2011 11 15 RDARedevelopment Agency agendas and staff reports
are available on the City's web site:
www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, NOVEMBER 15, 2011 at 4:00 P.M.
Beginning Resolution No. RA 2011-034
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 - NONE
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF NOVEMBER 1, 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 NOVEMBER 15, 2011
001
000
REDEVELOPMENT AGENCY AGENDA 1 NOVEMBER 15, 2011
2. RECEIVE AND FILE TREASURER'S REPORT DATED SEPTEMBER 30, 2011
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
SEPTEMBER 30, 2011
4. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA
REDEVELOPMENT AGENCY 1998, 2001, 2002, 2003 AND 2011 TAX
ALLOCATION BONDS FOR FISCAL YEAR END JUNE 30, 2011
5. APPROVAL OF AN APPROPRIATION FOR CAPITAL PROJECTS FROM THE
PROCEEDS OF THE 2011 FINANCING AUTHORITY AND 2011
REDEVELOPMENT AGENCY BOND ISSUES
BUSINESS SESSION - NONE
STUDY SESSION - NONE
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
ADJOURNMENT
iFNNNNiF iF NiF MfF iF iFM#if iF%f •iF iFYi MMYiE YiF iF MiFM iF iF iF iFMit iF iF MiFM•
The next regular meeting of the Redevelopment Agency will be held on December
6, 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.
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
November 15, 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 November 9, 2011.
DATED:
VERONICA J
City of La QL
November 9, 2011
)NTECINO, City Clerk
, California
REDEVELOPMENT AGENCY AGENDA 2 NOVEMBER 15, 201.1* 002
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.
r' 003
REDEVELOPMENT AGENCY AGENDA 3 NO.VEMBER 15, 2011
TAr4 449"1
RDA MEETING DATE: November 15, 2011
ITEM TITLE: Approval of Demand Register Dated
November 15, 2011
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
November 15, 2011 of which $22,891.05
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
is n 004
'� cEAf os9 AGENDA CATEGORY:
COUNCIURDA MEETING DATE: November 15, 2011 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of CONSENT CALENDAR:
Treasurer's Report dated September 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
11 005
COUNCIL/RDA MEETING DATE: November 15, 2011
ITEM TITLE: Receive and File Transmittal of Revenue
and Expenditure Report dated September 2011
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR: 3
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the September 2011 Statement of Revenue and Expenditures for the
La Quinta Redevelopment Agency.
Respectfully submitted,
M � ��— -j�
John M. Falconer, Finance Director
Approved for submission by:
G
Thomas P. Genovese, Executive Director
Attachment: 1. Revenue and Expenditures, September 2011
11I
LA OUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 1:
ATTACHMENT 1
07/0112011 - 09130=11
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
LOWIMODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Misoellane0us revenue
Nan Allocated Interest
Home Sales Proceeds
Sale of Land
Saner Subsidy Reimbursements
Rehabilitation Loan Repayments
2nd Trust Dead Repayment
Williams Note Payment
Transfer In
TOTAL LOWMOO 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 Interest
Developer Agreement Funding
Sale of Land Proceeds
Rental lrroome
Litigation Proceeds
Trends. 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
216.95
(216,95)
0.000%
0.00
000
0.00
0.000%
0,00
0,00
0.00
0.000%
0.00
0.00
0.00
0,000%
0.00
0,00
(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
000
0.000%
0.00
0,00
0.00
0.000%
8,847.000.00
(10.881.54)
8,857,881.54
-0,120%
35,209,600.00
0.00
35.209,601000
0000%
3,000,00
(3,917.16)
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%
14,288.845,00
3,37433928
10,914505.72
23.620%
49,501,445.00
3,370,392.12
46.131,052.88
6,810%
25,700.00
(36,972.86)
62,672,86
-143. NO%
18,800,00
1,99&50
16,804.50
10,610%
0,00
0.00
0,00
0.000%
0.D0
0.00
100
0.000%
0.00
0.00
000
0.000%
0.00
0.00
0,00
0,000%
5,000,000.00
0.00
5 O00 000 00
0.000%
5,044,500.00
(34,977.36)
5,079,477.36
-0,690%
0,00
0.00
0.00
0.000%
0.00
75.00
(75.00)
0.000%
0.00
0.00
D.DO
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
000
0,000%
0.00
75.00
(75,00)
0,000%
2
LA OUINTA REDEVELOPMENT AGENCY
ADJUSTED
09130111
REMAINING
EXPENDITURE SUMMARY
PROJECT AREA NO. 1:
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
LOWIMODERATE TAX FUND:
SERVICES
536,575.00
43066A3
0.00
493,508.67
2M TRUST DEED PROGRAM
'520,0D0.00
81,000,00
0.00
439,000.00
HABITAT FOR HUMANITY
'300,16000
5.100,00
0,00
295,060,00
LAND ACQUISITION
ODO
0.00
0.00
0.00
LOW MOD HOUSING PROJECTS
000
0.00
0,00
0.00
FORECLOSURE
'BOQ00000
0.00
0.00
800,000.00
REIMBURSEMENT TO GEN FUND
791,561.00
197,89200
Dw
593,669.W
TRANSFERS OUT
18424645.00
34953387
0.00g6
14 929 311.24
TOTAL LOW/MOD TAX
DEBT SERVICE FUND:
SERVICES
411,60000
4.710.00
0,00
406.890.00
BOND PRINCIPAL
3,540,000.00
3,540,000.00
0.00
0.00
BOND INTEREST
6,724,310,00
3,418,315.63
0,00
3,305,994.37
PASS THROUGH PAYMENTS
20,211,350.00
412,W9.22
0,00
19,798,440.78
ERAF SHIFT
0.00
0.00
0,00
0.00
TRANSFERS OUT
18813498.00
2815,671.10
0.00
15897828.90
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
2011 TAXABLE HOUSING BOND
SERVICES '205,700.00 26,326.30 0.00 179,373.70
REIMBURSEMENT TO GEN FUND '407,125,00 101,784.00 0.00 305,341.00
TRANSFERS OUT 24173371.00 1717889.02 0.00 22,455,481.98
TOTAL CAPITAL IMPROVEMENT
SERVICES 11,000.00 8.978,22 0.00 2,021.78
TRANSFERS OUT 000 12065.37 000 (12085.37)
TOTAL 2011 TAXABLE HOUSING BOND �U0GZG— f,643.S9—S�(i0�6d9.53`
. 10 008
3
07/01/2011 - 09/30/2011
LA OUINTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO, 2:
LOWIMODERATE TAX FUND:
Tex InvemOnt
4,800,480,00
000
4,800,480.00
0.000%
Allocaed Interest
60,800.00
(40,572.28)
101,372.28
-66.730%
Non Allocates Interest
0.00
0,00
0.00
0.000%
Developertunsing
0.00
0.00
DO0
0.000%
2ns Trust Dead Repayment
0.00
8,744.99
(8,744.99)
0.000%
Sale of Land
0.00
0.00
0.00
0.000%
Transfer In
0.00
0.00
0,00
0.000%
TOTAL LOWIMOD TAX -
4,861,28000
(31,827.29)
4.893,107.29
41.650%
2004 LOWMODERATE 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
18.69
4,796.31
0.390%
Transfer In
0.00
- 0.00
0.00
0000%
TOTAL LOWMOD BOND
4.81500
18.69
4.796.31
0,390%
DEBT SERVICE FUND:
Tax Increment
19,201,924,W
0.00
19,201,924.00
0000%
Allocated Interest
200,00
(15,1W.60)
15,300.60
-7550.300%
Non Allocated Interest
0.00
34.W
(34.00)
0.000%
Interest Advance Proceeds
0.00
0,00
0.00
0.000%
Transfer In
7,268,632.00
1,438736.62
5829895.38
19790%
TOTAL DEBT SERVICE
26,470,7%00
1423,670.02
25.047,085.98
5,380%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
0.00
18,853.27
(18,853,27)
0.000%
Non Allocated Interest
000
0,00
0,00
0.000%
Music Revenue
0.00
000
0.00
0,000%
Sale of Ian
0.00
0.00
0.00
0.000%
Transfers In
1,650,000.00
0,00
1650000.00
0000%
TOTAL CAPITAL IMPROVEMENT
1,650,000. 00
18,853.27
1.631, 146.73
1,140%
2011 TAXABLE NON -HOUSING BOND FUND:
Pooled Cash Allocated Interest
0,00
000
0.00
0.000%
Non Allocates Interest
0.00
0.00
0,00
0000%
Developer Agreement Funding
000
0.00
0,00
0.000%
Sale of Land Proceeds
0.00
0.00
0.00
0.000%
Rome l 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
0.000%
TOTAL 2011 TAXABLE NON -HOUSING BOND
0,00
0,00
0.00
0.000%
009
0
LA DUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO, 2:
LOWIMODERATE TAX FUND:
ADJUSTED 001=11 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
SERVICES
330.470.00
25,68DU
ODO
304.789.36
2ND TRUST DEEDS
0.00
0.00
0,00
0,00
LOW MOD HOUSING PROJECTS
3,000.D0
0.00
0.00
3.000.00
FORECLOSURE ACQUISITION
450,000.W
0.00
Dw
450,",W
REIMBURSEMENT TO GEN FUND
448,490.W
112.122.00
Dw
336,368.00
TRANSFERS OUT
19,370216.00
1605042.51 -
0.00
1776517349
TOTAL LOW/MOD TAX
20" LOWMMODERATE BOND FUND
HOUSING PROGRAMS
0.00
0,00
0.00
ODD
LAND
0.00
0,00
0,00
0.00
TRANSFERS OUT
330]155.00
73,252.37
0.00
3233902.13
TOTAL LOW/MOD BOND
DEBT SERVICE FUND:
SERVICES
255,100.00
3,025.00
0.00
252,07&00
BOND PRINCIPAL
130.000,00
130,000.00
0.00
0.00
BOND INTEREST
633,843,W
' 252,757.07
0.00
381,08593
PASS THROUGH PAYMENTS
16, 387,298.00
0,00
0.00
16,387.298.00
