Agency has conducted the Mid -Term Review, and that the work and this Agreement should be continued through the term stated above (in which event the Contract Sum shall be increased by $812,000 to a total of $2,000,000 per Section 2.1 above). Failure of Agency to deliver the Continuance Notice shall be deemed to be Agency's election to not proceed hereunder, and the term shall expire on December 31, 2008. 4.0 COORDINATION OF WORK 4.1 Representative of Consultant. The following principals of Consultant are hereby designated as being the principals and representatives of Consultant authorized to act in its behalf with respect to the work specified herein and make all decisions in connection therewith: a. It is expressly understood that the experience, knowledge, capability, and reputation of the foregoing principals were a substantial inducement for Agency to enter into this Agreement. Therefore, the foregoing principals shall be responsible during the term of this Agreement for directing all activities of Consultant and devoting sufficient time to personally supervise the services hereunder. The foregoing principals may not be changed by Consultant and no other personnel may be assigned to perform the service required hereunder without the express written approval of Agency. 4.2 Contract Officer. The Contract Officer shall be THOMAS P. GENOVESE or such other person as may be designated by the Executive Director of Agency. It shall be Consultant's responsibility to assure that the Contract Officer is kept informed of the progress of the performance of the services and Consultant shall refer any decisions, which must be made by Agency to the Contract Officer. Unless otherwise specified herein, any approval of Agency required hereunder shall mean the approval of the Contract Officer. 4.3 Prohibition Against Subcontracting or Assignment. The experience, knowledge, capability and reputation of Consultant, its principals and employees were a substantial inducement for Agency to enter into this Agreement. Except as set forth in this Agreement, Consultant shall not contract with any other entity to perform in whole IdRF127N7.7 114 f , a or in part the services required hereunder without the express written approval of Agency. In addition, neither this Agreement nor any interest herein may be assigned or transferred, voluntarily or by operation of law, without the prior written approval of Agency. 4.4 Independent Contractor. Neither Agency nor any of its employees shall have any control over the manner, mode or means by which Consultant, its agents or employees, perform the services required herein, except as otherwise set forth. Consultant shall perform all services required herein as an independent contractor of Agency and shall remain at all times as to Agency a wholly independent contractor with only such obligations as are consistent with that role. Consultant shall not at any time or in any manner represent that it or any of its agents or employees are agents or employees of Agency. 4.5 Agency Cooperation. Agency shall provide Consultant with any plans, publications, reports, statistics, records or other data or information pertinent to services to be performed hereunder which are reasonably available to Consultant only from or through action by Agency. 5.0 INSURANCE INDEMNIFICATION AND BONDS. 5.1 Insurance. Prior to the beginning of and throughout the duration of the Work performed under this Agreement, Consultant shall procure and maintain, at its cost, and submit concurrently with its execution of this Agreement, personal and public liability and property damage insurance against all claims for injuries against persons or damages to property resulting from Consultants acts or omissions rising out of or related to Consultants performance under this Agreement. The insurance policy shall contain a severability of interest clause providing that the coverage shall be primary for losses arising out of Consultants performance hereunder and neither Agency nor its insurers shall be required to contribute to any such loss. A certificate evidencing the foregoing and naming Agency and its officers and employees as additional insured shall be delivered to and approved by Agency prior to commencement of the services hereunder. The amount of insurance required hereunder shall be determined by the Contract Sum in accordance with the following table: Contract Sum Pgrsonal Iniurv/Property Damace Coverece Less than $50,000 $100,000 per individual; $300,000 per occurrence $50,000 - $300,000 $250,000 per individual; $500,000 per occurrence Over $300,000 $500,000 per individual; $1,000,000 per occurrence Consultant shall cant' automobile liability insurance of $1,000,000 per accident against all claims for injuries against persons or damages to property arising out of the use of any automobile by Consultant, its officers, any person directly or indirectly employed by Consultant, any subcontractor or agent, or anyone for whose acts any of t.m/427247.7 115 them may be liable, arising directly or indirectly out of or related to Consultant's performance under this Agreement. If Consultant or Consultant's employees will use personal autos in any way on this project, Consultant shall provide evidence of personal auto liability coverage for each such person. The term "automobile" includes, but is not limited to, a land motor vehicle, trailer or semi -trailer designed for travel on public roads. The automobile insurance policy shall contain a severability of interest clause providing that coverage shall be primary for losses arising out of Consultants performance hereunder and neither Agency nor its insurers shall be required to contribute to such loss. A certificate evidencing the foregoing and naming Agency and its officers and employees as additional insured shall be delivered to and approved by Agency prior to commencement of the services hereunder. Consultant shall carry Workers' Compensation Insurance in accordance with State Worker's Compensation laws with employer's liability limits no less than $1,000,000 per accident or disease. Professional Liability or Errors and Omissions Insurance as appropriate shall be written on a policy form coverage specifically designed to protect against acts, errors or omissions of the Consultant and "Covered Professional Services" as designated in the Policy must include work performed under this Agreement. The policy limit shall be no less than $1,000,000 per claim and in the aggregate. The policy must include a provision establishing the insurer's duty to defend (provided, however, that defense costs may be 'within" the policy limits). The policy retroactive date shall be on or before the effective date of this Agreement. Insurance procured pursuant to these requirements shall be written by reputable insurers with an A.M. Bests rating of "A-" or better and a minimum financial size VII (excepting workers compensation insurance written by State Compensation Insurance Fund of California). All insurance required by this Section shall be kept in effect during the term of this Agreement and shall not be cancelable without thirty (30) days written notice to Agency of proposed cancellation. The procuring of such insurance or the delivery of policies or certificates evidencing the same shall not be construed as a limitation of Consultant's obligation to indemnify Agency, its officers, employees, contractors, subcontractors, or agents. 5.2 Indemnfication. a. General Indemnification Provisions. 1. Indemnification for Professional Liability. When the law establishes a professional standard of care for Consultants Services, to the fullest extent permitted by law, Consultant shall indemnify, protect and hold harmless Agency and City and any and all of their respective officials, employees and agents (collectively the Agency, City and said persons are referred to as the "Indemnified Parties") from and izuuna7s 131 176 against any and all claims, losses, liabilities of every kind, nature and description, damages, injury (including, without limitation, injury to or death of an employee of Consultant or subconsultants), costs and expenses of any kind, whether actual, alleged or threatened, including, without limitation, incidental and consequential damages of third parties, court costs, attorneys' fees, litigation expenses, and fees of expert consultants or expert witnesses, but excluding incidental and consequential damages of Agency to the extent not covered by Consultant's insurance, incurred in connection therewith and costs of investigation, to the extent same are caused in whole or in part by any negligent act, willful misconduct, error or omission of Consultant, its officers, agents, employees or subconsultants (or any entity or individual that Consultant shall bear the legal liability thereof) in the performance of professional services under this Agreement. With respect to the design of public improvements, the Consultant shall not be liable for any injuries or property damage resulting from the reuse of the design at a location other than that specified in Exhibit C without the written consent of the Consultant. 