2010 04 20 RDAeaf 44adja
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, APRIL 20, 2010
3:00 P.M. Closed Session / 4:00 P.M. Open Session
CALL TO ORDER
Beginning Resolution No. RA 2010-005
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 A PORTION OF 525± ACRES LOCATED AT THE
SOUTHWEST CORNER OF AVENUE 52 AND JEFFERSON STREET.
PROPERTY OWNER/NEGOTIATOR: LRCF SR1, LLC, FORMERLY KNOWN AS
LDD SILVERROCK, LLC, THEODORE R. LENNON, JR.
Redevelopment Agency Agenda 1 April 20, 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 APRIL 6, 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 APRIL 20, 2010.
2. RECEIVE AND FILE TREASURER'S REPORT DATED FEBRUARY 28, 2010.
3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED FEBRUARY
28, 2010 AND THE INVESTMENT SUMMARY REPORT FOR THE QUARTER
ENDING MARCH 31, 2010.
4. APPROVAL OF AMENDMENT NO. 4 TO THE DISPOSITION AND
DEVELOPMENT AGREEMENT BY AND BETWEEN THE LA QUINTA
REDEVELOPMENT AGENCY AND LRCF SR1, LLC, FORMERLY KNOWN AS
LDD SILVERROCK, LLC, AND AUTHORIZATION FOR THE EXECUTIVE
DIRECTOR TO EXECUTE THE AMENDMENT.
5. ADOPTION OF A RESOLUTION APPROVING THE EXPENDITURE OF FUNDS
IN THE FISCAL YEAR 2010-2011 THROUGH 2O14-2015 CAPITAL
IMPROVEMENT PROGRAM AND MAKING CERTAIN FINDINGS PURSUANT
TO HEALTH AND SAFETY CODE SECTION 33445(a).
Redevelopment Agency Agenda 2 April 20, 2010
BUSINESS SESSION - NONE
STUDY SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on May 4,
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 April 20,
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 April 16, 2010.
i
D: April 16, 2010
�is7%NICA 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.
Redevelopment Agency Agenda 3 April 20, 2010
F �z
�cFM OF 19wy
RDA MEETING DATE: April 20, 2010
ITEM TITLE: Demand Register Dated
April 20, 2010
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
April 20, 2010 of which $489,416.33
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
C
witif 4 sep Quilknu
COUNCIL/RDA MEETING DATE: April 20, 2010
ITEM TITLE: Receive and File Treasurer's Report
as of February 28, 2010
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR: C
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
F`N OF TK4'O
COUNCILIRDA MEETING DATE: April 20, 2010 AGENDA CATEGORY:
BUSINESS SESSION:
ITEM TITLE: Receive and', File Revenue and Expenditure
Report for February 28, 2010 and Investment CONSENT CALENDAR:
Summary Report for the Quarter Ending March 31,
STUDY SESSION:
2010
PUBLIC HEARING:
RECOMMENDATION:
Receive and File.
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Receive and File the Statement of Revenue and Expenditures for February 28, 2010
and Investment Summary Report for the Quarter ending March 31, 2010 for the La
Quinta Redevelopment Agency.
