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1999 09 07 RDATiht 4 4 4" Redevelopment Agency Agenda CITY COUNCIL CHAMBER 78-495 Calle Tampico La auinta, California 92253 Regular Meeting September 7, 1999 - 2:00 P.M. CALL TO ORDER a. Roll Call Beginning Res. No. RA 99-07 This is the time set aside for public comment on any matter not scheduled for a public hearing. Please complete a "request to speak" form and limit your comments to three minutes. Please watch the timing device on the podium. NOTE: TIME PERMITTING, THE CITY COUNCIL MAY CONDUCT CLOSED SESSION DISCUSSIONS DURING THE DINNER RECESS. ADDITIONALLY, PERSONS IDENTIFIED AS NEGOTIATING PARTIES WHERE THE CITY IS CONSIDERING ACQUISITION OF THEIR PROPERTY ARE NOT INVITED INTO THE CLOSED SESSION MEETING. CONFERENCE WITH LEGAL COUNSEL PURSUANT TO GOVERNMENT CODE SECTION 54956.9(c) - ONE POTENTIAL LITIGATION CASE. 2. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTY LOCATED AT THE SOUTHEAST CORNER OF WASHINGTON STREET AND MILES AVENUE. PROPERTY OWNER/NEGOTIATOR: RICHARD OLIPHANT. 001 PUBLIC COMMENT - 3:00 PM This is the time set aside for public comment on any matter not scheduled for a public hearing. Please complete a "request to speak" form and limit your comments to three minutes. Please watch the timing device on the podium. a. Approval of Minutes of August 3 & August 17,..1999 Note: Consent Calendar items are considered to be routine in nature and will be approved by one motion. 1. APPROVAL OF DEMAND REGISTER DATED AUGUST 17 & SEPTEMBER 7, 1999. 2. TRANSMITTAL OF TREASURER'S REPORT DATED JUNE 30, 1999. 3. AUTHORIZATION TO EXECUTE AN EASEMENT TO CVWD FOR SEWER PURPOSES ACROSS THE SOUTHERLY PROPERTY LINE OF THE REDEVELOPMENT AGENCY PROPERTY LOCATED AT THE SOUTHEAST CORNER OF WASHINGTON STREET AND MILES AVENUE. BUSINESS SESSION 1. CONSIDERATION OF AN AGREEMENT BETWEEN CENTURY CROWELL COMMUNITIES AND THE CITY REGARDING EXCHANGING EXCESS DIRT FROM A FUTURE PARK SITE IN NORTH LA O.UINTA FOR SPECIFIC SERVICES TO THE NORTHEAST CORNER OF WESTWARD HO DRIVE AND ADAMS STREET (NORTH PARK). A) MINUTE ORDER ACTION. Page 2 1. DISCUSSION OF A REQUEST RECEIVED FROM THE POST OFFICE FOR A GROUND LEASE FOR UP TO TWO YEARS FOR FOUR OF THE NINE LOTS OWNED BY THE REDEVELOPMENT AGENCY LOCATED BETWEEN AVENIDA BERMUDAS, AVENIDA MONTEZUMA, AND AVENIDA NAVARRO. 1. REVENUE AND EXPENDITURES REPORT DATED JUNE 30, 1999. R,Loj 10 ► t&4",ltTlI 1. APPROVAL OF A HOUSING AGREEMENT BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND THE SPANOS COMPANY FOR THE PROPERTY LOCATED ON THE EAST SIDE OF ADAMS STREET AND NORTH OF THE INTERSECTION OF ADAMS STREET AND 48T" AVENUE. APPLICANT: THE SPANOS COMPANY. B) RESOLUTION ACTION. 4T Page 3 003 DECLARATION OF POSTING I, Saundra L. Juhola, Secretary of the La Quinta Redevelopment Agency, do hereby declare that the foregoing agenda for the Redevelopment Agency meeting of September 7, 1999 was posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin board at the La Quinta Chamber of Commerce and at Stater Bros., 78-630 Highway 1 1 1, on Friday, September 3, 1999. Dat : September 3, 1999 AUNDRA L. JUHOLA, Secretary La Quinta Redevelopment Agency PUBLIC NOTICE The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's Office at 777-7025, 24-hours in advance of the meeting and accommodations will be made. Page 4 �- oz U S C�hf OF TNtiO COUNCIL/RDA MEETING DATE: SEPTEMBER 7, 1999 ITEM TITLE: Demand Register Dated August 17, 1999 RECOMMENDATION: Approve Demand Register Dated August 17, 1999 BACKGROUND: Prepaid Warrants: 37992 - 379971 9,389.39 37998 - 38013) 2,747.61 38014 - 38021) 2,689.96 38022 - 380291 42,896.87 38030 - 38031 } 1,780.00 380321 1,731.42 38033) 317,839.00 Auto Mall 1006 - 10081 230,326.81 Wire Transfers} 80,028.59 P/R 3497 - 35661 87,114,82 P/R Tax Transfers} 25,407.63 Payable Warrants: 38034 - 38196) 650,946.60 $1,452,898.70 FISCAL IMPLICATIONS: Demand of Cash -RDA $379,428.41 M. Falconer, Fihance Director AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR STUDY SESSION PUBLIC HEARING CITY DEMANDS $1,073,470.29 RDA DEMANDS 379,428.41 $1,452,898.70 005 CITY OF LA QUINTA BANK TRANSACTIONS 7/30/99 - 8/17/99 8/6/99 WIRE TRANSFER - DEFERRED COMP 8/6/99 WIRE TRANSFER - PERS 8/6/99 WIRE TRANSFER - CREDIT UNION $5,258.49 $13,627.36 $6,142.74 8/12/99 WIRE TRANSFER - ESCROW PAYMENT - RDA SUBSIDY PROGRAM $55,000.00 TOTAL WIRE TRANSFERS OUT $80,028.59 006 CITY OF LA QUINTA AUTO MALL BANK ACCOUNT TRANSACTIONS 7/30/99 - 8/17/99 CHECK # 8/4/99 1006 STAMKO DEVELOPMENT $39,420.57 8/11/99 1007 NICKERSON, DIERCKS & ASSOC $2,196.00 8/12/99 1008 STAMKO DEVELOPMENT $188,710.24 TOTAL TRANSACTIONS $230,326.81 007 :13 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 4:32PM 08/17/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 38034 08/17/99 &00850 ROBERT AINSWORTH 50.00 38035 08/17/99 &00851 CENTEX HOMES 27.85 38036 08/17/99 &00853 MARGARET DURAN 26.00 38037 08/17/99 &00854 RICHARD ELEINKO 40.00 38038 08/17/99 &00855 STEPHANIE GAMBLE 49.00 38039 08/17/99 &00856 CHRISTINA GUERRA 26.00 38040 08/17/99 &00858 RALPH HANNON 52.00 38041 08/17/99 &00859 KIMBERLY HARTNETT 40.00 38042 08/17/99 &00860 SUSIE HERNANDEZ 26.00 38043 08/17/99 &00861 PAUL JUE 45.00 38044 08/17/99 &00862 MAUREEN KLUCK 60.00 38045 08/17/99 &00863. D R LUTZ 52.00 38046 08/17/99 &00864 ROSS MARKWARDT 52.00 38047 08/17/99 &00866 DOLLY COULTER 3.00 38048 08/17/99 &00867 MARGARET CUTSEY 45.00 38049 08/17/99 &00868 JOHN ROBERTSON 52.00 38050 08/17/99 &00869 CAROL SPRIGGS 52.00 38051 08/17/99 &00870 MIKE WINTON TILE 50.00 38052 08/17799 &00871 USA PROPERTIES 782.00 38053 08/17/99 A+P100 A+ PRINTING 55.17 38054 08/17/99 AlRO01 A-1 RENTS 33.67 380.55 ** AP CHECK RUN VOID ** 38056 08/17/99 ACE010 ACE HARDWARE 736.08 38057 08/17/99 ACS100 ACS/TCS 7180.50 38058 08/17/99 ALL100 ALLIANCE SERVICE STATION 711.86 38059 08/17/99 AME160 AMERICAN DEMOGRAPHICS 69.00 38060 08/17/99 AME200 AMERIPRIDE UNIFORM SVCS 106.70 38061 08/17/99 AMS100 AAMSC SUBSIDIARY CORP 83.34 38062 08/17/99 ASCO01 A & S COFFEE SERVICE 242.00 38063 08/17/99 ATC010 ATCO MANUFACTURING CO 823.95 38064 08/17/99 ATT100 AT&T WIRELESS SVC 792.72 38065 08/17/99 AUT030 AUTOMATED TELECOM 921.79 38066 08/17/99 BEI050 R BEIN, W FROST & ASSOC 96127.73 38067 08/17/99 BER007 JEFF BERLINGERS MOBILE 32.00 38068 08/17/99 BER150 BERRYMAN & HENIGAR INC 2544.00 38069 08/17/99 BIG010 BIG A AUTO PARTS 161.60 38070 08/17/99 BOY075 BOYS & GIRLS CLUB OF 7500.00 38071 08/17/99 BRI100 BRINKS INC 265.00 38072 ** AP CHECK RUN VOID ** 38073 08/17/99 CAD010 CADET UNIFORM SUPPLY 477.88 38074 08/17/99 CAL009 CAL ANIMAL CONTROL DIR 75.00 38075 08/17/99 CAL013 CAL ASSOC PARK & RECREATN 537.00 38076 08/17/99 CAL019 CA ASSOC LOCAL ECONOMIC 70.00 38077 08/17/99 CAT100 CATELLUS RESIDENTIAL 93447.39 38078 08/17/99 CIR005 CIRCUIT CITY 968.67 38079 08/17/99 COA021 COACHELLA VALLEY ECONOMIC 5000.00 38080 08/17/99 COA080 COACHELLA VALLEY WATER 15302.19 FA ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 4:32PM 08/17/99 CITY OF LA QUINTA BANK ID: DEF PAGE 2 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT 38081 08/17/99 COA200 COACHELLA VLLY MOUNTAINS 5000.00 38082 08/17/99 COM015 COMPUTER U LEARNING CENTR 468.75 38083 08/17/99 COM030 COMSERCO 218.25 38084 08/17/99 COM040 COMMERCIAL LIGHTING IND 2244.45 38085 08/17/99 COM055 COMMUNICATIONS SYSTEMS 111.58 38086 08/17/99 CON010 CONRAD & ASSOCIATES 4399.99 38087 08/17/99 C00100 COOLEY CONSTRUCTION INC 3333.34 38088 08/17/99 COR100 JAMES W CORNETT 1585.00 38089 08/17/99 COS050 COSTCO BUSINESS DELIVERY 881.52 38090 08/17/99 CRA050 DANIEL CRAWFORD JR 250.00 38091 08/17/99 CVA010 C V A G 50000.00 38092 08/17/99 CVA050 CVAS 35.00 38093 08/17/99 DES018 DESERT ELECTRIC SUPPLY 62.58 38094 08/17/99 DES060 DESERT SUN PUBLISHING CO 5840.64 38095 08/17/99 DES065 DESERT TEMPS INC 2999.60 38096 08/17/99 DIE020 D HERNANDEZ DBA DIEGO'S 795.00 38097 08/17/99 DOU010 DOUBLE PRINTS 1 HR PHOTO 59.02 38098 08/17/99 EAG100 EAGLE/HOUSEHOLD BANK FSB 1060.18 38099 08/17/99 EDA100 EDA JOB TRAINING 900.00 38100 08/17/99 FAL050 JOHN FALCONER 64.00 38101 08/17799 FED010 FEDERAL EXPRESS CORP 924.75 38102 08/17/99 FIE020 FIESTA FORD INC 283.03 38103 08/17/99 GAR040 GARZA TURF & POWER EQUIP 34.37 38104 08/17/99 GAR005 GARNER IMPLEMENT CO 108.12 38105 08/17/99 GAS010 GASCARD INC 773.65 38106 08/17/99 GE0010 GEORGE'S GOODYEAR 33.00 38107 08/17/99 GRA007 GRAINGER 1.11.84 38108 08/17/99 GRA010 GRANITE CONSTRUCTION CO 58.62 38109 08/17/99 GTE010 GTE CALIFORNIA 3197.53 38110 08/17/99 GUM050 BRAD GUMMER 189.00 38111 08/17/99 HAU050 HAULER RACKS 426.69 38112 08/17/99 HER050 RACHEL HERMANSON 49.00 38113 08/17/99 HIG010 HIGH TECH IRRIGATION INC 70.27 38114 08/17/99 HIL150 HILTON FARNKOPF & 8863.34 38115 08/17/99 HOA010 HUGH HOARD INC 394.32 38116 08/17/99 HOL030 HOLMES & NARVER INC 8259.60 38117 ** AP CHECK RUN VOID ** 38118 08/17/99 HOM030 HOME DEPOT 2183.64 38119 08/17/99 HOP100 NANCY HOPKINS 105.00 38120 08/17/99 IMPO10 IMPERIAL IRRIGATION DIST 363.68 38121 08/17/99 INL200 INLAND POWER EQUIPMENT CO 34.47 38122 08/17/99 INT015 INTERNATIONAL CONFERENCE 33.15 38123 08/17/99 JAS100 JAS PACIFIC 537.50 38124 08/17/99 JPRO10 JP REPROGRAPHICS 397.00 38125 08/17/99 KEL010 KELLY SERVICES INC 2791.74 38126 08/17/99 KIN100 KINER/GOODSELL ADVERTISNG 1439.81 38127 08/17/99 KIR050 RICHARD KIRKLAND 202.75 38128 08/17/99 KOR050 KORVE ENGINEERING, INC 5495.30 38129 08/17/99 KRI100 BRUCE KRIBBS CONSTRUCTION 4050.00 009 0 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 4:32PM 08/17/99 CITY OF LA QUINTA BANK ID: DEF PAGE 3 CHECK NUMBER 38130 38131 38132 38133 38134 38135 38136 38137 38138 38139 38140 38141 38142 38143 38144 38145 38146 38147 38148 38149 38150 38151 38152 38153 38154 38155 38156 38157 38158 38159 38160 38161 38162 38163 38164 38165 38166 38167 38168 38169 38170 38171 38172 38173 38174 38175 38176 38177 38178 CHECK DATE 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/W99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 08/17/99 1-%NFGV KUN100 LAQ030 LAQ100 L00010 LUC050 LUN050 MAG100 MCDO10 MCK010 MIR010 MOB100 M00200 MOT050 MUNO10 NAT030 NAWO10 NEX010 NIC100 OLI100 OUT100 PAG100 PALO10 PAR200 PIN050 PRI020 RAD050 RAL050 RAS020 RET050 RIV100 RUT050 SAX100 SCH2O0 SEC050 SHAO05 SHAO10 SIM050 SMAO10 SM0010 SOCO10 SOF100 SOU007 SOU010 SOU030 SPRO10 STA045 STA050 VENDOR NAME MARNI KUNSMAN LA QUINTA CAR WASH LA QUINTA VOLUNTEER FIRE LOCK SHOP INC LUCENT TECHNOLOGIES LUNDEEN PACIFIC CORP MAGAC BINGO PRODUCTS INC MC DOWELL AWARDS McKESSON WATER PRODUCTS MIRASOFT INC MOBILE COMM JULIE MOORE MOTION PICTURE LICENSING MUNI FINANCIAL SERV INC NATL RECREATION & PARK RON NAWROCKI NEXTEL COMMUNICATIONS NICKERSON, DIERCKS & ASSC OLINN MESSAGE CENTER OUTDOOR SERVICES INC PAGING NETWORK SAN DIEGO PALM SPRINGS DESERT RESRT PARK WEST LANDSCAPE INC PINK INC THE PRINTING PLACE RADIO SHACK RALPHS GROCERY CO RASA - ERIC NELSON RETIRED SENIOR VOLUNTEER RIVERSIDE COUNTY SHERIFFS ** AP CHECK RUN VOID ** RUTAN & TUCKER SAXON ENGINEERING SERVICE TERRI SCHWENZER SECURITY LINK/AMERITECH SHADE STRUCTURES SHADOW PALMS GARDENING SIMPLEX TIME RECORDER CO SMART & FINAL DONNALDA SMOLENS THE SOCO GROUP INC SOFTMART INC ** AP CHECK RUN VOID ** SOUTHWEST NETWORKS, INC SOUTHERN CALIF GAS CO SO CALIF ASSOC GOVERNMENT SPRINT STAN'S AUTO TECH STAPLES PAYMENT AMOUNT 112.54 19.90 259.00 64.00 608.69 47827.96 3.50 69.50 368.45 5457.50 67.89 252.00 167.00 2861.15 66.95 1000.00 1849.88 4995.00 80.49 100.00 32.13 90750.00 59244.17 600.00 358.86 20.46 39.59 2175.00 2400.00 2870.40 22480.29 2345.00 84.00 309.56 21513.00 150.00 402.65 55.79 50.00 65.36 449.32 4973.72 414.72 1062.00 957.10 400.91 522.01 010 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 4:32PM 08/17/99 CITY OF LA QUINTA BANK ID: DEF PAGE 4 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT 38179 08/17/99 SUN075 SUNLINE TRANSIT AGENCY 256.00 38180 08/17/99 SUP050 SUPERIOR READY MIX CONC 510.82 38181 08/17/99 TAY010 STEVE TAYLOR & SON 3500.00 38182 08/17/99 TER100 TERRA NOVA PLANNING & 2123.57 38183 08/17/99 TOP010 TOPS'N BARRICADES INC 238.21 38184 08/17/99 TRA020 TRANSAMERICA INTELLITECH 140.75 38185 08/17/99 TTI100 TTI NATIONAL INC 7.96 38186 08/17/99 ULT100 ULTIMATE INTERNET ACC INC 40.00 38187 08/17/99 UND010 UNDERGROUND SERVICE ALERT 135.00 38188 08/17/99 USO100 US OFFICE PRODUCTS 829.28 38189 08/17/99 VAL005 VALLEY ANIMAL CLINIC 80.00 38190 08/17/99 VIK010 VIKING OFFICE PRODUCTS 315.85 38191 08/17/99 VOG050 CHRIS A VOGT 298.12 38192 08/17/99 VON010 VON'S C/O SAFEWAY INC 28.52 38193 08/17/99 WAL010 WAL MART STORES INC 169.40 38194 08/17/99 WEI050 MARK WEISS 277.12 38195 08/17/99 WES020 WEST GROUP 1320.00 38196 08/17/99 XER010 XEROX CORPORATION 2203.40 CHECK TOTAL 650,946.60 mm Z o+ rn r .� O W a s o CC U E N rl m E N rl m E N N rl ri m m E E N N 'i e-1 m m EI H N rl m E N rl m E N rl m H N e-1 m E+ N N rl rl m m E E N rl m EI N rl m E N rl m E {.� S E. o O Ill In o .-I an d r .; rt r o r o N o o -0 O C+ -0to O N 0 0 to to N N o o V O t N o o ui r o In m o o 0 0 O o 0 0 0 0 0 O N E NOk W to d d m W N � �] � W G4 d WO N W pmJ 'ri PHi m H M M M H m �/ to m m m Ej co pa H W to RI a w 134 as w a. 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OJ 0 0 tipp m 0 O otio 0 O 0 �po•I W O 0 .00-I W O O .por OI 0 O rpoI W 1t1 0 00a 6 0 ...I O H O In O O o �p O O 0 O O O O O O O O O WH 27 y aAH' 0% rl rl O N rl ti N N N rl rl m N rl 01 O� r S a a E E H E H 0 O N In � N m In 01 1fl M ?y a � P1 � rl N 01 rl r; r N o lV P7 O N rl H H N w ° O � w w ra3 W a M a u a H ca3 m a W U W A 3 u to U U O V Sz % r m m v Cm 0% m 01 r a r In .+ m r m N A A H to N �p t0 O m %0 1n 10 6 a w a I w-0 o UD to to C14 m y .i In (7, o m o, 0 0 rf 0 p Q U � O N O In rl O in in rl el O O n rl O OH H N 0 (Oy a aap� 8 8 O 8 8 a z H a. a c4 $ 9 $ $ to) a �i � p p p p p O N O O O O N O El to Oat W 0 0 WW 0 0 pwfi {Owl ri iC iG iC i! 032 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 09:43AM 08/17/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 38033 08/17/99 COA075 COACHELLA VALLEY UNIFIED 317839.00 CHECK TOTAL 317,839.00 033 29 a r \ ~ o w UU F O 0 � r+1 � a � m � r 0 0 cm,m u � w z a g uril � o a w G M ii a w w a 0 w a FA o o Z N N m O U U rn 11 2 M O O p� 4 Fa M o � u E a u u 9 034 30 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 11:39AM 08/12/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 38032 08/12/99 BES101 BEST BUY 1731.42 CHECK TOTAL 1,731.42 0 035 31 z N rl 5F,1 0 W a N r1 N p7 �Z .ti r a > N V H >'1 � rl w q o w w U H x a ri g 0 U W [v � o N w H q H 2 a a w to ac o w a Ln w r+ C4 y N y O O O O U U �'y a 0 0 0 Ln W E H a � o w ON o N U �Ei W a U PO 036 32 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 3:32PM 08/11/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 38030 08/11/99 CIR006 CIRCUIT CITY 1750.00 38031 08/11/99 KUN100 MARNI KUNSMAN 30.00 CHECK TOTAL 1,780.00 037 33 rl N o O 01 O1 N \ rl 1U" CD rl ri 0-E C co o� a 0 0 e•i O O F (E,y� 4 �r+ w � 0 0 z o 0 h � Q fA aM a U 6 E6E. w 0 w O E 0 U W w Q N M y Q a w a o a Ln o w m .'�'. o .a rn y N O rl r- [� y O 1 U O N U� � In 0 0 U) i H U z j�W W y U 0 U H PO4 4 U U ?4 Q a w MOUIci3 34 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 10:37AM 08/10/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 38022 08/10/99 &00849 BETH YAMAGUSHI 27.00 38023 08/10/99 CAL040 CALIFORNIA VISION SERVICE 1106.65 38024 08/10/99 CAN050 CANADA LIFE ASSURANCE CO 511.13 38025 08/10/99 CIT035 CITRUS BELT CHAPTER ICBO 50.00 38026 08/10/99 HAR100 JOHN HARDCASTLE 400.00 38027 08/10/99 INT300 INTERNATIONAL QUALITY & 1395.00 38028 08/10/99 PRI050 PRINCIPAL MUTUAL 39354.21 38029 08/10/99 TRA030 TRANSAMERICA INSURANCE 52.88 CHECK TOTAL 42,896.87 039 35 rn rn edal z 0 o w OD OD 0 0 0 E+ a E+ H H E+ E+ E H ce 0 Ip + o 0 o In en to m r m m rl H N .''+ voi o -0�I 1t1 m rl co N r 0 N W In Ili .O-I ~ In b M In N+ a: c n (n. N m r N e0 In 4 V W NIn �C ON w Ha H C w r� !� i ri W > a to MUe o o o H 0 � ON o rn r � o to w v aimol c H z ^� o v e $ $ o E a gn a 0 w a o 0In 0 0 0 0 0 0 0 0 0 0 0 0 H 0 0 en 0 0 r z r In N r N ern ern ID rn N en N N N p In N O O O O In to O O In rl O O O O O O p .� r1 O rl O rl O rl O H 0 rl 0 rl rl O rl >W o � aW Iyu IFS U o ppee H OH m[+ a 7 Z H e� H > :2 E+ W .4�y H �pS H N a W �y H N of " a 0 04 u u W m a w u °n H a s R :D p p rn v m o v o aq o In 0 zq In m 0 o 0 .+ 0 O In o In o O In 0 o en 0 a u 040 36 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 3:18PM 08/05/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 38014 08/05/99 CAL050 STATE OF CALIFORNIA 25.00 38015 08/05/99 INT005 INTERNAL REVENUE SVC-ACS 50.00 38016 08/05/99 LAQ050 LA QUINTA CITY EMPLOYEES 364.00 38017 08/05/99 MCD100 PAUL MC DONNELL TREASURER 895.48 38018 08/05/99 RIV040 RIV CNTY DISTRICT ATTORNY 426.50 38019 08/05/99 SUP100 SUPPORT PAYMENT CLEARING- 150.00 38020 08/05/99 UNIO05 UNITED WAY OF THE DESERT 152.00 38021 08/05/99 WEL025 WELLS FARGO BANKCARD 626.98 CHECK TOTAL 2,689.96 s - 041 37 Ol Ol Z O O W E 2 .ti V ,f'I y 09 Ol (A0l Ol F 01 Ol H O� 0� Ol F Ill O m F Ol 0� rn H Ol O� al H Ol 0� Ol F 0 O m F 0 Ill 00 m m E H In m E a w 0 N N E-I 0 O 0 O o O m O o In 0 O 0 O 0 O 0 o O O m to 01 0� W% N I[1 %D Af m Vl cc m N N O Ill N in rD r Ill m r m N n 0D m m 10 N F m O O Ill N O O W O I N c[+o O O v C w m v N 01 m O In 0 to N e O O w O ',7 Ill O O r4 Ill m Ol to �] m N I ta 1-I E- Ri U n'I l"I F F OI H X �pI F F [py F �p.I I• H H �yjlN [per E N [Qr !'I w W m a S a g m a a g m a g m a o g m a o g03 r-I C364 may a ~ A in o o & o ( to H G ° a a �' O a a a to to to o a H O N M W •�i l�•1 N r Ol O Io v N 01 m 0 to to v v N N W P9 y,I o 4 n v v v L a w In a I o w a w g59 o o 0 0 0 0 o o 0 r n I0 o o 0 0 o 0 o O 0 o o 0 o o o o 0 0 o o 0 j. U N N O O O cl O N O O O rl N N O O O n m to P1 O Ol 14 N N O o O N N o O In N N O r m l0 O r r m m l0 1D N O n m to O U V .-I o •-I o .-I o In a o m U m W {Nyy P4 P4 2 iK o z x m s w F a F IU-I u F w 6 I FBI I -I U Z PPWIx44 F M W iO4 OU F m Z a w O IN�i p00 (Q09; (p094 Q pVG .W9 M a O H a �CiI 2 a0� FI E 04 3 w w W Cam.. (�p.I O po (ay(a77 9 W O M In O a O a O O S� In In m o In u F 4 u In o O o In a O o E v > a O W O IO N O 5 N N o a 5 N a fl420 I'l ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF CHECK CHECK VENDOR NUMBER DATE NO. NAME ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 10:45AM 07/30/99 PAGE 1 PAYMENT AMOUNT 37998 07/30/99 ABE001 JAQUES ABELS 150.00 37999 07/30/99 BECO10 DEBORAH BECHARD 50.00 38000 07/30/99 BOB100 BILL BOBBITT 50.00 38001 07/30/99 BUT010 RICHARD BUTLER 150.00 38002 07/30/99 CUN100 DENNIS CUNNINGHAM 50.00 38003 07/30/99 HEN010 MICHELLE HENSON 50.00 38004 07/30/99 IRWO10 JOSEPH IRWIN 50.00 38005 07/30/99 KIR010 TOM KIRK 150.00 38006 07/30/99 LEW010 TOM LEWIS 50.00 38007 07/30/99 MAH100 CYRILLE P MAHFOUD 50.00 38008 07/30/99 MOU100 DONALD J MOULIN 50.00 38009 07/30/99 REB050 JOAN REBICH 50.00 38010 07/30/99 ROB150 STEVE ROBBINS 150.00 38011 07/30/99 STJO10 VICTORIA ST JOHNS 50.00 38012 07/30/99 TYL050 ROBERT T TYLER 150.00 38013 07/30/99 UNUO50 UNUM LIFE INS 1497.61 CHECK TOTAL 2,747.61 043 39 N n ro 'o a o m m m 0 .a o w o m � o n H 0 r H 0 n E 0 n E 0 n H 0 n H 0 n F 0 n N o � O In n H 0 In n F 0 n F W n .ti p [y O o O O O O O O O O O o o 0 O o O O O O O o O O r `L F O O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 o 0 O 0 o 0 0 0 0 0 0 0 � w LO � w o L o n Ln I L to w H z p H14 U H tocc is W l Sy 7 y z U o iZ `iLs \ (q F U + SY N i� w 03 in 4 \ p ww O H U p C z U to to p G H S�+y7 7yy C7 H w a p G H S W a H VJ p O M 8 U W C. ra O a H O H � W O+ � a O+ a O+ Im a O+ a m a m a O, pa m a T 7a7 O+ a O) asa CA CA a7 In H a w O w a P o o o 0 0 O 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 z m o m 0 m 0 L m 0 m 0 Ln m 0 LO m 0 m 0 m 0 Ln m 0 to m 0 L m 0 7 p o d in N O e o a o a in N 0 .. o In in LO u� n U � O O O O O O O O O O O O In O O Ln zp O z a 0 u� H ccw z m w H w a w m z m a 1-4 co H � P9 N a to ° H w a a s a oc u FA� W EE O� a U z S '� to h C m lz Int h H F µz7 o o O o O O o o O O� p H O H O H O ZW - O �+ O H O OP44 O O iiiWWWYYY9 6 u 4 Rl fA t� y[ M 9 y d Ln 1 D °z rn m 0 \ N CC ^ � o w E rOi roi E W H F H r .a O o O •+ � O r r 2 0 ui 0 n n rn a 4 � W 'EQjC N O o O u' o r n z n rn a m w 0 a H a a a oa z �z u to w \ c a u a to o w w rui G a o o 4 , a w 01 m Ol m d i m M as m Z Q q h O E p~. a w w a o E a o 0 0 0 0 0 o o rn rn o+ 0 z o M 0 In o In In N -1 .ti e-1 ri 0 a 2 E w 5' ca H 4 �a ~ as & O a E E ca a �uC U O PO4 O O y O O E o pO 41 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF CHECK CHECK VENDOR NUMBER DATE NO. NAME ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 37992 07/29/99 AMC100 AMCOR REALTY III 37993 07/29/99 BUI041 BUILDING INDUSTRY ASSOC 37994 07/29/99 KUN100 MARNI KUNSMAN 37995 07/29/99 LIN050 JAMES LINDSEY 37996 07/29/99 PET010 PETTY CASH/CITY LA QUINTA 37997 07/29/99 SPE100 DONALD H SPENGLER CHECK TOTAL 4:56PM 07/29/99 PAGE 1 PAYMENT AMOUNT 4900.00 29.00 90.00 118.08 352.31 3900.00 9,389.39 04) 42 E Z m m 0, m p pq [y o N r m N n or N n or N n m N F m N n o N r m N r o N n m N n m N n o N r m N r or N r a s � E' E H F H F E E E F F H H H Y. o O O O O O m O m U[ O 1D O O 0 O 0 O 0 O 0 O %D N r r0 o O %• O m N o m CD •i N m M N m N e1' n N O m w+ y 0 0 0 O O to a, o x o m o o o m F Hp� F iFWqt ^ f�N�l 2�Wy�r O 0 o Mm Er N d1 x 8 K. P4 WEiFp� ai WE pppC�� W P4He Hp� 2�.rr ��.1 [per PL t4 W Cli a OG ? PG fY. [p�y w p a a a a L) L) W. L) :' m 6 rt r4 4 E u° $ z $ 03 \ $ $ $ uurH u u u u �uFr w wON �uH V o W m o m m 0 1 m m H N O M y Ia V a N U a w a r O . o 0 o O 0 O O 0 o o 0 0 0 0 0 0 0 0 0 0 o o 0 N m 0 O o 0 O 0 0 O 0 0 O 0 0 O 0 0 In sp n ro r+) r '+ to r n F W ro rc W ro to m ro In In n In rl O In N %0 rn O N O r-1 O d' 0 N - O rl N O N - O .-1 N O ry rl O rl rl O O n In l0 V � {p O p rl rl - •i .�..�I O .��r O rl O eE-1 O .� O .i O r�-ir O f-1 O e� O V� � a a a a a a a a a Ln H M F H H F E E E E 0 w a In H 0 0 0 0 0 0 0 0 0 0 0 .. a o 0 .+ In 0 1 0 a .4 0 s + 0 .4 0 a13. ., 0 .+ 0 1-4.4 o a O -1 o a 0 .+ u w arc a a,, N Al of 1 a W w .y 047 43 A/P - AP6002 CHECKS TO BE VOIDED 4:25PM 08/03/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK BK INVOICE VENDOR VENDOR NUMBER ID DATE AMT. PAID NUMBER NAME 37849 DEF 07/22/99 275.00 DOU050 DOUBLETREE HOTEL TOTAL VOIDED 275.00 INVOICE DESCRIPTION hotel 8/4-8/6 m A/P - AP6002 CHECKS TO BE VOIDED 4:22PM O8/03/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK BK INVOICE VENDOR VENDOR INVOICE NUMBER ID DATE AMT. PAID NUMBER NAME DESCRIPTION 37848 DEF 07/22/99 478.00 ANDO10 ANDERSON TRAVEL SVC INC horvitz conf 8/4 TOTAL VOIDED 478.00 Q b 45 A/P - AP6002 CHECKS TO BE VOIDED 4:19PM 08/03/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK BK INVOICE VENDOR VENDOR INVOICE NUMBER ID DATE AMT. PAID NUMBER NAME DESCRIPTION 37547 DEF 05/18/99 857.37 MCD100 PAUL MC DONNELL TREASURER PROPERTY TAX/LQ HOUSING PROG TOTAL VOIDED 857.37 46 A/P - AP6002 CHECKS TO BE VOIDED 4:16PM 08/03/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK BK INVOICE VENDOR VENDOR NUMBER ID DATE AMT. PAID NUMBER NAME 37499 DEF 06/14/99 70.00 DEP200 DEPT OF MOTOR VEHICLES TOTAL VOIDED 70.00 INVOICE DESCRIPTION PULL NOTICE ADDITIONS/DELETI 47 A/P - AP6002 CHECKS TO BE VOIDED 4:13PM O8/03/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK BK INVOICE . VENDOR VENDOR NUMBER ID DATE AMT. PAID NUMBER NAME 37473 DEF 05/02/99 TOTAL VOIDED 160.00 AEPO10 AEP 160.00 INVOICE DESCRIPTION MEMBERSHIP C�59 4R A/P - AP6002 CHECKS TO BE VOIDED 4:10PM 08/03/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK BK INVOICE NUMBER ID DATE 36862 DEF 04/22/99 TOTAL VOIDED VENDOR VENDOR INVOICE AMT. PAID NUMBER NAME DESCRIPTION 18.00 DEP101 DEPARTMENT OF GENERAL SVC CA.PLANNERS 1998 BOOK OF LIS 18.00 053 49 A/P - AP6002 CHECKS TO BE VOIDED 4:06PM 08/03/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK BK INVOICE VENDOR VENDOR INVOICE NUMBER ID DATE AMT. PAID NUMBER NAME DESCRIPTION 30015 DEF 07/29/97 1200.00 RIV103 RIVERSIDE COUNTY SHERIFF KIENER 773214019 WRIT OF SAL TOTAL VOIDED 1,200.00 054 50 / arm u s FC�M OF tH���3 COUNCIL/RDA MEETING DATE: SEPTEMBER 7, 1999 ITEM TITLE: Demand Register Dated September 7, 1999 RECOMMENDATION: BACKGROUND: Prepaid Warrants: 38197 - 38205) 38206 - 382101 38211 - 382131 Wire Transfers) P/R 3567 - 36431 P/R Tax Transfers; Payable Warrants: 38214 - 383021 FISCAL IMPLICATIONS: Demand of Cash -RDA Approve Demand Register Dated September 7, 1999 AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR STUDY SESSION PUBLIC HEARING 14,038.86 3,545.69 8,575.00 24,715.90 91,392.92 24,934.17 CITY DEMANDS $740,634.65 611,443.06 RDA DEMANDS 38,010.95 $778,645.60 $778,645.60 $38,010.95 055 CITY OF LA QUINTA BANK TRANSACTIONS 8/18/99 - 8/25/99 8/20/99 WIRE TRANSFER - DEFERRED COMP 8/20/99 WIRE TRANSFER - PERS 8/20/99 WIRE TRANSFER - CREDIT UNION $5,258.49 $13,314.67 $6,142.74 TOTAL WIRE TRANSFERS OUT $24,715.90 056 2 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 2:47PM 08/24/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK NUMBER CHECK DATE VENDOR NO. NAME ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** PAYMENT AMOUNT 38214 08/24/99 &00872 WILLIAM BRUNER 45.00 38215 08/24/99 &00873 FRANCES GARCIA 15.00 38216 08/24/99 &00874 IRENE DI GUISEPPI 20.00 38217 08/24/99 AGI100 AGING COMMUNITY TEAM ACT1 50.00 38218 08/24/99 ALL100 ALLIANCE SERVICE STATION 603.16 38219 08/24/99 AME200 AMERIPRIDE UNIFORM SVCS 138.87 38220 08/24/99 ASCO01 A & S COFFEE SERVICE 192.00 38221 08/24/99 ATT200 AT&T 14.05 38222 08/24/99 CAD010 CADET UNIFORM SUPPLY 161.06 38223 08/24/99 CAL031 CALIF PARKS & RECREATION 120.00 38224 08/24/99 CAR300 CARQUEST 22.76 38225 08/24/99 CAT100 CATELLUS RESIDENTIAL 82102.15 38226 08/24/99 COA080 COACHELLA VALLEY WATER 289.39 38227 08/24/99 COM030 COMSERCO 45.00 38228 08/24/99 COM040 COMMERCIAL LIGHTING IND 1352.27 38229 08/24/99 C00200 COONS CONSTRUCTION 12421.35 38230 08/24/99 COS050 COSTCO BUSINESS DELIVERY 1211.26 38231 08/24/99 COU010 COUNTS UNLIMITED INC 250.00 38232 08/24/99 DEM010 DEMO UNLIMITED INC 4440.00 38233 08/24/99 DESO40 DESERT JANITOR SERVICE 4348.03 38234 08/24/99 DES051 DESERT SANDS UNIFIED SCHL 120.00 38235 08/24/99 DES060 DESERT SUN PUBLISHING CO 4510.74 38236 08/24/99 DES065 DESERT TEMPS INC 2758.50 38237 08/24/99 DIE050 DIETERICH POST 418.93 38238 08/24/99 DRE100 DRESCO REPRODUCTION INC 133.04 38239 08/24/99 DRU100 DRUMMOND AMERICAN CORP 397.06 38240 08/24/99 EAG100 EAGLE/HOUSEHOLD BANK FSB 258.53 38241 08/24/99 ECO010 ECONO SEWER SERVICES 15394.50 38242 08/24/99 EIS010 EISENHOWER IMMEDIATE CARE 210.00 38243 08/24/99 FIR075 FIRST PHYSICIANS MEDICAL 24.80 38244 08/24/99 GRA010 GRANITE CONSTRUCTION CO 124.82 38245 08/24/99 GTE010 GTE CALIFORNIA 444.53 38246 08/24/99 GUM050 BRAD GUMMER 630.00 38247 08/24/99 HAR100 JOHN HARDCASTLE 36.53 38248 08/24/99 HER050 RACHEL HERMANSON 49.00 38249 08/24/99 HIG010 HIGH TECH IRRIGATION INC 31.76 38250 08/24/99 HOA010 HUGH HOARD INC 717.21 38251 08/24/99 HOM030 HOME DEPOT 324.81 38252 08/24/99 HOP100 NANCY HOPKINS 122.50 38253 08/24/99 IMPO10 IMPERIAL IRRIGATION DIST 17691.02 38254 08/24/99 IMP150 IMPERIAL SIGN CO INC 296.31 38255 08/24/99 INS200 INSTITUTE FOR PROFESSIONL 198.00 38256 08/24/99 INT015 INTERNATIONAL CONFERENCE 183.61 38257 08/24/99 JPRO10 JP REPROGRAPHICS 26.51 38258 08/24/99 JUD010 JUDICIAL DATA SYSTEMS COR 100.00 38259 08/24/99 KEL010 KELLY SERVICES INC 1094.80 38260 08/24/99 KIN100 KINER/GOODSELL ADVERTISNG 14684.12 057 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 2:47PM 08/24/99 CITY OF LA QUINTA BANK ID: DEF PAGE 2 CHECK NUMBER CHECK DATE VENDOR NO. NAME PAYMENT AMOUNT 38261 08/24/99 KOR050 KORVE ENGINEERING, INC 131975.47 38262 08/24/99 KRI100 BRUCE KRIBBS CONSTRUCTION 11258.00 38263 08/24/99 KUL050 KULI IMAGE INC 203.26 38264 08/24/99 LAQ080 LA QUINTA SPORTS & YOUTH 104.66 38265 08/24/99 LIN050 JAMES LINDSEY 159.68 38266 08/24/99 LIN100 LIN LINES INC 900.00 38267 08/24/99 L00010 LOCK SHOP INC 214.41 38268 08/24/99 LUB050 LUBE SHOP 51.69 38269 08/24/99 MCK010 McKESSON WATER PRODUCTS 148.38 38270 08/24/99 M00200 JULIE MOORE 220.50 38271 08/24/99 MUN010 MUNI FINANCIAL SERV INC 5864.78 38272 08/24/99 NAW010 RON NAWROCKI 2400.00 38273 08/24/99 NIC100 NICKERSON, DIERCKS & ASSC 9259.50 38274 08/24/99 OFF010 OFFICE MAX 70.03 38275 08/24/99 ONT100 ON TOP CONCRETE CO 2460.00 38276 08/24/99 PAL055 PALM SPRINGS FIRE DEP 125.00 38277 08/24/99 PRI020 THE PRINTING PLACE 295.24 38278 08/24/99 RAH050 RICH RAHN 346.50 38279 08/24/99 RAS020 RASA - ERIC NELSON 2165.00 38280 08/24/99 RIV100 RIVERSIDE COUNTY SHERIFFS 6899.73 38281 08/24/99 RIV104 RIVERSIDE COUNTY SHERIFF 212071.36 38282 08/24/99 SAX100 SAXON ENGINEERING SERVICE 2135.00 38283 08/24/99 SCH2O0 TERRI SCHWENZER 406.00 38284 08/24/99 SEC050 SECURITY LINK/AMERITECH 30.00 38285 08/24/99 SEQ050 SEQUOIA PACIFIC SYSTEMS 32.33 38286 08/24/99 SIM025 SIMON MOTORS INC 752.95 38287 08/24/99 SMI010 MARILYN SMITH 51.22 38288 08/24/99 SOU003 SOUND IMAGE 8647.96 38289 08/24/99 SOU007 SOUTHWEST NETWORKS, INC 1746.25 38290 08/24/99 STA050 STAPLES 432.20 38291 08/24/99 SUN075 SUNLINE TRANSIT AGENCY 942.33 38292 08/24/99 SZE100 SHARON SZESNY 490.00 38293 08/24/99 TOP010 TOPS'N BARRICADES INC 62.23 38294 08/24/99 TRIO10 TRI LAKE CONSULTANTS INC 20748.00 38295 08/24/99 TRU010 TRULY NOLEN INC 86.00 38296 08/24/99 UNIO04 UNITED STATES POSTAL SVC 3000.00 38297 08/24/99 USB100 US BANK 10652.35 38298 08/24/99 USO100 US OFFICE PRODUCTS 340.79 38299 08/24/99 VOL150 VOLUNTEER INSURANCE SVC 382.50 38300 08/24/99 WAL010 WAL MART STORES INC 98.87 38301 08/24/99 XER010 XEROX CORPORATION 1889.91 38302 08/24/99 ZEU010 ZEUS CONSTRUCTION 2500.00 CHECK TOTAL 611,443.06 i 4 m z° rn v N \ U) m O O O V O O V V O O O O O O O V O 014 E N N N N N N N N N N N N N N N N N (9 m m m m m m m m m m m m m m m m m 4 H H E F F E F H F E F E E+ E H E F a a O O O O l0 t0 1n lD O vl 0 O O N N W O N N H O O O O r 11 r O O N 1l 19 O to If1 O O m N I N N V O r r m r O 0 N In O V to V Cl) H In W In N W ' r a 0 0 0 0 ID m o 0 to ui a in o o ni m N a' •+ N In 0 t0 y W W ril � WW Z H m a w a w w w w a m cxi z`aw� $ t�N z r� z W Q z o 00 a 0 0 o to H p w P4 �7 S U F z z 5 z z w w H p fY r � a in in ID 0 m m m r o 2 z W N U) Ln O Ln O O O in H p H N m r r r N O N N N N N N H Z m V V V m In r m r r r 0 p 'fi�Cr m T m N V1 m U1 4' Z a O w a o o w H A; 0 0 0 o W a v V o 0 0 0 o O o 0 0 w o o O 0 a m m m m o 0 0 0 0 0 0 0 O O 0 0 t0 0 W l0 m O O 0 O 0 0 0 0 o r r r M 0) rn m rn rn in r r r r r r m z r rn V 4 o 0 0 0 .a + V W t0 0 t0 r %D w 10 w 0 �0 N N N r N t'1 M N r r m V m N O n O O O O O in 0 in in 0 u1 in in 0 O 0 J O O N 1n NMN m m m V V N N U Q O O O O O O O O O O O O O O O O O E F U a a a a a a o a w 0 0 0 a a D�� 5:D P4 ((yy a a > u w w w w m£ £ m £ m £ m w r££n U3 H .'1 z Z Z U C4 P4 C4 0: 7. P4 w W w w w w ow oo03 w w w w w a 4 z H w p Q43 U zU a a x �i �5 a O� U W C7 z H H H m F H E+ H E+ E+ k. rt PC, Z Z H Pi a so E W W W W W W r�Ha o O o 0 0 .