Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
2011 09 20 RDA
Redevelopment Agency agendas are available on the City' web page @ www.la-quinta.org REDEVELOPMENT AGENCY AGENDA CITY COUNCIL CHAMBERS 78-495 Calls Tampico La Quints, California 92253 Regular Meeting TUESDAY, SEPTEMBER 20, 2011 4:00 P.M. Open Session Beginning Resolution No. RA 2011-032 CALL TO ORDER Roll Call: Agency Board Members: Adolph, Evans, Franklin, Sniff, Chairperson Henderson CLOSED SESSION — NONE 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 AUGUST 2, 2011 2. APPROVAL OF MINUTES OF AUGUST 23, 2011 REDEVELOPMENT AGENCY AGENDA 1 SEPTEMBER 20, 2011 J 1 CONSENT CALENDAR NOTE: Consent Calendar items are considered to be routine in nature and will be approved by one motion. 1. APPROVAL OF DEMAND REGISTERS DATED AUGUST 16, SEPTEMBER 6 AND SEPTEMBER 20, 2011 2. RECEIVE AND FILE TREASURER'S REPORTS DATED JUNE 30 AND JULY 31, 201 1 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED JUNE 30 AND JULY 31, 2011 4. ADOPTION OF A RESOLUTION APPROVING A REMITTANCE AGREEMENT BETWEEN THE CITY OF LA QUINTA AND THE LA QUINTA REDEVELOPMENT AGENCY, MAKING FINDINGS REGARDING ALTERNATIVE VOLUNTARY REDEVELOPMENT PROGRAM REMITTANCE PAYMENT, AND APPROPRIATION OF FUNDS BUSINESS SESSION 1. CONSIDERATION OF ADOPTION OF A RESOLUTION CONTAINING THE LA QUINTA REDEVELOPMENT AGENCY'S RECOGNIZED OBLIGATION PAYMENT SCHEDULE A. RESOLUTION ACTION 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 October 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. •'a REDEVELOPMENT AGENCY AGENDA 2 SEPTEMBER 20, 2011 ' 002 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 September 20, 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 September 16, 2011. i ;La eptember 16, 2011 J. ONTECINO, City Clerk Q inta, 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 SEPTEMBER 20, 2010 003 RDA MEETING DATE: August 16, 2011 ITEM TITLE: Approval of Demand Register Dated August 16, 2011 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated August 16, 2011 of which $61,364.13 represents Redevelopment Agency Expenditures. AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR I STUDY SESSION PUBLIC HEARING PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA ..4 006 RDA MEETING DATE: September 6, 2011 AGENDA CATEGORY: BUSINESS SESSION ITEM TITLE: Approval of Demand Register Dated CONSENT CALENDAR September 6, 2011 STUDY SESSION PUBLIC HEARING RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated September 6, 2011 of which $562,085.13 represents Redevelopment Agency Expenditures. PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA fe 007 RDA MEETING DATE: September 20, 2011 ITEM TITLE: Approval of Demand Register Dated September 20, 2011 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated September 20, 2011 of which $12,651,503.89 represents Redevelopment Agency Expenditures. AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR STUDY SESSION PUBLIC HEARING PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA 11: cep 4a�w v � OF AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: September 20, 2011 BUSINESS SESSION: ITEM TITLE: Receive and File Transmittal of Treasurer's CONSENT CALENDAR: Z Reports as of June 30, 2011 and July 31, 2011 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 009 ce-tw4lwQu«rw COUNCIL/RDA MEETING DATE: September 20, 2011 ITEM TITLE: Receive and File Transmittal of Revenue and Expenditure Report dated June 30, 2011 and July 31, 2011 RECOMMENDATION: Receive and File FISCAL IMPLICATIONS: None. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: _ CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Receive and File Transmittal of the June 30, 2011 and July 31, 2011 Statements of Revenue and Expenditures for the La Quinta Redevelopment Agency. Resp ctfjul/l�y subml�itted, i 1 �G�i� ohn M. Falconer, Finance Director �Approved for submission by: T omas P. Genovese,'Executive Director Attachments: 1. Revenue and Expenditures Report for June 30, 2011 2. Revenue and Expenditures Report for July 31, 2011 ,, ATTACHMENT 1 07/01/2010 - OW3012011 LA OUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA NO. 1: LOW/MODERATE TAX FUND: Taz Increment 8,802,408.00 8.798,117.71 4,290.29 99.950% APoceted Interest 46.800.00 40,423.38 6.376.62 86,370% Non Allocated Interest 000 1,670.94 (1,670.94) 0.000% Miscellaneous revenue 0.00 0.00 0.00 0.000% Non Allocated Interest 000 0.00 0.00 0.000% LORP-Rent Revenue 0.00 0.00 0,00 0.000% Home Sales Proceeds 243,222 00 243,222.04 (0.04) 100.000% Sale of Land 000 0.00 0.00 0.000% Sewer Subsidy Reimbursements 0.00 779.52 (779.52) 0.000% Rehabilita8on Loan Repayments 0.00 (2.16) 2.16 0.000% 2nd Trust Dead Repayment 0.00 30,350.00 (30,350.00) 0,000% Williams Note Payment 23,029.00 23.029,00 0.00 100.000% Transfer In 0.00 0.00 0.00 0.000% TOTAL LOW/MOD TAX 9,115,459.00 9.137,590.43 (22,13143) 100.240% DEBT SERVICE FUND: Tax increment 35,209,626.00 36,192,470.83 17.155.17 99.950% Allocated Interest 6,600.00 11.258,74 (4,658.74) 170.590% Non Allocated interest 0.00 1,543.37 (1,543.37) O.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 19,478,127.00 19,478,126.23 0.77 100.000% TOTAL DEBT SERVICE 54,694,353.00 54,683,399.17 10,953.83 99.980% CAPITAL IMPROVEMENT FUND Pooled Cash Allocated Interest 113,600.00 143,699.21 (30,099.21) 126.500% Non Allocated Interest 25,000.00 26,886.41 (1,886.41) 107.550% Developer Agreement Funding 250.000.00 305,454.69 (55,454.69) 122.180% Sale of Land Proceeds 4,875,000.00 4.875,000.00 0,00 100.000% Rental Income 0.00 0.00 0.00 0.000% Litigation Proceeds 0.00 000 0.00 0.000% Transfers In 0,00 106,830.90 (106,830.90) 0.000% TOTAL CAPITAL IMPROVEMENT 5,263.600.00 5.457,871.21 (194,271.21) 103.690% 2011 TAXABLE HOUSING BOND FUND: Pooled Cash Allocated Interest 0,00 0.00 0.00 0000% Non Allocated interest 12,065.00 12.06537 (0.37) 100.000% Bond Proceeds 28,850,000.00 28,850,000.00 0.00 100.000% Developer Agreement Funding 0,00 0.00 0.00 0.000% Sale of Land Proceeds 0.00 0.00 0.00 0.000% Rental Income 0.00 0.00 0.00 0000% Litigation Proceeds 0.00 0.00 0.00 0.000% Transfers In 0.00 0.00 0.00 0.000% TOTAL 2011 TAXABLE HOUSING BOND 28,862,065.00 28,862,065.37 (0.37) 100.000% .•6 1oil 2 LA QUINTA REDEVELOPMENT AGENCY EXPENDITURE SUMMARY PROJECTAREA NO.1: ADJUSTED ONDN11 REMAINING BUDGET EXPENDITURES ENCUMBERED BUDGET LOWIMODERATE TAX FUND: PERSONNEL OW 0.00 0.00 0W SERVICES 373,040.00 341,81229 0.00 31,22].]1 LQ RENTAL PROGRAM 0,00 0.00 0.00 0.00 2nd TRUST DEED PROGRAM 216,000.00 150O00.W OW 60000W HABITAT FOR HUMANITY 250,000.00 114,9W.W 0.W ]S WOW IN4D ACQUISITION 0.00 O.W OW 0.A LOW MOD HOUSING PROJECTS 0.00 8,854.59 0.00 (8,054.59) FORECLOSURE 51,824,00 4.859.10 000 46]64.90 REIMBURSEMENT TO GEN FUND 90,565.W W7.W800 000 (3.W) TRANSFERSOUT 0185277 W 6688696.21 0.00 1466578.77 TOTAL LOWIMOD TAX DEBT SERVICE FUND: SERVICES 406.6W.W 386,144.0] 0.W IW,455.13 BOND PRINCIPAL 3,333.M000 3,330,000 W 000 O W BOND INTEREST 6,941A350) 6.94T135.01 0.00 (001) INTEREST CITY ADVANCE 1.146.657W l,146,M,% 0.W 004 PASS THROUGH PAYMENTS '20.1W.059W 20,121,500. 17 OW 62,470.03 ERAF SHIFT 4,055.193.W 4,855,193.W 0.W OW TRANSFERS OUT 3%3136.W 39631357, 1 0.00 OW TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: PERSONNEL 0.03 OW 000 OW SERVICES 510.722A 3W 364 d] OW 114,337.53 LAND ACQUISITION OW OW OW 0.0) ASSESSMENT DISTRICT 0 W 0 W O.W O.W ADVERTISING -ECONOMIC DEV 000 0.0) OW 0.03 ECONOMIC DEVELOPMENT 5,821.00 5,42525 0,0) 395,75 BOND ISSUANCE COSTS 0.W 0.00 0.00 0.03 CAPITAL - BUILDING 0.00 0.00 OCO 000 REIMBURSEMENT TO GEN FUND 509,493.W S0.49300 000 000 TRANSFERSOUT 47850699.W 25,39]099.12 0.00 22480 799.68 TOTAL CAPITAL IMPROVEMENT 2011 TAXABLE HOUSING BOND SERVICES 0 W 0.00 0,00 0,00 BOND ISSUANCE COSTS 643,21/W 632,213.85 0.00 110W.15 TRANSFERS OUT 269430100 2fi9438100 000 0,00 TOTAL 2011 TAXABLE HOUSING BONG0,00 of 012 3 0710112010-0613012011 LA QUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED LOWIMODERATE TAX FUND: Taa Increment 4,800,480.00 4,837,259.02 (36.779.02) 100.770% Allocated Interest 51,700.00 143,642.83 (91,942.83) 277.840% Non Allocated Interest 2.500.00 0.00 2,500.00 0.000% Wash St Apte Interest Income 0.00 0.00 0.00 0.000% WSA Fed Gov! Assistance Pymts 0.00 0.00 0.00 0.000% WSA Fed Gov! Interest Rate Subsidy 0.00 0.00 0.00 0.000% Developer funding 0.00 0.00 0.00 0.000% Wash St Apts Rental Income 0.00 0.00 0.00 0.00D% Wash St Apls Other Revenues 0.00 