ERAF SHIFT
0,00
0,00
0.DO
0,00
TRANSFERS OUT
8918632.00
1436,076.80
0.00
74555.20
82
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
2011 RDA 2 TAXABLE BOND FUND:
SERVICES
99,845.00
23,82227
OAO
76,022.73
CAPITAL
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
117.587.00
29,397,00
0.00
88,190.00
TRANSFERS OUT
1905451.00
445770.63
0.00
1459.37
680-
TOTAL CAPITAL IMPROVEMENT
SERVICES 11.500,00 8,491.31 DOO 3.008.69
ECONOMIC DEVELOPMENT 1,500,000.00 0,00 0.00 1,500.000,00
TRANSFERS OUT 20500.00 2859.82 0.00 17840.18
TOTAL RDA NO. 2 TAXABLE BOND JT:T
LI W
w
ceitivl 4 J*'P Qgmrru
COUNCIL/RDA MEETING DATE: November 15, 2011
ITEM TITLE: Approval of Annual Continuing
Disclosure for the La Quinta Redevelopment Agency
1998, 2001, 2002, 2003 and 2011 Tax Allocation
Bonds for Fiscal Year End June 30, 2011
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: "f
STUDY SESSION:
PUBLIC HEARING:
Approve, receive and file the Annual Continuing Disclosure for the La Quinta
Redevelopment Agency 1998, 2001, 2002, 2003 and 2011 Tax Allocation Bonds
for Fiscal Year End June 30, 2011.
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
On November 10, 1994, the Securities and Exchange Commission adopted
amendments to existing federal regulations (Rule 15c2-12) for bonds issued after
July 3, 1995, requiring issuers of municipal securities (bond issues) to do the
following annually for each bond issue:
1. Prepare official statements meeting the content requirement of Rule
15c2-12
2. File certain financial information and operating data with national and
state repositories each year.
..�•• 011
3. Prepare announcements of the significant events including payment
defaults, defeasances and draws on a reserve fund as the events
occur.
Attachment 1 is the Fiscal Year 2010/2011 Annual Continuing Disclosure
Statements for the La Quinta Redevelopment Agency Bond Issues prepared in
accordance with the three aforementioned requirements. Additionally, no
announcement of significant events was necessary for Fiscal Year 2010/201 1.
It is important to note that the Agency has continued to pay debt service to the
bondholders who invested in these bonds.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Redevelopment Agency Board include:
1. Approve, receive and file the Annual Continuing Disclosure for the La Quinta
Redevelopment Agency 1998, 2001, 2002, 2003 and 2011 Tax Allocation
Bonds for Fiscal Year End June 30, 201 1; or
2. Do not approve, receive and file the Annual Continuing Disclosure for the La
Quinta Redevelopment Agency 1998, 2001, 2002, 2003 and 2011 Tax
Allocation Bonds for Fiscal Year End June 30, 201 1; or
3. Provide staff with alternative direction.
Respectfully submitted,
ohn M. Falcon r, Finance Director
Approved for submission by:
KAI.�
Thomas P. Genovese, Executive Director
Attachment: 1. Fiscal Year 2010-2011 Annual Continuing Disclosure
Statement for the RDA 1998, 2001, 2002, 2003
2011 Tax Allocation Bonds
... •, 012
ATTACNMEN I 1
LA QUINTA REDEVELOPMENT AGENCY
$151760,000
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1
TAX ALLOCATION REFUNDING BONDS,
SERIES 1998
Riverside County, California
Dated: June 1, 1998
Base CUSIP+ : 504194
2011 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of November 16, 2011
Also avaltable at
e� N
www.wllldan.eom
+ CopyrigM, American Banker's Association.. CUSIP data is provided by Standard and POWs, CUSIP Service Bureau, a
division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve inarry way
as a substitute for.the CUSIP service. The issuer takes no responsibility for the accuracy of such number.
.,a r� 013
LIST OF PARTICIPANTS
John Falconer
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
Willdan Financial Services'
Temecula, CA 92590
(951) 587-3500
Report available for viewing @
www.wilidan.com
Miller & Schroeder Financial, Inc.
Rutan & Tucker LLP
Costa Mesa, California
Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5 h Street, 20 Floor
Los Angeles, California 90071
.(213) 613-6047
In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the
accuracy, completeness or fairness of the statements contained herein.
,,. 014
I" INTRODUCTION
Pursuant to an Official Statement dated June 17, 1998, the La Quinta Redevelopment Agency
(the "Agency") issued $15,760,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation
Refunding Bonds, Series 1998, (the "1998 Bonds"). The 1998 Bonds were issued for the
purpose of refinancing the Agency's La Quinta Redevelopment Project, Tax Allocation Bonds,
Series 1991 (the "1991 Bonds"). The 1998 Bonds are payable on a parity with the Agency's La
Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994
Bonds"); La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the
"2001 Bonds"); La Quinta Redevelopment Project Area No. 1; Tax Allocation Bonds, Series
2002 (the "2002 Bonds"); and La Quinta Redevelopment Project Area No. 1, Tax Allocation
Bonds, Taxable Series 2003 (the "2003 Bonds") (collectively, the "Bonds").
The City of La Quinta, (the "City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 1 (the "Project Area No. 1") encompasses an area of
approximately 11,475 acres, which includes approximately 50.7% of the current area of the
City. The objective of the Agency is to eliminate or reduce the many instances of economic,
physical or social blight presently existing within the boundaries of the Redevelopment Projects.
The 1998 Bonds are special obligations of the Agency and are secured by Pledged Tax
Revenues, as defined in the Official Statement. The 1998 Bonds are not a debt of the City, the
State of California, or any of its political subdivisions and neither the City, the State of
California, nor any of its political subdivisions is liable. The 1998 Bonds do not constitute
indebtedness within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency for the benefit of the holders of the 1998 Bonds and includes the
information specked in a Continuing Disclosure Agreement. For further information and a more
complete description of the Agency and the 1998 Bonds, reference is made to the Official
Statement.
The information set forth herein has been furnished by the Agency and by sources, which are
believed to be accurate and reliable but is not guaranteed as to accuracy or completeness.
Statements contained in this Annual Continuing Disclosure Information Statement which involve
estimates, forecasts, or other matters of opinion, whether or not expressly so described herein,
are intended solely as such and are not to be construed as representations of fact. Further, the
information and expressions of opinion contained herein are subject to change without notice
and the delivery of this Annual Continuing Disclosure Information Statement will. not, under any
circumstances, create any implication that there has been no change in the affairs of the
Agency or any other parties described herein.
. 2010111, 1998 TAB City or La Quinta 1
p 015
If. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31, 2011
Tax Allocation Refunding Bonds, Series 1998 $15,760,000
B. FUND BALANCES
Fund As of October 31, 2011
Reserve Fund "' $841,805
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation.
Ill. FINANCIAL INFORMATION
The audited financial statements for the Agency for the fiscal year ended June 30, 2011
will be separately filed with the Electronic Municipal Market Access and are hereby
incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax
Increment for the Redevelopment Project Areas.
Fiscal
Year
Secured Unsecured
Value Value
Utility
Value
Total Taxable
Value
Taxable Value
Above Base (1)
Gross Tax
Increment
2007/08
$5,210.779,209 $34,173,241
$0
$5,244,952,450
$5,045,554,217
$54.345,390
2008/09
5,245,952,426 35,019,471
0
5,280,971,897
5,081,573,664
50.649,225
2009/10
. 4,913,325,225 36,007,022
0
4,949,332,247
4,749,934,014
48,147,236
2010/11
4,517,918,665 35,791,524
0
4,553,710,189
4,354,311,956
43,990,589
2011/12
4,248,567,040 31,655,376
0
4,280,222,416
4.080,824,183
N/A
(1)
The Base Value for the Project Area No. 1
is $199,398,233.