2. Indemnification for Other Than Professional Liability. Other than In the performance of professional services and to the full extent permitted by law, Consultant shall indemnify, protect and hold harmless Agency and/or any other Indemnified Parties from and against any and all claims, losses, liabilities of every kind, nature and description, damages, injury (including, without limitation, injury to or death of an employee of Consultant or subconsultants), costs and expenses of any kind, whether actual, alleged or threatened, including, without limitation, incidental and consequential damages of third parties, court costs, attorneys' fees, litigation expenses, and fees of expert consultants or expert witnesses, but excluding incidental and consequential damages of Agency to the extent not covered by Consultants insurance, incurred in connection therewith and costs of investigation, where the same arise out Of, are a consequence of, or are in any way caused by or attributable to, in whole or in part, the performance of this Agreement by Consultant or by any individual or entity for which Consultant is legally liable, including but not limited to officers, agents, employees or subconsultants of Consultant. 3. Standard Indemnification Provisions. Consultant agrees to obtain executed indemnity agreements with provisions identical to those set forth in this section from each and every subconsultant retained by Consultant or any other person or entity involved by, for, with or on behalf of Consultant in connection with Consultant's performance of this Agreement. In the event Consultant fails to obtain such indemnity obligations from others as required herein, Consultant agrees to be fully responsible according to the terms of this section. Failure of Agency to monitor compliance with these requirements imposes no additional obligations on Agency and will in no way act as a waiver of any rights hereunder. This obligation to indemnify, protect and hold harmless Agency as set forth herein is binding on the successors, assigns or heirs of Consultant and shall survive the termination of this Agreement or this section. b. Indemnification Provision for Deslan Radessionais. 1, Applicability of Section 5.2(bl. Notwithstanding Section 5.2(a) hereinabove, the following indemnification provision shall apply to Consultants who constitute "design professionals" as the term is defined in paragraph 3 below. 2. Scope of indemnification. To the fullest extent permitted by law, Consultant shall indemnify, protect and hold harmless Agency and/or any other Indemnified Parties from and against any and all claims, losses, liabilities of every kind, nature and description, damages, injury (including, without limitation, injury to or death of an employee of Consultant or subcomsultants), costs and expenses of any kind, whether actual, alleged or threatened, including, without limitation, incidental and consequential damages of third parties, court costs, attorneys' fees, litigation expenses, and fees of expert consultants or expert witnesses, but excluding incidental and consequential damages of Agency to the extent not covered by Consultant's insurance, incurred in connection therewith and costs of investigation, to the extent same arise out of, are a consequence of, or are in any way caused by, in whole or in part, the negligence, recklessness, or willful misconduct of Consultant, any subcensultant, anyone directly or indirectly employed by them or anyone that they control. 3. Design Professional Defined. As used in this Section 5.2(b), the tens 'design professional" shall be limited to licensed architects, registered professional engineers, licensed professional land surveyors and landscape architects, all as defined under current law, and as may be amended from time to time by Civil Code § 2782.8. c. Indemnity Limitations. Notwithstanding any provision of this Agreement to the contrary, Consultant shall not be required to indemnify, protect or hold harmless Agency or any of the other Indemnified Parties for liability attributable to the negligence or willful misconduct of Agency or any of the other Indemnified Parties, provided such negligence is determined by agreement between the parties or by the findings of a court of competent jurisdiction. In instances where Agency or any of the other Indemnified Parties is shown to have been negligent and where such negligence accounts for only a percentage of the liability involved, the obligation of the parties shall be proportionately shared. 5.3 Remedies. In addition to any other remedies Agency may have if Consultant fails to provide or maintain any insurance policies or policy endorsements to the extent and within the time herein required, Agency may, at its sole option: a. Obtain such insurance and deduct and retain the amount of the premiums for such insurance from any sums due under this Agreement. b. Order Consultant to stop work under this Agreement and/or withhold any payment(s) which become due to Consultant hereunder until Consultant demonstrates compliance with the requirements hereof. c. Terminate this Agreement if Consultant has not demonstrated compliance with the insurance requirements hereof within ten (10) days of receiving t-uvamaia notice from Agency (provided, however, that nothing herein shall prohibit or restrict Agency from terminating this Agreement pursuant to Section 7.7 below). Exercise of any of the above remedies, however, is an alternative to any other remedies Agency may have. The above remedies are not the exclusive remedies for Consultant's failure to maintain or secure appropriate policies or endorsements. Nothing herein contained shall be construed as limiting in any way the extent to which Consultant may be held responsible for payments of damages to persons or property resulting from Consultant's or its subcontractors' performance of work under this Agreement. 5.4 oiuo LP UVICIV... Consults .General Consul nnand nAgency agree to the following with respect to provided by Consultant: 1. Consultant agrees to have its insurer endorse the third party general liability coverage required herein to include as additional insureds Agency, its officials, employees and agents, using standard ISO endorsement No. CG 2010 or equivalent. Consultant also agrees to require all contractors, and subcontractors to do likewise. 2. No liability insurance coverage provided to comply with this Agreement shall prohibit Consultant, or Consultant's employees, or agents, from waiving the right of subrogation prior to a loss. Consultant agrees to waive subrogation rights against Agency regardless of the applicability of any insurance proceeds, and to require all contractors and subcontractors to do likewise. 3. All insurance coverage and limits provided by Contractor and available or applicable to this agreement are intended to apply to the full extent of the policies. Nothing contained in this Agreement or any other agreement relating to the Agency or its operations limits the application of such insurance coverage. 4. None of the coverages required herein will be in compliance with these requirements they include any limiting endorsement of any kind that has not been first submitted to Agency and approved of in writing. 5. No liability policy shall contain any provision or definition that would serve to eliminate so-called "third party action over" claims, including any exclusion for bodily injury to an employee of the insured or of any contractor or subcontractor. 6. All coverage types and limits required are subject to approval, modification and additional requirements by the Agency, as the need arises. Consultant shall not make any reductions In scope of coverage (e.g. elimination of contractual liability or reduction of discovery period) that may affect Agency's protection without Agency's prior written consent. i-IPAM47.7 7, proof of compliance with these insurance requirements, consisting of certificates of insurance evidencing all of the coverages required and an additional insured endorsement to Cbnsultants general liability policy, shall be delivered to Agency at or prior to the execution of this Agreement. In the event such proof of any insurance is not delivered as required, or in the event such insurance is canceled at any time and no replacement coverage is provided, Agency has the right, but not the duty, to obtain any insurance it deems necessary to protect its interests under this or any other agreement and to pay the premium. Any premium so paid by Agency shall be charged to and promptly paid by Consultant or deducted from sums due Consultant, at Agency option. 