0,00 0.00 0.000% 2nd Trust Deed Repayment 8,720.00 8,719.00 1.00 99.990% ERAF Shift - Interest 0.00 D00 0.00 0.000% Sale of Land 0.00 0.00 000 0.000% Transfer In 0.00 0.00 0.00 0.D00% TOTAL LOWIMOD TAX 4,863,400.00 4,989,620.85 (126,220.85) 102.600% 2004 LOWIMODERATE BOND FUND: Allocated interest 0.00 000 000 0.000% Home Sale Proceeds 0,00 0.w 0.00 1 0D00% Non Allocated Interest 8,700,00 6,429.64 2,270.36 73.900% Transfer In 0.00 0.00 0.00 0.0D0% TOTAL LOW/MOD BOND 8,700.00 6,429,64 2.270.35 73.900% DEBT SERVICE FUND: Tac Increment 19,201.924.00 19,349,036.16 (147,112.16) 100.770% Allocated Interest 49,6D0.00 47,886.20 1,713.80 96.540% Non Allocated Interest 0.00 0.00 0.00 0.000% Interest Advance Proceeds 0.00 0.00 0.00 0.000% Transfer In 6235134.00 6255653.58 (20519.58) 100.330% TOTAL DEBT SERVICE '25,466.658.00 25,652.575.94 (165.917.941 IDD.650% CAPITAL IMPROVEMENT FUND: Allocated Interest 10.000.00 11,278.50 (1,278.50) 112,790% Non Allocated Interest 5.000.00 6,985.76 (1,965.76) 139.720% Misc Revenue 0.00 0.00 0.00 0.D00% Sale of land 3,445,000,00 3,445,000.00 0.00 100.000% Transfers In 1,276,516,00 T276,516.00 0.00 100000% TOTAL CAPITAL IMPROVEMENT 4,736,516,00 4,739,780.26 (3,264.26) 100.070% 2011 TAXABLE NON -HOUSING BOND FUND: Pooled Cash Allowtatl Interest 0.00 0.00 0.00 0OD0% Non Allocated Interest 2.660.00 2,659.82 0.18 99.990% Bond proceeds 6,000,000.00 6,000.000.00 0.00 100000% Developer Agreement Funding 0,00 0,00 0.00 0.000% Sale of Land Proceeds 0,00 0.00 0.00 0.0D0% Rental Income 0,00 0.00 0.00 0.000% Litigation Proceeds 0,00 0.00 0,00 0.000% Transfers In 0.00 0.00 0.00 O.ODO% TOTAL 2011 TAXABLE NON -HOUSING BOND 6,002,660,00 6,002,659.82 0.18 100.000% 013 4 LA OUINTA REDEVELOPMENT AGENCY ADJUSTED ONOW11 REMAINING EXPENDITURESUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET PROJECT AREA NO.. 2: LOWMODERATE TAX FUND: PERSONNEL 0.00 000 000 052 SERVICES 0]0,16500 d39,]44.W 0W 30,]20.W WASH OTHER EXPENSES 000 0.00 0.OD DEEM UST DE 0.W 000 Cm 0.00 000 LOW MODH LOW 8,035.M 11,38OM 000 (5,31500) FORECLOSURE ACQUISITION FORECLOSURE ACQUIING SITION I50,000.00 000 0.00 d50,000.00 VISTA DUNES PARK 0.130 0.00 0.00 LAND ACOUISITI O.W 0,00 0.00 O,W 000 D WSA PRINIPROVIOAN LOAN OM 000 000 0.00 WSA 0,00 000 000 0.00 INTEREDALOVI WSA INTERESTIPROVIDAN LOAN 000 000 0.00 WSA LOAN 0,00 0.00 BURSE ENTOSDA REIMBURSEMENT TO GEN FUND 561,86500 4,00 8N 551,82500 0.00 600 8.00 TRANSFERS OUT 12]05086.00 0.00 9915025.83 TOTAL LOWMOD TAX 38]0839A3 2M1 LOWMODERATE BOND FUND HOUSING PROGRAMS 000 000 D.00 OOD 000 O.OD 000 000 TLAND TRANSFERS OUT RAN 343]]6500 125120]3 0.00 33130N.2] TOTAL LOWMOD BONG DEBT SERVICE FUND: SERVICES 27I,000O0 0.00 72 58,44000 BOND PRINCIPAL 325,000.00 325.00000 0.00 0.12 BOND INTEREST 293,000.00 293,2]150 0,00 0.12 ADVANCE INTEREST CITYPASS OM531,W 1,9%401.00 1094,530.53 000 OA] PASS THROUGH PAYMENTS 15,999,100.00 16,29],2200 000 (29],010 ERAF SHIFT 0.00 .00 000000 0 .00 TRANSFERSOUT 195199300 1951993.32 000 (052) TOTAL DEBT SERVICE �938,2MN '20'f7r;3)35 CAPITAL IMPROVEMENT FUND: PERSONNEL 0.00 000 0.00 000 SERVICES 172,150.W 1WJ9049 000 21,35951 CAPITAL 000 000 000 000 FCONOMIC DEVELOPMENT ACTNIT 2.3W.000.00 22N.9B9.78 000 0.22 2011 RDA 2 TAXABLE BOND FUND: ECONOMIC DEVELOPMENT 1.500,000.00 000 0.00 1500,00000 BOND ISSUANCE COSTS 200,20700 19d,ID8]0 0GO 11,500.30 TRANSFERS OUT 1$9701600 1" 51600 0.00 2050000 TOTAL RDA W. 2 TAXABLE BOND 014 A LA OUINTA REDEVELOPMENT AGENCY REVENUE SUMMARY ATTACHMENT 2 07101/2011 - 07131/2011 ADJUSTED REMAINING % BUDGET RECEIVED BUDGET RECEIVED LOYOMODERATE TAX FUND: Tax Increment Allocated Interest Non Allocated Interest Miscellaneous revenue Non Allocated Interest Home Sales Proceeds Sale of Land Sevrer Subsidy Reimbursements Rehabilitation Loan Repayments 2nd Trust Deed Repayment Williams Note Payment Transfer In TOTAL LOVIUMOO TAX DEBT SERVICE FUND: Tax Increment Allocated Interest Non Allocated Interest Interest - County Loan Interest Advance Proceeds Transfers In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND Pooled Cash Allocated Interest Non Allocated Interest Developer Agreement Funding Sale of Land Proceeds Rental Income Litigation Proceeds Transfers In TOTAL CAPITAL IMPROVEMENT 2011 TAXABLE HOUSING BOND FUND: Pooled Cash Allocated Interest Non Allocated Imerest Developer Agreement Funding Sale of Land Proceeds Rental Income Litigation Proceeds Transfers In TOTAL 2011 TAXABLE HOUSING BOND 8,802.400.00 0.00 8,802.400.00 0.000% 44.600.00 (11,098.49) 55,698.49 -24.880% 0.00 94.96 (94.96) 0.000% 0.00 0.00 0.00 0.099% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0,000% 0.00 000 0.00 0.000% 0.00 0.00 0.00 0,000% 0.00 0.00 000 0.000% 0.00 0.00 0.00 0.000% 8,847.000.00 (11,00353) 8,858,003.53 .-0.120% 35.209,600.00 0.00 35.209.600.00 0.000% 3.000.00 (3,947.16) 6.947.16 -131.570% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 5,486.445.00 0.00 5486445.00 0.000% 40,699,045.00 (3,947.16) 40.702.992.16 .0.010% 25.70000 (39.723.14) 65,423,14 -154.560% 18,800.00 0.00 18,800.00 0,000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 5,000,000.00 0.00 5.000.000.00 0.000% 5,044,500.00 (39,723.14) 6,054.223.14 .0.790% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0.000% 0.00 0.00 0.00 0,000% 015 LA GUINTA REDEVELOPMENT AGENCY EXPENDITURE SUMMARY PROJECT AREA NO 1: ADJUSTED 07131/11 REMAINING BUDGET EXPENDITURES ENCUMBERED BUDGET LOWNAODERATE TAX FUND: SERVICES 536,575.00 - 0.00 0.00 636,575.00 2nd TRUST DEED PROGRAM 520,00000 000 0.00 520,000.00 HABITAT FOR HUMANITY 295080.00 0,00 0.00 295,W0.00 LAND ACQUISITION 0.00 0,00 0.00 0,00 LOW MOD HOUSING PROJECTS 0,00 0.00 0.00 0.00 FORECLOSURE 800p00.00 0.00 0.00 800,000.00 REIMBURSEMENT TO GEN FUND 791, 561.00 65,9 Co 0.00 725,597.00 TRANSFERS OUT 9,622,245,00 2889550 0.00 9,593349.50 TOTAL LOWIMOD TAX DEBT SERVICE FUND: SERVICES 411,600,00 0.00 0.00 411,600,00 BOND PRINCIPAL 3,540 W0.00 0.00 0,00 3,540,000.00 BONDINTEREST 6,724,310.W 0.00 0.00 6,724,310.00 PASS THROUGH PAYMENTS 20.211, 350.00 412,909.25 0,00 19,798,440.75 ERAF SHIFT 0.00 0.00 000 0.00 TRANSFERS OUT 10,011,098.00 0.00 000 10,011,09800 _ TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: 2011 TAXABLE HOUSING BOND SERVICES REIMBURSEMENT TO GEN FUND 0.00 0.00 SERVICES 0.00 5,553.22 0.00 15, 553.22) TRANSFERS OUT 0.00 0,00 0,00 0.00 TOTAL 2011 TAXABLE HOUSING BOND .. Is 016 07/01/2011 - 0713112011 LA QUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEVED PROJECT AREA NO. 2: LOWIMODERATE TAX FUND: Tax Increment 4,800.480.00 0.00 4.800.480.00 0.000% Allocated Interest 60,800.00 (40,572.28) 101.372.28 -66.730% Non Allocated Interest 0.00 0.00 0.00 0.000% Developer funding 0.00 0.00 0.00 0.000% 2nd Trust Deed Repayment 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 4,861,280.00 (40,572.28) 4,901,85228 -0.830% 2004 LOWIMODERATE 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 4.815,00 000 4.815.00 0.000% Transfer In 0.00 0.00 0.00 0.000% TOTAL LOW/MOD BOND 4,815.00 0.00 4,815.00 0.000% DEBT SERVICE FUND: Tax Increment 19,201.924,00 000 19,201,924.00 0000% Allocated Interest 200,00 (15,100,60) 15,300.60 -7550,300% Non Allocated Interest 0.00 0.00 000 0000% Interest Advance Proceeds 0.00 0.00 0.00 0.000% Transfer In 2,40,152.00 0.00 2,468,15200 0.000% TOTAL DEBT SERVICE 21,670,276.00 (16,100.60) 21,665,376.60 -0.070% CAPITAL IMPROVEMENT FUND: Allocated Interest 0.00 (3,485.75) 3.485.75 0.000% Non Allocated Interest 0.00 0.00 0.00 0.000% Mist Revenue 0.00 0.00 0.00 0.000% Sale of land 0.00 0.01) 0.00 0.000% Transfers In 1,650,000.00 0.00 1,650,D00.00 0.000% TOTAL CAPITAL IMPROVEMENT 1,650,000.00 (3,485.75) 1,653,485.75 -0.210% 2011 TAXABLE NON -HOUSING BOND FUND: Pooled Cash Allocated Interest 000 0.00 0.00 0.000% Non Allocated Interest 0.00 0.00 0,00 0,000% Developer Agreement Funding 0.00 0.00 0.00 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 0000% Transfers In 0,00 0.00 0.00 0.000% TOTAL 2011 TAXABLE NON -HOUSING BOND 0,00 0.00 0.00 0.000% 017 0 LA OUINTA REDEVELOPMENT AGENCY EXPENDITURE SUMMARY PROJECT AREA NO 2- ADJUSTED 07/31/11 REMAINING BUDGET EXPENDITURES ENCUMBERED BUDGET LOWIMODERATE TAX FUND: 2004 SERVICES 33g470.00 0.00 0.00 330,470.00 2ND TRUST DEEDS 0.00 0,00 O.W 0,00 LOW MOD HOUSING PROJECTS 3,W0.00 0.00 0.00 3,000.00 FORECLOSURE ACQUISITION 450,000.W 0.W 000 459000,W REIMBURSEMENT TO GEN FUND 448,49000 37, 374.W 000 411,116.W TRANSFERS OUT 14,549,412,00 27, 1W 25 0.00 14,522,225,75 TOTAL LOWIMOD