2010 06 15 RDA6x# 4 4V adja
Redevelopment Agency agendas are
available on the City' web page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, JUNE 15, 2010
3:00 P.M. Closed Session / 4:00 P.M. Open Session
Beginning Resolution No. RA 2010-006
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.
Redevelopment Agency Agenda 1 June 15, 2010
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 JEFFERSON
STREET SOUTH OF WESTWARD HO DRIVE. APNs/PROPERTY OWNERS/
NEGOTIATORS: 600-080-041, SUPPER CLUB GOLF, JIM SNELLENBERGER;
600-070-012, CHO-PARK, LLC, HANNAH PARK; AND 600-080-001
THROUGH -009, CITY OF LA QUINTA.
2. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF REAL PROPERTY LOCATED SOUTHEAST OF THE
MILES AVENUE AND WASHINGTON STREET INTERSECTION AND NORTH
OF THE WHITEWATER STORM CHANNEL. PROPERTY OWNER/
NEGOTIATOR: CP DEVELOPMENT LA QUINTA, LLC, RICHARD OLIPHANT.
RECESS TO CLOSED SESSION
RECONVENE AT 4:00 P.M.
G IIIIL1 tn LTA
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 JUNE 1, 2010.
2. APPROVAL OF SPECIAL MEETING MINUTES OF JUNE 3, 2010.
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 JUNE 15, 2010.
2. RECEIVE AND FILE TREASURER'S REPORT DATED APRIL 30, 2010.
Redevelopment Agency Agenda 2 June 15,2010
3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED APRIL 30,
2010.
4. APPROVAL OF AMENDED AGREEMENT FOR LEGAL SERVICES WITH
RUTAN & TUCKER, LLP.
5. ADOPTION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF
THE CITY OF LA QUINTA FOR FISCAL YEAR 2010-201 1 .
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 July 6,
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 June
15, 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 June 11, 2010.
DATED: ne/1 1, 2010
ERONICA J. TE ]NO, 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 June 15, 2010
OF Tt{C''9�k4
RDA MEETING DATE: June 15, 2010
AGENDA CATEGORY:
BUSINESS SESSION
ITEM TITLE: Demand Register Dated CONSENT CALENDAR /
June 15, 2010
STUDY SESSION
PUBLIC HEARING
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
June 15, 2010 of which $39,815.20
represents Redevelopment Agency Expenditures.
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
L/� 2
V n} S
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: June 15, 2010 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of
Treasurer's Report as of April 30, 2010
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
w4tif 4 04zo QuiAraj
COUNCIL/RDA MEETING DATE: June 15, 2010
ITEM TITLE: Receive and File Transmittal of Revenue
and Expenditure Report for April 30, 2010
RECOMMENDATION:
Receive and File.
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Receive and File Transmittal of the Statement of Revenue and Expenditures for
April 30, 2010 for the La Quinta Redevelopment Agency.
Respectfully submitted,
(: 4 M ��
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive
Director
Attachment: 1 . Revenue and Expenditures for April 30, 2010
ATTACHMENT 1
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 1:
LOWIMODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Miscellaneous revenue
Non Allocated Interest
LQRP-Rent Revenue
Home Sales Proceeds
Sale of Land
Sewer Subsidy Reimbursements
Rehabilitation Loan Repayments
2nd Trust Deed Repayment
Williams Note Payment
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
Litigation Proceeds
Transfers In
TOTAL CAPITAL IMPROVEMENT
07/0112009.04/3012010
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
9,623,500.00
4,810,840.06
4,812,659.94
49.990%
68,700.00
8,115.52
60,584.48
11,810%
0.00
1,353.18
(1,353.18)
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
225,000.00
213,507.39
11,492.61
94.890%
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
57,525.00
(57,525.00)
0.000%
19,444.00
19,444.00
0.00
100.000%
0.00
0.00
0.00
0.000%
10,086,644.00
5,110,785.15
4,975,858.85
50.670%
38,494,000.00
19,183,437.19
