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2009 12 15 RDAeaf q4adja Redevelopment Agency agendas are available on the City' web page @ www.la-quinta.org REDEVELOPMENT AGENCY AGENDA CITY COUNCIL CHAMBERS 78-495 Calle Tampico La Quinta, California 92253 Regular Meeting TUESDAY, DECEMBER 15, 2009 3:00 P.M. Closed Session / 4:00 P.M. Open Session Beginning Resolution No. RA 2009-009 CALL TO ORDER Roll Call: Agency Board Members: Adolph, Evans, Henderson, Sniff, Chairperson Franklin PUBLIC COMMENT At this time, members of the public may address the Redevelopment Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. CLOSED SESSION NOTE: Time permitting the Redevelopment Agency Board may conduct Closed Session discussions during the dinner recess. In addition, persons identified as negotiating parties are not invited into the Closed Session meeting when acquisition of real property is considered. 1. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTIES IDENTIFIED AS THE MIRAFLORES SENIOR APARTMENTS LOCATED AT THE NORTHWEST CORNER OF JEFFERSON STREET AND AVENUE 48. PROPERTY OWNERS/NEGOTIATORS: MIRAFLORES, L.P., HUNTER L. JOHNSON. 001 Redevelopment Agency Agenda 1 December 15, 2009 2. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTY IDENTIFIED AS APN: 600-020- 038 AND -039. PROPERTY OWNERS/NEGOTIATORS: VIP MOTOR CARS, LTD, JERRY JOHNSON. 3. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTY IDENTIFIED AS APN: 600-020- 038, AND -039. PROPERTY OWNERS/NEGOTIATORS: DESERT CITIES DEVELOPMENT, INC., MICHAEL SHOVLIN. 4. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTIES LOCATED ON THE NORTHWEST CORNER OF JEFFERSON STREET AND AVENUE 50. APNs/ PROPERTY OWNERS/NEGOTIATORS: 602-180-004 AMERICAN STORES COMPANY, ROBERT MILLER; AND 602-180-001, -002, -003, 005, -006, AND -007 BLP DESERT, HERB LUNDIN. RECESS TO CLOSED SESSION RECONVENE AT 4:00 P.M. 4:00 P.M. PUBLIC COMMENT At this time members of the public may address the Redevelopment Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. APPROVAL OF MINUTES OF DECEMBER 1, 2009. Redevelopment Agency Agenda 2 002 December 15, 2009 CONSENT CALENDAR NOTE: Consent Calendar items are considered to be routine in nature and will be approved by one motion. APPROVAL OF DEMAND REGISTER DATED DECEMBER 15, 2009. 2. RECEIVE AND FILE TREASURER'S REPORT DATED OCTOBER 31, 2009. 3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED OCTOBER 31, 2009. 4. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA REDEVELOPMENT AGENCY 1998, 2001, 2002, AND 2003 TAX ALLOCATION BONDS FOR FISCAL YEAR END JUNE 30, 2009. 5. APPROVAL OF AMENDMENT NO. 2 TO THE EXCLUSIVE NEGOTIATION AGREEMENT BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND V.I.P. MOTOR CARS, LTD. FOR PROPERTY LOCATED NEAR HIGHWAY 111 AND DUNE PALMS ROAD. 6. APPROVAL OF AMENDMENT NO. 3 TO THE EXCLUSIVE NEGOTIATION AGREEMENT BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND DESERT CITIES DEVELOPMENT, INC. FOR PROPERTY LOCATED NEAR HIGHWAY 111 AND DUNE PALMS ROAD. 7. ADOPTION OF A RESOLUTION APPROVING AN AFFORDABLE HOUSING IMPLEMENTATION AGREEMENT (SENIOR APARTMENTS DEVELOPMENT) AMONG THE LA QUINTA REDEVELOPMENT AGENCY, MIRAFLORES L.P., AND CORPORATE FUND FOR HOUSING. 8. APPROVAL OF LA QUINTA REDEVELOPMENT AGENCY FINANCIAL REPORTS IN ACCORDANCE WITH SECTION 33080 OF THE HEALTH AND SAFETY CODE. BUSINESS SESSION - NONE STUDY SESSION — NONE CHAIR AND BOARD MEMBERS' ITEMS — NONE PUBLIC HEARINGS — NONE ».. 003 Redevelopment Agency Agenda 3 December 15, 2009 ADJOURNMENT The next regular meeting of the Redevelopment Agency will be held on January 5, 2010, commencing with closed session at 3:00 p.m. and open session at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that the foregoing agenda for the La Quinta Redevelopment Agency meeting of December 15, 2009, was posted on the outside entry to the Council Chamber at 78-495 Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630 Highway 1 1 1, on December 11, 2009. DATED: ecember 11, 2009 VERONICA J. NTECINO, City Clerk City of La Quinta, California Public Notice Any writings or documents provided to a majority of the Redevelopment Agency regarding any item on this agenda will be made available for public inspection at the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours. 004 Redevelopment Agency Agenda 4 December 15, 2009 CE OF 9w RDA MEETING DATE: December 15, 2009 ITEM TITLE: Demand Register Dated December 15, 2009 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated December 15, 2009 of which $185,086.58 represents Redevelopment Agency Expenditures AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR STUDY SESSION PUBLIC HEARING PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA 005 a `y OF COUNCIL/RDA MEETING DATE: December 15, 2009 AGENDA CATEGORY: ITEM TITLE: Receive and File Treasurer's Report dated October 31, 2009 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and file. BUSINESS SESSION: _ CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA 006 C `N OF TKF' AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: December 15, 2009 BUSINESS SESSION: ITEM TITLE: Receive and File Revenue and Expenditure Report dated October 31, 2009 CONSENT CALENDAR: 13 STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: Transmittal of the October 31, 2009 Statement of Revenue and Expenditures for the La Quinta Redevelopment Agency. Respectfully submitted, A4—A- -a-co�� M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. Revenue and Expenditures, October 31, 2009 007 ATTACHMENT 1 LA QUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO. 1: LOW/MODERATE TAX FUND: Tax Increment Allocated Interest Non Allocated Interest Miscellaneous revenue Non Allocated Interest LQRP-Rent Revenue Home Sales Proceeds Sale of Land Sewer Subsidy Reimbursements Rehabilitation Loan Repayments 2nd Trust Deed Repayment Transfer In TOTAL LOWIMOD TAX DEBT SERVICE FUND: Tax Increment Allocated Interest Non Allocated Interest Interest - County Loan Interest Advance Proceeds Transfers In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND Pooled Cash Allocated Interest Non Allocated Interest Developer Agreement Funding - Sale of Land Proceeds Rental Income Transfers In TOTAL CAPITAL IMPROVEMENT 0710112009 - 10/31/2009 ADJUSTED REMAINING % BUDGET RECEIVED BUDGET RECEIVED 10,833,900.00 0.00 10,833,900.00 0.000% 68,700.00 2,276.79 66,423.21 3.310% 0.00 409.38 (409.38) 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 225,000.00 79,835.00 145,165.00 35.480% 150,000.00 0.00 150,000.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0,000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0000% 11,277,600.00 82,521.17 11,195,07883 0730% 43,335,700.00 0.00 43,335,700.00 0.000% 42,700.00 11,449.87 31,250.13 26.810% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 4,438,892.00 2,981,837.27 1,45705473 67180% 47,817,292.00 2,993,287.14 44,824 004 86 6 260°/ 162,000.00 28,220.31 133,779.69 17.420% 32,500.00 11,918.00 20,582.00 36.670% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0,000% 0.00 0.00 0.00 0,000% 10,000,000.00 0.00 10,000,000 00 0.000% 10,194,500.00 40,138.31 10,154,36169 0390% ,so.. 008 Z LA OUINTA REDEVELOPMENT AGENCY ADJUSTED 10/31/09 REMAINING EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET PROJECT AREA NO. 1: LOWIMODERATE TAX FUND: PERSONNEL 1,100.00 0.00 0.00 1,100.00 SERVICES 352.490.00 85,44634 0.00 267,04326 BUILDING HORIZONS 0.00 000 0.00 0.00 LO RENTAL PROGRAM 275,000.00 64,589.84 0.00 210,410A6 2nd TRUST DEED PROGRAM 0.00 0.00 0.00 0.00 BUILDING HORIZONS 250,000.00 0,00 0.00 250.00000 LAND ACQUISITION 0.00 0.00 0,00 0.00 LOW MOD HOUSING PROJECTS 0,00 0.00 0,00 D00 FORECLOSURE 750,000.00 0,00 0.00 750,000.00 REIMBURSEMENT TO GEN FUND 763,523.00 290,03572 0,00 473.487,28 TRANSFERS OUT 4.478,892.00 2,981,837.27 0.00 1,497,054.73 TOTAL LOWIMOD TAX DEBT SERVICE FUND: SERVICES BOND PRINCIPAL BONDINTEREST INTEREST CITY ADVANCE PASS THROUGH PAYMENTS ERAF SHIFT TRANSFERS OUT CAPITAL IMPROVEMENT FUND: 508.200,00 7.040.00 0.00 501,160.00 3, 135,000,00 3.135.000.00 0.00 0.00 7,144,062.00 3,620,943.13 0.00 3,523,118.87 1,020,000,00 340.000,00 0.00 680,000,00 24.722,621.00 456,798.46 0.00 24,265,822.54 0.00 0.00 0.00 0,00 13,961,932,00 2,551,604.97 0.00 11,410,327.03 TOTAL DEBT SERVICE PERSONNEL 1.100,00 0.00 0.00 1,10000 SERVICES 776,600.00 213,513.50 0.00 563,086.50 LAND ACQUISITION 0.00 0,00 0,00 0.00 ASSESSMENT DISTRICT 0.00 0.00 0.00 0.00 ADVERTISING -ECONOMIC DEV 10,000.00 0.00 0.00 10,000.00 ECONOMIC DEVELOPMENT 0.00 0.00 0.00 000 BOND ISSUANCE COSTS 0.00 0.00 0.00 0.00 CAPITAL - BUILDING 000 0.00 0.00 0.00 REIMBURSEMENT TO GEN FUND 356,491.00 133.664.36 0,00 222,826.64 TRANSFERS OUT 45898,094,OD 171,487.49 0.00 45,726.606,51 TOTAL CAPITAL IMPROVEMENT -. 009 3 LA QUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY PROJECT AREA NO. 2: LOWIMODERATE TAX FUND: Tax Increment Allocated Interest Non Allocated Interest Wash St Apts Interest Income WSA Fed Govt Assistance Pymts WSA Fed Govt Interest Rate Subsidy Developer funding Wash St Apts Rental Income Wash St Apts Other Revenues 2nd Trust Deed Repayment ERAF Shift - Interest Sale of Land Transfer In TOTAL LOWIMOD TAX 2004 LOWIMODERATE BOND FUND: Allocated Interest Home Sale Proceeds Non Allocated Interest Transfer In TOTAL LOWIMOD BOND DEBT SERVICE FUND: Tax Increment Allocated Interest Non Allocated Interest Interest Advance Proceeds Transferin TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: Allocated Interest Non Allocated Interest Misc Revenue Sale of land Transfers In TOTAL CAPITAL IMPROVEMENT 0710V2009 - 10/31/2009 ADJUSTED REMAINING % BUDGET RECEIVED BUDGET RECEIVED 5,668,000.00 0.00 5.668,000.00 0.000% 168,100.00 13,898.57 154,201.43 8.270% 0.00 0.00 0.00 0.000% 3,600.00 858.35 2,741.65 23.840% 451,400.00 110,990.00 340,410.00 24.590% 46,800.00 0.00 46,800.00 0.000% 0.00 0.00 0.00 0.000% 163,300.00 43,926.12 119,373.88 26.900% 4,200.00 2,710.20 1,489.80 64.530% 0.00 23,444.00 (23,444.00) 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 6,505,400.00 195,827.24 6,309,572.76 3.010% 0,00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 17,500.00 6,737.00 10,763.00 38.500% 0.00 0.00 0.00 0.000% 17,500.00 6,737.00 10,763.00 38.500% 22,671,800.00 0.00 22,671,800.00 0.000% 140,000.00 12,119.11 127,880.89 8.660% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 1,951,399.00 1,256,760.66 694,638.34 64.400% 24,763,199.00 1,268,879.77 23,494,319.23 5.120% 41,400.00 2,326.99 39,073.01 5.620% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 41,400.00 2,326.99 39,073.01 5.620% El LA QUINTA REDEVELOPMENT AGENCY ADJUSTED 10/31109 REMAINING EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET PROJECT AREA NO. 2: LOWIMODERATE TAX FUND: PERSONNEL 700.00 0.00 0.00 70000 SERVICES 440,800.00 57,888.50 0.00 382.911.50 WASH ST APTS OTHER EXPENSES 429,300.00 96.713.00 0.00 332,587 00 2ND TRUST DEEDS 0.00 0.00 0,00 0.00 LOW MOD HOUSING PROJECTS 3,000.00 000 0.00 3,000.00 FORECLOSURE ACQUISITION 250,000.00 0.00 0.00 250,000.00 VISTA DUNES PARK 0.00 0,00 0.00 0.00 LAND ACQUISITION 0.00 0.00 0.00 000 WSA PRINIPROVIDENT LOAN 25,32500 6,120.58 0.00 19,204.42 WSA PRIN/USDA LOAN 10,671.00 0.00 0.00 10.67100 WSA INTEREST/PROVIDENT LOAN 129,149.00 32,498.03 0.00 96.650,97 WSA INTEREST/USDA LOAN 74,611.00 9,592.56 0.00 65,018.44 REIMBURSEMENT TO GEN FUND 416.38200 156.933.92 0.00 259,448.08 TRANSFERS OUT 12,757.594.00 1.307.426.71 000 11,450,167.29 TOTAL LOWIMOD TAX 2004 LOW/MODERATE BOND FUND HOUSING PROGRAMS 824,000.00 412,000,00 0.00 412.000,00 LAND 0.00 0,00 0.00 0.00 TRANSFERS OUT 731,740.00 (2,143,]02.4]) 0,00 2,875442.47 TOTAL LOWIMOO BOND f5557dP.DU--- i2P 4ij foil-7zd/,3 Z.4, DEBT SERVICE FUND: SERVICES 268,000,00 3.225.00 0.00 264,77500 BOND PRINCIPAL 120,000,00 120,00000 0.00 0,00 BOND INTEREST 299,550.00 151,312.50 0.00 148,23750 INTEREST CITY ADVANCE 1,656,528.00 552,176.00 0,00 1,104.352.00 PASS THROUGH PAYMENTS 19,253,381.00 12,871.03 0.00 19,240,509.97 TRANSFERS OUT 1,951,399.00 1,256,760.66 0,00 694,638,34 TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: PERSONNEL 700,00 40.00 0.00 660.00 SERVICES 250,360.00 29.090.45 0.00 221,269.55 CAPITAL 0.0D 0.00 000 am ECONOMIC DEVELOPMENT ACTIVITY 0,00 0.00 0,00 0.00 REIMBURSEMENT TO GEN FUND 58,244.00 22,470.00 0.00 35,774.00 TRANSFERS OUT 3,303,371.00 44,367.79 0.00 3,259,003.21 TOTAL CAPITAL IMPROVEMENT oil j COUNCIL/RDA MEETING DATE: December 15, 2009 ITEM TITLE: Approval of Annual Continuing Disclosure for the La Quinta Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds for Fiscal Year End June 30, 2009 RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: _ CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve, receive and file the Annual Continuing Disclosure for the La Quinta Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds for Fiscal Year End June 30, 2009. FISCAL IMPLICATIONS: None. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: On November 10, 1994, the Securities and Exchange Commission adopted amendments to existing federal regulations (Rule 15c2-12) for bonds issued after July 3, 1995, requiring issuers of municipal securities (bond issues) to do the following annually for each bond issue: 1. Prepare official statements meeting the content requirement of Rule 15c2-12. 2. File certain financial information and operating data with national and state repositories each year. �.. 012 3. Prepare announcements of the significant events including payment defaults, defeasances and draws on a reserve fund as the events occur. Attachment 1 is the Fiscal Year 2008-2009 Annual Continuing Disclosure Statements for the La Quinta Redevelopment Agency Bond Issues prepared in accordance with the three aforementioned requirements. Material event notices have been filed with the appropriate repositories on July 23, 2008 and December 1, 2008 reporting downgrades to the insurer of the 1998, 2001, 2002 and 2003 bonds — Ambac Assurance Corp (Ambac). The Agency previously received these notices at the December 16, 2008 Agency meeting. Additionally, the ratings of the bond insurer Ambac, were further downgraded and two additional notice of significant events were filed on July 9, 2009 and August 10, 2009 with the appropriate repositories to report these downgrades (Attachment 2)• It is important to note that the Agency has continued to pay debt service to the bondholders who invested in these bonds. FINDINGS AND ALTERNATIVES: The alternatives available to the Redevelopment Agency Board include: 1. Approve, receive and file the Annual Continuing Disclosure for the La Quinta Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds for Fiscal Year End June 30, 2009; or 2. Do not approve, receive and file the Annual Continuing Disclosure for the La Quinta Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds for Fiscal Year End June 30, 2009; or 3. Provide staff with alternative direction. Respectfully submitted, xewl� John M. Falconer, Finance Director �_ 013 2 Approved for submission by: Thomas P. Genovese, Executive Director Attachments: 1. Fiscal Year 2008-09 Annual Continuing Disclosure Statement for the RDA 1998, 2001, 2002 and 2003 Tax Allocation Bonds 2. Material Event Disclosures dated July 9, 2009 and August 10, 2009 014 P A I I AGNMENT 7 LA QUINTA REDEVELOPMENT AGENCY $15y760,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION REFUNDING BONDS, SERIES 1998 Riverside County, California Dated: June 1, 1998 CUSIP: 504194 2009 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 15, 2009 Also available at: `WILLDAN Rnanc7al Sorvices www.willdanxom 015 LIST OF PARTICIPANTS CITY OF LA QUINTA www.la-quinta.org John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760)777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services* Temecula, CA 92590 (951)587-3500 Report available for viewing CAD www.wiliden.com UNDERWRITER Miller & Schroeder Financial, Inc. BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 51" Street, 24th Floor Los Angeles, California 90071 (213) 613-6047 * In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. 016 INTRODUCTION Pursuant to an Official Statement dated June 17, 1998, the La Quinta Redevelopment Agency (the "Agency") issued $15,760,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Refunding Bonds, Series 1998, (the "1998 Bonds"). The 1998 Bonds are being issued for the purpose of refinancing the Agency's La Quinta Redevelopment Project, Tax Allocation Bonds, Series 1991 (the "1991 Bonds"). The 1998 Bonds are payable on a parity with the Agency's previously issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Series 2002 (the "2002 Bonds") and the Agency's La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Taxable Series 2003 (the "2003 Bonds") (collectively, the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 50.3% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 1998 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 1998 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 1998 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 1998 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the 1998 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. 2008/09, 1998 TAB City of La Quinta ". 1 017 73 ►1_ BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 30, 2009 Tax Allocation Refunding Bonds, Series 1998 $15,760,000 B. FUND BALANCES Fund As of October 30, 2009 Reserve Fund (') $841,805 (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. III. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2009 will be separately filed with the Electronic Municipal Market Access and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. Area No. 1 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (1) Increment 2005/06 $3,956,642,179 $29,248,534 $ 0 $3,985,890,713 $3,786,492,480 $45,632,751 2006/07 4,779,973,573 34,084,343 0 4,814,057,916 4,614,659,683 52,536,879 2007108 5,210,779,209 34,173,241 0 5,244,952,450 5,045,554,217 54,345,390 2008109 5,246,680,334 31,678,392 0 5,278,358,726 5,078,960,493 50,649,225 2009/10 4,912,824,357 36,007,022 0 4,948,831,379 4,749,433,146 N/A (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: Riverside County and Audited Financial Statements of the La Quints Redevelopment Agency. 2008109, 1998 TAB City of La Quinta 2 ».. 018 B. LAND USE PROJECT AREA NO. 1 2009110 Total Percent Land Use Secured Value of Total Residential $4,269,757,144 84.22% Commercial 489,223,948 9.65% Timeshare Estates - 37,873,351 0.75% Vacant 262,399,904 5.18% Miscellaneous/Unknown 10,451,619 0.21% Total Project Area No. 1 $5 069 705 966 100.00% Source: County of Riverside 2009/10 Secured Property Roll, as compiled by Wlldan Financial Services. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Less: Maximum Less: Less: Subordinated Maximum Annual Debt Fiscal Gross Tax Nonsubordinated Housing Pledged Pass Net Annual Debt let Service Year Increment Pass Throu hsl'I Set Aside Revenues ThroughslZl Revenues Service Coverage_ 2004/05 $33,867,116 $1,448,192 $6,773,423 $25,645,501 $10,455,214 $15,190,287 $9,890,703 1.54 2005/06 45,632,751 1,792,709 9,126,550 35,713,492 15,318,943 19,394,549 9,890,703 1.96 2006/07 52,536,879 1,959,308 10,507.377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 2007/08 54,345,390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703 1.94 2008/09 50,649,225 1,956,012 10,129,845 38,563,368 20,597,697 17,965,671 9,890,703 1.82 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubordinated basis. Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non - subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. (3) The combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office. 2008109, 1998 TAB City of La Quints 019 3 D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, 1998 Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in the table below was gathered and verified from the corresponding Official Statements. Maturity Date 1994 1998 2001 2002 2003 Combined September 1, Bonds Bonds Bonds Bonds Bonds Debt Service 2009 $2,160,695 $819,520 $2,430,720 $2,479,436 $1,996,050 $9,886,421 2010 2,159,880 819,520 2,430,720 2,475,676 2,000,163 9,885,959 2011 2,162,664 819,520 2,430,720 2,475,176 1,997,640 9,885,720 2012 2,160,003 819,520 2,430,720 2,477,681 1,998,755 9,886,679 2013 0 1,474,520 3,995,720 2,418,281 1,998,235 9,886,756 2014 0 1,475,460 3,997,470 2,413,031 1,996,080 9,882,041 2015 0 1,474,580 4,000,220 2,411,281 1,997,392 9,883,473 2016 0 1,476,880 3,998,720 2,412,781 1,996,208 9,884,589 2017 0 1,472,100 3,997,970 2,417,281 1,997,528 9,884,879 2018 0 1,475,500 3,997,720 2,414,531 1,996,040 9,883,791 2019 0 1,476,560 3,997,720 2,414,781 1,996,744 9,885,805 2020 0 1,475,280 3,997,720 2,412,781 1,999,328 9,885,109 2021 0 1,476,660 3,997,470 2,413,531 1,998,480 9,886,141 2022 0 1,475,440 3,996,720 2,416,781 1,999,200 9,888,141 2023 0 1,476,620 3,997,790 2,412,281 2,001,176 9,887,867 2024 0 1,474,940 3,997,485 2,413,856 1,999,096 9,885,377 2025 0 1,475,400 3,995,550 2,417,356 2,000,680 9,888,986 2026 0 1,472,740 3,996,730 2,417,525 1,997,434 9,884,429 2027 0 1,471,960 4,000,515 2,414,363 1,999,358 9,886,196 2028 0 1,472,800 3,996,395 2,417,869 2,000,808 9,887,872 2029 0 0 3,999,370 3,887,531 1,996,462 9,883,363 2030 0 0 3,998,675 3,888,013 1,996,320 9,883,008 2031 0 0 3,999,055 3,890,550 1,999,738 9,889,343 2032 0 0 0 7,889,631 2,001,072 9,890,703 Io. 020 2008109, 1998 TAB City of La Quints PO E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. The Agency has no knowledge that any of the events listed below have occurred or have not been previously reported during the fiscal year ended June 30, 2009. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. V. SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 1998 Bonds, has changed. A Significant Event Notice has been disseminated regarding this matter. 2008109, 1998 TAB City of La Quinta ... 5 021 10 LA QUINTA REDEVELOPMENT AGENCY $6,750,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2 TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1998 Riverside County, California Dated: June 1, 1998 CUSIP: 504194 2009 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 15, 2009 Also available at: WILLDAN ,_ _, „ Financier 5etvioes www.willdan.com 022 11 LIST OF PARTICIPANTS CITY OF LA QUINTA www.la-quinta.org John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services" Temecula, CA 92590 (951)587-3500 Report available for viewing A www.wilidan.com UNDERWRITER Miller & Schroeder Financial, Inc. BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 5'h Street, 24`h Floor Los Angeles, California 90071 (213)613-6047 ' In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. 023 12 1. INTRODUCTION Pursuant to an Official Statement dated June 17, 1998, the La Quinta Redevelopment Agency (the "Agency') issued $6,750,000 La Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds, Issue of 1998 (the "Bonds'). The Bonds are being issued for the purpose of refinancing the Agency's La Quinta Redevelopment Project Area No. 2, Tax Allocation Bonds, Issue of 1992 (the "1992 Bonds'). The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 2 (the "Project Area No. 2") encompasses an area of approximately 3,116 acres, which includes approximately 14% of the total corporate area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. 2008109 1998 TAB Proj 2 City of La Quinta ,N. 012 4 13 ►►_ BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 30, 2009 Tax Allocation Refunding Bonds, Issue of 1998 $5,680,000 B. FUND BALANCES Fund As of October 30, 2009 Reserve Fund t'1 $423,788 (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2009 will be separately filed with the Electronic Municipal Market Access and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 2. AREA NO. Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (') Increment 2005/06 $2,080,975,290 $32,295,383 $0 $2,113,270,673 $2,018.087,918 $24,812,367 2006/07 2,420,689,543 42,208,337 0 2,462,897,880 2,367,715,125 25,971,446 2007/08 2,724,518,603 50,446,080 0 2,774,964,683 2,679,781,928 28,859,688 2008/09 2,805,349,012 61,576,037 0 2,866,925,049 2,771,742,294 28,479,642 2009/10 2,599,001,419 65,591,021 0 2,664,592,440 2,569,409,685 N/A (1) The Base Value for the Project Area No. 2 is $95,182,755. Source: Riverside County and Audited Financial Statements of the La Quinta Redevelopment Agency. 2008/09 1998 TAB Proj 2 City of La Quinta 0�5 14 B. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and Debt Service Coverage for the Bonds. Maximum Less: Less: Annual Maximum Annual Fiscal Gross Tax Nonsubordinated Housing Pledged t'I Debt Debt Service (2) Coverage Year Increment Pass Throughs Set Aside Revenues Service 2004/05 $17,546,203 $10,605,577 $3,345,543 $3,595,083 $423,788 8.48 2005/06 24,812,367 15,269,285 4,962,474 4,580,608 423,788 10.81 2006/07 25,971,446 16,457,383 5,194,289 4,319,774 423,788 10.19 2007/08 28,859,688-18,293,635 5,771,938 4,794,115 423,788 11.31 2008/09 28,479.642 17,934,244 5,695,928 4,849,470 423,788 11.44 (1) The Agency has entered into agreements with the Riverside County General Fund, Riverside County Library District, Riverside County Fire District, Riverside County Superintendent of Schools, Coachella Valley Water District, Coachella Valley Recreation and Parks District, Desert Sands Unified School District, and the Coachella Valley Mosquito Abatement District to pass through Tax Increment on a nonsubordinated basis. (2) Maximum Annual Debt Service on the Bonds is payable in the year 2024. Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office. C. LAND USE PROJECT AREA NO. Land Use 2009110 Total Secured Value Percent of Total Residential $1,932,406,905 70.61% Commercial 637,232,194 23.29% Apartments 80,088,512 2.93% Vacant 57,106,205 2.09% Miscellaneous/Unknown 29,719,137 1.09% Total Project Area No. 2 $2 736 552 953 100.00% 2008109 1998 TAB Proj 2 Source: County of Riverside 2009/10 Secured Property Roll, as compiled by Willdan Financial Services. City of La Quinta 026 15 D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the Bonds. Information contained in the table below was gathered and verified from the Official Statement. Maturity Date September 1 Principal Interest Debt Service 2009 $120,000 $302,625 $422,625 2010 125,000 296,475 421,475 2011 130,000 290,069 420,069 2012 140,000 283,406 423,406 2013 145,000 276,231 421,231 2014 150,000 268,800 418,800 2015 160,000 261,113 421,113 2016 170,000 252,913 422,913 2017 175,000 244,200 419,200 2018 185,000 235,231 420,231 2019 195,000 225,750 420,750 2020 205,000 215,513 420,513 2021 215,000 204,750 419,750 2022 230,000 193,463 423,463 2023 240,000 181,388 421,388 2024 255,000 168,788 423,788 2025 265,000 155,400 420,400 2026 280,000 141,488 421,488 2027 295,000 126,788 421,788 2028 310,000 111,300 421,300 2029 325,000 95,025 420,025 2030 345,000 77,963 422,963 2031 360,000 59,850 419,850 2032 380,000 40,950 420,950 2033 400,000 21,000 421,000 Total $5,800,000 $4,730,476 $10,630,476 2008109 1998 TAB Proj 2 City of La Quinta .... 4 021 16 E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. The Agency has no knowledge that any of the events listed below have occurred or have not been previously reported during the fiscal year ended June 30, 2009. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. V_ SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 1998 Bonds, has changed. A Significant Event Notice has been disseminated regarding this matter. 028 2008109 1998 TAB Prof 2 City of La Quinta 17 LA QUINTA REDEVELOPMENT AGENCY $48, 000, 000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2001 Riverside County, California Dated: August 1, 2001 CUSIP: 504194 2009 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 15, 2009 Also available at: We'WILLDAN Rtt nclal Servica www.willdanxom 029 ID LIST OF PARTICIPANTS CITY OF LA QUINTA wwwla-quinta.org John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services* Temecula, CA 92590 (951)587-3500 Report available for viewing CCD www.willdan.com UNDERWRITER Wedbush Morgan Securities BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 5`" Street, 24l" Floor Los Angeles, California 90071 (213)613-6047 In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. (130 19 1. INTRODUCTION Pursuant to an Official Statement dated August 15, 2001, the La Quinta Redevelopment Agency (the "Agency") issued $48,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds"). The 2001 Bonds are being issued to finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No. 1. The 2001 Bonds are payable on a parity with the Agency's previously issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds"), the previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002 (the "2002 Bonds') and the Agency's La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable Series 2003 (the "2003 Bonds') (collectively, the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 50.3% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 2001 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 2001 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 2001 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 2001 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the 2001 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. 200a/09, 2001 TAB City of La Quinta ©31 20 ►►_ BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 30, 2009 Tax Allocation Bonds, Series 2001 $48,000,000 B. FUND BALANCES Fund As of October 30, 2009 Reserve Fund I'i $2,633,200 (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. 111. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2009 will be separately filed with the Electronic Municipal Market Access and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (1) Increment 2005/06 $3,956,642,179 $29,248,534 $ 0 $3,985,890,713 $3,786,492,480 $45,632,751 2006/07 4,779,973,573 34,084,343 0 4,814,057,916 4,614,659,683 52,536,879 2007/08 5,210,779,209 34,173,241 0 5,244,952,450 5,045,554,217 54,345,390 2008/09 5,246,680,334 31,678,392 0 5,278,358,726 5,078,960.493 50,649,225 2009/10 4,912,824,357 36,007,022 0 4,948,831,379 4,749,433,146 N/A (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: Riverside County and Audited Financial Statements of the La Quinta Redevelopment Agency. 2008109, 2001 TAB City of La Quinta (Y3? 21 B. LAND USE PROJECT AREA NO. 1 2009/10 Total Percent Land Use Secured Value of Total Residential $4,269,757,144 84.22% Commercial 489,223,948 . 9.65% Timeshare Estates 37,873,351 0.75% Vacant 262,399,904 5.18% Miscellaneous/Unknown 10,451,619 0.21% Total Project Area No. 1 $5 069 705 966 100.00% Source: County of Riverside 2009/10 Secured Property Roll, as compiled by Wlldan Financial Services. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Less: Maximum Less: Less: Subordinated Maximum Annual Debt Fiscal Gross Tax Nonsubordinated Housing Pledged Pass Net Annual Debt (3) Service Year Increment Pass Throughstll Set Aside Revenues Throughs(2) Revenues Service Coverage 2004105 $33,867,116 $1,448,192 $6,773,423 $25,645,501 $10,455,214 $15,190,287 $9,890,703 1.54 2005/06 45,632,751 1,792,709 9,126,550 35,713,492 15,318,943 19,394,549 9,890,703 1.96 2006/07 52,536,879 1,959,308 10,507,377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 2007/08 54,345.390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703 1.94 2008/09 50,649,225 1,956,012 10,129,845 38,563,368 20,597,697 17,965,671 9,890,703 1.82 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubodinated basis. Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non - subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. rvice on the 2003 s, 2002 s, 2001 ds, the 1998 Bonds and the (3) The combined 94 Bonds ispayab eMaximum he year 2032 n the ea amount of $9,890, 03.d A portion ofdthe HousingnSet Asides � isple pledged towards payment of 18.5% of the debt service on the 1994 Bonds. Source: Audited Financial Statements of the La Quinta Redevelopment Agency and the Statement of Indebtedness fled with the Riverside County Auditor -Controller's Office. 2008109, 2001 TAB City of La Quints 033 22 D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, 1998 Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in the table below was gathered and verified from the corresponding Official Statements. Maturity Date 1994 1998 2001 2002 2003 Combined September 1, Bonds Bonds Bonds Bonds Bonds Debt Service 2009 $2,160,695 $819,520 $2,430,720 $2,479,436 $1,996,050 $9,886,421 2010 2,159,880 819,520 2,430,720 2,475,676 2,000,163 9,885,959 2011 2,162,664 819,520 2,430,720 2,475,176 1,997,640 9,885,720 2012 2,160,003 819,520 2,430,720 2,477,681 1,998,755 9,886,679 2013 0 1,474,520 3,995,720 2,418,281 1,998,235 9,886,756 2014 0 1,475,460 3,997,470 2,413,031 1,996,080 9,882,041 2015 0 1,474,580 4,000,220 2,411,281 1,997,392 9,883,473 2016 0 1,476,880 3,998,720 2,412,781 1,996,208 9,884,589 2017 0 1,472,100 3,997,970 2,417,281 1,997,528 9,884,879 2018 0 1,475,500 3,997,720 2,414,531 1,996,040 9,883,791 2019 0 1,476,560 3,997,720 2,414,781 1,996,744 9,885,805 2020 0 1,475,280 3,997,720 2,412,781 1,999,328 9,885,109 2021 0 1,476,660 3,997,470 2,413,531 1,998,480 9,886,141 2022 0 1,475,440 3,996,720 2,416,781 1,999,200 9,888,141 2023 0 1,476,620 3,997,790 2,412,281 2,001,176 9,887,867 2024 0 1,474,940 3,997,485 2,413,856 1,999,096 9,885,377 2025 0 1,475,400 3,995,550 2,417,356 2,000,680 9,888,986 2026 0 1,472,740 3,996,730 2,417,525 1,997,434 9,884,429 2027 0 1,471,960 4,000,515 2,414,363 1,999,358 9,886,196 2028 0 1,472,800 3,996,395 2,417,869 2,000,808 9,887,872 2029 0 0 3,999,370 3,887,531 1,996,462 9,883,363 2030 0 0 3,998,675 3,888,013 1,996,320 9,883,008 2031 0 0 3,999,055 3,890,550 1,999,738 9,889,343 2032 0 0 0 7,889,631 2,001,072 9,890,703 Total $8,643,242 $26,876,520 $86,681,896 $68,102,004 $47,959,987 $237,262,648 2008109, 2001 TAB City of La Quinta 4 034 23 E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. The Agency has no knowledge that any of the events listed below have occurred or have not been previously reported during the fiscal year ended June 30, 2009. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. V. SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 2001 Bonds, has changed. A Significant Event Notice has been disseminated regarding this matter. L35 2008109, 2001 TAB City of La Quinta 24 LA QUINTA REDEVELOPMENT AGENCY $401000, 000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2002 Riverside County, California Dated: June 1, 2002 CUSIP: 504194 2009 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 15, 2009 Also available at: WILLDAN .... .... Financial Services www.willdan.com 136 25 LIST OF PARTICIPANTS CITY OF LA QUINTA www.la-quinta.org John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services' Temecula, CA 92590 (951)587-3500 Report available for viewing CcD www.wil ddan.com UNDERWRITER Wedbush Morgan Securities BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 5th Street, 24th Floor Los Angeles, California 90071 (213)613-6047 In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. 031 wX1 L INTRODUCTION Pursuant to an Official Statement dated June 12, 2002, the La Quinta Redevelopment Agency (the "Agency') issued $40,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002 (the "2002 Bonds"). The 2002 Bonds are being issued to finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No. 1. The 2002 Bonds are payable on a parity with the Agency's previously issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"), the previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds"), the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds") and the Agency's La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable Series 2003 (the "2003 Bonds") (collectively, the "Bonds"). The City of La Quinta, (the "City') which comprises approximately 35.1 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 50.3% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 2002 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 2002 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 2002 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 2002 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the 2002 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. 038 2008109, 2002 TAB City of La Quinta 27 It BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 30, 2009 Tax Allocation Refunding Bonds, Series 2002 $35,765,000 B. FUND BALANCES Fund As of October 30, 2009 Reserve Fund 1'I $2,013,648 (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2009 will be separately filed with the Electronic Municipal Market Access and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. Proiect Area No. 1 Fiscal Secured Unsecured utility Total Taxable Taxable Value ttl Gross Tax Year Value Value Value Value Above Base Increment 2005/06 $3,956,642,179 $29,248,534 $0 $3,985,890,713 $3,786,492,480 $45,632,751 2006/07 4,779,973,573 34,084,343 0 4,814,057,916 4,614,659,683 52,536,879 2007/08 5,210,779,209 34,173,241 0 5,244,952,450 5,045,554,217 54,345,390 2008/09 5,246,680,334 31,678,392 0 5,278,358,726 5,078,960,493 50,649,225 2009/10 4,912,824,357 36,007,022 0 4,948,831,379 4,749,433,146 N/A (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: Riverside County and Audited Financial Statements of the La Quinta Redevelopment Agency. 200a/09, 2002 TAB City of la Quinta "'• 2 039 B. LAND USE PROJECT AREA NO. 1 2009/10 Total Percent Land Use Secured Value of Total Residential $4,269,757,144 84.22% Commercial 489,223,948 9,65% Timeshare Estates 37,873,351 0.75% Vacant 262,399,904 5.18% Miscellaneous/Unknown 10,451,619 0.21% Total Project Area No 1 $5 069,705,966 100.00% Source: County of Riverside 2009/10 Secured Property Roll, as compiled by Willdan Financial Services. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Less: Maximum Less: Less: Subordinated Maximum Annual Debt Fiscal Gross Tax Nonsubordinated Housing Pledged Pass Net Annual Debt PI Service Year Increment Pass Throughsttl Set Aside Revenues Throughs(2) Revenues Service Coverage 2004/05 $33,867,116 $1,448,192 $6,773,423 $25,645,501 $10,455,214 $15,190,287 $9,890,703 1.54 2005/06 45,632,751 1,792,709 9,126,550 35,713,492 15,318,943 19,394,549 9,890,703 1.96 2006/07 52,536.879 1,959,308 10,507,377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 2007/08 54,345,390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703 1.94 2008/09 50,649,225 1,956,012 10,129,845 38.563,368 20,597,697 17,965,671 9,890,703 1.82 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubordinated basis. Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non - subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. (3) The combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2032 in the amount of $9,890,703, A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. Source: Audited Financial Statements of the La Quinta Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's office. 040 2008109, 2002 TAB City of La Quinta D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, 1998 Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in the table below was gathered and verified from the corresponding Official Statements. Maturity Date 1994 1998 2001 2002 2003 Combined September 1, Bonds Bonds Bonds Bonds Bonds Debt Service 2009 $2,160,695 $819,520 $2,430,720 $2,479,436 $1.996,050 $9,886,421 2010 2,159,880 819,520 2,430,720 2,475,676 2,000,163 9,885,959 2011 2,162,664 819,520 2,430,720 2,475,176 1,997,640 9,885,720 2012 2,160,003 819,520 2,430,720 2,477,681 1,998,755 9,886,679 2013 0 1,474,520 3,995,720 2,418,281 1,998,235 9,886,756 2014 0 1,475,460 3,997,470 2,413,031 1,996,080 9,882,041 2015 0 1,474,580 4,000,220 2,411,281 1,997,392 9,883,473 2016 0 1,476,880 3,998,720 2,412,781 1,996,208 9,884,589 2017 0 1,472,100 3,997,970 2,417,281 1,997,528 9,884,879 2018 0 1,475,500 3,997,720 2,414,531 1,996,040 9,883,791 2019 0 1,476,560 3,997,720 2,414,781 1,996,744 9,885,805 2020 0 1,475,280 3,997,720 2,412,781 1,999,328 9,885,109 2021 0 1,476,660 3,997,470 2,413,531 1,998,480 9,886,141 2022 0 1,475,440 3,996,720 2,416,781 1,999,200 9,888,141 2023 0 1,476,620 3,997,790 2,412,281 2,001,176 9,887,867 2024 0 1,474,940 3,997,485 2,413,856 1,999,096 9,885,377 2025 0 1,475,400 3,995,550 2,417,356 2,000,680 9,888,986 2026 0 1,472,740 3,996,730 2,417,525 1,997,434 9,884,429 2027 0 1,471,960 4,000,515 2,414,363 1,999,358 9,886,196 2028 0 1,472,800 3,996,395 2,417,869 2,000,808 9,887,872 2029 0 0 3,999,370 3,887,531 1,996,462 9,883,363 2030 0 0 3,998,675 3,888,013 1,996,320 9,883,008 2031 0 0 3,999,055 3,890,550 1,999,738 9,889,343 2032 0 0 _ 0 7,889,631 2,001,072 9,890,703 2008/09, 2002 TAB City of La Quinta 041 30 E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. The Agency has no knowledge that any of the events listed below have occurred or have not been previously reported during the fiscal year ended June 30, 2009. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. V. SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 2002 Bonds, has changed. A Significant Event Notice has been disseminated regarding this matter. 042 2008/09, 2002 TAB City of La Quinta 31 LA QUINTA REDEVELOPMENT AGENCY $26,400,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS TAXABLE SERIES 2003 Riverside County, California Dated: September 1, 2003 CUSIP: 504194 2009 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 16, 2009 Also available at: WILLDAN I IT.T FMM-IA SMry Ces www.willdanxom �- 043 32 LIST OF PARTICIPANTS CITY OF LA QUINTA www.ia-quinta.org John Falconer Finance Director P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services' Temecula, CA 92590 (951)587-3500 Report available for viewing (d) www.wil ddan.com UNDERWRITER Wedbush Morgan Securities BOND COUNSEL Rutan & Tucker LLP Costa Mesa, California TRUSTEE Brad Scarbrough U.S. Bank Trust, N.A. 633 West 51h Street, 24`h Floor Los Angeles, California 90071 (213)613-6047 In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. 044 33 1. INTRODUCTION Pursuant to an Official Statement dated September 10, 2003, the La Quinta Redevelopment Agency (the "Agency') issued $26,400,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable Series 2003 (the "2003 Bonds"). The 2003 Bonds are being issued to finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No. 1. The 2003 Bonds are payable on a parity with the Agency's previously issued La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds'), the previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds"), the previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds") and the Agency's previously issued La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002 (the "2002 Bonds") (collectively, the "Bonds"). The City of La Quinta, (the "City") which comprises approximately 35.1 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. Redevelopment Project Area No. 1, (the "Project Area No. 1") encompasses an area of approximately 11,200 acres, which includes approximately 50.3% of the current area of the City. The objective of the Agency is to eliminate or reduce the many instances of economic, physical or social blight presently existing within the boundaries of the Redevelopment Projects. The 2003 Bonds are special obligations of the Agency and are secured by a pledge of Pledged Tax Revenues, as defined in the Official Statement. The 2003 Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The 2003 Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Agency for the benefit of the holders of the 2003 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Agency and the 2003 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Agency or any other parties described herein. 2008109, 2003 TAB City of La Quinta 1045 34 ❑_ BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 30, 2009 Tax Allocation Bonds, Taxable Series 2003 $23,810,000 B. FUND BALANCES Fund As of October 30, 2009 Reserve Fund I'I $1,509,867 (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation. ❑L FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2009 will be separately filed with the Electronic Municipal Market Access and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV_ OPERATING INFORMATION A. ASSESSED VALUATIONS The following table set forth the Taxable Values and the Gross Tax Increment for the Project Area No. 1. Fiscal Secured Unsecured Utility Total Taxable Taxable Value (') Gross Tax Year Value Value Value Value Above Base Increment 2005/06 $3,956,642,179 $29,248,534 $ 0 $3,985,890,713 $3,786,492,480 $45,632,751 2006107 4,779,973,573 34,084,343 0 4,814,057,916 4,614,659,683 52,536,879 2007/08 5,210,779,209 34,173,241 0 5,244,952,450 5,045,554,217 54,345,390 2008109 5,246,680,334 31,678,392 0 5,278,358,726 5,078,960,493 50,649,225 2009/10 4,912,824,357 36,007,022 0 4,948,831,379 4,749,433,146 N/A (1) The Base Value for the Project Area No. 1 is $199,398,233. Source: Riverside County and Audited Financial Statements of the La Quinta Redevelopment Agency. 2008109, 2003 TAB City of La Quinta 35 B. LAND USE PROJECT AREA NO. 1 2009110 Total Percent Land Use Secured Value of Total Residential $4,269,757,144 84.22% Commercial 489,223,948 9.65% Timeshare Estates 37,873,351 0.75% Vacant 262,399,904 5.18% Miscellaneous/Unknown 10,451,619 0.21% Total Project Area No. 1 $5 069 705 966 100.00% Source: County of Riverside 2009/10 Secured Property Roll, as compiled by Willdan Financial Services. C. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE The following table sets forth the amount of Gross Tax Increment and the combined Debt Service Coverage for the Bonds. Less: Maximum Less: Less: Subordinated Maximum Annual Debt Fiscal Gross Tax Nonsubordinated Housing Pledged Pass Net Annual Debt (�) Service Year Increment Pass Throuohsltl Set Aside Revenues Throughs(2) Revenues Service Coverage 2004105 $33,867,116 $1,448,192 $6,773,423 $25,645,501 $10,455.214 $15,190,287 $9,890,703 1.54 2005106 45,632,751 1,792,709 9,126,550 35,713,492 15,318,943 19,394,549 9,890,703 1.96 2006/07 52,536,879 1,959,308 10,507,377 40,070,194 17,669,196 22,400,998 9,890,703 2.26 2007/08 54,345.390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703 1.94 2008/09 50,649,225 1,956,012 10,129,845 38,563,368 20,597,697 17,965,671 9,890,703 1.82 (1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a nonsubordinated basis. Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non - subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service. (2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the Desert Community College District. (3) The combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bands, 2001 Bonds, the 1998 Bonds and the 1994 Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the payment of 18.5% of the debt service on the 1994 Bonds. Source: Audited Financial Statements of the La Quinta Redevelopment Agency and the Statement of Indebtedness filed with the Riverside County Auditor -Controller's Office. 2008109, 2003 TAB City of La Quinta 3 047 36 D. ANNUAL DEBT SERVICE The following table sets forth the annual debt service for the 1994 Bonds, 1998 Bonds, 2001 Bonds, 2002 Bonds and the 2003 Bonds. Information contained in the table below was gathered and verified from the corresponding Official Statements. Maturity Date September 1, 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds 2003 Bonds Combined Debt Service 2009 $2,160,695 $819,520 $2,430,720 $2,479,436 $1,996,050 $9,886,421 2010 2,159,880 819,520 2,430,720 2,475,676 2,000,163 9,885,959 2011 2,162,664 819,520 2,430,720 2,475,176 1,997,640 9,885,720 2012 2,160,003 819,520 2,430,720 2,477,681 1,998,755 9,886,679 2013 0 1,474,520 3,995,720 2,418,281 1,998,235 9,686,756 2014 0 1,475,460 3,997,470 2,413,031 1,996,080 9,882,041 2015 0 1,474,580 4,000,220 2,411,281 1,997,392 9,883,473 2016 0 1,476,880 3,998,720 2,412,781 1,996,208 9,884,589 2017 0 1,472,100 3,997,970 2,417,281 1,997,528 9,884,879 2018 0 1,475,500 3,997,720 2,414,531 1,996,040 9,883,791 2019 0 1,476,560 3,997,720 2,414,781 1,996,744 9,885,805 2020 0 1,475,280 3,997,720 2,412,781 1,999,328 9,885,109 2021 0 1,476,660 3,997,470 2,413,531 1,998,480 9,886,141 2022 0 1,475,440 3,996,720 2,416,781 1,999,200 9,888,141 2023 0 1,476,620 3,997,790 2,412,281 2,001,176 9,887,867 2024 0 1,474,940 3,997,485 2,413,856 1,999,096 9,885,377 2025 0 1,475,400 3,995,550 2,417,356 2,000,680 9,888,986 2026 0 1,472,740 3,996,730 2,417,525 1,997,434 9,884,429 2027 0 1,471,960 4,000,515 2,414,363 1,999,358 9,886,196 2028 0 1,472,800 3,996,395 2,417,869 2,000,808 9,887,872 2029 0 0 3,999,370 3,887,531 1,996,462 9,883,363 2030 0 0 3,998,675 3,888,013 1,996,320 9,883,008 2031 0 0 3,999,055 3,890,550 1,999,738 9,889,343 048 2008109, 2003 TAB City of La Quinta 37 E. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. The Agency has no knowledge that any of the events listed below have occurred or have not been previously reported during the fiscal year ended June 30, 2009. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. V. SUBSEQUENT EVENTS The rating of Ambac, Bond Insurer for the 2003 Bonds, has changed. A Significant Event Notice has been disseminated regarding this matter. 