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2010 12 21 RDAOff 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 21, 2010 DUE TO THERE BEING NO CLOSED SESSION SCHEDULED, THE REDEVELOPMENT AGENCY WILL CONVENE AT 4:00 P.M. Beginning Resolution No. RA 2010-012 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 — NONE CONFIRMATION OF AGENDA APPROVAL OF MINUTES APPROVAL OF MINUTES OF DECEMBER 7, 2010. 001 Redevelopment Agency Agenda 1 December 21, 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 DECEMBER 21, 2010. 2. RECEIVE AND FILE TREASURER'S REPORT DATED OCTOBER 31, 2010. 3. RECEIVE AND FILE REVENUE AND EXPENDITURES REPORT DATED OCTOBER 31, 2010. 4. APPROVAL OF LA QUINTA REDEVELOPMENT AGENCY FINANCIAL REPORTS IN ACCORDANCE WITH HEALTH AND SAFETY CODE SECTION 33080. 5. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA REDEVELOPMENT AGENCY 1998, 2001, 2002, AND 2003 TAX ALLOCATION BONDS FOR FISCAL YEAR ENDING JUNE 30, 2010. 6. ADOPTION OF A RESOLUTION AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A CERTIFICATE OF ACCEPTANCE FOR A QUITCLAIM DEED FROM COSTCO WHOLESALE CORPORATION FOR PURPOSES OF TERMINATING AN EASEMENT ON AGENCY PROPERTY (APNs 600-020- 047, AND-600-020-048). 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 January 4, 2011, 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. Redevelopment Agency Agenda 2 December 21, 2010Aw00 OL 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 21, 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 December 17, 2010. DATED: December 17, 2010 �)k- VERONICA J. MONTECINO, 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 December 21, 201 03 F c7 S r�•�� S4 cFMOF9 AGENDA CATEGORY: RDA MEETING DATE: December 21, 2010 BUSINESS SESSION ITEM TITLE: Demand Register Dated CONSENT CALENDAR / December 21, 2010 STUDY SESSION PUBLIC HEARING RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated December 21, 2010 of which $240,364.12 PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA 004 a •� `y OF'CttF' AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: December 21, 2010 BUSINESS SESSION: _ ITEM TITLE: Receive and File Treasurer's Report dated October 31, 2010 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and file. PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA 005 V Oz �QU4(Rr6j COUNCIL/RDA MEETING DATE: December 21, 2010 ITEM TITLE: Receive and File Revenue and Expenditure Report dated October 31, 2010 RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: _ CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of the October 31, 2010 Statement of Revenue and Expenditures for the La Quinta Redevelopment Agency. Respectfully submitted, 'W' M John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. Revenue and Expenditures, October 31, 2010 00 006 07/01/2010 - 10/31/2010 LA QUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA NO. 1: LOW/MODERATE TAX FUND: Tax Increment 9,912,200.00 0.00 9,912,200.00 0.000% Allocated Interest 46,800.00 1,266.53 45,533.47 2.710% Non Allocated Interest 0,00 699.90 (699,90) 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 0.00 0.00 0.00 0.000% 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 0.00 0.00 0.000% Williams Note Payment 0.00 0.00 0.00 0.000% Transferin 0,00 0,00 0.00 m00% TOTAL LOW/MOD TAX 10,109,000.00 1,966.43 10,107,033.57 0.020% DEBT SERVICE FUND: Tax Increment 39,648,800.00 0.00 39,648,800.00 0.000% Allocated Interest 0.00 0.00 0.00 0.000% Non Allocated Interest 0.00 1,543.37 (1,543.37) 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 4,438,934.00 3,019,679.27 1,419,254.73 68.030% TOTAL DEBT SERVICE 44,087,734.00 3,021,222.64 41,066,511,36 6.850% CAPITAL IMPROVEMENT FUND Pooled Cash Allocated Interest 8,200.00 8,322.27 (122.27) 101.490% Non Allocated Interest 30,400.00 7,617.17 22,782.83 25.060% Developer Agreement Funding 0.00 6,499.00 (6,499.00) 0.000% Sale of Land Proceeds 0.00 0.00 0.00 0.000% Rental Income 0.00 0.00 0.00 0.000% Litigation Proceeds 0.00 0.00 0.00 0.000% Transfers In 5,000,000.00 0.00 5,000,000.00 0.000% TOTAL CAPITAL IMPROVEMENT 5,038,600.00 22,438.44 5,016,161.56 0.450% .0./ 007 LA OUINTA REDEVELOPMENT AGENCY ADJUSTED 10131/10 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 373,040.00 38.087,00 0.00 334,95300 LQ RENTAL PROGRAM 0.00 0,00 0.00 0.00 2nd TRUST DEED PROGRAM 0.00 0,00 0.00 000 BUILDING HORIZONS 250,000.00 0,00 0,00 250,000AO LANDACOUISITION 0.00 0,00 0,00 0.00 LOW MOD HOUSING PROJECTS 0.00 0.00 0.00 0,00 FORECLOSURE 1,039,735.00 4,859.10 0,00 1,034,875.90 REIMBURSEMENT TO GEN FUND 947,565.00 315,856.00 0,00 631,709.00 TRANSFERS OUT 5023078.001 3288,743.26 0.00 1734334.74 TOTAL LOWIMOD TAX 7 80 DEBT SERVICE FUND: SERVICES 484,400.00 6,240.00 0.00 478,16000 BOND PRINCIPAL 3.330,000. 00 3.330,00000 0.00 0,00 BONDINTEREST 6,941,435. 00 3.523,119.38 0,00 3,418,31562 INTERESTCITY ADVANCE 1,720,000.00 573,333,48 0.00 1, 146,666.52 PASS THROUGH PAYMENTS 22,738,549.00 404,812.75 0.00 22,333,736. 25 ERAF SHIFT 0,00 COO 000 0.00 TRANSFERS OUT 8963138.00 2576126.97 0.00 6,387011.03 TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: PERSONNEL 1, 100.00 0.00 0.00 1,100.00 SERVICES 700,900.00 133,64641 0.00 567,255.59 LAND ACQUISITION 0.00 0.00 0,00 000 ASSESSMENT DISTRICT 0.00 0.00 0.00 COO ADVERTISING -ECONOMIC DEV 0,00 0.00 0.00 0.00 ECONOMIC DEVELOPMENT 0.00 COO 000 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 426,69300 142,232.00 0.00 284,461.00 TRANSFERS OUT 45,799661.00 158504.95 0.00 45641, 356.05 TOTAL CAPITAL IMPROVEMENT 0,00 11 QQa '" 3 07/0112010-10/31/2010 LA OUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUESUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA NO. 2: LOW/MODERATE TAX FUND: Tax Increment 5,573,400.00 0.00 5,573,400.00 0.000% Allocated Interest 50,800.00 3,847.58 46,952.42 7.570% Non Allocated Interest 2,500.00 0.00 2,500.00 0.000% Wash St Apts Interest Income 3,600.00 381.07 3,218.93 10.590% WSA Fed Govt Assistance Pymts 451,400.00 149,949.00 301,451.00 33.220% WSA Fed Govt 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 53,877.64 109,422.36 32.990% Wash St Apts Other Revenues 4,200.00 1,865.18 2,334.82 44.410% 2nd Trust Deed Repayment 0.00 8,719,00 (8,719.00) 0.000% ERAF Shift - Interest 0.00 0.00 0.00 0.000% Sale of Land 0.00 0.00 0.00 0.000% Transfer In 0.00 0.00 0.00 0.000% TOTAL LOW/MOD TAX 6,296,000.00 218,639.47 6,077,360.53 3.470% 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 8,700.00 2,638.75 6,061.25 30.330% Transfer In 0.00 0.00 0.00 0.000% TOTAL LOW/MOD BOND 8,700.00 2,638.75 6,061.25 30.330% DEBT SERVICE FUND: Tax Increment 22,293,800.00 0.00 22,293,800.00 0.000% Allocated Interest 0.00 0.00 0.00 0,000% Non Allocated Interest 0.00 3,379.34 (3,379.34) 0,000% Interest Advance Proceeds 0.00 0.00 0.00 0.000% Transfer in 2,947,648.00 1,268,838.66 1,678,809.34 43.050% TOTAL DEBT SERVICE 25.241448,00 1,272,218.00 23,969,230.00 5.040% CAPITAL IMPROVEMENT FUND: Allocated Interest 5,100.00 593.61 4,506.39 11.640% Non Allocated Interest 6,000.00 1.200,48 4,799.52 20,010% Misc Revenue 0.00 0.00 0.00 0.000% Sale of land 0.00 0.00 0.00 0.000% Transfers In 4,300,000.00 0.00 4,300,000.00 0.000% TOTAL CAPITAL IMPROVEMENT 4,311,100.00 1,794.09 4,309,305.91 0.040% ®p 009 0 LA OUINTA REDEVELOPMENT AGENCY EXPENDITURE SUMMARY PROJECT AREA NO 2- ADJUSTED 10/31/10 REMAINING BUDGET EXPENDITURES ENCUMBERED BUDGET LOWIMODERATE TAX FUND: PERSONNEL 700.00 0.00 0,00 700.00 SERVICES 473,500,00 72,113,77 0.00 401, 386.23 WASH ST APTS OTHER EXPENSES 429, 300.00 113,353,83 0,00 315,946.17 2ND TRUST DEEDS 0,00 0,00 0,00 0,00 LOW MOD HOUSING PROJECTS 3,000.00 350,00 0,00 2,650.00 FORECLOSURE ACOUISITION 450,OOO.00 000 0.00 450,000.00 VISTA DUNES PARK 0,00 0.00 0.00 0.00 LANDACOUISITION 0.00 0.00 0.00 0.00 WSA PRIN/PROVIDENT LOAN 27, 525.00 8,921,40 0.00 18,603.60 WSA PRIN/USDA LOAN 11,788.00 3,75301 0,00 8,034.99 WSA INTERESTIPROVIDENT LOAN 126,949.00 42,570.08 0,00 84,37892 WSA INTEREST/USDA LOAN 73,494.00 9,543 07 Cm 63,950.93 REIMBURSEMENT TO GEN FUND 551,634.00 183.876.00 0.00 367,758.00 TRANSFERS OUT 11648437.00 1.285134.0910363, 302.91 TOTAL LOW/MOD TAX 2004 LOW/MODERATE BOND FUND HOUSING PROGRAMS 0.00 0.00 0,00 0,00 LAND 0.00 0.00 0.00 000 TRANSFERS OUT 7570TOO 000 0.00 75707.00 TOTAL LOW/MOD BOND DEBT SERVICE FUND: SERVICES 255,100,00 3,025,00 000 252,075C0 BOND PRINCIPAL 125,000.00 125,00000 0,00 0,00 BOND INTEREST 293,272.00 148,237,50 0.00 145,034.50 INTEREST CITY ADVANCE 1,656,500.00 552,176.00 0.00 1,104.324. 00 PASS THROUGH PAYMENTS 18,935,710.00 0.00 000 18.935,710,00 ERAF SHIFT 4, 850,687.00 0.00 0.00 4.850,68700 TRANSFERS OUT 625i,993.00 1838.66 0.00 4,983, 154.34 TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: PERSONNEL 700,00 0,00 000 700.00 SERVICES 172.15000 16,08472 0.00 156,06528 CAPITAL 0.00 0.00 0.00 0.00 ECONOMIC DEVELOPMENT ACTIVITY 2,3D0, 000,00 0,00 0.00 2,300,000.00 REIMBURSEMENT TO GEN FUND 76,611.00 25,54000 0.00 5107100 TRANSFER$OUT 4,424,385.00 49,705.27 0,00 4,374.67973 TOTAL CAPITAL IMPROVEMENT ®0.! 0 i o 5 4 a (fo v Qu & I � COUNCIL/RDA MEETING DATE: December 21, 2010 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: STUDY SESSION: 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 315t 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, John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachments: 1. Redevelopment Agency State Controller's Report 2. Statement of Indebtedness 3. Housing and Community Development Report 4. Loan Report 5. Property Report A. 012 K A l l AUHIVItN 17 A LL c 0 L a m- a V C E Z m aC w iL O O LA E L EfE E E E E E E � N d a) U) U a it 013 2 J ] - 0 , \ — \ — _ j) ; \� ! 7 -EL _016 �� E E § \o kB w « f± CC / )� (_ : 4` -- ( < {\ \/ \\ \ \2 \\ \\ uE \k 7/ {! §< \\2 \ \\ \ \\ \\ \� 0, w f !fk ) f) \ ®k { {J }\ CL m ) r o _ { } < 0. OI■ W a N 9 N a c « N m O � c � m V C N N N C L jp d U C O � m Q L E o c 0 E o y wa c. Uy L p n�0 i, c ggN Q N C C aN A <o Oaw o' U N a p LL 6 N m � w W w m O -1..' 015 0 a y Q O O z d Q d E It z A V a W 0 a O O N n N N N O o CN N N N a U d U C � IJ L_1J L�u� LL T N Z rr0 v j N (n II m O m a E N N c 0 w U a 0 ¢ 0 o a` ¢ a a II II II w N m u Q i N ¢ a ¢ 0. 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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 315t 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, John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachments: 1. Redevelopment Agency State Controller's Report 2. Statement of Indebtedness 3. Housing and Community Development Report 4. Loan Report 5. Property Report A. 012 K A l l AUHIVItN 17 A LL c 0 L a m- a V C E Z m aC w iL O O LA E L EfE E E E E E E � N d a) U) U a it 013 2 J ] - 0 , \ — \ — _ j) ; \� ! 7 -EL _016 �� E E § \o kB w « f± CC / )� (_ : 4` -- ( < {\ \/ \\ \ \2 \\ \\ uE \k 7/ {! §< \\2 \ \\ \ \\ \\ \� 0, w f !fk ) f) \ ®k { {J }\ CL m ) r o _ { } < 0. OI■ W a N 9 N a c « N m O � c � m V C N N N C L jp d U C O � m Q L E o c 0 E o y wa c. Uy L p n�0 i, c ggN Q N C C aN A <o Oaw o' U N a p LL 6 N m � w W w m O -1..' 015 0 a y Q O O z d Q d E It z A V a W 0 a O O N n N N N O o CN N N N a U d U C � IJ L_1J L�u� LL T N Z rr0 v j N (n II m O m a E N N c 0 w U a 0 ¢ 0 o a` ¢ a a II II II w N m u Q i N ¢ a ¢ 0. 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U d�� 0 0� k N e 9 Y %a � •-' �-+ N Q N (G N U N (� N W N W N C� „ d � q C L d d d d d d d a V a a a a a a a a a a a a a a a A ll p• .r N Q N 67 N U N Q N W N W N (:1 I o d u d d d on•5 d ao .5 u 0°a d a F OF 00 c� C 1 N N r w m u Fl W. m N 9 WI a • 6 y Fi w cov � w w cov � cos m u $ a .o a � i b r rw � � in NK K � wi 6rN9 H F 0 g'i C O O ' m M vl L W fA vi W fA W � b Q � 609 W 69 u o e y^. O a N N m r C C •d. pp ry � N d N � Q H fA K f9 69 Yi b3 0 •a o a w' m CQ C ""m O O u 0 L o a a o o Is o 0 0 9 Ytl - d a Y � Y a Y a ap oa .S .5 w.a .° a a a a w a w 0 o y Y aao Y .S Y au j u .5 Y ou u ao u m° F C roe f' `, 6 O Footnotes to Reconciliation Statement Name of Agency La Quinta Redevelopment Agency - Name of Project Area La Quinta Redevelopment Agency Project No. I Tax Year: Fiscal Year Beginning July 1. 2010 Reconciliation Dates: From July 1 2609 To June 30, 2010 Low & Moderate Housing Set Aside Decreases: $ 62,775,243 _ Adjustment of Forecast Remaining to 2033-34 - 62,775,243 _ County of Riverside Pass Through Decreases: - _ $ 92,673,137 Adjustment of Forecast Remaining to 2033-34 92,673,137 Desert Sands Unified School District Decreases: - $ 14,124,839 AdjustmentofForecast Remaining to2033-34 14,124,839 Desert Community College District Decreases: - $ 3,966,971 Adjustment of Forecast Remaining to 2033-34 3,966,971 Coachella Valley Mesa. Abat. District Decreases: $ 3,089,221 . Adjustment of Forecast Remaining to 2033-34 3,089,221 - Coachella Valley Water District Decreases: $ 3,361,219 Adjustment of Forecast Remaining to 2033-34 3,361,219 Overhm&Administration Increases: - $ 1,101,328 Adjustment of Forecast 1,101,328 City of La Ouinta Loan - - increases: - $ 11,428,333 Additional Principal 11,428,333 Page l of 2 _ C 6 5 oe, Footnotes to Reconciliation Statement - Name of Agency La Quints Redevelopment Agency - - Name of Project Area La Quinta Redevelopment Agency Project No.1 Tax Year: Fiscal Year Beginning July 1.2010 Reconciliation Dates- From July 1 2009 To June 30, 2010 .. Counlv Superintendent of Schools Decreases: -$ 658,093 Adjustment of Forecast 658,093 Cemetery District Decreases: $ 54,640 Adjustment of Forecast 54,640 Desert Recreation District Decreases: - $ 332,931 Adjustment of Forecast 332,931 - Resource Conservation District Decreases: $ 5,573 Adjustment of Forecast 5.,573 County Administration Fee (SB 2557) Decreases: - - $. 