Respectfully submitted,
--� 4 M d
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures for February 28, 2010
2. Investment Summary Report dated March 31, 2010
2
A I I AL;HMtN I -1
071O112009 - 0212812010
LA QUINTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO. 1:
LOWINIODERATE TAX FUND:
Tax Increment
9,623,500.00
4,810,840.06
4,812,659.94
49.990%
Allocated Interest
68,700.00
3,180.62
65,519.38
4.630%
Non Allocated Interest
0.00
981.40
(981.40)
0.000%
Miscellaneous revenue
0.00
0.00
0.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000%
LQRP-Rent Revenue
225,000.00
171,206.06
53,793.94
76.090%
Home Sales Proceeds
150,000.00
0.00
150,000.00
0.000%
Sale of Land
0.00
0.00
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
57,525.00
(57,525.00)
0.000%
Williams Note Payment
19,444.00
19,444.00
0.00
100.000%
Transfer In
0.00
0.00
0.00
0.000%
TOTAL LOW/MOD TAX
10,086,644.00
5,063,177.14
5,023,466.86
50.200%
DEBT SERVICE FUND:
Tax Increment
38,494,000.00
19,183,437.19
19,310,562.81
49.830%
Allocated Interest
75,000.00
27,503.81
47,496.19
36.670%
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
43,007,892.00
22,192,778.27
20,815,113.73
51.600%
CAPITAL IMPROVEMENT FUND
Pooled Cash Allocated Interest
162,000.00
67,882.93
94,117.07
41.900%
Non Allocated Interest
34,500.00
20,070.36
14,429.64
58.170%
Developer Agreement Funding
0.00
0.00
0.00
0.000%
Sale of Land Proceeds
0.00
0.00
0.00
0.000%
Rental Income
2,639.00
2,639.33
(0.33)
100.010%
Litigation Proceeds
0.00
325.000.00
(325,000.00)
0.000%
Transfers In
0.00
0.00
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
199,139.00
415,592.62
(216,453.62)
208.690%
3
LA OUINTA REDEVELOPMENT AGENCY ADJUSTED 2I28110 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECT AREA NO. 1:
LOWIMODERATE TAX FUND:
PERSONNEL
1,100.00
0.00
0.00
SERVICES
372.990.00
230238.64
0.00
BUILDING HORIZONS
0,00
000
0.00
LO RENTAL PROGRAM
275,000.00
148,732,38
0,00
2nd TRUST DEED PROGRAM
0,00
0.00
0,00
BUILDING HORIZONS
250,000.00
0.00
0.00
LAND ACQUISITION
0.00
0.00
0.00
LOW MOD HOUSING PROJECTS
0.00
9.000.00
0.00
FORECLOSURE
330,98400
2.000.00
0.00
REIMBURSEMENT TO GEN FUND
856,961.00
557,925.44
0.00
TRANSFERS OUT
4,897,908,00
3,257,223.85
0.00
TOTAL LOWIMOD TAX
DEBT SERVICE FUND:
SERVICES
484,400.00
473,766.03
0.00
10,633.97
BOND PRINCIPAL
3,135,000.00
3,135,000.00
0.00
0.00
BONDINTEREST
7,144,062.00
3,620,943.13
0.00
3,523,118.87
INTEREST CITY ADVANCE
1,428,33300
LIK999.99
0.00
573,333.01
PASS THROUGH PAYMENTS
23,526.621.00
8.816,493.06
000
14,710.127.94
ERAF SHIFT
23,560,481,00
0.00
0.00
23,560.481,00
TRANSFERS OUT
3,961,932,00
2,551,604.97
0,00
1,410,327.03
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
PERSONNEL
1.100.00
0,00
0.00
1,100,00
SERVICES
776,600.00
437,756.01
0.00
338.843.99
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
000
10.000,00
ECONOMIC DEVELOPMENT
0.00
0.00
0.00
0,00
BOND ISSUANCE COSTS
0,00
0.00
0.00
0.00
CAPITAL -BUILDING
0,00
0,00
0.00
0.00
REIMBURSEMENT TO GEN FUND
387,928,00
255,557.72
0.00
132.370.28
TRANSFERS OUT
42,310,767.00
446,913.55
0.00
41,863,853.45
TOTAL CAPITAL IMPROVEMENT
El
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 2:
LOW/MODERATE 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 LOW/MOD TAX
2004 LOW/MODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOW/MOD 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
07/01 /2009 .02/2812010
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
5,411,100.00
2,601,348.57
2,809,751.43
48.070%
98,100.00
35,042.43
63,057.57
35.720%
0.00
0.00
0.00
0.000%
3,600.00
1,077.68
2,522.32
29.940%
451,400.00
148,387.00
303,013.00
32,870%
46,800.00
0.00
46,800.00
0.000%
0.00
0.00
0.00
0.000%
163,300.00
58,795.12
104,504.88
36.000%
