2009 02 17 RDAe4 4 4 adja
Redevelopment Agency agendas are
available on the City' web page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
ADDENDUM TO THE AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, FEBRUARY 17, 2009
3:00 P.M. Closed Session / 4:00 P.M. Open Session
CLOSED SESSION
2. Conference with Agency's real property negotiator, Douglas R. Evans, pursuant
to Government Code Section 54956.8 concerning potential terms and
conditions of acquisition and/or disposition of real property located southwest of
the intersection of Highway 111 and La Quinta Centre Drive. Property
Owner/Negotiator: Torre Nissan, George Velarde
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on March 3,
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 Addendum to the agenda for the La Quinta Redevelopment Agency meeting
of February 17, 2009, was posted on the outside entry to the Council Chamber at 78-
495 Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-
630 Highway 111, on February 13, 2009.
DATED: ebruary 3 2009
VERONICA `ONTECINO, City Clerk ....
oUl
City of La Quinta, California
Redevelopment Agency Addendum Agenda 1 February 17, 2009
Or# 4 #adja
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, FEBRUARY 17, 2009
3:00 P.M. Closed Session / 4:00 P.M. Open Session
Beginning Resolution No. RA 2009-001
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
NOTE: Time permitting the Redevelopment Agency Board may conduct Closed Session
discussions during the dinner recess. In addition, persons identified as negotiating parties
are not invited into the Closed Session meeting when acquisition of real property is
considered.
Redevelopment Agency Agenda
002
February 17, 2009
1. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF REAL PROPERTIES IDENTIFIED AS: PROPERTY
OWNERS/NEGOTIATORS: DESERT CITIES DEVELOPMENT, MICHAEL
SHOVLIN - APNs 600-020-038, AND -039; CP DEVELOPMENT, RICHARD
OLIPHANT - APN 604-040-096; SUSAN E. SLATER — APN 609-040-002;
URBAN HOUSING COMMUNITIES, JOHN BIGLEY - APN 770-040-012;
G COMPANIES, JAMES C. GIANULIAS - APNs 773-370-028 AND -029;
BLP DESERT, PETER WALLIN — APNs 602-180-001, -002, -003, -005, -006,
AND -007; CANYON RIDGE (LAING LUXURY HOMES), MARK KLEINMAN -
APN 643-090-024; SUPPER CLUB GOLF, JIM SNELLENBERGER — APN 600-
080-041; LARRY CHANK — APN 604-460-045; GREYSTONE CLUBHOUSE
ASSOCIATES, DON BROWN — APN 770-070-047; AND WATERMARK
GRANITE, TOM DOBRON — APN 776-220-012.
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.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF FEBRUARY 3, 2009
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. APPROVAL OF DEMAND REGISTER DATED FEBRUARY 17, 2009.
2. RECEIVE AND FILE TREASURER'S REPORT DATED DECEMBER 31, 2008.
003
Redevelopment Agency Agenda 2 February 17, 2009
3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED DECEMBER
31, 2008.
4. APPROVAL OF AN AMENDMENT TO THE PROFESSIONAL SERVICES
AGREEMENT WITH GOLF DIMENSIONS FOR SILVERROCK RESORT PHASE II
PROJECT MANAGEMENT SERVICES.
BUSINESS SESSION
1. CONSIDERATION OF MID -YEAR BUDGET REPORT FOR FISCAL YEAR
2008/2009
A. MINUTE ORDER ACTION
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 March 3,
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.
Redevelopment Agency Agenda 3 February 17, 2009 •• 004
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Redevelopment Agency meeting of February
17, 2009, was posted on the outside entry to the Council Chamber at 78-495
Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630
Highway 111, on February 13, 2009.
DATED- February 13, 2009
VERONICA J. ONTECINO, City Clerk
City of La Quinta, 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.
Redevelopment Agency Agenda 4 February 17, 2009 � 005
OT
r
cFhl OF
COUNCIL/RDA MEETING DATE: February 17, 2009
ITEM TITLE: Demand Register Dated
February 17, 2009
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
February 17, 2009 of which $7,214,337.28
represents Redevelopment Agency Expenditures
AGENDA CATEGORY:
BUSINESS SESSION
CONSENT CALENDAR
STUDY SESSION
PUBLIC HEARING
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
006
T4 hf 4 a 4 P Q9 IdA rfij
COUNCIL/RDA MEETING DATE: February 17, 2009
ITEM TITLE: Receive and File Transmittal of
Treasurer's Report as of December 31, 2008
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION: d�
CONSENT CALENDAR: �
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
007
cFM OF'[K�•9�`'
COUNCIL/RDA MEETING DATE: February 17, 2009 AGENDA CATEGORY:
ITEM TITLE: R2C21Ve and File Transmittal Of Revenue BUSINESS SESSION:
and Expenditure Reports dated December 31, 2008 CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Transmittal of the December 31, 2008 Statement of Revenue and Expenditures for
the La Quinta Redevelopment Agency.