2,600,154 Adjustment of Forecast 2,600,154 1998 Tax Allocation Refunding Increases: $ 819,520 . Adjustment to Payment Schedule 819,520 Capital Improvement Program Increases: $ 46,711,297 Adjusted for 2010-11 Budget 46,711,297 City of La Quints Decreases: $ 862,330 Adjustment of Forecast - - - 862,330 SE RAF Increases: $ 23,582,367 One time payment 23,582,367 (66 CALCULATION OF AVAILABLE REVENUES AGENCY NAME LA OUIN'TA REDEVELOPMENT AGENCY PROJECT AREA LA OUINTA REDEVELOPMENT AGENCY PROJECT NO. 1 TAX YEAR Fiscal Year Beginning July 1 2010 RECONCILIATION DATES: JULY 1, 2009 TO JUNE 30, 2010 1. Beginning Balance, Available Revenues $12,780,189 (Per 2008-09 Statement of Indebtedness) _ 2. Tax Increment Received — Gross: - $41,388,223 All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3. All other Available Revenues Received $15,440,202 (See Instructions) 4, Revenues from any other source, included in Column E of the Reconciliation Statement, but not included in (1-3) above $0 5. Sum of Lines 1 through 4 $69,608,614 6. Total amounts paid against indebtednessinprevious year. (D + E on Reconciliation Statement) $61,725;874 7. Available Revenues, End of Year (5 - 6) $7,882,740 FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 NOTES Tax Increment Revenues: 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. 101IM010 �. 067 0 4 Y CYJ i^ y i4 5 b0 A. 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Footnotes to Reconciliation Statement 'Name of Agency La Quints Redevelopment Agency Name of ProjectArea U Quints Redevelopment Agency Project No. 2 i TU Year Fiscal Year Beginning July L 2010 Reconciliation Dates' From July ! 2009 To June 30.2010 Low& Moderate Housing Set Aside Decreases: $ 22137.202 Adjustment ofForewst remaining to 203940 22,137,202 County of Riverside Pass Through Decreases: S 68,297 57.5 Adjustment of Foracast remaining m 2039-40 69,297,575 I Desert Sands Unified School Decresses: S 36,811833 Adjustment of Forecast remaining to 2039-40 36,811,833 - - - - -- -Coachella Valley Water District Decreases: S - 15,222,109 Adjustment of Forecast remaining to 203940 15,222,108 CmunN Superintendent of Schools Decreases: S C138109 Adjustment of Forecast remaining to 203940 4,138,109 Desert Community College District Decreases: $ 7,647,446 Adjustment of Forecast remaining to 2039-40 7,647,446 Desert Recreation District Decreases: $ i 055 227 Adjusnnenl of Forecast remaining to 203940 1,055,327 - and revise pass through rate to agreement Coach Vallev Mosa Yo Abatement Decreases: - S 2,794,829 Adjustment of Forecast remaining to 203940 7,794,829 Rent Reimbursement Increases: S 120 . 2010.11 Budget Estimate 120 Ovefiead/Adminisnation Increases: $ 264,198 2010.1I Budget Estimate - 264,198 City of La Quints Advance fortresses: - $ 1,656528 Adjustment of Forecast 1,656,528 County Administrative Fee (SB 25771 - Decreases: $ 1 842 990 Adjustment of Forecast remaining to 2039-40 1,842,990 Increases: Adjustment for 2010-11 Budget Page 1 of 1 $12,300,272. $12,300,277 a. 073 CALCULATION OF AVAILABLE REVENUES AGENCY NAME LA OUINTA REDEVELOPMENT AGENCY PROJECT AREA i( A, OUINTA REDEVELOPMENT AGENCY PROJECT NO. 2 TAX YEAR- Fiscal Year Beginning July 1, 2010 RECONCILIATION DATES: JULY 1, 2009 TO JUNE 30, 2010 1. Beginning Balance, Available Revenues $3,812,933 (Per 2008-09 Statement of Indebtedness) 2. Tax Increment Received —Gross: $42,650,733 All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3. All other Available Revenues Received $5,469,666 (See Instructions) 4. Revenues from any other source, included in Column E of the Reconciliation Statement, but not included in (1-3) above $o 5. Sum of Lines 1 through 4 $51,933,332 6. Total amounts paid against indebtedness in previous year. (D +E on Reconciliation Statement) $43,393,552 7, Available Revenues, End of Year (5 - 6) $8,539,780 FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 NOTES Tax Increment Revenues: 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 SOT 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 (Cot E), but with funds that were neither Tax Increment, nor "Available Revenues" as defined. The amounts used to satisfy this DDA would be included online 4 above in order to accurately determine ending "Available Revenues." Rev. 10/132010 CIA J CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT REDEVELOPMENT AGENCY ANNUAL HOUSING ACTIVITY REPORT FY ENDING: 06 / 30 / 2010 Agency Name and Address: La County of Jurisdiction: Riverside Did the Agency pay SERAF from LMIIIF? ❑ Yes ® No 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 year. No financial transactions were completed). ® Active (Financial and/or housing transactions occurred during the reporting year) ❑ Inactive (No 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 reporting -year, how many adopted promect areas 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 IiIg ect area. Ifthe agency has no adopted project areas DO NOT complete SCHEDULE HCD-A (refer to next ouestion). 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 housing Proiect completed and HCD SCHEDULE E. ❑ No. DO NOT complete HCD SCHEDULES DI-D7 or HCD SCHEDULE E. 6. S ecity whether method A and/or B was used to report financial and housing activity information to HCD: f A. Forms. All required HCD SCHEDULES A. B. C. DI-D7. and E are attached. ❑ B. On-line (http:llwww.hcdcagovlyda/) "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 representa[' ns m e above and (b agen information reported are correct. Izzz/Zoio /%M Dale gnature of Authorizekl Agency Representative Finance Director Title _1'760)777-7150 Telephone Number • IFNOT REQUIRED TO REPORT, SUBMIT ONLYA PAPER COPYOF THIS PAGE. • IF REQUIRED TO REPORT, AND REPORTING BY USING PAPER FORMS (IN PLACE OF REPORTING ON-LINE), SUBMIT THIS PAGE AND ALL APPLICABLE HCD FORMS (SCHEDULES A-E) WITHA COPY OFAGENCY'SAUDIT. • IF REPORTING ON-LINE, PRINTAND SUBMIT "CONFIRMA TIONLETTER " UPON LOCKING REPORT • MAIL A COPY OF (a) CONFIRMATION LETTER (IF HCD REPORT WAS ELECTRONICALLY FILED) OR (b) COMPLETED FORMS AND (c) AUDIT REPORT TO BOTH HCD AND THE SCO: Department of Housing & Community Development Division of Housing Policy Redevelopment Section 1800 3rd Street, Suite 430 Sacramento, CA 95814 Redevelopment Agency Annual Report - Fiscal Year 2009-20I0 (Revised: 10-13-10) The State Controller Division of Accounting and Reporting Local Government Reporting Section 3301 CStreet. Suite500 Sacramento, CA 95816 HCD-Cover Paget oft V SCHEDULE HCD-A Inside Project Area Activity for Fiscal Year that Ended 06 / 30 / 2010 Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Project No. 1 Preparer's Name, Title: Suzy Kim, Senior Analyst, RSG Inc. Preparer's E-Mail Address: skim ebrse.com Preparer's Telephone No: (714) 541-4585 xl 16 Preparer's Facsimile No: _(714) 541-1175 GENERAL INFORMATION 1. Project Area Information 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)? Yes x No_ 4. Current expiration of plan: 11 / 29 / 2024 mo 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 property that either: (1) Added property to plan: (2) Removed properly from plan: 2. Affordable Housing Replacement and/or Inclusionary or Production Requirements (Section 33413). Pre-1976 project 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 ofthe resolution and the applicable Section 33413 requirements addressed in the scope of the resolution. Date: / / Resolution Scope (applicable Section 33413 requirements): mo day yr Post-1975 project areas and geographic areas added by amendment after 1975 to pre-]976 project 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 percentagetamount 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 not report "net' funds transferred from the Debt Service Fund on HCD-A Line 3a(7) when reporting debt service expenditures on HCD-C, Line 4c. 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(1) or on Line 3h(2) if the repayment of loan principal is a result of the FY2009-10 and/or FY2010-11 SERAF. Califomia Redevelopment Agencies — Fiscal Year 2009-2010 HCD-A Sch A (Revised: 9-28-2010) Page 1 of 7 ®. n r' 7 6 Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Proiect No 1 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 pmjeet area is named as beneficiary in the authorizing resolution. Any other revenue sources not reported on lines 3a: 3i., should be reported on Line 3j. Enter on Line 3a(1) the full 100% of gross Tax Increment allocated prior to applicable pus 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). Report SERAF on Line 3a(3). Next, on Line 3a(4), report the amount of Tax Increment set -aside allotted before any exemption and/or deferral. To determine the amount of Tax Increment deposited to the Housing Fund [Line 3a(7)], subtract allowable amounts exempted [Line 3a(5)] and/or deferred [Line 3a(6)] from the net amount allocated to the Housing Fund [Line 3a(4)]. a. Tax Increment: (1) 100%ofGross Allocation: $ 48,147,235 (2) Calculate only 1 set -aside amount: either A or B below: (A) 20% required by 33334.2 (Line 3a(1) x 20%): $ 9.629.447 (B) 30% required by 33333.10(g) (Line 3a(1) x 30%): $ (Senate Bill211, Chapter 741, Statutes of200l) (3) Supplemental Education Revenue Augmentation Fund (SERAF): (A) SUSPENSION: Only allowed in FY2009-10. ($ 0 ) H&SC Section 33334.2(k) allows agencies to suspend all or part of the set -aside allocation on line 3a(2) to pay FY2009-10 SERAF (complete Sch A, page 3, #4 and Sch-C, page 9) (B) SERAF REPAYMENT of FY2009-10 SUSPENDED amount $ 0 (complete Sch A, page 3, #4 and Sch-C, page 3, 8e and page 9). (4) Net amount of tax increment allocated to Housing Fund $ 9,629,447 If the net amount of set -aside allocated is less than the required minimum, identify the project area(s) making up any difference and explain on page 4, box 45 [per 33334.3(i)]. (5) Amount Exempted (I I&SC Section 333342) ($ 0 ) [if there is an amount exempted, also complete page 3, #5a(1) - (2)]: (6) Amount Deferred (H&SC Section 33334.6) ($ 0 ) [if there is an amount deferred, also complete pages 4-5, #5b(1) - (4)]: (7) Total deposit to the Housing Fund [Net result of Line 3a(4) through 3a(6)1: $ 9.629,447 b. Interest Income: $ 32,703 c. RentaVLease Income (combine amounts separately reported to the SCO): $ 255.871 d. Sale of Real Estate: $ e. Grants (combine amounts separately reported to the SCO): $ f, Bond Administrative Fees: $ g. Deferral Repayments [also complete, page 4, Line 5b(3)]: $ It. (1) Loan Repayments (other than SERAF): $ 105.300 (2) SERAF LOAN Repayments (also complete Sch-C, page 3, 8e and page 9) $ i. Debt Proceeds: $ j. Other Revenue(s) [Explain and identify amount(s)]: Miscellaneous Revenues $ 1,090 k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(7) and 3b - 3j.): $ 10,024,411 California Redevelopment Agencies— Fiscal Year 2009-2010 HCD-A Sch A (Revised: 9-28-10) Page 2 of 7 C�1 a. Agency Name: La Ouinta Redevelopment Aeencv Project Area Name: Redevelopment Project No 1 Supplemental Educational Revenue Auarrtentation Fund (SERAF) Suspension of Property Tax Revenue Deposit 4. Check box below and provide information only if the agency, between July 1, 2009 and June 30, 2010, exercised suspension option (Sch A, page 2, Line 3a(3)(A) and did not make the required minimum allocation and deposit of tax increment to the Housing Fund for the purpose of using suspension funds to meet the Fiscal Year 2009-10 SERAF obligation. Note, pursuant to Health and Safety Section 33334.2(k), repayment is required before June 30, 2015. ❑ SERAF [H&SC Section 33334.2(k)]. In FY2009-10 the agency exercised option to suspend allocating and depositing a portion of the minimum 20% of gross property tax increment. Instructions: Please include amounts for ALL fiscal Years between FY2009-10 and FY2014-15 (m addition to the current reporting fiscal year) to record agency compliance with repayment requirements as referenced in H&SC Section 33334.2(k)(1)(2)(3). Also report the cumulative total suspended and repaid amounts (from all project areas) in Schedule `C, page 9, box 23. Fiscal Years Applicable to Col 1 Col 2 Col 3 SERAF Suspension and Remaining SERAF Identify SERAF Identify any SERAF Balance Repayment Deposit Amount Suspended Repayment (Deposit) (Prior year Col 3 FY 2009-2010 Made in Fiscal Year minus Current year Repayment Col 2) 2009 - 2010 $ $ $ 2010 — 2011 $ 2011 - 2012 $ $ 2012-2013 $ $ $ 2013 — 2014 $ 2014 - 2015 $ $ Exemption(s) and Deferral(s) 5. a.