+ o 0 0 0 0 0 0 'l•7 x r r r o 0 0 0 0 0 0+ + r� Q >+ m m m O N O O O O O O 0 5 7. t•f V� I[7 �O n m m O N .-I N N N m N " N ul N 0 n n kD N m N O, O 01 DI z N CN CN 11 m N O W UWU O N O N O N O N O N O N O N O N O N O N O N O N O N 7 v N N O N O N O N O N O N . a a ID m E m H m F m E m H m E m E m F m F m F m F m H m H m m F E+ m H m F m H m H m F .� N H �ljs7• E. 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O- N Z 01 DI V W O W UU E N N co E t1 N W H t1 N W F N N W E fry N W F t•7 N co E V N W E a N W H v N W H e N W E a N W E a N W H v N W H t1 N W F � N W H P1 N W E t1 N W E f'1 N W H rt N W H V N W H V' v N N W W E H a a ID .1 N E1 rl N O O O O O O O O O O O O In W O O O O O O O O O 11 i H 7 %D " N " " w M a v LD coO O m m 0 N N N o in O �n N W w w 01 w 0) w V' m m .i In P1 m 1'1 P1 rl H a � o o 0 o n O D1 N ID W ID q co O O W V1 W W W U1 W W N In ID P7 R1 [W� (m zq O p� 0 0 0 0 a E 4 a a a a 4 E v1 IU-I O W H 94 pp A z rn as iJ f-1 z U U z U U a U U a U a `L a a C'J 4pz a Qa Ll H N ❑ '��( M, z x� IC pp HUH �Hu oa (] V] H W H Vl H W H W H W H W H VJ W H H U W H ❑ (� H ❑ a Z t� N N N NNNN N N N N N N N In ID 01 o 01 n O (+1 ti U1 tl rl W rl r-I W Nl .-I W W •i W N 01 KI .O o mq Iy O W o O W o O �N m Ri O I'1 w O ul jm 6 O v V m [Nab Ri ISi O O H a w a O w W coW In vl O O O O n In In ID ID O O O O O O O O o O O O O O O O O W O W O O O O O O o O O O O O 0 0 0 o O ID v 1p N N O 1p O ID o ID o �D N N o n 0 n 0 n o n O. n O n o n 0 0 n n a p In u'1 } W lD W ID In a► n In r+1 r'1 ul .-1 o O O O D1 a O D1 a O m I O 01 o O O N O N t'1 In f'1 In N O N O N O ri In rl o In U U y rl o .-1 o rl o '-I o I-4 o rl o O O m .-1 o N o N o rl O O r '-I o r4 o r1 o r/ o .-I o .-I e-1 o .-I rl o .4 .-4 .� o o rI 1-1 z z z z H H N H Vaa] Z-I rn o I W zHy E a zH F a H H a zH a H a F W W E U o W E U 5 W H U a V1 H U o VJ H U a W H U o W H U a W W H H U U o 5 0 V1 o tll a W ❑ W z H W ❑ O ❑ O ❑ O ❑ O ❑ O ❑ O ❑ O ❑ ❑ O O z 0 w w w w w w w w w .a z w o z W x x x x x x u u u u u u u u u z w 0 w 0 w 0 w 0 w 0 w 0 w 0 w w 0 0 z o o o o o o o v o o o o o o o o o o o o o o o p iI O 14 o � o r O r o .-I O O o o O O O o O O O o o O o o.❑ .. .-I U H u� a p H9 a M a H a H a 5 a z N N W RI W P7 W P7 VI P7 W PO y O VI O VJ O VI � O VJ 0 0 O O f!J Vl U E H E+ E E H D a 0 5 5 5 o O a 5 0? 7 D O D 069 15 rn m Q z rr v - V N r H n r V r In r w r m- m r m o+ V N � m O a N � W a x U V N OD E V' N m E m N m E rf N m E r1 N m F rl N m H N m E V N m E V N m H a N m H M N m H r1 N m E N N m E N N o0 E x � •• N E•I £ E H e-1 I 1 m N N O u'1 m �O f�l H 01 V r IL1 V r H rD I[1 D• r rt N 1 � �O H rD .-1 I[1 .� .-1 H O O O a r In O N m M 1 m m O1 .-I rn m H N o O uoi N H Qp Q a a m H m H uxy4 � tl 2 C4 U C5 S S m H m H m H m H m M m H ER aEH m P4 H S i a x a s a S a la S H W p w ( 04 a z z Z papyy 7 0 404I 7 Q 04 `J p a(1l1 7 a O ( 04 'J ( 04 z 'J H O M O H O �U�'I V m M O Rai m H m l0 H m Ln m If1 m 01 m rD m r m r m r0 U V U V1 U 0 a O q q H w z o+ .-I o m p H 0 O O a O O V' m O O a r O O V 0 O O 0 0 O O a V o O O v r•+ 0 r 0 ni a r0 0 r O r 0 a w 1 a 0 o E w (Y, O O O O O O M O r O O O N rD 0w N 10 O O O O O O O 0 O O O O V O 0r0 V O N O m m r0 Z �-1 H O r H O r Ifl N ID rl O r rl O rr rl O r r1 O r O r O r O r 0\ O W 01 O ID m O r 01 O to 'y '.7 Q U U N O N 0 H N O N O r-I V 0 N O .-1 m I N O r•I r I N O H HNNNN 0 N O H 0 N '-1 0 N O N O N O H O N O '-1 rl Ln H 0 H r1 ILl •-1 0 r•i r1 ILI ri O H N I(1 fn O H U m rn O m U m U u z z z z H z z z H z O O O O ap •C O O �.H77 LG WH W tH.� api WH P4 WH p4 El E El w E w w °r a o 0 0 x wx owW m O > 0 �+ 0 o O o o 0 0 H 0 0 H 0 0 0 0 0 0 0 0 0 0 H O 0 H OW 0 0 W O 0 H o 070 16 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF CHECK CHECK VENDOR NUMBER DATE NO. NAME ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 38211 08/24/99 AME075 AMERICAN RED CROSS 38212 08/24/99 BES101 BEST BUY 38213 08/24/99 CAL045 CALIF REDEVELOPMENT ASSOC CHECK TOTAL 2:14PM 08/24/99 PAGE 1 PAYMENT AMOUNT 30.00 1750.00 6795.00 8,575.00 0t 17 o+ o+ . zz v a a �o 0 N H 7[,�• S E 0 O O rl 0 O O in 0 O 0 O Un 0 0 O O in v a 0 0 rl 0 0 N N � 0 0 o r o n O £ � Gi m n O w ci �.aH U1 [� a' w a a a m a m a a m ~Q N rn H o O O w w w u H o a z w x o w x o o n o o 0 0 0 0 o o z o N 0% a rn v am o e 7-i O N O N O O O N O m N O 01 In w O 0 m m O r1 O ri O V' d N O d eF N U O O U O O U U O O W w In 0 o a O & U E x O E Z O E Z z a O O p14 E O ou o a Q', U o � Ln o H m 0 H Ln tn oa oa u U Ij 072 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER 4:51PM 08/19/99 CITY OF LA QUINTA BANK ID: DEF PAGE 1 CHECK CHECK VENDOR PAYMENT NUMBER DATE NO. NAME AMOUNT ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 38206 08/19/99 ACE101 RAMIRO ACEVEDO 38207 08/19/99 GAT010 GATEWAY 2000 38208 08/19/99 GTE020 GTE TELEPHONE OPERATIONS 38209 08/19/99 INT018 INTERNATIONAL PERSONNEL 38210 08/19/99 USPO10 U S POSTMASTER CHECK TOTAL 40.71 1625.49 535.49 224.00 1120.00 3,545.69 073 19 O z 0 0 0 a z H N m O VI \O n m m o 0 0 0 O n 10 H n V N O 10 O 10 O O O y o) m O mil' N U U o U O H a w F7 m m a m a o) a W E F j Q f� H O HF H O LHH Ri w a w a O w F 8 z m 8 ::)z 8 8 oa a 8 °a ID w o 0 0 o o 0 0 0 0+ o 0 O O N 0 in O N O V -0 f�1 O M O O Vl O n N O 0 O N O O O O O O O W z a o H O w 9a a o w a x a a k7 D 0 O z F ai u W �d 9 8 R .+ o o ao 0 0 0 o N H H H H H O 0 0 O O O U 4 W z W to Va] 074 20 ACCOUNTS PAYABLE - AP5005 CHECK REGISTER CITY OF LA QUINTA BANK ID: DEF CHECK CHECK VENDOR NUMBER DATE NO. NAME ***NO CHECKS WERE USED FOR PRINT ALIGNMENT.*** 38197 08/18/99 ARC050 ARCHAEOLOGICAL ADVISORY 38198 08/18/99 BES101 BEST BUY 38199 08/18/99 CAL050 STATE OF CALIFORNIA 38200 08/18/99 INT005 INTERNAL REVENUE SVC-ACS 38201 08/18/99 LAQ050 LA QUINTA CITY EMPLOYEES 38202 08/18/99 RIV040 RIV CNTY DISTRICT ATTORNY 38203 08/18/99 SUP100 SUPPORT PAYMENT CLEARING- 38204 08/18/99 TER100 TERRA NOVA PLANNING & 38205 08/18/99 UNIO05 UNITED WAY OF THE DESERT CHECK TOTAL 4:03PM 08/18/99 PAGE 1 PAYMENT AMOUNT 2000.00 1605.43 25.00 50.00 364.00 426.50 150.00 9265.93 152.00 14,038.86 075 21 N z •i d' 1[1 tD [� m N Ol D+ rn OD m c '' co o W IoC xxU a H H Off+ E ON E rn E 0)H F m E H rn H a a m v o m o 0 0 O 0 In o O rl Ol o O m m %• 'EE O z O N v O ...I O N O 1[1 to f•1 N V' Ifl •-I ID Ill .-1 co t•1 C a O o (•1 v O o O 0 O o O In 0 o t•1 o+ d O o z o O 0 N z In z O E tD m E to In N W I m O D n q a q tD D ID N d m O in lD N Ill IQi r Vuli x E w ac x S EW'1 E a a 1C97 H H J'• E w H x a s +"� - a v to r x� +� m ° a N a Q Vx �' 0 a [a� J a� z 5 a$ x� z� a m H o a a U w a a a a 0 a o a 1 H ❑ >z z I[1 Ot m 0 W aQs a w x I o o w E pC, W O 0 ul Rl O O O O O O O O O O O O O O O O O O O N tD LD N N rl r l N N Ot O N N N N ri N N .-I N N I!1 O ID Itl N N p p U In O rn O O 0 O 0 0 O 0 0 O o 0 O O 0 O o o N 0 v O 0 o U ry' t0 O � 0 rl -I O H 0 rl H O rl 0 '-I r C rl C) O rlrn 0 rl a Q a {twj W N oo F ff�II H W m ❑ r+f 0 Ln q� q �Z�,{ fG IpW, ,i, W U H U E-I z H W w H u 8 " zz to o [��'� El w 7. It w W [�-I m z H ya a W p U F O Ln U 0 y O ° Ill O O a O > O OH O a 0 N 1v 22 T4-ht 4 4 Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: September 7, 1999 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Transmittal of Treasurer's Report PUBLIC HEARING: as of June 30, 1999 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: Transmittal of Treasurer's Report dated June 30, 1999 for the La Quinta Redevelopment Agency. FINDINGS AND ALTERNATIVES: I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1 /1 /86; and is in conformity with City Code 3.08.010 to 3.08.070 Investment of Money and Funds. I hereby certify that sufficient investment liquidity and anticipated revenues are @vailab)Gto meet rygxt writh's estimated expenditures. Jdhn M. Falconef, Finance Director ro d for Submi sio Thomas P. Genovese City Manager Attachment: Treasurer's Report, La Quinta Redevelopment Agency n f7 TO: FROM: SUBJECT: DATE: Tj-ht °f 4Qut«rw MEMORANDUM La Quinta City Council John Falconer, Fins, ;e Director/Treasurer Treasurer's Report for June 30, 1999 August 6, 1999 Attached is the Treasurer's Report for the month ending June 30, 1999. This report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Department. Cash and Investments: Decrease of $718,247. due to the net effect of expenditures in excess revenues. State Pool: Decrease of $1,500,000. due to the net effect of transfers to and from the cash and investment accounts. U.S. Treasury Bills, Notes, Government Agency Securities and Commercial Paper: Decrease of $415,087. due to the sale four Commercial Papers, one T-Note, the purchase of one T-Note and monthly adjustment in the amortized value of the investments. Mutual Funds: Increase of $570,116. due to the sale of one T-Note and interest earned. Total decrease in cash balances $2,063,218. I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment policy. As Treasurer of the City of La Quints, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. M. 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Z cc(L)m =z (D Vflc cyj c nna CITY OF LA QUINTA BALANCE SHEET 0613WN ASSETS: POOLED CASH LORP INVESTMENT IN POOLED CASH INVESTMENT T-BILLMOTES 8: OTHER AUTO MALL CASH LORP CASH BOND REDEMPTION CASH BOND RESERVE CASH BOND PROJECT CASH BOND ESCROW CASH PETTY CASH 1,000.00 1 000 00 CASH i INVESTMENT TOTAL 30,843,051.41 20,012,090.65 585,60.68 57,440,788.74 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE PREMIUMIDISCOUNT ON INVESTMENT LORP-ACCOUNTS RECEIVABLE INTEREST RECEIVABLE LOAN/NOTES RECEIVABLE DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS DUE FROM RDA INTEREST ADVANCE -DUE FROM RDA ADVANCES TO OTHER FUNDS NSF CHECKS RECEIVABLE ACCRUED REVENUE TRAVELADVANCES EMPLOYEE ADVANCES PREPAID EXPENSES 80 300.W 60,300 00 RECEIVABLE TOTAL 10,283,073.02 3,894,731.76 8,280,000.00 22,237,804.78 CITY CITY RDA RDA FA FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL 3,333,454.37 11,085,337.11 (8,590.30) 14,410,201.18 756.D00.00 755,000.00 26,D00,000.00 26,D00,000.00 1.W8,597.04 - 1,508,597.04 16.935.18 16.935.18 186,574.76 28.73 186,903.49 13,987,943.60 594,208.25 14,562,151.85 57.940.02 79,157.68 60,477.77 49,252.46 44,005.78 396,121.70 319,353.38 1,856.18 2,851,091.04 129,197.00 709,981.69 551,W8.04 6,8W,277.20 1,130,530.34 836,989.48 2,810.88 833.40 1,605.00 8,260,000.00 8,397,097.70 109,730.23 44.005.78 715,475.06 2,652,947.20 129.197.00 1,261,019.73 6,890,277.20 1,136,530.34 835,969.46 2,816.68 833.40 1,605.00 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 75.00 MISC. DEPOSITS 2,100.00 2,100.00 DEPOSITS TOTAL 2,175.00 2,175.00 GENERAL FIXED ASSETS 1,098,865.00 15,008,708.00 11,438,745.05 27,546,318.05 ACCUMULATED DEPRECIATION (706,057.21) (766,057.21) AMOUNT AVAILABLE TO RETIRE LIT DEBT 3,395,117.03 3,395,117.03 AMOUNT TO BE PROVIDED FOR LIT DEBT 1,077,482.02 97,082,986.77 8,015,000.00 106,755,448.79 TOTAL OTHER ASSETS 332,807.79 15,008,708.00 1,677.487 02 11,438,745.06 100,458,093.80 8,015,000.00 136,930,826.66 TOTAL ASSETS 41,401,107.22 15,008,708.00 1.677.462.02 29,706,822.41 11,438,745.05 100.458.083.80 8,845,50.68 8,015,000.00 216611595.18 LIABILITY ACCOUNTS PAYABLE 1,56$216.04 11,009." 54,8W.93 1,649,D96.41 DUE TO OTHER AGENCIES 887,951.22 $67,951.22 DUE TO OTHER FUNDS T7,715.36 1,189,840.97 13,663.40 1,261,019.73 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES 336,655.97 336,655.97 PAYROLL LLABILTTIES Z037 43 2,032.43 STRONG MOTION INSTRUMENTS 5,888.64 5,888.64 FRINGE TOED LIZARD FEES 19,640.00 19,640.00 SUSPENSE DUE TO THE CITY OF LA QUINTA PAYABLESTOTAL 2,892,299.66 11,999.44 1,224,521.90 13,863.40 4,142,484.40 ENGINEERING TRUST DEPOSITS 990.00 980.D0 SO. COAST AIRIQUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 47ZOM23 472,852.23 LQRP DEPOSITS 15,595.99 15,595.99 DEVELOPER DEPOSITS 1,599,841.24 1,599,841,24 MISC. DEPOSITS 255.075.20 255,075.20 AGENCY FUND DEPOSITS 11,568,257.42 1,568,257.42 - TOTAL DEPOSITS 3,897,000.09 15.595.99 3,912,602.08 DEFERRED REVENUE 11 250.23 8,260,000.00 8,271,250.23 OTHER LIABILITIES TOTAL 11,250.23 8,260,000.00 8,271,250.23 COMPENSATED ABSENCES PAYABLE 337.$W.86 337,880.86 DUE TO THE CRY OF LA QUINTA 1,327,001.72 7,943,477.34 9,271,079.06 DUE TO COUNTY OF RIVERSIDE 15,031,457.71 15,031,457.71 DUE TO C.V. UNIFIED SCHOOL DIST. 10,088,148.75 10,088,148.75 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 67 415 000.00 (504.08) 8,015,000.00 75,429 495.92 TOTAL LONG TERM DEBT 1,885,482 58 IW,458,083.80 (504.08) 8,015,000.00 110,138,062.30 TOTAL LIABILITY EQUITY -FUND BALANCE TOTAL LIABILITY i EQUITY 6,800,555.98 34,660,55124 15,009,706.00 1,677,482.02 1,240,117.89 100,458,083.W 8,273,159.32 8,015,000.00 126,464,399.01 28,406,704.52 11,438,745.05 572,487.36 90,147,196.17 41461 12= 15,008,700.00 1 677 482.02 29 70611IM41 11438 745 05 100,458,083.80 8 845 848 68 8 015 000 00 215,611,595.18 085 0.00 PIP T4ht 4 4 Qum& COUNCIL/RDA MEETING DATE: September 7, 1999 Authorization to Execute an Easement to CVWD for Sewer Purposes Across the Southerly Property Line of the Redevelopment Agency Property Located at the Southeast Corner of Washington Street and Miles Avenue RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: Approve the sewer easement and authorize the Executive Director to sign the appropriate documents. FISCAL IMPLICATIONS: None. BACKGROUND AND OVERVIEW: The Engineering company Robert Bein, William Frost and Associates is requesting on behalf of their client, Garden of Champions, a sewer easement to allow the construction of sewer lines to serve their development and Southwest Community Church. This sewer easement would be at the southerly property line of the Agency property located at Washington Street and Miles Avenue. Provided as Attachment 1, is a location indicating the easement area. In exchange for the sewer easement stub outs will be provided to serve future users on the Agency property at each manhole, subject to approval of CVWD. Attached is their letter of request with the accompanying legal description and exhibit depicting the requested easement (Attachment 2). FINDINGS AND ALTERNATIVES The alternatives available to the Agency Board include: 1. Approve the sewer easement and authorize the Executive Director to sign the appropriate documents; or 2. Provide staff with alternative direction. CCJH.008 Respectfully submitted, Jrry Her ommunity Development Director Approved for submission by, Thomas P. Genovese, Executive Director Attachment: 1. Location map. 2. Letter of request with legal description with exhibits 087 CCJH.008 ATTACHMENT *1 M : L E S A VE. ;'�i ; CAL" "L L rn 9 •f--178 1!`IS i . 1NG. -198979,0--, 0 O G � L I r-AE ESTABLISHED FA.RALLE�; Go WITH SOUTHERLY R.O.W. PE.9 LP.M.172j21-27 ! f-SOR RDETA L tiG NtxI °43'32„ R=2500.00 ' L=75.29' C 2 \ S � •0 ---1 N89 34143"E SOUTHERLY LINE SEC. 19 EASEMENT CONTAINS 23776 SQ. FT,MORE OR LESS. AUGUST 24, 1999 1„ SCALE 0'0 /� ' 91' "I-, --Mg °3 'J — 1365.02' T �1CT PIC, 23996- J M3,2419184-87 -------------DATA -TABLE -------------- No. BRNG/DELTA RADIUS LENGTH ------------------------------------- Cl 22°36'03" 2500.00' 986.15' C2 N43°59'14"E -- 20.00' C3 22°46'11" 2480.00' 985.5-' - Ln a' ° Ln 1S1201 11-1 -11� III SHEET 1 OF 2 SHEETS Robert Bei.n,William Frost & Associates. PROFESSIONAL ENGMEERS, PLANNERS L SURVEYORS 9w 27= 7NEE OMAR SLATE Nn TDgt=A CWTO,NA 9M AN!) 676-NNE rm Mff �7h7[N FIELD BOOK JOB NO. 301536 ATTACHMENT #2 ROBERT BEIN, WILLIAM FROST & ASSOCIATES PROFESSIONAL ENGINEERS, PLANNERS & SURVEYORS August 23, 1999 U JN 100047 Mr. Jerry Herman Redevelopment Agency Director City of La Quinta Subject: Approval of Sewer Easement for Garden of Champions Project Dear Jerry: It is requested that the City of La Quinta Redevelopment Agency provide an easement for sewer purposes across the southerly property line of the Agency property located at Washington Avenue and Miles Avenue. This sewer, which will ultimately be owned and maintained by Coachella Valley Water District (CVWD), will serve the Southwest Community Church and the Garden of Champions projects. At each manhole sewer stub outs will be provided to serve future users on the Agency property upon approval by CVWD. Attached is the legal description and exhibit depicting the requested easement. Please note that the majority of the easement is within the current easement owned by CVWD for the Whitewater River. The current easement is for storm water purposes only, therefore an additional easement for sewer purposes is needed. Please review the attached legal description and exhibit and call me with any questions. S'ncerely, 1 Robert Ross, P.E. Project Manager cc: Richard Oliphant, Garden of Champions, LLC H:\GRP70\PDATA\20100047\office\wpwi n\Ig82099.wpd Professional Service Since 1944 74-410 HIGHWAY 111 • PALM DESERT, CALIFORNIA 92260-4114 • 760.346.7481 • FAX 760.346.8315 005 OFFICES LOCATED THROUGHOUT CALIFORNIA.. ARIZONA AND NEVADA • WEB SITE: www rbf.com Robert Bein, William Frost & Associates 74-410 Highway 111 Palm Desert, CA 92260 August 24, 1999 J.N. 20-100047 Page 1 of 2 EXHIBIT "A" Legal Description 20' Sewer Easement IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, THAT PORTION OF THE SOUTHEAST QUARTER OF SECTION 19, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, MORE PARTICULARLY DESCRIBED AS FOLLOWS: A STRIP OF LAND, 20.00 FEET WIDE COMMENCING AT THE POINT OF INTERSECTION OF THE NORTHEASTERLY LINE OF THE CERTAIN PARCEL 1 GRANTED TO THE CITY OF LA QUINTA PER INSTRUMENT NO.199210, RECORDED MAY 16,1994 AND A LINE PARALLEL WITH AND 500.00 FEET NORTHERLY OF THE NORTH LINE OF PARCEL MAP NO.25865 ON FILE IN BOOK 172, PAGES 21 THROUGH 27, INCLUSIVE, OF PARCEL MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, SAID POINT BEING ON A NON -TANGENT CURVE CONCAVE SOUTHWESTERLY AND HAVING A RADIUS OF 2,072.00 FEET, A RADIAL LINE OF SAID CURVE FROM SAID POINT BEARS SOUTH 75°04'02" WEST; THENCE NORTHWESTERLY ALONG SAID CURVE 92.70 FEET THROUGH A CENTRAL ANGLE OF 02033'48" TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID CURVE 20.00 FEET THROUGH A CENTRAL ANGLE OF 02033'11"; THENCE NORTH 72013' 39" EAST, 45.30 FEET; THENCE SOUTH 27006' 56" EAST, 170.54 FEET TO A POINT ON A LINE PARALLEL WITH AND 500.00 FEET NORTHERLY OF SAID PARCEL MAP NO.25865, SAID POINT BEING ON A LINE HAVING A RADIUS OF 2,500.00 FEET, A RADIAL LINE OF SAID CURVE FROM SAID POINT BEARS NORTH 19040'30" EAST; THENCE ALONG SAID CURVE SOUTHEASTERLY 986.15 FEET THROUGH A CENTRAL ANGLE OF 22036'03" TO THE MOST SOUTHWESTERLY PROLONGATION OF THE SOUTHEASTERLY COURSE SHOWN AS SOUTH 43059'14" WEST, 511.20 FEET ON PARCEL "C" OF LOT LINE ADJUSTMENT NO.94-178, RECORDED MARCH 13,1994 AS INSTRUMENT NO. 108979, OFFICIAL RECORDS; 090 THENCE SOUTH 43059'14" WEST, 20.00 FEET TO A POINT OF INTERSECTION OF SAID SOUTHWESTERLY PROLONGATION AND ALINE PARALLEL WITH AND 480.00 FEET NORTHERLY OF THE NORTH LINE OF SAID PARCEL MAP NO.25865; THENCE NORTHWESTERLY ALONG SAID CURVE 985.57 FEET THROUGH A CENTRAL ANGLE OF 22046'11" FEET, A RADIAL LINE OF SAID CURVE FROM SAID POINT BEARS NORTH 19029'32" EAST; THENCE NORTH, 27°06'56", WEST, 161.50 FEET; THENCE SOUTH 72013' 39" WEST, 28.32 FEET TO THE TRUE POINT OF BEGINNING. CONTAINING 23,776 SQUARE FEET, MORE OR LESS. 091 007 M ; L E S A VE. 400 0 40000 1200 118 a ' JL 1365.02' TPIACT NO, 23998--J f\A,3.24GY84-87 1!`y� i. 1`JJ. !08979.J.R. LO a, � O G � LINE ESTABLISHED ?A.RALLEy G W i TH SOUTHERLY R . 0 . W . P�� DATA TABLE P.M.172/21-27 1, SEE S IT 2 i OR DET.a L !A 1 �7 1 I \ ------------------------------------- NO. ------------------------------------- BP.NGjDELTA RADIUS LENGTH C1 22°36'03" 2500.00' 986.15' C2 N43°59'14"E -- 20.30' C3 22'46'11" 2480.00' 985.571' C Ln LQ L1=01043'32" V R=2500.00' ° L= 75 . on, apk LAND O �� js �\� Q L St� r O � � R►L No.4725 6c 9 0`99 * Im CN 0 OF CAS 0c �•> S�, O 160 3 19, J� . o o \ & w 1 20 i w N89'34'45"E- 50.91' \ p�29 SOUTHERLY LINE SEC. 19 \ �; SHEET 1 OF 2 SHEETS % EASEMENT CONTAINS CN CV 23776 SQ . ET , MORE Robert Bein,WiUiam Frost do Associates. In OR L^ CS . PROrESSIONAL ENGINEERS, PLANNERS a SURVErOti � S zma roc: R;w =T[ a° ro co" C"UM, f7011 aWwL I'm 0") 670-72N J / JF O a AUGUST 24, 1999 SCALE TFIELD BOOK JOB NO. 1 ' =4C.,0 ' 30 1 536 1. EXHIBIT "B" DETAILS FROM SHEET 1 T. CURVE TABLE ------------------------------------- 1110. DELTA RADIUS LENGTH ------------------------------------- cl 00°33'11" 2072.00' 20.00' C2 02°33'48" 2072.00' 92.70' COURSE TABLE --------------------------- f10. BEARING DISTANCE --------------------------- Ll N72°13'39"E 45.30' L2 N27°06'56"W 170.54' L3 1.127°06'56"W 161.50' L4 N72°13'39"E 28.32' to p o� o /o) 04 �,n y \ 1 � 0 / 0 40 80 120 GRAPHIC SCALE SHEET 2 OF 2 SHEETS _ `kbal Bein cWi iam` Twt 3 c%sociates PROFESSIONAL ENGINEERS. PLANNERS k SI.RVEYORS 74-410 HIGHWAY 111. PAIN GESEM. CALIFOPHIA 922E0 (760) 3K-7M1 • FAX (750) 348.8315 093 i AUGUST 24 , 1999 SCALE FIELD BOOK JOB NO, 111=40' 301536 0091 n, N , cn �I G OC O ROBERT REIN, WILLIAM FROST AND ASSOCIATES JOB ID : 301536 DATE 08/24/1999 AT 15:56:44 TRAVERSE Of : Off -site Sewer Easement No.1 -- TRAY # 1 BEARING DISTANCE NORTHING EASTING STARTING AT 3962.6686 7673.5779 PT # 7609 N 72-13-39.00 E 45.3000 TO 3976.4959 7716.7160 PT # 7610 S 27-06-56.00 E 170.5400 TO 3824.7001 7794.4458 PT # 7611 S 19-40-30.00 W 2500.0000 TO 1470.6563 6952.7347 PT # 7612 DELTA = 22-36-03.00 RADIUS = 2500.0000 LENGTH = 986.1474 CHORD = 979.7664 TANGENT = 499.5682 N 42-16-33.00 E 2500.0000 TO 3320.4435 8634.4859 PT # 7613 S 43-59-14.00 W 20.0100 TO 3306.0464 8620.5890 PT # 7614 S 42-15-43.00 W 2480.0000 TO 1470.6531 6952.7367 PT # 7612 DELTA = 22-46-11.00 RADIUS = 2480.0000 LENGTH = 985.5684 CHORD = 979.0957 TANGENT = 499.3738 N 19-29-32.00 E 2480.0000 TO 3808.5164 7780.2604 PT # 7615 N 27-06-56.00 W 161.5000 TO 3952.2658 7706.6508 PT # 7616 S 72-13-39.00 W 28.3200 TO 3943.6214 7679.6824 PT # 7617 S 72-30-14.00 W 2072.0000 TO 3320.6932 5703.5386 PT # 7618 DELTA = 00-33-11.00 RADIUS = 2072.0000 LENGTH = 20.0003 CHORD = 20.0002 TANGENT = 10.0002 N 71-57-03.00 E 2072.0000 TO 3962.6671 7673.5775 PT # 7609 ERROR OF CLOSURE NORTH = 0.0015117 EAST = 0.0003666 BEARING N 13-37-58.00 E DISTANCE = 0.0016 AREA = 23775.5 SF 0.5458 ACRES PERIMETER = 2417.3861 PRECISION = 1 : 1,554,099 094 010 Ti-ht 4 4Q" COUNCIL/RDA MEETING DATE: September 7, 1999 Consideration of an Agreement Between Century Crowell Communities and the Redevelopment Agency Regarding Exchanging Excess Dirt from a Future Park Site in North La Quinta for Specific Services to the Northeast Corner of Westward Ho Drive and Adams Street (North Park) RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve the concept and authorize the Executive Director to execute the appropriate Agreement. FISCAL IMPLICATIONS: None. BACKGROUND AND OVERVIEW: Century Crowell Communities submitted letters (Attachment 1) requesting that the Agency consider allowing the exportation of dirt from the City's park site at Westward Ho Drive and Adams Street to their Tract site at Dune Palms Road north of Westward Ho Drive, adjacent to the City's park site. In exchange for this fill dirt, Century Crowell Communities will comply with the necessary archaeological requirements, grade the site, and stabilize the disturbed area to City standards as outlined in the attached proposed Agreement (Attachment 2). Should the Redevelopment Agency Board approve the concept, City staff will work with the City Attorney for the appropriate Agreement language for conducting the transaction. This request will bring the City closer to development of the park and will stabilize the area to reduce the blowsand in the community at no expense to the Agency. FINDINGS AND ALTERNATIVES 095 The alternatives available to the Agency Board include: Approve the concept and authorize the Executive Director to execute the appropriate Agreement; or 2. Do not approve the concept or the execution of the Agreement; or 2. Provide staff with alternative direction. Respectfully submitted, \" &In==— J rry Herma tLnity Development Director Attachment: 1. Letter of request 2. Agreement Approved for submission by, Thomas P. Genovese, Executive Director 002 096 CENTURYHOMES ATTACHM T #1 Century Crowell Communities September 15, 1998 Mr. Steven Spear Senior Engineer CITY OF LA QUINTA 78-495 Calle Tampico La Quinta, CA 92253 RE: Proposed grading of city park site Dear Mr. Spear; Century Crowell Communities has just submitted to the City of La Quinta Tentative Tract No. 27519 for processing and approval. This project is located on Dune Palms Road north of Westward Ho Drive and adjacent to the city's park site. Tentative Tract 27519, if approved as submitted, will require approximately 50,000 cubic yards of imported fill to allow for proper design. It is for this reason that I am writing to you. Century Crowell Communities would like utilize the city's park site as a borrow area. We propose that in exchange for allowing Century to obtain fill from the park site, Century