TAX HOUSING PROGRAMS 0,00 0.00 0.00 O.W LAND am O.W 0.00 0.00 TRANSFERS OUT 3307.155W (2666.19) OW 330982119 TOTAL LOW/MOD BOND �'SL7,155,00026b�{g�'@i �S19f-{STT� DEBT SERVICE FUND: SERVICES 255,10000 0.00 0.W 255,100,00 BOND PRINCIPAL 380,000.00 0.00 0,00 380, 0W.00 BONDINTEREST 633,843.W 0.00 0.00 633,543.00 PASS THROUGH PAYMENTS 16,137,298.W 0.00 O.W 16,137,298.00 ERAF SHIFT 0.00 0.00 O.W 0.00 TRANSFERS OUT 4,11815200 O.W 0.00 4,118152.W TOTAL DEBT SERVICE CAPITAL IMPROVEMENT FUND: 2011 RDA 2 TAXABLE BOND FUND: SERVICES 99,845.W 0.00 0,00 99,845.00 CAPITAL 0,00 O.W 0,00 O.W REIMBURSEMENT TO GEN FUND 117,587.00 9,799.00 0,00 107.788.W TRANSFERS OUT 1,654, 541.00 27186.25 0.00 1,827354.75 TOTAL CAPITAL IMPROVEMENT9775 SERVICES 0.00 5,366,31 O.W (5,366.31I ECONOMIC DEVELOPMENT 1,500,WO.DO O.W 0.W 1,500'"00 TRANSFERS OUT 20,500.W 0.00 0.00 20,500.00 TOTAL RDA NO. 2 TAXABLE BOND I °44c2umro MEMORANDUM TO: Honorable Chair and Members of the Redevelopment Agency FROM: Thomas P. Genovese, Executive Directo -# DATE: September 15, 2011 I I SUBJECT: Agenda Item No. C4 - September 20, 2011 Meeting Adoption of a Resolution Approving a Remittance Agreement between the City of La Quinta and the La Quinta Redevelopment Agency Making Findings Regarding Alternative Voluntary Redevelopment Program Remittance Payment, and Appropriation of Funds Staff is currently completing Exhibit "A" to the Remittance Agreement (Attachment 1 to report referenced above). This Exhibit, along with amended reference pages to the Agreement, will be provided to the Board on Monday, September 19, 2011. Should you have any questions, please feel free to contact me. Thank you. 019 COUNCIL/RDA MEETING DATE: September 20, 201 1 ITEM TITLE: Adoption of a Resolution Approving a Remittance Agreement between the City of La Quinta and the La Quinta Redevelopment Agency Making Findings Regarding Alternative Voluntary Redevelopment Program Remittance Payment, and Appropriation of Funds RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION:_L CONSENT CALENDAR: If STUDY SESSION: PUBLIC HEARING: (1) Adopt a Resolution of the Redevelopment Agency approving a Remittance Agreement between the City of La Quinta and the La Quinta Redevelopment Agency, and making findings regarding Alternative Voluntary Redevelopment Program Remittance Payment, and (2) Appropriate funds for the funding of the Remittance Agreement as follows: $8,802,400 from Low/Moderate Housing PA 1 (FY11/12 Tax Increment); $4,800,480 from Low/Moderate Housing PA 2 (FY/12 Tax Increment); and $4,712,593 from Project Area No. 1, Capital Projects unallocated reserves, Capital Improvement Program Account Nos. 1773 (SilverRock Golf Course No. 2) and 1774 (SilverRock Clubhouse); or (3) Do not adopt the resolution or appropriate funds; or (4) Provide staff with alternative direction. FISCAL IMPLICATIONS: Please see the City Council staff report for the fiscal implications of this action. BACKGROUND AND OVERVIEW: Please see the City Council staff report regarding the background and overview of this item. 17120 FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: 1. Adopt a Resolution of the Redevelopment Agency approving a Remittance Agreement between the City of La Quinta and the La Quinta Redevelopment Agency, and making findings regarding Alternative Voluntary Redevelopment Program Remittance Payment, and Appropriate funds for the funding of the Remittance Agreement as follows: $8,802,400 from Low/Moderate Housing PA 1 (FY11/12 Tax Increment); $4,800,480 from Low/Moderate Housing PA 2 (FY/12 Tax Increment); and $4,712,593 from Project Area No. 1, Capital Projects, Capital Improvement Program Account Nos. 1773 (SilverRock Golf Course No. 2) and 1774 (SilverRock Clubhouse); or 2. Do not adopt a Resolution approving a Remittance Agreement between the City of La Quinta and the La Quinta Redevelopment Agency making findings regarding Alternative Voluntary Redevelopment Program Remittance Payment, and appropriation of funds; or 3. Provide staff with alternative direction. Respectfully submitted, Debbie Powell Economic Development/Housing Manager Approved for submission by: Thomas P. Genovese Executive Director Attachments: 1 . Remittance Agreement .s 021 RESOLUTION NO. RA 2011 - A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY APPROVING A REMITTANCE AGREEMENT BETWEEN THE CITY OF LA QUINTA AND THE AGENCY WHEREAS, the City Council of the City of La Quinta ("City Council" or "City," as applicable) approved and adopted (i) the Redevelopment Plan for La Quinta Project Area No. 1 ("Project Area No. 1 " or "Project Area No. 1 Redevelopment Plan," as applicable) on November 29, 1983, by Ordinance No. 43, as amended on December 20, 1994, by Ordinance No. 258, on August 19, 2003, by Ordinance No. 388, and on March 16, 2004, by Ordinance No. 402; and (ii) the Redevelopment Plan for La Quinta Redevelopment Project Area No. 2 ("Project Area No. 2" or "Project Area No. 2 Redevelopment Plan," as applicable) on May 16, 1989, by Ordinance No. 139, as amended on December 20, 1994, by Ordinance No. 259, on February 3, 2004, by Ordinance No. 399, on March 16, 2004, by Ordinance No. 403, and on March 16, 2004, by Ordinance No. 404; and WHEREAS, the La Quinta Redevelopment Agency ("Agency") is engaged in activities to execute and implement the Project Area No. 1 Redevelopment Plan and the Project Area No. 2 Redevelopment Plan (collectively, the "Redevelopment Plans") pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code § 33000, et seq.) ("CRL"); and WHEREAS, as part of the 2011-12 State budget bill, the California Legislature enacted and the Governor signed, companion bills AB x1 26 (the "Dissolution Act") and AB x1 27 (the "Continuation Act"), requiring that each redevelopment agency be dissolved unless the community that created it enacts an ordinance electing to participate in an "Alternate Voluntary Redevelopment Program" and committing the community to make certain annual remittance payments to the county auditor - controller; and WHEREAS, on August 2, 2011, under the threat of dissolution pursuant to the Dissolution Act, the City Council adopted Ordinance No. 491, pursuant to which it agreed, subject to certain contingencies and reservations set forth therein, to make the Fiscal Year 2011-2012 annual remittance payment, as well as the subsequent annual remittance payments as set forth in the CRL; and WHEREAS, the Continuation Act allows the City to enter into a remittance agreement with the Agency, whereby the Agency transfers annual portions of its tax increment to the City in amounts not to exceed the City's annual remittance payment amount to enable the City to make its annual remittance payments, and further 022 Resolution No. Approval of Remittance Agreement Adopted: September 20, 2011 Page 2 provides the Agency with an exemption from making the full Fiscal Year 2011-2012 allocations to the Agency's low- and moderate -income housing fund (the "Housing Fund"), as required by Health and Safety Code Sections 33334.2, 33334.4, and 33334.6 (the "Housing Fund Allocations"), if the Agency makes the finding that there are insufficient other moneys available to meet the Agency's debt and other obligations, current priority program needs, or its obligations under the remittance agreement (collectively, the "Agency's Total Obligations"); and WHEREAS, based on the facts set forth in the City's parallel staff report, the other moneys available to the Agency are insufficient to fully fund the Agency's Total Obligations; and WHEREAS, Agency Counsel has prepared a remittance agreement (the "Agreement"), which provides, among other things, for the transfer of the 201 1 /2012 Housing Fund Allocations to the City to be applied towards the City's 201 1 /2012 remittance payment; and WHEREAS, an action challenging the constitutionality of the Dissolution Act and Continuation Act has been filed in the California Supreme Court by the California Redevelopment Association, the League of California Cities, and two individual cities; and WHEREAS, on August 11th, 2011, the Court (i) issued an order indicating that it would exercise jurisdiction over the lawsuit, (ii) set an expedited briefing schedule to allow it to decide the case before the first annual remittance payment is due in January 2012, and (iii) stayed the effectiveness of all of the Continuation Act, and portions of the Dissolution Act; and WHEREAS, the Agency's approval of the Agreement is without prejudice to the City's right to challenge the constitutionality and legality of the Dissolution Act and/or the Continuation Act; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment Agency, as follows: Section 1. Recitals. The Recitals set forth above are true and correct and incorporated herein by reference. 