8. Certificate(s) are to reflect that the insurer will provide thirty (30) days notice to Agency of any cancellation of coverage. Consultant agrees to require its insurer to modify such certificates to delete any exculpatory wording stating that failure Of the insurer to mail written notice of cancellation imposes no obligation, or that any party will "endeavor" (as opposed to being required) to comply with the requirements of the certificate. 9. It is acknowledged by the parties of this agreement that all insurance coverage required to be provided by Consultant or any subcontractor, is intended to apply first and on a primary, non-contributing basis in relation to any other insurance or self insurance available to Agency. 10. Consultant agrees to ensure that subcontractors of Consultant, and any other party involved with the project who is brought onto or involved in the project by Consultant, provide the same minimum insurance coverage required of Consultant unless covered under Consultant's insurance. Consultant agrees to monitor and review all such coverage and assumes all responsibility for ensuring that such coverage is provided in conformity with the requirements of this section. Consultant agrees that upon request, all agreements with subcontractors and others engaged in the project will be submitted to Agency for review. 11. Consultant agrees not to self -insure or to use any self4risured retentions or deductibles in excess of $25,000 on any portion of the insurance required herein and further agrees that it will not allow any of its subcontractors involved in the performance of work on the project contemplated by this agreement to self -insure Its Obligations to Agency. If Consultant's existing coverage includes a deductible or self - insured retention, the deductible or self -insured retention must be declared to the Agency. At that time the Agency shall review options with the Consultant, which may include reduction or elimination of the deductible or self -insured retention, substitution of other coverage, or other solutions. 12. The Agency reserves the right at any time during the term lrof the contract to change the amounts and types of insurance required by giving g Consultant ninety (90) days advance written notice of such change. If such change I.M/427247.7 10 results in substantial additional cost to the Consultant and any subcontractor's required to maintain insurance hereunder, the Agency will pay for the same. 13. For purposes of applying insurance coverage only, this Agreement will be deemed to have been executed immediately upon any party hereto taking any steps that can be deemed to be in furtherance of or towards performance of this Agreement. 14. Consultant acknowledges and agrees that any actual or alleged failure on the part of Agency to inform Consultant of non-compliance with any Insurance requirement in no way imposes any additional obligations on Agency nor does it waive any rights hereunder in this or any other regard. 15. Consultant will renew (or provide through a "tail policy") the required coverage annually during the term of this Agreement and for one (1) year thereafter. 16. Consultant shall provide proof that policies of insurance required herein expiring during the term of this Agreement have been renewed or replaced with other Policies providing at least the same coverage. Proof that such coverage has been ordered shall be submitted prior to expiration. A coverage binder or letter from Consultants insurance agent to this effect is acceptable. A certificate of insurance and/or additional insured endorsement as required in these specifications applicable to the renewing or new coverage must be provided to Agency within five (5) days of the expiration of coverages. 17. The provisions of any workers' compensation or similar act will not limit the obligations of Consultant under this agreement. Consultant expressly agrees not to use any statutory immunity defenses under such laws with respect to Agency, its employees, officials and agents. 18. Requirements of specific coverage features or limits contained in this section are not intended as limitations on coverage, limits or other requirements nor as a waiver of any coverage normally provided by any given policy. Specific reference to a given coverage feature is for purposes of clarification only as it pertains to a given issue, and is not intended by any party or insured to be limiting or all-inclusive. 19, These insurance requirements are intended to be separate and distinct from any other provision in this agreement and are intended by the parties here to be interpreted as such. 20. The requirements in this Section supersede all other sections and provisions of this Agreement to the extent that any other section or provision conflicts with or impairs the provisions of this Section. 21. Unless otherwise agreed to in a writing signed by the Executive Director of Agency, Consultant agrees to be responsible for ensuring that no contract between Consultant and any of its subcontractors involved in any way with the project reserves 1.W427247.7 I I the right to charge Agency or Consultant for the cost of additional insurance coverage required by this Agreement. Any such provisions are to be deleted with reference to the Agency unless otherwise agreed to in a writing signed by the Executive Director of Agency. it is not the intent of Agency reimburse any third party for the cost of complying with these requirements. Unless otherwise agreed to in a writing signed by the Executive Director of the Agency, there shall be no recourse against Agency for payment of premiums or her amounts with respect thereto. Consultant agrees to provide immediate notice to Agency of any claim or loss against Consultant arising out of the work performed under this agreement. Agency monitor � es no obligation or handling of anyiability such by such notice, but has the right (but not the duty) claim or claims if they are likely to involve Agency. 6.0 RECORDS AND REPORTS. 6.1 Reports. Consultant shall periodically prepare and submit to the Contract Officer such reports concerning Consultants performance of the services required by this Agreement as the Contract Officer shall reasonably require. 6.2 Records. Consultant shall keep such books and records as shall be necessary to perform the services required by this Agreement and enable the Contract Officer to evaluate the cost and the performance of such services. Books and records pertaining to costs shall be kept and prepared in accordance with generally accepted accounting principals. The Contract Officer shall have full and free access to such books and records at all reasonable times, including the right to inspect, copy, audit, and make records and transcripts from such records. 6.3 Owns gh1 of Documents. Originals of all drawings, specifications, reports, records, documents and other materials, whether in hard copy or electronic form, which are prepared by Consultant, its employees, subcontractors and agents in the performance of this Agreement, shall be the property of Agency and shall be delivered to Agency upon termination of this Agreement or upon the earlier request of the Contract Officer, and Consultant shall have no claim for further employment or additional compensation as a result of the exercise by Agency of Its full rights of ownership of the documents and materials hereunder. Consultant shall cause all subcontractors to assign to Agency any documents or materials prepared by them, and in the event Consultant fails to secure such assignment, Consultant shall indemnify Agency for all damages suffered thereby. In the event Agency or any person, firm or corporation authorized by Agency reuses said documents and materials without written verification or adaptation by Consultant for the specific purpose intended and causes to be made or makes any changes or alterations in said documents and materials, Agency hereby releases, discharges, and exonerates Consultant from liability resulting from said change. The provisions of this clause shall survive the completion of this Contract and shall thereafter remain in full force and effect. r•uv427242.7 12 6.4 Release of Documents. The drawings, specifications, reports, records, documents and other materials prepared by Consultant in the performance of services under this Agreement shall not be released publicly without the prior written approval of the Contract Officer or as required by law. Consultant shall not disclose to any other entity or person any information regarding the activities of Agency, except as required by law or as authorized by Agency. 7.0 ENFORCEMENT OF AGREEMENT. 7.1 California Law. This Agreement shall be construed and interpreted both as to validity and to performance of the parties in accordance with the laws of the State of California. Legal actions concerning any dispute, claim or matter arising out of or in relation to this Agreement shall be instituted in the Superior Court of the County of Riverside, State of California, or any other appropriate court in such county, and Consultant covenants and agrees to submit to the personal jurisdiction of such court in the event of such action. 