19,310,562.81
49.830%
75,000.00
58,950.59
16,049.41
78.600%
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
4,438,891.54
0.46
100.000%
43,007,892.00
23,681,279.32
19,326,612.68
55.060%
162,000.00
101,363.91
60,636.09
62.570%
34,500.00
25,405.46
9,094.54
73.640%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
2,639.00
2,639.33
(0.33)
100.010%
0.00
325,000.00
(325,000.00)
0.000%
0.00
0.00
0.00
0,000%
199,139.00
454,408.70
(255,2%70)
228A90%
LA OUINTA REDEVELOPMENT AGENCY
ADJUSTED
4130110
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO. 1:
LOW/MODERATE TAX FUND:
PERSONNEL
1.100,00
0.00
0.00
1,100.00
SERVICES
372,990.00
290,992.02
0.00
81.997.98
BUILDING HORIZONS
0.00
0.00
0.00
0.00
LO RENTAL PROGRAM
275,000.00
160,274.15
0.00
114,725.85
2nd TRUST DEED PROGRAM
0.00
0.00
0.00
0.00
BUILDING HORIZONS
250,000.00
0.00
0.00
250,000.00
LAND ACQUISITION
0.00
0.00
0.00
0.00
LOW MOD HOUSING PROJECTS
0.00
9,000.00
0.00
(9,000.00)
FORECLOSURE
172.979.00
2,000.00
0.00
170,979.00
REIMBURSEMENT TO GEN FUND
856,961.00
707.443,30
0.00
149,517.70
TRANSFERS OUT
5,055,913.00
4,921.187.99
0.00
134,725.01
TOTAL LOWIMOO TAX
-6,98i?A31)T_
DEBT SERVICE FUND:
SERVICES
BOND PRINCIPAL
BONDINTEREST
INTEREST CITY ADVANCE
PASS THROUGH PAYMENTS
ERAF SHIFT
TRANSFERS OUT
CAPITAL IMPROVEMENT FUND:
484,400.00
473.766.03
0.00
10,633.97
3.135,000.00
3.135,000.00
0.00
0.00
7.144,062.00
7,144,062.51
0.00
(0.51)
1,428,33300
1,141,666.65
0.00
286,666.35
23,526,621.00
8,816,493.06
0.00
14,710.127.94
23,560,481.00
0.00
0.00
23,560,481.00
3961,932.00
3,%1,931.94
0.00
0.06
TOTAL DEBT SERVICE-63'.Zd0,024AU
PERSONNEL
1,100.00
0.00
0.00
1.100.00
SERVICES
776,600.00
509.537.17
0.00
267,062.83
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
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
321,744.40
0.00
66.183.60
TRANSFERS OUT
42,451,76Z00
510,815.49
0.00
41.940,951.51
TOTAL CAPITAL IMPROVEMENT ___43,Ti27,3950U_
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 LOW/MODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOWIMOD BOND
DEBT SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Interest Advance Proceeds
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
Allocated Interest
Non Allocated Interest
Misc Revenue
Sale of land
Transfers In
TOTAL CAPITAL IMPROVEMENT
0710112009 - 04/3012010
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
5,411,100.00
2,601,348.57
2,809,751.43
48.070%
98,100.00
56,343.77
41,756.23
57.440%
0.00
0.82
(0.82)
0.000%
3,600.00
1,934.76
1,665.24
53.740%
451,400.00
375,190.00
76,210.00
83,120%
46,800.00
0.00
46,800.00
0.000%
0.00
0.00
0.00
0.000%
163,300.00
142,822.12
20,477.88
87.460%
4,200.00
5,978.15
(1,778.15)
142.340%
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
3,207,062.19
2,996,437.81
51.700%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0,000%
20,000.00
12,890,64
7,109.36
64A50%
0.00
0.00
0.00
0.000%
20,000.00
12,890.64
7,109.36
64.450%
21,644,500.00
10,392,523.29
11,251,976.71
48.010%
100,000.00
50,562.76
49,437.24
50.560%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
1,951,399.00
1,951,399.32
(0.32)
100.000%
23,695,899.00
12,394,485.37
11,301,413.63
52.310%
11,400.00
7,269.67
4,130.33
63.770%
9,250.00
1,143.06
8,106.94
12.360%
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
2,608,412.73
12,237.27
99.530%
LA OUINTA REDEVELOPMENT AGENCY
ADJUSTED
4/30110
REMAINING
EXPENDITURE SUMMARY
PROJECT AREA NO. 2:
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
LOW/MODERATE TAX FUND:
PERSONNEL
700.00
0.00
0.00
700.00
SERVICES
559,861.00
381,629.56
0.00
178,231.44
WASH ST APTS OTHER EXPENSES
429.300.00
284,421.23
0.00
144.878.77
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
250.000.00
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
0.00
WSA PRIN/PROVIDENT LOAN
25.325.00
20,897.74
0.00
4,427.26
WSA PRIN/USDA LOAN
10,671.00
8,744.95
0.00
1.926.05
WSA INTEREST/PROVIDENT LOAN