will grade a super pad over a portion of the park site and treat the soil to prevent dust blowing from the site. As you are well aware, the park site in its present state has been a continuous problem of blowing sand during periods of high winds. We at Century believe this would result in a win/win situation for both the city and us. Please contact me at (909) 381-6007 if this proposal is agreeable to the City of La Quinta. Should you require any additional information, please do not hesitate to call me. Sincerely, Ed Knight, Pro ect-Director Century -Crowell Communities 004 1535 South "D" Street, Suite 200 - San Bernardino, CA 92408 (909) 381-6007 - FAX (909) 381-0041 097 CENTURY HOMES Century Crowell Communities ,�. •NA. 3 010 z July 20, 1999 Mr. Tom Genovese City Manager CITY OF I.A QUINTA 78-495 Calle Tampico La Quinta, CA 92253 RE: PROPOSED GRADING OF FUTURE CITY PARK SITE Dear Tom: Attached is a proposed agreement between Century Crowell Communities and the City of I.a Quinta regarding exchanging excess dirt from a future park site in North La Quinta for specific services to the site. The agreement is an attempt to provide the City with specific assurances and tasks that will be accomplished on behalf of our company and is signed by our Vice President of Operations, Mr. Gary Weintraub. If you have any questions or concerns please do not hesitate to contact me. Thank you for your cooperation and assistance. Sincerely, CENTURY CROWELL COMMUNITIES Marty W. Butler cc. Gary Weintraub 1535 South "D" Street, Suite 200 - San Bernardino, CA 92408 (909) 381-6007 - FAX (909) 381-0041 OQ05 9g. ATTACH ME NT #2 AGREEMENT It is agreed that Century Crowell Communities will export from the future City Park Site located at the north east comer of Adams Avenue and Westward Ho approximately 107,000 Cubic Yards of dirt. In exchange for this fill dirt the Developer will do the following at the Park Site: Prepare a super pad exhibit for the Park Site where the fill dirt will be removed. Perform a Phase I study and comply with all mitigation measures as determined within the Phase I study which may include a Phase II and Phase III and/or monitoring. Provide dust control measures during grading and dirt removal and after grading apply soil stabilizer to the disturbed area. All work to be done to the City of La Quints standards. CENTURY CROWELL CO S Gig GARY WEINTRAUB VICE PRESIDENT OF OPERATIONS CITY OF LA QUINTA TOM GENOVESE CITY MANAGER 006 T4ht 4 4QuAw AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: September 7, 1999 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Discussion of a Request Received From the Post Office for a Ground Lease for Up to Two Years for PUBLIC HEARING: Four of the Nine Lots Owned by the Redevelopment Agency Located Between Avenida Bermudas, Avenida Montezuma, and Avenida Navarro RECOMMENDATION: As deemed appropriate by the Redevelopment Agency Board. FISCAL IMPLICATIONS: None. BACKGROUND AND OVERVIEW: We are in receipt of a letter from a real estate consultant for the United States Postal Service requesting a ground lease of up to two years for the Agency located between Avenida Bermudas, Avenida Montezuma, and Avenida Navarro which has a total of nine lots. The ground lease involves four of the lots (20,000 square feet) which the Postal Service plans to black -top the surface, fence the site, and place modulars until they are able to construct a new La Quinta Main Post Office (Attachment 1). The Art Foundation plans to have their March 2000 Festival in The Village. Historically, they have used all nine Agency lots for parking and have indicated they will be requesting the same next year. Since the Postal Service is requesting to utilize four of the nine 5,000 square foot lots, five lots (four contiguous and one north of the proposed Postal facility) would be available to the Arts Foundation for parking. Should the Agency Board deem appropriate the Postal Service's use of the four lots, staff will negotiate an agreement for approval by the Agency Board at a future meeting. CCJH.010 100 FINDINGS AND ALTERNATIVES: Alternatives available to the RDA Board include: As deemed appropriate by the Redevelopment Agency Board. Respectfully submitted, rry herr.�an )mmunity Development Director Attachments: Letters regarding this request Approved for submission by: Thomas P. Genovese, Executive Director 101 C:\My Documents\WPDOCS\CCJH.010 002 ATTACHMENT #1 BRUCE D. FITTING, REAL ESTATE CONSULTANT 605 Waller Street San Francisco, CA 94117 (415) 863-6665 (voice) (415) 863-6661 (fax) Bdfitting@aol.com July 27, 1999 Mr. Jerry Herman Community Development Director City of La Quinta 78495 Calle Tampico La Quinta, CA 92253 Dear Mr. Herman: I am working with the United States Postal Service to help find about 20,000 square feet, more or less, of land that the La Quinta Postmaster can use for two years until the new La Quinta Main Post Office is ready. Because of community growth, the existing post office is unable to handle today's postal demands, and USPS is looking for a ground lease just to get by for the next two years. Ideally, the land we find will be available immediately and will be in close proximity to the existing post office on Avenida Bermudas. Among the sites we have in mind are four lots (Block 122, Lots, 10-13) controlled by the City of La Quinta. Thus I am writing this letter to inquire as to the City's interest in entering into a two- year ground lease, with an option for USPS to renew for one additional year, for those four lots. My expectation is that USPS would black -top the lots, fence them, and place modulars on the property. USPS would be willing, of course, to pay fair market rates for the land. I appreciate your help in the matter and look forward to hearing back from you. Sincerely, Rzx-4 C-0- (1) Bruce D. Fitting cc: Norma Jellison, USPS Art Pardo, USPS 102 004 09/23/99 MON 13:31 FAX 14158636661 Bruce D. Fitting Cihoo1 BRUCE D. FITTING, REAL ESTATE BROKER 605 Waller Street San Francisco, CA 94117 (415) 863-6665 (voice) (415) 863-6661 (fax) Bdfitting@aol.com August 23, 1999 Mr. Art Pardo (by fax) Manager, Facilities/Purchasing Programs United States Postal Service 11251 Rancho Carmel Drive San Diego, CA 92199-9361 Dear Art: This letter is a follow-up to our telephone conversation earlier today and regards the USPS interest in fmding temporary space for the La Quinta Post Office. To bring you up to date quickly, the lots behind the existing facility (# 1 on the enclosed map, i.e. the parcels you liked as the best option) are not available. The lots diagonally across the street on the other side of Avenida Montezuma (#3 on the map, also acceptable to you) are also not available. All this land is owned by one Don Parker, a gentleman who expressed initial interest but then declined to be involved. The remaining option (#2 on the map) consists of lots owned by the City of La Quints. I have sent the appropriate letter (a copy of which I am enclosing) to the city Development Director, Jerry Herman, and we are scheduled to have the matter heard by the La Quinta City Council on September 7, 1999. Mr. Herman has requested that USPS provide the city with a site design indicating the improvements to the site and how modular structures would be placed on it. If you can do that for him - keeping in mind the timeliness of the matter - it would help tremendously. Mr. Herman can be reached by phone at (760) 777-7125 and fax at (760) 777- 1233. Copies to La Quinta Postmaster Dale Jessey and USPS Project Manager Norma Jellison would also be useful. The four lots that you liked may or may not be available, according to Mr. Herman. If the La Quinta Arts Festival still wants to use them for parking in March, the city may decline to lease them to USPS. As it turns out, La Quinta actually owns nine contiguous lots, as shown on the map (the other five lots are encircled as #4). If you talk with Mr. Herman, you might ask him how USPS and the city could share the space so that everyone is happy. Please also note that I have explored ground leasing of every other available parcel in the La Quinta commercial core, and nothing else is available. Furthermore, there is no existing 103 005 13:29 RECEIVED FROM:14158636661 P-01 Og/23/99 MON 13:32 FAX 14158636661 Bruce D. Fitting [d] 002 commercial space to be leased. We have to make this option work or go outside the area. Please call with questions. Sincerely, Bruce D. Fitting cc: Dale Jessey, LISPS (letter only) Norma Jellison, USPS (letter only, by fax) Jerry Herman, City of La Quinta (letter and map only, by fax) 104 006 08-23-99 13:29 RECEIVED FROM:14158636661 p•e2 0'g/23/99 MON 13:32 FAX 1415$636661 Bruce D. Fitting •T-90-99 1S345 Ctty of LaOuinta Cen.Dsv-Dr itia+ 960 777 121 �S.,R.6E �'. 020-81 o QUINTA .� --r— —rrrr-rr-+i.r-rrw..r--ram r {� i • ) 2 33 � 3 • � Li r-r.r-r..rr• ��.�8 —w• rq it 4C Q f.LAlL R. t4fR i s p• 7 7. . r ARSELITA AT V LA OUINTR .14 Z 003 a' + Too, MAN. 1967 itv. say : �sUZZU.S- ("� 10 5 36661 V 07 P • 03 RECEIVED FROM:141586 08-23-99 13:36 AV6-Ni,DA N-HMZut4A fill uuu1amlli AC.)ENcy PRopC, Ty O Lai 1'--Y• �RaP0561� f6NGEr 106 "G7 lDL-Ac.e--- 7vp Ac,— ¢L'r.5 I 4 u � c4wo, AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: ITEM TITLE: Transmittal of Revenue and Expenditure Reports dated June 30, 1999 RECOMMENDATION: Receive and File BUSINESS SESSION: September 7, 1999 CONSENT CALENDAR: BACKGROUND AND OVERVIEW: STUDY SESSION: PUBLIC HEARING: rps.p-4- Rep, 1 Transmittal of the June 30, 1999 Statement of Revenue and Expenditures for the La Quinta Redevelopment Agency. hn M. Falconbr, Finance Director Approved for Submission by: Thomas P. Genovese City Manager Attachments: 1 . Revenue and Expenditures Report, June 30, 1999 107 LA QUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO 1 DEBT SERVICE FUND: Tax Increment Allocated Interest Non Allocated Interest Interest Advance Proceeds Transfers In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: Pooled Cash Allocated Interest Non Allocated Interest Litigation Settlement Revenue Loan Proceeds Transfers In TOTAL CAPITAL IMPROVEMENT LOW/MODERATE TAX FUND: Tax Increment Allocated Interest Non Allocated Interest LQRP-Rent Revenue Home Sales Proceeds Sewer Subsidy Reimbursements Transfer In TOTAL LOW/MOD TAX LOW/MODERATE BOND FUND: Allocated Interest Non Allocated Interest Transfer In TOTAL LOW/MOD BOND 07/01/1998-06/30/1999 REMAINING % BUDGET RECEIVED BUDGET RECEIVED 9,969,108.00 10,301,824.48 (332,716.48) 103.34% 0.00 84,658.87 (84,658.87) N/A 0.00 313,816.04 (313,816.04) N/A 371,521.00 371,520.90 0.10 100.00% 1,738,801.00 1,099,888.00 638,913.00 63.26% 12 079,430.00 12,171,708.29 (92,278.29) 100.76% 0.00 47,292.17 (47,292.17) N/A 186,800.00 (6,686.92) 193,486.92 -3.58% 0.00 821,589.19 (821,589.19) N/A 0.00 0.00 0.00 N/A 511,509.00 655,259.00 (143,750.00) N/A 698 309.00 1,517 453.44 (819 144.44) 217.30% 2,492,277.00 2,575,456.12 (83,179.12) 103.34% 247,500.00 153,233.16 94,266.84 61.91% 0.00 122,263.51 (122,263.51) N/A 341,000.00 414,147.72 (73,147.72) 121.45% 150,000.00 195,945.10 (45,945.10) 130.63% 0.00 15,999.00 (15,999.00) N/A 0.00 0.00 0.00 N/A 3,230,777.00 347704461 (246 267.61) 107.62% 0.00 0.00 0.00 N/A 135,000.00 490,032.02 (355,032.02) 362.99% 0.00 0.00 0.00 N/A 135 000.00 490 032.02 (355 032.02) 362.99% 108 C 001 LA QUINTA REDEVELOPMENT AGENCY 07/01/1998 - 06/30/1999 REMAINING % EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED PROJECT AREA NO. 1: DEBT SERVICE FUND: SERVICES 212,000.00 193,047.00 0.00 18,953.00 91.06% BOND PRINCIPAL 2,090,852.00 2,092,128.00 0.00 (1,276.00) 100.06% BOND INTEREST 3,202,233.00 3,207,208.34 0.00 (4,975.34) 100.16% INTEREST CITY ADVANCE 371,521.00 371,520.90 0.00 0.10 100.00% PASS THROUGH PAYMENTS 5,831,693.00 5,882,818.67 0.00 (51,125.67) 100.88% TRANSFERS OUT 511,509.00 511,509.00 0.00 0.00 N/A TOTAL DEBT SERVICE 12 219,808.00 12,258,231.91 0.00 (38,423.91) 100.31 % CAPITAL IMPROVEMENT FUND: PERSONNEL 8,100.00 6,190.80 0.00 1,909.20 76.43% SERVICES 2,270,147.00 153,317.15 0.00 2,116,829.85 6.75% REIMBURSEMENT TO GEN FUND 190,669.00 196,550.67 0.00 (5,881.67) 103.08% TRANSFERS OUT 3,448,747.00 12,260.64 0.00 3,436,486.36 0.36% TOTAL CAPITAL IMPROVEMENT 5,917,663.00 368,319.26 0.00 5,549,343.74 6.22% LOW/MODERATE TAX FUND: PERSONNEL 2,650.00 1,982.20 0.00 667.80 74.80% SERVICES 1,863,960.00 1,409,682.50 0.00 454,277.50 75.63% REIMBURSEMENT TO GEN FUND 694,039.00 715,448.14 0.00 (21,409.14) 103.08% TRANSFERS OUT 1,738,801.00 1,099,888.00 0.00 - 638,913.00 63.26% TOTAL LOW/MOD TAX 4,299,450.00 3,227,000.84 0.00 1,072,449.16 75.06%____ LOW/MODERATE BOND FUND PERSONNEL 5,800.00 4,210.78 0.00 1,589.22 72.60% SERVICES 53,528.00 40,800.01 0.00 12,727.99 76.22% REIMBURSEMENT TO GEN FUND 0.00 0.00 0.00 0.00 N/A HOUSING PROJECTS 0.00 0.00 0.00 0.00 N/A TRANSFERS OUT 5,623,442.00 2,392,557.87 0.00 3,230,884.13 42.55% TOTAL LOW/MOD BOND 5,682,770.00 2,437,568.66 0.00 3,245,201.34 42.89% log 004 LA QUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO 2- 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 Proceeds from City Loan TOTAL CAPITAL IMPROVEMENT LOW/MODERATE TAX FUND: Tax Increment Developer funding Allocated Interest Transfer in TOTAL LOW/MOD TAX LOW/MODERATE BOND FUND: Allocated Interest Non Allocated Interest Transfer in 07/01/1998-06/3011999 REMAINING % BUDGET RECEIVED BUDGET RECEIVED 3,747,891.00 4,068,063.33 (320,172.33) 108.54% 0.00 80,678.70 (80,678.70) N/A 0.00 334.62 (334.62) N/A 461,880.00 461,880.96 (0.96) 100.00% 338,674.00 202,749.00 135,925.00 59.87% 4,548,445.00 4,813 706.61 (265 261.61)_ _ 105.83% 20,000.00 78,725.29 (58,725.29) 393.63% 10,000.00 31,709.88 (21,709.88) 317.10% 0.00 5,000.00 (5,000.00) N/A 742,609.00 742,609.00 0.00 N/A 0.00 0.00 0.00 N/A 772,609.00 858,044.17 (85,435.17) 111 06% 936,973.00 1,017,015.84 (80,042.84) 108.54% 0.00 622,304.55 (622,304.55) N/A 20,000.00 139,342.00 (119,342.00) 696.71% 0.00 0.00 0.00 N/A 956 973.00 1,778 662 39 (821 689.39) 185.86% 0.00 0.00 0.00 N/A 20,000.00 139,914.60 (119,914.60) 699.57% 0.00 0.00 0.00 N/A TOTAL LOW/MOD BOND 20,000.00 139,914.60 (119 914,60) 699.57% 110 005 LA QUINTA REDEVELOPMENT AGENCY 07/01/1998 - 06/30/1999 REMAINING % EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED PROJECT AREA NO 2• DEBT SERVICE FUND: SERVICES 68,350.00 68,483.20 0.00 (133.20) 100.19% BOND PRINCIPAL 69,148.00 67,872.00 0.00 1,276.00 98.15% BOND INTEREST 526,033.00 521,057.30 0.00 4,975.70 99.05% INTEREST CITY ADVANCE 1,461,880.00 1,461,880.96 0.00 (0.96) 100.00% PASS THROUGH PAYMENTS 2,844,245.00 2,845,263.93 0.00 (1,018.93) 100.04% TRANSFERS OUT 742,609.00 742,609.00 0.00 0.00 N/A TOTAL DEBT SERVICE 5,712,265.00 5,707,166.39 0.00 5,098.61 99 91 % CAPITAL IMPROVEMENT FUND: PERSONNEL 4,100.00 3,096.29 0.00 1,003.71 75.52% SERVICES 125,498.00 137,614.08 0.00 (12,116.08) 109.65% ECONOMIC DEVELOPMENT ACTIVITY 100,000.00 0.00 0.00 100,000.00 0.00% REIMBURSEMENT TO GEN FUND 175,292.00 180,699.31 0.00 (5,407.31) 103.08% TRANSFERS OUT 2,326,628.00 688,335.20 0.00 1,638,292.80 29.59% TOTAL CAPITAL IMPROVEMENT 2,731,518.00 1,009,744.88 0.00 1,721 773.12 36.97% LOW/MODERATE TAX FUND: PERSONNEL 1,950.00 1,268.73 0.00 681.27 65.06% SERVICES 498,563.00 122,020.38 0.00 376,542.62 24.47% REIMBURSEMENT TO GEN FUND 337,863.00 348,285.03 0.00 (10,422.03) 103.08% TRANSFERS OUT 1,480,886.00 202,749.00 0.00 1,278,137.00 13.69% TOTAL LOW/MOD TAX 2,319,262.00 674 323.14 0.00 1,644,938.86 29 07% LOW/MODERATE BOND FUND PERSONNEL 2,650.00 1,826.14 0.00 823.86 68.91% SERVICES 40,423.00 58,498.40 0.00 (18,075.40) 144.72% REIMBURSEMENT TO GEN FUND 0.00 0.00 0.00 0.00 N/A TRANSFERS OUT 2,990,542.00 1,109,015.65 0.00 1,881,526.35 37.08% TOTAL LOW/MOD BOND 3,033,615.00 1,169,340.19 0.00 1,864,274.81 38 55% 111 0 Op, T41y 4 4 Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: September 7, 1999 CONSENT CALENDAR: STUDY SESSION: Continued Joint Public Hearing Between the City Council and Redevelopment Agency to Consider an PUBLIC HEARING: Affordable Housing Agreement By and Between the La Quinta Redevelopment Agency and The Spanos Corporation for the Property Located on the East Side of Adams Street and North of the Intersection of Adams Street and 48th Avenue. Applicant: The Spanos Company RECOMMENDATION: Adopt a Resolution of the Redevelopment Agency approving the Affordable Housing Agreement by and between the La Quinta Redevelopment Agency and The Spanos Corporation for the property located on the east side of Adams Street and north of the intersection of Adams Street and 481h Avenue and authorize the Chairman to execute the necessary documents. FISCAL IMPLICATIONS: The program as outlined in the Agreement will require an expenditure of up to $300,000 from the Redevelopment Agency's Project Area No. 2 Low and Moderate Income Housing Fund. BACKGROUND AND OVERVIEW: This item was considered by the Agency Board on August 3, 1999 and continued to allow the applicant additional time to review the Agreement. In the spring of this year, the La Quinta Redevelopment Agency entered into exclusive negotiations with The Spanos Corporation to evaluate the feasibility of locating a 200-unit apartment project on 14.2 acres of Agency property located north of the intersection of Adams Street and 48th Avenue. Through these negotiations, The Spanos Corporation agreed to reserve 20 units at rents affordable to low and moderate income households for thirty years. The attached Affordable Housing Agreement (Attachment 1) facilitates a land exchange and Agency funding transactions necessary to accommodate the development proposal and reserve the 20 affordable units. The attached Summary Report (Attachment 2) details the transaction embodied in the Agreement. The Agency and The Spanos Corporation will exchange properties and the Agency will provide $300,000 in financial assistance to facilitate the 20 affordable units. C:\Mv Documents\WPDOCS\ccih-AFA-CCSoanos.wpd 112 The Spanos Corporation will then construct a 200-unit apartment complex and reserve 20 units for affordable housing; 10 units will be rented to low-income households and 10 units to moderate income households for a period of thirty years. The land exchange involves the transfer of 10 acres of property The Spanos Corporation owns southwest of the intersection of 47th Avenue and Adams Street for the 14.4 Agency parcel. The Spanos Corporation initially proposed to develop their 10-acre parcel (without an affordable housing component) with an apartment complex, but community concerns resulted in subsequent consideration of the Agency parcel. The Agency will seek development proposals for this 10-acre property at a later date. A recent property appraisal indicates the 10-acre Spanos property is worth $82,277 more than the Agency parcel. A portion of the Agency's $300,000 financial assistance will fund this difference. The remaining $217,723 of Agency financial assistance will fund planning, public agency fee and off -site infrastructure costs related to the 20 affordable units. FINDINGS AND ALTERNATIVES: Alternatives available to the Agency Board include: Adopt a Resolution of the Redevelopment Agency approving the Affordable Housing Agreement by and between the La Quinta Redevelopment Agency and The Spanos Corporation for the property located on the east side of Adams Street and north of the intersection of Adams Street and 4811 Avenue and authorize the Chairman to execute the necessary documents; or 2. Do not adopt a Resolution of the Redevelopment Agency approving the Affordable Housing Agreement; or 3. Provide staff with alternative direction. Respectfully sub Hernhan unity Development Director Approved for Submission: Thomas P. Genovese, City Manager Attachments: 1. Affordable Housing Agreement 2. Summary Report C:\Mv Documents\WPDOCS\ccih-AFA-CCSpanos.wpd 113 RESOLUTION RA 99- A RESOLUTION OF THE REDEVELOPMENT AGENCY OF CITY OF LA QUINTA APPROVING AND AUTHORIZING THE EXECUTION OF AN AFFORDABLE HOUSING AGREEMENT BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND THE SPANOS COMPANY AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH WHEREAS, the La Quinta Redevelopment Agency (the "Agency") is engaged in activities necessary to carry out and implement the Redevelopment Plan (the "Redevelopment Plan") for La Quinta Redevelopment Project Area No. 2 (the "Project" or the "Project Area"); and, WHEREAS, in order to carry out and implement such Redevelopment Plan and the affordable housing requirements thereof, the Agency proposes to enter into that certain "Affordable Housing Agreement for Apartments Agreement", (the "Agreement") with The Spanos Company, (the "Developer"), for the disposition and development of the property located northwest of the intersection of 48th Avenue and Adams Street, (the "Site"), more particularly described in the Agreement; and, WHEREAS, the Agreement provides for the installation or construction of infrastructure improvements (referenced therein as the "Off -Site Improvements"), which are more particularly described in the Agreement. The Off -Site Improvements which among other things, consist of drainage improvements, streets, and pedestrian access facilities as provided for in the Redevelopment Plan; and, WHEREAS, pursuant to Section 33433 of the Community Redevelopment Law, California Health and Safety Code Section 33000, et seq., (the "Community Redevelopment Law") the Agency is authorized, with the approval of the City Council, after a duly noticed public hearing, to sell the Site for development pursuant to the Redevelopment Plan upon a determination by the City Council that the sale of the property will assist in the elimination of blight and that the consideration for such sale is not less than either the fair market value or fair reuse value of the Site in accordance with the covenants and conditions governing the sale and the development costs required thereof; and, WHEREAS, Sections 33334.2 and 33334.6 of the Community Redevelopment Law, California Health and Safety Code Section 33000, et seq. (the "Community Redevelopment Law") authorize and direct the Agency to expend a certain percentage of all taxes which are allocated to the Agency pursuant to Section 33670 of the Community Redevelopment Law for the purposes of increasing, improving and preserving the community's supply of low- and moderate -income, lower income, and very low income; and, Lois] C:\My Documents\WPDOCS\RESO RDA-Spanos Apt AHA.wpd 114 Resolution RA 99- A. G. Spanos Affordable Housing Agreement WHEREAS, pursuant to applicable law, the Agency has established a Low and Moderate Income Housing Fund (the "Housing Fund"); and, WHEREAS, pursuant to Section 33334.2(e) of the Community Redevelopment Law, in carrying out its affordable housing activities, the Agency is authorized to provide subsidies to or for the benefit of very low income and lower income households, or persons and families of low or moderate income, to the extent those households cannot obtain housing at affordable costs on the open market; and, WHEREAS, the construction of the housing development pursuant to the Agreement will benefit the Project Area by providing decent, safe, and sanitary housing for persons who may work, shop, or use services within the Project Area, and by establishing higher quality standards for the supply of housing which is available to low- and moderate income persons within the community; and, WHEREAS, Section 33445 of the Community Redevelopment Law provides that with the consent of the City Council the Agency may pay all or part of the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvement which is publicly owned either within or without of the Project Area if the City Council determines that the buildings, facilities, structures, or other improvements are of benefit to the Project Area or the immediate neighborhood in which the project is located, that no other reasonable means of financing the buildings, facilities, structures or other improvements are available to the community and that the payment of funds for the acquisition of land or the cost of buildings, facilities, structures, or other improvements will assist in the elimination of one or more blighting conditions inside the Project Area; and, WHEREAS, a joint public hearing of the Redevelopment Agency and City Council on the proposed Agreement was duly noticed in accordance with the requirements of Section 33433 of the Community Redevelopment Law; and, WHEREAS, the proposed Agreement, and a Summary Report meeting the requirements of Section 33433 of the Community Redevelopment Law, were available for public inspection consistent with the requirements of Section 33433 of the Community Redevelopment Law; and, WHEREAS, on the 7th day of September, 1999, the Agency and City Council did hold a joint public hearing on the proposed Agreement, at which time the City Council reviewed and evaluated all of the information, testimony, and evidence presented during the public hearing; and, WHEREAS, all actions required by all applicable law with respect to the proposed Agreement have been taken in an appropriate and timely manner; and, C:\My Documents\WPDOCS\RESO RDA-Spanos Apt AHA.wpd 004 115 Resolution RA 99- A. G. Spanos Affordable Housing Agreement WHEREAS, the Redevelopment Agency has reviewed the Summary required pursuant to Section 33433 of the Community Redevelopment Law and has evaluated any and all other information pertaining to the findings required pursuant thereto; and, WHEREAS, the Agreement requires that twenty (20) of the units developed pursuant thereto be rented, as more particularly specified in the Agreement, to households having limited incomes, and that the units remain affordable for a substantial period of time to those households; and, WHEREAS, the sale of the Site pursuant to the Agreement will assist in the elimination of blight by providing for the provision of affordable housing within the Project Area, the provision of physical improvements, including the provision of flood control and vehicular and pedestrian access facilities, and encouraging the development of land the development of which had proven to be infeasible for the private sector, acting alone; and, WHEREAS, the proposed development of the Site pursuant to the terms of the Agreement has been previously evaluated pursuant to the California Environmental Quality Act ("CEQA"), and no additional impacts not previously addressed will result from this Agreement; and, WHEREAS, the Redevelopment Agency has duly considered all terms and conditions of the proposed Agreement and believes that the redevelopment of the Site pursuant thereto is in the best interests of the City of La Quinta and the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable State and local laws and requirements. NOW, THEREFORE, BE IT RESOLVED, by the Redevelopment Agency of the City of La Quinta as follows: Section 1. The Agency finds and determines that, based upon substantial evidence provided in the record before it, the consideration for the Agency's disposition of the Site pursuant to the terms and conditions of the Agreement is not less than fair reuse value in accordance with the covenants and conditions governing the sale, and the development costs required under the Agreement. Section 2. The Agency hereby finds and determines that the sale of the Site is consistent with the implementation plan adopted pursuant to Health and Safety Code Section 33490. Section 3. The project is exempt from CEQA, except to the extent prior approvals have been given pursuant to CEQA. C:\My Documents\WPDOCS\RESO RDA-Spanos Apt AHA.wpd 005 116 Resolution RA 99- A. G. Spanos Affordable Housing Agreement Section 4. The Agency hereby approves the execution of the Agreement. Section 5. The Agency Secretary shall certify to the adoption of this Resolution in the manner required by law. PASSED, APPROVED, AND ADOPTED this 7tn day of September, 1999, by the following vote: AYES: NOES: ABSENT: ABSTAIN: RON PERKINS, Chairman City of La Quinta, California ATTEST: SAUNDRA L. JUHOLA, Agency Secretary City of La Quinta, California APPROVED AS TO FORM: DAWN C. HONEYWELL, Agency Counsel City of La Quinta, California 006 C:\My Documents\WPDOMUSO RDA-Spanos Apt AHA.wpd 117 ATTACHMENT #1 AFFORDABLE HOUSING AGREEMENT FOR APARTMENTS BY AND BETWEEN LA QUINTA REDEVELOPMENT AGENCY, AGENCY AND THE SPANOS CORPORATION DEVELOPER SEPTEMBER 7, 1999 003 118 Page TABLE OF CONTENTS [100] SUBJECT OF AGREEMENT ................................. 