2008109, 2003 TAB City of La Quinta 5040 RE N I � Nlin1Y1 L1Y � � LA QUINTA REDEVELOPMENT AGENCY $15,760,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION REFUNDING BONDS, SERIES 1998 Riverside County, California Dated: June 1, 1998 CUSIP: 504194 Notice of Significant Event As of July 9, 2009 Also available at: WILLDAN Rnandal Services www.willdan.com W. 050 p*1 SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated June 24, 1998, executed by the Agency, in connection with the execution and delivery of the Agency's $15,760,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Refunding Bonds Series 1998 (the "Bonds"), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as am ended. The following information is being provided as required under the section titled, "Continuing Disclosure' of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and 'Aaa' by Standard & Poor's ("S&P") and Moody's Investors Service, respectively. • On June 24, 2009, S&P downgraded its insurance financial strength rating of Ambac from 'A' to 'BBB'. Although the rating• downgrade by S&P reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. CITY OF LA QUINTA www.la-quinta.org John Falconer Director of Finance P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services, formerly MuniFinancial Temecula, California 92590 (951)587-3500 www.wilidan.com TAB 1998, Proj 1 City of La Quinta 0151 40 LA QUINTA REDEVELOPMENT AGENCY $6,750,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2 TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1998 Riverside County, California Dated: June 1, 1998 CUSIP: 504194 Notice of Significant Event As of July 9, 2009 Also available at: 0 WILLDAN lnandal Smim www.wilidan.com 052 41 SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated June 17, 1998, executed by the Agency, in connection with the execution and delivery of the Agency's $6,750,000 La Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds Issues of 1998 (the "Bonds"), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required under the section titled, "Continuing Disclosure" of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and'Aaa' by Standard & Poor's ("S&P") Moody's Investors Service, respectively. • On June 24, 2009, S&P downgraded its insurance financial strength rating of Ambac from 'A' to'BBB'. Although the rating downgrade by S&P reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. CITY OF LA QUINTA www.la-quinta.org John Falconer Director of Finance P.O. Box 1504 78.495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services, formerly MuniFinancial Temecula, California 92590 (951) 587-3500 www.wilidan.com TAB 1998, Prof 2 City of La Quinta 053 42 LA QUINTA REDEVELOPMENT AGENCY $48,000,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2001 Riverside County, California Dated: August 1, 2001 CUSIP: 504194 Notice of Significant Event As of July 9, 2009 Also avallable at: WILLDAN Finenclal Services www.wllldanxom 054 43 SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated August 22, 2001 executed by the Agency, in connection with the execution and delivery of the Agency's $48,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds Series 2001 (the "Bonds"), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required under the section titled, "Continuing Disclosure" of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and'Aaa' by Standard & Poor's ("S&P") and Moody's Investors Service, respectively. • On June 24, 2009, S&P downgraded its insurance financial strength rating of Ambac from 'A' to 'BBB'. Although the rating downgrade by S&P reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. CITY OF LA QUINTA www.la-quinta.org John Falconer Director of Finance P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services, formerly MuniFinancial Temecula, California 92590 (951) 587-3500 www.wilidan.com TAB 2001 Prof 1 City of La Quinta ',,,,. 055 LA QUINTA REDEVELOPMENT AGENCY $40100000 LA QUINTA REDEVELOPMENT PROJECT AREA NO, 1 TAX ALLOCATION BONDS SERIES 2002 Riverside County, California Dated: June 1, 2002 CUSIP: 504194 Notice of Significant Event As of July 9, 2009 Also available at: WILLDAN FinancW SaWces w .willdanxom 056 45 SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated June 12, 2002 executed by the Agency, in connection with the execution and delivery of the Agency's $40,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds Series 2002 (the "Bonds"), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required under the section titled, "Continuing Disclosure" of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and 'Aaa' by Standard & Poor's ("S&P") and by Moody's Investors Service, respectively. In addition, S&P assigned an underlying rating to the Bonds of W. • On June 24, 2009, S&P downgraded its insurance financial strength rating of Ambac from'A' to'BBB'. Although the rating downgrade by S&P reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. CITY OF LA QUINTA www.la-quinta.org John Falconer Director of Finance P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT &'DISSEMINATION AGENT Willdan Financial Services, formerly MuniFinancial Temecula, California 92590 (951) 587-3500 www.wilidan.com TAB 2002, Proj. 1 City of La Quinta 0 51 LA QUINTA REDEVELOPMENT AGENCY $26,400,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS TAXABLE SERIES 2003 Riverside County, California Dated: September 1, 2003 CUSIP: 504194 Notice of Significant Event As of July 9, 2009 Mao available at: WILLDAN F1nandN Sen4 s www.wllldan.00m m SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated September 10, 2003 executed by the Agency, in connection with the execution and delivery of the Agency's $26,400,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds Series 2003 (the "Bonds"), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required under the section titled, "Continuing Disclosure" of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and 'Aaa' by Standard & Poor's ("S&P") and by Moody's Investors Service, respectively. In addition, S&P assigned an underlying rating to the Bonds of W. • On June 24, 2009, S&P downgraded its insurance financial strength rating of Ambac from 'A' to 'BBB'. Although the rating downgrade by S&P reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. CITY OF LA QUINTA www.la-quinta.org John Falconer Director of Finance P.O. Box 1504 78-495 Calls Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATIONAGENT Willdan Financial Services, formerly MuniFinancial Temecula, California 92590 (951) 587-3500 www.wilidan.com TAB 2003, Proj 1 City of La Quinta 059 ME LA QUINTA REDEVELOPMENT AGENCY $15,760,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION REFUNDING BONDS, SERIES 1998 Riverside County, California Dated: June 1, 1998 CUSIP: 504194 Notice of Significant Event As of August 10, 2009 Also available at: �WILLDAN p Fine dw Somi www.wilidan.com E9 SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated June 24, 1998, executed by the Agency, in connection with the execution and delivery of the Agency's $15,760,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Refunding Bonds Series 1998 (the "Bonds"), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required under the section titled, "Continuing Disclosure of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and 'Aaa' by Standard & Poor's ("S&P") and Moody's Investors Service ("Moody's"), respectively. There were no underlying ratings presented at time of issuance. • On July 28, 2009, S&P downgraded its insurance financial strength rating of Ambac from 'BBB' to'CC'. • On July 29, 2009, Moody's downgraded its insurance financial strength rating of Ambac from 'BaT to 'Caa2'. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. CITY OF LA QUINTA www.la.quinta.org John Falconer Director of Finance P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760)777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Wilidan Financial Services, formerly MuniFinancial Temecula, California 92590 (951)587-3500 www.wilidan.com TAB 1998, Proj 1 - C8y of La Quinta 50 LA QUINTA REDEVELOPMENT AGENCY $6,750,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2 TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1998 Riverside County, California Dated: June 1, 1998 CUSIP: 504194 Notice of Significant Event As of August 10, 2009 Also available at: W_m WILLDAN _ ( 1`4w c ei SVNNc www.wilidan.com C62 51 SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated June 17, 1998, executed by the Agency, in connection with the execution and delivery of the Agency's $6,750,000 La Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds Issues of 1998 (the "Bonds"), and -the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required under the section titled, "Continuing Disclosure" of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and 'Aaa' by Standard & Poor's ("S&P") and Moody's Investors Service ("Moody's"), respectively. There were no underlying ratings presented at time of issuance. • On July 28, 2009, S&P downgraded its insurance financial strength rating of Ambac from 'BBB' to'CC'. • On July 29, 2009, Moody's downgraded its insurance financial strength rating of Ambac from 'Ba3' to 'Caa2'. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. :CITY OF: LA QUINTA wwrv.la-quinta.org John Falconer Director of Finance P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services, formerly MuniFinancial Temecula, California 92590 (951) 587-3500 www.wilidan.com TAB 1998, Proj 2 City of La Quinta 063 52 LA QUINTA REDEVELOPMENT AGENCY $48, 000, 000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2001 Riverside County, California Dated: August 1, 2001 CUSIP: 504194 Notice of Significant Event As of August 10, 2009 Also available at: VWILLDAN Fwarld.W $Owes www.wllldanxom ., C64 53 SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated August 15, 2001 executed by the Agency, in connection with the execution and delivery of the Agency's $48,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds Series 2001 (the "Bonds"), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required under the section titled, "Continuing Disclosure" of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and 'Aaa' by Standard & Poor's ("S&P") and Moody's Investors Service ("Moody's"), respectively. In addition, S&P assigned a municipal bond rating of'A' to the Bonds. • On July 28, 2009, S&P downgraded its insurance financial strength rating of Ambac from 'BBB'to'CC'. • On Jury 29, 2009, Moody's downgraded its insurance financial strength rating of Ambac from'BaT to'Caa2'. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. CITY OF LA QUINTA . www.la-quinte.org John Falconer Director of Finance P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services, formerly MuniFinancial Temecula, California 92590 (951)587-3500 www.wilidan.com TAB 2001 Pro/ 1 City of La Quinta n G u- 1 U 54 LA QUINTA REDEVELOPMENT AGENCY $40,000,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2002 Riverside County, California Dated: June 1, 2002 CUSIP: 504194 Notice of Significant Event As of August 10, 2009 Also available at: WILLDAN _1 r Fmnnciei Services www.wilidan.com (16 0 55 SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated June 12, 2002 executed by the Agency, in connection with the execution and delivery of the Agency's $40,000,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds Series 2002 (the "Bonds"), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required under the section titled, "Continuing Disclosure" of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and 'Aaa' by Standard & Poor's ("S&P") and by Moody's Investors Service, respectively. In addition, S&P assigned an underlying rating to the Bonds of W. • On July 28, 2009, S&P downgraded its insurance financial strength rating of Ambac from 'BBB' to 'CC'. • On July 29, 2009, Moody's downgraded its insurance financial strength rating of Ambac from'BaT to'Caa2'. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. ,CITY OF LA QUINTA www.la-quinta.ocg John Falconer Director of Finance P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services, formerly MuniFinancial Temecula, California 92590 (951) 587-3500 www.wilidan.com TAB 2002, Proj. 1 City of La Quinta C67 56 LA QUINTA REDEVELOPMENT AGENCY $26,400,000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS TAXABLE SERIES 2003 Riverside County, California Dated: September 1, 2003 CUSIP: 504194 Notice of Significant Event As of August 10, 2009 Also available at: WWILLDAN ..:,,, finencielSaviCes www.wilidan.00m • e68 57 SIGNIFICANT EVENT NOTICE -RATING CHANGE This Reporting of a Significant Event has been prepared to satisfy the obligations as required of the La Quinta Redevelopment Agency (the "Agency"), pursuant to the Official Statement, dated September 10, 2003 executed by the Agency, in connection with the execution and delivery of the Agency's $26,400,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds Series 2003 (the "Bonds"), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required under the section titled, "Continuing Disclosure" of the Official Statement in order to comply with the obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Significant Event. At issuance, the Bonds were insured by Ambac Assurance Corp. ("Ambac") and rated 'AAA' and 'Aaa' by Standard & Poor's ("S&P") and by Moody's Investors Service ("Moody's"), respectively. In addition, S&P assigned an underlying rating of 'A' to the Bonds. • On July 28, 2009, S&P downgraded its insurance financial strength rating of Ambac from 'BBB' to'CC'. • On July 29, 2009, Moody's downgraded its insurance financial strength rating of Ambac from 'BaT to 'Caa2'. Although the rating downgrade by S&P and Moody's reflects Ambac's financial ability to comply with the terms of its surety bond policy, such rating downgrade is not a measure or reflection of the Agency's underlying ability to pay principal of and interest on the Bonds. Information from rating agencies regarding the rating actions may be obtained from such rating agencies. CITY OF LA QUINTA www.la-qunta.org , John Falconer Director of Finance P.O. Box 1504 78-495 Calle Tampico La Quinta, California 92247 (760)777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services, formerly MuniFinancial Temecula, California 92590 (951) 587-3500 www.wilidan.com TAB 2003, Proi 1 City of La Quinta l 6 ;9 T-itf 4 4 a" COUNCIL/RDA MEETING DATE: December 15, 2009 ITEM TITLE: Approval of Amendment No. 2 to the Exclusive Negotiation Agreement by and Between the La Quinta Redevelopment Agency and VIP Motor Cars, Ltd., for Property Located Near Highway 111 and Dune Palms Road RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: _ CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve Amendment No. 2 to the Exclusive Negotiation Agreement between the La Quinta Redevelopment Agency and VIP Motor Cars, Ltd. and authorize the Executive Director to execute the amendment. FISCAL IMPLICATIONS: None for this action. BACKGROUND AND OVERVIEW: On March 6, 2007, the Agency Board approved an Exclusive Negotiation Agreement ("ENA") with VIP Motor Cars, Ltd. for the purpose of developing auto service facilities and luxury car dealerships. The project is located on approximately 9 acres of Agency - owned property near Dune Palms Road and Highway 111. The ENA has been extended through the execution of a formal ENA amendment, approved by the Agency Board on October 23, 2008; by formal Agency Board action on March 17, 2009; and on two occasions by the Agency Executive Director exercising his authority granted by Section VIII.Q of the ENA. Because of complexities involving environmental studies, including traffic and hydrology studies requiring coordination with Desert Sands Unified School District, staff expects the negotiation period will continue for several months. The attached Amendment No. 2 extends the ENA until March 31, 2010, with authority given to the Executive Director to further extend the ENA another 120 days if needed. FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: 1 . Approve Amendment No. 2 to the Exclusive Negotiation Agreement between the La Quinta Redevelopment Agency and VIP Motor Cars, Ltd. and authorize the Executive Director to execute the amendment; or 2. Do not approve Amendment No. 2 to the Exclusive Negotiation Agreement between the La Quinta Redevelopment Agency and VIP Motor Cars, Ltd.; or 3. Provide staff with alternative direction. Respectfully submitted, '0-04 X3�r�� Douglas ROIEvans, Assistant City Manager — Development Services Attachment 1: ENA Amendment No. 2 Approved for submission by: Thomas P. Genovese, Executive Director oil ATTACHMENT AMENDMENT NO. 2 TO EXCLUSIVE NEGOTIATION AGREEMENT THIS AMENDMENT NO. 2 TO EXCLUSIVE NEGOTIATION AGREEMENT ("Amendment No. 2") is made and entered into as of , 2009, by and between LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"), and V.I.P. MOTOR CARS, LTD., a California corporation ("Developer"). RECITALS: A. On or about December, 2007, the Agency and Developer entered into that certain Exclusive Negotiation Agreement (the "ENA"), pursuant to which Agency and Developer agreed to initiate exclusive negotiations for up to two hundred and filly -five (255) days concerning the possible sale by Agency to Developer of certain real property owned in fee by the Agency for the Developer's subsequent development thereon of three automobile operations, as more fully described in the ENA. B. Pursuant to authority granted in Section VIILQ of the ENA, the Agency's Executive Director extended the "Negotiation Period" (as that term is defined in the ENA) for one hundred and twenty (120) days, until December 18, 2008. C. On or about October 23, 2008, the Agency and Developer entered into that certain Amendment No. 1 to Exclusive Negotiation Agreement, to extend the Negotiation Period to May 1, 2009. D. On or about March 17, 2009, the Agency Board authorized an additional extension to the Negotiation Period, until December 31, 2009. E. As a result of complexities involving environmental studies, the parties now wish to further extend the Negotiation Period until March 31, 2010. AGREEMENT: NOW, THEREFORE, in consideration of the foregoing recitals, which are incorporated herein by this reference, and for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. The ENA is hereby amended to extend the Negotiation Period until March 31, 2010 and, therefore the "End Date" as defined in ENA Section II.A, shall be March 31, 2010. 2. The ENA is hereby amended to provide that all actions required to be performed during the "Second Due Diligence Period" and the "Third Due Diligence Period" (as those terms are defined in ENA Sections II.0 and II.D) shall be completed by the End Date. 3. The provision in ENA Section VIILQ, which permits the Agency's Executive Director to extend the time for Developer's performance by up to 120 days, shall be restarted and the procedure in Section VIII.Q shall apply to any such extensions. 882/015610-0103 105240101 a12/09/09 -�- 4. Except as otherwise expressly provided in this Amendment No. 2, all of the terms and conditions of the ENA shall remain in full force and effect. 5. In the event of any action between Agency and Developer seeking enforcement of any of the terms and conditions to this Amendment No. 2, the prevailing party in such action shall be awarded, in addition to damages, injunctive or other relief, its reasonable costs and expenses, including without limitation its expert witness fees and reasonable attorney's fees. 6. This Amendment No. 2 shall be construed according to its fair meaning and as if prepared by both parties hereto. 7. This Amendment No. 2 shall be governed by the internal laws of the State of California and any question arising hereunder shall be construed or determined according to such law. The Superior Court of the State of California in and for the County of Riverside, or such other appropriate court in such county, shall have exclusive jurisdiction of any litigation between the parties concerning this Amendment No. 2. Service of process on Agency shall be made in accordance with California law. Service of process on Developer shall be made in any manner permitted by California law and shall be effective whether served inside or outside California. 8. Time is of the essence of this Amendment No. 2 and of each and every term and provision hereof. 9. This Amendment No. 2 may be executed in counterparts, each of which, when this Amendment No. 2 has been signed by all the parties hereto, shall be deemed an original, and such counterparts shall constitute one and the same instrument. [End — Signature Page Follows] C' 73 882/015610-0103 1052401 01 al2/09/09 -2- IN WITNESS WHEREOF, Agency and Developer each hereby represents that it has read this Amendment No. 2, understands it, and hereby executes this Amendment No. 2 to be effective as of the day and year first written above. Date: .2009 "Developer" V.I.P. MOTOR CARS, LTD., a California corporation Un Its: "Agency" LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic Date: 2009 By: ATTEST: Veronica J. Montecino, Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP an M. Katherine Jenson, Agency Counsel Agency Executive Director C I .} 882/015610-0103 " 1052401.01 a12/09/09 -3- Tit�p 4 4 Quba COUNCILIRDA MEETING DATE: December 15, 2009 ITEM TITLE: Approval of Amendment No. 3 to the Exclusive Negotiation Agreement by and Between the La Quinta Redevelopment Agency and Desert Cities Development, Inc., for Property Located Near Highway 111 and Dune Palms Road RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve Amendment No. 3 to the Exclusive Negotiation Agreement between the La Quinta Redevelopment Agency and Desert Cities Development, Inc., and authorize the Executive Director to execute the amendment. FISCAL IMPLICATIONS: None for this action. BACKGROUND AND OVERVIEW: On March 6, 2007, the Agency Board approved an Exclusive Negotiation Agreement ("ENA") with Desert Cities Development, Inc., for the purpose of developing approximately 220 units of multi -family housing with rents affordable to low- and very low-income households. The project is located on approximately 10 acres of Agency - owned property near Dune Palms Road and Highway 111. The ENA has been extended through the execution of two formal ENA amendments, the first executed on November 6, 2007, and the second executed on October 23, 2008; and on three occasions by the Agency Executive Director exercising his authority granted by Section VIII.Q of the ENA. Because of complexities involving environmental studies, including traffic and hydrology studies requiring coordination with Desert Sands Unified School District, staff expects the negotiation period will continue for several months. The attached Amendment No. 3 extends the ENA until March 31, 2010, with authority given to the Executive Director to further extend the ENA another 120 days, if needed. 013 FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: Approve Amendment No. 3 to the Exclusive Negotiation Agreement between the La Quinta Redevelopment Agency and Desert Cities Development, Inc. and authorize the Executive Director to execute the amendment: or 2. Do not approve Amendment No. 3 to the Exclusive Negotiation Agreement between the La Quinta Redevelopment Agency and Desert Cities Development, Inc.; or 3. Provide staff with alternative direction. Respectfully submitted, Douglas R. Evk6s, Assistant City Manager - Development Services Approved for submission by: rAYl2s�d�� �/�� Thomas P. Genovese, Executive Director Attachment: 1. ENA Amendment No. 3 06 ATTACHMENT I AMENDMENT NO.3 TO EXCLUSIVE NEGOTIATION AGREEMENT THIS AMENDMENT NO. 3 TO EXCLUSIVE NEGOTIATION AGREEMENT ("Amendment No. 3") is made and entered into as of , 2009, by and between LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"), and DESERT CITIES DEVELOPMENT, INC., a California corporation ("Developer"). RECITALS: A. On or about March 19, 2007, the Agency and Developer entered into that certain Exclusive Negotiation Agreement (the "ENA"), pursuant to which Agency and Developer agreed to initiate exclusive negotiations for up to one hundred twenty (120) days concerning the possible sale by Agency to Developer of certain real property owned in fee by the Agency for the Developer's subsequent development thereon of a multifamily affordable rental housing project, all as more fully described in the ENA. B. The "Negotiation Period" (as defined in the ENA) has been extended on multiple occasions, through the execution of two (2) formal ENA amendments, by the Agency Executive Director in the exercise of his authority pursuant to Section VIII.Q of the ENA, and, most recently, pursuant to Agency Board approval. C. As a result of the foregoing extensions, the current "Negotiation Period" will terminate on December 31, 2009. D. As a result of complexities involving environmental studies, the parties now wish to further extend the Negotiation Period until March 31, 2010. AGREEMENT: NOW, THEREFORE, in consideration of the foregoing recitals, which are incorporated herein by this reference, and for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. The ENA is hereby amended to extend the Negotiation Period until March 31, 2010 and, therefore the "End Date" as defined in ENA Section ILA, shall be March 31, 2010. 2. The ENA is hereby amended to provide that actions required to be performed during the "First Due Diligence Period," the "Second Due Diligence Period," and "Third Due Diligence Period" (as those terms are defined in ENA Sections ILB, II.C, and ILD) shall be completed by the End Date. 3. The provision in ENA Section VIILQ, which permits the Agency's Executive Director to extend the time for Developer's performance by up to 120 days, shall be restarted and the procedure in Section VIII.Q shall apply to any such extensions. 882/015610-0103 1052392.01 a12/08/09 -1- o 4. Except as otherwise expressly provided in this Amendment No. 3, all of the terms and conditions of the ENA shall remain in full force and effect; the terms and conditions in this Amendment No. 3 shall supersede Amendment No. 1. 