11 023 Resolution No. Approval of Remittance Agreement Adopted: September 20, 2011 Page 3 Ser_tion 2. in the City's parallel staff report, all of Agency hereby finds that there are ii Agency to fully fund the Agency's Total Section 3. Approval of Agreement. file with the Agency Secretary, is hereby effectiveness thereof is conditioned on the the Continuation Act. Funds. Based on the facts set forth i are on file with the City Clerk, the ;lent other moneys available to the ligations. The Agreement, a copy of which is on approved; provided, however, that the Court upholding the Dissolution Act and Section 4. Effect of Final Court Decision. The Agreement shall automatically terminate in the event there Iis a final determination by any court of competent jurisdiction that the Dissolution Act and/or the Continuation Act are unconstitutional and therefore invalid, and' all appeals therefrom are exhausted or unsuccessful, or time for filing an appeal therefrom has lapsed. Section 5. Implementation. The directs the Executive Director to take necessary to implement this Resolutio Agreement. Section 6. CEQA. The Agenc Code of Regulations, Section 1 5378( requirements of the California Environi a "project," but instead consists of mechanism for existing projects and pi been conducted, and does not commit Section 7. Severability. If application thereof to any person or shall not affect other provisions or given effect without the invalid pr( provisions of this Resolution are sever it would have adopted this Resolution portion thereof. y BC b)(4) the any appl Agency Board hereby authorizes and y action and execute any documents , including, but not limited to, the ird finds, under Title 14 of the California that this Resolution is exempt from the al Quality Act ("CEQA") in that it is not .ontinuation of a governmental funding ms for which CEQA analysis has already s to any specific project or program. provision of this Resolution or the imstance is held invalid, such invalidity ations of this Resolution which can be n or application, and to this end the The Agency Board hereby declares that pective of the invalidity of any particular t 024 Resolution No. Approval of Remittance Agreement Adopted: September 20, 2011 Page 4 PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held this 20" day of September, 2011, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: Terry Henderson, Chair La Quinta Redevelopment Agency ATTEST: VERONICA MONTECINO, CMC, Agency Secretary La Quinta Redevelopment Agency APROVED AS TO FORM: M. KATHERINE JENSON, Agency Counsel La Quinta Redevelopment Agency 1125 ATTACHMENT REMITTANCE AGREEMENT (CALIFORNIA HEALTH AND SAFETY CODE SECTION 34194.2) This REMITTANCE AGREEMENT ("Agreement") is entered into this day of September, 2011, by and between the CITY OF LA QUINTA, a California municipal corporation and charter city (the "City"), and the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic (the "Agency"). The City and the Agency (individually, a "Party," and collectively, the "Parties") enter into this Agreement with reference to the following: RECITALS A. On or about November 29, 1983, the City Council of the City (the "City Council") approved and adopted the Redevelopment Plan for the La Quinta Redevelopment Project (the "Project Area No. 1 Redevelopment Plan"), covering certain properties located within the City and defined in the Project Area No. 1 Redevelopment Plan as the "La Quinta Redevelopment Project" ("Project Area No. 1 "). The Project Area No. 1 Redevelopment Plan was subsequently amended on or about December 20, 1994, and on or about March 16, 2004. B. On or about May 16, 1989, the City Council approved and adopted the Redevelopment Plan for the La Quinta Redevelopment Project Area No. 2 (the "Project Area No. 2 Redevelopment Plan"), covering certain properties located within the City and defined in the Project Area No. 2 Redevelopment Plan as the "La Quinta Redevelopment Project Area No. 2" ("Project Area No. 2") The Project Area No. 2 Redevelopment Plan was subsequently amended on or about December 20, 1994, on or about February 3, 2004, and on or about March 16, 2004. C. The Project Area No. 1 Redevelopment Plan and the Project Area No. 2 Redevelopment Plan are hereinafter collectively referred to as the "Redevelopment Plans," and Project Area No. 1 and Project Area No. 2 are collectively referred to hereinafter as the "Project Areas". D. The Agency has been and is engaged in activities to execute and implement the Redevelopment Plans pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) ("CRL"). E. Since adoption of the Redevelopment Plans, the Agency has undertaken redevelopment projects in the Project Areas to eliminate blight, to improve public facilities and infrastructure, to renovate and construct affordable housing, and to enter into partnerships with private parties to create jobs and expand the local economy. 026 882/015610-0040 2258772.1 a09/15/11 F. Over the life of the Project Areas, the Agency hopes to implement a variety of redevelopment projects and programs to continue to eliminate and prevent blight, stimulate and expand the Project Areas' economic growth, create and develop local job opportunities and alleviate deficiencies in public infrastructure, and increase, improve, and preserve the City's supply of low and moderate income housing. G. As part of the 2011-12 State budget bill, the California Legislature enacted and the Governor signed, from the 2011-12 First Extraordinary Session, Assembly Bills 26 and 27 ("AB x1 26" and "AB x1 27"), requiring that each redevelopment agency be dissolved unless the community that created it enacts an ordinance committing it to make certain payments. H. Specifically, AB x1 26 prohibits redevelopment agencies from taking numerous actions, effective immediately and purportedly retroactively, and additionally provides that redevelopment agencies are deemed to be dissolved as of October 1, 2011. I. AB x1 27 provides that a community may participate in an "Alternative Voluntary Redevelopment Program," in order to enable a redevelopment agency within that community to remain in existence and carry out the provisions of the CRL, by enacting an ordinance agreeing to comply with Part 1.9 of Division 24 of the Health and Safety Code ("Part 1.9"). J. The Alternative Voluntary Redevelopment Program requires that the City agree by ordinance to remit specified annual amounts to the Riverside County Auditor -Controller ("County Auditor"). K. On August 2, 2011, City adopted Ordinance No. 491 ("Ordinance"), thereby agreeing to participate in the Alternative Voluntary Redevelopment Program and to remit specified annual amounts in accordance therewith. L. Pursuant to Health and Safety Code Section 34194.1, in making remittances to the County Auditor pursuant to Health and Safety Code Sections 34194 or 34194.5, the City may use any available funds not otherwise obligated for other uses. M. Pursuant to Health and Safety Code Section 34194.2 ("Section 34194.2"), the City may enter into an agreement with the Agency, whereby the Agency will transfer a portion of its tax increment to the City, in an amount not to exceed the annual remittance required that year pursuant to Chapter 3 of Part 1.9, for the purpose of financing activities within the redevelopment area that are related to accomplishing the Agency's project goals. 