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2011 02 01 RDAeaf 4 4 OdA 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 Special Meeting TUESDAY, FEBRUARY 1, 2011 2:30 P.M. Closed Session / 4:00 P.M. Open Session Beginning Resolution No. RA 2011-005 CALL TO ORDER Roll Call: Agency Board Members: Adolph, Evans, Franklin, Sniff, Chairperson Henderson PUBLIC COMMENT At this time, members of the public may address the Redevelopment Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. CLOSED SESSION NOTE: Time permitting the Redevelopment Agency Board may conduct Closed Session discussions during the dinner recess. In addition, persons identified as negotiating parties are not invited into the Closed Session meeting when acquisition of real property is considered. 1. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTIES IDENTIFIED AS � U1 000 Redevelopment Agency Agenda 1 February 1, 2011 APNs/PROPERTY OWNERS/NEGOTIATORS: 770-123-010 AND -006, NIS YIELD PARTNERS, LP, TED NEWELL; 770-124-009, NISPERO PROPERTIES, BOB HILL; 770-123-002, -003, AND -004, VIRGINIA GARBUTT; 770-124- 002 AND -003, JAMES F. KELLY TRUST; AND 770-124-007, MICHAEL FISCHER. RECESS TO CLOSED SESSION RECONVENE AT 4:00 P.M 4:00 P.M. PUBLIC COMMENT At this time members of the public may address the Redevelopment Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. APPROVAL OF MINUTES OF JANUARY 18, 2011. 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 FEBRUARY 1, 2011. 2. APPROVAL OF AN AGREEMENT FOR HOME PURCHASE AND REHABILITATION PROGRAM BY AND BETWEEN LA QUINTA PALMS REAL ESTATE CO., INC. AND THE LA QUINTA REDEVELOPMENT AGENCY, AND APPROPRIATION, OF FUNDING. 3. ADOPTION OF A RESOLUTION APPROVING AMENDMENT NO. 1 TO THE AFFORDABLE HOUSING AGREEMENT BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC., FOR THE CONSTRUCTION OF AFFORDABLE HOMES, AND APPROPRIATION OF FUNDING. Redevelopment Agency Agenda 2 February 1, 2011 01402 BUSINESS SESSION 1. CONSIDERATION OF EARLY REPAYMENT OF THE LOANS FROM THE CITY OF LA QUINTA TO THE LA QUINTA REDEVELOPMENT AGENCY. A. MINUTE ORDER ACTION STUDY SESSION — NONE DEPARTMENT REPORTS 1. UPDATE OF THE FIVE-YEAR IMPLEMENTATION PLAN FOR THE LA QUINTA REDEVELOPMENT AGENCY CHAIR AND BOARD MEMBERS' ITEMS — NONE PUBLIC HEARINGS — NONE ADJOURNMENT The next regular meeting of the Redevelopment Agency will be held on February 15, 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. ENG3 Redevelopment Agency Agenda 3 February 1,2011 DECLARATION OF POSTING I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that the foregoing agenda for the La Quinta Redevelopment Agency meeting of February 1, 2011, 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 January 28, 2011. DATED: January 28, 2011 VERONICA . 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. 0')04 Redevelopment Agency Agenda 4 February 1,2011 La Q•cy� 3 5 ,�Nmw4 OF RDA MEETING DATE: February 1, 2011 ITEM TITLE: Demand Register Dated February 1, 2011 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated February 1, 2011 of which $125,174.51 AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR STUDY SESSION PUBLIC HEARING PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA 0j"C5 T'itf 4 4 a" COUNCIURDA MEETING DATE: February 1, 2011 ITEM TITLE: Approval of an Agreement for Home Purchase and Rehabilitation Program By and Between the La Quinta Palms Real Estate Co., Inc. and the La Quinta Redevelopment Agency and Appropriation of Funding RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve an Agreement with La Quinta Palms Real Estate Co., Inc. ("LQPR") for the purpose of purchasing and rehabilitating blighted residential property; authorize the Executive Director to execute the Agreement and all necessary implementing documentation, and appropriate $3.2 million to be allocated for Fiscal Year 201 1-2012 through Fiscal Year 2014-2015, from the PA No. 1 Low and Moderate Housing Tax Increment Fund. FISCAL IMPLICATIONS: This proposed Agreement would commit $3.2 million from the PA No. 1 Low and Moderate Housing Tax Increment Fund over a four year period, from Fiscal Year 201 1- 2012 through Fiscal Year 2014-2015, for the purchase and rehabilitation of foreclosed homes. Funds from the sale of the homes will be reinvested into the program to allow additional homes to be purchased and rehabilitated. BACKGROUND AND OVERVIEW: In May 2009, staff presented a report to the Agency Board regarding the purchase, rehabilitation and sale of foreclosed single-family homes. The Board directed staff to establish a program wherein the Agency would purchase, rehabilitate and subsequently sell or rent foreclosed single-family homes. On October 6, 2009, the Board approved a Master Purchase and Sale Agreement with Bank -Owned Properties in Project Area No. 1 and No. 2 to implement this program. Since then, staff has been working with LQPR to locate and purchase foreclosed homes. To date nine homes have been purchased; six have been rehabilitated and are being marketed; three are in the process of being rehabilitated; and offers have been made on three additional homes. The budget of $3.2 million is estimated to allow for the initial purchase and rehabilitation of approximately 21 homes. Proceeds from the sale of these homes will be reinvested in the Program which would then provide funds for an additional nine homes to be purchased and rehabilitated. In light of the success of the program and the number of homes that have been purchased and subsequently rehabilitated to remove the blight in the neighborhood, staff has drafted an Agreement for Home Purchase and Rehabilitation Program to be entered into by the Agency and LQPR. This Agreement will further define and expand the Program over the next four years. The program highlights are as follows: • Agreement is for home purchases and rehabilitation over a four year period for a total of 30 homes at the rate of seven or eight each year; • Each home and purchased price will be approved by the Executive Director prior to entering escrow; • Payments shall be disbursed as the homes are purchased and rehabilitated on an as needed basis; • LQPR shall receive 10% of the rehabilitation costs if it serves as Construction Manager; • Contractor shall serve as the Agency's sales agent in sales transactions, and shall receive the customary fees for that service; • Each home shall be rehabilitated at a costs of at least 25% of the purchase price and shall include features that are as energy efficient as practical and within the budget; • Local contractors will be hired for the rehabilitation as well as materials purchased locally; • Once