5. In the event of any action between Agency and Developer seeking enforcement of any of the terms and conditions to this Amendment No. 3, the prevailing party in such action shall be awarded, in addition to damages, injunctive or other relief, its reasonable costs and expenses, including without limitation its expert witness fees and reasonable attorney's fees. 6. This Amendment No. 3 shall be construed according to its fair meaning and as if prepared by both parties hereto. 7. This Amendment No. 3 shall be governed by the internal laws of the State of California and any question arising hereunder shall be construed or determined according to such law. The Superior Court of the State of California in and for the County of Riverside, or such other appropriate court in such county, shall have exclusive jurisdiction of any litigation between the parties concerning this Amendment No. 3. Service of process on Agency shall be made in accordance with California law. Service of process on Developer shall be made in any manner permitted by California law and shall be effective whether served inside or outside California. 8. Time is of the essence of this Amendment No. 3 and of each and every term and provision hereof. 9. This Amendment No. 3 may be executed in counterparts, each of which, when this Amendment No. 3 has been signed by all the parties hereto, shall be deemed an original, and such counterparts shall constitute one and the same instrument. [End — Signature Page Follows] 882/015610-0103 1052392.01 al2/08/09 -2- IN WITNESS WHEREOF, Agency and Developer each hereby represents that it has read this Amendment No. 3, understands it, and hereby executes this Amendment No. 3 to be effective as of the day and year first written above. "Developer" DESERT CITIES DEVELOPMENT, INC., a California corporation By: Date: .2009 Its: "Agency" LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic Date: 2009 By: Agency Executive Director ATTEST: Veronica J. Montecino, Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP LIN M. Katherine Jenson, Agency Counsel 892/015610-0103 1052392.01 al2/08/09 -3- 'Is.. 011 F y OF TKF' COUNCIL/RDA MEETING DATE: December 15, 2009 ITEM TITLE: Adoption of a Resolution Approving an Affordable Housing Implementation Agreement (Senior Apartments Development) Among the Redevelopment Agency, Miraflores, L.P., and the Corporate Fund for Housing RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve the Affordable Housing Implementation Agreement (Senior Apartments Development) among the Agency, Miraflores, L.P., and the Corporate Fund for Housing. FISCAL IMPLICATIONS: The agreement requires the La Quinta Redevelopment Agency to pay to the Corporate Fund for Housing a reimbursement payment in the amount of $59,560.64, and would result in the cancellation of a note. BACKGROUND AND OVERVIEW: On December 20, 2000, the La Quinta, Redevelopment Agency ("Agency") entered into an Affordable Housing Agreement Senior Apartments Development (the "Agreement") with DC & TC, LLC ("DC&TC"). Under the Agreement, DC&TC was required to develop and operate a 118-unit affordable senior rental housing development (the "Project"). The Project is part of a larger housing development commonly known as "Miraflores." On June 11, 2001, DC&TC assigned its interests in the Agreement to Miraflores, L.P. (the "Developer"). Pursuant to the Agreement, the Agency provided $9,500,000 in financial assistance towards the Project. '1,.. 080 Agency staff and Agency legal counsel have determined that the Agreement should be clarified to reflect that Agency's funding was intended to be provided as a grant rather than a loan. As a result, the Agency and Miraflores, L.P. have negotiated an Affordable Housing Implementation Agreement Senior Apartments Development (the "Implementation Agreement") (Attachment 1) that would clarify that the Agency's loan is a grant, and would require that the funds that would otherwise have been required to be paid to the Agency annually if the transaction was a loan would instead be deposited into a new Project account and expended on Project enhancements, including new and expanded Project amenities and social service programs. The Developer and the Developer's tax credit investor have requested that the grant be to the Corporate Fund for Housing, an affiliated non-profit entity (the "Corporate Fund"). To simplify the transaction and avoid the necessity of preparing additional documents, the Corporate Fund and the Developer have requested that the Agency assign its promissory note and deed of trust to the Corporate Fund. The Implementation Agreement would accomplish the clarification described above and would also require (i) the Agency to pay to the Developer $59,560.64, which is the amount the Developer previously paid to the Agency, plus interest, and (ii) the Developer to provide the Agency with an annual accounting of the new Project account, including all expenditures made during the prior year. FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: 1. Affordable Housing Implementation Agreement (Senior Apartments Development) among the Agency, Miraflores, L.P., and the Corporate Fund for Housing; or 2. Do not approve the Affordable Housing Implementation Agreement (Senior Apartments Development) among the Agency, Miraflores, L.P., and the Corporate Fund for Housing; or 3. Provide staff with alternative direction. Respectfully submitted, Doug as R. Elrans Assistant City Manager — Development Services Qa1 Approved for submission by: Thomas P. Genovese, Executive Director Attachment 1: Affordable Housing Implementation Agreement (Senior Apartments Development RESOLUTION NO. RA - A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY APPROVING AN AFFORDABLE HOUSING IMPLEMENTATION AGREEMENT (SENIOR APARTMENTS DEVELOPMENT) BY AND AMONG THE AGENCY, MIRAFLORES, L.P., AND CORPORATE FUND FOR HOUSING WHEREAS, the La Quinta Redevelopment Agency ("Agency") is a public body, corporate and politic, organized and existing under the California Community Redevelopment Law ("Health & Safety Code § 33000 et seq.) ("CRL"); and WHEREAS, pursuant to the CRL, the City Council of the City of La Quinta ("City" or "City Council," as applicable) approved and adopted the Redevelopment Plan ("Redevelopment Plan") for Project Area No. 2 ("Project Area"), on May 16, 1989, by Ordinance No. 139; and WHEREAS, a fundamental purpose of the CRL is to expand the supply of low- and moderate -income housing (Health & Saf. Code, § 33071); and WHEREAS, on December 20, 2000, the Agency entered into an Affordable Housing Agreement Senior Apartments Development (the "Agreement") with DC & TC, LLC, which was later assigned to Miraflores, L.P., a California limited partnership (the "Developer"); and WHEREAS, Agency staff have negotiated with the Developer an Affordable Housing Implementation Agreement (Senior Apartments Development) (the "Implementation Agreement") that would (i) clarify that the Agency's financial assistance provided under the Agreement was intended to be provided as a grant from the Agency rather than as a loan, (ii) require the Developer to establish a new Project account and to annually deposit therein the funds that would have been required to be paid to the Agency under the current financial structure of the Agreement; and (iii) require the Developer to use the funds deposited into the new Project account on Project enhancements, including new and expanded Project amenities and social service programs; and 882/015610-0026 - O Q 3 1054426.01 a12/10/09 .,, v Resolution No. Approve Mira Flores Affordable Housing Implementation Agreement Adopted: December 15, 2009 Page 2 WHEREAS, at the request of the Developer's tax credit investor, the Implementation Agreement has been structured to provide that the Agency's financial assistance was intended as a grant to the Corporate Fund for Housing, a California nonprofit public benefit corporation affiliated with the Developer (the "Corporate Fund"); and WHEREAS, to simplify the transaction and avoid the necessity of preparing additional documentation, the Implementation Agreement provides that the Agency will assign its promissory note and deed of trust to the Corporate Fund; and WHEREAS, the Implementation Agreement is in accordance with the Redevelopment Plan and is of benefit to the Project Area and the City of La Quinta. NOW, THEREFORE, BE IT RESOLVED BY THE LA QUINTA REDEVELOPMENT AGENCY AS FOLLOWS: 1. The above recitals are true and correct and incorporated herein. 2. The Implementation Agreement effectuates the purposes of the Community Redevelopment Law (Health & Safety Code § 33000 et seq.) and of the Redevelopment Plan and is in the best interests of the citizens of the City of La Quinta. 3. The Implementation Agreement, a copy of which is on file with the Agency Secretary, is hereby approved. The Agency Executive Director and Agency Counsel are hereby authorized and directed to finalize the Implementation Agreement consistent with this Resolution and to thereafter sign the Implementation Agreement on behalf of the Agency. 4. The Agency Executive Director is authorized and directed, on behalf of Agency, to (i) sign such other and further documents that require the Agency's signature, and (ii) take such other and further actions, as may be necessary and proper to carry out the terms of the Implementation Agreement. PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held this 151h day of December, 2009, by the following vote: AYES: NOES: 084 882/015610-0026 1054426.01 a12/10/09 Resolution No. Approve Mira Flores Affordable Housing Implementation Agreement Adopted: December 15, 2009 Page 3 ABSENT: ABSTAIN: KRISTY FRANKLIN, Chairperson La Quinta Redevelopment Agency ATTEST: VERONICA J. MONTECINO, Secretary La Quinta Redevelopment Agency APPROVED AS TO FORM: M. KATHERINE JENSON, Agency Counsel La Quinta Redevelopment Agency 882/015610-0026 O Q 1054426.01 al2/10/09 �, V ATTACHMENT RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: La Quinta Redevelopment Agency P.O. Box 1504 La Quinta, California 92247 Attention: Executive Director (Space Above for Recorder's Use) (Exempt from Recordation Fee per Gov. Code § 27383) AFFORDABLE HOUSING IMPLEMENTATION AGREEMENT (SENIOR APARTMENTS DEVELOPMENT) This Affordable Housing Implementation Agreement (Senior Apartments Development) ("Implementation Agreement") is entered into as of , 2009 (the "Effective Date"), by and among LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"), CORPORATE FUND FOR HOUSING, a California nonprofit public benefit corporation ("Corporate Fund"), and MIRAFLORES, L.P., a California limited partnership ("Developer"). Developer, Corporate Fund and Agency are hereinafter collectively referred to as the "Parties." RECITALS: A. Developer is the fee owner of that certain real property located in the City of La Quinta, County of Riverside, State of California, legally described in Exhibit "A", which is attached hereto and incorporated herein by this reference (the "Property"). The Property is developed with a senior affordable housing rental development (the "Project"). B. Agency and Developer are parties to that certain Affordable Housing Agreement dated December 20, 2000 (the "AHA"), as amended and assigned by that certain Assignment and Assumption of Affordable Housing Agreement (Senior Apartments Development), dated June 11, 2001 (the "Assignment"), and as further amended by that certain First Amendment to Affordable Housing Agreement (Senior Apartments Development) (the "First Amendment"). The AHA, as amended and assigned by the Assignment and as further amended by the First Amendment, is hereinafter referred to as the "AHA." C. Pursuant to the AHA, the Agency provided "Agency Assistance" (as defined in the AHA), in the amount of Nine Million Five Hundred Thousand Dollars ($9,500,000) towards development of the Project. The AHA requires Developer to repay the Agency Assistance pursuant to that certain Replacement Promissory Note, dated April 1, 2002 (the "Existing Note"). Repayment under the Existing Note is secured by that certain Replacement Deed of Trust and Security Agreement with Assignment of Rents and Agreements, executed by Developer as 1. p86 882/015610-0026 985999.05 a12/09/09 1 Trustor, and recorded on April 3, 2002, as Instrument No. 2002-171478, in the Official Records of Riverside County (the "Existing Deed of Trust"). D. In connection with Agency providing the Agency Assistance, Developer's predecessor -in -interest in and to the Property entered into with the Agency that certain Regulatory Agreement and Declaration of Covenants, Conditions, and Restrictions, on December 20, 2000, which was recorded on January 26, 2001, as Instrument No. 2001-035561 (the "Agency Regulatory Agreement"). Upon Developer's acquisition of the Property on or about June 11, 2001, Developer assumed all of the obligations of the "Participant" under the Agency Regulatory Agreement. E. The Parties now wish to (i) clarify that the Agency Assistance was intended to be provided in the form of a grant from the Agency rather than in the form of a loan, and (ii) restructure the AHA and related documents to affect the same. In connection with such restructuring, Developer has directed the Agency to restructure the transaction as a grant to the Corporate Fund instead of as a grant to the Developer. Simultaneously with such grant, the Corporate Fund will loan the Agency Assistance to the Developer. To simplify the documentation involved in effecting this transaction, Developer has requested that Agency assign the Existing Note and Existing Deed of Trust to the Corporate Fund. F. . To accomplish the restructuring, the Parties now desire to provide for (i) Agency's assignment of the Existing Note and Existing Deed of Trust to the Corporate Fund pursuant to an assignment and assumption agreement in the form attached hereto and incorporated herein as Exhibit `B" (the ("Assignment Agreement"); (ii) the repayment by Agency to the Corporate Fund of the first payment made by Developer to Agency under the Existing Note, plus interest; and (iii) the Developer's deposit of a certain portion of Developer's net operating income into a new Project account used to fund Project improvements, social programs, and amenities. AGREEMENT In consideration of the foregoing Recitals, which are incorporated herein by this reference, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 1. Agency's Grant and Assignment to Corporate Fund. Agency hereby states that the Agency Assistance was intended to be a grant provided to the Corporate Fund. Concurrently with the execution hereof, the Agency and the Corporate Fund shall execute the Assignment Agreement. The Parties acknowledge and agree that notwithstanding the execution by Agency and the Corporate Fund of the Assignment Agreement, (i) the intention of the Parties is for the Agency to grant the Agency Assistance to Corporate Fund and for the Corporate Fund to simultaneously loan the Agency Assistance to the Developer, (ii) the effect of this transaction on the Agency is cancellation of the Existing Note, and (iii) said execution is solely for the purpose of simplifying the documentation involved in this transaction and avoiding the necessity of preparing and executing new loan documentation between Developer and the Corporate Fund. 882/015610-0026 995899.05 a12/09/09 -2- 2. Agency's Return of Cash Flow Payment. Within fifteen days after the Effective Date, the Agency shall pay to the Corporate Fund from its Low and Moderate Housing Fund the sum of Fifty -Six Thousand One Hundred Ninety -Eight Dollars ($59,560.64) (the "Agency Payment"), which is the sum of the one (1) Cash Flow payment that has been made by Developer to Agency under the Existing Note plus three percent (3%) interest. 3. Project Enhancement Account. 3.1. Establishment of Project Enhancement Account. Within fifteen (15) days after the Effective Date, Developer shall establish a new account for the Project (the "Project Enhancement Account"). Commencing as of calendar year 2008, in each calendar year in which there is positive "Cash Flow" (as the term "Cash Flow" is defined below), Developer shall deposit SEVENTY FIVE PERCENT (75%) of that calendar year's Cash Flow into the Project Enhancement Account. With the exception of the yearly payment for calendar year 2008, each such yearly payment shall be due not later than the April I" that follows the end of each such calendar year, or, if such April I" is a Saturday, Sunday, or legal holiday, the payment shall be due the next succeeding business day. Developer shall deposit into the Project Enhancement Account the yearly payment for calendar year 2008 within fifteen (15) days after Developer establishes the Project Enhancement Account. For purposes of this Section 3.1, the term "Cash Flow" means: (A) all income derived by Developer from the Property including, without limitation, all tenant rent, all rental subsidy payments made by governmental agencies, and income from any source related to Developer's owning, leasing, maintenance, and operation of the Property and improvements thereon ("Gross Income"); less (B) (i) expenses actually and reasonably incurred by Developer in owning, leasing, operating, maintaining, and repairing the Property (excluding insurance proceeds and any costs or expenses paid or reimbursed by third parties), including without limitation, insurance, taxes, maintenance and repair expenses for the Property, services to the residents specified in Developer's application to the State of California Tax Credit Allocation Committee, capital improvements not funded from the "Capital Replacement Reserve" (as that term is defined below) (the Capital Replacement Reserve shall be the first source of funds used by Developer for capital improvements to the Property), management costs, an annual Issuer Fee paid to Agency of one eighth of a percent (0.125%) of the outstanding balance on the "Senior Note" (as that term is defined below) (which shall be paid prior to the payment of any partnership management fee or any general partner or managing general partner asset management fee), a general partner or managing general partner asset management fee not to exceed one and a quarter percent (1.25%) of Gross Income, a partnership management fee not to exceed Ten Thousand Dollars ($10,000) per calendar year, developer fees, reasonable accounting and legal fees, and cost of debt service on loans secured by deeds of trust recorded against the Property as of the Effective Date, and any loans recorded after the Effective Date if such loans are approved in advance by the Agency; (ii) the net amount of deposits, if any, into the Capital Replacement Reserve; and (iii) a property management fee which shall not exceed six percent (6%) of the Gross Income generated by the Property. Cash Flow shall be calculated on an accrual basis without regard to any carry-over of profit or loss from any prior calendar year. As used herein, the terms "Capital Replacement Reserve," shall have the meaning ascribed thereto in the Agency Regulatory Agreement; and the term "Senior Note" shall mean, 182/015610-0026 3- 985899.05 a12/09/09 -'°0'• collectively, (i) that certain Multifamily Note in the principal amount of $5,000,000 (including any addenda, the "Variable Rate Note") and (ii) that certain Multifamily Note in the principal amount of $3,000,000 (including any addenda, the "Fixed Rate Note"), issued in connection with the Project financing and payable to Agency as assigned to Wells Fargo Bank, National Association, as Trustee and Fannie Mae. 3.2. Use of Project Enhancement Account Funds. Funds in the Project Enhancement Account shall be used only for the following purposes: To upgrade or expand existing amenities or facilities at the Project or at another affordable rental housing development located in the City of La Quinta and owned by Developer or one of the principals of Developer (a "Related Development"); To construct or install new amenities at the Project or at a Related Development; To upgrade or expand existing social service programs at the Project or at a Related Development; To establish new social service programs at the Project or at a Related Development; Other enhancements or capital improvements to the Project, to a Related Project, or to any other affordable rental housing development located in the City of La Quinta, which has been approved, in writing, by the Agency. 3.3. Annual Updates to the City. On or before each April 1 during the fifty-five (55) year term of the Agency Regulatory Agreement, Participant shall provide Agency with an accounting of the Project Enhancement Account, including the account balance as of the date of the report, and the expenditures of Project Enhancement Account funds during the prior calendar year. 3.4. Corporate Fund's Acknowledgement Regarding Project Enhancement Account. The Corporate Fund acknowledges that the funds required hereunder to be deposited into the Project Enhancement Account are the same funds that are required to be paid by Developer to the Corporate Fund under the Existing Note. The Corporate Fund agrees that Developer's deposit of such funds into the Project Enhancement Account and expenditure consistent with the terms hereof shall constitute payment by Developer to the Corporate Fund under the Existing Note. 4. Time of Essence. Time is of the essence in the performance of this Implementation Agreement. 5. Defaults; Remedies 5.1. Legal Actions. In addition to any other rights or remedies, any party may, subject to Section 5.6 below, institute legal action to cure, correct or remedy any default, or to obtain any other remedy consistent with the purposes of this Implementation Agreement. Such legal actions 882/015610-0026 ��'• Q 89 985899.05.12/09109 -4- must be instituted and maintained in the Superior Court of the County of Riverside, State of California, or in any other appropriate court in that county. 5.2. Applicable Law. The internal laws of the State of California shall govern the interpretation and enforcement of this Implementation Agreement, without regard to conflict of law principles. 5.3. Acceptance of Service of Process. In the event that any legal action is commenced by the Developer or the Corporate Fund against Agency, service of process on Agency shall be made by personal service upon the Executive Director or Agency Secretary, or in such other manner as may be provided by law. In the event that any legal action is commenced by Agency against the Developer and/or the Corporate Fund, service of process on the Developer and/or the Corporate Fund shall be made by personal service upon the Developer and/or the Corporate Fund or in such other manner as may be provided by law, and shall be valid whether made within or outside the State of California. 5.4. Attorneys' Fees. In the event that a party to this Implementation Agreement brings an action against any other party hereto by reason of the breach of any obligation arising out of this Implementation Agreement, the prevailing party in such action shall be entitled to recover from the other party(ies) expert witness fees, and its reasonable attorney's fees and costs. Attorney's fees shall include attorney's fees on any appeal, and in addition a party entitled to attorney's fees shall be entitled to all other reasonable costs for investigating such action, including the conducting of discovery. 5.5. Rights and Remedies are Cumulative. Except as otherwise expressly stated in this Implementation Agreement, the rights and remedies of the Parties are cumulative, and the exercise by any party of one or more of its 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 another party. 5.6. Defaults. If any party defaults with regard to any of the provisions of this Implementation Agreement, the nondefaulting party shall serve written notice of such default upon the defaulting party. If the default is not cured or commenced to be cured within thirty (30) days after the defaulting party's receipt of such notice, the nondefaulting party may thereafter (but not before) commence an action for damages against the defaulting party with respect to such default; provided, however, that Developer's and the Corporate Fund's damages shall be jointly, severally, and collectively limited to the Agency Payment and in no event shall Developer and/or the Corporate Fund be entitled to lost profits, consequential damages, or any damages of such like kind or nature. 6. Executive Director Authority. The Agency hereby delegates to the Executive Director the authority to execute all documents and agreements required to implement this Implementation Agreement. 7. Effect of Implementation Agreement on AHA. Except as set forth herein, the terms and conditions of the AHA shall remain in full force and effect. •ts... 090 882/015610-0026 985899 05.12/09/09 -5- 8. Counterparts. This Implementation Agreement may be fully executed in counterparts, each of which shall constitute one original and all of which shall be one and the same instrument. 9. Nonliability of Agency and City Officials. No member, official, officer, employee, agent, representative, or consultant of Agency or the City of La Quinta shall be personally liable to Developer or the Corporate Fund, or any successor in interest of either of said entities, in the event of any default or breach by Agency or City or for any amount which may become due to Developer or the Corporate Fund to any successor of either of such entities, or on any obligations under the terms of this Implementation Agreement. 