6 A. [101] Purpose of Agreement ................................. 6 B. [102] The Redevelopment Plan ............................... 6 C. [103] The Project Area ..................................... 7 D. [104] The Site ............................................ 7 E. [105] Parties to the Agreement ............................... 7 1. [106] The Agency .................................... 7 2. [107] The Developer, Developer Property ................. 8 3. [108] Prohibition Against Changing Ownership Management and Control of Developer and Prohibition Against Transfer of the Site ..................................... 8 F. [109] Representations by the Developer ........................ 9 G. [110] Representation by the Agency ........................... 9 II [200] AGENCY ASSISTANCE .................................... 10 A. [201 ] Acquisition and Construction Assistance ................... 11 B. [202] Conditions Precedent to the Transfer of the Site and Developer Property ............................. 12 C. [203] Exchange of the Site and the Developer Property ........... 12 D. [204] Escrow ............................................ 12 E. [205] [Intentionally Omitted] ................................. 14 F. [206] Conveyance of Title and Delivery of Possession ............ 14 G. [207] Condition of Title .................................... 14 H. [208] Payment of the Purchase Price and Recordation of Deed ..... 15 I. [209] Title Insurance ...................................... 15 J. [210] Taxes and Assessments .............................. 16 K. [211 ] Conveyance Free of Possession ........................ 16 L. [212] Inspections; Condition of Site ........................... 16 1 Inspections ......................................... 16 2. "Asls............................................... 16 3. Indemnity .......................................... 17 4. Release and Waiver .................................. 17 5. Definitions .......................................... 18 6. Materiality .......................................... 18 7. Right to Contest ..................................... 18 M. [213] Preliminary Work by the Developer ...................... 19 N. [214] Intentionally Omitted .................................. 19 O. [215] Disbursement of Agency Assistance for Improvements ....... 19 1. Deposit of Agency Assistance .......................... 19 2. Conditions for Each Disbursement ....................... 20 III. [300] DEVELOPMENT OF THE SITE .............................. 20 A. [301 ] Development of the Site ................................ 20 1. [302] Scope of Development ............................. 20 009 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 0 - 119 2. [303] Site Plan ..................................... 20 3. [304] Review and Approval of Plans, Drawings, and Related Documents ............................. 21 4. [305] Cost of Development ............................ 21 5. [306] Construction Schedule ........................... 22 6. [307] Indemnity, Bodily Injury and Property Damage Insurance 22 7. [308] City and Other Governmental Agency Permits ........ 22 8. [309] Rights of Access ............................... 23 9. [310] Local, State and Federal Laws .................... 23 10. [311 ] Anti -Discrimination .............................. 23 11. [312] Taxes and Assessments ......................... 23 B. [313] Prohibition Against Transfer of the Site, the Buildings or Structures Thereon and Assignment of Agreement .......... 24 C. [314] Right of the Agency to Satisfy Other Liens on the Site After Title Passes .................................... 24 D. [315] Certificate of Completion .............................. 24 E. [316] No Encumbrances Except Mortgages, Deeds of Trust, Sales and Leases -Back or Other Financing for Development .. 25 F. [317] Holder Not Obligated to Construct Improvements ........... 25 G. [318] Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure ................... 25 H. [319] Failure of Holder to Complete Improvements ............... 26 I. [320] Right of Agency to Cure Mortgage, Deed of Trust or Other Security Interest Default .................... 26 IV. [400] USE OF THE SITE ........................................ 27 A. [401] Affordable Housing ................................... 27 1. Number of Units ..................................... 27 B. [402] Uses In Accordance with Redevelopment Plan; Nondiscrimination .............................. 27 C. [403] Effect of Violation of the Terms and Provisions of this Agreement After Completion of Construction ............... 29 D. [404] Maintenance of the Site ............................... 29 V. [500] DEFAULTS AND REMEDIES ................................ 29 A. [501] Defaults -- General ................................... 29 B. [502] Legal Actions ....................................... 30 1. [503] Institution of Legal Actions ........................ 30 2. [504] Applicable Law ................................. 30 3. [505] Acceptance of Service of Process ................... 30 C. [506] Rights and Remedies Are Cumulative .................... 30 D. [507] Inaction Not a Waiver of Default ......................... 31 E. [508] Remedies and Rights of Termination ..................... 31 1. [509] Damages ..................................... 31 2. [510] Specific Performance ............................ 31 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 3 010 - 120 VI M [600] GENERAL PROVISIONS ................................... 31 A. [601] Notices, Demands and Communications Between Parties .... 31 B. [602] Conflicts of Interest ................................... 32 C. [6031 Enforced Delay; Extension of Times of Performance ......... 32 D. [604] Non -Liability of Officials and Employees of the Agency and the Developer ................................... 32 E. [6051 Entire Agreement, Waivers ............................. 33 F. [606] Amendments to this Agreement ......................... 33 [700] TIME FOR ACCEPTANCE OF AGREEMENT BY AGENCY ........ 33 Oil CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 4 lei Attachment No. I Attachment No. 2 Attachment No. 3 Attachment No. 4 Attachment No. 5 Attachment No. 6 Attachment No. 7 Attachment No. 8 Attachment No. 9 Attachment No. 10 ATTACHMENTS The Site Legal Description Scope of Development Schedule of Performance Grant Deed Promissory Note Short Form Deed of Trust and Assignment of Rents Declaration of Conditions, Covenants & Restrictions Certificate of Completion Application for Disbursement CAMy Documents\WPDOCS\Agent-Spanos - AFA - Apartments.wpd 5012 122 AFFORDABLE HOUSING AGREEMENT This Affordable Housing Agreement ("Agreement") is entered into this day of 1999, by and between LA QUINTA REDEVELOPMENT AGENCY, a public body corporate and politic (the "Agency") and THE SPANOS CORPORATION, a California corporation (the "Developer"). The Agency and the Developer (collectively referred to as the "Parties") hereby agree as follows: [100] SUBJECT OF AGREEMENT A. [101] Purpose of Agreement The purpose of this Agreement is to effectuate the Redevelopment Plan (as hereinafter defined) for the La Quinta Redevelopment Project Area No. 2 (the "Project") by providing for the improvement of certain property situated within the Project Area of the Project (the "Project Area"), by assisting in the financing of the acquisition and development of 14.4 acres (the "Site") situated within the Project Area, of approximately 200 apartment units and related improvements (the " Development") on 14.4 acres (the Site") and the long-term maintenance of 20 such apartment units at an affordable housing cost for persons and households of low and moderate -income, all as more fully described in this Agreement. The Agency financial assistance in this Agreement shall be utilized to effectuate a portion of the Agency's overall affordable housing program pursuant to the requirements of California Health and Safety Code Section 33334.2 to expend twenty percent (20%) of its increment funds to improve, increase and preserve the community's supply of low- and moderate housing. The acquisition and development of the Site and the occupancy of ten percent (10%) of the apartment units as developed for households of limited incomes all as provided in this Agreement are in the vital and best interests of the City of La Quinta (the "City") and the health, safety and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local laws and requirements under which the Project has been undertaken. B. [102] The Redevelopment Plan This Agreement is subject to the provisions of the Redevelopment Plan for Project Area No. 2 (the "Redevelopment Plan") which was approved and adopted by Ordinance No. 139 of the City Council of the City of La Quinta on the 16th day of May, 1989. Said ordinance and Redevelopment Plan are fully incorporated herein by reference. Any amendment hereafter to the Redevelopment Plan (as so approved and adopted) which changes the uses or development permitted on the Site as proposed in this Agreement, or otherwise changes the restrictions or controls that apply to the Site, or otherwise affects the Developer's obligations or rights with respect to the Site, shall not CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 6013 123 apply to the Site without the written consent of the Developer. Amendments to the Redevelopment Plan applying to other property in Project Area No. 2 shall not require the consent of the Developer. C. [103] The Project Area The La Quinta Redevelopment Project Area No. 2 ("Project Area") is located in the City and is generally bounded by Washington Street, the northern corporate boundary, Jefferson Street and Avenue 50. The exact boundaries are as set out in the Redevelopment Plan. D. [104] The Site The "Site" is currently owned by the Agency and consists of 14.4 acres of real property northeast of the intersection of 48' Avenue and Adams Street located within the Project Area in the City of La Quinta, County of Riverside. The Site is depicted in the Site Map on Attachment No. 1 attached hereto and incorporated herein by this reference. The legal description of the Site is provided on Attachment No. 2 attached hereto and incorporated hereby by this reference. According to the proposed Specific Plan for the Site, a maximum of 200 rental units will be developed on the Site in accordance with the "Scope of Development" and by the times set forth in the "Schedule of Performance, " which are attached hereto as Attachment Nos. 3 and 4, respectively, and incorporated herein by reference. Any material change, as reasonably determined by the Agency, in the Scope of Development (Attachment No. 3) which affects the size, quality, or type of development proposed for the Site shall require the written approval of the Agency, which approval may be contingent upon the review and renegotiation of all of the economic and financial terms of this Agreement and such other matters as the Agency shall deem appropriate. E. [105] Parties to the Agreement 1. [106] The Agency The Agency is a public body, corporate and politic, exercising governmental functions and powers and organized and existing under Chapter 2 of the Community Redevelopment Law of the State of California, Division 24 of the California Health and Safety Code, the principal office of the Agency is located at 78-495 Calle Tampico, La Quinta, California 92253, or such other address as Agency shall hereafter designate in writing to Developer. "Agency", as used in this Agreement, includes the La Quinta Redevelopment Agency and any and all assignees of or successors to its rights, powers and responsibilities. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 014 1;4 2. [107] The Developer Developer Property The Developer, The Spanos Corporation, is a California corporation. The principal office and mailing addresses of the Developer for purposes of this Agreement is 3773 Howard Hughes Parkway, Suite 590S, Las Vegas, Nevada 89109. By executing this Agreement, each person signing on behalf of the Developer warrants and represents to the Agency that the Developer has the full power and authority to enter into this Agreement, that all authorizations required to make this Agreement binding upon the Developer have been obtained, and that the person or persons executing this Agreement on behalf of the Developer are fully authorized to do so. Whenever the term "Developer" is used in this Agreement, such term shall include any and all nominees, assignees, or successors in interests as herein provided. The Developer owns ten (10) acres of property located generally at the southwest corner of 47t' Avenue and Adams Street (the "Developer Property"). The legal description for the Developer Property is attached hereto as Attachment No. 2B 3. [108] Prohibition Against Changing Ownership Management and Control of Developer and Prohibition Against Transfer of the Site The qualifications and identity of the Developer are of particular interest to the Agency. It is because of these qualifications and identity that the Agency has entered into this Agreement with the Developer. Prior to the issuance of a Certificate of Completion for Improvements (as defined in Section 302) on the Site, the Developer shall not, except as permitted by this Agreement, assign or attempt to assign this Agreement or any rights or duties herein, nor make any total or partial sale, transfer, conveyance, or assignment of the whole or any part of the Site or the Developer Improvements thereon, without the prior written approval of the Agency. Any purported transfer prior to the issuance of a Certificate of Completion, whether voluntary or by operation of law, except with the prior written consent of the Agency, shall render this Agreement absolutely null and void and shall confer no rights whatsoever upon any purported assignee or transferee. Notwithstanding any other provision of this Agreement to the contrary, Agency approval of an assignment of this Agreement or transfer of the Site or any interest therein shall not be required in connection with: (a) the conveyance or dedication of any portion of the Site to the City of La Quinta or other appropriate governmental agency, including public utilities, where the granting of such easements permits or facilitates the development of the Site; and (b) any assignment of this Agreement or transfer of the Site or the Site Improvements located thereon to a limited liability Corporation in which Developer is a member and has a greater than fifty percent (50%) ownership and management interest. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 015 8 125 F. [109] Representations by the Developer The Developer represents and warrants to the Agency as follows: 1. The Developer is duly established and in good standing under the laws of the State of California and has duly authorized, executed and delivered this Agreement and any and all other agreements and documents required to be executed and delivered by the Developer in order to carry out, give effect to, and consummate the transactions contemplated by this Agreement. This Agreement is enforceable against the Developer in accordance with its terms. 2. The Developer does not have any contingent obligations or contractual agreements which will materially adversely affect the ability of the Developer to carry out its obligations hereunder. 3. There are no pending or, so far as is known to the Developer, threatened, legal proceedings to which the Developer is or may be made a party, or to which it or any of its property is or may become subject, which have not been fully disclosed in the material submitted to the Agency, which will materially adversely affect the ability of the Developer to carry out its obligations hereunder. 4. There is no action or proceeding pending or, to the Developer's best knowledge, threatened, looking toward the dissolution or liquidation of the Developer and there is no action or proceeding pending or, to the Developer's best knowledge, threatened by or against the Developer which could affect the validity and enforceability of the terms of this Agreement, or adversely affect the ability of the Developer to carry out its obligations hereunder. 5. The Developer has, and will as required by its obligations hereunder, dedicate, allocate and otherwise make available, sufficient financial and other resources to perform its obligations under this Agreement. Each of the foregoing items 1 to 5, inclusive, shall be deemed to be an ongoing representation and warranty and shall survive the close of escrow for the Site and shall continue until issuance of the Certificate of Completion for the Development. The Developer shall advise the Agency in writing if there is any material change pertaining to any matters set forth or referenced in the foregoing items 1 to 5, inclusive. G. [110] Representations by the Agency The Agency represents and warrants to Developer as follows: 1. Agency is a public body, corporate and politic, existing pursuant to the California Community Redevelopment Law (California Health and Safety Code Section 33000), which has been authorized to transact business pursuant to action of the City of La Quinta. Agency has full right, power and lawful authority to transfer the Site as provided CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 126 herein and the execution, performance, and delivery of this Agreement by Agency has been fully authorized by all requisite actions on the part of Agency. The parties who have executed this Agreement on behalf of Agency are authorized to bind Agency by their signatures hereto. 2. Agency does not have any contingent obligations or contractual agreements which will materially adversely affect the ability of Agency to carry out its obligations hereunder. 3. There are no pending or, so far as is known to Agency, threatened, legal proceedings to which Agency is or may be made a party or to which it or any of its property is or may become subject, which will materially adversely affect the ability of Agency to carry out its obligations hereunder. 4. There is no action or proceeding pending or, to Agency's best knowledge, threatened, looking toward the dissolution or liquidation of Agency and there is no action or proceeding pending or, to Agency's best knowledge, threatened by or against Agency which could affect the validity and enforceability of the terms of this Agreement, or adversely affect the ability of Agency to carry out its obligations hereunder. 5. To the best of Agency's knowledge, the Site is not currently in violation of any law, ordinance, rule, regulation or requirement applicable to its use and operation. 6. Agency is not the subject of a bankruptcy proceeding. II. [200] AGENCY ASSISTANCE The Agency agrees to provide to Developer pursuant to the Agreement, certain financial assistance and incentives in an amount not to exceed a total of Two Hundred and Seventeen Thousand Seven Hundred and Twenty-three Dollars ($217,723), which shall include funding for a portion of the off -site public infrastructure improvements for the Development; and payment of City entity fees all as more particularly set forth in Sections 201 and 203 below (collectively, "Agency Assistance"). Agency shall provide for transfer in fee of the Site (14.4 acres) appraised at $1,117,723 or $78,712 per acre and Developer shall provide for transfer in fee of its Developer Property as consideration for transfer by the Agency of the Site. The fair market value of the Developer Property has been appraised as One Million Two Hundred Thousand Dollars ($1,200,000) or $117,000 per acre for 10.17 acres. This exchange of properties shall include a transfer of $82,277 from the Agency to the Developer so that the consideration for each property is equivalent. The Agency Assistance has been funded from the Agency's Low and Moderate Income Housing Fund. Accordingly, Developer acknowledges and agrees that the use of the Site shall be subject to all of the income and affordability restrictions set forth in this Agreement, and the Declaration of Covenants, Conditions and Restrictions (Attachment No. 8). CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 0 V 10 1`'7 A. [201] Acquisition and Construction Assistance 1. Agency shall provide Agency Assistance in a maximum amount not to exceed Two Hundred Seventeen Thousand Seven Hundred Twenty-three Dollars ($217,723) in financial assistance for the Development (the "Assistance") separate from the exchange and transfer of the Site and the $82,277 necessary to balance the exchange from the Developer Property. The Agency Assistance shall be provided 50% after grading is complete and 50% after construction of the off -site street improvements are complete. The Assistance shall be evidenced by a Promissory Note in the amount of Two Hundred Seventeen Thousand Seven Hundred Twenty-three Dollars ($217,723) (the "Developer Note") in the form of Attachment No. 6 and secured by a Deed of Trust (the "Developer Deed of Trust") in the form of Attachment No. 7. The Developer Deed of Trust shall secure the Developer's obligations to utilize the Assistance evidenced by the Developer Note and to complete the Development substantially in accordance with the terms of this Agreement. 2. The Site Purchase Price shall be One Million One Hundred Seventeen Thousand Seven Hundred Twenty-three Dollars ($1,117,723). This amount represents the appraised value of the land. The Purchase Price shall be composed of the exchange of the Developer Property valued at One Million Two Hundred Thousand Dollars ($1,200,000) in addition to the cash payment from the Agency to the Developer of $82,277. The cash payment shall be placed into escrow by the Agency and paid to the Developer upon the close of escrow for the Site and the Developer's Property. The Site shall be transferred to the Developer by Grant Deed in the form of Attachment No. 5A. The Developer Property shall be transferred from the Developer to the Agency in the form of Attachment No. 5B 3. The Developer Note shall bear no interest and shall be due and payable in accordance with the terms of the Developer Note. If the apartments are developed, the Developer Note shall be canceled and the Deed of Trust shall be reconveyed after the term of thirty (30) years of continuous implementation of the affordability restrictions as set out in the Conditions, Covenants, and Restrictions (Attachment No. 8). 4. Agency shall disburse an amount for site preparation, grading, utility systems and streets, for other governmental agency fees for project planning and development costs, for utility and bond costs, and for City fees up to a maximum amount of Two Hundred Seventeen Thousand Seven Hundred and Twenty-three Dollars ($217,723) of additional project costs. This amount is inclusive of the up to $100,000 originally approved in the Exclusive Negotiation Agreement. The Assistance shall be disbursed to Developer in accordance with the provisions of Section 215 hereof. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 11 - 128 B. [202] Conditions Precedent to the Transfer of the Site and Developer Property Prior to and as conditions to transfer of the Site, the Developer shall complete each of the following by the respective times established therefor in the Schedule of Performance (Attachment No. 4): the Developer shall not be in default of this Agreement; and 2. the Developer provides to the Executive Director insurance certificates conforming to Section 307 of this Agreement; and 3. the Developer shall have executed and deposited with escrow for delivery to the Agency the Developer Promissory Note (Attachment No. 6) and the Deed of Trust (Attachment No. 7); and 4. the Developer shall have executed and deposited with escrow for recordation and delivery to the Agency the Declaration of Conditions, Covenants and Restrictions (Attachment No. 8) and the Grant Deed for the Developer Property; and 5. the Developer shall have provided evidence of their financing plan reasonably satisfactory to the Agency Executive Director sufficient to perform Developer's responsibilities for construction of the Development pursuant to this Agreement; and 6. the Developer has approved the environmental condition of the Site and agrees to acquire the Site in its present condition; and 7. the Agency shall have executed the Grant Deed for the Site and placed the $82,277 of the cash portion of the purchase price for the Developer Property in escrow. The foregoing items numbered 1 to 6, inclusive, together constitute the "Conditions" Precedent to the close of escrow for the Site and the Developers Property. C. [203] Exchange of the Site and the Developer Property The Developer shall acquire a fee simple marketable title to the Site pursuant to a Grant Deed in the form of Attachment No. 5A attached hereto and incorporated hereby by this reference. The Agency shall acquire a fee simple marketable title to the Developer Property pursuant to a Grant Deed in the form of Attachment No. 5B. D. [204] Escrow The Developer agrees to open an escrow (the "Exchange Escrow") with First American Title Insurance Co., or with another mutually agreeable escrow company (the CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 1919 129 "Escrow Agent"), within 30 days after approval of this Agreement. This Agreement constitutes the Agency and Developer's escrow instructions for the sale and acquisition of the Site and for the sale and acquisition of the Developer Property. A duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the Exchange Escrow. The Escrow Agent is hereby empowered to act under this Agreement, and the Escrow Agent, upon indicating within five (5) days after the opening of the Acquisition Escrow its acceptance of the provisions of this Section 204, in writing, delivered to the Agency and the Developer, shall carry out its duties as Escrow Agent hereunder. The Agency and the Developer shall each pay into the Exchange Escrow fifty percent (50%) of the following fees, charges and costs promptly after the Escrow Agent has notified the Agency and Developer of the total amount of such fees, charges and costs, but not earlier than ten (10) days prior to the scheduled date for closing the Exchange Escrow: 1. The Escrow fee; 2. Costs of drawing the grant deed; 3. Recording fees; 4. Notary fees; 5. The title insurance policy premiums; and 6. Any transfer tax and any state, county or city documentary stamps. The Developer shall deposit with the Escrow Agent the executed Developer Promissory Note (Attachment No.6) and Developer Deed of Trust (Attachment No. 7). The Escrow Officer shall notify the Agency when all outstanding documents including the respective Grant Deeds to the Developer and to the Agency, the Developer Deed of Trust (Attachment No. 7) and the Declaration of Conditions, Covenants and Restrictions (Attachment No. 8) have been executed and submitted to Escrow by the applicable party. The Escrow Agent is authorized to utilize the funds provided for the above exchange costs on the condition of the immediate recording of the Developer Deed of Trust (Attachment No. 7) and the Declaration of Conditions, Covenants and Restrictions (Attachment No. 8) after recording of each of the Grant Deeds (Attachment No. 5A and 5B) vesting title in the Developer and the Agency respectively. All funds received in the Exchange Escrow shall be deposited by the Escrow Agent, with other escrow funds of the Escrow Agent in.an interest -earning general escrow account or accounts with any State or national bank doing business in the State of California. Such funds may be transferred to any other general escrow account or accounts. All disbursements shall be made by check of the Escrow Agent. If the Exchange Escrow has not closed within three (3) working days of the receipt by Escrow of the Parties funds, then said funds shall be returned to the Parties unless both parties agree to extend the close of Escrow. