Loading...
2010 02 16 RDA62� 4 4vadja Redevelopment Agency agendas are available on the City' web page @ www.la-quinta.org REDEVELOPMENT AGENCY AGENDA CITY COUNCIL CHAMBERS 78-495 Calle Tampico La Quinta, California 92253 Regular Meeting TUESDAY, FEBRUARY 16, 2010 3:00 P.M. Closed Session / 4:00 P.M. Open Session Beginning Resolution No. RA 2010-003 CALL TO ORDER Roll Call: Agency Board Members: Adolph, Franklin, Henderson, Sniff, Chairperson Evans 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 PROPERTY LOCATED ON THE WEST SIDE OF EISENHOWER DRIVE BETWEEN AVENUE 50 AND AVENIDA FERNANDO. PROPERTY OWNER/NEGOTIATOR: PYRAMID PROJECT MANAGEMENT, KEN HOEPPNER. Redevelopment Agency Agenda �. 1 February 16, 2010 RECESS TO CLOSED SESSION RECONVENE AT 4:00 P.M. 4:00 P.M. PUBLIC COMMENT At this time members of the public may address the Redevelopment Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. APPROVAL OF MINUTES OF FEBRUARY 2, 2010. CONSENT CALENDAR NOTE: Consent Calendar items are considered to be routine in nature and will be approved by one motion. 1. APPROVAL OF DEMAND REGISTER DATED FEBRUARY 16, 2010. 2. RECEIVE AND FILE TREASURER'S REPORT DATED DECEMBER 31, 2009. 3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED DECEMBER 31, 2009. BUSINESS SESSION 1. CONSIDERATION OF MID -YEAR BUDGET REPORT FOR FISCAL YEAR 2009-2010 AND ADOPTION OF A RESOLUTION FOR DETERMINING PLANNING AND ADMINISTRATION EXPENSES. A. MINUTE ORDER ACTION B. RESOLUTION ACTION STUDY SESSION — NONE Redevelopment Agency Agenda 2 February 16, 20M . 002 CHAIR AND BOARD MEMBERS' ITEMS — NONE PUBLIC HEARINGS — NONE ADJOURNMENT The next regular meeting of the Redevelopment Agency will be held on March 2, 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 February 16, 2010, was posted on the outside entry to the Council Chamber at 78-495 Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630 Highway 111, on February 12, 2010. DATE February 12, 2010 VERONICA J. 0NTECINO, City Clerk City of La Q nta, California Public Notice Any writings or documents provided to a majority of the Redevelopment Agency regarding any item on this agenda will be made available for public inspection at the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours. Redevelopment Agency Agenda 3 February 16, 2010 *01 • 003 S°'�TQ• CFhI OF 9�V RDA MEETING DATE: February 16, 2010 ITEM TITLE: Demand Register Dated February 16, 2010 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated February 16, 2010 of which $652,040.09 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 ••• 004 Wait 04� a4mrad c7 S cF`y OF "I'NQ'Ow COUNCIL/RDA MEETING DATE: February 16, 2010 ITEM TITLE: Receive and File Transmittal of Treasurer's Report as of December 31, 2009 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and file. AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: QL STUDY SESSION: PUBLIC HEARING: PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA ft '005 a •� o� o 4 ZP Qu&raj Co cFM OF COUNCIL/RDA MEETING DATE: February 16, 2010 ITEM TITLE: Receive and File Transmittal of Revenue and Expenditure Reports dated December 31, 2009 RECOMMENDATION: Receive and File FISCAL IMPLICATIONS: None. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: Transmittal of the December 31, 2009 Statement of Revenue and Expenditures for the La Quinta Redevelopment Agency. Respectfully submitted, r / i John M. Falconer, Finance Director 006 Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. Revenue and Expenditures Report, December 31, 2009 2 Al I AGIiMtN 1 I 07101/2009-1213112009 LA OUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA NO. 1: LOW/MODERATE TAX FUND: Tax Increment 10,833,90000 0.00 10,833,900.00 0.000% Allocated Interest 68,700.00 3,180.62 65,519,38 4.630% Nan Allocated Interest 0.00 601.68 (601.68) 0.000% Miscellaneous revenue 0.00 0.00 0.00 0.000% Non Allocated Interest 0.00 0,00 0,00 0.000% LORP-Rent Revenue 226,000,00 125,544.00 99,456,00 55.800% Home Sales