10. Waivers. All waivers of the provisions of this Implementation Agreement must be in writing and signed by the appropriate authorities of Agency, the Corporate Fund, and/or Developer. [end — signature page follows] 091 882/015610-0026 _ 985899.05 a12/09/09 _6 IN WITNESS WHEREOF, the Parties hereto have entered into this Implementation Agreement as of the date first above written. "Developer" MIRAFLORES, L.P., a California limited partnership By: LINC HOUSING CORPORATION, a California nonprofit public benefit corporation, its Managing General Partner ILN Hunter L. Johnson, its President "Corporate Fund" CORPORATE FUND FOR HOUSING, a California nonprofit public benefit corporation am "Agency" LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic in Thomas P. Genovese Executive Director ATTEST: Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP Attorneys for the La Quinta Redevelopment Agency 882/015610-0026 985899.05 a12/09/09 -7- w.•. 092 State of California County of Riverside On , before me, (insert name and title of the officer) Notary Public, personally appeared who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal: Signature (Seal) State of California County of Riverside On before me, (insert name and title of the officer) Notary Public, personally appeared who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature (Seal) 882/015610-0026 985899.05 al2/09/09 _8 State of California County of Riverside On , before me, (insert name and title of the officer) Notary Public, personally appeared who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature (Seal) 094 882/015610-0026 985899.05 al2/09/09 -9- EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY The land referred to herein is situated in the State of California, County of Riverside, City of La Quinta, described as follows: REMAINDER PARCEL, OF TRACT 28601-1, AS SHOWN BY MAP IN FILE IN BOOK 278, PAGES 86 THROUGH 90, INCLUSIVE, OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA. 095 882/015610-0026 EXHIBIT "A" 985899.05 .12109/09 EXHIBIT `B" ASSIGNMENT AGREEMENT [See following pages] W. 096 882/015610-0026 EXHIBIT "B" 985899 05 .12109/09 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 this line for Recorder's use This Assignment and Assumption is recorded at the request and for the benefit of the La Quinta Redevelopment Agency and is exempt from the payment of a recording fee pursuant to Government Code Section 27383. ASSIGNMENT AND ASSUMPTION AGREEMENT This ASSIGNMENT AND ASSUMPTION AGREEMENT (the "Agreement") is entered into as of this _ day of , 2009 ("Effective Date"), by and between LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency") and CORPORATE FUND FOR HOUSING, a California nonprofit public benefit corporation ("Assignee"), and with reference to the following facts: RECITALS A. Mira Flores, L.P., a California limited partnership, is the fee owner of that certain real property located in the City of La Quinta, County of Riverside, State of California, legally described in Exhibit "A", which is attached hereto and incorporated herein by this reference (the "Property"). The Property is developed with a senior affordable housing rental development (the "Project"). B. Agency and Developer are parties to that certain Affordable Housing Agreement dated December 20, 2000 (the "AHA"), as amended and assigned by that certain Assignment and Assumption of Affordable Housing Agreement (Senior Apartments Development), dated June 11, 2001 (the "Assignment"), and as further amended by that certain First Amendment to Affordable Housing Agreement (Senior Apartments Development) (the "First Amendment"). The AHA, as amended and assigned by the Assignment and as further amended by the First Amendment, is hereinafter referred to as the "AHA." C. Pursuant to the AHA, the Agency provided "Agency Assistance" (as defined in the AHA), in the amount of Nine Million Five Hundred Thousand Dollars ($9,500,000) towards development of the Project. The AHA requires Developer to repay the Agency Assistance pursuant to that certain Replacement Promissory Note, dated April 1, 2002 (the "Existing Note"). Repayment under the Existing Note is secured by that certain Replacement Deed of Trust and Security Agreement with Assignment of Rents and Agreements, executed by Developer as Trustor, and recorded on April 3, 2002, as Instrument No. 2002-171478, in the Official Records of Riverside County (the "Existing Deed of Trust"). 882/015610-0026 Page 1 of 2 �� • 097 985899.05 al2/09/09 g D. Concurrently with the execution hereof, Agency, Developer, and Assignee entered into that certain Affordable Housing Implementation Agreement (Senior Apartments Development), pursuant to which they (i) clarified that the Agency Assistance was intended to be provided in the form of a grant from the Agency rather than in the form of a loan, and (ii) agreed to restructure the AHA and related documents to effect the same. In connection with such restructuring, Developer directed the Agency to restructure the transaction as a grant to the Assignee instead of as a grant to the Developer, such that the Assignee could then loan the Agency Assistance to the Developer. To simplify the documentation involved in the transaction and avoid the processing of additional loan documentation, Developer requested that Agency assign the Existing Note and Existing Deed of Trust to the Assignee. E. Agency now desires to assign to Assignee, and Assignee desires to accept from Agency, all of the rights and related obligations of Agency under the Existing Note and Existing Deed of Trust (collectively, the "Agency Documents"). AGREEMENT NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, and of the mutual promises of the parties hereto and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree as follows: 1. Assignment. Agency hereby assigns and delegates to Assignee all of Agency's right, title, and interest in and obligations under the Agency Documents. 2. Acceptance of Assignment. Assignee hereby accepts the above assignments and hereby assumes, agrees, and undertakes to perform all of the obligations, covenants, and agreements of Agency pursuant to the Agency Documents. Any reference to Agency in the Agency Documents shall be deemed a reference to Assignee. 3. Release of Agency. As of the Effective Date, Agency shall be released from all obligations imposed under the Agency Documents. 4. Effective Date. This Agreement shall be effective as of the Effective Date listed in the preamble hereof. 5. Representations. Agency hereby represents and warrants that it has not previously assigned, pledged, hypothecated or otherwise transferred any of its rights under the Agency Documents. 6. California Law. This Agreement shall be governed by and interpreted in accordance with the internal laws of the State of California, without regard to conflict of law principles. 7. Invalidity. Any provision of the Agreement which is determined by a court to be invalid or unenforceable shall be deemed severed herefrom, and the remaining provisions shall remain in full force and effect as if the invalid or unenforceable provision had not been a part hereof. 882/015610-0026 985899.05 a]2/09/09 Rage 2 of 2 098 8. Headings. The headings used in this Agreement are for convenience only and shall be disregarded in interpreting the substantive provisions of this Agreement. 9. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. [End — Signature page follows] 882/015610-0026 3 of 2 985899.05 a12/09/09 Page �^ • 099 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. ATTEST: Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP Attorneys for the La Quinta Redevelopment Agency "Agency" LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic in Thomas P. Genovese Executive Director "Assignee" CORPORATE FUND FOR HOUSING, a California nonprofit public benefit corporation In Title: 985899 os a z/o9/o9 Page 4 of 2�� 1 State of California County of Riverside On , before me, (insert name and title of the officer) Notary Public, personally appeared who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature (Seal) State of California County of Riverside On before me, (insert name and title of the officer) Notary Public, personally appeared who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature_ (Seal) 101 882/015610-0026 985899.05 al2/09/09 Page 5 of 2 CONSENT TO RECORDATION MIRA FLORES, L.P., a California limited partnership ("Owner"), owner of the fee interest in the real property legally described in Attachment No. 1 hereto, hereby consents to the recordation of the foregoing Assignment and Assumption Agreement against said real property. State of California County of Riverside On MIRAFLORES, L.P., a California limited partnership By: LINC HOUSING CORPORATION, a California nonprofit public benefit corporation, its Managing General Partner before me, Lo Hunter L. Johnson, its President (insert name and title of the officer) Notary Public, personally appeared who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature (Seal) Its.. 102 182/015610-0026 985899.05.12/09/09 Page 6 of 2 EXHIBIT A LEGAL DESCRIPTION OF THE PROPERTY The land referred to herein is situated in the State of California, County of Riverside, City of La Quinta, described as follows: REMAINDER PARCEL, OF TRACT 28601-1, AS SHOWN BY MAP IN FILE IN BOOK 278, PAGES 86 THROUGH 90, INCLUSIVE, OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA. ,,.. 103 882/015610-0026 985899.05 al2/09/09 Page 7 of 2 ce�r aF XwQ�w COUNCIL/RDA MEETING DATE: December 15, 2009 ITEM TITLE: Approval of La Quinta Redevelopment Agency Financial Reports in Accordance with Section 33080 of the Health and Safety Code RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 61 tH IYALW&Y.YCINP PUBLIC HEARING: Approve the La Quinta Redevelopment Agency Financial Reports in accordance with Section 33080 of the Health and Safety Code. FISCAL IMPLICATIONS: None. BACKGROUND AND OVERVIEW: Section 33080 of the Health and Safety Code requires certain reports to be prepared and submitted to the governing body by December 3152 of each year, which are as follows: Audited Financial Report — (Previously submitted) Redevelopment Agency State Controller's Report (Attachment 1) Statement of Indebtedness (Attachment 2) Housing and Community Development Report (Attachment 3) Loan Report (Attachment 4) Property Report (Attachment 5) FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: 1. Approve the La Quinta Redevelopment Agency Financial Reports in accordance with Section 33080 of the Health and Safety Code; or 2. Do not approve the La Quinta Redevelopment Agency Financial Reports in accordance with Section 33080 of the Health and Safety Code; or 3. Provide staff with alternative direction. Respectfully submitted, � \ -J� John M. Falconer, Finance Director Approved for submission by: Thomas P. 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O�Y+p' .0 E o ti c e = U tJ C m^w^c7—S E Y u W 9 aai Y 00.2 u u Y u u u u u p, Q R W s:xe 3m=_m.=_�o.=_�=m.=_�=�__=�o.e a 9 YUaaaan. .�aaaaa.a w..�w.a W F ^ Q 90 u a w..w.-.U—x F o 8 •r � c oo �'it cn ° on m o O 150 V 53 m W 'E Q m N fzl •N _ V E a m n T o 00 p O m �O � T a � T h a5 wl « w • a�S Y � y G MOOR, Y � g O N b $ QI E� Y N N O P � .N. Ymi V � W i1 am a a o b b ° N U ail Y. K ki K r m N f°A K W f°A p�p�� O vNt l� u p d �m ^_ VOO w W d a O d r Vi vi � w cv Y) W O o ° Y � O � � 5 N •� � r-1 6 U Ch yL jj ��O77 U a� o a a Y Y ` Q S a e= u u u u u u u u 6 •-- N- a N CO N U N Q N LU N [L N (;J W F i p } F i� 1 W IM a O N N V M to Y G �O vM1 N WI 'e m m w o o0 9 O �I w' b e d v3 da Yi cv Y3 Yi ua ate= .o q y Y d L' s Y Y N W O ? M w p � C O r P W ails w u o $ w Q w r oo V a F c e a Lii� � �00v w A yqi 6 „ a N rn h � N� a'o- Ya � a OI C O N V N N C O S N 1� oc rD fA fN O b 0 4 m m m 0 o o a m a Y € a 5 o p V N N N Y Y A m M V O C W 6Y Y NxN+NtirfQM mzz L Q } Q VJ o u u u u u u u C u F O oolp,o a.m . ao 15- Name of Agency La Quints Redevelopment Agency Name of Project Area La Quints Redevelopment Agency Project No. 1 Tax Year: Fiscal Year Beginning July 1. 2009 Reconciliation Dates: From July 1. 2008 To June 30, 2009 Low & Moderate Housing Set Aside Increases: $ 6,942,359 Adjustment of Forecast Remaining to 2033-34 6,942,359 County of Riverside Pass Through Increases: S 9,938,380 Adjustment of Forecast Remaining to 2033-34 9,938,380 Desert Sands Unified School District Increases: S 4,188,478 Adjustment of Forecast Remaining to 2033-34 4,188,478 Desert Community College District Increases: S 1,639,615 Adjustment of Forecast Remaining to 2033-34 1,639,615 Coachella Valley Mosa. Abat. District Increases: S 11,785,261 Adjustment of Forecast Remaining to 2033-34 11,785,261 Coachella Valley Water District Overhead/Administration City of La Ouinta Loan Increases: Adjustment of Forecast Remaining to 2033-34 Increases: Adjustment of Forecast Increases: Additional Principal $ 273,193 273,193 $ 637,654 637,654 S 1,020,000 1,020,000 153 Page 1 of 2 Name of Agency La Quinta Redevelopment Agency Name of Project Area La Quinta Redevelopment Agency Project No. 1 Tax Year: Fiscal Year Beginning July 1. 2009 Reconciliation Dates: From July 1. 2008 To June 30, 2009 County Superintendent of Schools Decreases: $ 3,792,674 Adjustment of Forecast 3,792,674 Cemetery District Decreases: S 307,816 _,,,Adjustmentof.Forecast_.T---T____307,816. _ - Desert Recreation District Decreases: $ 1,936,631 Adjustment of Forecast 1,936,631 Resource Conservation District Decreases: $ 43,987 Adjustment of Forecast 43,987 County Administration Fee (SB 2557) Increases: $ 2,098,282 Adjustment of Forecast 2,098,282 1998 Tax Allocation Refunding Decreases: S 819,520 Adjustment to Payment Schedule 819,520 Capital Imorovement Program Increases: $ 28,045,255 Adjusted for 2009-10 Budget 28,045,255 City of La Ouinta Increases: $ 8,471,719 Adjustment of Forecast 8,471,719 Page 2 of 2 CALCULATION OF AVAILABLE REVENUES AGENCY NAME LA OUINTA REDEVELOPMENT AGENCY PROJECT AREA LA OUBNTA REDEVELOPMENT AGENCY PROJECT NO. I TAX YEAR Fiscal Year Beginning July 1, 2009 RECONCILIATION DATES: JULY 1, 2008 TO JUNE 30, 2009 1. Beginning Balance, Available Revenues (Per 2007-08 Statement of Indebtedness) 2. Tax Increment Received — Gross: All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3. All other Available Revenues Received (See Instructions) 4. Revenues from any other source, included in Column E of the Reconciliation Statement, but not included in (1-3) above 5. Sum of Lines 1 through 4 6. Total amounts paid against indebtedness in previous year. (D + E on Reconciliation Statement) 7. Available Revenues, End of Year (5 - 6) FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 NOTES Tax Increment Revenues: $12,887,767 $50,649,225 $984,171 $0 $64,521,163 $51,740,974 $12,780,189 The only amount(s) to be excluded as Tax Increment Revenues are any amounts passed through to other local taxing agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set -aside in the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefor omitted from Available Revenues at year end. Item 4. above: This represents any payments from any source other than Tax increment OR available revenues. For instance, an agency funds a project with a bond issue. The previous SOI included a Disposition Development Agreement (DDA) which was fully satisfied with these bond proceeds. The DDA would be shown on the Reconciliation Statement as fully repaid under the 'other" column (Col E), but with funds that were neither Tax Increment, nor "Available Revenues" as defined. The amounts used to satisfy this DDA would be included on line 4 above in order to accurately determine ending "Available Revenues." Rev. 9/29/2009 ., �JJ a � � Y C a � A ° M M D\ M F a v> va in a E g z� o� U IF N C y %i Y w 03a e a L 03 W a U d ci 7 7 09 G Y u yYi Y Y F 79 y « F �Y zz5� w A� P 4S L Y F h b O O\ M yl M Y1 v1 r 0.i Y Op A C s9 of cs w y vi es Fa w � � O Y Y ❑ Y C Y C u C Y C u C Y C Y C u C Y L O Y C C C G C C C C C C C F a _ C G 0 Y Y u Y u u Y buy YY 00 M W 0�0 O�0 W W N Fm, N C u s 9 e o o � 0 � U O 9 u o -a S °e,�- 3 c U O 2 v v r a v > E > a o o y ul m °' y U w u 3 0 0 4 0 0 18 9 v V U V V O U Y a' t e �vx I !§ _ k{ \ [ -�! § 2^ !� § § .! a 2 @ ) « 7 } « ` ! # % ! 0 )�14L! \ k \ � $ & § \ \ < , ¥ } f \ ] 2 u \E < , u I oj = _!• ■ } Eyes z 0 u a C F d C c'a e .o w o a L � U a C a o 'd F a 0 L d Fo Y G a Ca 8 � F 0 'u a s WO Y Y d Q Y � O C 0 c6 mUOt�a� t" N � C Y w G O� O V Q N P 17 K WI W W [ W T P 00 •�• C S V e�.1 O �^.� �p b pp N pOp �O E C� a o =oa so WI c e L o H 0 H 0 H 0 H 0 H 0 H 0 H 0 H 0 H 0 H 0 H 3 E e s ao. o a O 'e E u •? GI .oi a � ran � oo � S rn N r ^ a, o � � �, w T •.. e •u r e � al Y w O w O �Hq O Y C p C u a d W S C ° E o o e a y E = Yy W a0 O h V o0 r N 9 E e 0y ❑ oil w h r d r r q H H H W H W yrq H y a e a e e$ �o 9 L Y C al 9 o ^ n Q a ono = a W r s= e w Y vl CVO _. � G n . W � N N � a � j�■+J C o a W a V1 � 4 Y " e � L Y e u Y 'JOB L Y y 0 O❑ N m C y L C Y C a sse e 0 u U U V T C •Y G OCe � � o •C c FF O I y F � •eC 9 5 9 N 9 F O O m W W .? m w eo .9 m m a P a 160 F rzil K C C Y G h P b cl` M M N GLI �. CR O y W W W r W a WI c Y ye O 9 u p b N N M M F c s w w r o cis c�s w $ h c c r H H a E a a �o 0 a a c C ^ o H a „Cy H H H H H O Q d co pj ,F .0 s .o c Cl N U w Y aa.awac..aa_l ^ •+ N Q N m N U16. N Q N W O ` 161 �r3 P P z Name of Agency ILA Quints Redevelopment Agency Name of Project Area La Quints Redevelopment Agency Project No. 2 Tex Year Fiscal Year Beginning July 1. 2009 Reconciliation Dates: From July 1 2008 To June 30 2009 Low & Moderate Housing Set Aside Increases: $ 24.851.698 Adjustment of Forecast remaining to 203940 24,851,698 County of Riverside Pass Throu¢h Increases: $ 23,257,580 Adjustment of Forecast remaining to 203940 23,257,580 Desert Sends Unified School Increases: $ 12.748 125 - Adjustment of Forecast remaining to 203940 12,748,125 _ .. Coachella Valley Water District ocieua: $ 5 233-194 Adjustment of Forecast remaining to 203940 5,233,394 County Superintendent of Schools Increases: $ 1 436 988 Adjustment of Forecast remaining to 203940 1,436,988 Desert Community College District Increases: $ 2,648,671 Adjustment of Forecast remaining to 203940 2,648,671 Desert Recreation District Decreases: S 20.871.610 Adjustment of Forecast remaining to 203940 20.871,610 and revise pass through rate to agreement Coach Vallev Mosquito Abatement Increases: $ 966.057 Adjustment of Forecast remaining to 203940 966,057 Overhead/Administration Decreases: $ 50,756 2009-10 Budget Estimate 50,756 City of La Quints Advance Increases: $ 1,656,528 Adjustment of Forecast 1,656,528 County Administrative Fee (SB 2577J Increases: $ 1571.930 Adjustment of Forecast remaining to 203940 1,571,930 Capital Improvement Program Increases: 3 4�,- 59 556 Adjustment for 2009-10 Budget $3,459,556 16% Page 1 of 1 CALCULATION OF AVAILABLE REVENUES AGENCY NAME LA OUINTA REDEVELOPMENT AGENCY PROJECT AREA LA OUINTA REDEVELOPMENT AGENCY PROJECT NO. 2 TAX YEAR Fiscal Year Beginning July 1, 2009 RECONCILIATION DATES: JULY 1, 2008 TO JUNE 30, 2009 1. Beginning Balance, Available Revenues (Per 2007-08 Statement of Indebtedness) 2. Tax Increment Received — Gross: All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3. All other Available Revenues Received (See Instructions) 4. Revenues from any other source, included in Column E of the Reconciliation Statement, but not included in (1-3) above 5. Sum of Lines 1 through 4 6. Total amounts paid against indebtedness in previous year. (D + E on Reconciliation Statement) 7. Available Revenues, End of Year (5 - 6) FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 NOTES Tax Increment Revenues: $13,702,231 $28,479,642 $816,058 so $42,997,931 $39,184,998 $3,812,933 The only amount(s) to be excluded as Tax Increment Revenues are any amounts passed through to other local taxing agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set -aside in the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefor omitted from Available Revenues at year end. Item 4, above: This represents any payments from any source other than Tax increment OR available revenues. For instance, an agency funds a project with a bond issue. The previous SOI included a Disposition Development Agreement (DDA) which was fully satisfied with these bond proceeds. The DDA would be shown on the Reconciliation Statement as fully repaid under the 'other" column (Col E), but with funds that were neither Tax Increment, nor "Available Revenues" as defined. The amounts used to satisfy this DDA would be included on line 4 above in order to accurately determine ending "Available Revenues." 163 ltev. 9/29/2009 •�•.. CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT REDEVELOPMENT AGENCY ANNUAL HOUSING ACTIVITY REPORT FY ENDING: 6 30 / 2009 Name and Address: County of Jurisdiction: Riverside Health & Safety Code Section 33080.1 requires agencies (RDAs) to annually report on their Low & Moderate Income Housing Fund and housing activities for the Department of Housing and Community Development (HCD) to report on RDAs' activities in accordance with Section 33080.6. Please answer each question below. Your answers determine how to complete the HCD report. 1. Check one of the items below to identify the Agency's status at the end of the reporting period: ❑ New (Agency formation occurred during reporting ye . No financial transactions were completed). ® Active (Financial and/or housing transactions occurred during the reporting year) ❑ Inactive ft financial and/or housing transactions occurred during the reporting year). ONLY COMPLETE ITEM 7 ❑ Dismantled (Agency adopted an ordinance and dissolved itself before start of reporting year). ONLY COMPLETE ITEM 7 2. During repgrtine yeaz, how many adopted project are existed? 2 Of these, how many were merged during year? 0 If the agency has one or more adopted project areas complete SCHEDULE HCD-A for each proiect area. If the agency has no adopted project areas DO NOT complete SCHEDULE HCD-A (refer to next question). 3. Within an area outside of any adopted project area(s): (a) did the agency destroy or remove any dwelling units or displace any households over the reporting period, (b) does the agency intend to displace any households over the next reporting period, (c) did the agency permit the sale of any owner -occupied unit prior to the expiration of land use controls over the reporting period, and/or (d) did the agency execute a contract or agreement for the construction of any affordable units over the next two years? ❑ Yes (any question). Complete SCHEDULE HCD-B. ® No (all questions). DO NOT complete SCHEDULE HCD-B (refer to next question). 