4,200.00
2,700.20
1,499.80
64.290%
25,000.00
23,444.00
1,556.00
93.780%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
6,203,500.00
2,870,795.00
3,332,705.00
46.280%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
20,000.00
11,273.64
8,726.36
56.370%
0.00
0.00
0.00
0.000%
20,000.00
11,273.64
8,726.36
56.370%
21,644,500.00
10,392,523.29
11,251,976.71
48.010%
100,000.00
30,175.88
69,824.12
30.180%
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%
23,695,899.00
11,679,459.83
12,016,439.17
49.290%
11,400.00
4,648.21
6,751.79
40.770%
9,250.00
0.00
9,250.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
2,600,000.00
2,600,000.00
0.00
100.000%
2,620,650.00
2,604,648.21
16,001.79
99.390%
LA QUINTA REDEVELOPMENT AGENCY
ADJUSTED
V28110
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO 2,
LOWIMODERATE TAX FUND:
PERSONNEL
700.00
0.00
0.00
700.00
SERVICES
559,867 00
283.370.87
0.00
276,490.13
WASH ST APTS OTHER EXPENSES
429,300.00
141.333.73
000
287,966.27
2ND TRUST DEEDS
0,00
0.00
0,00
0.00
LOW MOD HOUSING PROJECTS
3,000.00
0.00
0.00
3,000.00
FORECLOSURE ACQUISITION
250,00000
0.00
0.00
250,000.00
VISTA DUNES PARK
000
0.00
0.00
0.00
LAND ACQUISITION
0.00
0,00
0,00
0,00
WSA PRIN/PROVIDENT LOAN
25.325.00
6,194.08
0.00
17,130.92
WSA PRIN/USDA LOAN
10,671.00
0,00
0.00
10,671.00
WSA INTEREST/PROVIDENT LOAN
129,149.00
43,297.40
0.00
85,851.60
WSA INTEREST/USDA LOAN
74,611.00
12.790.08
0.00
61,820,92
REIMBURSEMENT TO GEN FUND
474,869.00
306,153.84
0.00
168,715.16
TRANSFERS OUT
12.143,138.00
1:716,500.6]
000
10,426,637.13
TOTAL LOWIMOD TAX
2004 LOW/MODERATE BOND FUND
HOUSING PROGRAMS
824,000.00
618,000.00
0.00
206,000.00
LAND
0.00
0.00
0.00
ODD
TRANSFERS OUT
731,74000
(21543 ]02.471
000
287544247
TOTAL LOWIMOD BOND-
,555J4U.U0
T525:7VL470-
3
DEBT SERVICE FUND:
SERVICES
255,10000
253.227.46
000
1,872.54
BOND PRINCIPAL
120,000.00
120,000.00
0.D0
0.00
BONDINTEREST
299,550.00
151,312,50
0.00
148,237.50
INTEREST CITY ADVANCE
1,656,528,00
1,104,352.00
0.00
552.176.00
PASS THROUGH PAYMENTS
18,291,681.00
4,417,929.27
0.00
13,873,751.73
TRANSFERS OUT
4.551,399.00
3,856,760.66
0.00
694,638.34
TOTAL DEBT SERVICE
25.174.254.00
CAPITAL IMPROVEMENT FUND:
PERSONNEL
700.00
40,00
0.00
660.00
SERVICES
275,360.00
65,920,59
0.00
209,439,41
CAPITAL
000
0.00
0.00
000
ECONOMIC DEVELOPMENT ACTIVITY
000
000
0.00
0.00
REIMBURSEMENT TO GEN FUND
64.019.00
42,281 00
0.00
21.738,00
TRANSFERS OUT
3,303,371.00
337,672.11
0.00
2,965.698.89
TOTAL CAPITAL IMPROVEMENT
ATTACHMENT 2
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7
COUNCIL/RDA MEETING DATE: April 20, 2010
ITEM TITLE: Approval of Amendment No. 4 to the
Disposition and Development Agreement by and
between the La Quinta Redevelopment Agency and
LRCF SR1, LLC, formerly known as LDD SilverRock, LLC
and Authorize the Executive Director to Execute the
Amendment
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve Amendment No. 4 to the Disposition and Development Agreement by and
between the La Quinta Redevelopment Agency and LRCF SR1, LLC, and authorize
the Executive Director to execute the amendment.
FISCAL IMPLICATIONS:
None at this time.
BACKGROUND AND OVERVIEW:
On December 19, 2006, the Agency entered into a Disposition and Development
Agreement ("DDA") with LRCF SR1, LLC (under its former name, LDD SilverRock, LLC)
("LRCF") for the development of a boutique hotel, resort hotel, casitas, and a resort
retail village.
The outside date to close escrow for the Boutique Hotel Parcel was originally
designated as August 19, 2008. That date has been extended pursuant to a series of
amendments approved by the Agency Board, and through extensions provided by the
Executive Director by authority granted under the DDA and under the amendments.