7.2 2j§ utes. In the event of any dispute arising under this Agreement, the injured party shall notify the injuring party in writing of its contentions by submitting a claim therefore. The injured party shall continue performing its obligations hereunder so long as the injuring party commences to cure such default within ten (10) days of service of such notice and completes the cure of such default within forty-five (45) days (or ten (10) days for non-payment defaults where the amount of payment is not in dispute) after service of the notice, or such longer period as may be permitted by the Contract Officer, provided that if aytdakeltis an immediate such immediate action tasthe Agenhealth, cy deems and general welfare, Agency warranted. Compliance with the provisions of this section shall be a condition precedent to ternination of this Agreement for cause and to any legal action, and such compliance shall not be a waiver of any partys right to take legal action in the event that the dispute is not cured, provided that nothing herein shall limit Agency's right to terminate this Agreement without cause pursuant to Section 7.8. 7.3 Retention of Funds. Agency may withhold from any monies payable to Consultant sufficient funds to compensate Agency Y r any losses, to costs, liabilities, defautor of damages it reasonably believes were suffered b Agency d Consultant in the performance of the services required by this Agreement. 7.4 Waiver No delay or omission in the exercise of any right or remedy of a non defaulting party on any default shall impair such right or remedy or be construed as a waiver. Agency's consent or approval of any act by Consultant requiring Agencys consent or approval shall not be deemed to waive or render unnecessary Agency's consent to or approval of any subsequent act of Consultant. Any waiver by either party of any default must be in writing and shall not be a waiver of any other default concerning the same or any other provision of this Agreement. i-M[427247.7 13 183 7.5 Rights and Remedies are Cumulative. Except with respect to rights and remedies expressly declared to be exclusive in this Agreement, the rights and remedies of the parties are cumulative and the exercise by either party of one or more of such rights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default or any other default by the other party. 7.6 Legal Action. In addition to any other rights or remedies, either party may take legal action, at law or at equity, to cure, correct or remedy any default, to recover damages (other than lost profits or consequential or punitive damages of Agency to the extent not covered by Consultant's insurance) for any default, to compel specific performance of this Agreement, to obtain injunctive relief, or to obtain any other remedy consistent with the purposes of this Agreement. 7.7 Termination Prior To Expiration Of Tenn. This section shall govern any termination of this Agreement, except as specifically provided in the following Section 7.8 for termination for cause. Agency reserves the right to terminate this Agreement at any time, with or without cause, upon thirty (30) days' written notice to Consultant. Upon receipt of any notice of termination, Consultant shall immediately cease all services hereunder except such as may be specifically approved by the Contract Officer. Consultant shall be entitled to compensation for all services rendered prior to receipt of the notice of termination and for any services authorized by the Contract Officer thereafter in accordance with the Schedule of Compensation or such as may be approved by the Contract Officer, except as provided in Section 7.3. 7.8 Termination for Default of Consultant. If termination is due to the material failure of Consultant to fulfill its obligations under this Agreement, Agency may, after compliance with the provisions of Section 7.2, take over work and prosecute the same to completion by contract or otherwise, and Consultant shall be liable to the extent that the total cost for completion of the services required hereunder exceeds the compensation herein stipulated (provided that Agency shall use reasonable efforts to mitigate such damages), and Agency may withhold any payments to Consultant for the purpose of setoff or partial payment of the amounts owed Agency as previously stated in Section 7.3. 7.9 Attomevs' Fees. If either party commences an action against the other party arising out of or in connection with this Agreement, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs of suit from the losing party. 7.10 Suspension of Services_. Consultant reserves the right to suspend performance hereunder at any time that Agency is in material default hereunder (and any such suspension shall be in addition to any other rights or remedies hereunder); provided, however, that prior to suspending services, Consultant shall provide Agency written notice of Consultant's intent to suspend services and Agency shall have failed to cure such default within forty-five (45) days from receipt of said notice. i-uv42ru7.7 14 8.0 CITY OFFICERS AND EMPLOYEES- NONDISCRIMINATION. 8.1 Non4iabilfif of AaerIO Officers and Emalovees. No officer or employee of Agency shall be personally liable to Consultant, or any successor in interest, in the amount Consultant or and tfoaultt osuccessor, u cee ssor, Agency or o for breach of any obligation hmay become due to of the terms of this Agreement. 8.2 CXnflict of Interest. No officer or employee of Agency shall have any personal interest, direct or indirect, in this Agreement nor shall any such officer or employee participate in any decision relating to the Agreement which affects his or her personal interest or the interest of any corporation, partnership or association in which she or he is, directly or indirectly, interested, in violation of any State statute or regulation. Consultant warrants that it has not paid or given and will not pay or give any third party any money or general consideration for obtaining this Agreement. 8.3 Covenant against Discrimination. Consultant covenants that there shall be of, any person or group of persons on account no discrimination against or segregation of race, color, creed, religion, sex, marital status, national origin or ancestry s Consultant or any of its employees, officers or agents in the performance of this Agreement. Consultant shall take affirmative action to insure that applicants are employed and that employees are treated during employment without regard to their race, color, creed, religion, sex, marital status, national origin or ancestry. 9.0 MISCELLANEOUS PROVISIONS 9.1 Notice. Any notice, demand, request, consent, approval, communication either party desires or is required to give the other party or any other person shall be in writing and either served personally or sent by prepaid, first-class mail to the address set forth below. Either party may change its address by notifying the other party of the change of address in writing. Notice shall be deemed communicated forty-eight (48) hours from the time of mailing if mailed as provided in this section. r-W427247.7 15 185 To Agency: La Quinta Redevelopment Agency Attention: Genovese v D;rtdoi 78.495 Calls Tampico P.O. Box 1504 La Quints, California 92247-1504 To Consultant: Project Dimensions, Inc. Attention: George Peterson 3 Park Plaza, Suite 1490 Irvine, California 9261 9.2 Iterated Aareement. This Agreement contains all of the agreements of the parties and all previous understanding, negotiations and agreements are integrated into and superseded by this Agreement. 9.3 Amendment. This Agreement may be amended at any time by the mutual consent of the parties by an instrument in writing signed by both parties. 9.4 Severebility. In the event that any one or more of the phrases, sentences, clauses, paragraphs, or sections contained in this Agreement shall be declared invalid or unenforceable by a valid judgment or decree of a court of competent jurisdiction, such invalidity or unenforceability shall not affect any of the remaining phrases, sentences, clauses, paragraphs, or sections of this Agreement which are hereby declared as severable and shall be interpreted to carry out the intent of the parties hereunder. 9.5 Authority. The persons executing this Agreement on behalf of the parties hereto warrant that they are duly authorized to execute this Agreement on behalf of said parties and that by so executing this Agreement the parties hereto are formally bound to the provisions of this Agreement. IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates stated below. LA QUINTA REDEVELOPMENT AGENCY Thomas P Genov se, Executive Director se, 7 % Date r.mi4272427 16 ATTEST: APPROVED AS TO FORM: aAneJensgency Atterfley Coonsel CONSULTANT: PROJECT! a California By: t George ren Preside t Date: LR!