Respectfully submitted,
John M. Falconer, Finance Director
008
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachment: 1. Revenue and Expenditures Report, December 31, 2008
009
2
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 1:
LOWIMODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Miscellaneous revenue
Non Allocated Interest
LQRP-Rent Revenue
Home Sales Proceeds
Sale of Land
Sewer Subsidy Reimbursements
Rehabilitation Loan Repayments
2nd Trust Deed Repayment
Transfer In
TOTAL LOWIMOD TAX
DEBT SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Interest - County Loan
Interest Advance Proceeds
Transfers In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest
Non Allocated Interest
Developer Agreement Funding
Sale of Land Proceeds
Rental Income
Transfers In
TOTAL CAPITAL IMPROVEMENT
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
11,501,200.00
23,523.81
11,477,67619
0,200%
53,000.00
(24,298.05)
77,298.05
-45.850%
0.00
75580
(755.80)
0000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
225,000.00
103,359 00
121,641.00
45.940%
150,000.00
0.00
150,000.00
0.000%
000
0.00
0.00
0.000%
0.00
603.34
(603.34)
0.000%
0.00
0.00
0.00
0.000%
000
92,500.00
(92,500.00)
0000%
0,00
0.00
0.00
0.000%
11,929, 200.00
196,443.90
11, 732,756.10
1.650%
46,004,900.00
94,095.21
45,910,804.79
0.200%
173,600.00
121,244 73
52,355.27
69.840%
0.00
000
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
4,444,479.00
2,951,541.56
1,492,937.44
66.410%
50,622,979.00
3,166,881.50
47,456,097.50
6.260%
0.00
306,220.44
(306,22044)
0,000%
300,000.00
160,780.06
139,219.94
53.590%
000
0.00
0.00
0.000%
3,894,600.00
0.00
3,894,600.00
0.000%
0.00
0.00
0.00
0.000%
15,000,000.00
0.00
15,000,00000
0000%
19,194,600.00
467,000.50
18,727,599.50
2.430%
»...: 010
3
07/0112008- 12/31/2008
LA QUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECT AREA NO. 1:
LOW/MODERATE TAX FUND:
PERSONNEL
1,10000
000
0.00
1,10000
SERVICES
328,369.00
88,633.54
0.00
239,735.46
BUILDING HORIZONS
000
0.00
0.00
0.00
LQ RENTAL PROGRAM
275,00000
69,53424
0.00
205,465.76
2nd TRUST DEED PROGRAM
0.00
0.00
0.00
0.00
BUILDING HORIZONS
0.00
0.00
0.00
0.00
LAND ACQUISITION
4,371,453.00
4,130,708.50
0.00
240,74450
LOW MOD HOUSING PROJECTS
000
0.00
0.00
000
FORECLOSURE
400,000 DO
189,411 73
0.00
210,588.27
REIMBURSEMENT TO GEN FUND
706,27100
353,136.54
0.00
353,13446
TRANSFERS OUT
4444479.00
2,951541.56
0.00
149293744
TOTAL LOW/MOU TAX
DEBT SERVICE FUND:
SERVICES
403,20000
12,170.00
0.00
391,030.00
BOND PRINCIPAL
2,960,00000
2,960,00000
0.00
0.00
BOND INTEREST
7,330,189.00
3,709,24513
0.00
3,620,943.87
INTEREST CITY ADVANCE
1,020,000.00
510,OOD.00
0.00
510,00000
PASS THROUGH PAYMENTS
25,404,680.00
1,079,392.30
000
24,325.28770
ERAF SHIFT
000
000
0.00
0.00
TRANSFERS OUT
1896639600
2533690.85
000
16,432,705.15
TOTAL DEBT SERVICE
b5�0114:�b=
TO
CAPITAL IMPROVEMENT FUND:
PERSONNEL
1,100.00
0.00
0.00
1,100 OD
SERVICES
935,215.00
256,192.49
0.00
679,022.51
LAND ACQUISITION
0.00
000
000
0.00
ASSESSMENT DISTRICT
0.00
0.00
0.00
000
ADVERTISING -ECONOMIC DEV
000
000
0.00
0.00
ECONOMIC DEVELOPMENT
0.00
0.00
000
0.00
BOND ISSUANCE COSTS