882/015610-0040 2258772.1 a09/15/11 027 N. The purpose of this Agreement is to provide for the transfer of funds by the Agency to the City pursuant to the authorization in Section 34194.2, with said transfer of funds to be in an amount not to exceed the annual amount that is sufficient for the City to make the remittances required by Chapter 3 of Part 1.9 for the applicable fiscal year. O. Pursuant to Health and Safety Code Section 34194.3, for Fiscal Year 2011-12, the Agency, by complying with the provisions of Part 1.9, shall be exempt from making the full allocation required to be made to the Agency's Low and Moderate Income Housing Fund pursuant to Health and Safety Code Sections 33334.2, 33334.4 and 33334.6 (collectively, the "Housing Fund Allocation") upon the Agency making the finding that there are insufficient other moneys available to meet its debt and other obligations, current priority program needs, or its obligations under Section 34194.2. In accordance with Section 34194.3, the Agency hereby finds and determines that the Agency's Housing Fund Allocation for Fiscal Year 2011-12 (the "FY 2011-12 Housing Fund Allocation") cannot occur because the Agency has insufficient other moneys available to meet its debt and other obligations, current priority program needs, and its remittance payment obligations under Section 34194.2. The Agency makes these findings and determinations based on evidence that is on file with the Agency Secretary and has been presented to the Agency Board of Directors at the time of the meeting approving this Agreement, which include spreadsheets and other documentation setting forth the available fund balances of the Debt Service Fund, Capital Project Fund, and Housing Fund for each of the Project Areas. P. The obligations of the Agency under this Agreement shall constitute an indebtedness of the Agency for the purpose of carrying out the Redevelopment Plans for the Project Areas. Q. City understands and believes that an action or actions challenging the validity of AB x1 26 and AB x1 27 has or have been, or may be filed on behalf of cities, counties and redevelopment agencies. While the City intends to make the remittances as provided for in AB x1 27 and pursuant to this Agreement, the remittances shall be made under protest and without prejudice to the City's right to recover such amounts and interest thereon, to the extent there is a final determination by a court of competent jurisdiction that AB x1 26 or AB x1 27, or both, are unconstitutional or otherwise unlawful. The City reserves the right, regardless of any remittance made pursuant to this Agreement, to challenge the legality of AB x1 26 or AB x1 27, or both. R. To the extent a court of competent jurisdiction enjoins, restrains, or grants a stay on the effectiveness of the Alternative Voluntary Redevelopment Program, the City shall not be obligated to make any community remittance for the duration of such injunction, restraint, or stay. Moreover, to the extent that a court of competent jurisdiction determines that either AB x1 26 or AB x1 27, or both, are Q28 882/015610-0040 2258772.1 a09/15/11 _3_ unconstitutional and therefore invalid, and all appeals therefrom are exhausted or unsuccessful, or time for filing an appeal therefrom has lapsed, this Agreement shall be deemed null and void and of no further force and effect. AGREEMENT NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference and are an integral part of this Agreement, the Parties mutually agree as follows: 1. Agency Obligation to Transfer Funds to City• Determination of Remittance Payment Amounts. The Agency shall transfer to the City in a timely manner, from "Available Agency Funds" (as that term is defined below), amounts sufficient for the City to make the remittance payments required by Part 1.9. The amounts of the remittance payments for each fiscal year shall be determined pursuant to Part 1.9, including Health and Safety Code Section 34194 ("Section 34194"). In the event that the City disputes the State Director of Finance's determination of the City's remittance payment amount for Fiscal Year 201 1-12, as determined pursuant to Section 34194, the City reserves the right to appeal to the State Director of Finance pursuant to Section 34194. The City's remittance payment amount for Fiscal Year 2011-12 shall be the final remittance payment amount determined after any applicable appeal to the State Director of Finance, and each remittance payment amount for fiscal years after Fiscal Year 201 1-12 shall be based upon the final remittance payment amount for Fiscal Year 2011-12, as determined after any applicable appeal to the State Director of Finance, as adjusted pursuant to Section 34194. As used in this Agreement, the term "Available Agency Funds" shall mean, (a) for the remittance payment for Fiscal Year 201 1-2012, the sum of (i) all funds received and held by the Agency not otherwise restricted or obligated for other uses, including without limitation, for specific projects or programs, and (ii) the funds that would have comprised the FY 2011-12 Housing Fund Allocation should the Agency have been required to make the Housing Fund Allocation for Fiscal Year 201 1-2012; and (b) for the remittance payment for each fiscal year following Fiscal Year 201 1-2012, all funds received and held by the Agency not otherwise restricted or obligated for other uses, including without limitation, for specific projects or programs. 2. City Obligation to Transfer Remittance Payment Amounts to County Auditor• Limited Obligation of City• No Commitment of Funds from City General Fund. Subject to the receipt of sufficient Available Agency Funds from the Agency, the City shall, pursuant to Part 1.9, timely remit to the County Auditor the remittance payment amounts as determined pursuant to this Agreement. The City's obligation to make such remittances shall be a special limited obligation of the City payable solely from payments received from the Agency pursuant to this Agreement. Nothing contained in this Agreement shall be deemed to be or is a pledge or commitment of the City's general fund revenues or other City assets to 06 029 882/015610-0040 _ 2258772.1 a09/15111 _4 make the remittance payments as provided for in Part 1.9, and any remittance payments shall be made solely from payments received from the Agency pursuant to this Agreement. 3. Termination of Agreement and All City -Agency Agreements Upon Termination of City's Participation in Alternative Voluntary Redevelopment Program; Self -Executing. In the event that the City does not make a remittance as required by Part 1.9 and the State Director of Finance makes the determination described in Health and Safety Code Section 34194(d)(2) or 34194.5 that the Agency shall be subject to Parts 1.8 and 1.85 of Division 24 of the Health and Safety Code, this Agreement and all City -Agency Cooperation Agreements shall be terminated, and of no further force and effect, without the need for any further action by the City Council, Agency Board of Directors, or any City or Agency officer, official, employee, agent, or representative. For purposes of this Agreement, "City -Agency Cooperation Agreements" shall mean any and all agreements, whether written or oral or by arrangement or general practice, by and between the City and Agency, which are not defined as "enforceable obligations" pursuant to Health and Safety Code Sections 34167 or 34170.5 (as may be amended from time to time) and which obligate the Agency to pay the City any amount of money or other consideration, including but not limited to City -Agency loan agreements that are not otherwise "enforceable obligations" (as defined above). It is the intent of the City and Agency by agreeing to the terms and conditions of this Section 4 that, upon the termination of the City's and Agency's participation in the Alternative Voluntary Redevelopment Program, neither the City nor the Agency shall owe any payments to the other Party, and that no payments from the Agency to the City pursuant to any City -Agency Cooperation Agreement shall be assigned to the State as contemplated by Health and Safety Code Sections 34193.2(b) and 34195(b). 