Source:.
California Municipal Statistics, Inc.
and Audited
Financial. Statements of the La Quints
Redevelopment Agency.
2010111, 1998 TAB - - City of La Quints 2 -
..p,.01016
B. LAND USE
PROJECT AREA NO. 1
2011/12 Total Percent
Land Use Secured Value of Total
Residential
$3,667,157,161
86.32%
Commercial
313,666,858
7.38%
Vacant
226,548,554
5.33%
Timeshare
39,653,381
0.93%
Miscellaneous
1,541,086
0.04%
Total Protect Area No.1 $4,248,667,040' 100.00%
Source: California Municipal Statistics, Inc.
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area
No. 1 based on the 2011/12 secured property tax roll.
2011/12
Assessed
%of
Property Owner
Land Use
Valuation
Total (1)
KSL Desert Resort
Hotel
$133,688,003
3.15%
Sunrise Desert Partners
Residential
69,108,126
1.63%
MSR Resort Golf Course -
Country Club
43,073,125
1.01%
Village Resort
Lands LP
NadadorLLC
Hotel 20,152,234 0.47%
Apartments 20,150,599 0.47%
Timeshare Properties 17,883,704 0.42%
CNL Desert Resort LP
Hotel
16,697,639
0.39%
Quarry at La Quinta Inc.
Hotel
13,696,380
0,32%
LQ Investments
Commercial
13,506.484
0.32%
Old Town La Quinta LLC
Commercial
12,597,621
0.30%
Total
$360,6631816
8.49%
(1) 2011112 Local Secured Assessed Valuation: $4,248,567,040.
Source: California Municipal Statistics, Inc.
2010111, 1998 TAB City of La Quints . 3 r O,Z
.a
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1994 Bonds, 1998
Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in
the table below was gathered and verged from the corresponding Official
Statements.
Maturity Date
September 1,
1994
Bonds
1998
Bonds
2001
Bonds
2002
Bonds
2003
Bonds
Combined
Debt Service
2011
$2,162,664
$819,520
$2,430,720
$2,475,176
$1,997,640
$9,885,720
2012
2,160,003
819,520
2,430,720
2,477,681
1,998,755
9,886,679
2013
0
1,474,520
3,995,720
2,418,281
1,998,235
9,886,756
2014
0
1,475,460
3,997,470
2,413,031
1,996,080
9,882,041
2015
0
1,474,580
4,000,220
2,411,281
1,997,392
9,883,473
2016
0
1,476,880
3,998,720
2,412,781
1,996,208
9,884,589
2017
0
1,472,100
3,997,970
2,417,281
1,997,528
9,884,879
2018
0
1,475,500
3,997,720
2.414,531
1,996,040
9,883,791
2019
- 0
1,476,560
3,997,720
2,414,781
1,996,744
9,885,805
2020
0
1,475,280
3,997,720
2,412,781
1,999.328
9.885,109
2021
0
1,476,660
3,997,470
2,413,531
1,998,480
- 9.886,141
2022
0
1,475,440
3,996,720
2,416,781
1,999,200
9,888,141
2023
0
1.476,620
3,997,790
2,412,281
2,001,176
9,887,867
2024
0
1,474.940
3,997,485
2,413,856
1,999,096
9,885,377
2025
0
1,475,400
3,995,550
2,417,356
2,000,680
9,888,986
2026
0
1,472,740
3,996,730
2,417,525
1.997,434
9,884,429
2027
0
1,471,960
4,000,515
2,414,363
1,999,358
9,886,196
2028
0
1,472,800
3,996,395
2.417.869
2,000,808
9,887,872
2029
0
0
3.999,370
3.887.531
1,996,462
9,883,363
2030
0
0
3,998,675
3,888,013
1,996,320
9,883,008
2031
0
0
3,999,055
3,890,550
1.999,738
9,889,343
2032
0
0
0
7,889 631
2,001,072
9,890,703
Total
$4,322,667
$25,236,480
$80,820466
$63,146,892
$43,963,774
$217,490,268
2010111, 1998 TAB City of La Quinta " 4
Olt
E. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE
The following table sets forth the amount of Gross Tax Increment and the
combined Debt Service Coverage for the Bonds.
Less:
Maximum
Less:
Less:
Subordinated
Maximum
Annual Debt
Fiscal
Gross Tax
Non-s=lnated
Housing
Pledged
Pass
Net
Annual Debt
Service
Year
Increment
Pass Throughs(1)
Set Aside
Revenues
Throughs(�)
Revenues
Service (3)
Coverage
2006/07
$52,536,879
$1,959,308
$10,507,377
$40,070,194
$17,669,196
$22,400,998
$9,890,703
2.26
2007/08
54,345,390
2,024,391
10,869,078
41,451,921
'22,240,459
19,211,462
9,890,703
1.94
2008/09
50,649,225
1,956,012
10,129,845
38,563,368
20,597,697
17,965,671
9,890,703
1.82
2009/10
48,147,236
1,913,631
9,629,447
36,604,158
19,699,214
16,904,944
9,890,703
1.71
2010111
43.990,589
1,833,512
8,798.118
33,358,959
17,915,090
15,443,869
9,890,703
1.56
(1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley
Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a non -subordinated basis.
Please note, although the Coachella Valley Unified School District pass -though is presented as non -subordinated, 0 is non -
subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service.
(2) The Agency's subordinated pass4hroughs include the County of Riverside, the Desert Sands Unified School District, and the
Desert Community College District.
(3) The combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994
Bonds is payable in the year 2032 in the amount of $9.890,703. A portion of the Housing Set Asides is pledged towards the
payment of 18.5% of the debt service on the 1994 Bonds.
Source: Audited Financial Statements of the La Quirts Redevelopment Agency and the Statement of Indebtedness flied with the
Riverside County Auditor -Controllers Office. "
F. REPORTING OF SIGNIFICANT EVENTS
The Continuing Disclosure Covenants outline the Significant Events that must be
reported if they are deemed material. The Agency has no knowledge that any of
the events listed below have occurred or have not been previously reported
during the fiscal year ended June 30, 2011.
1. Principal and interest payment delinquencies on the 1998 Bonds.
2. Non-payment related defaults.
3. Unscheduled draws on debt service reserves reflecting financial
difficulties.
4. Unscheduled draws on credit enhancements reflecting financial
difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions or events affecting the tax-exempt status of the
security.
7. Modifications to rights of security holders.
8. Contingent or unscheduled bond calls.
9. Defeasances.
10. Release, substitution, or sale of property securing repayments of the
securities.
11. Rating changes.
2010111, 1998 TAB - City of La Quints .'„ `019
LA QUINTA REDEVELOPMENT AGENCY
$48,000,000
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1
TAX ALLOCATION BONDS
SERIES 2001
Riverside County, California
Dated: August 1, 2001
Base CUSIP": 504194
2011 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of November 15, 2011
Also available at
Ft sesenI.
wwwv.vAlidan.com
+ Copyright, American Banker's Association. CUSIP data is provided by Standard and Pooes, CUSIP Service Bureau, a
division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way
as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.
•r� ''. 020
LIST OF PARTICIPANTS
r; cfflr'oF t A{'O�W(/WA
John Falconer
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
}
Willdan Financial Services*
Temecula, CA 92590
(951) 587-3500
Report available for viewing @
www.wilidan.com
Y
< n
y
Wedbush Morgan Securities
tc
Rutan & Tucker LLP
Costa Mesa, California
z
f'
't z
Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5" Street, 20 Floor
Los Angeles, California 90071
(213) 613-6047
' In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the
accuracy, completeness or fairness of the statements contained herein.
,,,•A' 021
I• INTRODUCTION
Pursuant to an Official Statement dated August 15, 2001, the La Quinta Redevelopment
Agency (the "Agency") issued $48,000,000 La Quinta Redevelopment Project Area No. 1
Tax Allocation Bonds, Series 2001 (the "2001 Bonds"). The 2001 Bonds were issued to
finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No.
1. The 2001 Bonds are payable on a parity with the Agency's La Quinta Redevelopment
Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"); La Quinta
Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds");
La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002 (the "2002
Bonds"); and La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable
Series 2003 (the "2003 Bonds") (collectively, the "Bonds").
The City of La Quinta, (the "City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 1 (the "Project Area No. 1") encompasses an area of
approximately 11,475 acres, which includes approximately 50.7% of the current area of the
City. The objective of the Agency is to eliminate or reduce the many instances of economic,
physical or social blight presently existing within the boundaries of the Redevelopment Projects.
