2011 03 01 HAV 5
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NOTICE AND CALL OF SPECIAL MEETING
OF THE LA QUINTA HOUSING AUTHORITY
TO THE MEMBERS OF THE HOUSING AUTHORITY OF THE CITY OF LA QUINTA
AND TO THE CITY CLERK:
NOTICE IS HEREBY GIVEN that a special meeting of the Housing Authority
of the City of La Quinta is hereby called to be held on March 1, 2011 at 4:00 p.m.,
at La Quinta City Hall, 78 -495 Calle Tampico, La Quinta, California to consider the
following:
APPROVAL TO ACCEPT THE TRANSFER OF LA QUINTA RENTAL
PROPERTY INVESTMENT INCOME FROM THE LA QUINTA
REDEVELOPMENT AGENCY
Dated: 62. • 24 • 2o[ I
V LHUNIUA
La Quinta L
)NTECINO, Secretary
g Authority
LINDA EVANS, C airperson
La Quinta Housing Authority
DECLARATION OF POSTING
I, Veronica J. Montecino, City Clerk of the City of La Quinta, do hereby declare
that the foregoing agenda for the Special La Quinta Housing Authority meeting of
March 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 1 1 1 on n- ;S • Ion
DATE
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Ver ontecino, City Cler
City of L9 Quinta, California
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La Quinta Housing Authority
March 1, 2011 OJ �I
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HOUSING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78 -495 Calle Tampico
La Quinta, California 92253
SPECIAL MEETING
TUESDAY, MARCH 1, 2011 — 4:00 P.M.
Beginning Resolution No. HA 2011- 003
CALL TO ORDE
Roll Call:
Board Members: Adolph, Franklin, Henderson, Sniff, and Chairperson Evans
PUBLIC COMMENT
At this time members of the public may address the Housing Authority 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 - NONE
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. ACCEPT THE TRANSFER OF LA QUINTA RENTAL PROPERTY INVESTMENT
INCOME FROM THE LA QUINTA REDEVELOPMENT AGENCY
BUSINESS SESSION — NONE
r. 0.)02
Housing Authority Agenda 1 March 1, 2011
BUSINESS SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
For all Public Hearings on the agenda, a completed "request to speak" form must be filed
with the City Clerk prior to consideration of that item.
ADJOURNMEN
The next regular meeting of the Housing Authority will be held on March 15, 2011
at 4:00 p.m. in the City Council Chambers, 78 -495 Calle Tampico, La Quinta, CA
92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Housing Authority meeting of March 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 1 1 1, on February 25, 2011.
DATED/February 25, 2011
VERONICAONTECINO, City Clerk
City of La Cfuinta, California
Public Notice
Any writings or documents provided to a majority of the Housing Authority 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.
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Housing Authority Agenda 2 March 1, 2011
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COUNCIL/RDA MEETING DATE: March 1 2011
ITEM TITLE: Accept the Transfer of La Quinta Rental
Property Investment Income from the La Quinta
Redevelopment Agency
RECOMMENDATION
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: J—
STUDY SESSION:
PUBLIC HEARING:
Accept the transfer of the La Quinta rental property investment income from the La
Quinta Redevelopment Agency.
FISCAL IMPLICATIONS
The current amount of rental property investment income that would be transferred
to the Housing Authority is $812,000.
CHARTER CITY IMPLICATIONS
None.
BACKGROUND AND OVERVIEW
Since the rental homes were originally purchased in 1995, the La Quinta Cove
Home Rental Program activity has historically been accounted for in the Project
Area (PA) Number 1 Low and Moderate Income. The rental income, consisting of
Section 8 rent subsidies and rental income from the tenants have been deposited
into a separate checking account. Operating and capital expenses related to these
Cove Homes are also paid for out of this account. Over the sixteen years since the
homes were originally purchased, homes have been sold and the sale proceeds,
along with excess cash generated from the checking account, have been
transferred into a separate rental property investment ledger account.
Beginning in Fiscal Year 2010 -2011, the checking account and the La Quinta Cove
Home budgeted revenues and expenses were transferred to the La Quinta Housing
Authority from the La Quinta Redevelopment Agency. Also, on February 15, 2011,
Agency Board authorized the transfer of the remaining 27 Cove Homes to the La
Quinta Housing Authority. Since all of the other assets related to the Cove Home
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Rental Program have been transferred to the La Quinta Housing Authority, staff is
requesting that this investment account also be transferred to the La Quinta
Housing Authority. The funds would be used solely for affordable housing
purposes.
FINDINGS AN ALTERNATIVES
The alternatives available to the La Quinta Housing Authority include:
1. Accept the transfer of the La Quinta rental property investment income from
the La Quinta Redevelopment Agency;
2. Do not accept the transfer of La Quinta Rental Property investment income
from the La Quinta Redevelopment Agency; or,
3. Provide staff with alternative direction.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
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