(1) If an exemption was claimed on Page 2, Line 3a(5) 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 Findinr is required to be submitted to HCD) ❑ Section 33334.2(a)(1): 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 300/0) 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): (2) For any exemption claimed on Page 2, Line 3a(5) and Line 5a(1) above, identify: Date that initial (1') fmdine was adopted: _/ / Resolution # mo day yr Adoption date ofreporting _Year find ine: / / Resolution # do day yr California Redevelopment Agencies— Fiscal Year 2009-2010 Sch A (Revised: 9-28-10) Date sent to HCD: _/ / mo day yr Date sent to HCD: _/ / mo day yr HCD-A Page 3 of 7 Dig Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Proiect No. 1 Exemptions and Deferrals continued BOX #5 Identification ofProject area and explanation if set -aside deposit is LESS THAN the required minimum Refer to Sch A, page 2, Line 3(a)(4): Deferral(s) 5. b.(1) Ifa Deferral was claimed on Page 2, Line 3a(6) to deposit less than the required amount, complete the following information: Check only one of the Health and Safety Code Sections below ❑ 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 Health & Safety Code Section here: (2) For any deferral claimed on page 2, Line 3a(6) and Line 5b(1) above, identify: Date that initial (11) finding was adopted: / / Resolution # mo day yr Adoption date of reporting year finding: _/ / Resolution # _ mo day yr Date sent to HCD: / / mo day yr Date sent to HCD: mo day yr (3) A deferred set -aside per to Section 33334.6(d) constitutes indebtedness to the Housing Fund. Summarize the amount(s) of set -aside deferred and repayments made during the reporting year and the cumulative amount deferred as of end of FY: xEpanvMrrTs Fiscal Year Amount Deferred REPAYMENTS This Reporting FY of Deferrals During Reporting FY Cumulative Amount Deferred (Net of Any 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, page 3, 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 (use box above if needed): Difference: $ Reason(s): California Redevelopment Agencies — Fiscal Year 2009-2010 HCD-A Sch A (Revised: 9-28-10) Page 4 of 7 019 Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Project No. l Deferrals) continued (4) 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 ❑ Ifyes, by what date is the deficit to be eliminated? Ifyes, when was the original plan adopted for the claimed deferral? Identify Resolution # Date Resolution sent to HCD When was the last amended plan adopted for the claimed deferral? Identify Resolution # Date Resolution sent to HCD mo day yr mo day yr mo day yr mo day yr mo 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). Nnmher 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 Above Moderate Bedrooms Lost That Agency is Not Required to Replace 0 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: Number 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 -veaz, 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 Name of Agency Custodian Name of Agency Custodian mo day yr Please attach a separate sheet of paper listing any additional hous ng plans adopted. Califomia Redevelopment Agencies — Fiscal Year 2009-2010 HCD-A Page 5 of 7 Sch A (Revised: 9-28-10) 8 Pa• Agency Name: La Ouinta Redeveooment Agency Project Area Name: Redevelopment Proiec[ No. I 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). Number of Households Project Activity VL L M AM Total Households Permanently Displaced - Elderly Households Permanently Displaced - Non Elderly 0 Households Permanently Displaced - Total 0 b. As required in Section 33413.5, for the current fiscal year, 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 Fulfdl 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 initial finding was adopted? _/_/ Resolution # Date sent to HCD: /_/ mo day yr mo day yr Number of Dwellin Units Name of Other Project Area(s) VL L M Total California Redevelopment Agencies —Fiscal Year 2009-2010 HCD-A Sch A (Revised: 9-28-10) Page 6 of 7 R O v� Agency Name: La Ouinta Redevebpment Aeencv Project Area Name: Redeve�ect No. I Sales of Owner-Occunied Units Inside the Project Area Prior to the Expiration of land Use Controls 9. Section 33413(c)(2XA) 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. b. Sales. Did the agency permit the sale of any owner -occupied units during the reporting year? ®No [-]Yes < Total Proceeds From Sales Over Reporting Year Number of Units SALES VL I L I M Total 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 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 Protect 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 al3eement 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, Col A Col B Col C Col D Col E Name of Agreement Estimated Sch C Amount Sch C Amount Project and/or Execution Completion Date Encumbered Designated Contractor Date w/in 2 yrs of Cot B Line 6a Line 7a VL L M Total s s s s s s Please attach a separate sheet of paper to list additional information. Califomia Redevelopment Agencies — Fiscal Year 2009-2010 HCD-A Sch A (Revised: 9-28-10) Page 7 of 7 O 82 o. SCHEDULE HCD-A Inside Project Area Activity for Fiscal Year that Ended 06 / 30 / 2010 Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redeveopment Project No 2 Preparees Name, Title: Suzy Kim Senior Analyst RSG Inc Preparees E-Mail Address: skim _ ebrse.com Preparer's Telephone No: (714) 541-4585 xl 16 Preparer's Facsimile No: _(714) 541-1175 GENERAL INFORMATION 1. Project Area Information a. 1. Year I' 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)? Yes x No 4. Current expiration of plan: 05 / 16 / 2030 mo day yr b. If project area name has changed, give previous name(s) or number: c. Years) 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 project 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 project areas and geographic areas added by amendment after 1975 to pre-]976 project areas: Both replacement and inclusionary or production requirements of Section 33413 apply. NOTE: Amounts to report on HCD-A tines 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(1) and report the Housing Fund's share of expenditures for debt service on HCD-C, Line 4c. Do not report "net" funds transferred from the Debt Service Fund on HCD-A Line 3a(7) when reporting debt service expenditures on HCD-C. Line 4c. 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(l) or on Line 3h(2) if the repayment of loan principal is a result of the FY2009-10 and/or FY2010-11 SERAF. Califomia Redevelopment Agencies— Fiscal Year 2009-2010 Sch A (Revised: 9-28-2010) HCD-A Page 1 of 7 03a. 083 Agency Name: La Ouinta Redevelopment 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. (ofthis Schedule A), if this project area is named as beneficiary in the authorizing resolution. Any other revenue sources not reported on fines 3a: 3i, should 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). Report SERAF on Line 3a(3). Next, on Line 3a(4), report the amount of Tax Increment set -aside allotted before any exemption and/or deferral. To determine the amount of Tax Increment deposited to the Housing Fund [Line 3a(7)], subtract allowable amounts exempted [Line 3a(5)] and/or deferred [Line 3a(6)] from the net amount allocated to the Housing Fund [Lime 3a(4)]. a. Tax Increment: (1) 100% of dross Allocation: $ 25,953,974 (2) Calculate only 1 set -aside amount: either A or B below: (A) 20% required by 33334.2 (Line 3a(1) x 20%): $ 5,190,795 (B) 30% required by 33333.10(g) (Line 3a(1) x 30%): $ (Senate Bill211, Chapter 741, Statutes of2001) (3) Supplemental Education Revenue Augmentation Fund (SERAF): (A) SUSPENSION: Only allowed in FY2009-10. ($ _____0__) H&SC Section 33334.2(k) allows agencies to suspend a8 or part of the set -aside allocation on line 3a(2) to pay FY2009-10 SERAF (complete Sch A, page 3, #4 and Sch-C, page 9) (B) SERAF REPAYMENT of FY2009-10 SUSPENDED amount $ 0 (complete Sch A, page 3, #4 and Sch-C, page 3, 8e and page 9). (4) Net amount of tax increment allocated to Housing Fund $ 5.190.795 Ifthe net amount of set -aside allocated is less than the required minimum, identify the project area(s) making up any difference and explain on page 4, box #5 [per 33334.3(i)]. (5) Amount Exempted (H&SC Section 33334.2) ($ _____0__) [ifthere is an amount exempted, also complete page 3, #5a(1) - (2)1: (6) Amount Deferred (H&SC Section 33334.6) ($ 0 ) [if there is an amount deferred, also complete pages 4-5, #5b(1) - (4)]: (7) Total deposit to the Housing Fund [Net result of Line 304) through 3a(6)l: $ 5.190,795 b. Interest Income: $ 103.629 c. Rental(Lease Income (combine amounts separately reported to the SCO): $ 670.682 d. Sale of Real Estate: $ e. Grants (combine amounts separately reported to the SCO): $ f. Bond Administrative Fees: $ g. Deferral Repayments [also complete, page 4, Line 5b(3)]: $ h. (1) Loan Repayments (other than SERAF): $ �— (2) SERAF LOAN Repayments (also complete Sch-C, page 3, 8e and page 9) $ i. Debt Proceeds: $ j. Other Revenue(s) [Explain and identify amount(s)]: k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(7) and 3b - 3j.): $ 5,988,550 Califomia Redevelopment Agencies— Fiscal Year 2009-2010 HCD-A Sch A (Revised: 9-28-10) Page 2 of 7 0, 084 Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Project No. 2 Supplemental Educational Revenue Augmentation Fund (SERAF) Suspension of Property Tax Revenue Deposit 4. Check box below and provide information only if the agency, between July], 2009 and June 30, 2010, exercised suspension option (Sch A, page 2, Line 3a(3)(A) and did not make the required minimum allocation and deposit of tax increment to the Housing Fund for the purpose of using suspension funds to meet the Fiscal Year 2009-10 SERAF obligation. Note, pursuant to Health and Safety Section 33334.2(k), repayment is required before June 30, 2015. ❑ SERAF [H&SC Section 33334.2(k)]. In FY2009-10 the agency exercised option to suspend allocating and depositing a portion of the minimum 20% of gross property tax increment. Instmdions: Please include amounts for ALL fiscal years between FY2009-10 and FY2014-15 (in addition to the current reporting fiscal year) to record agency compliance with repayment requirements as referenced in H&SC Section 33334.2(k)(1)(2)(3). Also report the cumulative total suspended and repaid amounts (from all project areas) in Schedule `C', page 9, box 23. Fiscal Years Applicable to Cot 1 Col 2 Col 3 ' SERAF Suspension and Remaining SERAF Repayment Deposit Identify SERAF Identify any SERAF Balance Amount Suspended Repayment (Deposit) (Prior year Col 3 FY 2009-2010 Made in Fiscal Year minus Current year Repayment Colt) 2009 - 2010 $ $ 2010 — 2011 $ $ 2011 - 201 $$ $ 2012 - 2013 $ $ 2013 — 2014 $ $ $ 2014 - 2015 $ Exemption(s) and Deferrals) 5. a.(1) If an exemption was clamed on Page 2, Line 3a(5) 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 1): No need in community to increase/improve supply of lower or moderate income housing. ❑ Section 33334.2(ax2): 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°/u or 30%) 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): (2) For any exemption claimed on Page 2, Line 3a(5) and Line 5a(1) above, identify: Date that initial (11) finding wasadopted: / /_ Resolution # mo day yr Adoption date of reporting year finding: / / Resolution # mo day yr Califomia Redevelopment Agencies —Fiscal Year 2009-2010 Sch A(Revised: 9-28-10) Date sent to HCD: mo day yr Date sent to HCD: mo day yr HCD-A Page 3 of 7 O o ov V Agency Name: La Ouinta Redevebpment Aeency Project Area Name: Redevebpment Proiect No 2 Exemptions and Deferrals continued BOX #5 Identification ofProject area and explanation if set -aside deposit is LESS THAN the required minimum Refer to Sch A, page 2, Line 3(a)(4): Deferral(s) 5. b.