The 2001 Bonds are special obligations of the Agency and are secured by Pledged Tax
Revenues, as defined in the Official Statement. The 2001 Bonds are not a debt of the City,
the State of California, or any of its political subdivisions and neither the City, the State of
California, nor any of its political subdivisions is liable. The 2001 Bonds do not constitute
indebtedness within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency for the benefit of the holders of the 2001 Bonds and includes
the information specified in a Continuing Disclosure Agreement. For further information and
a more complete description of the Agency and the 2001 Bonds, reference is made to the
Official Statement.
The information set forth herein has been furnished by the Agency and by sources, which
are believed to be accurate and reliable but is not guaranteed as to accuracy or
completeness. Statements contained in this Annual Continuing Disclosure Information
Statement which involve estimates, forecasts, or other matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to be construed as
representations of fact. Further, the information and expressions of opinion contained
herein are subject to change without notice and the delivery of this Annual Continuing
Disclosure Information Statement will not, under any circumstances, create any implication
that there has been no change in the affairs of the Agency or any other parties described
herein.
,,..2010/tl, 2001 TAB City of La Quinta - 1
.,�a 022
ll. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31 2011
Tax Allocation Bonds, Series 2001 $48,000,000
B. FUND BALANCES
Fund As of October 31, 2011
Reserve Fund r'1 $2,633,200
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by Ambac Assurance Corporation.
Ill. FINANCIAL INFORMATION
The audited financial statements for the Agency for the fiscal year ended June 30, 2011
will be separately filed with the Electronic Municipal Market Access and are hereby
incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax
Increment for the Redevelopment Project Areas.
Prolect Area No.1
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base (')
Increment
2007/08
$5,210,779.209
$34,173,241
$0
$5,244,952,450
$5,045,554,217
$54,345,390
2006/09
5,245,952,426
35,019,471
0
5,280,971,897
5,081,573,664
50,649,225
2009/10
4,913,325,225
36,007,022
0
4,949.332,247
4,749,934,014
48,147,236
2010/11
4,517,918,665
35,791,524
0
4,553,710.189
4,354,311,956
43,990.589
2011/12
4,248,567,040
31,655,376
0
4,280.222,416
4,080,824,183
N/A
(1) The Base Value for the Project Area No. 1 is $199,398,233.
Source: California Municipal Statistics, Inc. and Audited Financial Statements of the La Quints
Redevelopment Agency.
20,10111, 2001 TAB City of La Quints 2
�� 023
B. LAND USE
PROJECT AREA NO. 1
2011112 Total
Percent
Land Use
Secured Value
of Total
Residential
$3,667,157.161
86.32%
Commercial
313,666,858
7.38%
Vacant
226,548,554
5.33%
Timeshare
39,653.381
0.93%
Miscellaneous
1,541,086
0.04%
Total Project Area No.1.
$4,248,567,040
100.00%
Source: California Municipal Statistics, Inc
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area
No. 1 based on the 2011/12 secured property tax roll.
2011/12
Assessed
% of
Property Owner
Land -Use
Valuation
Total (1)
KSL Desert Resort
.Hotel
$133,688,003
3.15%
Sunrise Desert Partners
Residential
69,108,126
1.63%
MSR Resort Golf Course
Country Club
43,073,125
1.01%
Village Resort -
Hotel
20,152,234
0.47%
Lands LP
Apartments
20,150,599
0.47%
Nadador LLC
Timeshare Properties
17,883,704
0.42%
CNL Desert Resort LP
Hotel
16,697,639
0.39%
Quarry at La Quints Inc.
Hotel
13,696,380
0.32%
LQ Investments
Commercial
13,506,484
0.32%
Old Town La Quinta LLC
Commercial
12,597,621
0.30%
Total
$360,553,915
8.49%
(1) 2011/12 Local Secured Assessed Valuation: $4,248,567,040
Source: California Municipal Statistics, Inc.
2010111, 2001-TAB City of La Quinta - 3 -
w.. 024
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1994 Bonds, 1998
Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in
the table below was gathered and verified from the corresponding Official
Statements.
Maturity Date
September 1,
1994
Bonds
1998
Bonds
2001
Bonds
2002
Bonds
2003
Bonds
Combined
Debt Service
2011
$2,162,664
$819,520
$2.430,720
$2,475,176
$1,997,640
$9,885,720
2012
2,160.003
819,520
2,430,720
2,477,681
1,998,755
9,886,679
2013
0
1,474,520
.3,995,720
2,418,281
1,998,235
9,886.756
2014
0
1,475.460
3,997,470
2,413,031
1,996,080
9,882.041
2015
0
1,474,580
4,000,220
2,411,281
1,997,392
9,883,473
2016
0
1,476,880
3,998,720
2,412,781
1,996.208
9,884,589
2017
0
1,472,100
3,997,970
2,417,281
1,997,528
9,884,879
2018
0
1,475,500
3.997,720
2,414,531
1,996,040
9,883,791
2019
0
1,476,560
3,997,720
2,414,781
1,996,744
9,885,805
2020
0
1,475,280
3,997,720
2,412,781
1,999.328
9,885,109
2021
0
1,476,660
3,997,470
2,413,531
1,998,480
9,886,141
2022
0
1,475,440
3,996.720
2,416,781
1,999.200
9,888,141
2023 -
0
1,476,620
3,997,790
2,412,281
2,001,176
9,887,867
2024
0
1,474,940
3,997,485
2,413,856
1,999,096
9,885,377
2025
0
1,475,400
3,995.550
2,417,356
2,000,680
9,888,986
2026
0
1,472,740
3,996.730
2,417.525
1,997,434
9,884,429
2027
0
1,471,960
4,000,515
2,414,363
1,999,358
9,886,196
2028
0
1,472,800
3,996,395
2,417,869
2,000,808
9,887,872
2029
0
0
3,999,370
3,887,531
1,996,462
9,883,363
2030
0
0
3,998,675
3,888,013
1,996,320
9,883,008
2031
0
0
3,999,055
3,890,550
1,999,738
9,889,343
2032
0
0
0
7,889,631
2,001.072
9,890,703
201WI1, 2001 TAB City of La Quinta 4
01 ^ 025
E. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE
The following table sets forth the amount of Gross Tax Increment and the
combined Debt Service Coverage for the Bonds.
Lose: Maximum
Less: Less: - Subordinated Maximum Annual Debt
Fiscal Gross Tax Non -subordinated Housing Pledged Pass Net Annual Debt Service
Year Increment Pass Throuahsttd Set Aside Revenues Thmunhnhl rid e....e.4....
2006107
$52,536,879 $1,959,308 $10.507,377 $40,070.194 $17,669,196 $22,400,998 $9,890,703
2.26
2007/08
54,345,390 2,024,391 10,869,078 41,451,921 22,240,459 19,211,462 9,890,703
1.94
2008/09
50,649,225 1,956,012 10,129,845 38,563,368 20,597,697 17,965,671 9,890,703
1.82
2009/10
48,147,236 1,913,631 9,629,447 36,604,158 19,699,214 16,904,944 9,890,703
1.71
2010/11
43,990,589 1,833,512- 8.798,118 33,358,959 17,915,090 15,443,869 9,890,703
1.56
(1)
The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley
Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a non -subordinated basis.
Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non -
subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service.
(2)
The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the
_
Desert Community College District.
(3)
The combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994
Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the
payment of 18.5% of the debt service on the 1994 Bonds.
Source:
Audited Financial Statements of the La Quinta Redevelopment Agency and the Statement of Indebtedness filed with the
Riverside County Auditor -Controllers Office. -
F. REPORTING OF SIGNIFICANT EVENTS
The Continuing Disclosure Covenants outline the Significant Events that must be
reported if they are deemed material. The Agency has no knowledge that any of
the events listed below have occurred or have not been previously reported
during the fiscal year ended June 30, 2011.
1. Principal and interest payment delinquencies on the 2001 Bonds.
2. Non-payment related defaults.
3. Unscheduled draws on debt service reserves reflecting financial
difficulties.
4. Unscheduled draws on credit enhancements reflecting financial
difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions or events affecting the tax-exempt status of the
security.
7. Modifications to rights of security holders.
8. Contingent or unscheduled bond calls.
9. Defeasances.
10. Release, substitution, or sale of -property securing repayments of the
securities.
11. Rating changes.
2010111, 2001 TAB
City of La Quinta
026
LA QUINTA REDEVELOPMENT AGENCY
$409000,000
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1
TAX ALLOCATION BONDS
SERIES 2002
Riverside County, California
Dated: June 1, 2002
Base CUSIP*: 504194
2011 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of November 15, 2011
Also available at
f
wr �rdsseenk�a
www.vAlldan.eom
+ Copyright, American Bankers Association. CUSIP data Is provided by Standard and Pours, CUSIP Service Bureau, A
division of The McGra"ill Companies, Inc. This date Is not intended to create a database and does not serve in any way
as a substitute for the CUSIP service. The issue takes no responsibility for the accuracy of such number.