Proceeds 150.000.00 000 150,000,00 0.000% Sale of Land 0.00 000 0.00 0.000% Sewer Subsidy Reimbursements 0.00 0.00 0.00 0.000% Rehabilitation Loan Repayments 0.00 0.00 0,00 0,000% 2nd Trust Deed Repayment 0 00 0,00 0.00 0.000% Transfer In 0.00 0.00 0.00 0.000% TOTAL LOW/MOD TAX 11.277,600.00 129.326.30 11,148.273.70 1,150% DEBT SERVICE FUND: Tax Increment 43,335,700,00 0.00 43,335,700.00 0.000% Allocated Interest 42,700.00 27,503.81 15.196.19 64.410% Non Allocated Interest 0.00 0.00 0.00 0.000% Interest -County Loan 0.00 0.00 0.00 0.000% Interest Advance Proceeds 0.00 0.00 0.00 0.000% Transfers In 4,438,892.00 2,981,837,27 1,457,054.73 67.180% TOTAL DEBT SERVICE 47,817,292,00 3.009,341.08 44,807,950.92 6.290% CAPITAL IMPROVEMENT FUND Pooled Cash Allocated Interest 162.000.00 67,882.93 94.117.07 41.900 % Non Allocated Interest 32,500.00 17,201.36 15,298.64 52.930% Developer Agreement Funding 0,00 0.00 0,00 0,000% Sale of Land Proceeds 0,00 0.00 000 0.000% Rental Income 0.00 2,639.33 (2,639.33) 0.000% Transfers In 0.00 0.00 0.00 0.000 % TOTAL CAPITAL IMPROVEMENT 194,51X1.00 87,723.62 106.776.38 45.100% Ow. 008 3 LA OUINTA REDEVELOPMENT AGENCY EXPENDITURE SUMMARY PROJECT AREA NO h ADJUSTED 1L31109 REMAINING BUDGET EXPENDITURES ENCUMBERED BUDGET LOW/MODERATE TAX FUND: PERSONNEL 1,100.00 0.00 0,00 1, 100.00 SERVICES 352,490.00 90,911.89 0.00 261,578,11 BUILDING HORIZONS 0,00 0.00 0,00 Q00 LO RENTAL PROGRAM 275.000.00 120.211.02 0,00 15q78898 20d TRUST DEED PROGRAM 000 0,00 0.00 0.00 BUILDING HORIZONS 250,000.00 0.00 0.00 250,000.00 LANDACQUISITION 000 000 0.00 0.00 LOW MOD HOUSING PROJECTS 0.W 9,000DC 0,00 (9,000.00) FORECLOSURE 750,000.W 0.00 0.00 750,00000 REIMBURSEMENT TO GEN FUND 783,523.00 408,407.58 0,00 355, 115A2 TRANSFERS OUT 44]8,892.00 298183].2] 0.00 149]054.73 TOTAL LOW/MOO TAIL DEBT SERVICE FUND: SERVICES 508,2W 00 11,570.00 0.00 496,630.00 BOND PRINCIPAL 3,135,000.00 3,135,000. 00 0,00 0.00 BONDINTEREST 7,146,05200 3,620,943.13 0,00 3,523.11687 INTERESTCHY ADVANCE 1.428,333,00 568,333.33 0,00 859,9996] PASS THROUGH PAYMENTS 24,722,621.00 456,79846 0.00 24,265,822. 54 ERAF SHIFT 23, 580,481.00 0.00 0.00 23,W0,481.00 TRANSFERS OUT 3,961,93200 2551604.9] 0.00 1,410,327D3 TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: PERSONNEL 1,100.00 0.00 ODO 1, 10000 SERVICES ]]6.600,00 350,412.09 0.00 426,18791 LAND ACQUISITION 000 Dw 0.00 0.00 ASSESSMENT DISTRICT a 0,00 0w 0.00 ADVERTISING -ECONOMIC DEV 10,000.00 0,00 0.00 10,0000 ECONOMIC DEVELOPMENT 0.00 000 O.W 0.00 BOND ISSUANCE COSTS 0,00 0.00 0,0 0,00 CAPITAL - BUILDING 0.00 0.00 0,00 000 REIMBURSEMENT TO GEN FUND 356,491.00 189.371.N 0.00 167,119.96 TRANSFERS OUT 42310]8].0' 248441.83 0.00 42081 J25,1] TOTAL CAPITAL IMPROVEMENT 'FN.. ' 0 0 9 0 07101/2009- 12/31/2009 LA OUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA NO. 2: LOW/MODERATE TAX FUND: Tax Increment 5,668,000.00 0.00 5,668,000.00 0.000% Allocated Interest 168.100.00 35,042.43 133.057.57 20,850% Non Allocated Interest 0.00 0.00 0.00 0,000% Wash St Apts Interest Income 3,600.00 1,077.6B 2.522.32 29.940% WSA Fed Govt Assistance Pymts 451,400.00 148,387.00 303,013.00 32.870% WSA Fed Govl Interest Rate Subsidy 46.800.00 0.00 46,800.00 0.000% Developer funding 0.00 0.00 0.00 0,000% Wash St Apts Rental Income 163,300,00 58,795,12 104,504.88 36,000% Wash St Apts Other Revenues 4,200.00 2,700.20 1.499.80 64.290% 2nd Trust Dead Repayment 0.00 23.444.00 (23,444.00) 0.000% ERAF Shift - Interest 0.00 000 0.00 0.000% Sale of Land 0.00 0,00 0.00 0.000 % Transferin 0,00 0.00 0.00 0.000% TOTAL LOW/MOD TAX 6,505,400.00 269,446.43 6,235.953,57 4.140% 2004 LOW/MODERATE BOND FUND: Allocated Interest 0.00 0,00 0.00 0.000 Home Sale Proceeds 0.00 0,00 0.00 0,000% Non Allocated Interest 17,500.00 9,70B.64 7,791.36 55,480% Transfer In 0.00 0,00 000 0.000% TOTAL LOW/MOD BOND 17,500.00 9,708,64 7,791.36 55480% DEBT SERVICE FUND: Tax Increment 22,671,800.00 0.00 22.671,80000 0.000% Allocated Interest 140,000.00 30,175S8 