rehabilitated, the homes will be sold to very low-, low-, or moderate - income families, or placed in the La Quinta Housing Authority's rental program. It is the intent of the Agreement to purchase those homes that have been found to be a blight on the neighborhoods by nature of being vacant and/or deteriorating due to lack of care. The fiscal expenditures to purchase and rehabilitate cannot exceed the budget parameters, in that each home purchase price and the rehabilitation costs together shall not exceed the allowable cost to be sold to a family that is in the very low-, low-, or moderate -income category. Upon the sale of the home, covenants will be recorded on the home for 45 years. The various implementing documents noted in the recommendation include purchase agreements; contracts for rehabilitation; grant deeds; and other documents which may be required for property acquisition. FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: 1. Approve an Agreement with La Quinta Palms Real Estate Co., Inc. for the purpose of purchasing and rehabilitating blighted residential property; authorize 9307 the Executive Director to execute the Agreement and all necessary implementing documentation, and appropriate $3.2 million to be allocated for Fiscal Year 201 1-2012 through Fiscal Year 2014-2015 from the PA No. 1 Low and Moderate Housing Tax Increment Fund.; or 2. Do not approve the Agreement with La Quinta Palms Real Estate Co., Inc.; or 3. Provide staff with alternative direction. Respectfully submitted, z Douglas R. Lovans, Assistant City Manager — Development Services Approved for submission by: Ja..�- /'�' Thdrn'as P Genovese, ecutive Director Attachment: 1 . Agreement with La Quinta Palms Realty ATTACHMENT 1 AGREEMENT FOR HOME PURCHASE AND REHABILITATION PROGRAM THIS AGREEMENT FOR HOME PURCHASE AND REHABILITATION PROGRAM ("Agreement") is made and entered into as of the 1st day of February, 2011 ("Effective Date"), by and between the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"), and LA QUINTA PALMS REAL ESTATE CO., INC., a California Corporation, dba La Quinta Palms Realty ("Contractor"). RECITALS: A. WHEREAS, with the assistance of Contractor, Agency has acquired 9 bank -owned blighted and deteriorated single family homes in Project Area 1 and Agency has caused, or is in the process of causing, the rehabilitation of those homes and has made or is in the process of making those homes available to moderate-, low- or very low-income households; B. WHEREAS, the program has been extremely effective in terms of eliminating blight as well as eliminating Municipal Code violations; C. WHEREAS, the program has made decent, safe, and energy efficient homes available to moderate-, low- and very low-income households at reasonable costs; D. WHEREAS, the Agency and the Contractor would like to commit to carrying out this program for the next four (4) fiscal years in order to assist the Agency and the City in meeting their affordable housing obligations and to continue to eliminate blight and Municipal Code violations in Project Area No. 1 . AGREEMENT: In consideration of the foregoing Recitals, which are incorporated herein by this reference, and the covenants and promises hereinafter contained, and for good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows: Section 1 . Agency Funding Commitment. Agency hereby commits a total of up to $3.2 million to the Agency's acquisition and rehabilitation program (the "Program"), to be funded over the four-year period commencing on July 1, 2011, and ending on July 1, 2015. It is estimated that this will allow for the purchase and rehabilitation of approximately 21 homes. In addition, the Agency agrees to reinvest the proceeds from the sale of the homes back into the Program, which would provide proceeds for the purchase and rehabilitation of approximately nine additional homes. The Agency shall disburse the funding on an as -needed basis, as homes are purchased and rehabilitated, similar to the process that has been followed by the foreclosed homes program. 0,109 Page 1 of 4 Section 2. Responsibilities of Contractor. Contractor shall locate foreclosed or otherwise available homes within Project Area No. 1 . Over the four- year term of this Agreement, the goal is for Contractor to acquire, rehabilitate, and sell (or place within the Housing Authority's rental program) a total of approximately 30 homes, at the rate of approximately 7 to 8 homes in each fiscal year. The candidate homes shall be unoccupied, deteriorated and in need of rehabilitation. The level of rehabilitation needed for the homes selected shall be such that at least 25% of the purchase price of the home will need to be expended to make the home decent, sanitary, safe, and energy efficient. Contractor shall negotiate a purchase price for the homes and coordinate and handle the escrow proceedings for each home. Each home purchase shall be subject to the approval of the Agency's Executive Director. Contractor shall serve as the Agency's sales agent in the transaction, and shall receive the customary fees for that service if the seller of the home pays a brokerage commission. Once a home has been acquired, Contractor shall serve as the construction manager for the rehabilitation of the home unless otherwise directed by the Executive Director of the Agency. At the option of the Executive Director, this function may be handled "in house" by Agency or City staff for any or all of the homes. To the extent that the Contractor serves as the construction manager, it shall be entitled to compensation at the rate of 10% percent of the cost of the rehabilitation for the services. Local contractors shall be hired for the rehabilitation. Materials for the rehabilitation shall be purchased within the City of La Quinta to the extent possible. The rehabilitation shall include features to make the home as energy efficient as practical, within the overall rehabilitation program budget. All contracts for rehabilitation shall be made by the Agency and signed by the Executive Director on behalf of the Agency unless otherwise directed by the Executive Director in writing. Section 3. Disposition of Rehabilitated Units. Once rehabilitated, at the Executive Director's option, each home shall either be sold by the Agency to qualifying moderate-, low- or very low-income persons, or placed in the rental program of the La Quinta Housing Authority. Affordability covenants in compliance with the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) shall be placed upon the home before it is reoccupied. For homes that are sold, Contractor shall serve as the Agency's