(1) If a Deferral was claimed on Page 2, Line 3a(6) to deposit less than the required amount, complete the following information: Check only one of the Health and Safety Code Sections below ❑ 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 3uly 1,1996 with certain restrictions. ❑ Other Health & Safety Code Section here: (2) For any deferral claimed on page 2, Line 3a(6) and Line 5b(1) above, identify: Date that initial ( I a) finding was adopted: / /_ Resolution # _ mo day yr Adoption date ofMortine Year findine: / / Resolution # mo day yr Date sent to HCD: mo day yr Date sent to HCD: mo day yr (3) A deferred set -aside per to Section 33334.6(d) constitutes indebtedness to the Housing Fund. Summarize the amount(s) of set -aside deferred and repayments made during the reporting year and the cumulative amount deferred as of end of FY: REPAYMENTS Fiscal Year Amount Deferred REPAYMENTS This Reportine.FY of Deferrals Durine Reporting Cumulative Amount Deferred (Net of Any 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, page 3, 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 (use box above if needed): Difference: $ Reason(s): Califomia Redevelopment Agencies —Fiscal Year 2009-2010 Sch A (Revised: 9-28-10) HCD-A Page 4 of 7 EMEMAE Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Proiect No. 2 Deferral(s) continued (4) 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? If yes, when was the original plan adopted for the claimed deferral? Identify Resolution # Date Resolution sent to HCD When was the last amended plan adopted for the claimed deferral? Identify Resolution # Date Resolution sent to HCD 1110 day yr mo day yr You day yr mo day yr mo day yr Actual Project Area Households Displaced and Units and Bedrooms Lost Over Reporting Year: 6. a. Redevelopment Proiect Activitv. Pursuant to Sections 33080.4(a)(1) and (ax3), 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 Above Moderate Bedrooms Lost That Agency is Not Required to Replace 0 b. OtherActivity Pursuant to Sections 33080.4(a)(1) and (ax3) 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: Number 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 mo day yr Date ­mo --day mo day yr Name of Agency Custodian Name of Agency Custodian Please attach a separate sheet of paper fisting any additional housing plans adopted. California Redevelopment Agencies — Fiscal Year 2009-2010 HCD-A Sch A (Revised: 9-28-10) Page 5 of 7 087 Agency Name: La Ouinta Redevelopment 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). Nomher of Households Project Activity VL L M AM Total Households Permanently Displaced - Elderly 0 Households Permanently Displaced - No Elderly 0 Households Permanently Displaced -Total 0 b. As required in Section 33413.5, for the current fiscal year, 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 Proiect Area to Fulfill Requirements of Other Project Areats) 8. Pwsuant 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 Number of Dwellin Units Name of Other Project Area(s) VL L M Total California Redevelopment Agencies — Fiscal Year 2009-2010 HCD-A Page 6 of 7 Sch A (Revised: 9-28-10) R R Polo .O 88 Agency Name: La Ouinta Redevelopment 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(cx2)(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? [KNo E]Yes b. $ Total Proceeds From Sales Over Reporting Year Number of Units SALES VL L M Total Units Sold Over Reporting Year Equal Units. ®No QYes Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years? $ Total LMIHF Spent On Equal Units Over Re ortin 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 year. 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. Col A Col B Col C Col D Col E Name of Agreement Estimated Sch C Amount Sch C Amount Project and/or Execution Completion Date Encumbered Designated Contractor Date w/in 2 yrs of Col B Line 6a Line 7a VL L M Total 5 5 8 S 5 $ Please attach a separate sheet of paper to list additional information. Califomia Redevelopment Agencies — Fiscal Year 2009-2010 HCD-A Sch A (Revised: 9-28-10) Page 7 of 7 SCHEDULE HCD-C Agency -wide Activity for Fiscal Year Ended 06 / 30 / 2010 Agency Name: La Ouinta Redevelopment Agency County: Riverside Preparer's Name, Title: Suzy Kim, Senior Analyst, RSG Inc. Preparer's Telephone No: (714) 541-4585 xl l6 Low & Moderate Income Housine Funds Preparers E-Mail Address: skim(cilwebrse.com Preparer's Facsimile No: (714) 541-1175 Report on the "status and use of the agencyls Low and Moderate Income Housing Fund." Most information reported here should be based on information reported to the State Controller. I. Beginning Balance (Use "Net Resources Available" from last fiscal year report to HCD) $ 28.109.317 a. IfBeginnine Balance requires adiustment(s) descnbe and provide dollar amount (positive/negative) making up total adjustment: Use < $ > for negative amounts or amounts to be subtracted. Proceeds of long -tern debt transferred with procerty $2,881,818 acquisition and operating transfers for purchase of land $ b. Adjusted Beginning Balance [Beginning Balance plus + or minus <-> Total Adjustment(s)] 2. Project Area(s) Receipts and Housing Fund Revenues a. Total Project Area(s) Receipts. Total Summed amount ofHCD-Schedule A(s) (from Line 3k) 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 Resources (Line lb. +Line 2a+ Line 2c.) $30,991,135 $ 16.012.961 $47,004,096 NOTES: Many amounts to report as Expenditures and Other Uses (beginning on the next page) should be taken fiom 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(1). Funds spent resulting in bans 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) expenditures and other uses. HCD does not represent that line items identifying any expenditures and other uses are allowable, CRL is accessible on the Internet [website. httpolwww.leginfo.ca.gov/ (California Law)] beginning with Section 33000 of the Health and Safety Code, Califomia Redevelopment Agencies —Fiscal Year2009-2010 HCD-C Sch C (Revised: 9-28-10) Page I of I I ME Agency Name: La Ouinta Redevelopment Agencv 4. Expenditures, Loans, and Other Uses Acauisition ofPro oerty & Buildme Sites 133334.2(e)(III & Housine 133334.2WO (I) Land Purchases (Investment — Land Held for Resale) * $ (2) Housing Assets (Fixed Asset) * $1,291,006 (3) Acquisition Expense $9,000 (4) Operation of Acquired Property $813,658 (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 I — 9) $2,113,664 b. Subsidies from Low and Moderate Income Housine Fund (LM W (1) 1" Time Homebuyer Down Payment Assistance $ (2) Rental Subsidies S (3) Purchase of Affordability Covenants [33413(b)2(B)] $ (4) Other [Explain and identify amount(s)]: 2nd Trust Deeds $618,000 (5) Subtotal Subsidies from LMIHF (Sum of Lines I —4) $618,000 c. Debt Service (33334.2(e)(9)]. If paid from LMlHF, report LMIF F'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 $6,390,291 (c) City/County Advances & Loans (d) U. S. State & Other Long —Term Debt (2) Interest Expense (3) Debt Issuance Costs (4) Other [Explain and identify amount(s)]: (5) Subtotal Debt Service (Sum of Lines 1 — 4) Planning and Administration Costs [33334.3(e)(1)I: (1) Administration Costs (2) Professional Services (non project specific) (3) Plann ng Survey/Design (non project specific) (4) Indirect Nonprofit Costs [33334.3(e)(1)(B)] (5) Other [Explain and identify amount(s)]: Project -specific Planning/Survey/Design $86,173 $424,474 $1,729,118 $6,390,291 $ $86,173 (6) Subtotal Planning and Administration (Sum of Lines I — 5) $2,239,765 California Redevelopment Agencies - Fiscal Year 2009-2010 HCD-C Sch C (Revised: 9-28-10) - Page 2 of 1 I 091 Agency Name: La Ouinta Redevelopment Agencv 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)] $708,869 It. 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 $ B. Section $ Other Transfers Subtotal $ (4) Subtotal Transfers Out of Agency (Sum ofj(1) throughj(3)) $ k. � SERAF loan [33334.2 (k)] Also complete Line 8e (below) and Box 23, pg 9. $ I. Other Expenditures, Loans, and Uses [Explavt and identify amount(s)]: Subtotal Other Expenditures, Loans, and Uses $708,869 m. Total Expenditures, Loans, and Other Uses (Sum of lines 4a.-I.) $12,070,589 5. Net Resources Available [End of Reporting Fiscal Year] [Page 1, Line 3, Total Resources minas Total Expenditures, Loans, and Other Uses on Line 4.1.] $34,933,507 6• Encumbrances and Unencumbered Balance a. Encumbrances. Amount of Line 5 reserved for future payment of legal contract(s) or $7 665,485 agreement(s). See H&SC 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 $ 27,268,022 7. DesignatedfUndesignated Amount of Available Funds a. Designated From Line 6b- Budgeted/planned to use near -teen $ Refer to item 10 on Sch-A(s) and item 4 on Sch-B b. Undesignated From Line 6b- Portion not yet budgeted/planned to use $ 27,268,022 8. Other Housing Fund Assets (non recurrent receivables) not included as part of Line 5 a. Indebtedness from Deferrals of Tax Increment (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. $14,623,369 c. Loans Receivable for Housing Activities $ d. Residual Receipt Loans (periodic/fluctuating payments) $ e. SERAF Total Receivable [Sec 33334.2 (k)] (Also report in Sch C, Box 23, pg 9.) $ f. ERAF Loans Receivable (all years) (33681) $ g. Other Assets [Explain and identify amount(s)]: S h Total Other Housing Fund Assets (Sum of lines 8a: g.) $14,623,369 9. TOTAL FUND EQUITY [Line 5 (Net Resources Available) +8g (Total Other Housing Fund Assets)] $49,556,876 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)]: Value of Land Purchased with Housing Funds and Held for Development $14,623,369 of AffordableHousin $ $ ENTER LOW -MOD FUND TOTAL EOUITIES (BALANCE SHEET) REPORTED TO SCO $34,933,507 Cal ifomia Redevelopment Agencies — Fiscal Year 2009-2010 Sch C (Revised: 9-28-10) HCD-C Page 3 of I 1 092 Agency Name: La Ouinta Redevelopment Agency Excess Surplus Information Pursuant to Section 33080.7 and Section 33334.12(gx l ), 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: (I ) $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 Sumlus• o- rnlmmns 6 and 7 track orior vears' Excess Surplus. �Vlll mrc Column 1 q o, 1, u. Column 2 ...v 1-11........ 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 0 Day Adjusted 1" Day Against FY Balance of Surplus for Each Fiscal Reporting Deposits to Prior Four Balance Excess Surplus Excess Surplus as of End Year as of End of Years HousingFund FYs Balances of Reporting Year Reporting Year 4 >4 Yrs Ago $ Fy 05_06 $14,089,024 $ $ 3,Rott YrsAgo $ FY 06-07 $15,701,664 $ $ 2 Rot Yrs Ago $ FY 07-08 $16,641,016 $ $ 1 Rot Yr Ago $ FY 08-09 $15,825,773 $ Sum of Column 2 Last Year s Sch C Col 4 minus:lareer $ CURRENT Reporting Adiusted Balance ofCol 3 or$lmm Year (report positive $1 FY 09-10 $ 62,257,477 $ 19.019.431 $ 0 $ $ 11. Reporting Year Ending Unencumbered Balance and Adjusted Balance: a Unencumbered Balance (End of Year) [Page 3, Line 6b] $27,268,022 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 $ 12. Adjusted Balance (next year's determination of Excess Surplus) [Line I to minus sum of I Ib(1) & 1Ib(2)] $27,268,022 Note: Do not enter Adjusted Balance in Col 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: mo day yr Califomia Redevelopment Agencies - Fiscal Year 2009-2010 HCD-C Sch C (Revised: 9-28-10) Page 4 of 11 093 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/offshe inrovements 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 Testa Property 5.8 Multi- family 12/07 06/11 Redevelopment Project No. 2 Corral Mountain Apartments 9.3 Multi- family 03/07 12/10 Redevelopment Project No. 2 Ostrowsky-Village 0.8 Multi- family 09/07 06/13 Redevelopment Project No. 1 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 Califomia Redevelopment Agencies— Fiscal Year 2009-2010 HCD-C Sch C(It"ised: 9-28-10) Page 5 of 11 P 1 i Agency Name: La Ouinta Redevelopment Agency 16. Did the Agency use non-LMIHF funds as matching funds for the Federal HOME or HOPE program during the reporting period? YES ❑ NO If yes, please indicate the amount of non-LMHIF 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 NOTSUBM/TANYDOCUMENTSiRECORDS. 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.): Name of Agency Custodian (person): Custodian's telephone number: Place where record can be accessed: Name of document (e.g. ledger, journal, etc.): Name of Agency Custodian (person): Custodian's telephone number: Place where record can be accessed: Excendi[ure Detail Report Louise West (760)777-7055 Finance DePartment/City Hall Revenue Detail Report Louise West (7601777-7055 Finance DemartmenUCity Hall 18, Use of Other (non Low -Mod Funds) Redevelopment Funds for Housine Please briefly describe the use of any non-LMIHF 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. The Coachella Valley Housing Corporation (CVHC), non-profit developer completed an affordable multi -family residence in Redevelopment Project No. 2 in Fiscal Year 2009-10. In addition to LMW redevelopment funds contributed by the La Quetta Redevelopment Agency, development costs were underwritten by local, state and federal affordable housing funding programs. CVHC secured Federal 4% Tax Credit equity, Multi -Family Housing Loan Program (MHP) funding through the State of California, HOME funds through Riverside County, as well as their own equity. 