109,824,12 21.550% Non Allocated Interest 0.00 0,00 0.00 0.000% Interest Advance Proceetls 0.00 0,00 0.00 0.000% Transfer In 1,951399.00 1.256760.66 694638,34 64,400% TOTAL DEBT SERVICE 24,763,199,00 1,286,936,54 23,476,262.46 5.200% CAPITAL IMPROVEMENT FUND: Allocated Interest 41.400.00 4.648.21 36,751.79 11.230% Non Allocated Interest 0.00 0,00 0.00 0.000% Misc Revenue 0,00 0,00 0.D0 0,000% Sale of land 0.00 0.00 0,00 0,000% Transfers In 0.00 0.00 0.00 0.000% TOTAL CAPITAL IMPROVEMENT 41,400.00 4,64821 36,751.79 11.230% '«- 010 LA OUINTA REDEVELOPMENT AGENCY ADJUSTED 1L31ID9 REMAINING EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET PROJECT AREA NO 2� LOWIMODERATE TAX FUND: PERSONNEL 700.W 0.00 0.00 700.00 SERVICES SOD,361,W 100,487A6 O.W 399,873.84 WASH ST APTS OTHER EXPENSES 429,3W.00 141,333.73 000 28],966.2] 2ND TRUST DEEDS 0,00 0.00 0.00 0.00 LOW MOD HOUSI NO PROJECTS 3,000.00 O.W 0.00 3,000.00 FORECLOSURE ACQUISITION 250,000W O.W 0.00 250,00000 VISTA DUNES PARK 0.00 0,00 0.00 O.W LANDACQUISITION 0,00 000 O.W 000 WSA PRINPROVIDENT LOAN 25.325.00 8,194.08 0.00 17,130.92 WSA PRIN/USDA LOAN 10,671.00 O.W 0.00 10,671,00 WSA INTEREST/PROVIDENT LOAN 129,149.00 43,297.40 0.00 85,851,60 WSA INTEREST/USDA LOAN 746110 12,790.08 O.W 61, 82092 REIMBURSEMENT TO GEN FUND 416,382.W 221,79588 0.00 IN 58612 TRANSFERS OUT 12 .00 ]5].594 133],]45.84 0.00 11419,848,16 TOTAL LOWIMOO TAX 2004 LOWIMODERATE BOND FUND HOUSING PROGRAMS 824,OW.00 618.00000 000 205,00.00 LAND 0,00 0,00 000 0.00 TRANSFERS OUT 731]4000 (2143 ]024]I 000 28]544247 TOTAL LOWIMOo UONO-I"555. ]dplR� IT`525,IDSd1T O:D03Wf 41. DEBT SERVICE FUND: SERVICES 268,000.00 3.9750 0.00 264.025.00 BOND PRINCIPAL 120,000.W 120,000.00 0.00 0.W BOND INTEREST 299,55000 151,312.50 0.00 148.237.50 INTEREST CITY ADVANCE 1,655,528.00 828264,00 0,00 828,26400 PASS THROUGH PAYMENTS 19.253,381.00 12,87103 0,00 19,240,50987 TRANSFERS OUT TOTAL DEBT SERVICE 1951399.00 1,256]60.68 0.00 000 894,638.34 CAPITAL IMPROVEMENT FUND: PERSONNEL 700.00 4000 O.W MOD SERVICES 2SS360.00 3],488.21 O.W 212,87379 CAPITAL 0.00 O.W 0,00 0.00 ECONOMIC DEVELOPMENT ACTIVITY 0.00 0.00 0.00 0.00 REIMBURSEMENT TO GEN FUND 58,2"W 31,413,50 O.W 26,830.50 TRANSFERS OUT 3,303,3]L00 150"'1 0.00 3152539.29 TOTAL CAPITAL IMPROVEMENT •".• 011 �`O rah cF"r OF AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: February 16, 2010 BUSINESS SESSION: CONSENT CALENDAR: ITEM TITLE: Consideration of Mid -Year Budget Report for Fiscal Year 2009-2010 and Adoption of a STUDY SESSION: Resolution for Determining Planning and PUBLIC HEARING: Administration Expenses RECOMMENDATION: Approve a decrease of $(7,336,300) in estimated property tax increment revenue. Approve a decrease of $(93,950) in estimated investment interest revenue. Approve an increase of $25,000 in 2nd Trust Deed revenues. Approve an increase of $22,083 in miscellaneous revenues. Approve an increase of $2,600,000 in transfers in to the RDA Project Area 2 Capital Projects Fund from the RDA Project Area 2 Debt Service Fund to fund capital projects including the Jefferson Street Landscape Project between Westward Ho and the Whitewater River. Approve a decrease in pass through payments of $(2,157,700). Approve an increase of $189,137 in appropriations for reimbursement to the General Fund for staff time related primarily to increased housing efforts. Approve a decrease of $(36,700) in County fees related to the collection of property taxes. Approve an increase of $105,000 in consultant services for Redevelopment activities. Adopt a Resolution of the Redevelopment Agency determining the planning and administration mid year expenses to be funded in Fiscal Year 2009-10. Receive and file the Mid -Year Budget Report. 