S.A:. r ", 0 2 7
LIST OF PARTICIPANTS
CfTY bF i A # PINTA
��
ut+wwda-qui�[t� argr
�
John Falconer
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92247
5 f N
7yfi
} F( f(*7�60))�7p7�7--7150 ri��{�[
emo r ^ MLTA &� DISSE-MI AM
Willdan Financial Services*
Temecula, CA 92590
(951) 587-3500
Report available for viewing @
www.wilidan.com
.u,NariT�+t
;fi 2
ZI
Wedbush Morgan Securities
QbUA1�@L
Y 4.
�t }
+'�F t f f Bbl11G
t
4`
Rutan & Tucker LLP
Costa Mesa, California
Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5t° Street, 241° Floor
Los Angeles, California 90071
(213) 613-6047
In its role as Disclosure Consultant and Dissemination Agent, Willdan FinancialServiceshas not passed upon the
accuracy, completeness or fairness of the statements contained herein.
I" INTRODUCTION
Pursuant to an Official Statement dated June 12, 2002, the La Quinta Redevelopment
Agency (the "Agency") issued $40,000,000 La Quinta Redevelopment Project Area No. 1
Tax Allocation Bonds, Series 2002 (the "2002 Bonds"). The 2002 Bonds were issued to
finance redevelopment projects benefiting the La Quinta Redevelopment Project Area
No. 1. The 2002 Bonds are payable on a parity with the Agency's La Quinta Redevelopment
Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"); La Quinta
Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the "1998 Bonds");
La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the "2001
Bonds"); and La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable
Series 2003 (the "2003 Bonds") (collectively, the "Bonds").
The City of La Quinta, (the "City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 1 (the "Project Area No. 1") encompasses an area of
approximately 11,475 acres, which includes approximately 50.7% of the current area of the
City. The objective of the Agency is to eliminate or reduce the many instances of economic,
physical or social blight presently existing within the boundaries of the Redevelopment Projects.
The 2002 Bonds are special obligations of the Agency and are secured by Pledged Tax
Revenues, as defined in the Official Statement. The 2002 Bonds are not a debt of the City,
the State of California, or any of its political subdivisions and neither the City, the State of
California, nor any of its political subdivisions is liable. The 2002 Bonds do not constitute
indebtedness within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency for the benefit of the holders of the 2002 Bonds and includes
the information specified in a Continuing Disclosure Agreement. For further information and
a more complete description of the Agency and the 2002 Bonds, reference is made to the
Official Statement.
The information set forth herein has been furnished by the Agency and by sources, which
are believed to be accurate and reliable but is not guaranteed as to accuracy or
completeness. Statements contained in this Annual Continuing Disclosure Information
Statement which involve estimates, forecasts, or other matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to be construed as
representations of fact. Further, the information and expressions of opinion contained herein
are subject to change without notice and the delivery of this Annual Continuing Disclosure
Information Statement will not, under any circumstances, create any implication that there
has been no change in the affairs of the Agency or any other parties described herein.
2010111, 2002 TAB City of La Quinta 1
II. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31, 2011
Tax Allocation Refunding Bonds, Series 2002 $34,380,000
B. FUND BALANCES
Fund As of October 31, 2011
Reserve Fund "I $2,013,648
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by Ambac Assurance Corporation.
III. FINANCIAL INFORMATION
The audited financial statements for the Agency for the fiscal year ended June 30, 2011
will be separately filed with the Electronic Municipal Market Access and are hereby
incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
Prolect Area No.1
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base (')
Increment
2007/08
$5,210,779,209
$34,173,241
$0
$5,244,952,450
$5,045.554.217
$54,345,390
2008/09
.5,245,952,426
35,019,471
0
5,280,971.897
5,081.573,664
50,649,225
2009/10
4,913.325,225
36.007,022
0
4,949.332,247
4,749,934,014
48,147,236
2010/11
4,517,918,665
35,791,524
0
4,553,710,189
4,354,311,956
43,990,589
2011/12
4,248,567,040
31,655,376
0
4,280,222,416
4,080,824,183
N/A
(1) The Base Value for the Project Area No. i is $199,398,233.
Source:, California Municipal Statistics, Inc. and Audited Rnancial Statements of the La-Quinta
Redevelopment Agency. I-
:2010/11, 2002 TAB, - City of La Quinte -2
.IN 030
B. LAND USE
PROJECT AREA NO. 1
2011112 Total
Percent
Land Use
Secured Value
of Total
Residential
$3,667,157,161
86.32%
Commercial
313,666,858 -
7.38%
Vacant
226,548,554
5.33%
Timeshare
39,653,381
0.93%
Miscellaneous
1,541,086
0.04%
Total Protect Area No. 1
$4,248,667,040
100.00%
Source: California Municipal Statistics, Inc
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area
No. 1 based on the 2011/12 secured property tax roll.
2011112
Assessed
% of
Property Owner
Land Use
Valuation
Total (1)
KSL Desert Resort
Hotel
$133,688,003
3.15%
Sunrise Desert Partners
Residential
69,108,126
1.63%
MSR Resort Golf Course
Country Club
43,073,125
1.01%
Village Resort
Hotel
20,152,234
0.47%
Lands LP
Apartments
20,150,599
0.47%
Nadador LLC
Timeshares Properties
17,883,704
0.42%
CNL Desert Resort LP
Hotel
16.697,639
0.39%
Quarry at La Quinta Inc.
Hotel
13,696,380
0.32%
LQ Investments
Commercial
13,506,484
0.32%
Old Town La Quinta LLC
Commercial
12,597,621
0.30%
Total
$360,553,916
8.48%
(1) 2011f12 Local Secured Assessed Valuation: $4.248,567,040
Source: California Municipal Statistics, Inc.
2010111, 2002 TAB
City of La Quinta -
3
031
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1994 Bonds, 1998
Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in
the table below was gathered and verified from the corresponding Official
Statements.
Maturity Date
1994
1998
2001
2002
2003
Combined
September 1,
Bonds
Bonds
Bonds
Bonds
Bonds
Debt Service
2011
$2.162,664
$819.520
$2,430,720
$2,475,176
$1,997,640
$9,885,720
2012
2,160,003
819,520
2,430,720
2,477,681
1,998,755
9.886,679
2013
0
1,474,520
3,995,720
2,418,281
1,998,235
9,886,756
2014
0
1,475,460
3,997,470
2,413,031
1,996,080
9,882,041
2015
0
1,474,680
4,000,220
2,411,281
1,997.392
.9,883,473
2016
0
1,476,880
3,998,720
2,412,781
1,996,208
9,884,589
2017
0
1,472,100
3.997,970
2,417,281
1,997,528
9,884,879
2018
0
1,475,500
3,997,720
2,414,531
1,996,040
9,883,791
2019
0
1,476,560
3,997,720
2,414,781
1,996,744
9,885,805
2020
0
1,475,280
3,997.720
2,412,781
1,999,328
9,885,109
2021
0
1,476,660
3,997,470
2,413.531
1,998,480
9,886,141
2022
0
1,475,440
3,996,720
2,416.781
1,999.200
9,888,141
2023
0
1,476,620
3,997,790
2,412,281
2,001,176
9,887,867
.2024
0
1,474,940
3,997,485
2,413,856
1,999,096
9,885,377
2025
0
1,475,400
3,995,550
2,417,356
2.000,680
9,888,986
2026
0
1,472,740
3,996,730
2.417,525
1,997,434
9,884,429
2027
0
1,471,960
4,000,515
2,414,363
1,999,358
9,886,196
2028
0
1,472,800
3,996,395
2,417,869
2,000,808
9,887,872
2029
0
0
3,999,370
3,887,531
1,996,462
9,883,363
2030
0
0
3,998,675
3,880,013
1,996,320
9,883,008
2031
0
0
3,999.055
3,890,550
1,999,738
9.889,343
2032
0
0
0
7,889,631
2,001 072
9,890,703
Total
$4 322 667
$26 238 480
$90 820,465
$63 146 892
$43,963,774
$217,490,268
2010111, 2002 TAB City o1 La Quinta 4
•.% 032
E. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE
The following table sets forth the amount of Gross Tax Increment and the
combined Debt Service Coverage for the Bonds.
Leas:
Maximum
Less:
Less:
_
Subordinated
Maximum
Annual Debt
Fiscal
Gross Tax
Non -subordinated
Housing
Pledged
Pass
Net
Annual Debt
Service
Year
increment
Pass Throughsttl
' Set Aside
Revenues
Throughau)
Revenues
Service 13)
Coverage
2006/07
$52.536,879
$1,959,308
$10,507.377
$40,070,194
$17,669,196
$22,400,998
$9,890,703
2.26
2007/08
54,345.390
2,024,391
10,869,078
41,451,921
22,240,459
19,211.462
9,890,703
1.94
2008/09
50.649,225
1,956,012
10,129,845
38,563,368
20,597,697
17,965.671
9,890,703
1.82
2009/10
48,147,236
1,913,631
9.629,447
36,604,158
19,699,214
16,904,944
9,890,703
1.71
2010/11
43,990,589
1,833,512
8,798,118
33,358,959
17,915,090
15.443,869
9,890,703
1.56
(1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley
Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a non -subordinated basis.