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 1 ) 10 Any amendment to these escrow instructions shall be in writing and signed by the Agency. At the time of any amendment, the Escrow Agent shall agree to carry out its duties as Escrow Agent under such amendment. The liability of the Escrow Agent in the capacity of escrow holder with respect to the Agency is limited to performance of the obligations imposed under it under this Section 204 of this Agreement. E. [205] [Intentionally Omitted] F. [206] Conveyance of Title and Delivery of Possession Provided that the Developer is not in default under this Agreement and all conditions precedent to such conveyance have occurred, and subject to any mutually agreed upon extensions of time, conveyance to the Developer of title to the Site and conveyance to the Agency of the Developer Property shall be completed on or prior to commencement of construction unless otherwise agreed to by the Agency. The Agency and the Developer agree to perform all acts necessary to conveyance of title in sufficient time for title to be conveyed in accordance with the foregoing provisions. Possession shall be delivered to the Developer and the Agency respectively, concurrently with the conveyance of title, except that limited access may be permitted before conveyance of title as permitted in Section 213 of this Agreement. The Developer and Agency shall accept title and possession on the said date. G. [207] Condition of Title The Agency shall convey to the Developer fee simple title to the Site and the Developer shall convey to the Agency fee simple title to the Developer Property free and clear of all recorded liens, encumbrances, encroachments, assessments, leases and taxes except as approved by Developer and Agency pursuant to this Section 207. Within five (5) days of execution of this Agreement, Agency shall with respect to the Site and Developer with respect to Developer Property, cause First American Title Insurance Company, or another title company reasonably acceptable to Agency and Developer (the "Title Company"), to deliver to each other a standard preliminary title report (the "Title Report") with respect to the Site and Developer Property, together with legible copies of the documents underlying the exceptions ("Exceptions") set forth in the Title Report. Developer and Agency shall have the right to reasonably approve or disapprove the Exceptions; provided, however, that the Developer hereby approves the Redevelopment Plan and the lien of current non -delinquent real property taxes and assessments, if any, as Exceptions. Developer and Agency shall each have ten (10) days from the date of receipt of the Title Report and the Exceptions pursuant to this Section 207 to give written notice to each other of its approval or disapproval of any of such Exceptions. If either Party fails to give written approval of the Title Report within such time limit then it shall be deemed to have CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 140 2 _M1 1 approved the Title Report. If either Party notifies the other Party of its disapproval of any Exceptions in the Title Report, owner shall have the right, but not the obligation, to remove any disapproved Exceptions within ten (10) days after receiving written notice of the disapproval or provide assurances satisfactory to the other Party that such Exception(s) will be removed on or before conveyance of the Site and Developer Property. If Developer or Agency cannot or in its sole discretion does not elect to remove any of the disapproved Exceptions within that period, the other Party shall have ten (10) business days after the expiration of such ten (10) days to either give written notice that it elects to proceed with the conveyance of the Site subject to the disapproved Exceptions or to give written notice that it elects to terminate this Agreement. Neither Developer nor Agency shall voluntarily create any new exceptions to title following the date of this Agreement. H. [208] Payment of the Purchase Price and Recordation of Deed The Developer shall deposit the Grant Deed to the Developer Property (Attachment 5 No. B) , the executed Developer Note, the Deed of Trust, and the Conditions, Covenants, and Restrictions (Attachment No. 8) for the Site and other sums required hereunder, if any, with the Escrow Agent prior to the date for conveyance of the Site, provided that the Escrow Agent shall have notified the Developer in writing that each Grant Deed, properly executed and acknowledged by the Agency, has been delivered to the Escrow Agent and that title is in condition to be conveyed in conformity with the provisions of Section 207 of this Agreement. Upon the close of escrow, the Escrow Agent shall record the respective Grant Deeds for recordation among the land records in the Office of the County Recorder of Riverside County. [209] Title Insurance Concurrently with recordation of the respective Grant Deeds, First American Title Insurance Company or some other title insurance company satisfactory to the Agency and the Developer having equal or greater financial responsibility ("Title Company"), shall provide and deliver to the Developer and to the Agency a CLTA or ALTA title insurance policy issued by the Title Company insuring that the title is vested in the Developer and the Agency, as applicable, in the condition required by Section 207 of this Agreement. The Title Company shall provide the Developer and the Agency with a copy of the title insurance policy and the title insurance policy shall be in the amount of Dollars ($ ) for the Site and the Developer Property. The Developer and Agency shall pay the title insurance premium attributable to a CLTA standard form policy of title insurance in the amount of the purchase price of the Site and the Developer Property respectively. The Title Company shall, if requested by the Developer, increase the amount of the title insurance policy or provide the Developer with an endorsement to insure the amount of the Developer's estimated development costs of the improvements to be constructed upon the Site. The Developer shall pay the entire premium for any such increase in coverage requested by it. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd fit. 2 - 132 J. [210] Taxes and Assessments Ad valorem taxes and assessments, if any, on the Site and the Developer Property, and taxes upon this Agreement or any rights hereunder, levied, assessed or imposed for any period commencing prior to conveyance of title shall be borne by the Agency and Developer respectively. All ad valorem taxes and assessments levied or imposed for any period commencing after closing of escrow for the Site shall be paid by the Developer. K. [211 ] Conveyance Free of Possession Except as otherwise provided in the Scope of Development (Attachment No. 3), the Site and the Developer Property shall be conveyed free of any possession or right of possession by any person except that of the Developer and the Agency respectively and the easements of record. L. [212] Inspections. Condition of Site 1. Inspections. The Developer shall conduct the Developer's own investigation of the Site, including but not limited to the existing improvements, if any, its physical condition, the soils and toxic conditions of the Site and all other matters which in the Developer's judgment affect or influence the Developer's proposed use of the Site and the Developer's willingness to develop the Site pursuant to this Agreement. The Developer's investigation may include, without limitation, the preparation by a duly licensed soils engineer of a soils report for the Site. Within the time set forth therefor in the Schedule of Performance (Attachment No. 4), the Developer shall provide written notice to the Agency of the Developer's determinations concerning the suitability of the physical condition of the Site. If, in the Developer's reasonable judgment, the physical condition of the Site is unsuitable for the use or uses to which the Site will be put to the extent that it is not economically feasible for the Developer to develop the Site pursuant to this Agreement, then the Developer shall have the option either to (a) take any action necessary to place the applicable Site in a condition suitable for development, at no cost to the Agency; or (b) terminate this Agreement pursuant to the provisions of Section 511 hereof with respect to the Site. If the Developer has not notified the Agency of its determinations concerning the suitability of the physical condition of the Site within the time set forth in the Schedule of Performance (Attachment No. 4), the Developer shall be deemed to have waived its right to terminate this Agreement pursuant to this Section. 2. "As Is". The Agency has provided the Developer with all information of which it has actual knowledge concerning the physical condition of the Site, including, without limitation, information about any Hazardous Materials, as defined below. The Developer acknowledges and agrees that any portion of the Site, including but not limited to the existing improvements that it acquires from the Agency pursuant to this Agreement shall be purchased "as is," in its current physical condition, with no warranties, express or implied, as to the physical condition thereof, the presence or absence of any latent or patent condition thereon or therein, including, without limitation, any Hazardous materials thereon or therein, and any other matters affecting the Site. 023 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 16 133 The Developer has provided the Agency with all information of which it has actual knowledge concerning the physical condition of the Site, including, without limitation, information about any Hazardous Materials, as defined below. The Agency acknowledges and agrees that any portion of the Site, including but not limited to the existing improvements that it acquires from the Developer pursuant to this Agreement shall be purchased "as is," in its current physical condition, with no warranties, express or implied, as to the physical condition thereof, the presence or absence of any latent or patent condition thereon or therein, including, without limitation, any Hazardous materials thereon or therein, and any other matters affecting the Site. 3. Indemnity. The Developer agrees, with respect to the Site and the Agency agrees with respect to the Developer Property from and after the date of recording of the deeds conveying title to the Site and the Developer Property respectively, to defend, indemnify, protect and hold harmless the Agency and the Developer respectively and their officers, beneficiaries, employees, agents, attorneys, representatives, legal successors and assigns ("Indemnities") from, regarding and against any and all liabilities, obligations, orders, decrees, judgments, liens, demands, actions, Environmental Response Actions (as defined in subsection 5 below), claims, losses, damages, fines, penalties, expenses, Environmental Response Costs (as defined herein) or costs of any kind or nature whatsoever, together with fees (including, without limitation, reasonable attorneys' fees and experts' and consultants' fees), occurring during and caused by Developer's use and occupancy of the Site and the Agency's respective use and occupancy of the Developer's Property, and resulting from or in connection with the actual or claimed generation, storage, handling, transportation, use, presence, placement, migration and/or release of Hazardous Materials (as defined in subsection 5 below), at, on, in, beneath or from the Site, unless caused by the negligence or willful misconduct of Indemnitees. The respective Developer's and Agency's defense, indemnification, protection and hold harmless obligations herein shall include, without limitation, the duty to respond to any governmental inquiry, investigation, claim or demand regarding the Hazardous Materials, at the Developer's sole cost. Developer shall have no liability under this Section 212(3) for any Environmental Response costs, Hazardous Materials or any other matter to be indemnified hereunder occurring after the sale or transfer of the completed Development in accordance with the terms of this Agreement. 4. Release and Waiver. Subject to the exceptions set forth in Section 212(3) above, the Developer with respect to the Site and the Agency with respect to the Developer Property hereby releases and waives all rights, causes of action and claims the Developer or Agency has or may have in the future against the Indemnities arising out of or in connection with any Hazardous Materials (as defined subsection 5 below), at, on, in, beneath or from the Site and the Developer Property respectively. In furtherance of the intentions set forth herein, the Developer and the Agency acknowledge that they are familiar with Section 1542 of the Civil Code of the State of California which provides as follows: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected this settlement with the debtor." 2 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 1 % �1 3 The Developer and the Agency hereby waive and relinquish any right or benefit which it has or may have under Section 1542 of the Civil Code of the State of California or any similar provision of the statutory or nonstatutory law of any other applicable jurisdiction to the full extent that it may lawfully waive all such rights and benefits pertaining to the subject matter of this Section 212. 5. Definitions. (a) As used in this Agreement, the term "Environmental Response Actions" means any and all activities, data compilations, preparation of studies or reports, interaction with environmental regulatory agencies, obligations and undertakings associated with environmental investigations, removal activities, remediation activities or responses to inquiries and notice letters, as may be sought, initiated .or required in connection with any local, state or federal governmental or private party claims, including any claims by the Developer. (b) As used in this Agreement, the term "Environmental Response Costs" means any and all costs associated with Environmental Response Actions including, without limitation, any and all fines, penalties and damages. (c) As used in this Agreement, the term "Hazardous Materials" means any substance, material or waste which is (1) defined as a "hazardous waste," "hazardous material," "hazardous substance," "extremely hazardous waste," or "restricted hazardous waste" under any provision of California law; (2) petroleum; (3) asbestos; (4) polychlorinated biphenyls; (5) radioactive materials; (6) designated as a "hazardous substance" pursuant to Section 311 of the Clean Water Act, 33 U.S.C. Section 1251 et seq. (33 U.S.C. Section 1321)or listed pursuant to Section 307 of the Clean Water Act (33 U.S.C. Section 1317); (7) defined as a "hazardous substance" pursuant to the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq. (42 U.S.C. Section 6903) or its implementing regulations; (8) defined as a "hazardous substance" pursuant to Section 101 of the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. Section 9601 et seq. (42 U.S.C. Section 9601); or (9) determined by California, federal or local governmental authority to be capable of posing a risk of injury to health, safety or property. 6. Materiality. The Developer acknowledges and agrees that the defense, indemnification, protection and hold harmless obligations of the Developer for the benefit of the Agency set forth in this Agreement are a material element of the consideration to the Agency for the performance of its obligations under this Agreement, and that the Agency would not have entered this Agreement unless the Developer's obligations were as provided for herein. 7. Right to Contest. Developer may contest in good faith any claim, demand, levy or assessment under Hazardous Materials Laws if: (a) the contest is based on a material question of law or fact raised by Developer in good faith, (b) Developer CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 18025 135 promptly commences and thereafter diligently pursues the contest, (c) the contest will not materially impair the taking of any remedial action with respect to such claim, demand, levy or assessment, and (d) if requested by Agency, Developer deposits with Agency any funds or other forms of assurance Agency in good faith from time to time determines appropriate to protect Agency in good faith from the consequences of the contest being unsuccessful and any remedial action then reasonably necessary. No default shall be deemed to exist with respect to any claim, demand, levy or attachment being contested by Developer under the conditions of this section. M. [213] Preliminary Work by the Developer Prior to the conveyance of title from the Agency, representatives of the Developer shall have the right of access to the . Site at all reasonable times for the purpose of obtaining data and making surveys and tests necessary to carry out this Agreement. The Developer shall hold the Agency harmless for any injury or damages arising out of any activity pursuant to this section. The Developer shall have access to all data and information on the Site available to the Agency, but without warranty or representation by the Agency as to the completeness, correctness or validity of such data and information. Any preliminary work undertaken on the Site by the Developer prior to conveyance of title thereto shall be done only after written consent of the Agency and at the sole expense of the Developer. The Developer shall save and protect the Agency against any claims resulting from such preliminary work, access or use of the Site by Developer, its agents or contractors. Copies of data, surveys and tests obtained or made by the Developer on the Site shall be filed with the Agency. Any preliminary work by the Developer shall be undertaken only after securing any necessary permits from the appropriate governmental agencies. N. [214] [Intentionally Omitted] O. [215] Disbursement of Agency Assistance for Improvements. 1. Deposit of Agency Assistance. The portion of Agency Assistance to be utilized for reimbursement of construction and planning costs according to the schedule set out in the Scope of Development (Attachment No. 3) shall be deposited in an interest bearing account to be designated by the Agency in the name of the Agency ("Agency Account") and funds shall be disbursed from the Agency Account upon the signature of the Executive Director or Finance Director, acting alone, for the purposes set forth in this Agreement pursuant to the disbursement procedures set forth in this Section 215. The amount to be deposited in this account shall be equal to Three Hundred Thousand Dollars ($300,000). The $300,000 is composed of $82,277 to be paid into Escrow and paid to Developer at close of Escrow as part of the consideration for the Developer Property and $217,723 towards reimbursement of improvement costs such as grading and street improvement requirements. The Application for disbursement shall be submitted to the Executive Director of the Agency for review and approval in accordance with this Section 215. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 026 19 136 2. Conditions for Each Disbursement. Prior to each and every disbursement, the following conditions shall be satisfied: (a) Application. Developer shall have delivered the Application attached hereto as Attachment No. 10 to the Executive Director at least fifteen (15) business days prior to the requested disbursement. The Application shall be completed and certified to be accurate by Developer. The Application shall specifically identify the nature of each expense, by reference to items in the Budget, and shall identify the status of completion of such construction. (b) Approval of Application. The Executive Director shall have reviewed and approved the Application and accompanying documents, and the Executive Director shall have determined that the work is within the scope of the applicable section of the Budget within ten (10) business days. The Executive Director shall advise Developer of any issues within the ten (10) day period and shall pay all uncontested amounts requested by the Application within twenty (20)days or the receipt of the Application. (c) Amount: Frequency. Agency shall not be obligated to make disbursements more frequently than once per month. Ill. [300] DEVELOPMENT OF THE SITE A. [301 ] Development of the Site 1. [302] Scope of Development The Site shall be developed as 200 apartment units with ten percent (10%) set aside on a floating basis for low, and moderate income individuals. The development of the Site shall include both public improvements and private improvements on the Site and off -site public improvements required in the normal course of City's review of the development. The scope is more fully described in the Scope of Development (Attachment No. 3) and Specific Plan 99-037. The Developer shall commence and complete construction of the development of the Site by the respective times established therefor in the Schedule of Performance (Attachment No. 4). The Scope of Development (Attachment No. 3) shall include any plans and specifications submitted to the City and/or Agency for approval, and shall incorporate or show compliance with all mitigation measures. 2. [303] Site Plan By the time set forth therefor in the applicable Schedule of Performance (Attachment No. 4), the Developer shall prepare and submit to the City for its approval a Site Plan and related documents which conform to the approved Specific Plan for the 0 2 7 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 20 137 Project and the requirements of the City and which contain the overall plan for development of the Site in sufficient detail to enable the City to evaluate the proposal for conformity to the requirements of the La Quinta Municipal Code and this Agreement. The Site shall be developed as established in this Agreement and such documents, except as changes may be mutually agreed upon between the Developer and the Agency. Any such changes shall be within the limitations of the Scope of Development (Attachment No. 3). During the preparation of all drawings and plans, staff of the City and the Agency and the Developer shall hold regular progress meetings to coordinate the preparation of, submission to, and review of drawings, plans and related documents by the City. The staff of City and the Agency and the Developer shall communicate and consult informally as frequently as is necessary to insure that the formal submittal of any documents to the Agency can receive prompt consideration. 3. [304] Review and Approval of Plans. Drawings. and Related Documents The Agency and the City shall have the right to review and approve all plans and drawings which may be required by the City with respect to any permits and entitlements which are required to be obtained to develop the Project, including any changes therein. During each stage of the processing of plans for the Site, the Agency and the City shall have the right to require additional information and shall advise the Developer if any submittal of plans or drawings is not complete or not in accordance with City/Agency procedures. If the Agency or the City determines that such a submittal is not complete or not in accordance with procedures, such tender shall not be deemed to constitute a submittal for purposes of satisfying the Schedule of Performance (Attachment No. 4); provided, however, Agency or City, as applicable, shall provide Developer with a detailed written report of any such deficiency or noncompliance with procedures and Developer shall revise and resubmit such plans in accordance with the Schedule of Performance and such written report. If the Developer desires to make any substantial changes in the construction plans for the Site after their approval by the Agency and the City, the Developer shall submit the proposed change to the Agency and the City for their approval. If the construction plans, as modified by the proposed change, conform to the requirements of this Section 304 and the Scope of Development (Attachment No. 3), the Agency and the City will approve the proposed change and notify the Developer in writing within thirty (30) days after submission to the Agency and the City. 4. [305] Cost of Development With the exception of the Agency Assistance as set forth in Section 201 of this Agreement, all costs for planning, designing, and constructing the Improvements shall be borne exclusively by the Developer. The Developer shall also bear all costs related to discharging the duties of the Developer set forth in this Agreement. CAMy Documents\WPDOCSWgrmt-Spanos - AFA - Apartments.wpd 2Q 2 138 5. [306] Construction Schedule The Developer shall use best efforts to commence and complete development of the Site by the respective times established therefor in the Schedule of Performance (Attachment No. 4). 6. [307] Indemnity Bodily Injury and Property Damage Insurance The Developer shall defend, assume all responsibility for and hold the Agency and the City, and their respective officers, agents and employees, harmless from all claims or suits for, and damages to, property and injuries to persons, including accidental death (including attorneys fees and costs), which may be caused by any of the Developer's activities under this Agreement. The Developer shall take out and maintain during the life of this Agreement a comprehensive liability policy in the amount of One Million Dollars ($1,000,000) combined single limit policy, [including contractual liability,] as shall protect the Developer, the City, and the Agency from claims for such damages. Coverage shall be primary and not contributing with any policy or coverage maintained by or obtained by the Agency, and an appropriate endorsement shall so state. The policy shall contain a waiver of subrogation. Insurance coverage furnished by the Developer pursuant to this Section 307 shall conform to this Section 307 and shall pertain to all activities on the Site and adjacent public rights -of -way surrounding the Site and all work on off -site public improvements. Developer shall furnish or cause to be furnished to the Agency a Certificate of Insurance from the insurer evidencing compliance with this Section 307 and providing that the insurer shall not change or modify the policy without thirty (30) days' prior written notice to Agency. In the alternative, Developer may show proof of a certificate of consent to self -insure issued by the Director of Industrial Relations according to California Labor Code Section 3800. Developer additionally agrees to and shall save the Agency and the City and their officers, employees and agents harmless from and assume all responsibility for any and all liability or responsibility for damage, costs, losses, or suit arising in any manner from the approval of this Agreement or the development and activities conducted by Developer or its agents pursuant this Agreement. This obligation and indemnification shall constitute a covenant running with the land throughout the life of the Redevelopment Plan. 7. [308] City and Other Governmental Agency Permits Before commencement of construction or development of any buildings, structures or other works of improvement upon the Site or in connection with any off -site improvement, the Developer shall, at its own expense, secure or cause to be secured any and all permits which may be required by the City or any other governmental agent CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 2 L.' 133 affected by such construction, development or work. It is understood that the Developer's obligation is to pay all necessary fees and to timely submit to the City final drawings with final corrections to obtain building permit; the Agency will, without obligation to incur liability or expense therefor, use its best efforts to expedite issuance of building permits and Certificates of Occupancy for construction that meets the requirements of the City Code. 8. [309] Rights of Access For purpose of assuring compliance with this Agreement, representatives of the Agency and the City shall have the right of access to the Site without charges or fees, at normal business hours during the period of this Agreement for the purposes of this Agreement, including, but not limited to, the inspection of the work being performed in constructing the Project, so long as they comply with all safety rules. Such representatives of the Agency or of the City shall be those who are so identified in writing by the Executive Director of the Agency. The Agency shall hold the Developer harmless from any bodily injury or related damages arising out of the activities of the Agency and the City as referred to in this Section 309. 