4, 012 FISCAL IMPLICATIONS: During the annual budget process, staff estimates revenues and expenditures for the Redevelopment Agency (RDA) and at mid -year reassesses those estimates, which are through December 3155. As a result of staff's review, we are recommending the following budget changes totaling a net decrease of $(5,482,904) in revenues over expenditures to the RDA Fiscal Year 2009-2010 budget: REDEELCPMENTAOENCYTM A NRON REVENUEANDA PROPMATONS (1) (2) (3) (4) (5) (6) 111mm (8) (9) (10) (11) (12) (7)Or (6y(13) Tare In2rest Sale o1 Ifi)=] 1 Pas,l. Hou9ngl County FUM InvemeM Incom 2nd Trost Land Trandersln MW Revenues Agree Cap Prot Fees - Trdnskrsout Reimbursements Elapses Net rojeet Area 1 ¢bt Service (4,841,700) 32,300 (4.899A00) (1.196p00) (23.800) 0219,800) (3.589,fi00) DA1 OP 2,000 0 2,639 4.639 0 31,d3] 31,637 (26,796) w and Mod (1.210A00) 0 0 19.444 (L190,958) 20500 0 93,438 113,938 (1,304.894) (6,052.100) 34,300 0 0 0 22,083 (5,995,717) (1,196.000) 205M (23.800) 1 0 1 124.875 (1,074.425) (4,921,292) Purled Area 2 eMServio=. (1,02],300) (40,000) (1,067,300) (981,700) (12800) 250Q000 1,fi25.400 (2,692.700) OA20P (20.750) 2,800,= 2579,250 25,000 0 5.]]5 30,]]5 3.548A75 004 Housing Fund and Wcl (256.900) 2500 (]0,00n 25.000 2.500 (301.900) 595W 0 58,487 0 117,07 2500 (d, 9,68]) (1,284200) (128.250) 25,OW 0 002,0.000 0 1212,550 (961,]00) 84500 (12y00) 2,fi00,0262 00 8d 1.]14,162 1561,612) otal (],3Mfi 00) (93,950) 25,000 0 2,fi00,000 22,083 (d,]B3,18]) (2,15].T00) 105.000 (38A09) 2600,000 189,13] fi99.]3] (5.482.90d) Staff is proposing additional revenues and appropriation changes in Redevelopment Project Area Nos. 1 & 2 (Attachments 1 & 2) based upon the following: Updated tax increment estimates; Updated investment earnings forecasts; Updated revenue collections from 2nd trust deed; Transfer to fund the Jefferson Street Landscape and Other Capital projects; Pass through payments affected by updated tax increment estimates; Capital Project and Low -Income Housing economic and housing studies and analysis; and, Updated costs from the County for collecting the Property taxes. BACKGROUND AND OVERVIEW: A comprehensive report is prepared annually at mid -year to inform the Agency Board for their consideration of any changes in the financial position of the Agency. The Mid -Year Budget Report involves a financial assessment of Agency operations. This report provides information on the RDA revenues, operations, capital projects r 013 and requests for budget transfers and/or new appropriations. Provided as part of Attachment 3 is the revenue and expenditure detail for the RDA. Estimated Tax Increment Revenues The majority of the tax increment revenue for the RDA is received from the County in January and May; therefore, actual tax increment revenues have not been received as of December 31, 2009. The budget amounts have been adjusted to reflect the latest data from the County Auditor/Controller's office. Property taxes are adjusted to the tax roll information prepared by the County Auditor's office, which is received in January of each year. The earned tax increment equals the 50% benchmark. As a result of the tax roll information, the property tax revenues for Project Area 1 and 2 have been adjusted to reflect a 5% decrease in tax increment revenue for Fiscal Year 2009-2010. This 5% decrease will result in a decrease of $(2,531,725) in Project Area 1 and a decrease of $(1,424,042) in Project Area 2 from prior year collections for an overall decrease of $(3,955,767). WDEYEwPm[n I w (11 (21 aYtllJA y100OBI10 Est Yea End0,0.1 Md Year A,,Oded 1&3120w 121,11200E YeaEnd V.I.oae clan0eescry5on& ,,O Adlimeds Budget 1TDAdual % Eaned ENNONN, Bve,(under)arge $ A #1 ebt U, In $43,335.]00 ($4,841]OD) $39494600 $0 OAO% $1924].M $38.496,000 $0 .00% ($2,025,380) LOWNWerab Ta 1 norement 10833800 (1210400) 0,023, 500 0 0.00% 4,811.]50 9, E23500 0.00%dal Taa bcremsl 54,169.000 d.D52,100) 48,11],500 0 0.00% 24.058,]50 48,11],500 0 a)% R531725) PA Debt $ to 22,671,830 (1,027,390) 21.E44,503 0 OWN 10,822150 21,61 D 22,783.114 5.00% (1139214) BwrtAndxate Teelnsrement 5,688,000 (250,900) 5,411,100 0 000% 2J051550 5,411.100 0 5.eNE W8 400% RM.M) IXal TaxbcrOndl 2833B.B10 (1286100) 2I,C55600 0 0.c0% 