The latest amendment, approved by the Agency Board on November 17, 2009,
extended the outside date to close escrow for the Boutique Hotel Parcel until January
31, 2010 and granted the Executive Director authority to extend that date an
additional three months, until April 30, 2010. The Executive Director has exercised its
authority and extended such date to April 30, 2010.
Agency staff has been in negotiations with LRCF on the terms and conditions to be
included in an Amended and Restated Disposition and Development Agreement, but
need additional time to complete the negotiations and process the agreement. To
allow for such additional time, Agency staff has prepared Amendment No. 4
(Attachment 1) which would further extend the outside date to close escrow for the
Boutique Hotel Parcel to July 31, 2010. Amendment No. 4 does not grant the
Executive Director authority to extend the date any further.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Approve Amendment No. 4 to the Disposition and Development Agreement by
and between the La Quinta Redevelopment Agency and LRCF SR1, LLC and
authorize the Executive Director to execute the same; or
2. Do not approve Amendment No. 4 to the Disposition and Development
Agreement by and between the La Quinta Redevelopment Agency and LRCF
SR1, LLC; or
3. Provide staff with alternative direction.
Respectfully submitted,
e+
Douglas R. vans
Assistant City Manager — Development Services
Approved for submission by:
-)4 FI-"
Thomas P. Genovese, Executive Director
Attachment: 1 . Amendment No. 4 to Disposition and Development
Agreement
ATTACHMENT 1
AMENDMENT NO. 4 TO DISPOSITION AND DEVELOPMENT AGREEMENT
This AMENDMENT NO. 4 TO DISPOSITION AND DEVELOPMENT AGREEMENT
("Amendment No. 4") is made and entered into as of April _, 2010 ("Effective Date") by
and between the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and
politic ("Agency"), and LRCF SRI, LLC, formerly known as LDD SILVERROCK, LLC,
a Delaware limited liability company ("Developer").
RECITALS:
A. On or about December 19, 2006, the Agency and Developer entered into that
certain Disposition and Development Agreement (the "Original DDA"), pursuant to which
Agency agreed to sell to Developer, and Developer agreed to purchase from Agency, that certain
real property located at the southwest intersection of Jefferson Street and Avenue 52 in the City
of La Quinta, California 92253 and to construct, complete, and operate thereon a commercial
project containing a luxury four -star quality or higher boutique hotel and a four -star quality or
higher luxury resort hotel, a retail village, condominium hotel units, resort units, and associated
amenities.
B. Developer has assigned to LRCF SR2, LLC, a Delaware limited liability
company, all of its rights and obligations in, under and to the Original DDA with respect to all of
the real property identified in the Original DDA other than the parcels identified therein as the
"Boutique Hotel Parcel" and the "Ranch Villas Parcel."
C. On or about October 23, 2008, the Agency and Developer entered into that certain
Amendment No. 1 to Disposition and Development Agreement to provide Developer with
extensions to certain timeframes under the Original DDA ("Amendment No. I").
D. On or about October 21, 2009, the Agency and Developer entered into that certain
Amendment No. 2 to Disposition and Development Agreement to allow for the disbursement to
Agency of portions of the Deposit Payments made by Developer pursuant to Section 208 of the
DDA to cover Agency's legal costs and fees in preparing a comprehensive amendment to the
DDA ("Amendment No. 2").
E. On or about November 20, 2009, the Agency and Developer entered into that
certain Amendment No. 3 to Disposition and Development Agreement to provide Developer
with an additional extension to the outside closing date for the Boutique Hotel Parcel and Ranch
Villas Parcel (e.g., Item No. 21 in each of the Schedule of Performance for the Boutique Hotel
and the Schedule of Performance for the Ranch Villas Development), to extend each of such
dates to January 31, 2010 ("Amendment No. 3"). The Original DDA, as amended by
Amendment No. 1, Amendment No. 2, and Amendment No. 3, is hereinafter referred to as the
"DDA." All capitalized terms not specifically defined herein shall have the meanings ascribed
thereto in the DDA.
F. Pursuant to authority granted by the Agency Board of Directors in Amendment
No. 3, the Agency Executive Director has granted the Developer a further extension to the
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outside closing date for the Boutique Hotel Parcel and Ranch Villas Parcel, such that the Time
for Completion for each Item is currently April 30, 2010.
G. Developer and Agency now wish to further extend each such Time for
Completion to provide the parties with sufficient time to complete a comprehensive amendment
to the DDA.