9. [310] Local. State and Federal Laws The Developer shall perform under this Agreement and carry out its performance under this Agreement, including without limitation the construction of the Project, in conformity with all applicable Federal and State laws and local ordinances, including all applicable Federal and State labor standards, as to the Site, provided, however, Developer and its contractors, successors, assigns, transferees, and lessees are not waiving their rights to contest any such laws, rules or standards. 10. [311 ] Anti -Discrimination Pursuant to Section 33435 and 33050 of the California Community Redevelopment Law, the Developer for itself and its successors and assigns, agrees, that in the construction of Project on the Site or other performance under this Agreement, the Developer will not discriminate against any employee or applicant for employment because of sex, marital status, race, color, religion, ancestry, or national origin. 11. [312] Taxes and Assessments After the conveyance of title by Agency to Developers or its assignee, the Developer shall pay prior to delinquency all real estate taxes and assessments on the Site for any period subsequent to the conveyance of title and possession, so long as the Developer retains any ownership interest therein. The Developer shall remove or have removed any levy or attachment made on the Site or any part thereof, or assure the satisfaction thereof within a reasonable time but in any event prior to any sale or transfer of all or any portions thereof. Notwithstanding the above, the Developer shall have the right to contest the validity or amounts of any tax, assessment, or encumbrance available to the Developer in respect thereto, and nothing herein shall limit the remedies available to the Developer in respect thereto. 030 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apanmentsmpd 23 140 B. [313] Prohibition Against Transfer of the Site the Buildings or Structures Thereon and Assignment of Agreement The Developer shall not, without prior approval of the Agency, make any total or partial sale, transfer, conveyance of, or enter into any assignment or ground lease of the whole or any part of the Site or of the buildings or structures on the Site prior to the issuance of the Certificate of Completion. Further, prior to any transfer of interest which results in the Developer no longer being the owner or having a controlling interest in the developed property, the Developer shall provide the Agency with evidence of the transfer, assignment and acceptance by the new owner of all of the operational and maintenance obligations set out in this Agreement, the Developer Note, Deed of Trust, and Covenants, Conditions, and Restrictions. This prohibition shall not be deemed to prevent leasing of the individual apartment units or the granting of temporary or permanent easements or permits to facilitate the development of the Site. C. [314] Right of the Agency to Satisfy Other Liens on the Site After Title Passes After the conveyance of title by Agency and prior to the completion of construction, and after the Developer has had written notice and has failed after a reasonable time, but in any event not less than forty-five (45) days, to challenge, cure, adequately bond against, or satisfy any liens or encumbrances on the Site which are not otherwise permitted under this Agreement, the Agency shall have the right, but no obligation to satisfy any such liens or encumbrances. Notwithstanding the above, the Developer shall have the right to contest the validity or amounts of any tax, assessment, or encumbrance available to the Developer in respect thereto. D. [315] Certificate of Completion Promptly after the completion of construction of the Project in conformity with this Agreement (as determined by the Executive Director of the Agency), upon the written request of the Developer the Agency shall furnish the Developer with the Certificate of Completion (in the form attached hereto as Attachment No. 9) which evidences and determines the satisfactory completion of the construction, and development of the Project, pursuant to the provisions and covenants specified in this Agreement, the Redevelopment Plan and the California Community Redevelopment Law. The issuance and recordation of a Certificate of Completion (Attachment No. 9) with respect to the Project shall not supersede, cancel, amend or limit the continued effectiveness of any obligations relating to the maintenance, or uses, or payment of monies, or any other obligations, except for the obligation to complete construction of the Project as of the time of the issuance of such applicable certificate in accordance with the requirements of this Agreement. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 031 24 141 The Agency shall not unreasonably withhold any Certificate of Completion. If the Agency refuses or fails to furnish a Certificate of Completion after written request from the Developer, the Agency shall, within ten (10) days of the written request, provide the Developer with a written statement of the reasons the Agency refused or failed to furnish such Certificate of Completion. The statement shall also contain the Agency's opinion of the action the Developer must take to obtain the Certificate of Completion. Upon issuance of a Certificate of Completion (Attachment No. 9) for the Project, construction of the Project shall be deemed to have been completed in conformity with this Agreement. The Certificate of Completion (Attachment No. 9) is not a Notice of Completion as referred to in Section 3093 of the California Civil Code. The issuance of a Certificate of Completion shall not affect the continued effectiveness of the Declaration of Conditions, Covenants and Restrictions (Attachment No. 8) recorded pursuant to this Agreement. E. [316] No Encumbrances Except Mortgages. Deeds of Trust Sales and Leases -Back or Other Financing for Development (Reserved - not applicable to this Agreement) F. [317] Holder Not Obligated to Construct Improvements The holder of any mortgage, Deed of Trust or other security interest authorized by this Agreement shall in no way be obligated by the provisions of this Agreement to construct or complete the Project or to guarantee such construction or completion, nor shall any covenant or any other provision in the Grant Deed for the Site be construed so to obligate such holder. Nothing in this Agreement shall be deemed to construe, permit or authorize any such holder to devote the Site to any uses or to construct any improvements thereon other than those uses or improvements provided for or authorized by this Agreement. G. [318] Notice of Default to Mortgage. Deed of Trust or Other Security Interest Holders: Right to Cure Whenever the Agency shall deliver any notice or demand to the Developer with respect to any breach or default by the Developer in completion of construction of the Project, the Agency shall at the same time deliver a copy of such notice or demand to each holder or record of any mortgage, Deed of Trust or other security interest authorized by this Agreement who has previously made a written request to the Agency therefor. Each such holder shall (insofar as the rights of the Agency are concerned) have the right, at its option, within ninety (90) days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such default and to add the cost thereof to the security interest debt and the lien on its security interest. In the event there is more than one such holder, the right to cure or remedy a breach or default of the Developer under this Section 318 shall be exercised by the holder first in priority or as the holders may otherwise agree among CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 25032 142 themselves, but there shall be only one exercise of such right to cure and remedy a breach or default of the Developer under this Section 318. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Project (beyond the extent necessary to conserve or protect the improvements or construction already made) without first having expressly assumed the Developer's obligations to the Agency by written agreement satisfactory to the Agency. The holder in that event must agree to complete, in the manner provided in this Agreement, the Project to which the lien or title of such holder relates and submit evidence satisfactory to the Agency that it has the qualifications and financial responsibility necessary to perform such obligations. Any such holder properly completing the Project shall be entitled, upon written request made to the Agency, to a Certificate of Completion from the Agency. H. [319] Failure of Holder to Complete Improvements In any case where, six (6) months after default by the Developer in completion of construction of the Project under this Agreement, the holder of any mortgage, Deed of Trust or other security interest creating a lien or encumbrance upon the Site has not exercised the option to construct, or if it has exercised the option and has not proceeded diligently with construction, the Agency may purchase the mortgage, Deed of Trust or other security interest by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest. If the ownership of the Site has vested in the holder, the Agency, if it so desires, shall be entitled to a conveyance of the Site from the holder to the Agency upon payment to the holder of an amount equal to the sum of the following: (a) The unpaid mortgage, Deed of Trust or other security interest debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (b) All expenses with respect to foreclosure; (c) The net expenses, if any (exclusive of general overhead), incurred by the holder as a direct result of the subsequent management of the Site; (d) The costs of any authorized improvements made by such holder; and (e) An amount equivalent to the interest that would have accrued on the aggregate of such amounts had all such amounts become part of the mortgage or Deed of Trust debt and such debt had continued in existence to the date of payment by the Agency. [320] Right of Agency to Cure Mortgage. Deed of Trust or Other Security Interest Default In the event of a default or breach by the Developer of a mortgage, Deed of Trust or other security interest with respect to the Site prior to the completion of the Project, and the holder has not exercised its option to complete the Project, the Agency may cure the 033 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 26 14 J default prior to completion of any foreclosure. In such event, the Agency shall be entitled to reimbursement from the Developer of all costs and expenses incurred by the Agency in curing the default. The Agency shall also be entitled to a lien upon the Site to the extent of such costs and disbursements. Any such lien shall be subject to mortgages, Deeds of Trust or other security interests executed for the sole purpose of obtaining funds to purchase and develop the Site as authorized herein. IV. [400] USE OF THE SITE A. [401] Affordable Housing 1. Number of Units Developer shall develop the Site consisting of up to 200 apartments on the Site and shall develop all on -site and off -site public improvements connected therewith, all as described and set forth in the Scope of Development (Attachment No. 3). Developer shall restrict the leases of ten (10) of the units to Low Income and ten (10) of the units to Moderate Income Households pursuant to the applicable income and affordability provisions contained herein. The Developer further covenants and agrees that the above -referenced occupancy and affordability requirements shall bind and be enforceable against the Site for the period of a minimum of thirty (30) years commencing with the acquisition of the Site by the Developer with the simultaneous recording of the Conditions, Covenants and Restrictions (Attachment No. 8). (a) "Affordable Rental Costs" shall mean that rent which shall not exceed the percentage of the gross income of the occupant person or household established by regulations of the United States Department of Housing and Urban Development which shall not be less than fifteen percent (15 %) of gross income nor exceed thirty percent (30%) of gross income, adjusted for family size and a utility allowance. (b) "Low Income Household" shall mean a household earning not greater than eighty percent (80 %) of Riverside County median income, as determined by the United States Department of Housing and Urban Development from time to time, as set forth in Health and Safety Code Section 50105. (c) "Moderate Income Household" shall mean a household earning not greater than one hundred and twenty percent (120%) of Riverside County median income, as determined by the United States Department of Housing and Urban Development from time to time, as set forth in Health and Safety Code Section 50105. B. [402] Uses In Accordance with Redevelopment Plan Nondiscrimination The Developer covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Site or any part thereof that the Developer and such successors and assignees, shall devote the Site to the uses specified in the Redevelopment Plan, the Grant Deed (Attachment No. 5), the Declaration of Conditions, Covenants and Restrictions (Attachment No. 8) and this Agreement for the periods of time 034 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 2-7 144 specified therein. The foregoing covenants shall run with the land. The Developer covenants by and for itself and any successors in interest that there shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Site, nor shall the Developer itself or any person claiming under or though it establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the Site. The foregoing covenants shall run with the land. The Developer shall refrain from restricting the rental, sale or lease of the property on the basis of race, color, creed, religion, sex, marital status, national origin or ancestry of any person. All such deeds, leases or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses: 1. In deeds: "The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee himself or herself or any person claiming under or though him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land." 2. In leases: "The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: "There shall be no discrimination against or segregation or any person or group of persons or account of race, color, creed, religion, sex, marital status, ancestry or national origin in the leasing, subleasing, transferring, use, occupancy, tenure or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sublessees, subtenants or vendees in the premises herein leased." 3. In contracts: "There shall be no discrimination against or segregation of, any person, or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin, in the sale, lease, sublease, transfer, use, occupancy, CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 21 035 145 tenure or enjoyment of the premises, nor shall the transferee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the premises." The covenants established in this Agreement and the deeds of conveyance for the Site shall, without regard to technical classification and designation, be binding for the benefit and in favor of the Agency, its successors and assigns, the City and any successor in interest to the Site, together with any property acquired by the Developer pursuant to this Agreement, or any part thereof. The covenants against racial discrimination shall remain in effect in perpetuity. C. [403] Effect of Violation of the Terms and Provisions of this Agreement After Completion of Construction The Agency is deemed the beneficiary of the terms and provisions of this Agreement and of the covenants running with the land, for and in its own rights and for the purposes of protecting the interests of the community and other parties, public or private, in whose favor and for whose benefit this Agreement and the covenants running with the land have been provided. The Agreement and the covenants shall run in favor of the Agency, without regard to whether the Agency has been, remains, or is an owner of any land or interest therein in the Site or in the Project Area. The Agency shall have the right, if this Agreement or covenants are breached, to exercise all rights and remedies, and to maintain any actions or suites at law or in equity or other property proceedings to enforce the curing of such breaches to which it or any other beneficiaries of this Agreement and covenants may be entitled. D. [404] Maintenance of the Site The Developer shall maintain the Improvements on the Site in conformity with the La Quinta Municipal Code and the requirements of the Declaration of Conditions, Covenants and Restrictions (Attachment No. 8), and shall keep the Site free from any accumulation of debris or waste materials. The Developer shall also maintain the landscaping required to be planted under the Scope of Development (Attachment No. 3) in a healthy and attractive condition. If, at any time, Developer fails to maintain the Site or any portion thereof, and said condition is not corrected as soon as reasonably possible after written notice from the Agency, either the Agency or the City may perform the necessary maintenance and Developer shall pay such costs as are reasonably incurred for such maintenance. V. [500] DEFAULTS AND REMEDIES A. [501 ] Defaults - General Subject to the extensions of time set forth in Section 603, failure or delay by either party to perform any term or provision of this Agreement constitutes a default under this U 3 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 29 146 Agreement. A party claiming a default shall give written notice of default to the other party, specifying the default complained of and the actions required to correct such default. Except as otherwise expressly provided in Sections 508 and 509 of this Agreement, the claimant shall not institute proceedings against the other party if the other party within thirty (30) days from receipt of such notice immediately, with due diligence, commences to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy as soon as reasonably practicable after receipt of such notice. B. [502] Legal Actions [503] Institution of Legal Actions In addition to any other rights or remedies and subject to the restrictions in Section 501, either party may institute legal action to seek specific performance of the terms of this Agreement, or to cure, correct or remedy any default, to recover damages for any default, or to obtain any other legal or equitable remedy consistent with the purpose of this Agreement. Such legal actions must be instituted in the Superior Court of the County of Riverside, State of California, in an appropriate municipal court in that county, or in the Federal District Court in the Central District of California. 2. [504] Applicable Law The laws of the State of California shall govern the interpretation and enforcement of this Agreement. 3. [505] Acceptance of Service of Process In the event that any legal action is commenced by the Developer against the Agency, service of process on the Agency shall be made by personal service upon the Executive Director or in such other manner as may be provided by law. In the event that any legal action is commenced by the Agency against the Developer, service of process on the Developer shall be made by personal service upon any officer or director of the Developer and shall be valid whether made with in or without the State of California or in such other manner as may be provided by law. C. [506] Rights and Remedies Are Cumulative Except as otherwise expressly stated 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. 037 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 30 147 D. [507] Inaction Not a Waiver of Default Any failures or delays by either party in asserting any of its rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies, or deprive either such party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies. E. [508] Remedies [509] Damages If either party defaults with regard to any of the provisions of this Agreement, the non -defaulting party shall serve written notice of such default upon the defaulting party. If the default is not cured or commenced to be cured by the defaulting party within thirty (30) days after service of the notice of default (or within such other period as is set forth herein), the defaulting party shall be liable to the other party for any damages caused by such default. 2. [510] Specific Performance If either party defaults under any of the provisions of this Agreement, the non - defaulting party shall serve written notice of such default upon the defaulting party. If the default is not cured and/or commenced to be cured by the defaulting party within thirty (30) days of service of the notice of default, or such other time limit as may be set forth herein with respect to such default, the non -defaulting party as its option may thereafter (but not before) commence an action for specific performance of terms of this Agreement. VI. [600] GENERAL PROVISIONS A. [601] Notices. Demands and Communications Between Parties Written notices, demands and communications between the Agency and the Developer shall be sufficiently given if delivered by hand or dispatched by registered or certified mail, postage prepaid, return receipt requested, to the principal offices of the Agency and the Developer at the addresses specified in Section 106 and 107, respectively. Such written notices, demands and communications may be sent in the same manner to such other addresses as either party may from time to time designate by mail as provided in this Section 601. Any written notice, demand or communication shall be deemed received immediately if delivered by hand and shall be deemed received on the tenth (10th) day from the date it is postmarked if delivered by registered or certified mail. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 038 31. 148 B. [602] Conflicts of Interest No member, official or employee of the Agency shall have any personal interest, direct or indirect, in this Agreement, nor shall any member, official or employee participate in any decision relating to the Agreement which affects his personal interests or the interests of any corporation, partnership or association in which he is directly or indirectly interested. No member, official or employee of the Agency shall be personally liable to the Developer, or any successor in interest, in the event of any default or breach by the Agency, or for any amount which may become due to the Developer or successor or on any obligations under the terms of this Agreement. C. [603] Enforced Delay-. Extension of Times of Performance In addition to specific provisions of this Agreement, performance by either party hereunder shall not be deemed to be in default, and all performance and other date specified in this Agreement shall be extended, where delays or defaults are due to: war; insurrection; strikes; lockouts; riots; floods; earthquakes; fires; casualties; acts of God; acts of the public enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or priority; litigation; unusually severe weather; inability to secure necessary labor, materials or tools; delays of any contractor; subcontractor or supplier; acts or omissions of the other party; acts or failures to act of the City of La Quinta as the Agency or any other public or governmental agency or entity (other than the acts or failures to act of the Agency which shall not excuse performance by the Agency); or any other causes beyond the control or without the default of the party claiming an extension of time to perform. Notwithstanding anything to the contrary in this Agreement, an extension of time for any such cause shall be for the period of the enforced delay and shall commence to run from the time of the commencement of the cause, if notice by the party claiming such extension is sent to the other party within thirty (30) days of the commencement of the cause. Times of performance under this Agreement may also be extended in writing by the mutual agreement of Agency and Developer. Notwithstanding the foregoing portion of this Section 603, the Developer is not entitled pursuant to this Section 603 to an extension of time to perform because of past, present, or future difficulty in obtaining suitable construction financing for the development of the Site or because of the physical condition or suitability of the Site for the purposes of this Agreement. D. [604] Non -Liability of Officials and Employees of the Agency and the Developer No member, official or employee of the Agency or the City shall be personally liable to the Developer, or any successor in interest, in the event of any default or breach by the Agency or the City or for any amount which may become due to the Developer or its successors, or on any obligations under the terms of this Agreement. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 32 039 _14.9 No officer, director or employee of the Developer shall be personally liable to the Agency or the City, or any successor in interest, in the event or breach by the Developer. E. [605] Entire Agreement, Waivers This Agreement is executed in three (3) duplicate originals, each of which is deemed to be an original. This Agreement includes pages 1 through 36 and Attachment Nos. 1 through 11, which constitutes the entire understanding and agreement of the parties. Each of the foregoing Attachments are incorporated herein by reference. This Agreement integrates all of the terms and conditions mentioned herein or incidental hereto, and supersedes all negotiations or previous agreements between the parties or their predecessors in interest with respect to all or any part of the subject matter hereof. All waivers of the provisions of this Agreement must be in writing by the appropriate authorities of the Agency and the Developer, and all amendments hereto must be in writing by the appropriate authorities of the Agency and the Developer. In any circumstance where under this Agreement either party is required to approve or disapprove any matter, approval shall not be unreasonably withheld. F. [606] Amendments to this Agreement The Developer and the Agency agree to mutually consider reasonable requests for amendments to this Agreement which may be made by any of the parties hereto, lending institutions, or bond counsel or financial consultants to the Agency, provided such requests are consistent with this Agreement and would not substantially alter the basic business terms included herein. For purposes of this paragraph the Agency's Executive Director shall have the authority to approve such an amendment. VII. [700) TIME FOR ACCEPTANCE OF AGREEMENT BY AGENCY This Agreement, when executed by the Developer and delivered to the Agency, must be authorized, executed and delivered by the Agency on or before , 1999, or this Agreement shall be void, except to the extent that the Developer shall consent in writing to a further extension of time for the authorization, execution and delivery of this Agreement. The date of this Agreement shall be the date when it shall have been signed by the Agency. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apanments.wpd 33 040 150 IN WITNESS WHEREOF, the Agency and the Developer have signed this Agreement on the respective dates set forth below. Dated: ATTEST: SAUNDRA L. JUHOLA, Agency Secretary City of La Quinta, California APPROVED AS TO FORM: DAWN C. HONEYWELL, Agency Counsel City of La Quinta, California Dated: LA QUINTA REDEVELOPMENT AGENCY, a public body corporate and politic By: Its: RON PERKINS, Chairman THE SPANOS CORPORATION a California corporation By: Its: 041 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 34 151 ATTACHMENT 3 SCOPE OF DEVELOPMENT GENERAL SUMMARY This document outlines general requirements for all improvements to the project Site, including on -Site and off -Site public improvements. Detailed requirements will be addressed in the development review process and approval of specific construction plans and related documents. II. DEVELOPMENT CONCEPT The development concept is to construct approximately 200 rental apartments with ten units affordable to low and ten units affordable to moderate incomes. The 14.4 acre Site (hereinafter "Site") is located south of State Highway 111 at Adams Street approximately 500 feet north of 48th Avenue. The Developer and Agency agree that the Site shall be developed and improved by the Developer in accordance with the provision of this agreement, subject to all applicable codes, ordinances, and statutes including requirements and procedures set forth in the La Quinta Municipal Code, and the Redevelopment Plan regulations adopted in conjunction with or subsequent to execution of this Agreement. III. SITE DESCRIPTION The proposed Site is 14.4 acres in size and is undeveloped. The Site as it currently exists has variable topography with sand dunes ranging in elevation from 1 to 10 feet in elevation with several sand hummocks. The Site is bordered to the north by commercial land use, and to the south and east by proposed Agency Affordable Housing Project and to the west existing single family residences. IV. ON -SITE DEVELOPMENT AND IMPROVEMENTS Developer shall, prepare a grading plan, scarify, overexcavate, cut, fill, compact, rough grade and fine grade, as required pursuant to a grading plan approved by the Director of Public Works, to create building pads, and appropriate rights of way configurations as necessary for construction of the project. Plans shall be prepared by a licensed civil engineer in good standing and subject to the approval of the Director of Public Work. Developer shall prepare or cause to be prepared Specific Plan 99-037 and Site Development Permit 99-654 which illustrates the Site, easements encumbering the Site, dedications and realignment of streets, if any. Developer shall grant and permit all necessary and appropriate utility easements and rights for the development of the Site, including but not limited to sanitary sewers, storm drains, water, electrical power, telecommunications, natural gas, cable, etc. 044 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 37 152 V. PUBLIC IMPROVEMENTS The Developer shall be responsible for the installation of the necessary utility connections in the boundaries of the project Site between the improvements and the water, sanitary sewer, storm drain, electric, natural gas, telecommunications, cable television or other public utilities. The Developer shall secure any permits required for any such installation or installations. The Developer shall construct all required public improvements in accordance with the standards and specifications adopted by the city. The Developer shall be responsible for repairing any public improvements it damages during construction of the project. VI. DEVELOPMENT STANDARDS All development on the project Site shall conform with the development standards adopted as part of Specific Plan 99-037. A. General Project Design All structures on the Site shall be designed and constructed to be consistent with the conceptual drawings prepared as part of the development proposal submitted by the Developer. B. Dwelling Unit Design The dwelling units range in size from a minimum of 792 square feet to a maximum of 1121 square feet and include at least two distinct floor plans. There shall be a mix of 72 one and 128 two bedrooms units, ten of which are affordable to low and ten to moderate income groups. Each of the units shall have covered parking. C. Development Process The developer and its representatives, including its architect and engineer, shall work with the Agency and City Staff to develop and execute the architectural concept, architectural drawings, Site plan, specific plan, precise plan, grading plan, off -Site improvement plans, landscaping plans and related plans consistent with the conditions of approval adopted by the City and Agency and the applicable regulations contained in the La Quinta Municipal Code. 045 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 3 8 1 5" ATTACHMENT #4 SCHEDULE OF PERFORMANCE RENTAL APARTMENTS 1. Developer to submit to City, Completed. Specific Plan and Site Development Permit Applications. 2. City approves, or approves subject September 7, 1999. to conditions, Specific Plan and Site Development Permit applications and and this Agreement. 3. City approves this Affordable September 7, 1999. Housing Agreement. 4. Developer receives access permit Within 30 days of approval of AHA by to stage and pre -water site. City and Agency. 5. Developer submits evidence of Prior to transfer of title to the Site. satisfaction of the AHA conditions precedent set forth in Section 202 and 212. 6. Grading Plan. Developer submits grading plan to Within 120 days of approval of Affordable City. Housing Agreement. City provides correction comments Within 15 days of receipt of grading plan. to developer Developer completes corrections Within 30 days of receipt of City and resubmits to City. comments. City approves grading plan. Within 15 days of receipt of resubmittal. Developer submits approved grading plan and receives permit Within 30 days of receipt of approved from City. grading plan. 046 C:\My Documents\WPDOCS\Agnnt-Spanos - AFA - Apartments.wpd 39 154 7. Construction Drawings Developer submits construction Within 150 days of receipt of approval of drawings to City. the Affordable Housing Agreement. City provides correction comments Within 45 days of receipt of construction to developer. drawings. Developer completes corrections Within 30 days of receipt of City and resubmits to City. comments. City approves construction drawings. Within 30 days of receipt of resubmittal. Developer submits approved Within 30 days of receipt of approved grading plan and receives permits. grading plan. 8. Developer shall obtain all Prior to commencement of the respective necessary permits for the improvement construction. construction of the improvements. 9. Developer shall commence grading Within 30 days of issuance of grading operations. permit. 10. Developer shall commence Within 6 months of issuance of building construction. permits. 11. Developer shall complete Within 30 months after approval of the construction of the Development Affordable Housing Agreement. 12. Upon completion of construction, Within 10 days after Agency receipt of Agency shall issue a Certificate of written request from Developer for Completion for the improvements or Certificate of Completion pursuant to shall provide Developer with a Section 315 of the AHA. written explanation of reasons why such a Certificate shall not be issued. 13. Developer receives complete bond Within 60 days of receipt of Certificate of exoneration from City and installs Completion. all final monuments. 047 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 40 1 J ATTACHMENT NO. 5 FORM OF GRANT DEED RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: The Spanos Corporation 3773 Howard Hughes Parkway, Suite 5905 Las Vegas, Nevada 89109. Attention: MAIL TAX STATEMENTS TO: Same as above. Assessor's Parcel Number: GRANT DEED This document is exempt from payment of a recording fee pursuant to Government Code Section 6103. LA QUINTA REDEVELOPMENT AGENCY By: Its: Executive Director FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, the undersigned, LA QUINTA REDEVELOPMENT AGENCY, a public body corporate and politic ("Grantor"), hereby grants to THE SPANOS CORPORATION., a California corporation ("Grantee"), that certain real property in the City of La Quinta, County of Riverside, State of California described in Exhibit "A" attached hereto and incorporated herein, together with any and all buildings and improvements located thereon (the "Property") This Grant Deed is conditioned upon the affordability restrictions set out in Section 401 of the Affordable Housing Agreement for Apartments and the Declarations of Conditions, Covenants and Restrictions recording simultaneously herewith Date: LA QUINTA REDEVELOPMENT AGENCY, a public body corporate and politic LM CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd THOMAS P. GENOVESE Executive Director 048 41, 156 State of California ) )SS. County of Riverside ) On before me, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. (SEAL) Signature Printed name State of California County of Riverside Commissioner expires ) ss. On before me, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. (SEAL) Signature Printed name Commissioner expires CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 049 42 1 IJ ATTACHMENT NO. 6 FORM OF PROMISSORY NOTE SECURED BY DEED OF TRUST La Quinta, California August 3, 1999 On (the "Maturity Date"), for money advanced and value received, the undersigned (the "Promisor"), promises to pay to the La Quinta Redevelopment Agency (the "Holder"), or to order at 78-495 Calle Tampico, La Quinta, California 92253, or any other place designated in a writing submitted by Holder to Promisor, the principal sum of $217,723, with no interest on the principal amount; provided, however, that the payment of the principal sum shall be waived and the obligation deemed for all purposes fully satisfied after a time period of thirty (30) years and upon performance by Promisor of considerations and covenants provided in the Affordable Housing Agreement for Apartments executed by and between the Promisor and the Holder, dated the same date as this Developer Note and executed concurrently herewith (the "Affordable Housing Agreement"), or upon termination of the Affordable Housing Agreement under its terms. Principal and interest payable under this Developer Promissory Note, if any, shall be paid in lawful money of the United States of America. There shall be no prepayment of this Developer Promissory Note. This Developer Promissory Note is secured by, among other things, the Deed of Trust and Security Agreement with Assignment of Rents and Agreements dated the same date as this Developer Promissory Note, executed by Promisor, as trustor, in favor of Holder, as beneficiary (the "Deed of Trust"), and encumbering the fee interest in the real property described in the Deed of Trust (the "Land"). The Holder will be entitled to the benefits of the security provided by the Deed of Trust and will have the right to enforce the covenants and agreements of Promisor contained in the Deed of Trust and the Affordable Housing Agreement. If: a. Promisor fails to pay when due any sums payable under this Developer Promissory Note; or b. an Event of Default (as defined in the Deed of Trust) occurs; or C. a default under the Affordable Housing Agreement occurs which is not cured within the applicable cure period set forth therein; then Holder, at its sole option, shall have the right to declare all sums owing under this Developer Promissory Note immediately due and payable. However, if any document I related to this Developer Promissory Note (including, but not limited to, the Affordable 050 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 43 Housing Agreement) provides for the automatic acceleration of payment of sums owing under this Developer Promissory Note, all sums owing shall be automatically due in accordance with the terms of that document. Promisor shall pay to Holder all sums owing under this Developer Promissory Note, if not waived, without deduction, offset, or counterclaim of any kind. The advance of money evidenced by this Developer Promissory Note and secured by the Deed of Trust shall in no manner make Holder the partner or joint venturer of Promisor. If any attorney is engaged by Holder to enforce or construe any provision of this Developer Promissory Note, the Deed of Trust, the Affordable Housing Agreement or any other Security Documents (as defined in the Deed of Trust) or as a consequence of any Event of Default, with or without the filing of any legal action or proceeding, then Promisor shall immediately pay to Holder on demand all reasonable attorney fees and other costs incurred by Holder, together with interest. No previous waiver or failure or delay by Holder in acting with respect to the terms of this Developer Promissory Note, the Deed of Trust or the Affordable Housing Agreement shall constitute a waiver of any breach, default, or failure of condition under this Developer Promissory Note, the Deed of Trust or the Affordable Housing Agreement. A waiver of any term of this Developer Promissory Note, the Deed of Trust or the Affordable Housing Agreement must be made in writing and shall be limited to the express written terms of the waiver. If there are any inconsistencies between the terms of this Developer Promissory Note and the terms of the Deed of Trust or the Affordable Housing Agreement, the terms of this Developer Promissory Note shall prevail. All notice required or permitted in connection with this Developer Promissory Note shall be in writing and shall be given at the place and in the manner provided in the Deed of Trust for the giving of notices. If this Developer Promissory Note is executed by more than one person or entity as Promisor, the obligations of each person or entity shall be joint and several. No person or entity shall be a mere accommodation maker, but each shall be primarily and directly liable. Promisor waives presentment; demand; notice of dishonor; notice of default or delinquency; notice of acceleration; notice of protest and nonpayment; notice of costs, expenses, or losses and interest; notice of interest on interest and late charges; and diligence in taking any action to collect any sums owing under this Developer Promissory Note or in proceeding against any of the rights or interests to properties securing payment of this Developer Promissory Note. Time is of the essence with respect to every provision of this Developer Promissory Note. This Developer Promissory Note shall be construed and enforced in accordance with the laws of the State of California, except to the extent that Federal law preempts state law, and all persons and entities in any manner obligated under this Developer Promissory Note consent to the jurisdiction of any Federal or State Court within California having proper venue and also consent to service of process by any means authorized by California or Federal law. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 44 051. 159 Promisor shall not be personally liable for the payment of the indebtedness or any obligations evidenced by this Developer Promissory Note or the Affordable Housing Agreement, and any judgment or decree in any action brought to enforce the obligation of Promisor to pay the indebtedness shall be enforceable against Promisor and the partners of the Promisor, if any, only to the extent of Promisor's interest in the Land and any other collateral pledged, encumbered, or otherwise covered by the Deed of Trust. Any judgment or decree shall not be subject to execution, or be a lien, on the assets of Promisor and the partners of the Promisor, if any, other than Promisor's interest in the Land and any other collateral pledged, encumbered, or otherwise covered by the Deed of Trust. Nothing in the preceding paragraph shall affect or limit the rights of Holder to enforce any of Holder's rights or remedies with respect to any portion of the Land or any other collateral pledged, encumbered, or otherwise covered by the Deed of Trust. THE SPANOS CORPORATION, a California corporation By: Its: CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 02 160 ATTACHMENT NO. 7 SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS AND AGREEMENTS RECORDING REQUESTED BY: SELZER, EALY, HEMPHILL & BLASDEL 777 E. Tahquitz Canyon Way, Suite 328 Palm Springs, CA 92262 Attention: Ms. Emily Hemphill AND WHEN RECORDED MAIL TO: LA QUINTA REDEVELOPMENT AGENCY 78-495 Calle Tampico La Quinta, California 92253 Attention: Executive Director Space Above For Recorder SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS AND AGREEMENTS THIS DEED OF TRUST, made this day of , 1999, by The Spanos Corporation, a California corporation, hereinafter called TRUSTOR, whose address is 1341 W. Robinhood Drive, Stockton, CA, 95207 and FIRST AMERICAN TITLE INSURANCE COMPANY, herein called Trustee, and La Quinta Redevelopment Agency, a public body, corporate and politic, herein called BENEFICIARY, Witnesseth: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF SALE, that property in the City of La Quinta, County of Riverside, State of California, described as: SEE ATTACHED EXHIBIT "A" TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and conferred upon Beneficiary by paragraph (10) of the provisions incorporated herein by reference to collect and apply such rents, issues and profits. For the Purpose of Securing: 1. Performance of each agreement of Trustor incorporated by reference or contained herein. 2. Performance of each and every CAMy Documents\WPDOCSWgrmt-Spanos - AFA - Apartmentsmpd 46 053 161 obligation of Trustor as set forth in that certain Affordable Housing Agreement between Trustor and Beneficiary of even date herewith, and 3. Performance of each and every obligation of Trustor as set forth in that certain Developer Note executed by Trustor in favor of Beneficiary of even date herewith securing the principal sum of $217,723.00, a copy of which is incorporated herein by referenced, payable to Beneficiary or to order, and all extensions, modifications, or renewals thereof. Trustor further adopts and agrees to perform and be bound by each and all of the terms and provisions set forth in the Addendum to Short Form Deed of Trust and Assignment of Rents attached hereto and incorporated herein by this reference. To Protect the Security of This Deed of Trust, and with respect to the property above described, Trustor expressly makes each and all of the agreements, and adopts and agrees to perform and be bound by each and all of the terms and provisions set forth in subdivision A of that certain Fictitious Deed of Trust referenced herein, and it is mutually agreed that all of the provisions set forth in subdivision B of that certain Fictitious Deed of Trust recorded in the book and page of Official Records in the office of the county recorder of the county where said property is located, noted below opposite the name of such county, namely: COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE Alameda 1288 556 Kings 858 713 Placer 1028 379 Sierra 38 187 Alpine 3 130-31 Lake 437 110 Plumas 166 1307 Siskiyou 506 762 Amador 133 438 Lassen 192 367 Riverside 3778 347 Solano 1287 621 Butte 1330 513 Los Angeles T-3878 874 Sacramento 5039 124 Sonoma 2067 427 Calaveras 185 338 Madera 911 136 San Benito 300 405 Stanislaus 1970 56 Colusa 323 391 Marin 1849 122 San Bernardino 6213 768 Sutter 655 585 Contra Costa 4684 1 Mariposa 90 453 San Francisco A-804 596 Tehama 457 183 Del Norte 101 549 Mendocino 667 99 San Joaquin 2855 283 Trinity 108 595 El Dorado 704 635 Merced 1660 753 San Luis Obispo 1311 137 Tulare 2530 108 Glenn 469 76 Mono 69 302 Santa Barbara 2065 881 Ventura 2607 237 Fresno 5052 623 Modoc 191 93 San Mateo 4778 175 Tuolumne 177 160 Humboldt 801 83 Monterey 357 239 Santa Clara 6626 664 Yolo 769 16 Imperial 1189 701 Napa 704 742 Santa Cruz 1638 607 Yuba 398 693 Inyo 165 672 Nevada 363 94 Shasta 800 633 Kern 3756 690 Orange 7182 18 San Diego Series 5 Book 1964, Page 149774 (which provisions, identical in all counties, hereby are adopted and incorporated herein and made a part hereof as fully as though set forth herein at length) that he will observe and perform said provisions; and that the references to property, obligations, and parties in said provisions shall be construed to refer to the property, obligations and parties set forth in this Deed of Trust. The undersigned Trustor requests that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to him at his address hereinbefore set forth. The Spanos Corporation, a California corporation By: Its: CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 4954 162 State of California ) ) ss. County of Riverside ) On before me, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. (SEAL) Signature Printed name Commissioner expires State of California ) ) ss. County of Riverside ) On before me, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. (SEAL) Signature Printed name Commissioner expires C:\My Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd A5 5 163 ADDENDUM TO SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS The following provisions are incorporated into that certain Short Form Deed of Trust and Assignment of Rents attached hereto executed on , 1999 by The Spanos Corporation, a California corporation ("Trustor") in favor of the La Quinta Redevelopment Agency ("Beneficiary"): 1. Use of Property. Trustor hereby warrants and represents that it shall, at times during the term of this Deed of Trust, use the property which constitutes the collateral hereunder ("Property") in full and strict conformity with all applicable ordinances, laws, statutes, regulations, and governmental requirements. Trustor further warrants that it shall use the Property during the term hereof in strict conformity with the terms set forth in that certain Affordable Housing Agreement ("AHA") dated concurrently herewith by and between Trustor and Beneficiary. Any default of Trustor under the terms of said AHA, if not cured within the time specified in the AHA for such cure, shall be deemed a breach of Trustor's obligations under this Deed of Trust. 2. Performance by Trustor. Trustor will faithfully perform every covenant to be performed by Trustor under any lien or encumbrance that Beneficiary reasonably believes may be prior and superior to or on a parity with the lien or charge of this Deed of Trust. A breach of or default under any such lien or encumbrance that exists after any applicable grace period in the pertinent instrument has expired will constitute an event of default under this Deed of Trust. If Trustor fails to do so, Beneficiary, without demand or notice, and in its sole judgment, may do any things required by Trustor by any of the provisions in this Deed of Trust and incur and pay expenses in connection with such provisions, and hold Trustor responsible for same. 3. Subordination. This Deed of Trust and all covenants, restrictions and/or regulatory agreements executed by Trustor in favor of Beneficiary in connection with the Property are expressly and shall be automatically subordinated to any deed of trust securing the repayment of construction financing for the development of the Property in accordance with the AHA, any permanent financing used to repay any such construction financing, any purchase money mortgage placed on the Property by any successor in interest to Trustor in ownership of the Property or any other refinancing of any of the foregoing (collectively referred to hereinafter as the "Subordinating Loans"). The proceeds of the Subordinating Loans shall be used only to construct and/or repair Improvements, reimburse Trustor for construction or development costs, repay other liens that are senior to this Deed of Trust, or provide for purchase money upon sale of the Property and the Improvements. The total amount of the Subordinating Loans shall not exceed 90% of the then appraised value of the Property and the Improvements as set forth in an MAI Appraisal provided by Trustor or, in the case of a purchase money loan, 90% of the then CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 49056 164 applicable purchase price for the Property and the Improvements. The interest rate charged on the Subordinating Loans shall not exceed the prime rate charged by the Bank of America plus 5%, exclusive of late charges, penalties or fees payable in case of default, shall have a term of not more than thirty (30) years, and may provide for periodic payments of principal and interest, interest only and/or may provide for balloon payments. The maximum loan fees on the Subordinating Loans shall not exceed 5% of the relevant loan amount. For the purpose of implementing the aforementioned subordination, by accepting this Deed of Trust, Beneficiary agrees that in consideration of the Trustor's execution and delivery of this Deed of Trust, as long as Trustor is not then in default, Beneficiary shall from time to time execute in recordable form and deliver to Trustor within fifteen (15) days of receipt of the request therefor, an agreement expressly subordinating the lien or charge of this Deed of Trust to the lien or charge of any lender under any Subordinating Loan, and said lender shall upon receipt of said agreement, be entitled to record said agreement to evidence the subordination as described in this paragraph. Upon recording, any such subordination agreement shall prevail over the provisions otherwise set forth in this Deed of Trust. 