2011 12 20 RDA62� 4 #adm
Redevelopment Agency agendas and staff reports
are available on the City's web page:
www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, DECEMBER 20, 2011 AT 4:00 P.M.
Beginning Resolution No. RA 2011-034
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Evans, Franklin, 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 DECEMBER 6, 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 DECEMBER 20, 2011
001
REDEVELOPMENT AGENCY AGENDA 1 DECEMBER 20, 2011
2. RECEIVE AND FILE TREASURER'S REPORT DATED OCTOBER 31, 2011
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
OCTOBER 31, 2011
4. APPROVAL OF LA QUINTA REDEVELOPMENT AGENCY ANNUAL REPORT
OF AGENCY ACTIVITIES IN ACCORDANCE WITH SECTION 33080 OF THE
HEALTH AND SAFETY CODE
BUSINESS SESSION - NONE
STUDY SESSION - NONE
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on January 3,
2012 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
December 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 December 16, 2011.
DATED:,, DECEMBER 16, 2011
VERONICA,YMONTECINO, City Clerk
City of La tuinta, California
'�"•� 002
REDEVELOPMENT AGENCY AGENDA 2 DECEMBER 20,2011
RDA MEETING DATE: December 20, 2011
ITEM TITLE: Approval of Demand Register Dated
December 20, 2011
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
December 20, 2011 of which $466,648.51
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
•,.�;, . 003
SOF
COUNCIL/RDA MEETING DATE: December 20, 201 1 AGENDA CATEGORY:
ITEM TITLE: Receive and File Treasurer's Report BUSINESS SESSION:�
dated October 31, 2011 CONSENT CALENDAR:
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
", 004
4zo Qumrcv
"�9
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: December 20, 201 1
BUSINESS SESSION:
ITEM TITLE: Receive and File Revenue and
Expenditure Report dated October 31, 2011 CONSENT CALENDAR: _
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
Transmittal of the October 31, 2011 Statement of Revenue and Expenditures for
the La Quinta Redevelopment Agency.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Mark Weiss, Interim Executive Director
Attachment: 1. Revenue and Expenditures, October 31, 2011
N 005
07/0112DII-10/31120111
LA GUINTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO. 1:
LOWIMODERATE TAX FUND:
Tax Increment
8,802.400,00
0.00
8,802,400,00
0.000%
Allocated Interest
4460000
(11,09849)
55.69849
-24.880%
Non Allocated Interest
000
443,72
(443.72)
0.000%
Miscellaneous revenue
0.00
737,98
(737.98)
0.000%
Non Allocated Interest
000
0,00
0.00
0.000%
Home Sales Proceeds
0.00
0.00
0.00
0.000%
Sale of Land
0,00
0.00
0,00
0.000%
Sewer Subsidy Reimbursements
0.00
0,00
0.00
0.000%
Rehabilitation Loan Repayments
0.00
0,00
&W
0.000%
2nd Trust Deed Repayment
0,00
0.00
0.00
0,000%
Williams Note Payment
0,00
0.00
0.00
0,000%
Transfer In
0.00
0.00
0.00
0,000%
TOTAL LOWIMOD TAX
8,847,01K 00
(9,916.79)
8,856.916.79
41.110%
DEBT SERVICE FUND:
Tax Increment
35,209.600.00
000
35,209,600.00
0,000%
Allocated Interest
3,000.00
(3,947.16)
6,947.16
-131.570%
Non Allocated Interest
0,00
000
0,00
0.000%
Interest -County Loan
0,00
0.00
0,00
0000%
Interest Advance Proceeds
0.00
0,00
0,00
0.000%
Transfers In
14288845.00
3374339.28
10914505,72
23.620%
TOTAL DEBT SERVICE
49,501;445W
3,370.392.12
46,131,052.88
6.810%
CAPITAL IMPROVEMENT FUND
Pooled Cash Allocated Interest
25,700.00
(36,972 W)
, 62.672.W
-143,860%
Nan Allocated Interest
18,800,00
2,166.50
16.633,50
11.520%
Developer Agreement Funding
000
0.00
0.00
0.000%
Sale of Land Proceeds
0.00
0.00
000
0.000%
Rental Income
0.DO
0.00
000
0.000%
Litigation Proceeds
0,00
0,00
000
a000%
Transfers In
5 000 000.00
0.00
5 DD0 000.00
0000%
TOTAL CAPITAL IMPROVEMENT
5,044,500.00
(34,806.36)
5,079,306.36
-0690%
2011 TAXABLE HOUSING BOND FUND:
Pooled Cash Allocated Interest
0.00
0.00
0,00
0000%
Non Allocated Interest
0.00
846.00
(946,00)
0.000%
Developer Agreement Funding
0.00
0.00
0,00
0000%
Sale of Land Proceeds