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 DDA is hereby amended as follows:
1.1 To revise the Time for Completion in Item 21 of the Schedule of Performance for
the Boutique Hotel to replace the date "April 30, 2010" with "July 31, 2010."
1.2 To revise the Time for Completion in Item 21 of the Schedule of Performance for
the Ranch Villas Development to replace the date "April 30, 2010" with "July 31, 2010."
2. Except as otherwise expressly provided in this Amendment No. 4, all of the terms and
conditions of the DDA shall remain in full force and effect.
3. In the event of any action between Agency and Developer seeking enforcement of any of
the terms and conditions to this Amendment No. 4, 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.
4. This Amendment No. 4 shall be construed according to its fair meaning and as if
prepared by both parties hereto.
5. This Amendment No. 4 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. 4. 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.
6. Time is of the essence of this Amendment No. 4 and of each and every term and
provision hereof.
7. A waiver of a provision hereof, or modification of any provision herein contained, shall
be effective only if said waiver or modification is in writing, and signed by both Agency and
Developer. No waiver of any breach or default by any party hereto shall be considered to be a
waiver of any breach or default unless expressly provided herein or in the waiver.
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8. This Amendment No. 4 may be executed in counterparts, each of which, when this
Amendment No. 4 has been signed by all the parties hereto, shall be deemed an original, and
such counterparts shall constitute one and the same instrument.
9. The person(s) executing this Amendment No. 4 on behalf of each of the parties hereto
represent and warrant that (i) such party is duly organized and existing, (ii) they are duly
authorized to execute and deliver this Amendment No. 4 on behalf of said party, (iii) by so
executing this Amendment No. 4 such party is formally bound to the provisions of this
Amendment No. 4, and (iv) the entering into this Amendment No. 4 does not violate any
provision of any other agreement to which such party is bound.
IN WITNESS WHEREOF, Agency and Developer each hereby represents that it has read
this Amendment No. 4, understands it, and hereby executes this Amendment No. 4 to be
effective as of the day and year first written above.
Date: Am. S7 ( 2010
Date:
"Developer"
LRCF SRI, LLC,
a Delaware limited liability company
By:�l�a�-
Its: Q
"Agency"
LA QUINTA REDEVELOPMENT AGENCY,
a public body, corporate and politic
2010 By:
Executive Director
ATTEST:
Veronica J. Montecino, Agency Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
M. Katherine Jenson, Agency Counsel
182/015610-0084
1078735.01 a0324n0 -3-
Qum&
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: April 20, 2010
BUSINESS SESSION:
ITEM ITEM TITLE: Adoption of a Resolution
Approving the Expenditure of Funds in the Fiscal CONSENT CALENDAR:
Year 2010-201 1 Through 2014-2015 Capital STUDY SESSION:
Improvement Program, and Making Certain Findings
Pursuant to Health and Safety Code Section PUBLIC HEARING:
33445(a)
RECOMMENDATION:
Adopt a Resolution of the La Quinta Redevelopment Agency approving the
expenditure of funds for improvements set forth in the Fiscal Year 2010-2011
through 2014-2015 Capital Improvement Plan (CIP) (Attachment 1), and making
certain findings pursuant to Health and Safety Code Section 33445(a) with respect
to such expenditure, and authorizing to the use of La Quinta Redevelopment
Agency (RDA) funding for the improvements identified in the CIP.
FISCAL IMPLICATIONS:
Adoption of the Resolution makes certain findings regarding the projects identified
in the Fiscal Year 2010-2011 through 2014-2015 CIP. The findings relate to the
use of RDA Project Area No. 1 for improvements within or contiguous to that
project Area and to the use of Project Area No. 2 funds for improvements within or
contiguous to that project Area. The actual allocation of funds for these projects
will not be approved until the Agency Board approves the Fiscal Year 2010-2011
annual operating budget.
The first year of the five-year forecast, or capital budget, will be included in the
City's annual operating budget. When the City Council approves the annual
operating budget for Fiscal Year 2010-2011, it will also authorize the expenditure
of $6,267,558 for Fiscal Year 2010-2011 capital project expenditures.
CHARTER CITY IMPLICATIONS:
Because RDA funding will be used on several of the proposed projects, the RDA
funded projects will be bid with a requirement that the contractors pay prevailing
wage.