4. Reservation of Rights• Payments Under Protest• Termination of Agreement If AB x1 26 and/or AB x1 27 Ruled Unlawful; Self -Executing. The City and Agency reserve any and all rights to challenge the legality of AB x1 26 and AB x1 27, and the City and Agency reserve any and all rights to benefit from any other legal challenge that determines AB x1 26 or AB x1 27, or both, are unlawful. All remittance payments made by the City pursuant to this Agreement shall be made under protest and without prejudice to the City's right to recover such amounts and interest thereon unless and until there is a final determination by a court of competent jurisdiction that AB x1 26 and AB x1 27 are constitutional and the remittance payments required therein are legally enforceable payment obligations of the City. For any action or actions challenging the validity of AB x1 26 or AB x1 27, or both, in the event that a court of competent jurisdiction enjoins, restrains, or grants a stay on the effectiveness of the Alternative Voluntary Redevelopment Program, the City shall not be obligated to make any community remittance for the duration of such injunction, restraint, or stay, unless and until there is a final 882/015610-0040 2258772.1 a09/15/11 determination by a court of competent jurisdiction that AB x1 26 and AB x1 27 are constitutional and the remittance payments required therein are legally enforceable payment obligations of the City. For any action or actions challenging the validity of AB x1 26 or AB x1 27, or both, in the event that a court of competent jurisdiction determines that either AB x1 26 or AB x1 27, or both, are unconstitutional or otherwise legally invalid, and all appeals therefrom are exhausted or unsuccessful, or time for filing an appeal therefrom has lapsed, this Agreement shall be terminated, and of no further force and effect, without the need for any further action by the City Council, Agency Board of Directors, or any City or Agency officer, official, employee, agent, or representative. 5. Indebtedness of Agency Prior to October 1, 2011. The Agency's funding obligations in this Agreement are intended to be and shall constitute an indebtedness of the Agency, incurred prior to October 1, 2011, within the meaning of Article XVI, Section 16 of the California Constitution and Health and Safety Code Sections 3367O(b) and 34194(c)(2). The Agency shall include the total estimated indebtedness incurred by Agency pursuant to this Agreement on the Agency's annual statements of indebtedness that Agency is required to annually file pursuant to Health and Safety Code Section 33675 (or successor statute). 6. Subordination. Agency's funding obligations hereunder shall be junior and subordinate to (i) all existing Agency tax allocation bonds or other direct long- term indebtedness of Agency secured and to be repaid by tax increment funds, (ii) all pledges by Agency of tax increments for tax allocation bonds or other direct long-term indebtedness of Agency secured and to be repaid by tax increment funds, (iii) other Agency financial agreements or other contractual obligations of Agency with any person or entity not a party to this Agreement, including but not limited to any and all tax sharing or so-called "pass -through" agreements entered into between Agency and any taxing entity; (iv) any contingent obligations of Agency; and (v) other financial agreements or other contractual obligations between the parties to this Agreement. Any increase to the total estimated indebtedness that may occur after the effective date of this agreement shall constitute indebtedness incurred prior to October 1, 2011. 7. Non -Recourse Obligation. No officer, official, employee, agent, or representative of Agency or City shall be liable for any amounts due hereunder, and no judgment or execution thereon entered in any action herein shall be personally enforced against any such officer, official, employee, agent, or representative. 8. Indemnity. In contemplation of Government Code Section 895.2 imposing certain tort liability jointly upon public entities solely by reason of such entities being a party to an agreement defined by Government Code Section 895, the Parties hereto, as between themselves,, agree that the Agency shall indemnify, defend, and hold harmless the City for any loss, costs, or expenses that may be imposed upon the City by virtue of a third party prevailing in a legal challenge to 882/015610-0040 2258772.1 a09/15/11 -6 the validity, enforceability, or administration of this Agreement. The provisions of Civil Code Section 2778 shall be applicable to this Agreement. 9. Acknowledgment of Litigation Challenging AB x1 26 and AB x1 27. As of the date of approval of this Agreement, the California Supreme Court has exercised original jurisdiction in California Redevelopment Association, et al., Petitioners v. Ana Matosantos, et al., Respondents, Case No. S194861, a lawsuit challenging the constitutionality and validity of AB x1 26 and AB x1 27. In conjunction with exercising original jurisdiction in that case, the Court issued a partial stay on the enforcement of AB x1 26 and AB x1 27 and the Court has indicated its intent to issue a ruling in the case in January 2012. As such, this Agreement is executed and entered into subject to the condition subsequent that the Court upholds the constitutionality and validity of both AB x1 26 and AB x1 27 which would then implement the City's remittance payment obligation under AB x1 27, as described in the Recitals of this Agreement, and require the payments by the Agency to the City as provided in this Agreement and subject to the terms of this Agreement. As set forth in Section 4 of this Agreement, if the California Supreme Court, or any other court, determines that either AB x1 26 or AB x1 27, or both, are unconstitutional or otherwise legally invalid, and all appeals therefrom are exhausted or unsuccessful, or time for filing an appeal therefrom has lapsed, this Agreement shall automatically, and without the need for any further action by the City Council, Agency Board of Directors, or any City or Agency officer, official, employee, agent, or representative, be terminated and of no further force and effect. 10. Entire Agreement and Full Integration. This Agreement constitutes the entire understanding and agreement of the Parties with respect to the subject matter hereof. This Agreement integrates all of the terms and conditions mentioned herein or incidental hereto, and supersedes all negotiations or previous agreements between the Parties with respect to the subject matter of this Agreement. 11. Intended Parties; No Third Party Beneficiaries. This Agreement is intended solely for the benefit of the City and the Agency, and their respective successors in interest; provided, however, that this Agreement shall be terminated in accordance with the terms and conditions set forth above in the event that the City or any other public agency becomes the successor agency" to the Agency pursuant to Parts 1.8 and 1.85 of Division 24 of the Health and Safety Code. The City and Agency expressly covenant that there shall be no third party beneficiaries under this Agreement. 12. Waiver. Any waiver or amendment of the provisions of this Agreement must be in writing and signed by the authorized representatives of the Parties. 032 882/015610-0040 _ 2258772.1 a09/15/11 _7 13. Severability. Each provision of this Agreement shall be severable from the whole, and if any provision of this Agreement shall be found contrary to law, the remainder of this Agreement shall remain in full force and effect. 14. Counterparts. This Agreement may be executed in duplicate originals, each of which shall be deemed to be an original. [signatures on next page] 133 882/015610-0040 _ 2258772.1 a09/15/11 -$ IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth above. "Agency" LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic M ATTEST: Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP Agency Counsel Agency Chair "City" CITY OF LA QUINTA, a California municipal corporation and charter city Mayor ATTEST: City Clerk n' q 882/015610-0040 2258772.1 a09/15/11 _9_ APPROVED AS TO FORM: RUTAN & TUCKER, LLP City Attorney ,35 882/015610-0040 2258772.1 a09115/11 MEMORANDUM TO: Honorable Mayor and Members of the City Council Honorable Chair and Members of the Redevelopment Agency FROM: Thomas P. Genovese, City Manager and Executive Directoy�Q� DATE: September 19, 2011 SUBJECT: September 20, 2011 City Council Agenda Item No. C20 & RDA Agenda Item No. C4 Attached please find a revised Attachment 1 - Remittance Agreement, with minor clerical revisions as well as the attachment of Exhibit "A". Should you have any questions, please feel free to contact me. Thank you. -an 6 T4h1'i4Quh& AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: September 20, 2011 BUSINESS SESSION: ITEM TITLE: Consideration of Adoption of a Resolution CONSENT CALENDAR: Containing the La Quinta Redevelopment Agency's STUDY SESSION: Recognized Obligation Payment Schedule PUBLIC HEARING: RECOMMENDATION: Adopt a Resolution containing the La Quinta Redevelopment Agency's preliminary draft of its Recognized Obligation Payment Schedule ("Schedule"). FISCAL IMPLICATIONS: None for this action. The purpose of adopting the Recognized Obligation Payment Schedule is to provide the listing to a potential successor