/ M47.7 17 See Attached. Exhlblt A Scope of Services Exhibit A I-IR/427U7.7 i88 Scope of Services SILVERROCK RESORI PHASk II PROJECT MANAGEMENT SERVICES samosa is Mdended to provide the Development Management Services reWM to oversee the The idiowing oWNne ofpreposed Constnew design and enfltiement of Phase g of the SltverRock Resod, including consultant seledlan, design development, docmeent preparation and project documentetlon. RESEARCH Research, cm* and review plwvft and construdbn documents Preps and implemented for PHASE 1, find documents in progress for PHASE It. Meet with City SW,, Clys daW consultants, luftlittional aPM4 hotel devslopmerd teem and golf Course operator to ensure a complete Pretend madersf ft, DEVELOPMENT PREMOU15RES ld..* POSSM alto activAYes and development requirements whkh may pregreas OOnCIIRerltiy to the design and construction proses. ENVIRONMENTAL DOCUMENTS Review existing documents to understand the PA*d�Dbner s faPh cose mpleted by the agency 1No CEQA doasnedstfon required by PUBLIC CONTRACTING PROCEDURES Dtrtein spedac precedues and requirements Of agent for design and construdon Ong. Ensure sgency procedures and requirements are adhered to In the preparation of professional RFP(s) /and ConsultedCorNred preparation. DESIGN TEAM ORGANIZATION Develop POW oomponerd cWckbd for use in iderr*ng specialists wdW design consultants required for the design of the entry kWres, sheetacapeA cu6house and goMcourse landscape and Ndgagoa- The P d d argdreer, golf course ardNted and Clubhouse archlted are eonantiy contracted with the Agency. AGENCY COORDINATION hotel CooRllnetAgent's Purled will the AgenPurled Meneger, deLekPmenPlearn, Priveto � retail developers, City s1811 and )unsdWo lal agemie comespondem documenting bled co mnunkation forAgency review and direction. CONSULTANTMANAOEMENT Prepare appmopdsts prefeseonal services RFP(s), develop selector altede and negotiate professional wrote conM ds• Menage / Coordinate Consultant po*mw oe and assist lo mesdvkg design end consfrudion cotdgds, momlto Consultant schedules and tNdgefs. DEVELOPMENT SCHEDULE Prepare a development Sd?G& a to he UWW 88 8 management toot t0 monitor deffmT of design team product. The pedDrmance schedule wNl also l NOw as a design team c o dimion fad in determining prereWisle services during the design PADOOSS. ,.1111• I�IMI NSIt1N1 189 Scope of Services SILVERROCK RESORT - PHASE 11 PROJECT MANAGEMENT SERVICES NEETmGsfDESK;NREw*w Coordinate daveloprnent meetings to eslaW(sh design goals and set Agency expedag . Coon1mate ongoing meetings with design team, City sW, developers and judswbria! agencies. Wilate exchange of Irdomm§DnftWO ongong eommurdeations required to expedie the design process• NOWTORING/CONTROL Mondor and control consultant Plop preparetion for accurecy and completeness as required, to obtain Agency apprevels and ensure consultant downents are consistent with pubib work bidPoonshu Um requirements. BUDGETING Coordinate construction budget with design team, based on their plans and verily piwaFmV wage niqukements. Budget Process s wN be applied boughoid � a f� smote n te of Constructiocosts and devabp P OPOW form forbidding proaass. POM PRESENTATIONS Coordinate and participate in Public PrsnMOm• Coordinate GO Avd documerds required to Inform hderestad parties and ensure ongoing Patric suPPOd BID PACKAGE CONFUTION products content. Cw*& consultant ldenpr required on rmft bimges end regal In con/ormance to Publc Woks UMV and Lewnprehensiva conNruction bid packages construction requiremerds. CONSTRUCTION SERVICES BWWG Assist In the ConsfnKtlal bidding piss, including: preparom of iRAWm(s) to Wd; advertise imdation(s) tobid; coordinate/padkipeto in Prebid conference; caodWG de319n teams responses to eonbacw questions during bidding, Prepare and dWribide addenda; mc&W bids, analyto, and wndrm bidder quaf liti , and Prepare moomnendations to agency. PROJECT REPORTING Maintain G+gaft dD=)6rTbIfQR, kxk ding oh =jogioel record of memos, transaftls, meeting notes, ph" records eiedmMc CWseLbrld d O&to be intprtlatfon generated during do P *d devW*m pbi�• placed with the agency at Prep fin' 4'.. 190 'Services Sit VERROCK RESORT - PHASE II PROJECT MANAGELTENT SERVICES The fogowtrng oufft ofpoyosed Santos Is Intended to pwide Me Construdron Managenrent Services regw ed to oversee &a won of Phase it of the S*erRodt Resort, indudkng Peron cor'ke-% general edinWefratrvs Banes, conatrlucfiorr marsgement and project close-out Pnt,O MICTIONSERNCES • Assist the Agency, In the review of Constructiondoumnerda includ7n9 Pis specifications end all offier associated trams in ceder to Teddy completeness and consistency MmuOW the Project. • Check for quantity deficiendft poterntiai oadlkk staging, segw"ft bglcC provide conshudehiNly reviews, and va* constancy between Plans and Specifications. • Assist M Me pre qualtkatio n Process to salad avdradors *1149 to bld on Me verbus bid padreges. • Condud a Vain angureedeg review of the plans and spedfice(ions to Icier* Po(erdial Cod savings. • Reviewconshtdmbidsprior toAgency ward ofconfrad. GENERAL PROJEcTAWIMSMATNE SERVICES • Provide a wlfiien respOrm to Corsldtard teCenhBBd to each 9iegUBat for Information' (RF9, and to each •change order Request (COR), siliTTI ed by cornbadas. • Prepare and Issue work addenda and/or specificafbn dadfications to contractors, as needed to completeallproject work • particfpste in pre,Mwcdonn con/emnces, and conduct me* conek ichon Progress mw&v wfih all kwolved parties (or as directed byAgerncO. • Prepare and Issue all poject'Change orders' (CO) on an es -needed basis, and as choted by Agency Represernts0w. • EvaWate reasonableness of proposed Lronatrudlon schedules and make recornmendalkons to Agency- • Coadlnsts consfiRiion work wgh each pennang Agency to smame compliance wo penilt ruilwarrrents. • Coordinate ag onside construction actk* to sc*" all project mlkstorre dates, and to ensure Met all pmjsd goals are attained. • Ensure adherence wiM accepted irdusby and Agency standards for all work- N.. yUt 1 Ilt M1 M?tUYS 191 Services SILVERROCR RESORT • PHASE 11 PROJECT MANAGELJENI SERVICES CONSTRUCTmN MANAGEUMSERwCES • Ad as cons(nrdbn prow manager and perform al Resident Wneer ft db"S dudng crosfmdbn as the Agencys representatives • pant *& in the padrtedng rabocnshp to be devekped bdwreen the Agarxy, design teank andgm contmcdor. • Ad as the pow of Donned for a1 communi ons and kltetudilm wllh Me contredw(s) and the design team. • Review Ccrtbador(s) tiled payrolls and conduct random irrtervlews wltin contrador's we -Mrs to ensure conpffance with prevaUbg w®ge 1e00301 • Review and fire a pm the of P (may ulnd de 01'60 doumlenfag Progress constnictim Take i pe new doge as well as still phdopWfts) of the eonsheon progress on a reg"bods. • pmosessubmittals and monflordesignconsuHanls'revfewecdYit'" • ReviewcontracfarpeymerdregwoandmakerecommendationsfoAgency. • ComdbeteandchafrmeetatgsforAgencycatabudionoversipid • Identify and menage potenUel dakm and make taceninanddiwts to resow them. • Ensure conyadwcomplionce with SWPPP Ord PM-10plans. • Pod= d* Msh awmstbm to warily ce sbvdon progress and to verify that all work oordonns to mitred regdremeds. • Keep Me Agency bdorrned of all construction Problems and guard a*rst all defects and daftdendas in the work of the contractors. • Create and mefdab a dmralagW log Of all Pr*d waeaPortdence, s and memoranda • Create and maidafn a chrorobgbal kg of p u]sd Quality Ward end Amoance records • Create and maintain dmndogicel its of au perfemed Italy reG ' by others„(attach krSpedbn observations and findngsto each • Coorenste the review of aU stop drawbgs and subm&* for compboce with cmabtxlion dmcureds. Approvals and miectim are to be documented and f %w*d to agency accompanbd by a banal 4.edar of Tmnsm t F hcm Consultant IiUt 4 MINI WON, 192 Services SILVERR0CK RESORI - PNASE I PROJECT MANAGEMENT SERVICES • Mstnteln ed olglnal plans, spoil kohons and mstedel Submdtei doacnerds. Coordmete the upgrade and revisions 60 Alral construction plans mid spadtications to reflect A"Wd" wndiWM end submit one reprodud* sal to • Mondor wrr6ador s pee=am and anfoce ad regndr nab of applicae codes, apecHkatiors end wrArad dmwtrngs. overseaguad(ycontrolandmaterialstesting. TobeprobM dOOMM• • provide wondhstion and review of cordwdaorls staging plans wdh the Agency • Provide fall fispedon, and make nawn mandadons for aweplenw of improvemerds and coordinate road openings, systems testing and t Gbw AYWP• • Work closely with the 90 worse operator to assure smooth MRR on to oases operstio s and play • Assist tine Agency and W Course Operator In won %ft fhe irides operation of one varkws gof course systems 41H I' IH NPNMUYS .. 