BACKGROUND AND OVERVIEW:
On March 16, 2009, staff presented the draft Fiscal Year 2010-2011 through
Fiscal Year 2014-2015 CIP to the City Council for review and discussion during the
Study Session. Following discussion, it was the consensus of the City Council that
the CIP be addressed during a Public Hearing on April 20, 2010.
The following additional actions have been taken by staff:
• Staff recommends the addition of project 2010-11 — New Traffic Signal
(Eisenhower Drive at Sinaloa) to the list of projects identified to receive
funding during Fiscal Year 2010-2011; and
• Staff has amended the draft CIP to remove the Jefferson Street Interchange
originally scheduled to receive City RDA funding during Fiscal Years 2013-
2014 and 2014-2015. The City Attorney has advised RDA funding cannot
be expended outside the boundaries of a municipal jurisdiction. No other
City funding source has been identified at this time. Staff will continue to
study this matter and will present funding recommendations in the future.
The Jefferson Street Interchange is a Regional Improvement sponsored by
the Coachella Valley Association of Governments (CVAG). The City of Indio
is serving as the Lead Agency on behalf of CVAG, the County of Riverside,
and the City of La Quinta. The total cost of the project is currently
estimated at $77,886,000. CVAG has committed to fund 75% of the
project costs, with the remaining 25% ($19,471,500) to be funded by the
County of Riverside at 0.50%, the City of Indio at 57.4%, and the City of
La Quinta at 42.1 %. The City of La Quinta's share of the cost is currently
estimated at $8,197,500. It is also important to note that the overall cost
estimate is still at the planning level stage and may be revised as the project
progresses to construction. The project is expected to be "construction
ready" during Fiscal Year 2013-2014.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency include:
1. Adopt a Resolution making certain findings pursuant to Health and Safety
Code Section 33445(a) regarding the funding of improvements in the Fiscal
Year 2010-2011 through 2014-2015 CIP and authorizing to the use of La
Quinta Redevelopment Agency (RDA) funding for the improvements
identified in the CIP; or
2. Do not adopt a Resolution approving the Fiscal Year 2010-2011 through
2014-2015 CIP and making certain findings pursuant to Health and Safety
Code Section 33445(a) and consenting to the use of La Quinta RDA funding
for the improvements identified in the CIP; or
3. Provide staff with alternative direction.
Respectfully submitted,
T' othy R. of as o , P.E.
Public Works it or/City Engineer
Approved for submission by:
_/441L"'�
Thomas P. Genovese, Executive Director
Attachment: 1. Capital Improvement Program
RESOLUTION NO. RA 2010-
A RESOLUTION OF THE LA QUINTA
REDEVELOPMENT AGENCY APPROVING THE
EXPENDITURE OF FUNDS FOR CERTAIN
IMPROVEMENTS SET FORTH IN THE FISCAL
YEAR 2010-2011 THROUGH 2O14-2015
CAPITAL IMPROVEMENT PLAN AND MAKING
CERTAIN FINDINGS PURSUANT TO HEALTH
AND SAFETY CODE SECTION 33445(a) WITH
RESPECT TO SUCH EXPENDITURE
WHEREAS, pursuant to Government Code Section 66002, the City of
La Quinta ("City") is required to review and adopt a Capital Improvement Plan (the
"Plan"); and
WHEREAS, the City is required to conduct a noticed public hearing for
consideration and adoption of the Plan; and
WHEREAS, notice of the public hearing has been given pursuant to
Government Code Section 65090; and
WHEREAS, the Plan is a five-year planning instrument used by the City to
identify capital improvement needs and to coordinate financing and timing of those
needs in a manner that maximizes the return to the public; and
WHEREAS, the Plan is a statement of the City's goals, objectives and
priorities for a five-year Plan and the financial commitments required to accomplish
those objectives; and
WHEREAS, the Fiscal Year 2010-2011 through 2014-2015 Plan proposes
approximately $44,240,614 in improvement projects and $137,898,007 of
unfunded additional improvement projects over the five-year period, commencing
on July 1, 2010 and ending June 30, 2015; and
WHEREAS, the amount allocated from the Plan for first -year projects, called
the "Capital Budget," proposes $6,267,558 in improvements, as shown in Exhibit
1, which is attached hereto and made a part of this Resolution; and
WHEREAS, there is inadequate funding within the City's General Fund or
from other sources to completely and fully fund the improvements identified within
the Capital Budget; and
Resolution No. RA 2010-
Capital Improvement Plan
Adopted: April 20, 2010
Page 2
WHEREAS, the completion of the improvements identified within the Capital
Budget that are located inside La Quinta Redevelopment Project Area No. 1
("Project Area No. 1 "), which are identified on Exhibit 1 as funded by "PA #1 " (the
"Project Area No. 1 Improvements"), will help to obtain the goals and objectives of
Project Area No. 1 as well as to afford an opportunity to eliminate conditions of
blight in Project Area No. 1; and
WHEREAS, the completion of the improvements identified within the Capital
Budget that are located inside La Quinta Redevelopment Project Area No. 2
("Project Area No. 2"), which are identified on Exhibit 1 as funded by "PA #2" (the
"Project Area No. 2 Improvements"), will help to obtain the goals and objectives of
Project Area No. 2 as well as to afford an opportunity to eliminate conditions of
blight in Project Area No. 2; and
WHEREAS, it would be in the best interest of the public to completely fund
all improvements identified within the Capital Budget.