000
000
0.00
0.00
CAPITAL -BUILDING
0,00000
000
000
9,000.00
REIMBURSEMENT TO GEN FUND
294,68300
147,44202
0.00
147,440.98
TRANSFERS OUT
59521,815 DO
1897831.45
0.00
5762398355
TOTAL CAPITAL IMPROVEMENT
Oil 4
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
Transfer In
TOTAL LOWIMOD 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
Sale of land
Transfers In
TOTAL CAPITAL IMPROVEMENT
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
5,872,700.00
9,182.83
5,863,517.17
0.160%
380,500.00
164,741.40
215,758 60
43.300%
0.00
0.00
0.00
0.000%
0.00
0.00
000
0.000%
0.00
0.00
0.00
0.000%
0.00
40,458.25
(40,458.25)
0.000%
0.00
0.00
0.00
0 000%
000
0.00
0.00
0.000%
0.00
0.00
000
0.000%
000
0.00
0.00
0,000%
6,253,200.00
214,382.48
6,038.817.52
3.430%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
102,000.00
158,592.05
(56,592.05)
155480%
0.00
0.00
0.00
0.000%
102,000.00
158,592.05
(56,592.05)
155480%
23,490,800.00
36,731.35
23,454,068.65
0.160%
000
155,687.72
(155,687.72)
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
1,953,598.00
1,247,937.28
705,660.72
63.880%
25,444,398.00
1,440,356.35
24,004,04165
5.660%
84,000.00
24,946.04
59,053.96
29.700%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
84,00000
24,946.04
59,053.96
29.700%
012
5
LA OUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO 2,
LOWIMODERATE TAX FUND:
0710 V2008 - 12/31/2008
ADJUSTED REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
PERSONNEL
700.00
000
0.00
700.00
SERVICES
512,82800
236,364.41
000
276,463.59
2ND TRUST DEEDS
0.00
000
0.00
000
LOW MOD HOUSING PROJECTS
0.00
000
0.00
000
FORECLOSURE ACQUISITION
100,000.00
000
0.00
100,00000
VISTA DUNES PARK
50.00000
0.00
000
50,00000
LAND ACQUISITION
0.00
0.00
0.00
000
REIMBURSEMENT TO GEN FUND
360.60400
180,302.46
000
180,301.54
TRANSFERS OUT
4 779 079.00
808,852.56
0 00
3 970 226.44
TOTAL LOWIMOO TAX
2004 LOWIMODERATE BOND FUND
HOUSING PROGRAMS
3,052,800.00
1.684,00000
0.00
1,368,800.00
LAND
000
0.00
0.00
0.00
TRANSFERS OUT
12390,202.00
9,509959.50
0.00
2880,24250
TOTAL LOWIMOD BOND
DEBT SERVICE FUND:
CAPITAL IMPROVEMENT FUND:
SERVICES
BOND PRINCIPAL
SONDINTEREST
INTEREST CITY ADVANCE
PASS THROUGH PAYMENTS
TRANSFERS OUT
0.00 205,17500
0.00 0.00
0.00 151,312.75
0.00 828.264 00
PERSONNEL
70000
0.00
0.00
700.00
SERVICES
286,413.00
110,282 31
000
176,130 69
CAPITAL
0.00
0.00
0.00
0.00
ECONOMIC DEVELOPMENT ACTIVITY
000
000
0.00
0.00
REIMBURSEMENT TO GEN FUND
60,741.00
30,37098
000
30,370.02
TRANSFERS OUT
397261.00
329,495.83
000
87765.17
TOTAL CAPITAL IMPROVEMENT
013 s
s4 4zo Qu&rcu
C
`y OF TKQ
COUNCIL/RDA MEETING DATE: February 17, 2009
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:
STUDY SESSION:
PUBLIC HEARING:
Approve the Second Amendment to the Professional Services Agreement with Golf
Dimensions for SilverRock Resort Phase II Project Management Services extending
the first contract term for 60 days and declining to exercise the option of the
second contract term, and authorize the Executive Director to execute the
Amendment subject to any minor modifications approved by the Executive Director
and Agency Counsel.