Please note, although the Coachella Valley Untried School District pass -through is presented as non -subordinated, it is non_
subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service.
(2) The Agerry's subordinated pass-throtghs include the County M Riverside, the Desert Sands Unified Sdad District, and the
Desert Community College District.
(3) The combined Maximum Annual Debt Service on the 2003 Bands, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994
Bonds is payable in the year 2032 in the amount of $9.890,703. A portion of the Hawing Set Asides is pledged towards the
payment of 18.5% of the debt service on the 1994 Bonds.
Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed wtrh the
Riverside County Auditor -Controller's Office.
F. REPORTING OF SIGNIFICANT EVENTS
The Continuing Disclosure Covenants outline the Significant Events that must be
reported if they are deemed material. The Agency has no knowledge that any of
the events listed below have occurred or have not been previously reported
during the fiscal year ended June 30, 2011.
1. Principal and interest payment delinquencies on the 2002 Bonds.
2. Non-payment related defaults.
3. Unscheduled draws on debt service reserves reflecting financial
difficulties.
4. Unscheduled draws on credit enhancements reflecting financial
difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions or events affecting the tax-exempt status of the
security.
7. Modifications to rights of security holders.
8. Contingent or unscheduled bond calls.
9. Defeasances.
10. Release, substitution, or sale of property securing repayments of the
securities.
11. Rating changes.
2010111, 2002 TAB - City of La Quints 5
033
LA QUINTA REDEVELOPMENT AGENCY
$261400,000
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1
TAX ALLOCATION BONDS
TAXABLE SERIES 2003
Riverside County, California
Dated: September 1, 2003
Base CUSIP': 504194
2011 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of November 15, 2011
Also available at:
www.vA[kkm.core
+ Copyrot, American Bankers Association-CUSIP data Is provided by Standard and Poors, CUSIP Service Bureau, a
division of The McGraw-Hill Companies, .Inc. This data Is not intended to create a database and does not serve in any way
as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.
034
LIST OF PARTICIPANTS
John Falconer
Finance Director
P.O. Box 1504
78495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
Willdan Financial Services'
Temecula, CA 92590
(951) 587-3500
Repoli available for viewing
www.wilidan.com
Wedbush Morgan Securities
Rutan & Tucker LLP
Costa Mesa, California
Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 51' Street, 20 Floor
Los Angeles, California 90071
(213) 613-6047
In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the
accuracy, completeness or faimess of the statements contained herein.
035
I" INTRODUCTION
Pursuant to an Official Statement dated September 10, 2003, the La Quinta Redevelopment
Agency (the "Agency") issued $26,400,000 La Quinta Redevelopment Project Area No. 1
Tax Allocation Bonds, Taxable Series 2003 (the "2003 Bonds"). The 2003 Bonds were
being issued to finance redevelopment projects benefiting the La Quinta Redevelopment
Project Area No.1. The 2003 Bonds are payable on a parity with the Agency's La Quinta
Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds");
the La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the
"1998 Bonds"); the La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds,
Series 2001 (the "2001 Bonds"); and the Agency's La Quinta Redevelopment Project Area
No. 1 Tax Allocation Bonds, Series 2002 (the "2002 Bonds") (collectively, the "Bonds").
The City of La Quinta, (the "City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 1 (the "Project Area No. 1") encompasses an area of
approximately 11,475 acres, which includes approximately 50.7% of the current area of the
City. The objective of the Agency is to eliminate or reduce the many instances of economic,
physical or social blight presently existing within the boundaries of the Redevelopment Projects.
The 2003 Bonds are special obligations of the Agency and are secured by Pledged Tax
Revenues, as defined in the Official Statement. The 2003 Bonds are not a debt of the City,
the State of California, or any of its political subdivisions and neither the City, the State of
California, nor any of its political subdivisions is liable. The 2003 Bonds do not constitute
indebtedness within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency for the benefit of the holders of the 2003 Bonds and includes
the information specked in a Continuing Disclosure Agreement. For further information and
a more complete description of the Agency and the 2003 Bonds, reference is made to the
Official Statement.
The information set forth herein has been furnished by the Agency and by sources, which
are believed to be accurate and reliable but is not . guaranteed as to accuracy or
completeness. Statements contained in this Annual Continuing Disclosure Information
Statement which involve estimates, forecasts, or other matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to be construed as
representations of fact. Further, the information and expressions of opinion contained herein
are subject to change without notice and the delivery of this Annual Continuing Disclosure
Information Statement will not, under any circumstances, create any implication that there
has been no change in the affairs of the Agency or any other parties described herein.
2010111, 2003 TAB City of La Quinta - ., �1 036
It. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31, 2011
Tax Allocation Bonds, Taxable Series 2003 $22,775,000
B. FUND BALANCES
Fund As of October 31, 2011
Reserve Fund t'I $1,509,867
(1) The Reserve Fund is funded by a Reserve Account Surety Bond Issued by Ambac Assurance Corporation.
Ill. FINANCIAL INFORMATION
The audited financial statements for the Agency for the fiscal year ended June 30, 2011
will be separately filed with the Electronic Municipal Market Access and are hereby
incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
Prolect Area No.1
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base 471
Increment
2007108
$5,210,779,209
$34,173,241
$0
$5,244,952,450
$5,045,554,217
$54,345,390
2008/09
5,245,952,426
35,019,471
0
5,280.971,897
5,081,573,664
50,649,225
2009/10
4,913,325,225
36,007,022
0
4.949,332,247
4,749,934,014
48,147,236
2010/11
4,517,918.665
35,791,524
0
4,553,710,189
4,354,311,956
43,990,589
2011/12
4,248,567.040
31,655,376
0
4.280,222,416
4.080,824,183
N/A
(1) The Base Value for the Project Area No. 1 is $199,398,233.
Source: California Municipal Statistics, Inc. and Audited Financial Statements of the La -Quints
Redevelopment Agency.
2010111, 2003 TAB City of La Quints 2a 037
B. LAND USE
PROJECT AREA NO. 1
2011112 Total
Percent
Land Use
Secured Value
of Total
Residential
$3,667,157,161
86.32%
Commercial
313.666,858
7.38%
Vacant
226,548,554
5.33%
Timeshare
39,653,381
0.93%
Miscellaneous
1,541.086
0.04%
Total Project Area No. 1
$4,248,567,040
100.00%
Source: California Municipal Statistics, Inc
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area
No. 1 based on the 2011/12 secured property tax roll.
2011/12
Assessed
% of
Property Owner
Land Use -
Valuation
Total (1)
KSL Desert Resort
Hotel
$133.688,003
3.15%
Sunrise DesertPartners
Residential
69,108,126
1.63%
MSR Resort Golf Course
Country Club
43,073,125
1.01 %
Village Resort
Hotel
20.152,234
0.47%
Lands LP
Apartments
20,150,599
0.47%
Nadador LLC
Timeshare Properties
17,883,704
0.42%
CNL Desert Resort LP -
Hotel
16,697,639
0.39%
Quarry at La Quinta Inc.
Hotel
13,696,380
0.32%
LQ Investments
Commercial
13,506,484
0.32%
Old Town La Quinta LLC
Commercial
12 597,621
0.30%
Total
$360,553,915
8A9%_
(1) 2011/12 Local Secured Assessed Valuation:
$4,248,567,040.
Source: California Municipal Statistics, Inc. -
-
2010111,, 2003 TAB - City of La Quinta - - - - 3
.b» 038
O
O
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1994 Bonds, 1998
Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in
the table below was gathered and verified from the corresponding Official
Statements.
Maturity Date
September 1,
1994
Bonds
1998
Bonds
2001
Bonds
2002
Bonds
2003
Bonds
Combined
Debt Service
2011
$2,162,664
$819,520
$2,430.720
$2,475,176
$1,997,640
$9,885,720
"2012
2,160,003
819,520
2,430,720
2,477,681
1,998,755
9,886,679
2013 -
0
1,474,520
3,995,720
2.418,281
1,998,235
9,886,756
2014
0
1,475,460
3.997,470
2,413,031
1.996,080
9,882,041
2015
0
1,474,580
4,000,220
2,411,281
1,997,392
9,883,473
2016
0
1,476,880
3,998,720
2,412,781
1,996,208
9.884,589
2017
0
1,472,100
3,997,970
2.417,281
1,997,528
9,884,879
2018
0
1,475,500
3,997,720
2.414,531
1,996,040
9,883,791
2019
0
1,476.560
3,997,720
2,414,781
1,996,744
9,885,805
2020
0
1,475,280
3,997,720
2,412,781
1,999,328
9,885,109
2021
0
1,476,660
3,997,470
2,413,531
1,998,480
9,886,141
2022
0
1,475,440
3,996,720
2,416,781
1,999,200
9,888,141
2023
0
1,476.620
3,997,790
2,412,281
2,001,176
9,887,867
2024
0
1,474,940
3,997,485
2,413,856
1,999,096
9.885,377 .