agency, should the redevelopment agency be dissolved, so that pledges of revenues associated with enforceable obligations of the former redevelopment agency are honored. BACKGROUND AND OVERVIEW: On June 29, 2011, Governor Brown signed several budget trailer bills to implement the State Budget for Fiscal Year 201 1 /2012: AB x1 26 (the "Dissolution Act") immediately suspends all new redevelopment activities and incurrence of indebtedness, and dissolves redevelopment agencies effective October 1, 2011; and AB x1 27 (the "Continuation Act") allows redevelopment agencies to avoid dissolution under the Dissolution Act if their host cities/counties elect to comply with the alternative redevelopment program described in Part 1 .9 thereof. Under the Continuation Act, a redevelopment agency can continue to exist if its host community commits to making certain payments beginning in January of 2012. The legislation allows the Agency to transfer funding to the City for the purpose of making the payments. The City Council adopted an ordinance declaring the City's decision to comply with the Continuation Act in order to enable the Agency to resume its redevelopment activities. The ordinance was introduced on July 19th, and adopted on August 2nd. Pursuant to the express language of the Continuation Act, the Agency's powers were restored as of the "enactment" of the ordinance. Technically, 037 "enactment" takes place upon the passage of the motion to approve the ordinance. Therefore, based upon the language of the legislation, the La Quinta Redevelopment Agency's powers were restored as of August 2, 2011. The Dissolution Act requires redevelopment agencies of cities that were not intending to "opt in" to the Continuation Act to adopt a preliminary draft of the redevelopment agency's Recognized Obligation Payment Schedule (the "Schedule") to be submitted to the potential successor agency before September 30, 2011. The Schedule is required to list all of a redevelopment agency's monetary obligations that are "enforceable" within the meaning of the Dissolution Act and must include, for each obligation: (A) The project name associated with the obligation. (B) The payee. (C) A short description of the nature of the work, product, service, facility, or other thing of value for which payment is to be made. (D) The amount of payments obligated to be made, by month, from January through June 2012. (E) The funding source for the obligation. Although the Dissolution Act is not clear on the process, Agency Counsel recommends the Schedule be adopted by resolution at a public meeting. The California Redevelopment Association ("CRA"), the League of California Cities, and two cities filed a legal challenge to the Dissolution Act and the Continuation Act directly in the California Supreme Court. On August 1 1 th, the Court issued an order indicating that it would exercise jurisdiction over the lawsuit. The Court set an expedited briefing schedule to allow it to decide the case before the first payment is due in January 2012. The Court also stayed the effectiveness of all of the Continuation Act, and some of the Dissolution Act. Due to uncertainties created by the Court's initial order, the CRA requested clarification from the Court, and on August 17, 2011, the Court clarified that the entirety of Part 1.8 of the Dissolution Act is not subject to the stay. The requirement for the adoption of the preliminary draft of the Schedule is contained in Part 1.8, and is therefore not subject to the stay. According to the Dissolution Act, the preliminary draft of the Schedule is to be provided to the successor agency, if one has been established pursuant to Part 1.85 of the Dissolution Law. Although Part 1.85 has been stayed by the Court, because the City would be the successor agency to the Agency, the Schedule is being provided to the City, There is no requirement in the Dissolution Act that the 938 Schedule be transmitted to the State or posted on the City's website. Therefore, the Schedule will be kept on file until further action is required. Under the totality of the legislative scheme, this provision requiring adoption of the preliminary draft of the Schedule would not have applied to La Quinta since it had opted in. However, since the legislation under which it opted in is now on hold, the conservative approach is to comply with Part 1.8 of the Dissolution Act. For this reason, Agency Counsel has prepared the attached proposed resolution. Given all of the uncertainty, however, and the belief that the Schedule is not required for agencies where the host city had adopted the opt -in ordinance, the resolution expressly states that it is being adopted under protest. In addition, it has been drafted with the intent of preserving the Agency's rights to claim that the filing of a preliminary draft of the recognized enforceable obligation payment schedule is not required, and reserves the Agency's right to modify, supplement, or withdraw the Schedule. FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: 1. Adopt a Resolution containing the La Quinta Redevelopment Agency's preliminary draft of its Recognized Obligation Payment Schedule; or 2. Do not adopt a Resolution containing the La Quinta Redevelopment Agency's preliminary draft of its Obligation Payment Schedule; or 3. Provide staff with alternative direction. Respectfully submitted, Debbie Powell, Economic Development Project Manager Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. Initial Draft of the Recognized Obligation Payment Schedule 039 RESOLUTION NO. RA 2011 - A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY ADOPTING A PRELIMINARY DRAFT OF THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE SECTION 34169(h) WHEREAS, the City Council of the City of La Quinta ("City Council" or "City," as applicable) approved and adopted (i) the Redevelopment Plan for La Quinta Project Area No. 1 ("Project Area No. 1 " or "Project Area No. 1 Redevelopment Plan," as applicable) on November 29, 1983, by Ordinance No. 43, as amended on December 20, 1994, by Ordinance No. 258, on August 19, 2003, by Ordinance No. 388, and on March 16, 2004, by Ordinance No. 402; and (ii) the Redevelopment Plan for La Quinta Redevelopment Project Area No. 2 ("Project Area No. 2" or "Project Area No. 2 Redevelopment Plan," as applicable) on May 16, 1989, by Ordinance No. 139, as amended on December 20, 1994, by Ordinance No. 259, on February 3, 2004, by Ordinance No. 399, on March 16, 2004, by Ordinance No. 403, and on March 16, 2004, by Ordinance No. 404; and WHEREAS, the La Quinta Redevelopment Agency ("Agency") is engaged in activities to execute and implement the Project Area No. 1 Redevelopment Plan and the Project Area No. 2 Redevelopment Plan (collectively, the "Redevelopment Plans") pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code § 33000, at seq.) ("CRL"); and WHEREAS, as part of the 2011-12 State budget bill, the California Legislature enacted and the Governor signed, companion bills AB x1 26 and AB x1 27, requiring that each redevelopment agency be dissolved unless the community that created it enacts an ordinance electing to participate in an "Alternative Voluntary Redevelopment Program" and committing the community to make certain annual remittance payments to the county auditor -controller; and WHEREAS, on August 2, 2011, under the threat of dissolution pursuant to AB x1 26, the City Council adopted Ordinance No. 491, pursuant to which it opted in to the Alternative Voluntary Redevelopment Program contained in AB x1 27, and agreed, subject to certain contingencies and reservations set forth therein, to make the Fiscal Year 2011-2012 annual remittance payment, as well as the subsequent annual remittance payments as set forth in the CRL; and Resolution No. RA 2011- Adoption of Recognized Obligations Payment Schedule Adopted: September 20, 2011 Page 2 WHEREAS, an action challenging the constitutionality of AB x1 26 and AB x1 27 has been filed in the California Supreme Court by the California Redevelopment Association, the League of California Cities, and two individual cities; and WHEREAS, on August 11 th, 2011, the Court (i) issued an order indicating that it would exercise jurisdiction over the lawsuit, (ii) set an expedited briefing schedule to allow it to decide the case before the first annual remittance payment is due in January 2012, and (iii) stayed the effectiveness of all of the Continuation