broker and shall be entitled to customary fees. Section 4. No Application to Purchase for Fiscal Year 2010-2011. This Agreement shall not apply to the acquisitions of foreclosed homes currently underway by Contractor for Fiscal Year 2010-2011. Those acquisitions shall be governed by the prior agreements entered into by the parties. Section 5. Assignment by Agency. Agency shall have the right to assign all or part of its interest in this Agreement to a third party for the purpose of ensuring compliance with this Agreement. Section 6. Assignment by Contractor. The qualifications and identity of Contractor are of particular concern to Agency. It is because of those qualifications and identity that the Agency has entered into this Agreement with Contractor. Accordingly, Contractor shall not, whether voluntarily, involuntarily, or by operation of law, undergo any significant change in ownership or assign all or any part of its obligations hereunder, without Agency's prior written approval. Any assignment made without Agency's prior written approval shall be null and void. Section 7. Third Party Beneficiary. City is an intended third party beneficiary of this Agreement and shall have the right but not the obligation to enforce the provisions hereof. Section 8. Entire Agreement Waivers and Amendments. This Agreement contains the entire agreement between the parties relating to the subject matter hereof, and supersedes all negotiations and previous agreements between the parties with respect to all or part of the subject matter hereof. All waivers of the provisions of this Agreement must be in writing and signed by the appropriate authorities of the party to be charged. Section 9. Interpretation; Governing Law. This Agreement shall be construed according to its fair meaning and as if prepared by both of the parties hereto. This Agreement shall be construed in accordance with the internal laws of the State of California. Section 10. Agency Approvals and Actions. Agency shall maintain authority of this Agreement and the authority to implement this Agreement through the Executive Director (or his or her duly authorized representative). The Executive Director shall have the authority to make approvals, issue interpretations, execute documents, waive provisions, and/or enter into certain amendments of this Agreement on behalf of Agency so long as such actions do not materially or substantially change the uses or development permitted on the Property or add to the costs incurred or to be incurred by Agency. All other material and/or substantive interpretations, waivers, or amendments shall require the consideration, action and written consent of the Agency Board. Section 11. Indemnification. If this Agreement is challenged in court, the Agency shall be solely responsible for the defense of the action, and will indemnify, defend, and hold Contractor harmless from such litigation. Section 12. Sole Source of Funding. The parties agree and acknowledge that the sole source of Agency funding for the implementation of this Agreement shall be the Agency's 20% set aside in the Agency's Low and Moderate Income Housing Fund. Section 13. This Agreement may be executed in counterparts, each of which, when all the parties hereto have signed this Agreement, shall be deemed an original. �, 011 IN WITNESS WHEREOF, the Agency and Contractor have signed this Agreement on the respective dates set forth below. Date: , 2011 ATTEST: Veronica J. Montecino, CMC, Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP M. Katherine Jenson, Agency Counsel Date: 2011 "Agency" LA QUINTA REDEVELOPMENT AGENCY Thomas P. Genovese Executive Director "Contractor" LA QUINTA PALMS REAL ESTATE CO., INC., a California Corporation, dba La Quinta Palms Realty M Its: Name: 0112 tot 4a" F V S OF TkTti'9w�� COUNCIL/RDA MEETING DATE: February 1 , 2011 ITEM TITLE: Adoption of a Resolution Approving Amendment No. 1 to the Affordable Housing Agreement By and Between the La Quinta Redevelopment Agency and Habitat for Humanity of the Coachella Valley, Inc., for the Construction of Affordable Homes and Appropriation of Fundinq RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: _ CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: Adopt a Resolution approving Amendment No. 1 to the Affordable Housing Agreement between the La Quinta Redevelopment Agency and Habitat for Humanity of the Coachella Valley, Inc., authorize the Executive Director and City Attorney to make any final changes and execute the Amendment, and authorize the appropriation of $1,100,000 to be allocated from Fiscal Year 2013-2014 through Fiscal Year 2017- 2018 from Redevelopment Project Area No.1 Low- and Moderate -Income Housing Fund to implement the Agreement. FISCAL IMPLICATIONS: The program, as outlined in the Amendment (Attachment 1), will require a total expenditure of up to $1,100,000 for five additional homes to be constructed over the next five fiscal years (2013-2014 to 2017-2018). Funds will be issued on an as - needed basis based on a budget of up to $220,000 per house. Once the single-family dwellings are sold, the Redevelopment Agency ("Agency") will record affordable covenants in the form of a first trust deed. The final Agency assistance will be determined once all donated materials and labor have been factored into the actual cost to build each home. To implement the Amendment as proposed, funds will need to be appropriated from the Redevelopment Project Area No.1 Low- and Moderate - Income Housing Fund each year based on the budget. BACKGROUND AND OVERVIEW: In August of last year, the Agency approved an agreement with Habitat for Humanity of the Coachella Valley ("HFH") to provide financial assistance in building two affordable homes (Homes 1 and 2) in La Quinta on lots that were owned by HFH. HFH currently owns two additional lots and anticipates acquiring three more. Agency o30 counsel has drafted this Amendment to allocate the funds to construct five homes, one per fiscal year starting in 2013-2014. All five of the additional houses would be sold to very low-, low-, or moderate -income families which is consistent with the existing Agreement. Funding for each home and the eventual loan would be structured based on the HFH budget which would be submitted for approval by the Executive Director prior to any funds being released. The loan would be structured similar to the Building Horizons program, but instead of a second trust deed, the Agency would fund the mortgage and the payments would be made to HFH. The Agency loan would not be repaid provided the HFH and subsequent property owners complied with the terms of the