4. Did the agency's Low & Moderate Income Housing Fund have any assets during the reporting period? ® Yes. Complete SCHEDULE HCD-C. ❑ No. DO NOT complete SCHEDULE HCD-C. 5. During the reporting period, were housing units completed within a project area and/or assisted by the agency outside a project area? ® Yes. Complete all applicable HCD SCHEDULES DI-D7 for each housinrproiect completed and HCD SCHEDULE E. ❑ No. DO NOT complete HCD SCHEDULES DI-D7 or HCD SCHEDULE E. 6. Specify whether method A and/or B was used to report financial and housing activity information to HCD: ® A. Forms. All required HCD SCHEDULES A B, C, Dl-D7, and E are attached. ❑ B. On-line (http://www.hcdca.govlydal) "Lock Report" date: . HCD SCHEDULES not required. (lock date is shown under "Admin"Area and "Report Change History') 7. To the best of my knowledge: (a) the represents ' ns m e above and (b) a ency information reported are correct. )-001 ' \ � Date �� —�— gnature of Authorized Agency Representative Finance Director Title nwl 777a1� Telephone Number • IFNOT REQUIRED TO REPORT, SUBMIT ONLYA PAPER COPY OF THIS PAGE. • IFREQUIRED TO REPORT, AND REPORTING BY USING PAPER FORMS (IN PLACE OF REPORTING ON-LINE), SUBMIT THIS PAGEANT) ALL APPLICABLE HCD FORMS (SCHEDULES A-E) WITH A COPY OFAGENCY'S AUDIT. • IF REPORTING ON-LINE, PRINT AND SUBMIT "CONFIRMATION LETTER" UPON LOCKING REPORT • MAIL A COPY OF (a) CONFIRMATION LETTER (IF HCD REPORT WAS ELECTRONICALLY FILED) OR (6) COMPLETED FORMS AND (c) AUDIT REPORT TO BOTH HCD AND THE SCO: Department of Housing & Community Development Division of Housing Policy Redevelopment Section 1800 3'a Street, Suite 430 Sacramento, CA 95814 Redevelopment Agency Annual Report - Fiscal Year 2007-2008 Cover (7/1//08) The State Controller Division ojAccounting and Reporting Local Government Reporting Section 3301 C Street Suite 500 Sacramento, CA 95816 'hCD-Cover 1 " U Page 1 of I SCHEDULE HCD-A Inside Project Area Activity for Fiscal Year that Ended 6 / 30 / 2009 Agency Name: La Quinta Redevelopment Aeency Project Area Name: Redevelopment Proiec[ No. 1 Preparer's Name, Title: Suzy Kim Senior Analyst Preparers E-Mail Address: skim ebrse.com Preparer's Telephone No: 5714) 541-4585 ext.l 16 Preparer's Facsimile No: (714) 541-1175 GENERAL INFORMATION 1. Project Area Information a. 1. Year 1" plan for project area was adopted: 1983 2. Year that plan was last amended (if applicable): 2004 3. Was plan amended after 2001 to extend time limits per Senate Bill 211 (Chapter 741, Statutes of 2001)7 Yes X No_ 4. Current expiration of plan: 11 / 29 / 2024 me day yr b. If project area name has changed, give previous name(s) or c. Year(s) of any mergers of the project area: Identify former project areas that merged:_ d. Year(s) project area plan was amended involving real properly that either: (1) Added property to plan: (2) Removed property from plan: 2. Affordable Housing Replacement and/or Inclusionary or Production Requirements (Section 33413). Pre-1976 oroiect areas not subsequently amended after 1975: Pursuant to Section 33413(d), only Section 33413(a) replacement requirements apply to dwelling units destroyed or removed after 1995. The Agency can choose to apply all or part of Section 33413 to a project area plan adopted before 1976. If the agency has elected to apply all or part of Section 33413, provide the date of the resolution and the applicable Section 33413 requirements addressed in the scope of the resolution. Date: me day yr Resolution Scope (applicable Section 33413 requirements): Post 1975 oroiect areas and eeoeraohic areas added by amendment after 1975 to ore-1976 oroiect areas: Both replacement and inclusionary or production requirements of Section 33413 apply. NOTE: Amounts to report on HCD-A lines NO, 3b-3f, and 3i. can be taken from what is reported to the State Controller's Office (SCO) on the Statement of Income and Expenditures as part of the Redevelopment Agency's Financial Transactions Report, except for the reclassifying of Transfers -In from Internal Funds and the reporting of Other Sources as discussed below: Transfers -In from other internal funds: Report the amount of transferred funds on applicable HCD-A, lines 3a-j. For example, report the amount transferred from the Debt Service Fund to the Housing Fund for the deposit of the required set -aside percentage/amount by reporting gross tax increment on HCD-A, Line 3a(1) and report the Housing Fund's share of expenditures for debt service on HCD-C, Line 4c. Do Other Sources: Non-GAAP (Generally Acceptable Accounting Principles) revenues such as from land sales for those agencies using the Land Held for Resale method to record land sales should be reported on HCD-A Line 3d. Housing fund receipts for the repayment of loan principal should be included on HCD-A Line 3h. California Redevelopment Agencies- Fiscal Year 2008-2009 HCD-A Sch A (7/l/09) Page 1 of 6 Agency Name: La Quints, Redevelopment Agency Project Area Name: Redevelopment Project No. 1 Proiect Area Housing Fund Revenues and Other Sources 3. Report all revenues and other sources of funds from this project area which accrued to the Housing Fund over the reporting year. Any income related to agency -assisted housing located outside the project area(s) should be reported as "Other Revenue" on Line 3j. (of this Schedule A), if this project area is named as beneficiary in the authorizing resolution. Any other revenue sources not reported on lines 3a.-3i., should also be reported on Line 3j. Enter on Line 3a(1) the full 100% of gross Tax Increment allocated prior to applicable pass through of funds and deductions for fees (refer to Sections 33401, 33446, & 33676). Compute the required minimum percentage (%) of gross Tax Increment and enter the amount on Line 3a(2)(A) or 3a(2)(B). Next, report the amount of Tax Increment set -aside before any exemption and/or deferral (if amount set aside is less than required minimum (% explain the difference). If any amount of Tax Increment was exempted or deferred, in addition to completing lines 3a(4) and/or 3a(5)complete Line 4 and/or Line 5. To determine the amount of Tax Increment deposited to the Housing Fund [Line 3a(6)], subtract allowable amounts exempted [Line 3a(4)] or deferred [Line 3a(5)] from the actual amount allocated to the Housing Fund [Line 3a(3)]. a. Tax Increment: (1) 100% of Gross Allocation: $ 50,649,225 (2) Calculate only 1 set -aside amount: either A or B below: (A) 20%required by 33334.2 (Line 3a(l) x 200/b): $ 10,12U,15 (B) 30%required by 33333.10(g) (Line 3a(1) x 30°/n): $ (Senate Bill 211, Chapter 741, Statutes of 2001) (3) Amount of set -aside (Line 3a(2)) allocated to Housing Fund $ 10,129.845 ` * If, pursuant to Section 33334.3(i), less than the minimum % of Gross Tax Increment (see 3a(2) above) is being allocated from this project area, identify the project area(s) contributing the difference. Explain any other reason(s): (4) Amount Exempted [Health & Safety Code Section 33334.2] (if there is an amount exempted, also complete question 44, next page): (5) Amount Deferred [Health & Safety Code Section 33334.61 (if there is an amount deferred, also complete question #5, next page): (6) Total deposit to the Housing Fund [result of Line 3a(3) through 3a(5)] b. Interest Income: c. Rental/Lease Income (combine amounts separately reported to the SCO): d. Sale of Real Estate: e. Grants (combine amounts separately reported to the SCO): f. Bond Administrative Fees: g. Deferral Repayments (also complete Line 5c(2) on the next page): h. Loan Repayments: i. Debt Proceeds: j. Other Revenue(s) [Explain and identify amount(s)]: Miscellaneous Revenues $ 604 ($ ) k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(6). through 3j.): California Redevelopment Agencies — Fiscal Year 2008-2009 Sch A (7/t/09) $ 10,129.845 $ 97.667 $ 240,591 $ 91,029 $ 604 $ 10,559,736 HCD-A Page 2 of 6 166 Agency Name: kAouinta Redevelopment Agency Project Area Name: Redevelopment Project No. 1 Exemption(s) 4. a. If an exemption was claimed on Page 2, Line 3a(4) to deposit less than the required amount, complete the following information: Check only one of the Health and Safety Code Sections below (Note: An Annual Finding is required to be submitted to HCD) ❑ Section 33334.2(a)(1): No need in community to increaselimprove supply of lower or moderate income housing. ❑ Section 33334.2(a)(2): Less than the minimum set -aside % (20% or 30%) is sufficient to meet the need. ❑ Section 33334.2(a)(3): Community is making substantial effort equivalent in value to minimum set -aside % (20% or 30%) and has specific contactual obligations incurred before May 1, 1991 requiring continued use of this funding. 'Note: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30,1993 but contracts entered into prior to May 1 1991 may not be subject to the exemption sunset. ❑ other. Specify code section and reason(s): b. For any exemption claimed on Page 2, Line 3a(4) and/or Line 4a above, identify: Date that initial (h') finding was adopted: _/ /_ Resolution # Date sent to HCD: mo / day / yr mo day yr Adoption date of reporting Year finding: Resolution # Date sent to HCD: mo /day / yr mo day yr Deferral(s) 5. a. Specify the authority for deferring any set -aside on Line 3a(5). Check only one Health and Safety Code Section boxes: ❑ Section 33334.6(d): Applicable to project areas approved before 1986 in which the required resolution was sent to HCD before September 1986 regarding needing tax increment to meet existing obligations. Existing obligations can include those incurred after 1985, if net proceeds were used to refinance pre-1986 listed obligations. Note: The deferral previously authorized by Section 33334.6(e) expired. It was only allowable in each fiscal year prior to July 1,1996 with certain restrictions. ❑ other: Specify code Section and reason: b. For any deferral claimed on Page 2, Line 3a(5) and/or Line 5a above, identify: Date that initial (0) finding was adopted: Resolution # _ mo by yr Adoption date of reporting year finding: _/ Resolution # mo day yr C. Date sent to HCD: mo day yr Date sent to HCD: mo day yr A deferred set -aside pursuant to Section 33334.6(d) constitutes indebtedness to the Housing Fund. Summarize the amount(s) of set -aside deferred over the reporting year and cumulatively as of the end of the reporting year: Amount of Prior Cumulative Amount Amount Deferred Deferrals Repaid Deferred (Net of Any Fiscal Year This Reporting FY During Reporting FY Amount(s) Repaid) (1) Last Reporting FY $ $ $ $ * e (2) This Reporting FY ' The cumulative amount ofdeferred set -aside should also be shown on HCU-C, Line aa. If the prior FY cumulative deferral shown above differs from what was reported on the last HCD report (HCD-A and HCD-C), indicate the amount of difference and the reason: Difference: $ Reason(s): California Redevelopmml Agencies— Fiscal Year 2008-2009 Sch A (7/l/09) HCD-A Page 3 of 6 167 Agency Name: La Quints Redevelopment Agency Project Area Name: Redevelopment Proiect No. I Deferrals (continued) 5. d. Section 33334.6(g) requires any agency which defers set -asides to adopt a plan to eliminate the deficit in subsequent years. If this agency has deferred set -asides, has it adopted such a plan? Yes ❑ No ❑ If yes, by what date is the deficit to be eliminated? mo day yr If yes, when was the original plan adopted for the claimed deferral? mo day yr Identify Resolution # Date Resolution sent to HCD mo day yr When was the last amended plan adopted for the claimed deferral? mo day yr Identify Resolution # Date Resolution sent to HCD mo day yr Actual Proiect Area Households Displaced and Units and Bedrooms Lost Over Reporting Year. 6. a. Redevelopment Proiect Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3), report by income category the number of elderly and nonelderly households permanently displaced and the number of units and bedrooms removed or destroyed, over the reporting Year. (refer to Section 33413 for unit and bedroom replacement requirements). Number of Ron eholds/UnitsBedrooms Project Activity VL L M AM Total Households Permanently Displaced - Elderly 0 Households Permanently Displaced - Non Elderly 0 Households Permanently Displaced -Total 0 Units Lost (Removed or Destroyed) and Required to be Replaced 0 Bedrooms Lost (Removed or Destroyed) and Required to be Replaced 0 Above Moderate Units Lost That Agency is Not Required to Replace 0 0 Above Moderate Bedrooms Lost That Agency is Not Required to Replace b. Other Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3) based on activities other than the destruction or removal of dwelling units and bedrooms reported on Line 6a. report by income category the number of elderly and nonelderly households permanently displaced over the reporting year: N..mlwr of Households Other Activity VL L M AM Total Households Permanently Displaced - Elderly 0 Households Permanently Displaced - Non Elderly 0 Households Permanently Displaced - Total 0 c. As required in Section 33413.5, identify, over the reporting Year, each replacement housing plan required to be adopted before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported on lines 6a. and 6b. Date _/_/ Name of Agency Custodian mo day yr Date _/_/ Name of Agency Custodian mo day yr Please attach a separate sheet of paper listing any additional housing plans adopted. California Redevelopment Agencies — Fiscal Year 2008-2009 HCD-A Sch A (7/1/09) Page 4 of 6 Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Project No. 1 Estimated Protect Area Households to be Permanently Displaced Over Current Fiscal Year: 7. a. As required in Section 33080.4(a)(2) for a redevelopment project of the agency, estimate over the current fiscal Year, the number of elderly and nonelderly households, by income category, expected to he permanently displaced. (Note: actual displacements will be reported for the next reporting year on Line 6). Number of Households Project Activity Households Permanently Displaced - Elderly VL L M AM Total 0 Households Permanently Displaced - Non Elderly 0 Households Permanently Displaced - Total 0 b. As required in Section 33413.5, for the current fiscal vear, identify each replacement housing plan required to be adopted before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported in 7a. Date mo day yr Date mo day yr Name of Agency Custodian Name of Agency Custodian Please attach a separate sheet of paper listing any additional housing plans adopted. Units Developed Inside the Protect Area to Fulfill Requirements of Other Protect Area(s) 8. Pursuant to Section 33413(b)(2)(A)(v), agencies may choose one or more project areas to fulfill another project area's requirement to construct new or substantially rehabilitate dwelling units, provided the agency conducts a public hearing and finds, based on substantial evidence, that the aggregation of dwelling units in one or more project areas will not cause or exacerbate racial, ethnic, or economic segregation. Were any dwelling units in this project area developed to partially or completely satisfy another project area's requirement to construct new or substantially rehabilitate dwelling units? ® No. ❑ Yes. Date initial finding was adopted? _/_/_ Resolution # Date sent to HCD:_/_! mo day yr mo day yr of Other California Redevelopment Agencies - Fiscal Year 2008-2009 Bch A (7/1/09) HCD-A Page 5 of 6 169 Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Project No. 1 Sales of Owner Occupied Units Inside the Project Area Prior to the Expiration of Land Use Controls Section 33413(c)(2)(A) specifies that pursuant to an adopted program, which includes but is not limited to an equity sharing program, agencies may permit the sale of owner -occupied units prior to the expiration of the period of the land use controls established by the agency. Agencies must deposit sale proceeds into the Low and Moderate Income Housing Fund and within three (3) years from the date the unit was sold, expend funds to make another unit equal in affordability, at the same income level, to the unit sold. a. Sales. Did the agency permit the sale of any owner -occupied units during the reporting year? ®No ❑Yes Number f Units � Total Proceeds From Sales Over Repo b. rting Year um er o m s SALES VL I L I M ITotal Units Sold Over Reporting Year Equal Units. ®No ❑Yes Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years? t— Total LMIHF Spent On Equal Units Over ortln Year Number of UnitsRe SALES VL L M Total Units Made Equal This Reporting Yr to Units Sold Over This Reporting Yr Units Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago Units Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago Units Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago Affordable Units to be Constructed Inside the Project Area Within Two Years 10. Pursuant to Section 33080.4(a)(10), report the number of very low, low, and moderate income units to be financed by any federal, state, local, or private source in order for construction to be completed within two years from the date of the agreement or contract executed over the reporting veaz. Identify the project and/or contractor, date of the executed agreement or contract, and estimated completion date. Specify the amount reported as an encumbrance on HCD-C, Line 6a. and/or any applicable amount designated on HCD-C, Line 7a. such as for capital outlay or budgeted funds intended to be encumbered for project use within two years from the reporting year's agreement or contract date. ,..,•r,c ..ter -rare erunnr n c A TR AT AD V RR.DORTRn ON OTHER HCD-As, B, OR Ds. I LV l�Vl NSLVr`a efi, a an,aav v„ Col A Name of Project and/or Contractor Coll B Agreement Execution Date Col C Estimated Completion Date Min 2 rs of Col B Col D Sch C Amount Encumbered Line 6a Col E Sch C Amount Designated Line 7al VL L M Total Please attach a separate sheet of paper to list additional information. California Redevelopment Agencies — Fiscal Year 2008-2009 Sch A (7/1/09) HCD-A Page 6 of 6 SCHEDULE HCD-A Inside Project Area Activity for Fiscal Year that Ended 6 / 30 / 2009 Agency Name: La Quints Redevelopment Agency Project Area Name: Redevelopment Project No 2 Preparer's Name, Title: Suzy Kim. Senior Analyst Preparer's E-Mail Address: skintAwebrsg com Preparer's Telephone No: (714) 541.4585 exL116 Preparer's Facsimile No: JZIALAIL1175. GENERAL INFORMATION 1. Project Area Information a. 1. Year 1' plan for project area was adopted: 1989 . 2. Year that plan was last amended (if applicable): 2004 3. Was plan amended after 2001 to extend time limits per Senate Bill 211 (Chapter 741, Statutes of 2001)7 Yes X No 4. Current expiration of plan: 5 / 16 / 2030 mo day yr b. If project area name has changed, give previous name(s) or number: c. Year(s) of any mergers of the project area: Identify former project areas that merged:_ d. Year(s) project area plan was amended involving real property that either: (1) Added property to plan: (2) Removed property from plan: 2. Affordable Housing Replacement and/or Inclusionary or Production Requirements (Section 33413). Pre-1976 oroiect areas not subsequently amended after 1975: Pursuant to Section 33413(d), only Section 33413(a) replacement requirements apply to dwelling units destroyed or removed after 1995. The Agency can choose to apply all or part of Section 33413 to a project area plan adopted before 1976. If the agency has elected to apply all or part of Section 33413, provide the date of the resolution and the applicable Section 33413 requirements addressed in the scope of the resolution. Date: mo day yr Resolution Scope (applicable Section 33413 requirements): Post 1975 proiect areas and geographic areas added by amendment after 1975 to are-1976 oroiect areas: Both replacement and inclusionary or production requirements of Section 33413 apply. NOTE: Amounts to report on HCD-A lines 3a(1), 3b-3f, and 3i. can be taken from what is reported to the State Controller's Office (SCO) on the Statement of Income and Expenditures as part of the Redevelopment Agency's Financial Transactions Report, except for the reclassifying of Transfers -In from Internal Funds and the reporting of Other Sources as discussed below: Transfers -In from other internal funds: Report the amount of transferred funds on applicable HCD-A, lines 3a-j. For example, report the amount transferred from the Debt Service Fund to the Housing Fund for the deposit of the required set -aside percentage/amount by reporting gross tax increment on HCD-A, Line 3a(I) and report the Housing Fund's share of expenditures for debt service on HCD-C, Line 4c. Do - — - --.-- . "' - -- -- ---_ .... ads Other Sources: Non-GAAP (Generally Acceptable Accounting Principles) revenues such as from land sales for those agencies using the Land Held for Resale method to record land sales should be reported on HCD-A Line 3d. Housing fund receipts for the repayment of loan principal should be included on HCD-A Line 3h. California Redevelopment Agencies— Fiscal Year 2008-2009 - HCD-A Sch A (711/09) Page 1 of 6 Agency Name: La Ouinta Redvelopment Agency Project Area Name: Redevelopment Project No. 2 Project Area Housing Fund Revenues and Other Sources 3. Report all revenues and other sources of funds from this project area which accrued to the Housing Fund over the reporting year. Any income related to agency -assisted housing located outside the project area(s) should be reported as "Other Revenue" on Line 3j. (of this Schedule A), if this proiect area is named as beneficiary in the authorizing resolution. Any other revenue sources not reported on lines 3a.-3i., should also be reported on Line 3j. Enter on Line 3a(1) the full 100% of gross Tax Increment allocated prior to applicable pass through of funds and deductions for fees (refer to Sections 33401, 33446, & 33676). Compute the required minimum percentage (%) of gross Tax Increment and enter the amount on Line 3a(2)(A) or 3a(2)(B). Next, report the amount of Tax Increment set -aside before any exemption and/or deferral (if amount set aside is less than required minimum (*/) explain the difference). If any amount of Tax Increment was exempted or deferred, in addition to completing lines 3a(4) and/or 3a(5) complete Line 4 and/or Line 5. To determine the amount of Tax Increment deposited to the Housing Fund [Line 3a(6)], subtract allowable amounts exempted [Line 3a(4)] or deferred [Line 3a(5)] from the actual amount allocated to the Housing Fund [Line 3a(3)]. a. Tax Increment: (1) 100% of Gross Allocation: $ 28.479.642 (2) Calculate only 1 set -aside amount: either A or B below: (A) 20%required by 33334.2 (Line 3a(1) x 20%): $ 5,695,928 (B) 30% required by 33333.10(g) (Line 3a(1) x 30%): $ (Senate Bill 211, Chapter 741, Statutes of2001) (3) Amount of set -aside (Line 3a(2)) allocated to Housing Fund $ 5.695.928 * If, pursuant to Section 33334.3(i), less than the minimum % of Gross Tax Increment (see 3a(2) above) is being allocated from this project area, identify the project area(s) contributing the difference. Explain any other reason(s): (4) Amount Exempted [Health & Safety Code Section 33334.21 (if there is an amount exempted, also complete question #4, next page): (5) Amount Deferred [Health & Safety Code Section 33334.61 (if there is an amount deferred, also complete question #5, next page): (6) Total deposit to the Housing Fund [result of Line 3a(3) through 3a(5)]: b. Interest Income: c. Rental/Lease Income (combine amounts separately reported to the SCO): d. Sale of Real Estate: e. Grants (combine amounts separately reported to the SCO): f. Bond Administrative Fees: g. Deferral Repayments (also complete Line 5c(2) on the next page): h. Loan Repayments: i. Debt Proceeds: j. Other Revenue(s) [Explain and identify amount(s)]: Developer Participation 16,136 k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(6). through 3j.): Califomia Redevelopment Ageacim — Fiscal Year2008-2009 Sch A (7/1/09) $ 5.695.928 $ 342,641 $ 453,920 $ 40.458 16,136 6,549,083 HCD-A Page 2 of 6 Agency Name: La Ouinta Redvelopment Agency Project Area Name: Redevelopment Project No. 2 Exemotion(s) 4. a. If an exemption was claimed on Page 2, Line 3a(4) to deposit less than the required amount, complete the following information: Check only one of the Health and Safety Code Sections below (Note: An Annual Finding is required to be submitted to HCD) ❑ Section 33334.2(ax l ): No need in community to increase/improve supply of lower or moderate income housing. ❑ Section 33334.2(a)(2): Less than the minimum set -aside % (20% or 30%) is sufficient to meet the need. ❑ Section 33334.2(ax3): Community is making substantial effort equivalent in value to minimum set -aside % (20% or 30a/o) and has specific contractual obligations incurred before May 1, 1991 requiring continued use of this funding. Note: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30, 1993 but contracts entered into prior to May 1, 1991 may not be subject to the exemption sunset. ❑ Other: Specify code section and reason(s): b. For any exemption claimed on Page 2, Line 3a(4) and/or Line 4a above, identify: Date that initial f l �) findine wasadopted: _/ /_ Resolution # Date sent to HCD: / !_ mo day yr mo day yr Adoption date of reporting year findine: ! /_ Resolution # Date sent to HCD: / !