19. Suegestions/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/Proerams (H&SC 334181 Were all Annual Monitoring Reports received for all prior years' affordable housing projects/programs? Yes ® No ❑ California Redevelopment Agencies — Fiscal Year 2009-2010 HCD-C Sch C (Revised: 9-28-10) Page 6 of 11 0g5 Agency Name: La Ouinta Redevelopment Agency 21. Excess Surplus Expenditure Plan (H&SC 33334.10(a) Not applicable California Redevelopment Agencies— Fiscal Year 2009-2010 HCD-C Sch C (Revised: 9-28-10) Page 7 of 11 13(36 Agency Name: La Ouinta Redevelopment Agency 22. Footnote area to provide additional information. California Redevelopment Agencies —Fiscal Year 2009-2010 Sch C (Revised: 9-28-10) HCD-C Page 8 of I I 097 Agency Name: La Ouinta Redevelopment Agency 23. Accounting for SERAF REPAYMENTS - AGENCY WIDE, ALL YEARS Instructions: • For FY2009-10: Add amounts suspended & loaned then enter total in Col 4. • For FY2010-11: Add the amount loaned (for SERAF payment only) to the remaining balance in Col 4 from FY2009-10., then subtract any amount repaid, and enter the net total in Col 4. • For all other fiscal years (up to June 30, 2016): subtract the amount of SERAF repaid during each fiscal year from the prior year's remaining balance in Col 4. Continue repaying the Low Mod Fund until the entire amount of any SERAF suspended and/or loaned has been repaid in full, pursuant to the repayment timeframes listed in the Health and Safety Code Sections cited below. Specify Fiscal Year of any repayment Coll Amount Suspended ONLY in FY 2009-10 Colt Amount Loaned for SERAF payment Col Amount SERAF REPAID in each Reporting Col4' SERAF Balance Remaining In FY2009-10 or In FY2010-11 Fiscal Year 2009-2010 $0 $0 2010 — 2011 2011 —2012 2012 — 2013 2013 — 2014 2014 —2015 2015 —2016 Suspending Funds to pay SERAF in FY2009-10 : - H&SC Section 33334 2(k)(1)(2)(3) Pursuant to the H&SC Section 33334.2 (k)(1)(2)(3) agencies are authorized to make SERAF payments by suspending tax increment revenue from being deposited into the Low Mod Funds. Any suspension of funds is Invited to Fiscal Year 2009-10 and must be paid back in full to the Low Mod Fund no later than June 30, 2015. Borrowine Funds to pay SERAF in FY2009-10 :_ H&SC Section 33690(c)(1)(2) Pursuant to H&SC Section 33690(c)(1)(2), For Fiscal Year 2009-10, agencies can pay the SERAF by borrowing funds from the Low Mod Housing Fund, but must pay back all of the borrowed funds no later than June 30, 2015. Borrowine Funds to pay SERAF in FY2010-11 H&SC Section 33690 5(c)(1)(2) Pursuant to H&SC Section 33690.5(c)(I)(2), For Fiscal Year 2010-11, agencies can pay the SERAF by borrowing funds from the Low Mod Housing Fund, but must pay back all of the borrowed funds no later than June 30, 2016. Penalties exist for not repaying SERAF to Low Mod Fund: Refer to H&SC Sections 33020.5, 33331.5, 33334.2, 33688, 33690, 33690.5, 33691 and 33692. urn-c Califomia Redevelopment Agencies— Fiscal Year 2009-2010 Page 9 of I 1 Sch C (Revised: 9-28-10) 13(� B Agency Name: La Ouinta Redevelopment Agency 24. 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 identijy the software type and version. For convenience, the diskette can be separately mailed to: HCD Policy Division, 1800 3rd Street, Sacramento, CA 95811 or data can be attached to an email and sent to appropriate staff by inquiring of appropriate staffs name and email address by calling 916.445- 4718. AGENCY INFORMATION • Project Type (Choose one of the categories below and one kind of assistance representing the prim 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: DESCRH'T[ON • 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 2009-2010 Sch C (Revised: 9-28-10) HCD-C Page 10 of 11 pg9 Agency Name: La Ouinta Redevelopment Agency ACHIEVEMENT EXAMPLE Proiect Type: 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 (Gifu 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. California Redevelopment Agencies — Fiscal Year 2009-2010 HCD-C Sch C (Revised: 9-28-10) Page 11 of 11 1(,)13 ❑ Replacement Housing Units Inclusionary Units: (Sch HCD-D2) ® Inside Project Area (Sch HCD-D3) ❑ Outside Project Area (Sch HCD-D4) California Redevelopment Agencies - Fiscal Year 2009-2010 Sch DI (Revised: 9-28-10) SCHEDULE HCD-D1 GENERAL PROJECT/PROGRAM INFORMATION For each different Project/Program (area/name/agv or nonaav 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-fs, & Ds3-4-5. 2: 20 sub rehab (nonrestricted): Area 3: 4 Agy Dev. Rentals; 16 Nonagy Dev. Rentals. Complete 2 D-Is & 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-fs, 1 D-4, & 1 D-5. Name of Redevelopment Agency: La Quinta Redevelopment Agency Identify Project Area or specify "Outside": Redevelopment Project No. 2 General Title of Housing ProjecUProgram: Hadley Villas ProjecUProgram Address (optional): Street: City: ZIP: La Duinta 92253 78875 Avenue 47 Owner Name (optional): Senior Affordable Housing Corp. No. 3 Total Project/Program Units: Restricted Units: Unrestricted Units: # 80 #80 # :or proiectslprograms with no RDA assistance do not complete any of below or any of HCD D2-136. Only complete HCD-D7. Was this a federally assisted multi -family rental project (Gov't Code Section 65863.10(a)(3)]? ® 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: (numbermust not exceed 'Total Project Units) #0 Number of units restricted that are serving one or more Special Needs: #80 ❑ Check, if data not available (Note: A unit may serve multiple -special lveeas DeIUW. JUUf UI idll urd UUIUW UdU GAUV W. Inc , .. # DISABLED (Mental) # FARMWORKER (Permanent) # TRANSITIONAL HOUSING # DISABLED (Physical) # FEMALE HEAD OF HOUSHOLD #80 ELDERLY # FARMWORKER (Migrant) # LARGE FAMILY # EMERGENCY SHELTERS (4 or more Bedrooms) (allowable use only with "Other Housing Units Provided - Without LMIHF" Sch-D6) C..nrial Nnnrl I la_n Rpcfrirtinn Tprm /pntpr day/mnnth/year using dlaits, e.g. 07/01lYUUY): Re lacement Housing Units Inclusionary Housing Units Other Housin Units Provided With LMIHF Without LMIHF Restriction Start Date 8/14/2003 Restriction End Date 8/14/2058 Perpetuity Funding Sources: Redevelopment Funds: Federal Funds State Funds: Other Local Funds: Private Funds: Owner's Equity: TCAC/Federal Award: TCAC/State Award: Total Development/Purchase Cost: $ 1,087,000 $ 1,408,500 $ 2,496,600 Check all appropriate form(s) below that will be used to identify all of this Project's/Program's Units: Other Housing Units Provided: ❑ With LMIHF (Sch HCD-D5) ❑ Without LMIHF (Sch HCD-D6) ❑ No Agency Assistance (Sch HCD-D7) HCD-D1 101 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: Redevelopment Project No. 2 Affordable Housing Project Name: Hadley Villas Check only one. If both apply, complete a separate form for each (with another Sch-D1): ❑ Acencv Developed ® Non-Agencv 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 MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. 80 80 0 80 1 H80 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 Obligations Since 19941: 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. 0 Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): 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. O C1=00== TOTAL UNITS (Add only TOTAL of all "TOTAL Elderly / Non Elderly Units"): 80 If TOTAL 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-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 2009-2010 HCD-D3 Sch D3 (Revised: 9-28-10) 102 0 SCHEDULE HCD-D1 GENERAL PROJECT/PROGRAM INFORMATION For each different Project/Program (area/name/age 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. 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-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: Various Owner Name (optional): Various La Quinta Redevelopment Agency Project Area No. 2 La Quinta Home Purchase Loan Program Watercolors Senior Housing City: ZIP: La Quints 92253 Total Project/Program Units: #6 Restricted Units: #6 Unrestricted Units: #0 or proiects/programs with no RDA assistance do not complete any of below or any of HCD D2-D6. Only complete HCD-D7. Was this a federally assisted multi -family rental project [Gov't Code Section 65863.10(a)(3)]? ❑ 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) #6 Number of units restricted that are serving one or more Special Needs: #6 ❑ Check, if data not available (Note: A unit may serve multiole "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 #6 ELDERLY # FARMWORKER (Migrant) # LARGE FAMILY # EMERGENCY SHELTERS (4 or more Bedrooms) (allowable use only with "Other Housing Units Provided - Without LMIHF" Sch-D6) Affnrriahil itv anrilnr Cnarial Maori I Ica Ractrirtinn Tarm lentar day/month/vear using diaits. e.g. 07/01/2002): Replacement Housing Units Inclusions Housing Units Other Housin Units Provided With LMIHF Without LMIHF Restriction Start Date 7/1/2009 — 6/30/2010 Restriction End Date 7/l/2054-6/30/2055 Perpetuity Funding Sources: Redevelopment Funds: $ 618,000 Federal Funds $ State Funds: $ Other Local Funds: $ Private Funds: $ Owner's Equity: $ TCAC/Federal Award: $ TCAC/State Award: $ Total Development/Purchase Cost: $ 618,000 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 2009-2010 HCD-D1 Sch D i (Revised: 9-28-10) 103 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: Watercolors Senior Housing Check only one. If both apply, complete a separate form for each (with another Sch-Di): ❑ Agency 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 MOD TOTAL INELG. VLOW LOW MOO TOTAL INELG. 0 1 3 1 3 6 0 3 3 6 Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): E 1 13. Substantial Rehabilitation (Post '93/AB 1290 Definition of Value >25%1 Credit for Obligations Since 19941: 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):El= 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. \LOW LOW MOD TOTAL INELG. TOTAL UNITS (Add only TOTAL of all "TOTAL Elderly / Non Elderly Units"): - If TOTAL 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-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/l/09) JI 104 SCHEDULE HCD-D1 GENERAL PROJECT/PROGRAM INFORMATION For each different Project/Program (area/name/age 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-1 s & 2 D-5s. 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: ProjecUProgram Address (optional): Street: La Quinta Redevelopment Agency Redevelopment Project No. 2 _ Coachella Valley Housing Coalition Wolff Waters_ City: Avenue 48 & Dune Palms Road La Quinta Owner Name (optional): Coachella Valley Housing Coalition Total Project/Program Units: ZIP: 92253 Unrestricted Units: # 218 #218 # 'o-r-proiects/programs with no RDA assistance do not complete any of below or any of HCD D2 D8 Only complete HCD D7 Was this a federally assisted multi -family rental project [Gov't Code Section 65863.10(a)(3)]? ® YES ❑ NO Number of units occupied by ineligible households (e.g. ineligible income/# of residents in unit) at FY end #0 Restricted Units: 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 ) #0 Number of units restricted that are serving one or more Special Needs: #0 ❑ 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 # ELDERLY # FARMWORKER (Migrant) # LARGE FAMILY # EMERGENCY SHELTERS (4 or more Bedrooms) (allowable use only with 'Other Housing Units Provided - Without LMIHF" Sch-D6) Affordability and/or Special Need Use Restriction Term (enter davimonth/vear using dinits- a-n- n71nli2on2l: Re lacement Housing Units Inclusions Housing Units Other HousingUnits Provided With LMIHF Without LMIHF Restriction Start Date 12/1/2007 Restriction End Date 12/1/2062 Perpetuity Funding Sources: Redevelopment Funds: $ 37,637,834 Federal Funds $ State Funds: $ 7,395,095 Other Local Funds: $ 1,821,779 Private Funds: $ 3,259 Owner's Equity: $ TCAC/Federal Award: $ 32,590,027 TCAC/State Award: $ Total Development/Purchase Cost: $ 79,447.994 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) Caldonda Redevelopment Agencies - Fiscal Year 2009-2010 HCD-D1 Sch DI (Revised: 9-28-10) -- 105 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: Redevelopment Project No. 2 Affordable Housing Project Name: Coachella Valley Housing Coalition Wolff Waters _ Check only one. If both apply, complete a separate form for each (with another Sch-D1): ❑ Agency 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 MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. 0 216 1 1 2 216 = 1 216 1 1 2 218 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 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. 0 Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8): 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. ® 0 TOTAL UNITS (Add only TOTAL of all "TOTAL Elderly / Non Elderly Units"): If TOTAL 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-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. Califoma Redevelopment Agencies - Fiscal Year 2009-2010 HCD-D3 Sch D3 (Revised: 9-28-10) 106 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 1. New Units Developed by the Agency 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 1 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 Nonagencv Person or Entity 304 7. Substantially Rehabilitated Units Developed by Any Nonagency Person or Entity 0 8. Subtotal - Baseline of Nonagency Developed Units (add lines 6 & 7) 304 9. Subtotal of Increased Inclusionary Obligation (Line 8 x 15%) (see Notes 1 and 2 below) 46 10. Very -Low Inclusionary Obligation Increase (Line 9 x 40%) 18 PART III REPORTING YEAR TOTALS 11. Total Increase in Inclusionary Obligation (add lines 4 and 9) 46 12. Very -Low Inclusionary Obligation Increase (add line 5 and 10) (Line 12 is a subset of Line 11) 1$ ltl tt ttt ttttt ttitttttti!