FISCAL IMPLICATIONS:
The total approved contract budget for Golf Dimensions is $2,200,000 over a 47-
month period, including a budget for reimbursable items in a not -to -exceed amount
of $50,000 per year. As of January 31, 2009, a total of $901,843 has been billed
(78% of the first contract term budget and 41 % of the total budget). This
Amendment (Attachment 1) is for a 60-day term with a not -to -exceed amount of
$70,000, including a budget for reimbursable items in a not -to -exceed amount of
$ 2,000.
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.
014
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 approximately four years. Therefore, the project
management contract was divided into two terms, and includes a mid-term review
by the 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 (though
December 2008), and the second term is for a 24-month period (through December
2010). Section 3.4 of the Agreement provides that the Agency, upon conducting
a mid-term review, can elect to continue with the second term or terminate the
agreement.
On December 16, 2008, the Agency Board approved an amendment to the
Professional Services Agreement extending the initial term for an additional 60 days
(through February 2009). This was due to several factors, including: a review of
estimated permanent clubhouse operations costs and timing of clubhouse
construction to be conducted by the Agency Board in the future; issues affecting
infrastructure design and construction; and the economy's effect on the overall
SilverRock project (including the State take -away of $4.9 million in Redevelopment
funds; and the potential for future State take-aways.)
On January 20, 2009, the Agency Board directed staff to complete the clubhouse
bid documents, but defer construction due to the current economic conditions
Staff has been working with the SilverRock Resort design team on various issues
that will affect infrastructure design, including easement issues and Coachella
Valley Water District (CVWD's) canal relocation study. CVWD is currently
finalizing its study and has indicated that, due to the amount of design and
coordination involved, it will likely begin work on the canal in 2010. The timing on
the canal will be determined by the Federal Bureau of Reclamation and the
environmental review process. The final canal design will affect the RDA's
infrastructure design; therefore, infrastructure design has slowed significantly.
And, with the current economy, design and construction of the second golf course
are not likely to occur within the next several years.
Given these factors, staff is recommending that the Agency Board not conduct a
formal mid-term review of Golf Dimensions. Instead, staff recommends executing
an amendment to the Professional Services Agreement extending the initial term for
60 days (through April 2009) and declining to exercise the option of for a second
24-month contract term. The 60-day extension will provide adequate time to
1. 015
complete the clubhouse bid documents and transition all project records from Golf
Dimensions to Agency staff.
It should be noted that in the future, when the SilverRock projects move forward,
there may be a need to hire construction management firms for various
components of the project.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Approve the Second Amendment to the Professional Services Agreement
with Golf Dimensions for SilverRock Resort Phase II Project Management
Services extending the first contract term for 60 days and declining to
exercise the option of the second contract term and authorize the
Executive Director to execute the Amendment subject to any minor
modifications approved by the Executive Director and Agency Counsel; or
2. Do not approve an Amendment to the Professional Services Agreement
with Golf Dimensions for SilverRock Resort Phase II Project Management
Services extending the first contract term for 60 days; or
3. Provide staff with alternative direction.
Respectfully submitted,
s
Douglas . QEvans
Assistant City Manager — Development Services
Approved for submission by:
d+
04
Thomas P. Genovese, ecutive Director
Attachment: 1. Amendment No. 2 to the Professional Services Agreement with
Golf Dimensions
016
ATTACHMENT1
SECOND AMENDMENT TO PROFESSIONAL SERVICES AGREEMENT
THIS SECOND 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, on December 16, 2008 the Parties extended the initial term of
the Original 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.
Whereas the Agency has determined that it does not wish to exercise its right
to extend the Agreement for an additional two years due to the fact that it is
delaying the implementation of certain improvements at SilverRock Resort, but it
desires to have Consultant perform certain wrap up activities during the time period
commencing on the date that the contract is currently set to terminate (March 2,
2009) and ending on April 30, 2009.
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 April 30, 2009.
2. The Scope of Services during the two month extension of this
Agreement are those services outlined in Exhibit A, which is incorporated herein by
this reference.
3. The sole compensation and reimbursement for Consultant's services
during this time period shall not exceed a total of $70,000. This shall consist of up
to $34,000 per month for services, and up to $1,000 per month for reimbursables.
No other payments shall be made to Consultant for the services during this time
period or for finalizing and closing out the Agreement.