_ mo day yr mo day yr Deferral(s) 5. a. Specify the authority for deferring any set -aside on Line 3a(5). Check only one Health and Safety Code Section boxes: ❑ Section 33334.6(d): Applicable to project areas approved before 1986 in which the required resolution was sent to HCD before September 1986 regarding needing tax increment to meet existing obligations. Existing obligations can include those incurred after 1985, if net proceeds were used to refinance pre-1986 listed obligations. Note: The deferral previously authorized by Section 33334.6(e) expired. It was only allowable in each fiscal year prior to July 1,19% with certain restrictions. ❑ other: Specify code Section and reason: b. For any deferral claimed on Page 2, Line 3a(5) and/or Line 5a above, identify: Date that initial (0) finding was adopted: _/ / Resolution # _ mo day yr Adoption date of reporting Year findine: / /_ Resolution # mo day yr Date sent to HCD: mo day yr Date sent to HCD: mo day yr c. A deferred set -aside pursuant to Section 33334.6(d) constitutes indebtedness to the Housing Fund. Summarize the amount(s) of set -aside deferred over the reporting year and cumulatively as of the end of the reporting year: Amount of Prior Cumulative Amount Amount Deferred Deferrals Repaid Deferred (Net of Any Fiscal Year This Reporting FY During Reporting FY Amount(s) Repaid) (1) Last Reporting FY $ (2) This Reporting FY $ $ $ * The cumulative amount of deferred set -aside should also be shown on HCD-C, Line 8a. If the prior FY cumulative deferral shown above differs from what was reported on the last HCD report (HCD-A and HCD-C), indicate the amount of difference and the reason: Difference: $ Reason(s): California Redevelopment Agencies— Fiscal Year 2008-2009 HCD-A Sch A (7/1/09) Page 3 of 6 Agency Name: La Ouinta Redvelopment Agency Project Area Name: Redevelopment Project No. 2 Deferrals (continued) 5. d. Section 33334.6(g) requires any agency which defers set -asides to adopt a plan to eliminate the deficit in subsequent years. If this agency has deferred set -asides, has it adopted such a plan? Yes ❑ No ❑ If yes, by what date is the deficit to be eliminated? /— mo day yr If yes, when was the original plan adopted for the claimed deferral? mo day yr Identify Resolution # Date Resolution sent to HCD mo day yr When was the last amended plan adopted for the claimed deferral? mo day yr Identify Resolution # Date Resolution sent to HCD Jack day yr Actual Project Area Households Displaced and Units and Bedrooms Lost Over Reporting Year: 6. a. Redevelopment Project Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3), report by income category the number of elderly and nonelderly households permanently displaced and the number of units and bedrooms removed or destroyed, over the reporting year, (refer to Section 33413 for unit and bedroom replacement requirements). Number of Households/Units/Bedrooms Project Activity VL L M AM Total Households Permanently Displaced - Elderly 0 Households Permanently Displaced - Non Elderly 0 Households Permanently Displaced -Total 0 Units Lost (Removed or Destroyed) and Required to be Replaced 0 Bedrooms Lost (Removed or Destroyed) and Required to be Replaced 0 Above Moderate Units Lost That Agency is Not Required to Replace 0 1 0 Above Moderate Bedrooms Lost That Agency is Not Required to Replace b. Other Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3) based on activities other than the destruction or removal of dwelling units and bedrooms reported on Line 6a report by income category the number of elderly and nonelderly households permanently displaced over the reporting year: Nnmher of Households Other Activity VL L M AM Total 0 Households Permanently Displaced - Elderly Households Permanently Displaced - Non Elderly 0 Households Permanently Displaced - Total 0 c. As required in Section 33413.5, identify, over the reporting vear. each replacement housing plan required to be adopted before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported on lines 6a. and 6b. Date mo day yr Date /_/_ mo day yr Name of Agency Custodian Name of Agency Custodian Please attach a separate sheet of paper listing any additional housing plans adopted. Celifomia Redevelopment Agencies— Fiscal Year 2008-2009 HCD-A Sch A (711/09) Page 4 of 6 174 Agency Name: La Ouinta Redvelopment Agency Project Area Name: Redevelopment Project No. 2 Estimated Project Area Households to be Permanently Displaced Over Current Fiscal Year: 7. a. As required in Section 33080.4(a)(2) for a redevelopment project of the agency, estimate over the current fiscal Year, the number of elderly and nonelderly households, by income category, expected to be permanently displaced. (Note: actual displacements will be reported for the next reporting year on Line 6). 1V..m6nr of Unimphnlds Project Activity VL L - M Households Permanently Displaced - Elderly MO Households Permanently Displaced - Non Elderly Households Permanently Displaced - Total b. As required in Section 33413.5, for the current fiscal vear, identify each replacement housing plan required to be adopted before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported in 7a. Date mo day yr Date mo day yr Name of Agency Custodian Name of Agency Custodian Please attach a separate sheet of paper listing any additional housing plans adopted. Units Developed Inside the Project Area to Fulfill Requirements of Other Project Area(s) 8. Pursuant to Section 33413(b)(2)(A)(v), agencies may choose one or more project areas to fulfill another project area's requirement to construct new or substantially rehabilitate dwelling units, provided the agency conducts a public hearing and finds, based on substantial evidence, that the aggregation of dwelling units in one or more project areas will not cause or exacerbate racial, ethnic, or economic segregation. Were any dwelling units in this project area developed to partially or completely satisfy another project area's requirement to construct new or substantially rehabilitate dwelling units? ® No. ❑ Yes. Date injtjal finding was adopted? Resolution # Date sent to HCD: mo / day/ yr mo day yr Name California Redevelopment Agencies— Fiscal Year 2008-2009 Sch A (7/I/09) HCD-A Page 5 of 6 175 Agency Name: La Quints Redvelopment Agency Project Area Name: Redevelopment Project No. 2 Sales of Owner -Occupied Units Inside the Project Area Prior to the Expiration of Land Use Controls 9. Section 33413(c)(2)(A) specifies that pursuant to an adopted program, which includes but is not limited to an equity sharing program, agencies may permit the sale of owner -occupied units prior to the expiration of the period of the land use controls established by the agency. Agencies must deposit sale proceeds into the Low and Moderate Income Housing Fund and within three (3) years from the date the unit was sold, expend funds to make another unit equal in affordability, at the same income level, to the unit sold. a. Sales. Did the agency permit the sale of any owner -occupied units during the reporting year? ®No ❑Yes b. f Total Proceeds From Sales Over Reporting Year Number of units SALES VL I L I M Total Units Sold Offer Reporting Year FF. ual Units. ®No ❑Yes Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years? f— Total LMIHF Spent On Equal Units Over Reporting Year Number of Units SALES VL L M Total Units Made Equal This Reporting Yr to Units Sold Over This Reporting Yr Units Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago Units Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago Units Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago Affordable Units to be Constructed Inside the Project Area Within Two Years 10. Pursuant to Section 33080.4(a)(10), report the number of very low, low, and moderate income units to be financed by any federal, state, local, or private source in order for construction to be completed within two years from the date of the agreement or contract executed over the reporting vear. Identify the project and/or contractor, date of the executed agreement or contract, and estimated completion date. Specify the amount reported as an encumbrance on HCD-C, Line 6a. and/or any applicable amount designated on HCD-C, Line 7a. such as for capital outlay or budgeted funds intended to be encumbered for project use within two years from the reporting year's agreement or contract date. DO NOT REPORT ANY UNITS ON THIS SCHEDULE A THAT ARE REPORTED ON OTHER HCD-As, B, OR Ds. j Col A Name of Project and/or Contractor Col B Agreement Execution Date Col C Estimated Completion Date (w/in 2 yrs of Col B Col D Sch C Amount Encumbered Line 6a Col E Sch C Amount Designated Line 7a VL L M Total $ S Please attach a separate sheet of paper to list additional infonna[ion. Califomia Redevelopment Agencies— Fiscal Year 2008-2009 Sch A (7/Iro9) HCD-A Page 6 of 6 176 SCHEDULE HCD-C Agency -wide Activity for Fiscal Year Ended 6 / 30 / 2009 Agency Name: La Ouinta Redevelopment Agency County: Riverside Preparer's Name, Title: Suzy Kim Senior Analyst Preparers E-Mail Address: skim(awebrsg.com Preparer's Telephone No: (714) 316-2116 Preparer's Facsimile No: (7141 541-1175 Low & Moderate Income Housing Funds Report on the "status and use of the agency's Low and Moderate Income Housing Fund." Most information reported here should be based on information reported to the State Controller. Beginning Balance (Use "Net Resources Available" from last fiscal year report to HCD) $ 40.744.807 a. If Beginning Balance requires adiustment(s) describe and provide dollar amount (positive/negative) making up total adjustment: Use < $ > for negative amounts or amounts to be subtracted. b. Adjusted Beginning Balance [Beginning Balance plus +or minus <-> Total Adjustment(s)] $ 40,744,807 2. Project Area(s) Receipts and Housing Fund Revenues a. Total Project Areas) Receipts. Total Summed amount of HCD-Schedule A(s) (from Line 3k) $ 17.108.819 b. Housing Fund Resources not reported on HCD Schedule -A(s) Describe and Provide Dollar Amount(s) (Positive/Negative) Making Up Total Housing Fund Resources c. Total Housing Fund Resources 3. Total Resou rees (Line I b. + Line 2a + Line 2c.) $57,853,626 NOTES: Many amounts to report as Expenditures and Other Uses (beginning on the next page) should be taken from amounts reported to the State Controller's Office (SCO). Review the SCO's Redevelopment Agencies Financial Transactions Report. Housing Fund "transfers -out" to other internal Agency funds: Report the specific use of all transferred funds on applicable lines 4a: k of Schedule C. For example, transfers from the Housing Fund to the Debt Service Fund for the repayment of principal and interest of debt proceeds deposited to the Housing Fund should be reported on the applicable item comprising HCD-C Line 4c, providing tax increment (gross and deposit amounts) were reported on Sch-As. External transfers out of the Agency should be reported on HCD-C Line 4j (e.g.: transfer of excess surplus to the County Housing Authority). Other Uses: Non-GAAP (Generally Accepted Accounting Principles) recording of expenditures such as land purchases for agencies using the Land Held for Resale method to record land purchases should be reported on HCD-C Line 4a(I ). Funds spent resulting in loans to the Housing Fund should be included in HCD-C lines 4b., 4f., 4g., 4h., and 4i as appropriate. The statutory cite pertaining to Community Redevelopment Law (CRL) is provided for preparers to review to determine the appropriateness of Low and Moderate Income Housing Fund (LMIHF) a rpenddures and other uses. HCD does not represent that line items identifying any expenditures and other uses are allowable. CRL is accessible on the Internet lwebsite: http7//www.leginfo.ca. aov/ (California Law)l beginning with Section 33000 of the Health and Safety Code. California Redevelopment Agencies — Fiscal Year 2007-2008 HCD-C SchC(7/1/08) Page 1 of 10 • 17 7 Agency Name: La Quinta Redevelopment Agency 4. Expenditures, Loans, and Other Uses a. Acquisition of Property & Building Sites [33334 2(e)(1)l & Housing [33334 2(e)(611: (1) Land Purchases (Investment — Land Held for Resale) * $ (2) Housing Assets (Fixed Asset) * $ (3) Acquisition Expense $ 18,525,493 (4) Operation of Acquired Property $ 351,839 (5) Relocation Costs $ (6) Relocation Payments $ (7) Site Clearance Costs $ (8) Disposal Costs $ (9) Other [Explain and identify amount(s)]: * Reported to SCO as part of Assets and Other Debts (10) Subtotal Property/Building Sites/Housing Acquisition (Sum of Lines 1 — 9) $ 18,877,332 b. Subsidies from Low and Moderate Income Housing Fund (LMIHF (1) 1' Time Homebuyer Down Payment Assistance $ (2) Rental Subsidies $ (3) Purchase of Affordability Covenants [33413(b)2(B)] $ (4) Other [Explain and identify amount(s)]: 2nd Trust Deeds $ 2,096,000 (5) Subtotal Subsidies from LMIHF (Sum of Lines I — 4) $ 2,096,000 c. Debt Service [33334.2(e)(9)1. If paid from LN1W, report LMIHF's share of debt service. If paid from Debt Service Fund, ensure "gross" tax increment is reported on HCD-A(s) Line 3a(1). (1) Debt Principal Payments (a) Tax Allocation, Bonds & Notes $ (b) Revenue Bonds & Certificates of Participation $ 1,615,000 (c) City/County Advances & Loans $ (d) U. S. State & Other Long —Term Debt $ (2) Interest Expense $ 5,090,773 (3) Debt Issuance Costs $ (4) Other [Explain and identify amount(s)]: - (5) Subtotal Debt Service (Sum of Lines I — 4) $ 6,705,773 d. Planning and Administration Costs [33334.3(e)(111: (1) Administration Costs $ 622,413 (2) Professional Services (non project specific) $ 1,229,421 (3) Planning/Survey/Design (non proiect specific) $ (4) Indirect Nonprofit Costs [33334.3(e)(1)(B)] $ (5) Other [Explain and identify amount(s)]: (6) Subtotal Planning and Administration (Sum of Lines 1 — 5) $ 1,851,834 California Redevelopment Agencies — Fiscal Year 2007-2008 HCD-C Sch C (711/08) Page 2 of 10 178 Agency Name: La Ouinta Redevelopment Agency 4. Expenditures, Loans, and Other Uses (continued) e. On/Off-Site Improvements [33334.2(e)(2)] Complete item 13 $ f. Housing Construction [33334.2(e)(5)] $ g. Housing Rehabilitation [33334.2(e)(7)] $ 213,370 h. Maintain Supply of Mobilehome Parks [33334.2(e)(10)] $ i. Preservation of At -Risk Units [33334.2(e)(11)] $ j. Transfers Out of Agency (1) For Transit village Development Plan (33334.19) $ (2) Excess Surplus [33334.12(a)(1)(A)] $ (3) Other (specify code section authorizing transfer and amount) A. Section S B. Section $ Other Transfers Subtotal $ (4) Subtotal Transfers Out of Agency (Sum ofj(I) throughj(3)) $ k. Other Expenditures, Loans, and Uses [Explain and identify amount(s)]: $ $ Subtotal Other Expenditures, Loans, and Uses $ 213,370 Total Expenditures, Loans, and Other Uses (Sum of lines 4a.-k.) $ 29,744,309 5. Net Resources Available [End of Reporting Fiscal Year] [Page 1, Line 3, Total Resources minus Total Expenditures, Loans, and Other Uses on Line 4.1.1 6• Encumbrances and Unencumbered Balance a. Encumbrances. Amount of Line 5 reserved for future payment of legal contract(s) or agreement(s). See Section 33334.12(g)(2) for definition. Refer to item 10 on Sch-A(s) and item 4 on Sch-B. b. Unencumbered Balance (Line 5 minus Line 6a). Also enter on Page 4, Line 1 la. 7• Designated/Undesignated Amount of Available Funds a. Designated From Line 6b- Budgeted/planned to use near -term $ 21,901,250 Refer to item 10 on Sch-A(s) and item 4 on Sch-B b. Undesignated From Line 6b- Portion not vet budgeted/planned to use 5 $ 9,089,886 $ 19,019,431 8. Other Housing Fund Assets (non recurrent receivables) not included as part of Line 5 a. Indebtedness from Deferrals of Tax increment (Sec. 33334.6) [refer to Sch-A(s), Line 5c (2)]. $ b. Value of Land Purchased with Housing Funds and Held for Development of Affordable Housing. Complete Sch-C item 14. $ c. Loans Receivable for Housing Activities $ d. Residual Receipt Loans (periodic/fluctuating payments) $ e. ERAF Loans Receivable (all years) (Sec. 33681) $ f. Other Assets [Explain and identify amount(s)]: Proceeds of long-term debt transferred with property acquisition $2,574,163 Operating transfers in for purchase of land $307,656 g• Total Other Housing Fund Assets (Sum of lines 8a: f) $ 28,109,317 $ 2,881,819 9• TOTAL FUND EQUITY[Line 5 (Net Resources Available) +8g (Total Other Housing Fund Assets] $ 30,991,136 Compare Line 9 to the below amount reported to the SCO (Balance Sheet of Redevelopment Agencies Financial Transactions Report. [Explain differences and identify amount(s)]: ENTER LOW -MOD FUND TOTAL EOUITIES (BALANCE SHEET) REPORTED TO SCO $ 30,991,136 California Redevelopment Agencies — Fiscal Year 2007-2008 HCD-C sch C (7/1/08) Page 3 of 10 179 Agency Name: La Ouinta Redevelopment Agency - Excess Surplus Information Pursuant to Section 33080.7 and Section 33334.12(g)(1), report on Excess Surplus that is required to be determined on the first day of a fiscal year. Excess Surplus exists when the Adjusted Balance exceeds the greater of: (1) $1,000,000 or (2) the aggregate amount of tax increment deposited to the Housing Fund during the prior four fiscal years. Section 33334.12(g)(3)(A) and (B) provide that the Unencumbered Balance can be adjusted for: (1) any remaining revenue generated in the reporting year from unspent debt proceeds and (2) if the land was disposed of during the reporting year to develop affordable housing, the difference between the fair market value of land and the value received. The Unencumbered Balance is calculated by subtracting encumbrances from Net Resources Available. "Encumbrances" are funds reserved and committed pursuant to a legally enforceable contract or agreement for expenditure for authorized redevelopment housing activities [Section 33334.12(g)(2)]. For Excess Surplus calculation purposes, carry over the prior year's HCD Schedule C Adjusted Balance as the Adjusted Balance on the first day of the reporting fiscal year. Determine which is larger: (1) $1 million or (2) the total of tax increment deposited over the prior four years. Subtract the largest amount from the Adjusted Balance and, if positive, report the amount as Excess Surplus. 10. Excess Surplus: 9 n Cnlumns 6 and 7 track orior vears' Excess Surplus. Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Sum of Tax Current Current Amount 4 Prior and Total Tax Increment Reporting Year Reporting Year Expended/Encumbered Remaining Excess Current Increment Deposits Over la Day Ig Day Against FY Balance of Surplus for Each Reporting Deposits to Prior Four Adjusted Excess Surplus Excess Surplus as of Fiscal Year as of Years Housing Fund FYs Balance Balances End of Reporting Year End of Reporting Year 4 RRrt Yrs Ago FY 2004-05 $ 10,282,664 $ $ $ 3 RRpt Yrs Ago FY 2005-06 $ 14,089,024 $ $ $ 2RStYrsAgo FY 2006-07 $ 15,701,664 $ $ $ I�YrAgo FY 2007-08 $ 16,641,016 Sum of Column 2 Last Year's Sch C $ Col 4 minus larder $ $ CURRENT Reporting AdiustedBalance ofCol3or$lmm Sear (reeport positive $1 FY 2007-08 $ 56.714.370 $ 14,537,506 $ 0 $ $ 11. Reporting Year Ending Unencumbered Balance and Adjusted Balance: a. Unencumbered Balance (End of Year) [Page 3, Line 6b] $ 19,019,431 b. If eligible, adjust the Unencumbered Balance for: (1) Debt Proceeds [33334.12(g)(3)(B)]: Identify unspent debt proceeds and related income remaining at end of reporting year $ (2) Land Conveyance Losses [(33334.12(g)(3)(A))]: Identify reporting year losses from sales/grants/leases of land acquired with low -mod funds, if 49%or more of new or rehabilitated units will be affordable to lower -income households $ 0 12. Adjusted Balance (for next year's determination of Excess Surplus) [Line I la minus sum of 1 lb(1) and 1 lb(2)] $ 19,019,431 Note: Do not enter Adjusted Balance in Coll 4. It is to be reported as next year's 1st day amount to determine Excess Surplus a. If there is remaining Excess Surplus from what was determined on the first day of the reporting year, describe the agency's plan (as specified in Section 33334.10) for transferring, encumbering, or expending excess surplus: b. If the plan described in 12a, was adopted, enter the plan adoption date: California Redevelopment Agencies— Fiscal Year 2007-2008 Sch C (7/1/08) mo day yr HCD-C Page 4 of 10 180 Agency Name: La Ouinta Redevelopment Agency Miscellaneous Uses of Funds 13. If an amount is reported in 4e., pursuant to Section 33080.4(a)(6), report the total number of very low-, low-, and moderate -income households that directly benefited from expenditures for onsite/offsite improvements which resulted in either new construction, rehabilitation, or the elimination of health and safety hazards. (Note: If Line 4e of this schedule does not show expenditures for improvements, no units should be reported here.) Income Level Households Constructed Households Rehabilitated Households Benefiting from Elimination of Health and Safety Hazard Duration of Deed Restriction Very Low Low Moderate 14, If the agency is holding land for future housing development (refer to Line 8b), summarize the acreage (round to tenths, do not report square footage), zoning, date of purchase, and the anticipated start date for the housing development. Site Name/Location* No. of Acres Zoning Purchase Date Estimated Date Available Comments Please attach a separate sheet of paper listing any additional sites not reported above. 15. Section 33334.13 requires agencies which have used the Housing Fund to assist mortgagors in a homeownership mortgage revenue bond program, or home financing program described in that Section, to provide the following information: a. Has your agency used the authority related to definitions of income or family size adjustment factors provided in Section 33334.13(a)? Yes ❑ No ❑ Not Applicable b. Has the agency complied with requirements in Section 33334.13(b) related to assistance for very low-income households equal to twice that provided for above moderate -income households? Yes ❑ No ❑ Not Applicable California Redevelopment Agencies— Fiscal Year 2007-2008 HCD-C soh c (7nro8) Page 5 of 10 Agency Name: La Ouinta Redevelopment Agency 16. Did the Agency use non-LMII IF funds as matching funds for the Federal HOME or HOPE program during the reporting period? • /1 If yes, please indicate the amount of non-LMIHF funds that were used for either HOME or HOPE program support. HOME $ HOPE $ 17. Pursuant to Section 33080.4(a)(11), the agency shall maintain adequate records to identify the date and amount of all LMIHF deposits and withdrawals during the reporting period. To satisfy this requirement, the Agency should keep and make available upon request any and all deposit and withdrawal information. DO NOTSUBMITANY DOCUMENTS/RECORDS. Has your agency made any deposits to or withdrawals from the LMIHF? Yes ® No ❑ If yes, identify the document(s) describing the agency's deposits and withdrawals by listing for each document, the following (attach additional pages of similar information below as necessary): Name of document (e.g. ledger, journal, etc.): Expenditure Detail Report Name of Agency Custodian (person): Louise West Custodian's telephone number: (760) 777-7055 Place where record can be accessed: Finance Deot./City Hall Name of document (e.g. ledger, journal, etc.): Revenue Detail Report Name of Agency Custodian (person): Louise West Custodian's telephone number: (760) 777-7055 Place where record can be accessed: Finance DeptJCity Hall 18. Use of Other (non Low -Mod Funds) Redevelopment Funds for Housine Please briefly describe the use of any non-LNUHF redevelopment funds (i.e., contributions from the other 80% of tax increment revenue or other non Low -Mod funds) to construct, improve, assist, or preserve housing in the community. 19. Sueeestions/Resource Needs Please provide suggestions to simplify and improve future agency reporting and identify any training, information, and/or other resources, etc. that would help your agency to more quickly and effectively use its housing or other funds to increase, improve, and preserve affordable housing? 