NOW THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment
Agency, as follows:
SECTION 1. The above recitations are true and correct.
SECTION 2. Pursuant to Health and Safety Code Section 33445(a), the
Agency finds and determines that:
A. The Project Area No. 1 Improvements are of benefit to Project Area
No. 1, by helping to eliminate blight within Project Area No. 1, in that
the Project Area No. 1 Improvements consist of public infrastructure
improvements, and the Redevelopment Plan for Project Area No. 1
provides for the elimination, and prevention of the spread, of blight
and blighting influences through the installation, construction, or re-
construction of streets, utilities, and other public facilities and
improvements.
B. The Project Area No. 2 Improvements are of benefit to Project Area
No. 2, by helping to eliminate blight within Project Area No. 2, in that
the Project Area No. 2 Improvements consist of public infrastructure
improvements and one property acquisition, and the Redevelopment
Plan for Project Area No. 2 provides for the elimination, and prevention
of the spread, of blighting influences through the installation,
construction, reconstruction, redesign, or reuse of streets, utilities,
curbs, gutters, sidewalks, traffic control devices, flood control
facilities and other public improvements, and also provides for
Resolution No. RA 2010-
Capital Improvement Plan
Adopted: April 20, 2010
Page 3
property acquisition as a means of eliminating and preventing the
spread of blighting influences.
C. No other reasonable means of financing the Project Area No. 1
Improvements or the Project Area No. 2 Improvements are available to
the community, for the following reasons: (i) City monies are
dedicated to critical police, fire, and other necessary expenditures,
including other capital improvement projects; (ii) the only practical
means of paying for the Project Area No. 1 Improvements and the
Project Area No. 2 Improvements is to use Agency funding; (iii)
without Agency funding for the Project Area No. 1 Improvements and
the Project Area No. 2 Improvements the Project Area No. 1
Improvement and the Project Area No. 2 Improvements would not be
completed, all to the detriment of Project Area No. 1 and Project Area
No. 2.
D. The Project Area No. 1 Improvements and the Project Area No. 2
Improvements are consistent with the Agency's implementation plan
adopted pursuant to Health and Safety Code Section 33490 (the
"Implementation Plan"), in that improving public infrastructure and
facilities within Project Area No. 1 and Project Area No. 2 are goals
set forth in the Implementation Plan, and acquiring the Village Area
Land described in Exhibit 1 is a proposed project set forth in the
Implementation Plan.
SECTION 3. The Agency's expenditure for the Project Area 1 Improvements
and the Project Area No. 2 Improvements is necessary to effectuate the purposes
of the Redevelopment Plans for Project Area No. 1 and Project Area No. 2 and is in
the best interests of the City of La Quinta.
SECTION 4. The Capital Budget is hereby included in the Agency's Fiscal
Year 2010-2011 operating budget, which appropriates funds for specific facilities,
equipment and improvements, and the Agency hereby approves the Agency's
funding of the Project Area No. 1 Improvements and the Project Area No. 2
Improvements.
Resolution No. RA 2010-
Capital Improvement Plan
Adopted: April 20, 2010
Page 4
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held on this 20th day of April 2010, by the following vote
to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
LINDA EVANS, Chairperson
La Quinta Redevelopment Agency
ATTEST:
VERONICA J. MONTECINO, CMC, Secretary
La Quinta Redevelopment Agency
(Seal)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Agency Counsel
La Quinta Redevelopment Agency
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