{{{t{tittttttttttttttiilttttit{!#{tt{{{{{t#Y#####{#it Yi{{{!#{!#tlttitt>tttttt #{Y Yi#ttit ttt {t#{{i#ii#{# NOTES: 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 630 or.15) TOTAL units = Market -rate or A ordable (.70or. 85) (.70or. 85) (.30or. 15) California Redevelopment Agencies - Fiscal Year 2008-2009 HCD-E Sch E-1 (7/01/09) 0. 101 H 1 1 M11111VICIV 1 LF La Quinta Redevelopment Agency Loan Report June 30, 2010 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, 2010 was $3,866,786. 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 receive a partial 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 entire annual payment, and that any unpaid amounts will be added to the loan principal per the terms of the Amended and Restated Rental Conveyance Area Promissory Note. The payment that was made in Fiscal Year 2009/2010 was $19,444. $9 500 000 Replacement Promissory Note (forqiven in Fiscal Year 2009/201Q. 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 55`" anniversary date of the Certificate of Completion. 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. The balance as of June 30, 2010 was $0 as the note was forgiven by the Redevelopment Agency during the Fiscal Year 2009/2010. ATTACHMENT 5 -A GUINTA REDEVELOPMENT AGENCY PROPERTY REPORT OM2010 Descr 1 Deecr_2 Deacr 0 Desire COST DATE C.V LAND 774A81-027 53275 Ramirez 88,000.00 825/1995 C.V. LAND 7741-013 53523 MaMnez BBW000 w"995 CV. LAND 773-222-022 52225 Vallejo 88.0000 025/1995 CV LAND 744-044-017 63105 Obregon 88000Do M11995 C V. LAND 773-003-021 61395 Vallejo BILOOO D3 825/1995 CV, LAND 774-131-014 63541 Martinez 88.000.00 825H995 CV, LAND 773-265-020 52425 E§enhower 88,00000 WW1995 CV. LAND 771201-020 52635 Diaz 88.000.00 MV1995 C V. LAND 771321-013 52985 Canalize 08.000W 825/1995 C.V. LAND 771d26-024 52935 Ekenharver 88,000.go 825/1995 QV. LAND 771d33018 52835 Ville 88,000.00 MW1995 QV. LAND 77M3}D19 52845 Via 08,00000 MW1995 C V. LAND 774-044-020 52155 Obragon 88.000 GO 825/1995 Q,N, op 774-044-021 53175 Obregon BB,W000 825/1995 C.V LAND 774-05M17 53105 Herrera 88,00000 05/1905 CV. LAND 774-094414 53275 NaWno BB,M000 MSH995 CV. LAND 774-122416 53565 Vallejo 88,M000 M5/1995 CV. LAND 774-143417 53925 Juarez 88,00000 81 CV. LAND 774-151423 53965 Druz all 00.00 M511995 CV. LAND 774-153-014 53775 Aherado 88,000.00 825/1995 CV. LAND 774-163415 53795 Henera 88,M0.00 BQSH995 CV. LAND 774-175-007 53880 Navarra 88,00000 825I1995 C V. LAND 774-213423 M245 Herrera 88,00000 825/1995 CV. LAND 774-232432 54280 Mabmo 88,00000 825/1995 CV. LAND r3-n5-017 52MS EisenhOwm 88,000.00 825/1995 LAND PARCEL 51-319 WASHINGTON GIADYSKELLER (ROAPROPERTY) 68,332O 10/1/1990 VdtlD PARCEL BLOCK 84 LOTS 67& 78 ADJACENT TO CVC CTR WAYNEKIRK, R COLLINS RDA PROPERTY 130,41500 12/1/1990 LAND PARCEL 2,812 ACRES ADDITION TO PRITZ BURNS PARK RDA PROPERTY 237,515 On 5/1/1991 LAND PARCEL BLOCK 131 LOTS 19 A 20 GEORGEBRADLEY (RDAPROPERTY) 60,000 OR 4/1/1900 LAND PARCEL BLOCK 1 n LOTS 14815 BELLOWS ESTATE RM PROPERTY 105,0000G illfIgo LAND PARCEL BLOCK 122 770-123009 LOTS 7,8,8,10,11,12,13 Village Perking Lot 44GOW 00 3,1/1990 LAND PARCEL BLOCK 68 LOT 77 ADJACENTTOCMCCEWER (ROPPROPERTY) 60.977.Do 5l1/1991 Valle dunes Ili Home Park CIP 1737 2,571091.00 MM004 V tadunea W1,11.Home Perk CIE 173T 4,488018.00 M02005 Vista dunes Motile Home Park CIP 1737 1386.56400 6,302006 V¢bdunee Mndle Home Perk CIP 1737 4933810 6302007 Land. Tim Ranch CIP 723 42,520,987.Ad MM002 Land, The Ranch CIP 723 36.52400 6,302005 Land. The Ranch CIP 723 698,714.M M02005 Lan. The Each CIP 723 (16,586.350 of MM005 Lend. The Ranch CIP723 (570,257,00) 6,302005 Lend, The Ranch CIP 723 50,74300 6`302004 Land. The Ranch Commerce of Wellvle 0 SiNeRiod Transfer to SilAdRock (352687,00) 11B2007 LAND PARCEL 773-101-001 Museum 77085 Celle MOMezum 106,77300 03N190 Len- We51weM HIP B Dune PelmsPerprom 64& 01 012E 46178 Dune Palms 414,971H WIM0066620200T Lan- WeaMaN Ho B Dune PelmsMaMetl 649040-004 46160 Dune Palms 541,732.34 SGIGOc88M02007 Lan- Westward Ho B Dune PelmvRemeez So0.030A00 46176 Dune Palma BMA92.19 d262007 Lan- Weemand Ho B Dune PalmaFountain 600-030003 48150 Dune Palms 380953.18 1I164N007 Lan- WeatwaN HoB Dune Palms4later 6M030-002 46130 Dune Palms 2,00000 1/1612007 Land -Weekend Ho& Dune PelmslSladr 800-030-002 46130 Duna Palms 330,025,00 6/112009 Ian- k,Ill- Mazella 819-030-016.017 Hwy 111 South We East Dune Palms 20,005,242.14 11M0078820,2008 Land- Comer Celle00nom& Ave Herrera n7 ZGLon Vacant Lot- Lot 11. Block 76 Unit 10 Book 18 page 70 20,10000 MM007 Len- OSBewsky 773-077-014 VIIla9e Parcel 1,110,308.21 MMOM Land-OWNeacky nM77-014 Village Parcal 5,03975 MMOM Land-Te&a 60904D005 4.60863762 6102008 Lan- Goodman Washington St Al>g 609040-0078805040-023 Land Vacant 185,73000 M02W8 Goodman Washington St ANN 609M0L07&609-040-023 Land Vacant 143,00000 M02009 Goodman Washington St APR 609-NO-007 & 609-NO423 Land Buildings SUB,MDO MD2M9 Ricardo& Use MaMnez 770-166419 51395 Calls Kelima 191,191.04 1/12009 Robed& Delia Gaeta 773-152415 51805 Mande Cotez 85,952il 1/12009 Prior Year Balance 72,720 38980 Addihem, Land climate 773a2MIS Vacant Lot- Lot 8, Block 94 Unit 11 21,60DOD 6`302010 Land Smith 773,23 015 Vacant Lot- Lo14BIock93UmtlI 22,60300 6,3012010 Lend- WeaMard Ho B Duna Pelmst-Noe6 849A40004 46160 Dune Palms I,650.00 M02010 Land- Whabard Ho& Duna PelmsPereyra 84944M12-5 45178 Dune Palms 1,65000 6MG010 Lend- WeaMerd Ha& Dune PermvSlater 600430-002 46130 Dune Palms 86,67800 (UG)i Lend - Weadard Ha& Dune Palmerimo 8M-00005 Vacant lot-.90 acres 302,59800 6202010 Land &-120 Ave Cananza 774-211-008 M-120 Ave Carranza 20,00000 60042010 Building 54-120 Ave Damson 774-211-006 54-120 Ave Carranza 151,98700 M02010 Land 53-710 Av0 Rutro 774-11MIO 51710 Ave Rudo 3GONG0 6cil Building 51710 Ave Rudo 774-111010 53-710 Ave R.N. 149,826.00 6000r010 Land 53-940 E'sentimer Or 774-171-010 53-940 Ebanh.wen Or 30,00000 8GM010 Burbling 51940 E'serhowOr Or 774-171-010 53940 Eisenhawer Or 4430900 MM010 Land 52-608 Poland. Diaz 773-202-005 52-608 Awhile Diaz 27,25000 MM010 Sluicing 5M00 Avenida Diaz 77}282-005 52E08 Avenida Diaz 133,118 O MM010 Lan052-280Ave Val.. P}285002 52-280 Ave Veiaaco 25000.M 6`302010 Balding 52-280 Ave Velasw 773-285.002 52-203 Ave Velaeco 97,378M 630,42010 positions -3.1bee al 1145.842M DelBBcns-None Tool 73,888.M180 0 109 ce,i&r 4 4&Qar«rw COUNCIL/RDA MEETING DATE: December 21, 2010 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, 2010 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, 2010. 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. 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 2009-2010 Annual Continuing Disclosure Statements for the La Quinta Redevelopment Agency Bond Issues prepared in accordance with the three aforementioned requirements. Additionally, no announcement of significant events was necessary for Fiscal Year 2009-2010, however, there was a subsequent event after June 30, 2010 that will be reported for the La Quinta Redevelopment Agency 1998, 2001, 2002 and 2003 Tax Allocation Bonds for the 2004 Local Agency Revenue Bonds as follows: On November 8, 2010, Ambac Financial Group, Inc. ("Ambac Group"), whose principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations, announced that it filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code ("Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York ("Bankruptcy Court"). Ambac Group will continue to operate in the ordinary course of business as "debtor -in -possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. 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, 2010; or 1. 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, 2010; or 3. Provide staff with alternative direction. Respectfully submitted, Jo n M. Falconer, Finance Director 2 Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. Fiscal Year 2009-2010 Annual Continuing Disclosure Statement for the RDA 1998, 2001, 2002 and 2003 Tax Allocation Bonds �12 3 H I I AL IllVlrlM I I 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 Base CUSIP': 504194 2010 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 21, 2010 Also available at: WILLDAN !___..... Financial Services www.willdan.com + Copyright, American Bankers Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number. 0. 113 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 @ 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 51h 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. 114 L 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 were 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 La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series .1994 (the "1994 Bonds"); La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds'); La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Series 2002 (the "2002 Bonds'); and 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 35.31 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. The 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 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. 2009110, 1998 TAB City of La Quinta 115 ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds Tax Allocation Refunding Bonds, Series 1998 B. FUND BALANCES Fund Reserve Fund P1 As of October 20, 2010 $15,760,000 As of October 20, 2010 $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, 2010 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 Year Secured Value Unsecured Value Utility Value Total Taxable Value Taxable Value Above Base Irt Gross Tax Increment 2006/07 $4,779,973,573 $34,084,343 $ 0 $4,8.14,057,916 $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 48,147,236 2010/11 4,514,660,931 35,319,224 0 4,549,980,155 4,350,581,922 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. 2009110, 1998 TAB City of Le Quinta 2 116 B. LAND USE PROJECT AREA NO. Land Use 2010/11 Total Secured Value Percent of Total Residential $3,956,267,970 85.36% Commercial 387,543,367 8.36% Timeshare Estates 38,828,936 0.84% Vacant 250,561,001 5.41% Miscellaneous/Unknown 1,400,338 0.03% Total Project Area No.1 $4,634,601,612 100.00% Source: County of Riverside 2010111 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 Non -subordinated Housing Pledged Pass Net Annual Debt Service Year Increment Pass Throughsllt Set Aside Revenues Throughs1�1 Revenues Service (3) Coverage 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 2009/10 48,147,236 1,913,631 9,629,447 36,604,157 19,699,214 16,904,943 9,890,703 1.71 (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 non -subordinated 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. 2009110, 1998 TAB City of La Quints 117 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 September1, 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds 2003 Bonds Combined Debt Service 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 $6,482,547 $26,056,000 $83,251,175 $65,622,668 $45,963,937 $227,376,227 2009110, 1998 TAB City of La Quinta 118 V. 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, 2010. 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. SUBSEQUENT EVENTS On November 8, 2010, Ambac Financial Group, Inc. ("Ambac Group"), whose principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations, announced that it filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code ("Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York ("Bankruptcy Court"). Ambac Group will continue to operate in the ordinary course of business as "debtor -in -possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. 2009110, 1998 TAB City of La Quinta o. 119 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 Base CUSIP+: 504194 2010 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 21, 2010 Also available at: /W I LLDAN Financial smr ces www.willdan.com + Copyright, American Banker's Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number. 120 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 @ 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 51h Street, 241h 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. 0. 121 L 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 35.31 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. The 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. 2009110 1998 TAB Proj 2 City of La Quinta 1 122 II. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 20, 2010 Tax Allocation Refunding Bonds, Issue of 1998 $5,555,000 B. FUND BALANCES As of October 20. 