20. Annual Monitoring Reports of Previously Completed Affordable Housing Proiects/Programs (H&SC 33418) Were all Annual Monitoring Reports received for all prior years' affordable housing projects/programs? Yes ® No ❑ Califomia Redevelopment Agencies — Fiscal Year 2007-2009 HCD-C Sch C (7/M8) Page 6 of 10 Agency Name: La Ouinta Redevelopment Agency 21. Excess Surplus Expenditure Plan (H&SC 33334.10(a) Not Applicable Califomia Redevelopment Agencies— Fiscal Year 2007-2008 HCD-C scn c lvlrog> Page 7 of 10 18s Agency Name: La Duinta Redevelopment Agency 22. Footnote area to provide additional information. California Redevelopment Agencies— Fiscal Year2007-2008 HCD-C sen c (7ilrog) Page 8 of 10 184 Agency Name: La Ouinta Redevelopment Agency 23. Project Achievement and HCD Director's Award for Housing Excellence Project achievement information is optional but can serve important purposes: Agencies' achievements can inform others of successful redevelopment projects and provide instructive information for additional successful projects. Achievements may be included in HCD's Annual Report of Housing Activities of California Redevelopment Agencies to assist other local agencies in developing effective and efficient programs to address local housing needs. In addition, HCD may select various projects to receive the Director's Award for Housing Excellence. Projects may be selected based on criteria such as local affordable housing need(s) met, resources utilized, barriers overcome, and project innovation/complexity, etc. Project achievement information should only be submitted for one affordable residential project that was completed within the reporting year as evidenced by a Certificate of Occupancy. The project must not have been previously reported as an achievement. To publish agencies' achievements in a standard format, please complete information for each underlined category below addressing suggested topics in a narrative format that does not exceed two pages (see example, next page). In addition to submitting information with other HCD forms to the State Controller, please submit achievement information on a 3.5 inch diskette and identify the software. type and version. For convenience, the diskette can be separately mailed to: HCD Policy Division, 1800 3'0 Street, Sacramento, CA 95814 or data can be emailed by attaching the file and sending it to: rlevy hcdca.gov. AGENCY INFORMATION • Project Type (Choose one of the categories below and one kind of assistance representing the primary project type): New/Additional Units (Previously Unoccupied/Uninhabitable): Existing Units (Previously Occupied) - New Construction to own - Rehabilitation of Owner -Occupied - New Construction to rent - Rehabilitation of Tenant -Occupied - Rehabilitation to own - Acquisition and Rehabilitation to Own - Rehabilitation to rent - Acquisition and Rehabilitation to Rent Adaptive Re -use - Mobilehomes/Manufactured Homes - Mixed Use Infill - Payment Assistance for Owner or Renter - Mobilehomes/Manufactured Homes - Transitional Housing - Mortgage Assistance - Other (describe) - Transitional Housing - Other (describe) • Agency Name: • Agency Contact and Telephone Number for the Project: • Project Name • Clientele served [owner, renter, income group, special need (e.g. large family or disabled), etc.] • Number and type of units and location, density, and size of project relative to other projects, etc. • Degree of affordability/assistance rendered to families by project, etc. • Uniqueness (land use, design features, additional services/amenities provided, funding sources/collaboration, before/after project conversion such as re -use, mixed use, etc.) • Cost (acquisition, clean-up, infrastructure, conversion, development, etc.) HISTORY • Timeframe from planning to opening • Barriers/resistance (legal/financial/community, etc.) that were overcome • Problems and creative solutions found • Lessons learned and/or recommendations for undertaking a similar project AGENCY ROLE AND ACHIEVEMENT • Degree of involvement with concept, design, approval, financing, construction, operation, and cost, etc. • Specific agency and/or community goals and objectives met, etc. California Redevelopment Agencies — Fiscal Year 2007-2008 HCD-C Sch C (7/l/08) Page 9 of 10 'u.. 185 Agency Name: La Ouinta Redevelopment Agency ACHIEVEMENT EXAMPLE Project Tvye• NEW CONSTRUCTION- OWNER OCCUPIED Redevelopment Agency Contact: Name (Area Code) Telephone # Project/Program Name: Project or Program Description During the reporting year, construction of 12 homes was completed. Enterprises, which specializes in community self-help projects, was the developer, assisting 12 families in the construction of their new homes. The homes took 10 months to build. The families' work on the homes was converted into "sweat equity" valued at $15,000. The first mortgage was from CHFA. Families were also given an affordable second mortgage. The second and third mortgage loans were funded by LMIHF and HOME funds. History The (City or County) of struggled for several years over what to do about the area. The tried to encourage development in the area by rezoning a large portion of the area for multi -family use, and twice attempted to create improvement districts. None of these efforts were successful and the area continued to deteriorate, sparking growing concern among city officials and residents. At the point that the Redevelopment Agency became involved, there was significant ill will between the residents of the and the (City or County). The introduced the project in with discussions of how the Agency could become involved in improving the blighted residential neighborhood centering on . This area is in the core area of town and was developed with disproportionately narrow, deep lots, based on a subdivision plat laid in 1950. Residents built their homes on the street frontages of and leaving large back -lot areas that were landlocked and unsuitable for development, having no access to either avenue. The Agency worked with 24 property owners to purchase portions of their properties. Over several years, the Agency purchased enough property to complete a tract map creating access and lots for building. Other non -profits have created an additional twelve affordable homes. Agency Role The Agency played the central role. The Project is a classic example of successful redevelopment. All elements of blight were present: irregular, land -locked parcels without access; numerous property owners; development that lagged behind that of the surrounding municipal property; high development cost due to need for installation of street improvements, utilities, a storm drain system, and undergrounding of a flood control creek; and a low-income neighborhood in which property sale prices would not support high development costs. The Agency determined that the best development for the area would be single-family owner -occupied homes. The Agency bonded its tax increment to fund the off -site improvements. A tract map was completed providing for the installation of the street improvements, utilities, storm drainage, and the undergrounding of Creek. These improvements cost the Agency approximately $1.5 million. In lieu of using the eminent domain process, the Agency negotiated with 22 property owners to purchase portions of their property, allowing for access to the landlocked parcels. This helped foster trust and good will during the course of the negotiations. The Project got underway once sufficient property was purchased. Califomia Redevelopment Agencies — Fiscal Year 2007-2008 HCD-C Sch C (711/08) Page 10 of 10 186 SCHEDULE HCD-DI GENERAL PROJECTIPROGRAM INFORMATION For each different Project/Program (arealname/agy or nonage dev/rental or owner), complete a D1 and applicable D2-D7 Examples: 1: 25 minor rehab (Nonagy Dev): Area 1: 15 Owner, Area 2: 6 Rental; & Outside: 4 Rental. Complete 3 D-1s, & Ds3-4-5. 2: 20 sub rehab (nonrestricted): Area 3., 4 Agy Dev. Rentals; 16 Nonagy Dev. Rentals. Complete 2 D-1s & 2 D-5s. 3: 15 sub rehab (restricted): Area 4: 15 Nonagy Dev, Owner. Complete 1 D-1 & 1 D-3. 4: 10 new (Outside). 2 Agy Dev (restricted Rental), 8 Nonagy Dev (nonrestricted Owner) Complete 2 D-1s, 1 D-4, & 1 D-5. Name of Redevelopment Agency: Identify Project Area or specify "Outside": General Title of Housing Project/Program: Project/Program Address (optional): Street: La Quinta Redevelopment Agency Project Area No. 2 La Quinta Home Purchase Loan Program Watercolors Senior Housing Cam: ZIP: Various La Quinta 92253 Owner Name (optional): Various Total Project/Program Units: #21 Restricted Units: #21 Unrestricted Units: #0 :or orolects/programs with no RDA assistance do not complete any of below or any of HCD D2-D6. Only c2MR!ete HCI Was this a federally assisted multi -family rental project [Gov't Code Section 65863.10(a)(3)]7 ❑ YES ® NO Number of units occupied by ineligible households (e.g. ineligible income/# of residents in unit) at FY end #0 Number of bedrooms occupied by ineligible persons (e.g. ineligible income/# of residents in unit) at FY end #0 Number of units restricted for special needs: (number must not exceed"Total Project Units) #21 Number of units restricted that are serving one or more Special Needs: #48 ❑ Check, if data not available _— - - I _,_... r— _r _u ate.. a...l....1 --- ....--- A Ih- •/aL,mhnr of I /nac" nhnval t DISABLED (Mental) # FARMWORKER (Permanent) # TRANSITIONAL HOUSING I DISABLED (Physical) # FEMALE HEAD OF HOUSHOLD #21 ELDERLY I FARMWORKER (Migrant) # LARGE FAMILY # EMERGENCY SHELTERS (4 or more Bedrooms) (allowable use only with 'Other Housing Affordabili and/or S ecial Need Use Restriction Term tenter da /month/ ear using digits, e.. 07/01/2002): Re lacement Housinq Units Inclusionary Housing Units Other HousingUnits Provided With LMIHF Without LMIHF Restriction Start Date 7/1 /2008 — 6/30/2009 Restriction End Date 7/l/2053-6/30/2054 Perpetuity Funding Sources: Redevelopment Funds: $ 2,096,000.00 Federal Funds $ State Funds: $ Other Local Funds: $ Private Funds: $ Owner's Equity: $ TCAC/Federal Award: $ TCAC/State Award: $ Total Development/Purchase Cost: $ 2.096.000.00 Check all appropriate form(s) below that will be used to identify all of this Project's/Program's Units: ❑ Replacement Housing Units Inclusionary Units: Other Housing Units Provided: (Sch HCD-D2) ® Inside Project Area (Sch HCD-D3) ❑ With LMIHF (Sch HCD-D5) ❑ Outside Project Area (Sch HCD-D4) California Redevelopment Agencies - Fiscal Year 2008-2009 Sch DI (711/09) ❑ Without LMIHF (Sch HCD-D6) ❑ No Agency Assistance (Sch HCD-D7) HCD-D1 181 SCHEDULE HCD-D1 GENERAL PROJECT/PROGRAM INFORMATION For each different ProjectlProgram (area/name/acv or nonaoy dev/rental or owner), complete a D1 and applicable D2-D7 Examples: 1: 25 minor rehab (Nonagy Dev): Area 1: 15 Owner, Area 2: 6 Rental; & Outside: 4 Rental. Complete 3 D-Is, & Ds3-4-5. _120 sub rehab (nonrestricted): Area 3: 4 Agy Dev. Rentals; 16 Nonagy Dev. Rentals. Complete 2 D-1s & 2 D-5s. 3: 15 sub rehab (restricted): Area 4: 15 Nonagy Dev, Owner. Complete 1 D-1 & 1 D-3. 4: 10 new (Outside). 2 Agy Dev (restricted Rental), 8 Nonagy Dev (nonrestricted Owner) Complete 2 D-is, 1 D-4, & 1 D-5. Name of Redevelopment Agency: La Quinta Redevelopment Agency Identify Project Area or specify "Outside": Project Area No. 2 General Title of Housing Project/Program: Vista Dunes Affordable Rental Housing Project/Program Address (optional): Street: Cam: ZIP: 44-950 Vista Dunes Lane La Quints 92253 Owner Name (optional): Total Project/Program Units: #80 Restricted Units: #80 Unrestricted Units: #0 :or Prolecta/proArrams with no RDA assistance do not complete any of below or any of HCD D2-D6. Only comolete HCD D7. Was this a federally assisted multi -family rental project [Gov't Code Section 65863.10(a)(3)]7 ❑ YES ® NO Number of units occupied by ineligible households (e.g. ineligible income/# of residents in unit) at FY end #0 Number of bedrooms occupied by ineligible persons (e.g. ineligible income/# of residents in unit) at FY #0 end Number of units restricted for special needs: (number must not exceed "Total Project Units) #3 Number of units restricted that are serving one or more Special Needs: #3 ❑ Check, if data not available (Note: A unit may serve multiple "Special Needs" below. Sum of all the below can exceed the 'Number of Units" above) # DISABLED (Mental) # FARMWORKER (Permanent) # TRANSITIONAL HOUSING # DISABLED (Physical) # FEMALE HEAD OF HOUSHOLD #3 ELDERLY # FARMWORKER (Migrant) # LARGE FAMILY # EMERGENCY SHELTERS (4 or more Bedrooms) (allowable use only with 'Other Housing Units Provided - Without LMIHF" Sch-D6 Affordabil and/or S ecial Need Use Restriction Term enter da Imonthl ear using digits, e.. 07/01/2002 : Replacement HousingUnits Inclusions HousingUnits Other HousingUnits Provided With LMIHF Without LMIHF Restriction Start Date 7/1 /2008 — 6/30/2009 Restriction End Date 7/l/2053-6/30/2054 Perpetuity Funding Sources: Redevelopment Funds: $ 30,470,201.00 Federal Funds $ State Funds: $ 553,731.00 Other Local Funds: $ Private Funds: $ Owner's Equity: $ 1,168,000.00 TCAC/Federal Award: $ 2,974,374.00 TCAC/State Award: $ Total Development/Purchase Cost: $ 35.16�,306.00 Check all appropriate form(s) below that will be used to identify all of this Project's/Program's Units: ❑ Replacement Housing Units Inclusionary Units: Other Housing Units Provided: (Sch HCD-D2) ® Inside Project Area (Sch HCD-D3) ❑ With LMIHF (Sch HCD-D5) ❑ Outside Project Area (Sch HCD-D4) ❑ Without LMIHF (Sch HCD-D6) ❑ No Agency Assistance (Sch HCD-D7) California Redevelopment Agencies - Fiscal Year 2008-2009 Sch DI (7/l/09) HCD-D1 SCHEDULE HCD-D3 INCLUSIONARY HOUSING UNITS (INSIDE PROJECT AREA) (units not claimed on Schedule D-4,5,6,7) (units with required affordability restrictions that agency or community controls) Agency: La Quints Redevelopment Agency Redevelopment Project Area Name: Project Area No. 2 Affordable Housing Project Name: Watercolors Senior Housing Check only one. If both apply, complete a separate form for each (with another Sch-D1): ❑ Aaencv Developed ® Non -Agency Developed Check only one. If both apply, complete a separate form for each (with another Sch-D1): ❑ Rental ® Owner -Occupied Enter the number of units for each applicable activity below: Note: `INELG" refers to a household that is no longer eligible but still a temporary resident and part of the total A. New Construction Units: Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW LOW MOD TOTAL INELG. VLOW LOW fr—MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. 21 1 7 13 = I I 1= 1 7 13 21 Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): B. Substantial Rehabilitation (Post '93/AB 1290 Definition of Value >2b%: Credit for Obligations Since 1994►: Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): C. Acquisition of Covenants (Post '931AB 1290 Reform: Only Multi -Family Vlow & Low & Other Restrictions): Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. TOTAL UNITS (Add only TOTAL of all "TOTAL Elderly / Non Elderly Units"): 2I IjTOTAL UNITS is less than "Total Project Units" on HCD Schedule DI, report the remaining units as instructed helow. Check all appropriate form(s) listed below that will be used to Identify remaining Project Units to be reported: ❑ Replacement Housing Units ❑ Inclusionary Units Outside Project Area) Other Housing Units Provided: (Sch HCD-D2) (Sch HCD-D4) ❑ With LMIHF (Sch HCD-D5) ❑ Without LMIHF (Sch HCD-D6) ❑ No Assistance (Sch HCD-D7) Identify the number of Inclusionary Units which also have been counted as Replacement Units: Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. California Redevelopment Agencies - Fiscal Year 2008-2009 HCD-D3 Sch D3 (7/1/09) •' 189 SCHEDULE HCD-D3 INCLUSIONARY HOUSING UNITS (INSIDE PROJECT AREA) (units not claimed on Schedule D-4,5,6,7) (units with required affordability restrictions that agency or community controls) Agency: La Quinta Redevelopment Agency Redevelopment Project Area Name: Project Area No. 2 Affordable Housing Project Name: Vista Dunes Check only one. If both apply, complete a separate forth for each (with another Sch-D11): ® Aaencv Developed ❑ Nan-A-gency Developed Check only one. If both apply, complete a separate form for each (with another Sch-131): ® Rental ❑ Owner -Occupied Enter the number of units for each applicable activity below: Note: °INELG" refers to a household that is no longer eligible but still a temporary resident and part of the total A. New Construction Units: Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. 3 3 76 1 77 79 1 90 Of Total, Identify the number aggregated from other project areas (see HCD-A(s), Item 8): B. Substantial Rehabilitation (Post '93/AB 1290 Definition of Value >25%: Credit for Obliaations Since 1994): Elderly Units Non Eldedy Units TOTAL Elderly & Non Elderly Units VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8):H= C. Acquisition of Covenants (Post'93/AB 1290 Reform: Only Multi -Family Vlow & Low & Other Restrictions): Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. m== = I I NE=1 = TOTAL UNITS (Add only TOTAL of all "TOTAL Elderly / Non Elderly Units"): 80 IjTOT.tL UNITS is less than "Total Project Units" on HCD Schedule DI, report the remaining units as instructed below. Check all appropriate form(s) listed below that will be used to identify remaining Project Units to be reported: ❑ Replacement Housing Units ❑ Inclusionary Units Outside Project Area) Other Housing Units Provided: (Sch HCD-D2) (Sch HCD-D4) ❑ With LMIHF (Sch HCD-135) ❑ Without LMIHF (Sch HCD-D6) ❑ No Assistance (Sch HCD-D7) Identify the number of Inclusionary Units which also have been counted as Replacement Units: Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. WE FORINIENOW WOMMMMM California Redevelopment Agencies - Fiscal Year 20W2009 HCD-D3 Sch D3 (7/l/09) 190 SCHEDULE HCD-E CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION BASED ON SPECIFIED HOUSING ACTIVITY DURING THE REPORTING YEAR Agency: La Quinta Redevelopment Agency Name of Project or Area (if applicable, list "Outside" or "Summary": Project Area No. 2 Complete this form to report activity separately by project or area or to summarize activity for the year. Report all new construction and/or substantial rehabilitation units from Forms D2 through D7 that were: (a) developed by the agency and/or (b) developed only in a project area by a nonagency person or entity. PART I [H&SC Section 33413(b)(1)] AGENCY DEVELOPED UNITS DURING THE REPORTING YEAR BOTH INSIDE AND OUTSIDE OF A PROJECT AREA I. New Units Developed by the AZency 0 2. Substantially Rehabilitated Units Developed by the Agency 0 3. Subtotal - Baseline of Agency Developed Units (add lines 1 & 2) 0 4. Subtotal of Increased Inclusionary Obligation (Line 3 x 30%) (see Notes I and 2 below) 0 5. Very -Low Inclusionary Obligation Increase Units (Line 4 x 50%) 0 PART II [H&SC Section 33413(b)(2)] NONAGENCY DEVELOPED UNITS DURING THE REPORTING YEAR ONLY INSIDE A PROJECT AREA 6. New Units Developed by Any Nonagency Person or Entity 101 7. Substantially Rehabilitated Units Developed by Any Nonagency Person or Entity 0 8. Subtotal - Baseline of Nonagency Developed Units (add lines 6 & 7) 101 9. Subtotal of Increased Inclusionary Obligation (Line 8 x 15%) (see Notes 1 and 2 below) 15 10. Very Low Inclusionary Obligation Increase (Line 9 x 400/10) 6 PART III REPORTING YEAR TOTALS 11. Total Increase in Inclusionary Obligation (add lines 4 and 9) 15 12. Very -Low Inclusionary Obligation Increase (add line 5 and 10) (Line 12 is a subset of Line 11) 6 raan+rn+•rrasrrarurrusrrurrrurrr+srrrrrrs+arsurrnssrararsraarrrrrwwr+r+rrrurarruwrrr+r+rsrrnran+rusarruassa a 1. Section 33413(b)(1), (2), and (4) require agencies to ensure that applicable percentages (30% or 15%) of all (market -rate and affordable) "new and substantially rehabilitated dwelling units" are made available at affordable housing cost within 10 year planning periods. Market -rate units: units not assisted with low -mod funds and jurisdiction does not control affordability restrictions. Affordable units: units generally restricted for the longest feasible time beyond the redevelopment plan's land use controls and jurisdiction controls affordability restrictions. Agency developed units: market -rate units can not exceed 70 percent and affordable units must be at least 30 percent, however, all units assisted with low -mod funds must be affordable. Nonagency developed (project area units: market -rate units can not exceed 85 percent and affordable units must be at least 15 percent. 2. Production requirements may be met on a project -by -project basis or in aggregate within each 10 year planning period The percentage of affordable units relative to total units required within each 10 year planning period may be calculated as follows: AFFORDABLE units = Market -rate x (.30 or .15) TOTAL units = Market -rate or Affordable (.70 or .85) ( 70 or .85) (.30 or .15) California Redevelopment Agencies - Fiscal Year 2008-2009 HCD-E Soh E.1 (7/01 /09) 191 A l l A(;H[VltN 1 4 La Quinta Redevelopment Agency Loan Report June 30, 2009 No notes were in default at year end and all notes were deemed to be in compliance with agreement provisions. The following is a description of the notes over $50,000 outstanding: $2,112,847 Amended and Restated Rental Conveyance Area Promissory Note. This loan is for the Seasons Senior Apartments located west of the Ralph's Center in the Village. As shown on the financial statements for La Quinta Seniors, L.P., there is not sufficient cash from operations to pay accrued interest and principal on this note. Section 2 of the note indicates that the Holder shall have the option to make annual payments from "Residual Cash Flow" or if there is not sufficient Residual Cash Flow, then the Holder shall pay all principal and accrued interest on June 15, 2029. The balance as of June 30, 2009 was $3,764,107. This development was funded, in part, with 4% tax credits and the Note was structured to facilitate tax credit financing. When the Agency approved this project, there was no anticipation that this note would be repaid. Instead, the Agency assistance was structured in this manner to facilitate foreclosure in case of default during the terms of the affordability covenants. The Agency will not be receiving payment on this note this year because the audited financial statements show that there is not sufficient proceeds from project cash flow to make the annual payment, and that the unpaid amount will be added to the loan principal per the terms of the Amended and Restated Rental Conveyance Area Promissory Note. $9,500,000 Replacement Promissory Note. This Note replaces the $6,000,000 Promissory Note dated December 20, 2000. As the financial statement demonstrates, there is not sufficient cash flow from operations to pay accrued interest and principal on this Note. Per Section 3, Term of Note: Repayment, the Holder shall pay in each calendar year that there is positive Cash Flow 75% of that calendar year's Cash Flow. Cash Flow is further defined as residual receipts. Said Section further states that if there is not sufficient Cash Flow to make these annual payments, then all unpaid principal and accrued but unpaid interest on this Note is due and payable on the 551" anniversary date of the Certificate of Completion. The balance as of June 30, 2009 was $9,443,802. This development was funded, in part, with 4% tax credits and the Note was structured to facilitate tax credit financing. When the Agency approved this project, there was no anticipation that this note would be repaid. Instead, the Agency assistance was structured in this manner to facilitate foreclosure in case of default during the terms of the affordability covenants. The audit response should reflect that the Agency will not be receiving payment on this note this year because the audited financial statements show that there is not sufficient proceeds from project cash flow to make the annual payment, and that the unpaid amount will be added to the loan principal per the terms of the Note. 192 A l l AL;KMLN I b LA OUINTA REDEVELOPMENT AGENCY PROPERTYREPORT 6/30/2009 Descr 1 Descr 2 Descr 3 Descr 4 COST DATE LAND PARCEL C.V. LAND 774-081-027 53275 Ramirez 88,000.00 62&1995 LAND PARCEL C.V. LAND 774-131-013 53523 Martinez 88.000.00 8/25/1995 LAND PARCEL C.V. LAND 773-222-022 52225 Vallejo 88,000.00 8/25/1995 LAND PARCEL C.V. LAND 744-044-017 53105 Obregon 88,000.00 8/25/1995 LAND PARCEL C.V. LAND 773-083-021 51395 Vallejo 88,000.00 825/1995 LAND PARCEL C.V. LAND 774-131-014 53541 Martinez 88,000.00 825/1995 LAND PARCEL C.V. LAND 773.265-020 52425 Eisenhower 88,000.00 625/1995 LAND PARCEL C.V. LAND 773-281-020 52635 Diaz 88,000.00 825/1995 LAND PARCEL C.V. LAND 773-321-013 52985 Carrara 88,00000 825/1995 LAND PARCEL C.V. LAND 773-326-024 52985 Eisenhower 88,000.00 825/1995 LAND PARCEL C.V. LAND 773-333-018 52835 Villa 88,000.00 825/199S LAND PARCEL C.V. LAND 773-333-019 52845 Villa 88,000.00 /25/1995 LAND PARCEL C.V. LAND 774-044-020 52155 Obregon 88,000.00 8/25/1995 LAND PARCEL C.V. LAND 774-044-021 53175 Obregon 88,000.00 825/1995 LAND PARCEL C.V. LAND 774-053-017 53105 Herrera 88.000.00 825/1995 LAND PARCEL C.V. LAND 774-094-014 53275 Navarro 88.000.00 825/1995 LAND PARCEL C.V. LAND 774-122-016 53585 Vallejo 88,000.00 8Q511995 LAND PARCEL C.V. LAND 774-143-017 53925 Juarez 88,000.00 8125/1995 LAND PARCEL C.V. LAND 774-151-023 53965 Diaz 88.000.00 81211995 LAND PARCEL C.V. LAND 774-153-014 53775 Alvarado 88,000.00 BQ5/1995 LAND PARCEL C.V. LAND 774-163-015 53795 Herrera 88,000.00 825/1995 LAND PARCEL C.V. LAND 774-175-007 53880 Navarra 88,000.00 825/1995 LAND PARCEL C.V. LAND 774-213423 54245 Herrera 88,000.00 825/1995 LAND PARCEL C.V. LAND 774-232-032 54280 Madero 88,000.00 825H995 LAND PARCEL C.V. LAND 773-295-017 62565 Eisenhower 88,00000 525/1995 LAND PARCEL 51-319 WASHINGTON GLADYSKELLER (RDAPROPERTY) 68,332.00 10/1/1990 LAND PARCEL BLOCK 84 LOTS 67& 71 ADJACENT TO CVC CTR WAYNEKIRK.R RDA PROPERTY 130,415.00 12/1/1990 LAND PARCEL 2,612 ACRES ADDITION TO FRITZ BURNS PARK RDA PROPERTY 237,515.00 511/1991 LAND PARCEL BLOCK 134 LOTS 198: GEORGEBRADLEY (RDAPROPERTY) 60,000.00 4/111990 LAND PARCEL BLOCK 122 LOTS 14 & 15 BELLOWS ESTATE RDA PROPERTY 105,000.00 1/1/1990 LAND PARCEL BLOCK 122 770-123-009 LOTS 7.8,9.10,11 Village Palling Lot 440,000.00 3/l/1990 LAND PARCEL BLOCK 66 LOT 77 ADJACENTTOCIVICCENTER (RDAPROPERTY) 60,977.00 5/1/1991 Vista dunes Mobile Home Park CIP 1737 2,571,091.00 6/302004 Vista dunes Mobile Home Park CIP 1737 4,486,016.00 6/30/2005 Vista dunes Mobile Home Park CIP 1737 1,486,664.00 6/302006 Vista dunes Mobile Home Park CIP 1737 49,338.10 6/302007 Hammer Property CIP 1741 92,724.00 6/30/2005 Hammer Property CIP 1741 8,752,276.00 6/30/2004 Land, The Ranch CIP 723 42,520,987.00 6M02002 Land, The Ranch CIP 723 36,524.00 61302005 Land, The Ranch CIP 723 698.714.00 6/302005 Land, The Ranch CIP 723 (16,586,350.00) W302005 Land, The Ranch CIP 723 (570,257.00) 6/302005 Land, The Ranch CIP 723 50,743.00 6/302004 Land, The Ranch Conveyance of Wellsite to Silvedioc Transfer to SilverRock (352.687.00) 11/62007 LAND PARCEL 773-1014Ot Museum 77885 Cella Montezuma 106,773.00 0W03MO Land - WesMreN Ho & Dune PalmVPerw 649-040-012-6 46178 Dune Palms 414,971.44 6/13/2006& 6/302007 Lantl - Westward Ho& Dune Palms/Hartr 649-040-004 46160 Dune Palms 541,732.34 5/31/2006&6/30/2007 Land - Weshi Ho & Dune Palms/Rami 600-030-008 46176 Dune Palms 854,492.19 4262007 Land - Westward Ho& Dune Pelms/Foun 6004130403 46150 Dune Palms 380,953.16 1/162007 Land - Westward His & Dune Palms/Slate 600-030-002 46130 Dune Palms 2,000.00 1/162007 Land - Hwy 111 - Mazella 6494130-016,017 Hwy 111 South st East Dune Palms 20,005,242.14 3/16/2007& 6/302008 Land - Caner CalleSonora & Ave Herrera 773-2.23-02.2 Vacant Lot - Lot 11. Block 76 Unit 10 Boo 20.100.00 6/302007 Land-Ostrawsky 773-077-014 Village Parcel 1,110,306.21 6I302008 Lantl - Testa 609-040-005 4.608.637.62 6130/2008 Land - Goodman Washington St Apa 609-040-007 & 609-040-023 Land Vacant 185,730.00 6/302008 Additions: Land - Ostrawsky 773-077-014 Village Parcel 5,03975 6/302008 Ricardo &Lisa Martinez 770-166-019 51395 Calla Kalims 191,191.04 1/1/2009 Robert &Delia Gaeta 773-152-015 51805 Avenida Cortez 86.952.81 1/1/2009 Land - Westward Ho & Dune Palms/Slate 600-030-002 46130 Dune Palms 330,026.00 &112009 Goodman Washington St Apts 609-040-007&609-040-023 Land Vacant 143.000.00 61302009 Goodman Washington St Apts 609-040-007 & 609-040-023 Land Buildings 6040221.00 6/302009 Addition 6,796,429.60 Deletions Hammer Property CIP 1741 (92,724.00) l/l2009 Hammer Property CIP 1741 (8752276.00) 1/1/2009 Deletions (8,845,000.00) 72,720,389.80