193 Exhibit B Schedule of Compensation Payment shall be on a "Time and Materials" basis in accordance with the Consultants Rate Schedule attached herewith for the work tasks performed in conformance with Section 2.2 of the Agreement during the periods shown. Total compensation for all work under this contract shall not exceed the Contract Sum, except as specified in Section 1.6 - Additional Services of the Agreement. Additionally, Consultant shall be reimbursed for the following direct expenses plus a 15% administrative cost thereon: a. Out-of-pocket expenses — including but not limited to travel, messenger service, lodging, meals, blueprint, reproduction and photographic services, provided, however, that with respect to trips between La Quinta and Irvine, Consultant shall not be entitled to any mileage or other auto expense reimbursements (and Consultant shall pay the costs of the same), and provided further, that with respect to lodging while in La Quints, the 15% administrative cost shall not apply and only one meal will be reimbursed in connection with the overnight stay. b. Subcontractor fees. c. Mileage (except as noted above) — at the maximum rate permitted under applicable tax laws. d. Reproduction and printing (in-house): a$1.00 per letter/legal page; $2 00 per pagefoPovr page for oversized oversized - Color: e. Records checks — as incurred. f. uSFWS1CDFG impacts or mitigation fees— as incurred. Notwithstanding the preceding, Consultant shall not be entitled to reimbursements in excess of $200,000 in the aggregate for amounts incurred under items a-d above without first obtaining the prior written consent of the Executive Director of the Agency. Consultant shall be responsible for monthly service charges for phone and wireless service for its employees. Exhibit B 195 196 Exhibit C Schedule of performance Agency's Project Schedule is attached and made a part of this Agreement. Consultant shall use its good faith efforts to complete services Presented within the scope of work contained within Exhibit "A" in accordance with the attached project schedule. Notwithstanding the preceding, the parties acknowledge that the Agency prepared the attached project schedule and that the commencement date shown in the project schedule has been delayed to the date of this Agreement, daccordingly, Cnultant he dausetes its shown in the attached schedule shall be deferred appropriately. good faith efforts to accelerate completion of tasks to the dates shown in the attached project schedule, however, Consultant makes no guaranty that such dates will be met. Exbibit C r.nU42724?.7 197 „ I lots # JIM i t F! ! ! ! T �...:.....;#,,a#...... a,tt .............................. ....,. !!�ilil1e! ;j�44��144i44;!oi� a f �� f �Ilfl4iii111�ii:f�f !rill Ill �all� i 19g Exhibit D Special Requirements NONE. Exhibit D i-UV427247.7 a., ATTACHMENT AMENDMENT TO PROFESSIONAL SERVICES AGREEMENT THIS AMENDMENT TO AGREEMENT FOR CONTRACT SERVICES (the "Agreement") is made and entered into by and between the LA QUINTA REDEVELOPMENT AGENCY, ("Agency"), and Golf Dimensions ("Consultant")• Agency and Consultant are hereby referred to as the "Parties." The Parties agree as follows: Whereas, the Agency and Consultant entered into a Professional Services Agreement on February 6, 2007 ("Original Agreement"). Section 3.4 of the Original Agreement states that the initial term of the agreement shall terminate on December 31, 2008. And whereas, the Parties wish to extend the initial term of the Orignal Agreement by sixty-one (61) days in order to allow the Agency additional time to complete a mid -contract review and to determine if the Agency wishes to extend the term of the Original Agreement further. And whereas, there is sufficient funding left in the contract budget designated for the initial term to compensate Consultant during this additional time period. NOW, THEREFORE, the Parties Agree as follows: 1. Section 3.4 of the Original Agreement is hereby amended to state: 3.4 Term. The term of this agreement shall commence on February 7, 2007 and terminate on March 2, 2009 (initial term). This agreement may be extended for two (2) additional year(s) upon mutual agreement by both parties (extended term). Unless earlier terminated in accordance with Sections 7.7 or 7.8 of this Agreement, this Agreement shall continue in full force and effect until completion of the services, except as otherwise provided in the Schedule of Performance. [Signature Appear on Next Page] .. 201 IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates stated below. LA QUINTA REDEVELOPMENT AGENCY Thomas P. Genovese, Executive Director ATTEST: Veronica J. Montecino, CMC Agency Secretary APPROVED AS TO FORM: M. Katherine Jenson, Agency Counsel CONSULTANT: By: Name: Title: Date: Date ... 202 T-df 4 4 a" AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: December 16, 2008 BUSINESS SESSION: ITEM TITLE: Approval of Request for Proposals for 2009 La Quinta Market Study CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: Approve a Request for Proposals (RFP) for the 2009 La Quinta Market Study. FISCAL IMPLICATIONS: Funds have been budgeted as follows: $40,000 in account number 405-9001- 702.32-21, and $40,000 in account number 406-9002-702.32-21 . BACKGROUND AND OVERVIEW: Since 1996, the City has reviewed and adopted an annual Economic Development Plan, which contains guidelines and initiatives for the City's and Redevelopment Agency's economic development efforts. Every three years, the City and Agency commission a Market Study in order to assess market conditions, demand, and development opportunities. The Market Study data is incorporated into the Economic Development Plan. The last Market Study was completed in 2006; therefore it is now time to commission a new Market Study. This Market Study will focus on several key areas: Demographic Analysis; Highway 111; The Village; City -Wide Hotel Analysis; and Housing Trends. A key component of this Market Study is a look at future trends and how to best target the next generation of consumers; strategies to help the Village become more viable; an analysis of future hotel trends and demand; and an analysis of future housing trends and opportunities. The RFP to obtain professional Market Study services has been prepared and is ready for distribution to qualified consultants. The RFP is attached for the Agency Board's review at Attachment 1. 2p3 The City Manager intends to appoint a Selection Committee consisting of the following members: Doug Evans — Assistant City Manager — Development Services Les Johnson — Planning Director Debbie Powell — Economic Development Project Manager Frank Spevacek — RSG If the City Council wishes to appoint a different Selection Committee,the Committee would be subject to the Brown Act unless the Committee consists solely of two council members. If the City Council were to also appoint Agency Staff and/or RSG representatives to the committee, the committee would not qualify as an ad -hoc committee and would therefore be subject to the Brown Act. FINDINGS AND ALTERNATIVES: The alternatives available to the City Council include: 1. Approve a Request for Proposals for 2009 La Quinta Market Study; or 2. Do not approve a Request for Proposals for 2009 La Quinta Market Study; or 3. Provide staff with alternative direction. Respectfully submitted, Douglas R. Eyan's, Assistant City Manager — Development Services Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. Request for Proposals .11 204 ATTACHMENT1 REQUEST FOR PROPOSALS CITY OF LA QUINTA MARKET STUDY SERVICES INTRODUCTION About the City of La Quinta Located in Southern California's magnificent Coachella Valley, the City of La Quints is a blend of beauty, charm, and pleasure. It is home to the nationally acclaimed Arnold Palmer Classic Course at SilverRock— a home course of the Bob Hope Chrysler Classic— and over 20 other exceptional golf courses including the famous PGA West. In 2009, La Quinta will be the hub for the Bob Hope Chrysler Classic, with three of its golf courses in the rotation. The City of La Quinta embraces art, culture, and its rich history offering the La Quinta Arts Festival, a variety of stunning public art, and a newly expanded museum. It offers enjoyable options such as movies in the park, scenic bike and hiking trails as well as a charming, pedestrian -friendly downtown La Quinta Village. The historic La Quinta Resort & Club is the largest in the Coachella Valley and is supported by other recently, opened hospitality venues. And as one of the fastest growing cities in California in the 1990s, La Quinta continues to grow and hosts a wide range of quality amenities including the best in shopping and dining. With a current population of 42,958, La Quinta's early residential boom is now being complemented by a balance of commercial growth and infrastructure improvements. La Quinta's retail sales have tripled since 2000 and increased 50% since 2004. Projections for 2008 point to retail sales in the neighborhood of $800 million— on pace to break $1 billion given La Quinta's strong retail, population, and housing