13,52].800 2]�,030 0 28,II9642 d.00X (1,4N,042) ohels $82509.400 1 57.3238,300) 1 $75,173100 1 $0 000% 1 $37,586,550 $75173,100 $0 $]9.12805] b.00% ($3,055,76T) Estimated Interest Income Revenues Four factors went into the mid year analysis for any changes in budgeted interest income revenue - (1) higher or lower interest rates, (2) greater or lesser than anticipated cash receipts, (3) greater than or lesser than anticipated disbursements and (4) the timing of the cash receipts and cash disbursements. As a result, Debt Service PA 1 Fund, and the 2004 Housing Fund are projecting increases, while Debt Service PA 2Fund, RDA PA 2 Capital Improvement Project Fund, and Low and Moderate PA 2 Funds are projecting decreases. Staff is projecting a net decrease 014 of $(93,950) in interest income revenues. Proceeds from 2"d Trust Deed Repayments Project Area 1 & 2 Low- & Moderate- Income Housing Funds have been receiving funds from the sale of Agency -assisted homes. The Agency will receive 2nd Trust Deed repayments of $25,000 from PA 2. Miscellaneous Revenues Most notably, the Agency -received a payment of $19,444 from LINC Housing, to be applied toward accrued interest, on a Senior Apartment Note held by the Agency and other miscellaneous revenue totaling $2,639. Transfer In and Out Staff is requesting a transfer of $2,600,000 from the Debt Service PA 2 Fund to the Capital Projects PA 2 Fund for the construction of (1) the Jefferson Street Parkway Landscaping Project (Vista Grande to Westward Ho), (2) a new street to be constructed between Dune Palms Dr and the Komar Center, (3) Highway 111 Utility Undergrounding at the south side of the RDA owned property, and (4) Drainage Improvements along Washington Street at the northeast corner of Simon Drive. Reduced Pass Through & Additional ERAF Appropriations Requested The Agency is required to pass through to other taxing entities that operate in the Project Area tax increment funds based upon negotiated or statutory agreements. Since the tax increment will decrease, these pass through amounts will decrease by $(2,157,700) to a total of $40.82 million. In addition to the $40.82 million passed through to other entities in the County of Riverside, the Supplemental Educational Revenue Augmentation Fund (SERAF) transfer of an additional $23.56 million to the State of California in May 2010 and notification to the County by March 1, 2010 of the RDA Board's intent to pay the ERAF payment has been previously appropriated in December 2009. Additional RDA PA 2 Capital Project Fund Appropriations Requested Staff is requesting $25,000 for initial engineering for the Dune Palms/Highway 111 parcel. Additional RDA PA1 and 2 Low- and Moderate -Income Fund Appropriations •N.,.: 015 Requested Staff is requesting $80,000 for various development studies and analysis for RDA Low- and Moderate -Income Fund 1 and 2 including potential acquisition of Village properties and properties at Dune Palms and Westward Ho, initial engineering for the housing site a Dune Palms/Highway 111, and expand the home purchase program. Additional RDA PA1 and 2 Debt Service Fund Appropriations Requested Staff is requesting a decrease of $23,800 for RDA PA1 Debt Service Fund for fees charged to the Agency for tax increment collections by the County pursuant to SB 2557 and an additional $12,900 for RDA PA 2 Debt Service Fund. These proposed adjustments will result in an estimated decrease in net revenues over appropriations of $(4,921,292) in Project Area No. 1 and $(561,612) in Project Area No. 2. FINDINGS AND ALTERNATIVES: The alternatives available to the Redevelopment Agency Board include: 1. Approve a decrease of $(7,336,300) in estimated property tax increment revenue. Approve a decrease of $(93,950) in estimated investment interest revenue. Approve an increase of $25,000 in revenues from 2nd Trust Deed revenues Approve an increase of $22,083 in miscellaneous revenues. Approve an increase of $2,600,000 in transfers in to the RDA Project Area 2 Capital Projects Fund from the RDA Project Area 2 Debt Service Fund to fund capital projects including the Jefferson Street Landscape Project between Westward Ho and the Whitewater River. Approve a decrease in appropriations of $(2,157,000) in pass through tax payments. Approve an increase of $189,137 in appropriations for reimbursement to the General Fund for staff time related primarily to increased housing efforts. 