various agreements and convenants. Mortgage payments would be assigned to HFH so they can assist property owners, service the loan, and generate additional funds to construct affordable housing. The Agreement requires the loan to be converted to first trust deed loans at the time the houses are sold to eligible families. This would protect the Agency in case there was a default on the loan. FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: Adopt a Resolution approving Amendment No. 1 to the Affordable Housing Agreement between the La Quinta Redevelopment Agency and Habitat for Humanity of the Coachella Valley, Inc., authorize the Executive Director and City Attorney to make any final changes and execute the Amendment, and authorize the appropriation of $1,100,000 to be allocated from Fiscal Year 2013-2014 through Fiscal Year 2017-2018 from Redevelopment Project Area No.1 Low - and Moderate -Income Housing Fund to implement the Amendment; or 2. Do not approve the Agreement; or 3. Provide staff with alternative direction. Respectfully submitted, fs �-- Douglas . Evans Assistant City Manager —Development Services on4 Approved for submission by: qas P. Genovese, Executive Director Attachment: Amendment No. 1 to Affordable Housing Agreement 0'-Nj15 RESOLUTION RDA NO. 2011 A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY APPROVING AMENDMENT NO. 1 TO AN AFFORDABLE HOUSING AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY AND HABITAT FOR HUMANITY OF THE COACHELLA VALEY, INC. HABITAT FOR HUMANITY 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 of La Quinta previously approved and adopted the Redevelopment Plan, as amended ("Redevelopment Plan") for Project Area No. 1 ("Project Area"); and WHEREAS, the Agency is engaged in activities leading to increasing and improving the supply of affordable housing within and outside the Project Area; WHEREAS, on August 23, 2010, the Agency entered into an Affordable Housing Agreement ("Agreement") with Habitat for Humanity of the Coachella Valley, Inc., a California nonprofit public benefit corporation ("Developer") for the construction of two homes for very low-income or low income households, and now wishes to amend that Agreement to provide for future funding of an additional five homes; and WHEREAS, Pursuant to Health and Safety Code Section 33334.3(j), prior to an agency's expenditure of funds from its Low and Moderate Income Housing Fund to fund more than fifty percent (50%) of the cost to produce affordable housing units, the agency must find that no other commercial or private means of financing the project at the same level of affordability and quantity are reasonably available to the developer or agency; and WHEREAS, pursuant to the Amendment, the Agency proposes to assist the Developer with financial assistance to build five additional homes by providing a loan to the Developer from the Agency's Low and Moderate Income Housing Tax Increment Fund; and WHEREAS, while the Developer has agreed to seek other sources of funding and other contributions, such contributions are not readily available, and all other funding sources available to the City or to the Agency are committed to other purposes and are 0)16 Resolution RDA No. _ Amendment No. 1 Affordable Housing Agreement Habitat for Humanity Adopted: February 1, 2011 Page 3 of 3 not available, such that without the Agency's funding, the additional five homes would not be constructed; WHEREAS, pursuant to the Amendment, Developer, as a condition to receipt of the Agency funding, shall record against each house affordability covenants which will be in a first priority position; and WHEREAS, the Amendment provides for other conditions, time schedules, and requirements all as set forth in the Amendment; and WHEREAS, all actions required of the Agency to be taken precedent to review and consideration of the Amendment by the Agency have been taken in accordance with applicable law; NOW, THEREFORE, the La Quinta Redevelopment Agency hereby resolves as follows: 1 . The Agency finds and determines that the Amendment effectuates the purposes of the Community Redevelopment Law (Health & Safety Code § 33000 et seq.) and of the Redevelopment Plan and is in the best interest of the citizens of the City of La Quinta. 2. The Agency finds that the Developer has made a good faith attempt but been unable to obtain commercial or private means of financing the five additional homes at the level of affordability required by the Amendment. 3. The Amendment, a copy of which is on file with the Agency Secretary, is hereby approved. The Agency Executive Director and Agency Counsel are hereby authorized and directed to make final modifications to the Amendment that are consistent with the substantive terms of the Amendment approved hereby, and the Agency Executive Director is authorized to thereafter sign the Amendment on behalf of the Agency. 4. The Agency Executive Director is authorized and directed, on behalf of the Agency, to sign such other and further documents that require the Agency's signature, and to take such other and further actions, as may be necessary and proper to carry out the terms of the Amendment. 0")17 Resolution RDA No. _ Amendment No. 1 Affordable Housing Agreement Habitat for Humanity Adopted: February 1, 2011 Page 3 of 3 PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held this 1 st day of February, 2011, by the following vote: AYES: NOES: ABSENT: ABSTAIN: TERRY HENDERSON, Agency Chair City of La Quinta, California ATTEST: VERONICA MONTECINO, CIVIC, Agency Secretary City of La Quinta, California APPROVED AS TO FORM: M. KATHERINE JENSON, Agency Counsel City of La Quinta, California 0�1.� ATTACHMENT AMENDMENT NO. 1 TO AFFORDABLE HOUSING AGREEMENT by and between LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic, and HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC. a California nonprofit public benefit corporation 0�19 AMENDMENT NO. 1 TO AFFORDABLE HOUSING AGREEMENT This AMENDMENT NO. 1 TO AFFORDABLE HOUSING AGREEMENT ("Amendment") is entered into as of February 1 , 2011 (the "Effective Date"), by and between the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic (the "Agency"), and HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC., a California nonprofit public benefit corporation (the "Developer"). The Agency and the Developer (collectively referred to as the "Parties") hereby agree as follows: SUBJECT OF AMENDMENT A. Purpose of Amendment On August 23, 2010, the Agency and the Developer entered into an Affordable Housing Agreement ("Agreement"). The purpose of the Agreement is to provide financial assistance for the development of two single-family homes within Project Area No. 1 that will be sold to, and occupied by, persons or families that meet the income qualifications for either a "lower -income household" or a "very low-income household" as defined in Section IV.A.2.