base. Background on Economic Development Efforts Since 1996, the City of La Quinta has annually adopted and implemented a strategic Economic Development Plan to guide efforts that identify, attract, and encourage development of new retail, resort, recreational, and residential uses to the City. The Economic Development Plan serves as a framework for maintaining the quality of life in the City, and includes a market study, which is updated every three years, that specifically focuses on market conditions and development opportunities within the City's main commercial corridors and sphere of influence. The most recent market study was prepared in 2006, OzerziewAnallsis ¢Market Coportunki45, and is included in the Fiscal Year 2008-2009 Economic Development Plan. (Both documents are available on the City's website, www.la-quinta.ore) The 2006 market study specifically focuses on market conditions and development opportunities along Highway I I I and within the La Quinta Village and SilverRock Resort. Today, the City and Redevelopment Agency desire to update the market study, focusing on future trends and opportunities specific to the Highway 111 Corridor, the City/Agency-owned SilverRock Resort, the historic "Village" area, and housing (both market rate 205 and affordable). The updated market study will serve as a framework to reevaluate and adjust the City's economic development initiatives. SCOPE OF SERVICES The selected market study consultant will be expected to compile relevant statistics from local and regional sources; interview real estate professionals, major landowners and developers, local businesses and the Chamber of Commerce; and consult with La Quinta's planning department. The market study update should incorporate the following key components: 1) DEMOGRAPHIC FORECAST: Update socioeconomic trends forecast, using 2008 as baseline and extending to the year 2020. The forecast should project future growth in population, age distribution, household size, permanent nonagricultural employment by industry, tourisrn, and lodging demand for La Quinta, the Coachella Valley, and Riverside County. 2) HIGHWAY 111: La Quinta's Highway 111 commercial corridor has seen tremendous growth and success. This corridor includes national big box retailers, restaurants, and auto dealerships. However, several retail centers are upwards of 20 years old. The City wishes to understand what uses and businesses are vulnerable to market and demographic changes; what uses/businesses would be viable in the future; and what uses/businesses the City should target for the next generation of consumers. 3) LA QUINTA VILLAGE: The Village is La Quinta's historic district. The City's senior center, library, museum, and city hall are located in the Village. A mixed -use office/retail development (Old Town) was built several years ago, and there are several restaurants, small retailers, office, hotel, and residential uses in the area. However, the area is still challenged by a lack of patronage, as well as diverse land ownership of relatively small parcels. The City is looking for ways to energize this area, the types of businesses the area could support, strategies to help the businesses remain viable, and how existing and future residential development can be successfully incorporated to create synergy in the Village. 4) CITY-WIDE HOTEL ANALYSIS: The Redevelopment Agency's master -planned resort development, SilverRock Resort, had anticipated a condo -hotel within its existing Arnold Palmer Classic Golf Course, as well as a resort hotel and related casitas and/or timeshare development. However, the current economic climate has impacted the timing of these amenities. The City wants to understand the future trends for hotels, and how the City can best capitalize on them. Can the Gty achieve the number of hotels anticipated in its General Plan? 5) DELIVERABLES: The market consultant shall prepare and submit to City staff five (5) copies of the screencheck market study, consisting of a narrative analysis and summary of the market conclusions and support tables and charts, for staff review. Upon completion of the work effort, the consultant shall submit ten (10) bound originals of the final study, plus an electronic pdf version that can be emailed and posted to the City's website. 2 2-06 7) SCHEDULE: The market study contract is expected to be awarded on February4, 2009, and the study must be completed by early March (date to be determined) to meet the City's timeframe for its Economic Development Plan. MARKET STUDY CONSULTANT EXPERTISE AND PROPOSAL FORMAT Interested firms are encouraged to keep their proposals brief (20 pages maximum) and relevant to the specific Scope of Services outlined above. All proposals should include the following: 1) Cover letter with name, address, phone number, and e-mail address of Consultant's contact person; identify capacity this person has to manage and execute this effort. 2) Description of overall knowledge of the City of La Quinta. 3) Background on the firm and its experience in preparing comprehensive market studies, especially for cities and public agencies. Of particular interest are engagements involving clients located in the Coachella Valley and communities that have characteristics similar to La Quinta. 4) A narrative that presents the services a firm would provide detailing the approach, methodology, deliverables, and client meetings to be provided. 5) Identification of the personnel to be assigned to this engagement (including names, addresses, current phone numbers, and e-mail addresses) and a resume of related experience, how many years this team has worked together, and a list of projects this team has completed or is currently working on. 6) Identification of any and all sub -consultants to be assigned to this engagement (including names, addresses, current phone numbers, and e-mail addresses) and a resume of related experience, how long the sub -consultant has worked with Consultant, and how many projects the sub -consultant has completed for Consultant or is currently working on with Consultant. [The City's contract with the selected firm will include a "Prohibition Against Subcontracting or Assignment" clause that will prohibit Consultant from contracting with any other entity to perform in whole or in part the services required.] 7) At least three (3) public and private references for projects of similar nature to this engagement. 8) Proof of financial soundness: financial statements, a balance sheet, and two years of federal tax returns. For confidentiality purposes, this information should be mailed separately to: Frank Spevacek, Rosenow Spevacek Group, Inc., 309 West 4th Street, Santa Ana CA 92701-4502. 9) A summary of the professional liability and errors and omissions insurance coverage the firm maintains. (Please see attached Professional Services Agreement for insurance 2,3l requirements.) In your narrative, please address anypotential issues your firm would have with the Professional Services Agreement. 10) Interested firms should submit nine (9) copies of their proposals. 11) SUBMITTED IN A SEPARATE SEALED ENVELOPE, a not -to -exceed cost for the items listed in the Scope of Services (including itemization of hourly rates of all assigned personnel, requested reimbursable expenses, and charges for any meetings not included in the not -to - exceed cost proposal). SELECTION PROCESS Proposals will be reviewed by a Consultant Selection Committee. The Committee will rank the consultants based upon the materials submitted within the proposal. The Committee may choose to interview two or more closely ranked firms. Interviews for the most qualified marketing firms will be scheduled during the week of January 19, 2009. The Agencywill open contract negotiations with the top -ranked firm. The successful consultant will be expected to enter into the attached Professional Services Agreement. CITY RIGHTS AND OPTIONS This solicitation does not commit the City of La Quinta to award a contract, to pay any cost incurred with preparation of the proposal, or to procure or contract for services or supplies. The City reserves the right to accept or reject any or all submittals received in response to this request, to negotiate with any qualified source, or cancel in whole or pan this process if it is in the best interest of the City to do so. Subsequent to negotiations, prospective consultants maybe required to submit revisions to their proposals. All proposals should note that any contract pursuant to this solicitation is dependent upon the recommendation of the City staff and the approval of the City Council. The City reserves the right to postpone selection for its own convenience, to withdraw this Request for Proposals at anytime, and to reject any and all submittals without indicating any reason for such rejection. As a function of the Request for Proposals process, the City reserves the right to remedy any technical errors in the response to the Request for Proposals and modify the published Scope of Services. The City reserves the right to request that specific personnel with specific expertise be added to the team, if the City determines that specific expertise is lacking in the project team. Proposals and other information will not be returned. The City reserves the right to abandon the Request for Proposals process and/or change its procurement process for the contract at any time if it is determined that abandonment and/or change would be in the City's best interest. In the event of an abandonment or change, the City will not be liable to any consultant for any costs or damage arising out of its response to the Request for Proposals. 