4. All of the other terms and conditions of the Original Agreement shall
remain in full force and effect.
[Signature Appear on Next Page]
... _ . 017
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
dates stated below.
LA QUINTA REDEVELOPMENT AGENCY
Thomas P. Genovese, Executive Director Date
ATTEST:
Veronica J. Montecino, CMC
Agency Secretary
APPROVED AS TO FORM:
M. Katherine Jenson, Agency Counsel
CONSULTANT:
By:
Name:
Title:
Date:
018
Exhibit 'A'
Revised Scope of Services
Services to be provided include:
Completion of SilverRock Resort Clubhouse Construction Documents
Coordinate with the Clubhouse Design Team and Agency staff to finalize site
plans, grading plans, landscape plans, and building design plans into a
comprehensive set of plans suitable for bidding. Prepare clubhouse
construction specifications and final engineer's estimate.
SilverRock Resort, Phase II Project Records
In conjunction with the transfer of all records pertaining to the SilverRock
Resort Project (Infrastructure, Clubhouse, Second Golf Course, and
Roads/Entries) to the La Quinta Redevelopment Agency pursuant to the
instructions of the Contract Officer, meet with Agency staff and design team
members to evaluate project status, billing statements, and associated
details. All records shall be organized by contract and records should include
time sheets and expense reports for Golf Dimensions; design consultant
billing statements and tracking sheets; all correspondence including letters,
memos, and emails. Other records to be transferred to the Agency include
project reports, plans and drawings, meeting minutes, and other project -
related documents and materials as deemed appropriate by the Agency's
Contract Officer.
Wherever possible, records should be in electronic format, submitted on CDs
or USB flash drives.
019
wiu!t 4lwQ(dAr�,
COUNCIL/RDA MEETING DATE: February 17, 2009
ITEM TITLE: Consideration of Mid -Year Budget Report
for Fiscal Year 2008/2009
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve a decrease of $ (1,808,350) in estimated property tax increment revenue.
Approve an increase of $670,000 in estimated investment interest revenue.
Approve a decrease of $(3,894,600) in revenues from land sales.
Approve an increase of $145,650 in 2nd Trust Deed and Sewer Subsidy revenues.
Approve a decrease in appropriations of $1,083,255 in pass through tax payments.
Approve an increase of $168,348 n appropriations for housing projects.
Approve an increase of $82,347 in appropriations for capital projects.
Approve an appropriation of $4,850,687 in the Educational Relief Augmentation
Fund (ERAF) expense account.
Approve an increase of $201,925 in County fees related to the collection of
property taxes.
Approve a decrease in the transfer out of $10,000,000 from RDA Project Area
(PA) 1 Debt Service Fund and a similar decrease of $10,000,000 to the transfer in
from the RDA PA 1 Capital Improvement Project Fund.
Receive and file the Mid -Year Budget Report.
FISCAL IMPLICATIONS:
During the annual budget process, staff estimates revenues and expenditures for
020
the Redevelopment Agency (RDA) and at mid -year reassesses those estimates,
which are through December 315L. As a result of staff's review, we are
recommending the following budget changes totaling a net decrease of
$(9,170,352) in revenues over expenditures to the RDA Fiscal Year 2008/2009
budget:
TM ADDITIONALREVENUE AND APPROPRIATIONS
(1)
(2)
(3)
(4)
(5)
(1)51m
(7)
(8)
(9)
(10)
(11)
(7)Aou
(6)-(12)
T.