2010 Reserve Fund (') $423,788 (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, 2010 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. PROJECT AREA NO. 2 Fiscal Secured Unsecured Utility Total Taxable Taxable Value Gross Tax Year Value Value Value Value Above Base (1) Increment 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 25,953,975 2010/11 2,429,549,008 60,236,788 0 2,489,785,796 2,394,603,041 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. 2009110 1998 TAB Proj 2 City of La Quints 2 123 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: Non- Less: Annual Maximum Annual Fiscal Gross Tax subordinated Housing Pledged Debt Debt Service Year Increment Pass Throughs nt Set Aside Revenues Service (2) Coverage 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 2009/10 25,953,975 16,376,233 5,190,795 4,386,946 423,788 10.35 (1) The Agency has entered into agreements Wth 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 non -subordinated 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. 2 Land Use 2010/11 Total Secured Value Percent of Total Residential $1,838,659,812 72.74% Commercial 652,178,199 25.80% Vacant 32,360,088 1.28% Miscellaneous/Unknown 4,662,998 0.18% Total Project Area No.2 $2,527,861,097 100.00% Source: County of Riverside 2010/11 Secured Property Roll, as compiled by Willdan Financial Services. 2009110 1998 TAB Proj 2 City of La Quinta 3 .. 124 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 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 $5,680,000 $4,427,854 $10,107,854 2009110 1998 TAB Pfoj 2 City of La Quinta 125 V. 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, 2010. 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. SUBSEQUENT EVENTS On November 8, 2010, Ambac Financial Group, Inc. ("Ambac Group"), whose principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations, announced that it filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (`Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York ('Bankruptcy Court"). Ambac Group will continue to operate in the ordinary course of business as "debtor -in -possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. 126 2009110 1998 TAB Proj 2 City of La Quinta 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 Base CUSIP+ : 504194 2010 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 21, 2010 Also available at: WILLDAN Financial Services www.wllldan.com + Copyright, American Bankers Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number. 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 @ www.wilidan.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, 241h 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. 128 L 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 were 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 La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"); La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds"); La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002 (the "2002 Bonds"); and 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 35.31 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. The 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 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. 2009110, 2001 TAB City of La Quinta 7 .. i2s ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING As of October 20. 2010 Tax Allocation Bonds, Series 2001 $48,000,000 B. FUND BALANCES Fund As of October 20, 2010 Reserve Fund t't $2,633,200 (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by Ambac Assurance Corporation. III. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2010 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 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 48,147,236 2010/11 4,514,660,931 35,319,224 0 4,549,980,155 4,350,581,922 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. 2009110, 2001 TAB City of La Quinta 2 Aa: � 130 B. LAND USE PROJECT AREA NO. Land Use 2010111 Total Secured Value Percent of Total Residential $3,956,267,970 85.36% Commercial 387,543,367 8.36% Timeshare Estates 38,828,936 0.84% Vacant 250,561,001 5.41% Miscellaneous/Unknown 1,400,338 0.03% Total Project Area No. 1 $4,634,601,612 100.00% Source: County of Riverside 2010/11 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 Non -subordinated Housing Pledged Pass Net Annual Debt Service Year Increment Pass Throughsl'l Set Aside Revenues Throughstzl Revenues Service (3) Coverage 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 2007108 54,345,390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703 1.94 2008109 50,649,225 1,956,012 10,129,845 38,563,368 20,597,697 17,965,671 9,890,703 1.82 2009/10 48,147,236 1,913,631 9,629,447 36,604,157 19,699,214 16,904,943 9,890,703 1.71 (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 non -subordinated 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. 2009110, 2001 TAB City of La Quints i1 131 P�e.J 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) Bonds Bonds Bonds Bonds Bonds Debt Service 2010 $2,159,880 $819,520 $2,430,720 $2,475,676 $2,000,163 $%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 2009110, 2001 TAB City of La Quinta q aajj 1�2 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, 2010. 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 On November 8, 2010, Ambac Financial Group, Inc. ("Ambac Group"), whose principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations, announced that it filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code ("Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York ("Bankruptcy Court"). Ambac Group will continue to operate in the ordinary course of business as "debtor -in -possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. 2009110, 2001 TAB City of La Quinta W.:` 133 LA QUINTA REDEVELOPMENT AGENCY $40,0001000 LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1 TAX ALLOCATION BONDS SERIES 2002 Riverside County, California Dated: June 1, 2002 Base CUSIP+ : 504194 2010 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 21, 2010 Also available at: WILLDAN Financial Services www.willdan.com + Copyright, American Banker's Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number. peer 134 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 @ www.wilidan.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. and , 135 I. 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 were 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 La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds'); La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds"); La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001 Bonds'); and 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 35.31 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. The 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 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. 2009110, 2002 TAB City of La Quinta 1 b0• A BOND INFORMATION A. PRINCIPAL OUTSTANDING As of October 20. 2010 Tax Allocation Refunding Bonds, Series 2002 $35,085,000 B. FUND BALANCES Fund As of October 20, 2010 Reserve Fund I'I $2,013,648 (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by Ambac Assurance Corporation. Ill. FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2010 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 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 48,147,236 2010111 4,514,660,931 35,319,224 0 4,549,980,155 4,350,581,922 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. 2009110, 2002 TAB City of La Quinta v 137 B. LAND USE PROJECT AREA NO. 1 2010/11 Total Percent Land Use Secured Value of Total Residential $3,956,267,970 85.36% Commercial 387,543,367 8.36% Timeshare Estates 38,828,936 0.84% Vacant 250,561,001 5.41% Miscellaneous/Unknown 1,400,338 0.03% Total Project Area No. 1 $4,634,601,612 100.00% Source: County of Riverside 2010/11 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 Non -subordinated Housing Pledged Pass Net Annual Debt Service Year Increment Pass Through Set Aside Revenues Throughs1�1 Revenues Service lal Coverage 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 2009/10 48,147,236 1,913,631 9,629,447 36,604,157 19,699,214 16,904,943 9,890,703 1.71 (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 non -subordinated 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 fled with the Riverside County Auditor -Controllers Office. 2009110, 2002 TAB City of La Quinta Go 13B 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 September1, Bonds Bonds Bonds Bonds Bonds Debt Service 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 $6,482,547 $26,066,000 $83,261,176 $65,622,668 $45,963,937 $227,376,227 2009110, 2002 TAB City of La Quinta «a 139 V. 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 Dreviouslv reported during the fiscal year ended June 30, 2010. 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. SUBSEQUENT EVENTS On November 8, 2010, Ambac Financial Group, Inc. ("Ambac Group"), whose principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations, announced that it filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code ('Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York ("Bankruptcy Court"). Ambac Group will continue to operate in the ordinary course of business as "debtor -in -possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. 2009110, 2002 TAB City of La Quinta 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 Base CUSIP+: 504194 2010 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of December 21, 2010 Also available at: WILLDAN _.. Financial Servicos www.willdan.com + Copyright, American Banker's Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number. r' 141 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 @ 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 51h Street, 241h 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. 142 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 were 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 La Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds'); the La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds'); the 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, Series 2002 (the "2002 Bonds") (collectively, the "Bonds"). The City of La Quinta, (the "City') which comprises approximately 35.31 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. The 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 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. 2009110, 2003 TAB City of La Quinta 1 143 ll. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bonds As of October 20, 2010 Tax Allocation Bonds, Taxable Series 2003 $23,305,000 B. FUND BALANCES Fund As of October 20, 2010 Reserve Fund "1 $1,509,867 (1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by Ambac Assurance Corporation. Ill, FINANCIAL INFORMATION The audited financial statements for the Agency for the fiscal year ended June 30, 2010 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 t11 Increment 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 48,147,236 2010/11 4,514,660,931 35,319,224 0 4,549,980,155 4,350,581,922 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. 2009110, 2003 TAB City of La Quinta I 2 144 B. LAND USE PROJECT AREA NO. 2010/11 Total Percent Land Use Secured Value of Total Residential $3,956,267,970 85.36% Commercial 387,543,367 8.36% Timeshare Estates 38,828,936 0.84% Vacant 250,561,001 5.41% Miscellaneous/Unknown 1,400,338 0.03% Total Project Area No. 1 $4,634,601,612 100.00% Source: County of Riverside 2010/11 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 Non -subordinated n Housing Pledged Pass Net Annual Debt Service Year Increment Pass Throughail) Set Aside Revenues Throughs(2) Revenues Service (3) Coverage 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 2009/10 48,147,236 1,913,631 9,629,447 36,604,157 19,699,214 16,904,943 9,890,703 1.71 (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. 2009110, 2003 TAB City of La Quinta I 3 145 a 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) 1994 Bonds 1998 Bonds 2001 Bonds 2002 Bonds 2003 Bonds Combined Debt Service 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 $6,482,647 $26,056,000 $83,251,176 $65,622,568 $46,963,937 $227,376,227 2009110, 2003 TAB City of La Quinta �'pG 0 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, 2010. 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 On November 8, 2010, Ambac Financial Group, Inc. ("Ambac Group"), whose principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations, announced that it filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code ("Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York ('Bankruptcy Court"). Ambac Group will continue to operate in the ordinary course of business as "debtor -in -possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. 