0.00
0.00
0.00
0.000%
Rental Income
000
0.00
000
0.000%
Litigation Proceeds
0w
0.00
0,00
0000%
Transfers In
0.00
0.00
0,00
0.000%
TOTAL 2011 TAXABLE HOUSING BOND
0,00
846.00
(846.00)
0.000%
006
eA
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO, 1:
ADJUSTED 10/31111 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
LOWIMODERATE TAX FUND:
SERVICES
538575.00
68,126,27
0.00
468,448.73
2nC TRUST DEED PROGRAM
520.000.00
81,000,00
000
439,00D.00
HABITAT FOR HUMANITY
300,160.00
5,100.00
0.00
295.060,00
LAND ACQUISITION
0.00
DIM
0.00
0,00
LOW MOD HOUSING PROJECTS
0,00
Dw
0.00
Dw
FORECLOSURE
800,000.00
0.00
0.00
800000.00
REIMBURSEMENT TO GEN FUND
791,561.00
263,856.00
0.00
527,705.00
TRANSFERS OUT
18,424645.00
356860716
0.00
14,858037.24
TOTAL LOWIMOD TAX
DEBT SERVICE FUND:
-
SERVICES
411600.00
4,851.88
0,00
406.748.12
BOND PRINCIPAL
3,540,000.00
3,540,000. 00
0,00
0.00
SONDINTEREST
6,724,310.00
3,418,315.63
000
3,305,994.37
PASS THROUGH PAYMENTS
20,211,350.00
412,909.22
0.00
19,798,440.78
ERAF SHIFT
0,00
000
0.00
0,00
TRANSFERS OUT
18813,498.00
2.915,671,10
0.00
15897,826.90
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
SERVICES
205.700.00
40.567.91
0,00
165,132.09
REIMBURSEMENT TO GEN FUND
407,125.00
135,712.00
0.00
271,413.00
TRANSFERS OUT
24,173,371 00
117] 157.05
0.00
22,396,213.95
TOTAL CAPITAL IMPROVEMENT
2011 TAXABLE HOUSING BOND
SERVICES
11.000,00
0,978.22
0.00
2.021.78
TRANSFERS OUT
000
12065.37
000
(12M,517�
j0.b435'3
TOTAL 2011 TAXABLE HOUSING BOND
2i!M� gg
0M�
!001
3
LA GUINTA REDEVELOPMENT AGI
REVENUE SUMMARY
PROJECT AREA NO, 2:
07/01/2011-10/3112011
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
LOWMODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Developer funding
2M Trust Dead Repayment
Sale of Lard
Transfer In
TOTAL LOW/MOD TAX
2004 LOW/MODERATE BOND FUND:
Allocated Interest
Hone Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOWMOD BOND
DEBT SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Interest Advance Proceeds
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
Allocated Interest
Non Allocated Interest
Misc Revenue
Sale of land
Transfers In
TOTAL CAPITAL IMPROVEMENT
4,800,480.00
0.00
4,800,480,00
0000%
60,800. DO
(40,572.28)
101.372.28
-66.730%
0.00
0.00
0.00
0.000%
0,00
000
0.00
0.000%
0.00
8,744,99
(8,744,99)
0.000%
0.00
0.00
0,00
0.000%
0,00
0.00
D00
0.000%
4,861,28000
(31,827.29)
4,893, 10 229
-0650%
o.00
0,00
0.00
0.000%
0.00
0.00
0,00
0000%
4,815.00
77.00
4,738.00
1.600%
0.00
0,00
0.00
0.000%
4, 815.00
77,00
4,738.00
1.600%
19,201924W
0.00
19,201,924,00
0000%
20000
(15,100.60)
15,300.60
-7550.300%
000
81.00
(81.00)
0.000%
0.00
0.00
0,00
0.000%
7,268,632.00
1638736.62
5,829,895.38
19790%
26,470,756.00
1423,717,02
25.047,038. 98
5.380%
000
18.853.27
(18.853.27)
0.000%
0 00
0.00
0 00
0.000%
000
0,00
000
0.000%
0.00
000
0.00
0.000%
1,650,000.00
000
1,650,000.00
0000%
1,650,000 00
18.653.27
1,631,146.73
1.140%
2011 TAXABLE NON -HOUSING BOND FUND:
Pooled Cash Allocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Developer Agreement Funding
0.00
D00
000
0.000%
Sale of Land Proceeds
0.00
0.00
0.00
0.000%
Rectal Income -
0,00
000
0.00
0,000%
Litigation Proceeds
0.00
0.00
0.00
ow0%
Transfers In
0.00
OOo
0.00
0.000%
TOTAL 2011 TAXABLE NON -HOUSING BOND
0 00
0.00
0.00
0,000%
. n ' 008
4
LA OUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO 2'
LOW/MODERATE TAX FUND:
FUND
ADJUSTED 10/31111 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
SERVICES
330,47000
36,51119
0.00
293,958.21
2ND TRUST DEEDS
0.00
0.00
0.00
0.00
LOW MOD HOUSING PROJECTS
3,000.00
0.00
0.00
3,000,00
FORECLOSURE ACQUISITION
450,OW 00
0.00
0.00
4W.000W
REIMBURSEMENT TO GEN FUND
448,490.00
149,496.00
0.00
298,994.00
TRANSFERS OUT
19, 370,216.00
1815356.46
0W
17554859.54
TOTAL LOWIMOD TAX
HOUSING PROGRAMS 0.00 0.00 0.00 0.00
LAND 0.00 0,00 0.00 0.00
TRANSFERS OUT 3307155.00 106.875.87 0.00 3200279.13
TOTAL LOWIMOD BOND
DEBT SERVICE FUND:
SERVICES
255.100.00
3,025,00