Interest
Sewer
Sale or
(5)=6
Pass Thm
Housing/
County
(11)=(12)
Fund
Invement
Income
2nd Trust
Land
Transfers
Revenues
ABme
Cep Pro,
ERAF
Fees
Transient
EVensea
Net
Pm)eM Nee 1
DeM sen44a
(1,328,900)
0
(1,328,900)
(907.731)
4,850,687
16Q700
(10,000,000)
(5,976,341)
4,647,444
RDAICIP
463,000
(3,894,600)
(10,000,000)
(13,431,600)
0
(13.431.600)
Low and Nod
(332,200)
(28,000)
100,850
(259,550)
59,500
0
0
59,500
(319,050)
(1,661,100)
435,000
100,650
(3,694,800)
(10,000,000)
(15,020,050)
(987,731)
1 59,500
1 4,M.687
160,700
(10,000,000)
(5,918,844)
(9,103,200)
PMWN"2
DeM serNce
(117,800)
280,000
162,200
195,524)
41,225
(54.299)
216.499
RDA2 CIP
(4E,000)
(48,000)
82,347
0
0
82.347
(130.347)
MN Hoisting Fund
63,OD0
63,000
Lowand Mad
(29,450)
(60,000)
45,000
(44,450)
108,848
0
0
108.648
(153.20)
(147,250)
1235,000
45,000
0
1 0
132,750
(95.524)
191,195
0
41,225
0
136,896
(67.146)
TaIN
(1,608,350)
670,000 1145,650
(3,894,600)
(10.(10 ,OM)
(14,N7,300)
(1,083, 255)
250,695
4.850,887
201,925
(1QOD0,000)
(5,779.948)
(9,VO,352)
Staff is proposing additional revenues and appropriation changes in Redevelopment
Project Area Nos. 1 & 2 (Attachments 1 &2) based upon the following:
• Updated tax increment estimates;
• Updated investment earnings forecasts;
• Pass through payments affected by updated tax increment estimates;
• Updated revenue collections from 2Dd trust deed, and sewer subsidies;
• Updated State legislation pursuant to AB 1389 which required a ERAF
shift payment and analysis of pass through payments by the Counties;
• Deferral of the sale of SilverRock property;
• Capital Project and Low -Income Housing economic and housing
studies and analysis; and,
• Updated costs from the County for collecting the Property taxes.
BACKGROUND AND OVERVIEW:
A comprehensive report is prepared annually at mid -year to inform the Agency
Board for their consideration of any changes in the financial position of the Agency.
The Mid -Year Budget Report involves a financial assessment of Agency operations.
This report provides information on the RDA revenues, operations, capital projects
and requests for budget transfers and/or new appropriations.
021 2
Provided as part of Attachment 3 is the revenue and expenditure detail for the
RDA.
Estimated Tax Increment Revenues
The majority of the tax increment revenue for the RDA is received from the County
in January and May; therefore, actual tax increment revenues have not been
received as of December 31, 2008. The budget amounts have been adjusted to
reflect the latest data from the County Auditor/Controller's office. Property taxes
are adjusted to the tax roll information prepared by the County Auditor's office,
which was received in early January. The earned tax increment equals the 50%
benchmark. As a result of the tax roll information, the property tax revenues for
Project Area 1 and 2 are adjusted. For Project Area 1, property tax increments
decreased by $1,661,100 and for Project Area 2, property tax increments
decreased by $147,250. Based upon the forecasted revenues, an overall decrease
of $1,808,350 in estimated property tax increment revenue is projected. Even
with these projected decreases, RDA PA 1 and RDA PA 2 is still anticipated to
receive $1,499,610 (2.76%) and $356,562 (1.24%) respectively more in tax
increment revenues than the actual tax increment collections for Fiscal Year
2007/2008.
TAX INCREMENT RFVFNIIF 91114MARY
(1)
(2)
(2Y(I)=(3)
(4p12.6
(4)
(4)-(1)
(5)
(4y(5)-100%
(4)-(5)
MAN
Est Year End
07108
12131108
08'09
Year End
Vananca
Year End
Percent
Change
earnpiwn
Budget
YTO Actual
%
Earned
Estimate
over(under)
Actual
Change
$
A #1
Debt Service
$44,676,000
$94,095
021%
$22,338,000
$44,676,000
$0
$43.476,312
276%
$1,199,688
o lMorlerata Tax increment
11,169,000
23,524
021%
5,584,500
11, 169,000
0
10,869,078
276%
299,922
Total Tax Increment
55,845.000
117,619
021%
27,922,500
55,845,000
0
54,345,390
276%
1,499,610
A #2
Dad Service
23.373,000
36,731
016%
11.686,500
23.373.000
0
23,087,750
124%
285,250
Lox/Moderate Tax Increment
5,843,250
9,183
016%
2,921,625
5,843,250
0
5,771,938
124%
71,312
dal Tax Increment
29.216,250
45,914
1 016%
1 14.608.125
297216,250
0
28,859,688
1 124%
356,562
Totals
$85.061,250
$163,533
019%
$42,5M 625
1$85.061,2M 1
$0
$83,205,078
1 223%
$1,856,172
Estimated Interest Income Revenues
Four factors went into the mid year analysis for any changes in budgeted interest
income revenue - (1) higher or lower interest rates, (2) greater or lesser than
anticipated cash receipts, (3) greater than or lesser than anticipated disbursements
022
3
and (4) the timing of the cash receipts and cash disbursements. As a result, RDA
PA 1 Capital Improvement Project Fund, Debt Service PA 2 Fund, and the 2004
Housing Fund are projecting increases, while Low and Moderate PA 1 & 2 Funds,
and RDA PA 2 Capital Improvement Project Fund are projecting decreases. Staff is
projecting a net increase of $670,000 in interest income revenues.