(c) of the Agreement. The income restrictions on the homes are for a period of 45 years, as more fully described in the Agreement. The homes that are the subject of the Agreement are referred to hereinafter as Homes 1 and 2. The purpose of this Amendment is to provide a similar funding structure for the construction of five additional single- family homes (Homes 3 through 7, inclusive), to be built over the five-year period commencing on July 1, 2013, and ending on June 30, 2018, in Project Area No. 1. Homes 3 and 4 would be built on parcels that Developer currently owns within Project Area No. 1. The parcels are as follows: (1) 53595 Avenida Vallejo (APN 774-122-017); and (2) 53380 Avenida Vallejo (APN 774 083 007). The other three parcels needed for Homes 5, 6 and 7 will be acquired by the Developer. B. Overall Concept The overall concept of this Amendment is that Homes 3 thought 7, inclusive, will be constructed in the same manner and with the same general level of assistance as Homes 1 and 2, which are the subject of the Agreement. Homes 3 and 4 will be built on Developer's two parcels during the Fiscal Years 2013-2015. Developer will acquire one parcel in Project Area No. 1 and will build Home 5 in Fiscal Year 2015-2016. During the Fiscal Years 2016-2018, Developer will acquire the final two parcels and construct Homes 6 and 7. The Executive Director shall have the authority, with the consent of the Developer, to make minor modifications to this schedule, and to extend the term of this Amendment for up to six (6) months if necessary to complete the construction of Homes 3 through 7. The Executive Director shall also have the authority to authorize the construction of w O,1no tL Page 1 of 8 more than one home at one time if the Agency has the funding available for the second home construction. Il. AGENCY FINANCIAL ASSISTANCE A. Amount and Purpose of Assistance In order to facilitate the construction of Homes 3 through 7, inclusive, including the acquisition of the three additional parcels, Agency shall provide financing in an amount not to exceed a total of $1,100,000 for the construction of Homes 3 through 7 by Developer (the "Additional Agency Financial Assistance") pursuant to the terms of this Agreement. The parties agree and acknowledge that the sole source of Agency funding for the implementation of this Amendment shall be the Agency's 20% set aside in the Agency's Low and Moderate Income Housing Fund. The allocation of the Additional Agency Financial Assistance as between the five new homes to be constructed will not exceed the following: Home 3 -53595 Avenida Vallejo $220,000 Home 4 - 53380 Avenida Vallejo $220,000 Home 5 — site not yet identified $220,000 Home 6 — site not yet identified $220,000 Home 7 — site note yet identified $220,000 TOTAL $1,100,000 At the discretion of the Executive Director, and with the concurrence of the Developer, unexpended funds may be used to construct additional affordable homes subject to the terms and conditions of this Amendment and the Agreement. The Additional Agency Financial Assistance shall be evidenced by a promissory note substantially in the form attached to the Agreement as Attachment No. 3 (the "Promissory Note"). Repayment of the Promissory Note shall be secured by a deed of trust substantially in the form of the Deed of Trust (Attachment No. 4) attached to the Agreement. Upon the Developer's sale of each of Homes 3 through 7, inclusive, to an Eligible Household, and the Eligible Household's execution of a complete set of "Buyer Affordable Housing Documents" (as that term is defined in Section ILD of the Agreement), fifty percent (50%) of the Additional Agency Financial Assistance that has been disbursed to Developer for development of that Home shall be credited to Developer and deemed transferred to the Eligible Household purchasing said Home. OJ[1 Page 2 of 8 B. Conditions Precedent to the Agency Funding of the Additional Agency Financial Assistance Prior to and as Agency's conditions to funding any portion of the Additional Agency Financial Assistance, the Developer shall complete all of the conditions contained in Section II.B. of the Agreement; provided, however, that all of such conditions shall relate to the applicable Homes 3 through 7 rather than to the two homes that were the subject of the Agreement. C. Disbursement Procedure Prior to the disbursement of any Additional Agency Financial Assistance Developer shall prepare and submit for the Executive Director's approval a schedule of "Source and Use of Funds" for the Home(s) then purposed to be constructed. The Source and Use of Funds will be formatted substantially in conformance with Attachment 8 to the Agreement. The Agency will provide payments to Developer to reimburse Developer for costs Developer incurs to construct Homes 3 though 7, inclusive, provided such costs are described in the Source and Use of Funds approved by the Executive Director. To request a disbursement from the Agency, Developer shall submit to Agency itemized statements, with the supporting information outlined below and any other such supporting information as Agency may reasonably require, documenting the expenses incurred by Developer. In connection with any request for a disbursement of Additional Agency Financial Assistance, Developer shall present to Agency's Executive Director or designee the following information: 1. An invoice, contract, or similar documentation verifying the costs incurred by Developer and that the costs were incurred in accordance with the terms of this Amendment and the approved Source and Use of Funds; 2. Appropriate conditional or unconditional lien releases and waivers, including mechanic's liens, materialman's liens, stop notice claims, and equitable lien claims, with said lien releases and waivers to be in a form reasonably required by Agency's Executive Director and in conformance with the requirements of California Civil Code Section 3262; and 3. Any other documentation or evidence that may be reasonably required by Agency. In the event Agency's Executive Director or designee determines that insufficient supporting documentation has been submitted with the reimbursement request or that the request will not be approved, Agency shall promptly notify Developer and the parties shall promptly meet and confer in good faith in an effort to resolve the