2011 05 03 RDA
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, MAY 3, 2011
3:30 P.M. Closed Session / 4:00 P.M. Open Session
Beginning Resolution No. RA 2011 -017
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. Persons identified as negotiating parties are not
invited into the Closed Session meeting when acquisition of real property is considered.
1. CONFERENCE WITH THE 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 CERTAIN REAL PROPERTIES
DESCRIBED AS FOLLOWS: APNs / PROPERTY OWNERS / NEGOTIATORS:
773 - 072 -005, 021 THROUGH 027 RICHARD AND PATRICIA VARGE AND
773 - 077 -013 DONALD AND JULIE PARKER
REDEVELOPMENT AGENCY AGENDA 1 MAY 3, 2011
RECESS TO CLOSED SESSION
RECONVENE AT 4:00 P.M.
4.00 P.M.
PUBLIC COMMENT
At this time members of the public may address the Redevelopment Agency on any matter
not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF APRIL 19, 2011
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. APPROVAL OF DEMAND REGISTER DATED MAY 3, 2011
2. APPROVAL OF THE RATIFICATION OF ACTIONS TAKEN TO REPAY THE
REDEVELOPMENT AGENCY LOANS
BUSINESS SESSION - NONE
STUDY SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on May 17,
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 MAY 3, 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 May 3,
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 04. 29 • 2-al1 .
DATED: 7� 2O1I
VERONICA J ONTECINO, 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 MAY 3, 2011
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RDA MEETING DATE: May 3, 2011
ITEM TITLE: Demand Register Dated
May 3, 2011
AGENDA CATEGORY:
BUSINESS SESSION
CONSENT CALENDAR
STUDY SESSION
PUBLIC HEARING
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
May 3, 2011 of which $243,350.28
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
c e � 4 4 Q 9mra, #
COUNCIL/RDA MEETING DATE: May 3, 2011
ITEM TITLE: Approval of the Ratification of Actions
Taken to Repay the Redevelopment Agency Loans
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: 7.
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION
As deemed appropriate by the Agency Board.
FISCAL IMPLICATIONS
The fiscal implications of the early repayment of the Redevelopment Agency loans
resulted in the following:
A future reservation of $4,875,000 of in the General Fund, based on the results of an
appraisal, for the purchase of 86.87 acres of land identified for private uses at
SilverRock. These funds will be deposited into the Redevelopment Agency Capital
Project Area No. 1 Fund, which may be appropriated for future projects.
CHARTER CITY IMPLICATIONS
None.
BACKGROUND AND OVERVIEW
On March 15, 2011, staff reported that the Project Area 1 loans had been paid off on
February 28, 2011 as follows:
RDA Debt Service Project Area No. 1 Loans
Staff repaid all outstanding PA No. 1 loans on February 28, 2011 using available funds
as follows:
Redevelop me nt Agency Project Area No. 1
Date
Amount
Balance Remaining
Description
February 1, 2011
February 28, 2011
$ 22,000,000.00
$ (22,000,000.00)
$ -
Paid from available resources
In addition to the loan repayment, on March 15, 2011 staff reported that it had also
established a Land Held for Resale at SilverRock Account in the General Fund to
account for the future purchase of 86.95 acres of land identified for private use at
SilverRock. The account had a current balance of zero, pending an appraisal which is
in the process of being completed.
Ratification Requested - $4,875,000 - The appraisal has been completed by Capital
Reality Analysts and they have determined that the purchase price that the General
Fund will pay to the Redevelopment Agency is $4,875,000 for 86.87 acres of land,
which is slightly less than the March 15, 2011 reported acreage. The General Fund
resources to purchase this property will come from available General Fund unallocated
reserves.
FINDINGS AND ALTERNATIVES
The alternatives available to the Redevelopment Agency include:
1. Approve the Ratification of Actions Taken to Repay the Redevelopment Agency
Loans; or
2. Do not approve the Ratification of Actions Taken to Repay the Redevelopment
Agency Loans; or
3. Provide staff with alternative direction.
Respectfully submitted,
� M T
John M. Falconer, Finance Director
Approved for sub mission by:
Thomas P. P. Genovese, Executive Director