2009110, 2003 TAB City of La Quinta Tjhf ot 4 a" COUNCIL/RDA MEETING DATE: December 21, 2010 ITEM TITLE: Adoption of a Resolution Authorizing the Executive Director to Execute a Certificate of Acceptance for a Quitclaim Deed from Costco Wholesale Corporation for Purposes of Terminating an Easement on Agency Property (APNs 600-020-047 & 600-020-048) RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Adopt of a resolution of the La Quinta Redevelopment Agency authorizing the agency Executive Director to execute a certificate of acceptance for a quitclaim deed for purposes of terminating an easement on Agency property. (APNs 600-020-047 & 600- 020-048) FISCAL IMPLICATIONS: None. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: The Redevelopment Agency staff is negotiating the terms of a disposition and development agreement with Michael Shovlin and John Durso that would provide for (i) the Agency to ground lease that certain real property located southeast of the intersection of Dune Palms Road and Highway 1 1 1 (Attachment 1), in the City of La Quinta (the "Property) to a limited partnership to be formed by Messrs. Shovlin and Durso; and (ii) the partnership to construct and develop on the Property an affordable rental housing development containing one hundred seventy-six (176) units. The property is encumbered by a pipeline easement granted in 1941 that would impede the development of the property. Agency and City staff have confirmed with the local utility providers that they do not have any pipelines in the easement area. Costco Wholesale Corporation, a Washington corporation, which is the owner of the property benefited by the easement, has executed a quitclaim deed (Attachment 2) in favor of the Agency, the recordation of which would effectively terminate the easement. The Agency Executive Director's current authority to execute certificates of acceptance for deeds pursuant to Government Code Section 27281 is limited to deeds executed in connection with agreements, and Agency staff wishes to record the quitclaim deed without delay. The Executive Director's acceptance of the quitclaim deed is in accordance with the redevelopment plan and is of benefit to the project area and the City of La Quinta. Therefore, City staff recommends that the Executive Director be authorized and directed to execute the certificate of acceptance attached to the quitclaim deed, which is on file with the Agency secretary, and to thereafter record the quitclaim deed in the official records of the County of Riverside. FINDINGS AND ALTERNATIVES: The alternatives available to the Redevelopment Agency include 1. Adopt a resolution of the La Quinta Redevelopment Agency authorizing the Agency Executive Director to execute a certificate of acceptance for a quitclaim deed for purposes of terminating an easement on Agency property (APNs 600- 020-047 & 600-020-048); or 2. Do not adopt a resolution of the La Quinta Redevelopment Agency authorizing the Agency Executive Director to execute a certificate of acceptance for a quitclaim deed for purposes of terminating an easement on Agency property (APNs 600-020-047 & 600-020-048); or 3. Provide staff with alternative direction. Respectfully submitted, imothy nas o , P.E. Public Wo Dire or/City Engineer Rim Attachments: 1. Vicinity Map 2. Quitclaim Deed Approved for submission by: _ ��� Thomas P. Genovese, Executive Director 150 RESOLUTION NO. RA 2010- A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY AUTHORIZING THE AGENCY EXECUTIVE DIRECTOR TO EXECUTE A CERTIFICATE OF ACCEPTANCE FOR A QUITCLAIM DEED FOR PURPOSES OF TERMINATING AN EASEMENT ON AGENCY PROPERTY (APNs 600- 020-047 & 600-020-048) 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, Agency staff is negotiating the terms of a disposition and development agreement with Michael Shovlin and John Durso that would provide for (i) the Agency to ground lease that certain real property located southeast of the intersection of Dune Palms Road and Highway 1 1 1, in the City of La Quinta (the "Property" to a limited partnership to be formed by Messrs. Shovlin and Durso; and (ii) the partnership to construct and develop on the Property an affordable rental housing development containing one hundred seventy-six 0 76) units; and WHEREAS, the Property is encumbered by a pipeline easement granted in 1941 that would impede the development of the Property. Agency and City staff have confirmed with the local utility providers that they do not have any pipelines in the easement area; and WHEREAS, Costco Wholesale Corporation, a Washington corporation, which is the owner of the property benefited by the easement, has executed a quitclaim deed in favor of the Agency, the recordation of which would effectively terminate the easement; and WHEREAS, the Agency Executive Director's current authority to execute certificates of acceptance for deeds pursuant to Government Code Section 27281 is limited to deeds executed in connection with agreements, and Agency staff wish to record the quitclaim deed without delay; and WV. 151 Resolution No. RA 2010- Quitclaim Deed Termination - Shovlin December 21, 2010 Page 2 of 2 WHEREAS, the Executive Director's acceptance of the quitclaim deed is in accordance with the Redevelopment Plan and is of benefit to the Project Area and the City of La Quinta; and NOW, THEREFORE, BE IT RESOLVED BY THE LA QUINTA REDEVELOPMENT AGENCY AS FOLLOWS: 1. That the above recitals are true and correct and incorporated herein. 2. Pursuant to Government Code Section 27281, the Executive Director is hereby authorized and directed to execute the Certificate of Acceptance attached to the quitclaim deed, which is on file with the Agency Secretary, and to thereafter record the quitclaim deed in the Official Records of the County of Riverside. PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held this 215t day of December, 2010, by the following vote: AYES: NOES: ABSENT: ABSTAIN: LINDA EVANS, Agency Chair City of La Quinta, California ATTEST: VERONICA J. MONTECINO, Agency Secretary City of La Quinta, California APPROVED AS TO FORM: M. KATHERINE JENSON, Agency Counsel City of La Quinta, California ..!j 152 FA FATy71�1�►��il AVENUE V-11CIIIINITY MAP N.T.S. 153 ATTACHMENT RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: La Quinta Redevelopment Agency P.O. Box 1504 La Quinta, California 92247 Attn: Executive Director [Space Above for Recorder's Use] [Exempt from Recordation Fee per Gov. Code § 27383] [Exempt from Documentary Transfer Tax per Rev. & Tax. Code § 119221 QUITCLAIM DEED FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, COSTCO WHOLESALE CORPORATION, a Washington corporation (`Grantor"), do(es) hereby remise, release and forever quitclaim to LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic, all of Grantor's right, title and interest in and to the rights reserved by and in that certain document recorded in the official records of Riverside County on November 3, 1941, in Book 522, Page 69, only insofar as said document affects the real property described as follows: Refer to Exhibit "A" attached hereto and incorporated herein by this reference. `Grantor` COSTCO Washingtt ot7//By: ,z j� Its: E CORPORATION. a RICHAI�� 3• 882,015610-0047 1i; n5 '4 =?iy.pi �rzano 1' «. Ulan ltic.,'a�gv'�. State of4Gt4i+ Trria;a ) County of_�: 4 On AIOVO IMr .x% c�-0(0 , before me, -�?_^- Notary Public, personally appeared 4G�-- ( ' Inert name al isle ofthe otTicer) 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 LaWi efniu that the foregoing paragraph is true and correct. u%[(Sh.w�1h WITNESS my hand and official seat. Signaturef�� (seal) 882/014610-0047 1137+72,01 a111'24;10 -2_ 155 EXHIBIT "A" TO QUITCLAIM DEED LEGAL DESCRIPTION OF PROPERTY ALL THAT CERTAIN LAND SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF RIVERSIDE, CITY OF LA QUINTA, DESCRIBED AS FOLLOWS: • See the two pages following this page. 8821015610-0047 ». 156 1133332.01 .1 Pf 4/10 -3- Title No. 10-725132366-5B Locate No.CAFNT0972-0972-0051-0725132366 LEGAL DESCRIPTION EXHIBIT "A" THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: PARCELI: PARCEL A OF THAT CERTAIN LOT LINE ADJUSTMENT NO. 09-501 RECORDED OCTOBER 23, 20 9 AS INSTRUMENT NO. 2009.054810$ZSF OFFICIAL fiECORDS, BEING A PORTION OF WEST HALF OF THE EAST TTALFOF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER AND THE EAST HALF OF THE WEST HALF OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 29, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO MERIDIAN, IN THE CITY OF LA QUINTA, STATE OF CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT THEREOF, DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF THE SOUTHEAST QUARTER OF SAID SECTION 29; THENCE SOUTH 89043' 14" WEST ALONG THE NORTH LINE OF TH E SOUTHEAST QUARTER OF SAID SECTION 29 FOR A DISTANCE OF 1656.58 FEETTO THE NORTHEAST CORNER OF THE WEST HALF OF THE EAST HALF OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29; THENCE SOUTH 00004'13" EAST ALONG THE EAST LINE OF THE WEST HALF OF THE EAST HALF OF THE NORTHWEST QUARTER OF THE SOUTH EAST QUARTER OF SAID SECTION 29 FOR A DISTANCE OF 62.67 FEET TO THE SOUTH LINE OF STATE ROUTE 111 PER INSTRUMENT NUMBER 48111, RECORDED MAY 23,1968 AND THE TRUE POINT OF BEGINNING; THENCE SOUTH 00004'13" EAST ALONG THE EAST LINE OF THE WEST HALF OF THE EAST HALF OF NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29 FOR A DISTANCE OF 650.00 FEET; THENCE SOUTH 89058'25" WEST A DISTANCE OF 662.39 FEET TO THE WEST LINE OF THE EAST HALF OF THE WEST HALF OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29; THENCE NORTH 00005'36" WEST ALONG SAID WEST LINE A DISTANCE OF 650.00 FEETTO THE SOUTH LINE OF SAID STATE ROUTE 111 PER INSTRUMENT NUMBER 46897, RECORDED MAY 20, 1968; THENCE, ALONG SAID SOUTH LINE OF SAID STATE ROUTE 111, NORTH 89-58'25" EAST A DISTANCE OF 662.65 FEET TO THE TRUE POINT OF BEGINNING; PARCEL 2 : PARCEL B OF THAT CERTAIN LOT LINE ADJUSTMENT NO. 09 509 RECORDED OCTOBER 23, 2009 AS INSTRUMENT NO. 2009-0548108 OF OFFICIAL RECORDS, BEING A PORTION OF WEST HALF OF THE EAST HALF OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER AND THE EAST HALF OF THE WEST HALF OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 29, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO MERIDIAN, IN THE CITY OF LA QUINTA, STATE OF CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT THEREOF, DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF THE SOUTHEAST QUARTER OF SAID SECTION 29; THENCE SOUTH 89043'14" WESTALONGTHE NORTH LINE OFTHE SOUTHEAST QUARTER OF SAID SECTION 29 FOR A DISTANCE OF 1656.58 FEETTO THE NORTHEAST CORNER OF THE WEST HALF OF THE EAST HALF OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29; THENCE SOUTH 00004'130 EAST ALONG THE EAST LINE OF THE WEST HALF OF THE EAST HALF OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29 FORA DISTANCE OF 62.67 FEET TO THE SOUTH LINE OF STATE ROUTE ill PER INSTRUMENT NUMBER 48111, RECORDED MAY 23, 1968; THENCE SOUTH 00004'13" EAST ALONG THE EAST LINE OF THE WEST HALF OF THE EAST HALF OF NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29 FOR A DISTANCE OF 650.00 FEET, TO THE TRUE POINT OF BEGINNING; CLTA PIWI.,nary Report Pond - Mo . ied (11/17(06) Ny 157 EXHIBIT "A" (continued) Title No. 10-725132366-SB Locate No, CAFNT0972-0972-0051-0725132366 THENCE SOUTH 00004'13" EAST ALONG THE EAST LINE OF THE WEST HALF OF THE EAST- HALF OF NORTHWEST QUARTER NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29 FORA DISTANCE OF 648.01 FEET TO THE SOUTH LINE OF NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29; THENCE SOUTH 89044'24" WEST ALONG SAID SOUTH LINE A DISTANCE OF 662.14 FEET TO THE SOUTHWEST CORNER OF THE EAST HALF or THE WEST HALF OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29; THENCE NORTH 00005'36" WEST ALONG THE WEST LINE OF THE EAST HALF OF THE WEST HALF OF SAID NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 29 FOR A DISTANCE OF 644.70 FEET; THENCE, NORTH 89058'25" EAST A DISTANCE OF 662.39 FEET TO THE TRUE POINT OF BEGINNING. APN: 600-020-038-3, 600-020-039-4 CLTA Preftimq Report Fwm - Modifud (I 1117IC5) o. O 158 CERTIFICATE OF ACCEPTANCE LA QUINTA REDEVELOPMENT AGENCY THIS IS TO CERTIFY that the interest in real property and other interests conveyed by the foregoing Quitclaim Deed executed on November 24, 2010, from COSTCO WHOLESALE CORPORATION, a Washington corporation, to the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic (the "Agency"), is hereby accepted by the undersigned Executive Director of the Agency on behalf of the Agency, pursuant to authority conferred by Resolution No. of the Agency Board of Directors, adopted on , and the Agency consents to recordation thereof by its duly authorized officer. Date: State of California ) County of ) On , before me, 2010 LA QUINTA REDEVELOPMENT AGENCY Thomas P. Genovese, Executive Director Notary Public, (here insert name and title of the officer) 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. (seal) 89210 11333 2.01 011 e 9 159 I177332.01 nl IR4l10 w