Act, and all of the Dissolution Act except Chapter 1 of Part 1.8 thereof (with the exception of Section 34167.5, which was stayed); and WHEREAS, on August 17, 2011, the Court clarified that the stay issued on August 11, 2011 applies to all of the Dissolution Act except Part 1.8 (e.g., Health and Safety Code Sections 34161- 34169.5); and WHEREAS, Health and Safety Code Section 34169 requires redevelopment agencies that do not timely elect to participate in the Alternative Voluntary Redevelopment Program to prepare and adopt, by September 30, 2011, a preliminary draft of their "recognized obligation payment schedule" that lists all obligations of the redevelopment agency that are enforceable within the meaning of subdivision (d) of Section 34167 for the period of January 2012 through June 2012; and WHEREAS, Health & Safety Code Section 34169 requires redevelopment agencies to provide the preliminary draft of the "recognized obligation payment schedule" to the successor agency, if one is established pursuant to Part 1.85 of the Dissolution Act, so that pledges of revenues associated with enforceable obligations of the former redevelopment agencies are honored; and WHEREAS, in order to ensure the Agency's continued ability to operate and make payments on its current obligations pending the Court's decision on the legality of AB x1 26 and AB x1 27, the Agency has determined to adopt, under protest, a preliminary draft of its recognized enforceable obligation payment schedule (the "Schedule"); and WHEREAS, the Agency's adoption of the Schedule is without prejudice to the Agency's right to claim that the filing of a preliminary draft of its recognized enforceable obligation payment schedule is not required, and the Agency reserves the right to modify, supplement, or withdraw the Schedule; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. ^41 Resolution No. RA 2011- Adoption of Recognized Obligations Payment Schedule Adopted: September 20, 2011 Page 3 NOW THEREFORE, BE IT RESOLVED, by the La Quinta Redevelopment Agency, as follows: Section 1. Recitals. The Recitals set forth above are true and correct and incorporated herein by reference. Section 2. Adoption of a Preliminary Draft of the Agency's Recognized Obligation Payment Schedule . In order to enable the Agency to strictly comply with Health and Safety Code Section 34169(h), and based on the Recitals set forth above, the Agency hereby adopts the Schedule attached hereto as Exhibit A as the Agency's preliminary draft of its recognized obligation payment schedule and directs the Agency Secretary to provide a copy of the Schedule to the City, which would be the successor agency to the Agency under Part 1.85 of the Dissolution Act. Section 3. Adoption Under Protest. Agency hereby adopts the Schedule and directs the provision of the Schedule to the City under protest and without prejudice to the Agency's right to claim that the adoption and provision to the City of the Schedule is not required, and the Agency hereby reserves the right to modify, supplement, or withdraw the Schedule. Section 4. Effect of Court Decision. Agency shall not be bound by the Schedule in the event a court of competent jurisdiction determines that both AB x1 26 and AB x1 27 are constitutional and therefore valid, or that both AB 1 X 26 and AB x1 27 are unconstitutional and therefore invalid, and all appeals therefrom are exhausted or unsuccessful, or time for filing an appeal therefrom has lapsed. Section 5. Implementation. The Agency Board hereby authorizes and directs the Executive Director to take any action and execute any documents necessary to implement this Resolution. Section 6. CEQA. The Agency Board finds, under Title 14 of the California Code of Regulations, Section 15378(b)(4), that this Resolution is exempt from the requirements of the California Environmental Quality Act ("CEQA") in that it is not a "project," but instead consists of the continuation of a governmental funding mechanism for existing projects and programs for which CEQA analysis has already been conducted, and does not commit funds to any specific project or program. Section 7. Severability. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Agency Board hereby declares that 42 Resolution No. RA 2011- Adoption of Recognized Obligations Payment Schedule Adopted: September 20, 2011 Page 4 it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held this 20th of September, 2011, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: Terry Henderson, Chair La Quinta Redevelopment Agency ATTEST: VERONICA MONTECINO, CMC, Agency Secretary La Quinta Redevelopment Agency APPROVED AS TO FORM: M. KATHERINE JENSON, Agency Counsel La Quinta Redevelopment Agency ^ 4 3' < ATTACHMENT I ) k ) ; a ■ -§ � ! \ ( ( q § m a Q § . e § ) § - ! 7 } 7 ! CR H R )) (i® k[® \ [ } \EEV |e] S-200 ' k| .f y Q£a. : ;� ! : /k| 2i2ik! !))|!!kk || • -!y ! , WO cf , . ! t! 5-2 !k !)k F ){!. ki]f))) 044 ! \ §) } ! k k \ a @@ \ ) . � u m ! s § R ) # n§ E E ©!� - - | l,f |! {)!§|IF _!! j, E Z !i! !8 1.|) ! , ! |f, {k 0 |) !!! !lf\!! ° ! }/7 \ { k})\ƒ))�lk�! /$ 1-� 22 )!� k)8 § � k$ ;OU !, ,;ol� ;=I.Ty)! | / e45 k , |� \\ \ §) � _! {,• ! ! ,�! !\2 !f !], ! ! k`z ;)k -� _§ 722 ƒk §$! h f ki::2m� a 7 {\ ]2 !«&!, °nB Q w a W J ui _W U z W � � m m IL C_ Z C E 00 • u � Q N aim J m m Q O 0 n a 0 0 0 0 0 m o o voi Q O o 6 m f A b p N Q H N N N O O O O O N = N O M ry H N H H O O O O O O N p m m ID Q N N m N N L_ H H N H O O O o 0 E a o L ¢ N O O N m E N ry ry m H H N N a O 0 O 0 o c N � Q o a N Om N N N N H V1 o S o a b N O �0p Q LL N m n N H H N H 0 0 0 0 0 0 c ry ry o o p m r1°i ry H H H H O1 0 0 0 m>q Q o m p J m LL OI N O N N p ry f H H M N N C y �= LLIL xk0 LLLL xk= LL k LLLL ?kt fA LLo idp J map J a iLL K LL' K J LL• o m ° 0� o o @ go 0 oho nE E'4 SEES :=mr°�g gym, $ 4 v.'p @g3�@vl W m�a5 �m@perECp,g - oEc �ocm `o��cm y`m @r K mc7 K�� Ua 0 p 2 E m € c ° eE q @ d O E mo m E m'Q 'O �8 m e 9 0 Z o m .. r.2 u a`O a`¢r wom ¢,Pin aQ ciu m¢ ry a+ a ¢ c E G E Q m u c m m L b 41 0 0 0 0 q 0 O 0 O ymj � - ~ m m m N N N H H N O O O c O O o O n m w uNi N H H O p O O O O O O 0 n Oj 6 N P m H N N N C E O o O 0 0 0 9 a m m P w m v E q H N N N a O O O O O O O o om o m u`Vi m N H N H LL O O 0 O n N O O o P N O O P V N O W w m N 0 0 0 0 0 � m 0 a `m o on m o 6 P NNi ai m H H N H o 0 0 0 o d o 0 o v O V O O N m N h P O li F N N N H N C V LL LL C o a � x o �qc c o g a _a cm�LL 0 oEi m m o c ca m° 3 c m m EiEEc� m m o m y E m 'u m�'emo mZ' rc$ mnE xH ,En W� KwUK?U KU y m V C O J J q J rcW U' UO UO UO O uy 3 m 83 EEm o m c.-m m o E S c mc. m a o o o m P o m a m 0 aEi o °� 4 y P u m m m vEU o m o ma' mx� Ewa�J m nu w2,o m>- Ewn m nm mx Z o E m a a o 6 w `u o J o K U o m B` a w m o J o K r- m m o E = E Z = c'> m d` U c S E D m a m °0 m aB 0 c E Z m m U U c 'g'- m m '`�- a m t t o E E U LL m m U 5 £ e e E m m V` m 9 a > a m m m n m c n o S u a m o m 8 w m w m-> a a@ a m c m n w m c w u N 3�aSWmaa� a0 oEm3a¢ LL3Ea5 a2am�¢Oa in �n n m E c a M j1 o o p 0 c N m O O p y y y C � 0 0 O O O O N y O O p p W N N p O O O O L y O N y C O E p p o a � o g Q o o m E N a y O U W � O O N y O a m 0 c LL O 0 0 N y q O N N m y O O O O O O y m - O O O ❑ V O O �y O W jy v ° a �y N t o i m i o Q m _ . 0 x t m E S m m 3 � a v o v n L o E A n4� W m�a U ii� unOa m m ° � W K U 00 S Q �DWwO wnW�O E w 'S 2 2 Z o rno . a o wu m @ E a `o V q N ?E L > w Z` m r vLL22U 0 d0 vmi �i oEQ� uoEQc m o a Y C W W m m 2 w ^49 88 0 8 0 r wwnpw nrvmn N w d a p b d x a 5 O N $ E c H a E w p u 000° o 0 0 0 N e ry N x d V N oy 8 Sri«' mo 888 8 8 'LL F wwwwp x x w w x w w x w x E ° C�GCk k k C G k K G k K E' g g nunaa rcrcrcrcrc a rc a rc a rc a e a � n rc a rc a rc a rc a LLs w a� $s ai oe pFz °' rc"9 ,eii"^z�5 @ m rci E. 4 g pp((pppp$$ p �pm wao m Aam0a�aag LL' K�qC mY.LN �q 2 EA 4oS a! XiKrvM 0'° �i E - E w f Ee 'e z g 2'0 B 2 n E E 2p E y�2n E 6 Z,_ppz E E gG o w3 E p c G s� 2 ppE gE �E $E� po 00 ° a g iEd gnu Ef o vaa o` a 3 e.ne SSA �d 3 mgQ oeSn0 mi $L g�u �m°mmm m m° aUd .P UU. 8 .e9 JUMB -g.e a Ua_E2 @Rc5 ru'i °die inw8 p 2 m U w m o U m E 6 g EEy SSSScOS�VSs � C yEy C WE C Cyy C Cc y no $ryryv�p qq�B@@�LLC Yc Y Yqq Y_g Y$ gYg'� E 8 ggEm`�Y33E ug 6gg Euu9�yy � w2y �ic �Y vi i� r�.4 �i q o Op @�@=Q@@�gg a6S og3 �id id Si �28CE BpE .N c3gU� o a hgiUE aEY n.E nE n.E a.E aE h �NMdw ^5© @;... ;e ...... §§■E! §■Er°tea - k t` \ | � °°°a a■4m@■;; �• )�§§¥ ■i�!°!`° � §!jII !\! Al ..!_-.! !a£�vk�lv!\§! !!||�i;!|k, •■!!•&||,|||| � ! } ^51