dispute. Payment of a disbursement shall be made by Agency to 0)22 Page 3 of 8 Developer within twenty-one (21) days after Agency has approved a payment request. Notwithstanding the foregoing, Developer shall not request more than one (1) disbursement per calendar month. Notwithstanding anything herein to the contrary, Developer shall diligently pursue potential sources of funding for the construction of Homes 3 though 7, inclusive, that are in addition to those set forth in the "Source" section of the approved Source and Use of Funds. In the event Developer obtains funds or obtains a commitment for funds that are in addition to those set forth in the "Source" section of the Source and Use of Funds, the amount of the Agency Financial Assistance shall be reduced, on a dollar -for -dollar basis, by the amount of such additional funds. D. Buyer Affordable Housing Documents In connection with the purchase of Homes 3 through 7 by an Eligible Household, the Eligible Household will be required to execute all of the documents set forth in Section II.D. of the Agreement, as modified to relate to Homes 3 through 7, as opposed to Homes 1 and 2. E. Source of Funds The Additional Agency Financial Assistance will be funded from the Agency's Low and Moderate Income Housing Fund. Accordingly, Developer acknowledges and agrees that the use of Homes 3 though 7, inclusive, shall be subject to all of the income and affordability restrictions set forth in the Agreement, and a Declaration of Covenants, Conditions and Restrictions substantially in the form attached to the Agreement as Attachment No. 5, but with the adjustments necessary to have that document apply to Homes 3 though 7, inclusive. III. DEVELOPMENT OF THE PROJECT A. Scope of Development For Homes 3 through 7, Developer shall submit for the Executive Director's approval a Scope of Development comparable to Attachment No. 1 to the Agreement. Developer shall include construction of all on- and off -site public improvements required by the City in connection with the development of the specific home at issue. Once approved by the Executive Director, the Developer shall construct the specific Home(s) at issue in accordance with the Scope of Development. For Homes 3 though 7, the Developer shall submit for the Executive Director's approval a Schedule of Performance comparable to Attachment No. 2 to the Agreement. Once approved, Developer shall commence and complete »_ 0323 Page 4 of 8 construction of the specific Homes at issue by the respective times established therefore in the Schedule of Performance (Attachment No. 2). The Scope of Development shall be deemed to include any plans and specifications submitted to the City and/or Agency for approval, and shall incorporate or show compliance with all mitigation measures. B. Site Plan By the time set forth therefore in the approved Schedule of Performance, the Developer shall prepare and submit to the City for its approval a Site Plan and related documents that conform to the requirements of the City and contain the overall plan for development of the Home to be built in sufficient detail to enable the City to evaluate the proposal for conformity to the requirements of the La Quinta Municipal Code, the Agreement and this Amendment. The landscaping and finish grading plans shall be prepared by a professional landscape architect or registered civil engineer who may be the same firm as the Developer's architect or civil engineer. During the preparation of all drawings and plans, staff of the City and the Agency and the Developer shall hold regular progress meetings to coordinate the preparation of, submission to, and review of drawings, plans and related documents by the City. The staff of City and the Agency and the Developer shall communicate and consult informally as frequently as is necessary to insure that the formal submittal of any documents to the Agency can receive prompt and speedy consideration. C. Review and Approval of Plans, Drawings, and Related Documents The parties' rights and obligations regarding the approval of the plans, drawings, and related documents relating to Homes 3 through 7, inclusive, shall be as set forth in Section III.C. of the Agreement. D. Cost of Development With the exception of the Additional Agency Financial Assistance the Agency has agreed to provide Developer hereunder, all costs for planning, designing, and constructing Homes 3 though 7, inclusive, shall be borne exclusively by the Developer. The Developer shall also bear all costs related to discharging the duties of the Developer set forth in this Amendment and in the applicable portions of the Agreement. The Developer assumes the responsibility to construct, and shall let contracts for or cause to be constructed, all off -site public improvements developed pursuant to this Amendment, substantially in conformity with procedures used by the Agency when competitive bidding is deemed to be '_A 24 Page 5 of 8 required. The Developer shall be responsible for all fees associated with development of Homes 3 though 7, including, but not limited to, school facilities fees, park fees, and impact fees. Developer shall make every attempt to use local contractors and suppliers of material. E. Construction Schedule The Developer shall commence and complete the construction of Homes 3 though 7 by the respective times established therefore in the approved Schedule of Performance. F. Indemnity The Developer's indemnification obligations shall be those set forth in Section III.F. of the Agreement, with the "Last Home" being Home No. 7. G. Additional Sections of Agreement Applicable to Construction. The provisions of the Agreement set forth in Section III, Section G, though III, Section N, shall apply to the construction of Homes 3 though 7. IV. USE OF THE SITE The use of the Homes 3 though 7, inclusive, shall be governed by Section IV of the Agreement. V. DEFAULTS AND REMEDIES The parties agree that the default and remedy provisions of the Agreement set forth in Section V shall apply to defaults and remedies relating to Homes 3 though 7. VI. GENERAL PROVISIONS The parties agree that the General Provisions contained in Section VI. of the Agreement shall apply with equal force to the parties carrying out this Amendment. [End of Agreement — Signature Page follows] •:•». 