4*6.. 1 016 Approve a decrease of $(36,700) in County fees related to the collection of property taxes. Approve an increase of $105,000 in consultant services for Redevelopment activities. Adopt a Resolution of the Redevelopment Agency determining the planning and administration mid year expenses to be funded in Fiscal Year 2009-10. Receive and file the Mid -Year Budget Report. 2. Do not approve the above changes; or 3. Provide staff with alternative direction. Respectfully submitted, , MCI lG� John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachments: 1. Mid -Year review budget worksheet 2. Mid -Year review budget detail 3. RDA Revenue and Expenditures through December 31, 2009 017 RESOLUTION NO. RA 2010- A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LA QUINTA DETERMINING THAT THE PLANNING AND ADMINISTRATION EXPENSES TO BE FUNDED IN FISCAL YEAR 2009-2010 BY THE LOW -AND MODERATE -INCOME HOUSING FUND ARE NECESSARY FOR THE PRODUCTION, IMPROVEMENT AND/OR PRESERVATION OF AFFORDABLE HOUSING FOR LOW - AND -MODERATE INCOME HOUSEHOLDS WHEREAS, the City Council of the City of La Quinta has heretofore adopted the Redevelopment Plan for Project Area 1 on December 29, 1983 by Ordinance No. 43; and WHEREAS, the City Council of the City of La Quinta has heretofore adopted the Redevelopment Plan for the Project Area 2 on May 16, 1989 by Ordinance No. 139; and WHEREAS, pursuant to Section 33334.2(a) of the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) not less than 20% of all taxes which are allocated to the Agency shall be set aside by the Agency in a Low -and Moderate -Income Housing Fund and used by the Agency for the purpose of increasing, improving and preserving the community's supply of low- and moderate -income housing available at affordable housing costs to people and families of low and moderate income; and WHEREAS, pursuant to Section 33334.3 (d) of the California Community Redevelopment Law (Health and Safety Code Section 33000 at seq.) it is the intent of the California State Legislature that the amount of money spent for planning and general administration from the Low -and Moderate -Income Housing Fund not be disproportionate to the amount actually spent for the cost of production. NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of La Quinta as follows: 1. The Agency hereby determines that it is necessary to allocate an additional $231,925 at the mid year point of the Fiscal Year 2009-2010 Affordable Housing Budget for the planning and administrative expenses necessary for the production, improvement, and or preservation of low and moderate income housing during the 2009-2010 fiscal year. 018 Resolution No. RA 2010- Planning & Administrative Expenses FY 2009-2010 Adopted: February 16 2010 Page 2 2. That the City Clerk shall certify to the passage and adoption of this resolution and enter it into the book of original resolutions. PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held on this 16th day of February 2010, by the following vote: AYES: NOES: ABSENT: ABSTAIN: LINDA EVANS, Chair La Quinta Redevelopment Agency ATTEST: VERONICA J. MONTECINO, CMC, Authority Secretary La Quinta Redevelopment Agency (SEAL) APPROVED AS TO FORM: M. KATHERINE JENSON, Agency Counsel La Quinta Redevelopment Agency •N. a 19 ATTACHMENT 1 0 o e o o m o 0 o m o o m m r m P CJ W O+ m m N O+r O N OO�M o m m o r m ~ OD O" M m P_ .r..... N n V (9 N C O O 12 O O � O O O O N m m N F � o o�000mon O O N O O M N m 75 v m m m m m r O O (np W O N p N 0 M m n m IQ o Oi N N y N Q m O 0 O N N N m N 2 r a N � O O• O O O O O O O O O m O m M O O m O n O m V v N N N m N C m w 0000 . 