4. Books and Records. Trustor will maintain complete books and records reflecting Trustor's compliance with the terms of the AHA and this Deed of Trust, in a form satisfactory to Beneficiary, and furnish to Beneficiary any reasonable reports requested by Beneficiary to document Trustor's compliance with the terms of the AHA and this Deed of Trust. Beneficiary shall have the right, not more than twice per year and upon not less than three (3) business days' notice, to inspect Trustor's records for the purpose of determining Trustor's compliance with the terms of the AHA and this Deed of Trust. Any such inspection shall be done during normal business hours and shall not unreasonably interfere with Trustor's operation of the Property. In the event that such inspection shows that Trustor has complied with the terms of the AHA and this Deed of Trust, then the cost of such inspection shall be borne by Beneficiary. If said inspection shows that Trustor is in material default of any provision of the AHA or this Deed of Trust, then the cost of said inspection shall be borne by Trustor, and Trustor shall pay said expenses within ten (10) days of written demand therefor, and if Trustor fails to so pay said costs, said costs shall bear interest at the maximum rate allowed by law until paid in full. 5. Hazardous Materials. Trustor hereby warrants and covenants that, throughout the term of this Deed of Trust, there shall be no use, storage, generation, manufacture, disposal, discharge, release or threatened release of any Hazardous Materials on, around or under the Property except in strict conformity with all applicable, federal, state and local laws, rules, statutes and regulations. For purposes of this Deed of Trust, "Hazardous Materials" shall have the meaning set forth in Section 214(5) of the AHA. Trustor agrees to indemnify, defend, and hold Beneficiary and Trustee harmless from all losses, costs, claims, damages, penalties, liabilities, causes of action, judgments, court costs, attorney fees and other legal expenses incurred as the result of Trustor's breach of the provisions contained in this paragraph 5. 0 CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apanments.wpd 50 165 The Spanos Corporation, a California corporation By: Its: La Quinta Redevelopment Agency By: Its: CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 058 51 166 ATTACHMENT NO. 8 DECLARATION OF CONDITIONS, COVENANTS AND RESTRICTIONS FOR PROPERTY RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: La Quinta Redevelopment Agency 78-495 Calle Tampico La Quinta, California 92253 Attention: Executive Director (Space Above for Recorder's Use) This document is exempt from payment of a recording fee pursuant to Government Code Section 6103. THIS DECLARATION OF CONDITIONS, COVENANTS, AND RESTRICTIONS FOR PROPERTY (the "Declaration") is made by and between THE SPANOS CORPORATION (the "Buyer" or "Covenantor") and the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic (the "Agency" or "Covenantee") as of the day of 11999. RECITALS A. . The Buyer is fee owner of record or has entered into an agreement for the purchase of that certain real property (the "Property") located in the City of La Quinta, County of Riverside, State of California legally described in the attached Exhibit "A". The developer shall construct 200 apartment units and rent 20 of the units to tenants that qualify as moderate income families or individuals (ten low and ten moderate). B. The Property is within the La Quinta Project Area No. 2 (the "Project") in the City of La Quinta and is subject to the provisions of the "Redevelopment Plan" for the Project. C. The Community Redevelopment Law (California Health and Safety Code 33000 et M.) provides that a redevelopment agency shall establish covenants running with the land in furtherance of redevelopment plans. NOW, THEREFORE, THE AGENCY AND THE BUYER AGREE AS FOLLOWS: CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 52 059 167 1. Affordable Housina. The apartment project is to be used for constructed with 200 units of which ten units are to be held available to be rented to low and ten units to be rented to moderate income tenants. The Property has been made available, in part, with financial assistance provided by the Agency. In consideration of its participation, the Agency requires that the twenty (20) apartment units on the Property be maintained as an affordable housing resource until thirty (30) years from the date this Declaration is recorded. The terms and conditions relating to such use and occupancy are set forth in the Affordability Restrictions. The Affordability Restrictions and this Declaration shall be construed as consistent and not in conflict to the greatest extent feasible, in the event of conflict involving the Agency and the Buyer, the Affordability Restrictions shall control. 2. Affordability Covenants. Covenantor agrees for itself, and its successors and assigns, and every successor to Covenantor's interest in the Property, or any part thereof that these covenants shall remain in force and effect until thirty (30) years from the date this Declaration is recorded (the "Expiration Date"): (a) The twenty (20) apartment units (ten low and ten moderate) shall be rented or available for rentat Affordable Rental Costs which shall mean that rent which shall not exceed the percentage of the gross income of the occupant person or household established by regulations of the United States Department of Urban Development which shall not be less than fifteen percent (15%) of gross income nor exceed thirty percent (30% of gross income, adjusted for family size and a utility allowance to Low Income Households and Moderate Income Households defined as follows: (1) "Low Income Household" shall mean a household earning not greater than eighty percent (80 %) of Riverside County median income, as determined by the United States Department of Housing and Urban Development from time to time, as set forth in Health and Safety Code Section 50105. (2) "Moderate Income Household" shall mean a household earning not greater than one hundred twenty percent (120%) of Riverside County median income, as determined by the United States Department of Housing and Urban Development from time to time, as set forth in Health and Safety Code Section 50105. (b) The covenant contained in this Section 2 shall run with the land and shall automatically terminate and be of no further force or effect upon the Expiration Date. (c) Notwithstanding the foregoing, this Declaration shall be subordinate to the lien of a first deed of trust against the Property, and shall not impair the rights of any institution or lender which is the maker of a loan secured by such first deed of trust, or such lender's assignee or successor in interest, to exercise its remedies under the deed of trust CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 5060 • • in the event of default under the first deed of trust by the Covenantor. Such remedies under the first deed of trust include the right of foreclosure or acceptance of a deed or assignment in lieu of foreclosure. After such foreclosure or acceptance of a deed in lieu of foreclosure, the affordability covenants and the transfer restrictions set forth in Sections 1, 2, 3 and 7 of this Declaration shall be forever terminated and shall have no further effect as to the Property or any transferee thereafter; provided, however, if the holder of such deed of trust acquired title to the Property pursuant to a deed or assignment in lieu of foreclosure, said Sections 1, 2 3 and 7 of this Declaration shall automatically terminate upon such acquisition of title, provided that (i) the Agency has been given written notice of a default under such first deed of trust; and (ii) the Agency shall not have cured the default under such first deed of trust within the thirty (30) day period provided in such notice sent to the Agency. Notwithstanding any other provision hereof, the nondiscrimination covenants and the maintenance requirements set forth in this Declaration shall remain in full force and effect as to the Property and any transferee. 3. Transfer of Property The covenant contained in this Section 2 shall run with the land and be binding on subsequent transferees and shall automatically terminate and be of no further force or effect upon the Expiration Date. 4. Nondiscrimination Covenants. Covenantor by and for itself, its successors and assigns, and all persons claiming under or through them that there shall be no discrimination against or segregation of any person or group of persons on account of race, color, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the Property, nor shall Covenantor itself, or any person claiming under or through it, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees, or vendees in the Property. Covenantor and its successors and assigns, shall refrain from restricting the rental or lease (if permitted by Covenantee) or sale of the Property on the basis of race, color, religion, sex, marital status, national origin or ancestry of any person. All such deeds, leases, or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses: (a) In deeds: "The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee himself or herself or any person claiming CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 54 061 169 under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land." (b) In leases: "The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: "There shall be no discrimination against or segregation of any person or group of persons on account of race, color, religion, sex, marital status, ancestry or national origin in the leasing, subleasing, transferring, use, occupancy, tenure or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sublessees, subtenants or vendees in the premises herein leased." (c) In contracts: "There shall be no discrimination against or segregation of, any person, or group of persons on account of race, color, religion, sex, marital status, ancestry or national origin in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the premises, nor shall the transferee himself of herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sublessees or vendees of the premises." Nothing in this Section 4 shall be construed to authorize the rental or lease of the Property if such rental or lease is not otherwise permitted. The covenants in this paragraph 4 shall run with the land in perpetuity. 5. Maintenance of Property. Covenantor shall properly maintain the buildings, landscaping and yard areas on the Property as follows: (a) No improperly maintained landscaping shall be visible from public rights -of - way, including: no lawns with grasses in excess of six (6) inches in height; 2 no untrimmed hedges; 3. no trees, shrubbery, lawns, and other plant life dying from lack of CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 5 5062 170 water or other necessary maintenance; 4. no trees and shrubbery grown uncontrolled without proper pruning; 5. no vegetation so overgrown as to be likely to harbor rats or vermin; and 6. no dead, decayed, or diseased trees, weeds, and other vegetation. (b) No yard areas shall be left unmaintained, including: 1. no broken or discarded furniture, appliances, and other household equipment stored in yard areas for periods exceeding one (1) week; 2. no packing boxes, lumber, trash, dirt, and other debris stored in yards for periods exceeding one (1) week in areas visible from public property or neighboring properties; 3. no unscreened trash cans, bins, or containers stored for unreasonable periods in areas visible from public property or neighboring properties; and 4. no vehicles parked or stored in areas other than approved parking areas. (c) No buildings may be left in an unmaintained condition, including: 1. no violations of state law, Uniform Codes, or City ordinances; 2. no condition that constitutes an unsightly appearance that detracts from the aesthetics or property value of the subject property or constitutes a private or public nuisance; 3. no broken windows or chipped, cracked, or peeling paint; and 4. no conditions constituting hazards and/or inviting trespassers or malicious mischief. 6. Covenants do not Impair Lien. No violation or breach of the covenants, conditions, restrictions, provisions, or limitations contained in this Declaration shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest. CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 5 91 6 3 1-7 1 7. Conflict with Other Laws: Severability. In the event that any provision of this Declaration is found to be contrary to applicable law or the Affordability Restrictions, then the contrary provisions of this Declaration shall be deemed to mean those provisions which are enforceable and consistent with such laws and policies. The remaining portions of this Declaration shall be deemed modified in a manner which is consistent with the goals and intent of this Declaration to provide housing at an affordable housing cost to low and moderate income households. Every provision of this Declaration is intended to be severable. In the event any term or provision of this Declaration is declared by a court of competent jurisdiction to be unlawful, invalid or unenforceable for any reason, such determination shall not affect the balance of the terms and provisions of this Declaration, which terms and provisions shall remain binding and enforceable. 9. Covenants for Benefit of City and Agency. All covenants without regard to technical classification or designation shall be binding for the benefit of the Covenantee and the City of La Quinta (the "City") and such covenants shall run in favor of the Covenantee and the City for the entire period during which such covenants shall be in force and effect, without regard to whether the Covenantee or the City is or remains an owner of any land or interest therein to which such covenants relate. The Covenantee and the City, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper legal proceedings to enforce and to cure such breach to which it or any other beneficiaries of these covenants may be entitled during the term specified for such covenants, except the covenants against discrimination which may be enforced at law or in equity at any time in perpetuity. 10. Notices. Demands and Communications Written notices, demands and communications between the Covenantor and the Covenantee shall be sufficiently given if delivered by hand or dispatched by registered or certified mail, postage prepaid, return receipt requested, as follows: Covenantor: The Spanos Corporation 3773 Howard Hughes Parkway, Suite 590S Las Vegas, Nevada 89109 Attn : Covenantee: La Quinta Redevelopment Agency Attention: Executive Director 78-495 Calle Tampico CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 57064 17L La Quinta, California 92253 Such addresses for notice may be changed from time to time upon notice to the other party. Any written notice, demand or communication shall be deemed received immediately if delivered by hand and shall be deemed received on the fifth (5th) calendar day from the date it is postmarked if delivered by registered or certified mail. 11. Expiration Date. This Declaration shall automatically terminate and be of no further force or effect as of thirty (30) years from the date this Declaration is recorded. IN WITNESS WHEREOF, the Covenantee and Covenantor have caused this instrument to be executed on their behalf of their respective officers hereunto duly authorized as of the date set forth above. THE LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic By: THOMAS P. GENOVESE, Executive Director "COVENANTEE" ATTEST: SAUNDRA L. JUHOLA, Agency Secretary (Agency's and Owner's Signature must be acknowledged by a Notary Public) THE SPANOS CORPORATION "COVENANTOR" or DEVELOPER" CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 58065 173 ATTACHMENT NO. 9 CERTIFICATE OF COMPLETION RECORDING REQUESTED BY ) AND WHEN RECORDED MAIL TO: ) LA QUINTA REDEVELOPMENT AGENCY ) 78-495 Calle Tampico ) La Quinta, California 92253 ) Attn: Executive Director ) Space above for Recorder's use. CERTIFICATE OF COMPLETION OF CONSTRUCTION AND DEVELOPMENT WHEREAS, by an Affordable Housing Agreement dated , 19_, by and between the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic (hereinafter referred to as the "Agency") and THE SPANOS CORPORATION (collectively referred to as the "Developer"), the Developer has constructed improvements upon the real property (the "Site"), legally described on the Attached Exhibit "A", by constructing or causing to be constructed the improvements thereon according to the terms and conditions of said Affordable Housing Agreement (the "Agreement"); and WHEREAS, pursuant to Section 315 of the Agreement, promptly after completion of the Improvements the Agency shall furnish the Developer with a Certificate of Completion upon written request therefor by the Developer; and WHEREAS, the issuance by the Agency of the Certificate of Completion shall be conclusive evidence that the construction of the Improvements conforms to the Agreement; and WHEREAS, the Developer has requested that the Agency furnish the Developer with the Certificate of Completion; and WHEREAS, the Agency has conclusively determined that the construction of the Improvements conforms to the Agreement; NOW, THEREFORE: 1. As provided in the Agreement, the Agency does hereby certify that the construction of the Improvements required to be constructed on the Site described in CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartments.wpd 6 00 617 174 Exhibit "A" hereto has been satisfactorily performed and completed and that such development and construction work complies with the Agreement. 2. This Certificate of Completion does not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of a mortgage or any insurer of a mortgage security money loaned to finance the work of construction if improvements and development of the Site, or any part hereof. This Certificate of Completion is not a notice of completion as referred to in Section 3093 of the California Civil Code. 3. This Certificate of Completion does not denote completion of any work required to be completed, other than on the Site. 4. The Deed of Trust recorded as Document No. among the official land records of the County of Riverside and those Conditions, Covenants and Restrictions recorded as Document No. among the official land records of the County of Riverside shall remain in full force and effect. IN WITNESS WHEREOF, the Agency has executed this Certificate as of this day of 719. LA QUINTA REDEVELOPMENT AGENCY THOMAS P. GENOVESE, Executive Director ATTEST: SAUNDRA L. JUHOLA, Agency Secretary CAMy Documents\WPDOCS\Agrmt-Spanos - AFA - Apartmentsmpd 6 4) 6 Q 175 ATTACHMENT #2 SUMMARY REPORT FOR THE AFFORDABLE HOUSING AGREEMENT FOR APARTMENTS BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND THE SPANOS CORPORATION JULY 20, 1999 INTRODUCTION The La Quinta Redevelopment Agency ("Agency") is contemplating an Affordable Housing Agreement ("Agreement") with The Spanos Corporation ("Developer") to facilitate the development of 200 residential apartment units, of which 20 units would be affordable to low and moderate income families ("Development"). The Development would be located on a 14.2-acre parcel located northeast of the intersection of 481h Avenue and Adams Street in La Quinta Redevelopment Project No. 2 ("Site"). As part of this transaction, the Developer will transfer a 10-acre parcel generally located southwest of the corner of 47' Avenue and Adams Street ("Developer Property") to the Agency for the Site. This document is the Summary Report ("Report") for the Agreement and has been prepared pursuant to Section 33433 of the California Health and Safety Code (the California Community Redevelopment Law or "Community Redevelopment Law"). This Report presents the following: I. A summary of the proposed Development. II. The cost of the Agreement to the Agency. III. The estimated value of the interest to be conveyed determined at the highest and best uses permitted by the Agency's Project No. 2 Redevelopment Plan. IV. The estimated value of the interest to be conveyed determined at the use with the conditions, covenants, and development costs required by the Agreement. V. An explanation of why the sale of property pursuant to the Agreement will assist in the elimination of blight. I. THE DEVELOPMENT PROPOSAL City and Agency Housing Mandates Both the City of La Quinta ("City") and the Agency are mandated by the State Planning and the Community Redevelopment Laws to continually seek opportunities that increase and improve the supply of housing affordable to very low, low, and moderate income households. State Planning Laws mandate that the City pursue a housing mix that 069 CAMy Documents\WPDOCS\SUMMARRpt-Spanos.doc 176 accommodates both local and regional housing demand for affordable dwellings. The Community Redevelopment Law provides that the Agency must pursue the production of affordable housing units within the Agency's two redevelopment project areas. Said Law further mandates that a minimum of 15% of all new and rehabilitated dwelling units within these project areas be affordable to very low, low, and moderate income households, and that these dwellings feature covenants that maintain their affordability for a minimum of 30 years. If the Agency does not implement this housing mandate, then the Agency's nonhousing redevelopment revenue may be withheld. The Site The Site is part of a larger 50-acre parcel that the Agency purchased in 1995. At that time, the Agency was seeking to reserve property for future affordable housing development and to facilitate quality development on property that would be difficult to develop. Site development constraints include greater infrastructure needs, topography variations that require significant cut and fill, and utility easements that reduce the developable area. The Site is bounded by vacant property to the north and east, slated for commercial and residential uses, respectively, and the Lake La Quinta and Rancho La Quinta residential and resort developments to the west and south. The Agency is currently negotiating an affordable housing agreement for the remaining 35.6 acres of the 50-acre parcel that contemplates 99 one-story single-family dwellings and related neighborhood improvements. Per the Agreement, the Agency will exchange the Site for the Developer Property to facilitate the Development. Initially, the Developer proposed a similar multifamily development (without an affordable housing component) on the Developer Property, but the community raised concerns regarding compatibility with adjoining residential uses. In an effort to resolve this conflict, the Agency initiated discussions with the Developer that led to the favorable relocation of their development proposal to the Site, and the inclusion of affordable housing units. The Development The Developer proposes to construct 200 two-story rental apartment units. The dwellings will range from 792 to 1,121 square feet in size, with 136 one- and 64 two -bedroom units. Site amenities will include controlled access, landscaped open space areas, a pool, and other recreation facilities. Enclosed garages and carports will house the residents' vehicles. The Development will be constructed in one phase. In order to increase the community's supply of affordable rental units, the Developer will reserve 20 units as affordable housing for low and moderate income households; 10 units will be affordable to moderate income households and 10 units affordable to low income households. Per the Agreement, these units will remain affordable to said households for 30 years. CAMy Documents\WPDOCS\SUMMARRpt-Spanos.doc 070 177 II. THE COST OF THE AGREEMENT TO THE AGENCY The total cost of the Agreement to the Agency is $300,000; $82,277 to compensate the Developer for the difference between the fair market appraised value of the Developer Property and the Site (a May 18, 1999 appraisal by MacKenzie, Wagner & Associates commissioned by the Agency concluded that the Developer Property is worth $1,200,000 while the Site is worth $1,117,723), and $217,723 to cover planning, public agency fee and off -site improvement costs related to the 20 affordable units. The property exchange (the Site for the Developer Property) will provide the Agency with 10 acres of property that zoned for residential uses. No plans have been discussed for the disposition of the Developer Property at this time. Source and Cost of Agency Funds The $300,000 of assistance will be funded with proceeds from the Agency's 1995 Housing Bond. The Agency issued approximately $22.5 million in bonds secured by the 20% housing fund revenues from both of the Agency's Redevelopment Projects. The Bonds are for a term of 30 years and are at an average coupon interest rate of 6%. Based upon these terms, the $300,000 of Housing Bond proceeds pledged to underwrite the Agreement will cost the Agency an estimated $750,720 in bond interest expense. Thus, the total cost of the Agreement to the Agency is projected to be $1,050,720. III. ESTIMATED VALUE OF INTEREST TO BE CONVEYED The Agency commissioned an appraisal of the Site in the spring of 1999. The appraisal was delivered on May 18, 1999 and established a fair market value for the Site of $78,712 per acre or $1,117,723. IV. ESTIMATED VALUE OF THE INTEREST TO BE CONVEYED, DETERMINE AT THE USE WITH THE CONDITIONS, COVENANTS, AND DEVELOPMENT COSTS REQUIRED BY THE AGREEMENT The Agreement provides that the Developer will reserve 20 units at rents affordable to low and moderate income households for 30 years. Ten units will be reserved for moderate income households and ten units for low income households. At this time, rents affordable to moderate income households in Riverside County are equal to the rents that the Developer proposes to charge for one- and two -bedroom units. However, the current affordable rents for low income households range from $566 to $638 per month for one - and two -bedroom units, respectively. The Developer's market research indicates that the La Quinta rental market will support rents for like units of $865 to $1,100. The capitalized value of the rental income (at a 10% capitalization rate) from the 10 low income units indicates a value of $679,200 versus a value for like non -affordable restricted units of $1,038,000, or a difference of $358,800. This valuation variance translates into a reduced amount of funds the Developer may secure to underwrite Site improvement and Development construction costs. The Agency assistance of $217,723 will aid the Developer in covering this shortfall. 071 CAMy Documents\WPDOCS\SUMMARRpt-Spanos.doc 178 V. EXPLANATION OF WHY THE SALE OF THE PROPERTY PURSUANT TO THE AGREEMENT WILL ASSIST IN THE ELIMINATION OF BLIGHT The Development will address the following reasons for establishing the La Quinta Redevelopment Project No.2: Infrastructure Improvements. The Development will result in the construction of a storm water detention basin and other improvements that will channel storm water runoff to local and regional flood control facilities. Further, the Development will result in improvements to the street system that serves the Project Area, thus eliminating infrastructure deficiencies. Flood control and infrastructure deficiencies were the primary blighting conditions that led to the establishment of the Project No.2. Removal of Impediments to Development. The land and infrastructure assistance provided through the Agreement will make it possible for affordable housing units to be developed within the Project Area. Further, the Agency's acquisition and subsequent conveyance of the Site facilitates the development of property that is otherwise difficult to develop. Infrastructure improvements and grading required increase development costs. Further, the adjacent auto mall reduces the desirability to develop the Site for residential uses. Finally, the Development will generate jobs during the construction phase, and will generate additional demand for products and services when the units are occupied. Increasing and Improving the Supply of Affordable Housing. The Development will result in the construction of housing units that will be affordable to low and moderate income households. 072 C:\My Documents\WPDOCS\SUMMARRpt-Spanos.doc 179