0 2 5 Page 6 of 8 IN WITNESS WHEREOF, the Agency and the Developer have signed this Amendment on the respective dates set forth below. Dated: ATTEST: Veronica J. Montecino, CIVIC, Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP M. Katherine Jenson, Agency Counsel Dated: Dated: LA QUINTA REDEVELOPMENT AGENCY, a public body corporate and politic :� Thomas P. Genovese, Executive Director HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC., a California nonprofit public benefit corporation By: Its: By: Its: Page 7 of 8 ceay/ 4:wQubtrw COUNCIURDA MEETING DATE: February 1, 2011 ITEM TITLE: Consideration of Early Repayment of the Loans from the City of La Quinta to the La Quinta Redevelopment Agency RECOMMENDATION: As deemed appropriate by the Redevelopment Agency. FISCAL IMPLICATIONS: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Staff has conducted a financial analysis of the outstanding loans between the City and the RDA. Currently, $41 .38 million is owed by the Agency to the City. Based upon the Governor's recent proposal to eliminate all Redevelopment Agencies within the State of California on June 30, 2011, staff has some concern that these existing loan agreements might not be honored by the Legislature. Early repayment of the loans would ensure the likelihood that both principal and interest would be repaid and not get left in limbo if the Legislature abolishes Redevelopment Agencies or temporarily suspends any of their powers. However, the City would lose the benefit of the Agency's interest payment. If the City Council and the Agency Board decide on February 1, 2011, that the loans should be repaid at this juncture, the Agency would pay the City $35,898,734 of the $41.38 million. This would consist of $22,000,000 from Project Area 1, and $13,898,734 from Project Area 2. The portion of the debt that would not be paid at this juncture would be the loan the City made to the Agency for the acquisition of the 10 acres of property south of Highway 111 and east of Dune Palms. That loan agreement would be paid off when that property is sold. With the reduction of principal, the amount of future interest earnings on these loans in future years would be reduced. The City would not receive approximately $1.4 million in interest payments this fiscal year if the loan is paid off on February 1, 2011 and would not receive up to $3.38 million per year in subsequent fiscal years. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: Since its creation, the Agency has entered into a variety of loan agreements with the City. Many of those agreements have been paid off. Others still exist. The total amount of debt owed by the Agency to the City is $41.38 million. All of the existing loan agreements pre -date the Governor's January 10, 2011 unveiling of his plan to eliminate redevelopment agencies. As the Agency is aware, this proposal would eliminate all Redevelopment Agencies state-wide, including ours, in five months, effective July 1, 2011. As a result of this proposal, staff wishes to ensure that the City is able to recoup the $41.38 million in loans that the City has made to the Agency. Unfortunately, staff cannot predict what the Legislature will do in response to the Governor's proposal. If the Legislature honors all contracts that pre -date the Governor's announcement, the loan agreements would not be in jeopardy. However, if the Legislature took an action that affected contracts entered into before that date, disputes about the enforceability of the loans/and or the legislation would no doubt arise. Also, it is certainly possible that the Legislature could temporarily suspend one or more of the powers held by Redevelopment Agencies. Because of the uncertainty that such legislation could create, staff wanted to provide the Agency with various options regarding the City - Agency loans. It is important to note that if the entire $41.38 million could be repaid on February 1, 2011, the General Fund would not receive the entire $3.38 million in interest earnings budgeted in FY 2010/2011 and would receive no interest earnings in future fiscal years. Based upon the current yield of the portfolio of one half of one percent or 0.5% the interest earnings on these funds would yield $207,000 or a reduction of $3.17 million. This $3.17 million decline in interest earnings to the General Fund would have to be addressed in future budgets. 2 The outstanding loans and interest payments are as follows: Project Area No. 1 Loan Outstanding Principal 6,000,000 10,000,000 6,000,000 22.000.000 Annual General Fund Rate Interest 7.00% 420,000 7.00% 700,000 10.00% 600,000 1,720,000 Project Area No. 2 Loan Outstanding Annual General Fund Principal Rate Interest 9,378,966 7.00% 656,500 10,000,000 10.00% 1,000,000 19, 378,966 1,656, 500 41,378,966 3,376,500 Sources for Repaying the Project Area No. 1 Loans If the Council or Agency desires to repay the $22 million in outstanding loans, staff would propose the following actions, which, if approved, would be incorporated into the mid -year budget report to be presented at the February 15, 2011 meeting: • Have Project Area 1 repay the Supplemental Educational Revenue Augmentation Funds (SERAF) payment of $4,855,193 instead of Project Area 2; • By repaying the PA 1 loans on February 1, 2011 the Agency would save $716,000 in interest earnings that could be used for debt service principal repayment; • Eliminate $26,139,193 in the Capital Improvement Program appropriated for SilverRock Resort projects. This would leave approximately $9.0 million 0 ) 2 9 3 available for SilverRock projects after the elimination and leave $5.96 million for SilverRock canal project improvements. As a result of these actions, the entire Project Area No. 1 outstanding loan of $22 million could be repaid on February 1, 2011. Sources for Repaying the Project Area No. 2 Loans Unlike Project Area No. 1, the entire $19,378,966 cannot be currently repaid at this time. One component of the Project Area No. 2 debt is the $9,378,966 loan of December 4, 2007. This loan was made to reimburse the low and moderate income fund for approximately 10 acres the Agency purchased south of Highway 111 and east of Dune Palms that is to be used for a future auto dealership(s). The principal on the loan was to be paid off over an eleven year period. Unfortunately, the loan principal was not able to be budgeted for due to: 11) the fact that the Agency has not yet sold the property; (2) a negative fund balance existed in the Debt Service Fund No. 2 as reported in the Comprehensive Audited Financial Report (CAFR); and (3) the State SERAF payment of $4.85 million was mandated to be paid by the Agency after the loan was approved and budgeted for in PA 2. If the Council and/or Agency desires to have the loans paid off early, staff is proposing the following actions to repay as much of the loan as possible which, if approved, would be incorporated into the mid -year budget report to be