129,149.00
107,830,96
0.00
21,318.04
WSA INTEREST/USDA LOAN
74,611.00
23,2W.25
0.00
51.380.75
REIMBURSEMENT TO GEN FUND
474,869.00
390,511.80
0.00
84.357.20
TRANSFERS OUT
12,177,308.00
2,427,682.77
0.00
9.749.805.23
TOTAL LOW/MOD TAX
-R,T338747.0a--
2004 LOW/MODERATE BOND FUND
HOUSING PROGRAMS
824,000.00
618,000.()0
0.00
206.000.00
LAND
0.00
0.00
0.00
0.00
TRANSFERS OUT
731,740.W
(2,14371247)
0.00
2,875.442.47
TOTAL LOW/MOD BOND
--('f525!7UI4i')--iCO�SWfT,ddTTi
DEBT SERVICE FUND:
SERVICES
255.100.00
253,227.46
0.00
1,872.54
BOND PRINCIPAL
120.000.00
120,D00.00
0.00
0.00
BOND INTEREST
299.550.00
299,550.00
0.00
0.00
INTEREST CITY ADVANCE
1,656.528.00
1,380,440.00
0.00
276.088.00
PASS THROUGH PAYMENTS
18,291.681.00
4,417,929.27
0.00
13.873.751.73
TRANSFERS OUT
4,551,399.00
4551399.32
0.00
�f.NS
TOTAL DEBT SERVICE-Z5174758.00--
1Rf22,54b.U5
0-flf5
f7
CAPITAL IMPROVEMENT FUND:
PERSONNEL
700.00
40.00
0.00
660.00
SERVICES
275,360.00
116,474.54
0.00
158,885.46
CAPITAL
0.00
0.00
0.00
0.00
ECONOMIC DEVELOPMENT ACTIVITY
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
64,019.00
53,148.50
0.00
10,670.50
TRANSFERS OUT
3,423,621.00
376.364.91
0.00
3,047,256.09
TOTAL CAPITAL IMPROVEMENT
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COUNCIURDA MEETING DATE: June 16, 2009 AGENDA CATEGORY:
ITEM TITLE: Approval of Amended Agreement for Legal BUSINESS SESSION:
Services with Rutan & Tucker, LLP CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Please see same item under City Council agenda.
Respectfully submitted,
,��I<,,- eT
M. Katherine Jenson, Agency Counse
Approved for submission by:
Thomas P. Genovese, Executive Director
a
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`r'dlit aF 64zoQu"i
ITEM TITLE: Adoption of a Resolution Adopting the
Investment Policy of the City of La Quinta for Fiscal
Year 2010-201 1
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the City Council approving the Investment Policy for the La
Quinta Redevelopment Agency for Fiscal Year 2010-2011.
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
Resolution No. 2010-
Investment Policy
Adopted: June 15, 2010
Page 4 of 11
RESOLUTION NO. RA 2010-
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY OF THE CITY OF LA QUINTA APPROVING AND
ADOPTING THE AMENDED INVESTMENT POLICY FOR
FISCAL YEAR 2010-2011
WHEREAS, the general purpose of the Investment Policy is to provide the rules
and standards users must follow in investing funds of the City of La Quinta; and
WHEREAS, the primary objectives, in order of priority, of the City of La Quinta's
investment activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio.
The investment portfolio shall remain sufficiently li uid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or yield throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs.
WHEREAS, authority to manage the City of La Quinta's investment portfolio is
derived from the City Ordinance. Management responsibility for the investment
program is delegated to the City Treasurer, who shall establish and implement written
procedures for the operation of the City's investment program consistent with the
Investment Policy for Fiscal Year 2010-2011; and
WHEREAS, the Investment Policy will be adopted before the end of June of
each year and amended as considered necessary; and
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of La Quinta to adopt the Fiscal Year Investment Policy (Exhibit A).
Resolution No. 2010-
Investment Policy
Adopted: June 15, 2010
Page 5 of 11
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency, held on this day of
2010 by the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
LINDA EVANS, Chair
La Quinta Redevelopment Agency
ATTEST:
VERONICA J. MONTECINO, CMC, Agency Secretary
La Quinta Redevelopment Agency
(SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Agency Counsel
La Quinta Redevelopment Agency