2025
0
1.475,400
3,995.550
2,417,356
2,000,680
9,888,986
2026
0
1,472,740
3,996,730
2,417,525
1,997,434
9,884,429
2027
0
1,471,960
4,000.515
2,414,363
1,999,358
- 9,886,196
2028
0
1,472,800
3,996,395
2,417,869
2,000,808
9,887,872
2029
0
0
3,999,370
3,887,531
1,996,462
9,883,363
2030
0
0
3,998,675
3,888,013.
1,996,320
9,883.008
2031
0
0
3,999,055
3,890,550
1,999,738
9,889.343
2032
0
0
0
7,889,631
2,001,072
9,890,703
Total
$4,322,667
$26,236,480
$80,820,465
$63,146,892
$43,963,774
$217,490,268
2010/11, 2003 TAB - City of La Quinta 4
•.» 039
E. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE
The following table sets forth the amount of Gross Tax Increment and the
combined Debt Service Coverage for the Bonds.
Less:
Maximum
Less:
Less:
Subordinated
Maximum
Annual Debt
Fiscal
Gross Tax
Non -subordinated
Housing
Pledged
Pass
Net
Annual Debt
Service
Year
Increment
Pass Throughslrt
Set Aside
Revenues
Throughsta
Revenues
Service t't
Coverage
2006/07
$52,536,879
$1,959,308
$10.507,377
$40,070,194
$17,669,196
$22,400,998
$9,890,703
2.26
2007/08
54,345,390
2,024,391
10,869,078
41,451,921
22,240,459
19,211,462
9,890,703
1.94
2008/09
50,649,225
1,956,012
10,129,845
38,563,368
20,697,697
17,965,671
9,890,703
1.82
2009110
48,147,236
1,913,631
9,629,447
36,604,158
19,699,214
16,904,944
9,890.703
1.71
2010/11
43,990,589
1,833,512
8,798,118
33,358,959
17,915,090
15,443,869
9,890.703
1.56
(1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley
Water District, and the Coachella Valley Unified School District t0 pass through Tax Increment on a non -subordinated basis.
Please note, ahhough the Coachella Valley Unified School District pass -through is presented as non -subordinated, a is non -
subordinate only to debt service on One 2002 Bonds and is subordinate to as other debt service.
(2) The Agencys subordinated pass40voughs include the County of Riverside, the Desert Sands Unified School District, and the
Desert Community College District.
(3) The oombined Maximum Annual Debt Service on the 2003 Bonds,.2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994.
Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the
payment of 18.5% of the debt service on the 1994 Bonds.
Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with the
Riverside County Auditor -Controller's Office.
F. REPORTING OF SIGNIFICANT EVENTS
The Continuing Disclosure Covenants outline the Significant Events that must be
reported if they are deemed material. The Agency has no knowledge that any of
the events listed below have occurred or have not been previously reported
during the fiscal year ended June 30, 2011.
1. Principal and interest payment delinquencies on the 2003 Bonds.
2. Non-payment related defaults.
3. Unscheduled draws on debt service reserves reflecting financial
difficulties.
4. Unscheduled draws on credit enhancements reflecting financial
difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions or events affecting the tax-exempt status
security.
7. Modifications to rights of security holders.
8. Contingent or unscheduled bond calls.
9. Defeasances.
10. Release, substitution, or sale of property securing repayments
securities.
11. Rating changes.
of the
of the
2010111, 2003 TAB City of La Quints - 0
N
LA QUINTA REDEVELOPMENT AGENCY
$6,000.1000
LA QUINTA REDEVELOPMENT PROJECT AREA NO.2
SUBORDINATE TAXABLE TAX ALLOCATION BONDS
SERIES 2011
Riverside County, California
Dated: June 14, 2011
Base CUSIP": 604194
2011 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of November 16, 2011
Also available at:
Vi/h IL�IUA�N
www.vA]Idan.com
+Copyright, American Banker's. Association. CUSIP data is provided by Standard and Pools, CUSIP Service Bureau, a
division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way
asa substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.
•.N 041
LIST OF PARTICIPANTS
John Falconer
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
Wedbush Securities, Inc.
Solana Beach, California
Rutan & Tucker LLP
Costa Mesa, California
' In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the
accuracy, completeness or fairness of the statements contained herein.
•* 042
1. INTRODUCTION
Pursuant to an Official Statement dated June 9, 2011, the La Quinta Redevelopment
Agency (the "Agency") issued $6,000,000 La Quinta Redevelopment Project Area No. 2
Subordinate Taxable Tax Allocation Bonds, Series 2011 (the "2011 Bonds"). The 2011
Bonds are being issued for the purpose of financing redevelopment projects benefitting
La Quinta Redevelopment Project Area No. 2 (the "Project Area").
The City of La Quinta, (the "City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 2 (the "Project Area No. 2") encompasses an
area of approximately 3,130 acres of the City. The objective of the Agency is to
eliminate or reduce the many instances of economic, physical or social blight presently
existing within the boundaries of the Redevelopment Projects.
The 2011 Bonds are special obligations of the Agency and are secured by a pledge of
Pledged Tax Revenues on a subordinate basis to the Agency's previously issued La
Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds, Series
1998 (the "1998 Bonds"), as defined in the Official Statement. The 2011 Bonds are not
a debt of the City, the State of California, or any of its political subdivisions and neither
the City, the State of California, nor any of its political subdivisions is liable. The 2011
Bonds do not constitute indebtedness within the meaning of any constitutional or
statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to
a covenant made by the Agency for the benefit of the holders of the 2011 Bonds and
includes the information specified in a Continuing Disclosure Agreement. For further
information and a more complete description of the Agency and the 2011 Bonds,
reference is made to the Official Statement.
The information set forth herein has been furnished by the Agency and by sources,
which are believed to be accurate and reliable but is not guaranteed as to accuracy or
completeness. Statements contained in this Annual Continuing Disclosure Information
Statement which involve estimates, forecasts, or other matters of opinion, whether or
not expressly so described herein, are intended solely as such and are not to be
construed as representations of fact. Further, the information and expressions of
opinion contained herein are subject to change without notice and the delivery of this
Annual Continuing Disclosure Information Statement will not, under any circumstances,
create any implication that there has been no change in the affairs of the Agency or any
other parties described herein.
2Q10111 2011 TAB Prof 2 City of La Quinta 1
•�a 043
ll. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31, 2011
Subordinate Tax Allocation Bonds, Series 2011 $6,000,000
B. FUND BALANCES
Fund As of October 31, 2011
Reserve Fund
Reserve Requirement
/it. FINANCIAL INFORMATION
$600,033
$600,000
The audited financial statements for the Agency for the fiscal year ended June 30, 2011
will be separately filed with the Electronic Municipal Market Access and are hereby
incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross
Tax Increment for the Project Area No. 2.
PROJECT AREA NO.2
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base (1)
Increment
2007/08
$2,724,518.603
$50,446.080
$0
$2,774,964,683
$2,679,781,928
$28,859,688
2008/09
2,804,622,207
62,385,290
0
2,867,007,497
2,771,824,742
28,479,642
2009/10
2,599,130,531
65,575,780
0
2,664,706,311
2,569,523.556
25,953,975
2010/11
2,424,915,500
60,334,289
0
2,485,249,789
2.390.067,034
=_ 24,186,295
2011112
2,360,463,457
57,899,939
0
2,418,363,396
2,323,180.641
N/A
(1) The Base Value for the Project Area No. 2 is $95,182.766.
Source:-Celifomia Municipal Statistics, Inc. and Audited Financial Statements of the La Quints
Redevelopment Agency. .
20101(11 2011 TAB Pmj 2- City of La Quinta 2 ,
044
B. LAND USE
PROJECT AREA NO.2
2011/12 Total
Percent
Land Use
Secured Value
of Total
Residential
$1,749,311,105
74.11%
Commercial
578,461,090
24.51%
Vacant
30,592,669
1.30%
Miscellaneous
2,098,693
0.09%
—Total Project Area _No. 2
$2,360,463,457
100.00%
Source: California Municipal Statistics, Inc
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area
No. 2 based on the 2011112 secured property tax roll.
_
2011112
Assessed
% of
Property Owner
Land Use
Valuation
Total (1)
Inland American La Quints Pavilion
Commercial
$42,548,545
1.80%
TD Desert Dev LP
Commercial
26,116,671
1.11%
Wal Mart Real Estate Business Trust
Commercial
24,542,785
1.04%
Aventine Development
Apartments
23,372,608
0.99%
Washington 111 Ltd.