presented at the February 15, 2011 meeting: • As previously reported, have Project Area 1 repay the Supplemental Educational Revenue Augmentation Funds (SERAF) payment of $4,855,193 instead of Project Area 2 which would allow for the payment of $3,898,734 of principal through FY 2010/2011 on the $9,378,966 leaving an outstanding balance of $5,480,232 (Attachment 1) . The remaining balance of approximately $950,000 would go toward the repayment of the other $10 million in PA 2 loans; • By repaying the PA 2 loans on February 1, 2011 the Agency would save $690,000 in interest earnings that could be used for debt service principal repayment; • Use $412,000 in unused funds from the Washington St. Simon Drive Drainage Improvements to repay the other $10 million in PA 2 loans; •.11. U30 4 • Eliminate the Hwy 111 Dedicated Right Turn lane at Washington St, which may qualify for CVAG funding in the future and use the $260,000 in available funding to repay the other $10 million in PA 2 loans; • Eliminate the sidewalk and handicap funding of $35,000 and use the available funding to repay the other $10 million in PA 2 loans; and, • Transfer $7,653,000 from Debt Service No. 2 to the General Fund to repay the balance of the $10 million loan. As a result of these actions, $13,898,734 of the PA No. 2 outstanding loan of $19,378,966 could be repaid. on February 1, 2011 leaving a balance of $5,480,232 on the Financing Agreement pertaining to the 10 acres on Highway 111. Due to the Governor declaring a fiscal emergency on January 20, 2011, the State's lawmakers have 45 days or March 151 to address the states fiscal troubles. The Agency may want to defer immediate action to repay the loans into the future and allow the City Manager/Executive Director to execute the repayment if events, in his opinion, are warranted. FINDINGS AND ALTERNATIVES: The alternatives available to the Redevelopment Agency include: 1. Authorize the Executive Director to take the steps necessary to effectuate the early repayment of the loans between the City of La Quinta and the La Quinta Redevelopment Agency (RDA) Project Areas 1 and 2 if he determines it is in the best interest of the City to do so; or 2. Approve early repayment of loan agreements between the City of La Quinta and the La Quinta Redevelopment Agency (RDA) Project Areas 1 and 2 and direct the staff to incorporate the above recommendations into the February 15, 2011 mid -year budget report; or 3. Direct staff to continue to monitor the situation and report back to the Redevelopment Agency; or 4. Provide staff with alternative direction. 0D31 s Respectfully submitted, ( 4 l - 4sw� John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. December 4, 2007 Financing Agreement Analysis 0'32 0 12/42007 Fran gAgreement (Redu .) Annual Rate Beginnirg Pnn pet Ending Interest FY 20072008 2n0 Or 122007 9,378,966.00 9,378,966.00 7,00% 47,651.20 3rd Or 3/312008 9,378,986.00 9,378,966.00 7.00% 184,131.91 4th Or 8302008 9,378,968.00 9,378,96600 7.00% 164,131.91 4M Or 67302008 9,376,966.00 (488,20131) 8,B9Q784.69 375,915.01 FY 20082009 1st QV 92008 8,89Q764.69 8,880764.69 700% 155,588.38 2M Or 12200E 8,M.76469 8.M.764.69 7,00% 155,5B838 3M OV 3.312009 8,B9Q764.69 8,M.764.69 700% 155,588.38 4M Or 6730I2009 8,890,764.69 8,89Q76469 7.00% 155.588.38 4M Or 67302008 8,B9Q764.69 (852,633.27) 8,03813142 622,353,53 FY 20MOl0 lst Qt 92009 8,038,131,42 8,038,131,42 7.00% 140,667.30 2M Or 1Y2009 8,038,131.42 8,038,131.42 7.00% 140,%7,W 3M O8 3312010 8,038,131.42 8,038,131.42 7.00% 14Q687.30 4M Or 6I302010 8,038,131.42 8,038,131.42 7.00% 140,667.30 4M Or 8302010 B4O3Q131.42 (852,633.27) 7,185,4WA5 562,669.20 FY20102011 19QV 92010 7,185,498A5 7,185,4M.15 7.00% 125,74622 2nE Or 122010 7,185,498.15 7.laS.4N 15 7M% 125.748.22 3rd Or 3/312011 7,1B5,498.15 7,185498,15 700% 125.74622 4M Or 6302011 7,185,498.15 7,185,498,15 7,00% 125,746,22 4M Cl, 6=011 7,185,498.15 (852.633.27) 6,M2,86487 502,984,87 F Mll2012 1st Or 92011 6,332,864.87 6,332,854,87 700% 110,825.14 2ntl Or 122011 6,332,864.87 6,332,664.87 700% 110,825.14 3r4 Or 3/312012 6,332,86487 6,332,884.0 700% 110,825.14 4M Or 6302012 6,332,8 27 6,M2,864.87 7.W% 110,825.14 4M Or 6302012 6,332,664.87 (M2,633.27) 5,480,231.60 443,300.54 FY 20122013 1slOtr 92012 5,48Q23160 5.4 ,231.60 700% 95,904,05 2M Or 122012 5,480,23160 5,480,231.60 700% 95.904.05 3f0 Or 3312013 5,480,23160 5,480,23160 7.00% 95,904.06 4M Or MD2013 5,480,231.60 5,480,231.60 7.00% 95,90405 4M Or 6302013 5,480,231.60 (852,633,27) 4,627,598,33 383,616,21 FY 20132014 1st O8 W013 4,627,598.33 4,627,598.33 700% W,N2.97 2ntl Or /22013 4,627,598,M 4,627,598.33 7.00% 80.982.97 3M Or 37312014 4,627,5%.33 4,627,598.33 7.00% BQ982.97 4M Or MM014 4,627,598.33 4,627,598.33 7.00% BQ96297 4M Or 6302014 4,627,59833 (852.633.27) 3,774,955.05 323,93168 FY20142015 /st O9 W014 3,774,965.05 3,774.965,05 7.00% 66.061.89 2M Or 122014 3,774,96505 3.774,965,05 7.00% 6.M.69 3rd Or 3312015 3.774,96505 3.n4,985.05 7.00% 60W189 4M Otr 6l302015 3.774.965.05 3,n4,965.05 TOM 66,061.89 4M Or 6302015 3,774,965.05 (852,633.27) 2,9M,331,78 264,247.55 FY 201 W016 1a1Ot 92015 2,922,Ml78 2,922,331.78 7.00% 51,140.81 2M Or 122015 2,922,331.78 2,922,331.78 7.00% 51.140.81 3M Or 3/31QO16 2,922,331.78 2,922,331,78 I 7.00% 61,140.81 4M Oh 6=016 2,922,33178 2,922,M1.78 700% 51,140.81 4M OV 6r 2016 2,922,33178 (852.M 27) 2.069.698,51 204,56322 FY201WO17 1st Or 92016 ZM9,698.51 2,069,6M.51 700% 36219.72 2M OV 1=016 2069,690.51 2,069,698.51 7.00% 3Q219.72 3M Or 3312017 2,069,698.51 2,W969B.51 7.00% 3Q219.72 4M Or 6302017 2,069,696.51 2,069,698.51 7,00% 36,219.72 4th Or WAM017 2.069,698,51 (852,633.27) 1,217665.24 14g878.90 FY 20172018 tat OV 92017 1.217,065,24 1.217.065.24 700% 21,29864 2 or 122017 1,217.065,24 1,217,085.24 700% 21.20" 3rd O9 3312018 1,217,065.24 1,217,055.24 7.00% 21,2%8. 4M Or fl 018 121706524 1,217,055.24 7.00% 21298.64 4M O9 6l30I2018 1217,W5.24 (852,6M.27) 364,43196 85, 194.57 FY201820/9 VOW 92018 364,431.% 3 .431.96 7.W 6,377.M 2ntl Or 1212018 364,431.96 384.431.96 7.0 4,526.01 2M O8 12201E 36443196 (364,431.96) 000 10,90357 (9,378,966.00) 0A3 VA _ � ■ « ` ! ! [ r ! # ! ! , , a a ! P ! & \ ) 2 « ¥ ! FZ . . . ./ . . @ � f { { kk§) UM;t )k\){ )kk§) )k\§% ) § ® § K § m Department Report: � T ow La����o ti,�•�y, � � 9�5w �OFTY� TO: The Honorable Mayor and Members of the City Council FROM: Douglas R. Evans, Assistant Cit Manager — Development Services DATE: February 1, 2011 t� SUBJECT: Department Report Regarding an Update of the Five Year Implementation Plan for the La Quinta Redevelopment Agency Report will be provided at the Council Meeting on February 1, 2011. D'35