4 2�3a SCHEDULE, SUBMITTAL, AND CONTACT INFORMATION The tentative schedule is as follows: Issue Request for Proposals Proposal Due Oral Interviews Recommendation to Agency Board Start Project December 17, 2008 January 9, 2009 Week of January 19, 2009 February 3, 2009 February4, 2009 Interested firms should submit nine (9) copies of their proposals no later than 5:00 p.m. on Friday, January 9, 2009. Submittals should be directed to: Douglas R. Emus Assistant City Manager -Development Senices City of La Quinta P.O. Box 1504 La Quinta, CA 92247-1504 All questions regarding this RFP maybe directed to Debbie Powell, Economic Development Project Manager, at dpowellCa?la-quinta.org or (760) 777-7073. CITY OF LA QUINTA December 17, 2008 REQUEST FOR PROPOSALS MARKET STUDY SERVICES 5 2J9 C&uv 4 XPQuiotr�, COUNCIL/RDA MEETING DATE: December 16, 2008 ITEM TITLE: Adoption of Resolution Making Findings Pursuant to Health and Safety Code Section 33445 Regarding Agency Funding of the Acquisition of Land East of Dune Palms, South of Highway 111 and Appropriating Funds RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Adopt a Resolution that finds that an Agency expenditure of $620,730 to acquire 0.75 acres of vacant property satisfies the requirements of Health and Safety Code Section 33445, and appropriates $310,365 from Project No. 2 Low and Moderate Income Fund Unallocated Reserves, Account 246-0000-290.00-00, and $310,365 from Project No. 2 Unallocated Reserves, Account 406-0000-290.00-00. FISCAL IMPLICATIONS: The Agency will expend $620,730 plus closing costs to acquire this property; $310,365 will be funded from the Project No. 2 Housing Fund and $310,365 from the Project No. 2 Redevelopment Fund. BACKGROUND AND OVERVIEW: The City has been negotiating with Urban Housing Communities ("UHC") since November 2007 to acquire a 0.75 acre parcel of land adjacent to the Redevelopment Agency's Dune Palms/Highway 111 property. The City desires to acquire this parcel to accommodate a public roadway which would intersect with Dune Palms Road and travel through the Agency's 18.0 acre Dune Palms/Highway 111 ("Agency Property"). This road would provide primary access to the affordable apartment home community proposed for 9.0 acres of the Agency Property, secondary access to the commercial uses proposed 9.0 acres of the Agency Property, secondary access to the Komar Center including Costco, and primary access to the Desert Sands Unified bus yard and warehouse facilities. 210 The City commissioned Capital Realty Analysts to prepare an appraisal for this property. The appraisal was updated in August 2008, and identified a value of $620,000 or $19.00 per square foot. This value was the subject of continued negotiations with UHC. The City transmitted a best and final offer of $620,000 to UHC on December 4, 2008; UHC subsequently accepted this offer. Pursuant to Health and Safety Code Section 33445, the Agency may fund the cost to acquire land and construct public improvements if the City Council makes certain findings that support this expenditure, and if the City Council consents to having the Agency expend these funds. The supporting facts to make these findings are: ■ This property is needed to accommodate a public road. ■ The public road will: ✓ Provide access to an affordable housing development that will increase and improve the community's supply of affordable housing; ✓ Provide secondary access to new commercial development that will front Highway 1 1 1; ✓ Provide secondary access to the Komar Center, thus improving traffic circulation in this portion of Project Area No. 2; ✓ Provide primary access to the Desert Sands Unified School District's bus yard and warehouse facilities; ✓ Result in a signalized intersection at Dune Palms Road that will facilitate better, controlled traffic circulation in this portion of Project Area No. 2. FINDINGS AND ALTERNATIVES: The alternatives available to the Agency include: 1. Adopt a Resolution that finds that an Agency expenditure of $620,730 to acquire 0.75 acres of vacant property satisfies the requirements of Health and Safety Code Section 33445, and appropriates $310,365 from Project No. 2 Low and Moderate Income Fund Unallocated Reserves and $310,365 from Project No. 2 Unallocated Reserves; or 2. Do not approve the subject Purchase and Sale Agreement; or 3. Provide staff with alternative direction. Respectfully submitted, Doug as P Evans Assistant City Manager — Development Services Approved for submission by: Thomas P. Genovese, Executive Director 212 RESOLUTION NO. RA 2008- A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY MAKING FINDINGS PURSUANT TO HEALTH AND SAFETY CODE SECTION 33445 REGARDING FUNDING OF THE ACQUISITION OF LAND LOCATED EAST OF DUNE PALMS ROAD, SOUTH OF HIGHWAY 111 AND APPROPRIATING FUNDS FOR THE ACQUISITION WHEREAS, in order to improve traffic circulation in the vicinity of Highway 1 1 1 and Dune Palms Road, the City of La Quinta has proposed to construct a new public roadway ("Roadway Improvements") which will allow traffic to access businesses and proposed residential development east of Dune Palms Road and south of Highway 1 1 1 without having to drive along Highway 1 1 1; and WHEREAS, the Roadway Improvements will also enhance the emergency vehicle access to the general area; and WHEREAS, the Roadway Improvements are proposed in connection with the Desert Sand Unified School District in an effort to coordinate and jointly facilitate bus and passenger vehicle traffic in the area; and WHEREAS, the lack of adequate roadways was documented as one of the conditions of blight that justified the formation of Project Area 2; and WHEREAS, constructing the Roadway Improvements would afford the Agency the opportunity to address the aforementioned conditions of blight; and WHEREAS, constructing the Roadway Improvements would enhance the safe access to and from the Agency's proposed affordable housing project located east of Dune Palms and south of Highway 1 1 1; and WHEREAS, there is inadequate funding within the City's General Fund or from other sources to develop the Roadway Improvements; and WHEREAS, it would be in the best interest of the public to pursue the construction of the Roadway Improvements. 213 Resolution No. RA 2008- Funding of Land East of Dune Palms Adopted: December 16, 2008 Page 2 NOW, THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment Agency as follows: SECTION 1. The above recitations are true and correct and are adopted as the findings of the Board. SECTION 2. Pursuant to Health and Safety Code Section 33445(a), the Agency finds and determines that: A. The construction of the Roadway Improvements is of benefit to Project Area No. 2, and to the immediate neighborhood in which the Roadway Improvements are to be located, in that it will improve the flow of traffic, reduce the number of traffic trips on Highway 1 1 1, and enhance the ability of emergency vehicles to service the area. B. No other reasonable means of financing the Roadway Improvements are available to the community. C. The payment of funds for the development of the Roadway Improvements will assist in the elimination of one or more blighting conditions inside the Project Area, including the lack of adequate roadways, and will also assist in the Agency's provision of affordable housing, and is consistent with the Agency's implementation plans adopted pursuant to Section 33490. Section 3. The Agency hereby appropriates $310,365 from the Project No. 2 Low and Moderate Income Fund Unallocated Reserves, Account 246-0000- 290.00-00, and $310,365 from Project No. 2 Unallocated Reserves, Account 406- 0000-290.00-00, for the acquisition of the property needed in order to construct the Roadway Improvements. PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held on the 161" of December, 2008, by the following vote: AYES: NOES: ABSENT: .. 214 Resolution No. RA 2008• Funding of Land East of Dune Palms Adopted: December 16, 2008 Page 3 ABSTAIN: Tom Kirk, Chairman La Quinta Redevelopment Agency ATTEST: VERONICA MONTECINO, Agency Secretary La Quinta Redevelopment Agency (Seal) APPROVED AS TO FORM: M. KATHERINE JENSON, Agency Counsel La Quinta Redevelopment Agency 215