Commercial
22,423,817
0.95%
Costco Wholesale Corp.
Commercial
22,413,886
0.95%
Sam's Real Estate Business Trust
Commercial'
20,943,539
0.89%
One Eleven La Quints
Commercial
20,575,705
0.87%
Komar Desert Properties
Commercial
20,330.763
0.86%
Stamko Dev Co.
Commercial
17,041,079
0.72%
Total
$240,309.398
10.18%
(1) 2011/12 Local Secured Assessed Valuation: $2,360,463,457
Source: California Municipal Statistics, Inc.
20101112011 TAB Proj 2 City of La Quints :� 0 4 ?
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1998 Bonds
and 2011 Bonds. Information contained in the table below was gathered
and verified from the Official Statement.
Maturity Date
1998 Debt
2011 Debt
Combined Debt
September 1,
Service
Service
Service
2011
$420,069
$102,403
$522,472
2012
423,406
513,768
937,174
2013
421,231
511,886
933,117
2014
418,800
515.005
933,805
2015
421.113
512,855
933,968
2016
422,913
510,705
933,618
2017
419,200
.518,555
937,755
2018
420,231
514,993
935,224
2019
420,750
516,430
937,180
2020
420,513
517,511
938,024
2021
419,750
518,236
937,986
2022
423,463
513,605
937,068
2023
421.388
513,665
935,053
2024
423.788
513,345
937,133
2025
420,400
512,645
933,045
2026
421,488
516,565
938,053
2027
421,788
514,725
936,513
2028
421,300
511,983
933,283
2029
420,025
513,833
933,858
2030
422,963
514.868
937,831
2031
419,850
515,088
- 934,938
2032
420,950
514,493
935,443
2033
421,000
513,083
934,083
Total
$9,686,379
$17,033,317
$26,719,696
20101112011 TAB Proj 2 City of La Quints
E. PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE
The following table sets forth the amount of Gross Tax Increment and
Debt Service Coverage for the 1998 and 2011 Bonds.
Maximum
Less: Non-
Less:
Annual
Maximum Annual
Fiscal
Gross Tax
subordinated
Housing
Pledged
Debt
Debt Service
Year
Increment
Pass Throughs f't
Set Aside
Revenues
Service m
Coverage
2006/07
$25,971,446
$16,457,383
$5,194,289
$4,319,774
$423,788
10.19
2007/08
28,859,688
18,293,635
5.771,938
4,794,115
423,788
11.31
2008/09
28,479,642
17,934,244
5,695.928
4,849,470
423,788
11.44
2009/10
25,953.975
16,376,233
5,190,795
4,386,947
423,788
10.35
2010/11
24,186,295
16,297,224
4,837,259
3,051,812
938,053
3.25
(1) The Agency has entered into agreements with the Riverside County General Fund, Riverside County Superintendent of
Schools, Coachella Valley Water District, Coachella Valley Mosquito Abatement District, Coachella Valley Resource
Conservation District, Coachella Valley Public Cemetery District, Desert Sands Unified School District, Desert Sands
Community College District, Desert Recreation District, and the City of Le Quints to pass through Tax Increment on a non -
subordinated basis.
(2) Maximum Annual Debt Service on the 1998 and 2011 Bonds Is payable in the year 2026.
Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed
with the Riverside County Auditor -Controllers Office.
20101112011 TAB Proj 2 City of La Quints 5
14 ' 041
F. REPORTING OF SIGNIFICANT EVENTS
The Continuing Disclosure Covenants outline the Significant Events that must be
reported in not more than ten (10) Business Days after the occurrence the event,
Irrespective of any determination as to whether such event may or may not
be deemed material. The Agency has no knowledge that any of the events
listed below have occurred or have not been previously reported during the fiscal
year ended June 30, 2011.
1. Principal and interest payment delinquencies on the 2011 Bonds.
2. Unscheduled draws on debt service reserves reflecting financial difficulties.
3. Unscheduled draws on credit enhancements reflecting financial difficulties.
4. Substitution of credit or liquidity providers, or their failure to perform.
5. Adverse tax opinions or the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue
(IRS Form 5701-TEB) or other material notices or determinations with
respect to the tax status of the 2011 Bonds.
6. Defeasances.
7. Tender offers.
8. Bankruptcy, insolvency, receivership or similar proceedings pertaining to the
Agency.
9. Ratings changes.
The Continuing Disclosure Covenants outline the Significant Events that must be
reported in not more than ten (10) Business Days after the occurrence the event,
if deemed material. The Agency has no knowledge that any of the events listed
below have occurred or have not been previously reported during the fiscal year
ended June 30. 2011.
10. Mergers, consolidations, acquisitions, the sale of all or substantially all of
the assets of the Agency or the dissolution of the Agency.
11. Appointment of a successor or additional Trustee or the change of the
name of the Trustee or any successor or additional Trustee.
12. Non-payment related defaults.
13. Modifications to the rights of Holders.
14. Optional, contingent or unscheduled bond calls, prepayment or redemptions
other than defeasances.
15. Release, substitution or sale of property securing repayment of the 2011
Bonds.
20101112011 TAB Proi 2 City of La Quinta
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: November 15, 2011 BUSINESS SESSION:
ITEM TITLE: Approval of an A CONSENT CALENDAR:
pp Appropriation for Capital
Projects from the Proceeds of the 2011 Financing STUDY SESSION: _
Authority and 2011 Redevelopment Agency Bond
Issues PUBLIC HEARING:
RECOMMENDATION:
Approve an appropriation of $27,914,288 for capital projects from the proceeds of
the 2011 Financing Authority and 2011 Redevelopment Agency Bond Issues.
FISCAL IMPLICATIONS:
In April of this year, staff presented a report estimating net proceeds of
$68,475,000 that could be funded from four (4) bond issues based upon future
estimated revenue projections. Based upon market conditions and a more
conservative approach, only two (2) bond issues were entered into which
generated $30,711,304 of net proceeds. Of this $30,711,304 (Attachment 1),
$2,797,016 has previously been appropriated and $27,914,288 remains to be
appropriated.
The following table represents staff's recommendation for appropriating these
funds:
Project
Taxable
ProjectArea No.2
Non -housing
Taxable
Financing Authority
Housing
Total
Fred Waring Drive & Miles Ave Reconstruction
2,399,786
2,399,786
Washington Street Apartments
- 8,514,502
8,614,502
Testa Property Development
10,000,000
10,000,000.
Dune Palms Mobile Estates Acquisition
7,000,000
7,000,000
2,399,786,
25,514,50
27 914 288
CHARTER CITY IMPLICATIONS:
None.
n 49
BACKGROUND AND OVERVIEW:
On February 15, 2011, the Agency authorized the staff to begin the process to
issue bonds. There are various factors that go into the size of a bond issue, which
ultimately result in the net amount of cash received from the bond proceeds.
These factors include the projected tax increment revenue collections, the rating
given by Standard & Poor's, the interest rate environment in the municipal bond
market, the type of bond issue — tax exempt or taxable, other municipal agencies
issuing debt at the same time, and alternative investments for investors to
consider. The amount of cash that is estimated to be deposited in the first part of
April 2011 was $68,475,000. The actual amount of bond proceeds generated was
$30,711,304.
All Capital Improvement Projects are accounted for in the City Capital Project Fund
(Fund 401). This is done to comply with Government Accounting Standards Board
(GASB) 34 which requires that the City track capital projects and determine if they
should be reported as a fixed asset. The City was an early implementer of GASB
34 in June 30, 2001 and has been using Fund 401 in a similar fashion, even before
GASB 34, since the mid 1990's.
Within Fund 401, individual project budgets are set up to track the expenditures
and the sources of revenue used to pay for the expenditures. Many individual
project budgets have more than one funding source to pay for the costs of the
project. In all cases, the estimated revenue and appropriation amounts for each
individual capital projects must agree which is the case in this report.
Once completed, these assets will be reported in the Comprehensive Annual
Financial Report (CAFR). The CAFR reports the financial activity of the City, the La
Quinta Redevelopment Agency, the La Quinta Housing Authority and the La Quinta
Financing Authority.
FINDINGS AND ALTERNATIVES:
The alternatives available to the La Quinta Redevelopment Agency include:
1. Approve an appropriation of $27,914,288 for capital projects from the
proceeds of the 2011 Financing Authority and 2011 Redevelopment Agency
Bond Issues; or
2. Do not approve an appropriation of $27,914,288 for capital projects from the
proceeds of the 2011 Financing Authority and 2011 Redevelopment Agency
Bond Issues; or
050
3. Provide staff with alternative direction.
Respectfully submitted,
(A
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachment: 1. April and November 2011 Bond Issue Analysis
051
ATTACHMENT 1
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