0 � coi v m n n c s=` N w w v� o 'o a`a` a C C a D c E E j j LLNLLN D D a U U J J p Q Q LL LL m 6 rnE E LLODjj2UU a Q Q Q Q o Q Q a aanNaa 10QQQQQQ¢ E0000000- o O m r• r m r 0 o m m m r m a rn m IT r m r m of vi oir ooi ^ � M c d m m M n e e e r M m m m m m J n E 0 N 0 O O O O N m m � N N f � O O O O O O 00 N N O V O m r N N N p N N O N � N W m O O w m O ro d m N m v O m w m m 00 N N O c N J N m m m N U N O O O O a N N N Uw 00 0 t 0 0 o r 0 r owm m �rn N � N � a w � v� o 'o a`a` D C C D D C E E l d J J LL LL D D D > > > 0 2 0 2 2 2 D a m E E E d d o o m- �aaaaNaa m¢ Q Q Q 6¢¢ h F 0 o m m o m r m n m m m r e o rn mmm� m N Ot N m m N N,�p � mrrmn m a v a r E mm Zvi of m m m Em E � m w O O O C m m � N N m w d 0 � N O C J tO0 OI O O m N O] r N N N m v N X w w m 0 0 m o o m o n o O m O O m m a M m m m m r m �oiro "�iv o�+i r'noi Nm Iwo m v r N v w m v a�i o 'Q a`a D C C D a c E E c C J J J LL LL LLD a O O O J LL LL 2 E E w S LL O O b V N N V < N n a a a a N a Q m Q Q Q¢ Q Q Q E O O o 0 0 0 0- •»... 0 20 N > 0 p o c c c c c 10 C P3 a m N V 10 FJ TJ 15 U LL N E E 1oE02 o o o `✓� a a M a a a n L a d C fV O C C f0 O N t0 N 10 d N U C O U n O O O O E U O O N O N N N N N d >> N N N N N L - N pE� M 0 3 ' 03 N E E 11 O O OEOEEE L,p '�Eo: 0 0 0 0 d O0 11 00 t 0 O 00 « L d L O1 +' OI N rn rn OI 2 W p N 0 CO O O O Op O 2 2—� O� O G«u« ««=EU«Em p°�Epcocpccc$Xc8,OFJ U E 0.0 0.0 0.2.9.0 O C 0 E O io m mTi m mTiu:-E --- d J y D v p p p p c N N U. U N U v U d d U .d. w c 2 � E c 0 0 0 0 0 0 0 0 0 0 0 9 0 0: o c v Eaa m m m m m w v m w E v E c 0 t0 f0 N N N W t0 N 10 N N N N O o co O y r1w cl O m O PO'1 Eq u v � O pp O O O O M B O O M �- � m O � O C N N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 q gOoo00o00cogoOe d oaa000a00000ao 0 0 0 0 0 0 g o 0 0 o Q o 0 N N W (O N N N Co N 6 rn COS ; t0 W O�bOOOOrn Q Z M I? m M M M f`.) M th M I? I?fh Ch N N N N N C J 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 p Y m rn rn m rn rn m rn rn rn rn rn rn rn rn ONE Nt0 (O CON N N�[l f0 tD t0 Q Q O O Q Q Q Q O O O O O O O c E E m y 8 p c E o T o c pE E U U O N U N E'- 6 C C N C 0 V y N N e C c w E v= w o m m w w p m p y a c v 2 c L `� E y y v a H a _=« v u v 2 0 u d o 0 w a x '= o x o v c x O c c o m m .2 0— c o m= o m o c Ei r�r¢r¢Nzr¢zma�r 2 Z0 0 0 0 Z 2 i i 00 w i i 2 w !2 t0 N N N N O O 0 0 0 0 N N N y 0 ry d g N J J 0 0 J J J J 0 0 0 U U U U � N N N N N N•- � N N N N N N N N N N N W N N N N N N E m d d m v v w Ei E m v w w E. U 0 N N N 2 N o 2 2 2 0 2 2 2 2 N S O O 'O 'O O D O � 'O �O O O a`a`aaaa`aaaaan`a`aa ¢aa¢¢aa¢a¢¢a¢aa cc cc coo IL x x m w= K K0� c w m K K K ATTACHMENT 2 -.e. 021 S SSSffiffiffiSSS aaasaaaaaaffi o n n n ni wAA j iumm �>?3e E2E2E2 o g r `F rri�F�r E EEE $ �ESE�-E5FP;- EEEpEEgE{E�gEgEE w '"POWwWWWW"tt $8888o888RS m �mmwmaaamm� 444444Qo44^ sa 9 S�i� Lan pg Oz 3�EL�C >diS Bv�i�i�,u n"da"ap e e33`s's... �AmAmA��ffi. �' n annnn nu o .o o mo E EEFE��E''E� x a 0 �j gm8g� w�a < E day==I 66a¢zrc66a6 d Geooa rc e 022 H 1 I A%,HIVIMM 1 3 c o o V o roi o 0 0 0 0 0 0 0 0 o m o o 0 0 °rD o o 0 0 0 0 O (O 0 0 0 O O O O O O N O O O O O O O p 0 LU O V O O O M O 0 6 0 0 a.- O M O O O U O eD O OO n OO KM r V O O O O O M Z a O p� �{ O tp O O O O O O th 00 0 o o 0 O M O O M O- N O N wwv� m o) W M M r ro O O M O n OMi M M fN0 O (OOO v 000000o O {vj OOO My N O o O�vj O o o o o W M N O O o 0 0 N U O O O O O O O O O O O M 0 0 0 0 m o N O O O r w M O N N N Ooi O trp .r- N 0 N M O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O O O O N O O O O O O m 0) O O M .M- N r O O O O O oD O u7 f0 aF W N(00 NM W �r MO INO N Ooi ,yU N O O M v O O G O Q co N O A O a,y o 0 0 00 0 o O o �w v rn orM o o Y 7 O o m V M O NLU N v ❑ d N oD OD Of 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O 0 0 00000 O O O O O O O O O O O O O O O O O O O O O O O O O O O O N 0 o 0 0 0 0 0 0 0 0 0 0 0 O OO O O O N N 0 0 0 0 0 0 0 O O O O O O O o N O O O mr 00 ro rr wp oCo �n M F m M N o r N N M- N N 9 (� �O N� N M� V w - G o vi v r a > v v o m N O n O z Y Z U u W W c N N ui 0 E E > w� du wm KE >xw W '20� IL z o a cw c ,a E CC>o yi '6 z-0 2 QO cJ Z c E ILw0 o«c N �.