Proceeds from 2nd Trust Deed Repayments
Project Area 1 & 2 Low- & Moderate- Income Housing Funds have been receiving
funds from the sale of Agency -assisted homes. The Agency will receive 2ntl Trust
Deed repayments of $100,000 from PA 1 and $ 45,000 from PA 2.
Proceeds from Sewer Subsidy and Rehab Loan repayments
Project Area 1 Low- & Moderate -Income Fund will receive an estimated $650 from
the sale of Agency -assisted homes that received past sewer subsidies.
Sale of SilverRock Resort Land
RDA Project Area 1 Capital Improvement Project Fund sale of land at SilverRock
Resort totaling $3,894,600 has been decreased to reflect a deferral to future years.
Transfer In and Out
The General Fund had previously budgeted transferring $15 million from the Debt
Service PA 1 Fund to the Capital Improvement Fund PA 1 Fund. Based upon the
aforementioned ERAF appropriation and delay in the sale of the SilverRock
property, this amount has been reduced to $5 million.
Reduced Pass Through & Additional ERAF Appropriations Requested
The Agency is required to pass through to other taxing entities that operate in the
Project Area tax increment funds based upon negotiated or statutory agreements.
Since the tax increment will decrease, these pass through amounts will decrease
by $1,083,255 to a total of $42.58 million. In addition to the $42.58 million
passed through to other entities in the County of Riverside, AB 1389 was passed
that required the transfer of an additional $4.85 million to the State of California in
May 2009 and notification to the County by March 1, 2009 of the RDA Board's
intent to pay the ERAF payment. This ERAF budget amendment has been prepared
for the Board consideration and the outcome will be communicated to the County.
023
4
Additional RDA PA 2 Capital Project Fund Appropriations Requested
Staff is requesting $82,347 for economic development studies and analysis for
RDA Capital Project 2 projects.
Additional RDA PA1 and 2 Low- and Moderate -Income Fund Appropriations
Requested
Staff is requesting $59,550 for development studies and analysis for RDA Low -
and Moderate -Income Fund 1 and $108,848 for development studies and analysis
for RDA Low- and Moderate -Income Fund 2 projects.
Additional RDA PA1 and 2 Debt Service Fund Appropriations Requested
Staff is requesting $160,700 for RDA PA1 Debt Service Fund for fees charged to
the Agency for tax increment collections by the County pursuant to SB 2557 and
an additional $41,225 for RDA PA 2 Debt Service Fund.
These proposed adjustments will result in an estimated decrease in net revenues
over appropriations of $(9,103,206) in Project Area No. 1 and $(4,146) in Project
Area No. 2.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Redevelopment Agency Board include:
1. Approve a decrease of $ (1,808,350) in estimated property tax increment
revenue.
Approve an increase of $670,000 in estimated investment interest revenue.
Approve a decrease of $(3,894,600) in revenues from land sales.
Approve an increase of $145,650 in 2ntl Trust Deed and Sewer Subsidy
revenues.
Approve a decrease in appropriations of $1,083,255 in pass through tax
payments.
Approve an increase of $168,348 n appropriations for housing projects.
024
Approve an increase of $82,347 in appropriations for capital projects.
Approve an appropriation of $4,850,687 in the Educational Relief
Augmentation Fund (ERAF) expense account.
Approve an increase of $201,925 in County fees related to the collection of
property taxes.
Approve a decrease in the transfer out of $10,000,000 from RDA Project
Area (PA) 1 Debt Service Fund and a similar decrease of $10,000,000 to the
transfer in from the RDA PA 1 Capital Improvement Project Fund.
Receive and file the Mid -Year Budget Report; or
2. Do not approve the above changes; or
3. Provide staff with alternative direction.
Respectfully submitted,
Kk4mm ld-�
MFalconer, Finance Director
Approved for submission by:
Thomas P. Genovese Executive Director
Attachments: 1. Mid -Year review budget worksheet
2. Mid -Year review budget detail
3. RDA Revenue and Expenditures through December 31, 2008
025
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