= U-Wy_a > Q N W o a C F NN 0f - Qa pw- za) J W�= 0: g Q 6 a Q Q y Q o o p o m w d c 0 > m° o«« ;? ~O °o o v m a=i 'cam° O i�t~i o~az�z�xyyWN�� W�¢z�=ram JazOyKrl- Z W y F O<�w O wCL JKa I a 023 G W s o 0 0 0 o 0 0 o 0 0 0 0 0 o' a° o o o 0 W O N O O O O N 0 0 0 O O M O a O� 0 0 n O o O OM Q O O O O 0 0 0 O O O O O O O W O M O N O O N N 0 0 0 0 O O O O ONO O M O O ui 0 0 0 z W r o m P'O O N OCry')00 OODroo Z Vr O n 0 0 0 0 0 M N M 0 0 0 M O� co O N O M O O O O O N m N 0 N O N 0 0 0 0 0 0 O a 0 0 0 r ry 0 0 wM M O LOONNM� Ld N N W O N O - O O O O 0 N N W O p O cq O O O p�j N O O O O O O O O r t j O O f D M O O O O 0 000l o00o0 oroorrn 00000- U 0000�do�� o0OC 00�0' 000d�� 00000t$ LLJM .- V NNN N W Oi M NN V O 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 000000 000000 O O O O O O O O O O O O o o o O O O O O O O O O O O O O O O O O O o 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 of to 0 0 0 666 N O_ O O O O O O O O O O O 0 0 m m o t o o r o pro tD� OD MNO O ro �1 NO C'J t0 V N OO 1h W F W N M .- 0 M V Y1 f0 r C O .- 17 0 0 {� !- w a O> O O fD N N W- o Oi N O O (T 7 7 O O N� iz � � m N Q O O O O O O O O O O O O O O O a,y 00 o 0 0 0 0 o o CO. 00 F 0 0 0 O O O o 0 O 0 0 0 0 Qy 0 o 0 0 0 0o 0 orn our W W m O N 0 M O M O N O N O O N O N N O N V N M O O(7 W ry N O O t0 to tT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O o 0 0 0 000000 o o 0 0 0 0 O 00000000000000 00000 O O O O O O o O O O o O O O O O O O O O O O O O 000 o 0 o O o o O o o mm 0 0 0 0 0 0 0 0 0 0 o 00 O O O no m m O 0 r aD OW w m MV O C) N 1 N O �OO MM V V r (D t+1C � r O to O m N O A O T a z r �a Z W Z E n w WCD E a« d z y > s c 8> d LL z w w 0 z -` y _S0E 'N O LLN « Q8m L0) z w 0 o `0c0 z gm Q W W Lu LL n ZLLJF' IX Civ ip v O o o c F«WmyuaU >Z Ec Q QLm om Um a a tO J(w Q yiNJ �. ix¢No o aA °Oo mm ommW gC0> �«02° O WNoaz33o33NwyF axis-az=z�yri O2 W y 0 m a> uj M a ° N o cai 4.6 r 024 o� m o ooa OmOm000pOM 000m00000vbi .N O0000O0M b N mmy 0000000000 0000000000 Obo.o000. o m0000000 c.=o�000ao Q N O Q N m 00000000 0 00000000 om fw o 0 M N N Qm O �m N E� 00000000 F omcooe oo oa m Q r O f 0 J J a r m Z O r � W z Z ZM,ZZZ JW 00000- rcw~wrOrcrcO w O OapON0pwp rnZJriww ZwU00or,z w OUZZM¢ m>OwN w KK�m�Z3:M mwJ°a'o nmNmm n N O O mmN� o �mmP, N ONO1 m(O F NV10N N N O O O O O O O O O ... c oc000 00 0 or000000 o m000000 ��OOOGCG N � P O O O O O O O O 0000000c 00000000P 000000000 ON000000� r a 0 of 0 0 0 0 0 0 o O o 0 0 0 0 0 o O OONMe'�N OOOOOOOOm eooMmam ��o o m e°�.-�vvNi uiOim n M M 1��MMM NN O O O O O m O P b N m M 000 noo M1� 000000coo 0000 00000m m O P b O m n M W r U Z S w K � w 0 m O m rc w � 0 J J a a r r � p a w j U r pr z a iw rwF O a� �za0 O oa ZNOOUzr Q y a S 7 O O W> w O W J a w�� 0 rnr6,oz=m0 Z_WUOLL0 zwow �W�UJmNm w �Zm LL Zwowp: 2 20�LL J �ZZWw z Ob>p..Zp�gQzQ woorQ ' WWZN>p UUOaWK wl mza wr wmgaawOUmr O Z z 2 O a Q U • ! ©25 ZW OmN oW- momm� C; W [9 p G O�pNj00000{�nNNO O O CO tpWW wM ndN NN OWNN O W 0000000000000 O000000000000 W 0000000000000 m E J U Z W o �nmmm000000m N ONMOOOOOVONON W O N NIA I� F nO az W x x w mmm o ....... O O�OOOOOON�O1 Wf ONO 00 Nl�d f (OW(of� nWM 00 N�O� l= mp NN NWN Qm o�000 ONOON ONOON dv a M n P + 000 00 00000. 000 oO Co. o00 000 f OHO 00 N�OI�Npp ONO 00 NI�O�NOI 000 O d W W AM17 00 1`9N�NC1N _ O h d 001 CIO NOOfd NIA J Ol 0 i O J Q H N 0 U O Z LL WO Q �ZLL W pF: 0 WOW W M, F OJO W p O O O N O W D O � OWmoYZ 6�5<anz, (7 MMODw5w,NN2O LL O O J 27WjdJWW,W zw/woon h N W ZZWWKW O Z W 00 x2QO aFFWW 2 WWQZOONZN NNWK M:ZN22>g3333wr 0 w Dxgr w z a LL RK Z LL w 2°2 F QZ WWW w Q Q�a C w0 O E zoo O 3 O =zW € ° s 5� d J N a000 O000 W H U W rc � w 0 W O m � w a 0 � J J 0 Z Q Uz U N Fz J ~ ZW Q Z wO >MO Q r OM w z n w.0O 0W0 U¢- N J Z W O K W U 0� U d= W H w Z U Q O J N M00K Z W5;-zm Z2WN<Z M, CL 02Q w 00 wo WWQUW� 0 z w z 0 w z 2 w 0 W w U w m H � U 00. 026