0.00
252.075.00
BOND PRINCIPAL
380,000,00
130,000.00
0.00
250,000.00
BONDINTEREST
633,843.00
252,757,07
0,00
381.085.93
PASS THROUGH PAYMENTS
16,137,298.00
0.00
0,00
16,137,29&W
ERAF SHIFT
0.00
0,00
- 0.00
0.00
TRANSFERS OUT
8,91863200
1,436,076.80
0,00
7,482,555.20
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
SERVICES
99,84500
34,248.90
0.00
65,595.10
CAPITAL
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
117,587.00
39,196W
0.00
78,391.0)
TRANSFERS OUT
1905,451.00
731,465.24
0.00
11373985.76
TOTAL CAPITAL IMPROVEMENT
2011 RDA 2 TAXABLE BOND FUND:
SERVICES
11, 500.00
8,49121
0.00
3,008.69
ECONOMIC DEVELOPMENT
1,500, C00. 00
0,00
0.00
1500,000.00
TRANSFERS OUT
20,500.00
2.659.82
0.00
17,840.18
TOTAL RDA NO. 2 TAXABLE BOND
..h.j
5
�FCFM OF
AGENDA CATEGORY:
COUNCIL ;LDA MEETING DATE: December 20, 2011 BUSINESS SESSION: _
ITEM TITLE: Approval of La Quinta Redevelopment CONSENT CALENDAR:
Agency Annual Report of Agency Activities in
Accordance with Section 33080 of the Health and STUDY SESSION:
Safety Code PUBLIC HEARING:
RECOMMENDATION:
Approve the La Quinta Redevelopment Agency Annual Report of
Agency Activities in accordance with Section 33080 of the Health and Safety
Code.
FISCAL IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Section 33080 of the Health and Safety Code requires that an annual report of
agency activities be prepared and submitted to the governing body by December
31" of each year (Attachment 1). The following items are included in the report:
• Audited Financial Statement
• Redevelopment Agency State Controller's Report - including Fiscal Year
201 1 /2012 Project Area 1 and 2 Statement of Indebtedness
• Housing and Community Development Report
• Loan Report
• Property Report
• Housing Activities Report
• Blight Report
• Annual Fiscal Statement Report
• Time Limit Report
010
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Approve the La Quinta Redevelopment Agency Annual Report of Agency
Activities in accordance with Section 33080 of the Health and Safety Code;
or
2. Do not approve the La Quinta Redevelopment Agency Annual Report of
Agency Activities in accordance with Section 33080 of the Health and
Safety Code; or
3. Provide staff with alternative direction.
Respectfully submitted,
ohn M. Falconer, Finance Director
Approved for submission by:
k
Mark Weiss, Interim Executive Director
Attachment: 1. Annual Report of Agency Activities
-.A "I 011
ATTACHMENT 1
LA QUINTA REDEVELOPMENT AGENCY
78-495 CALLE TAMICO, PO BOX 1504, LAQUINTA, CALIFORNIA 92247
ANNUAL REPORT OF AGENCY
ACTIVITIES
La Quints Redevelopment Agency
Redevelopment Project Nos. 1 & 2
December 20, 2011
' 012
ROSENOW SPEVACEK GROUP, INC.
www.webrsg.com
LA QUINTA REDEVELOPMENT AGENCY
ANNUAL REPORT OF AGENCY ACTIVITIES
TABLE OF CONTENTS
INTRODUCTION
INDEPENDENT FINANCIAL AND COMPLIANCE AUDIT 1
ANNUAL FISCAL STATEMENT AND FINANCIAL TRANSACTIONS REPORT ....................................................................... 1
HOUSING ACTIVITIES REPORT 3
BLIGHT REPORT
OUTSTANDING AGENCY LOANS OVER $50,000 IN DEFAULT OR NOT IN COMPLIANCE ................................................. 5
DESCRIPTION OF AGENCY OWNED PROPERTIES 5
TIME LIMITS 6
EXHIBIT 1 - INDEPENDENT FINANCIAL AND COMPLIANCE AUDIT
EXHIBIT 2 - ANNUAL FISCAL STATEMENT AND FINANCIAL TRANSACTIONS REPORT
EXHIBIT 3 - HOUSING ACTIVITIES REPORT
EXHIBIT 4 - ANNUAL COMPLIANCE MONITORING REPORTS
EXHIBIT S - BLIGHT REPORT
EXHIBIT 6 - HOUSING FUND TRANSACTION DETAIL
013
LA QUINTA REDEVELOPMENT AGENCY
INTRODUCTION
California Health & Safety Code Sections 33000 et seq. (California Redevelopment Law or "CRL") requires
that the La Quinta Redevelopment Agency ("Agency") submit an annual financial report to its legislative body
within six months after the end of the Agency's fiscal year. This standalone report must specifically address
each of the requirements detailed in CRL Section 33080.1 and must be presented to the legislative body prior
to December 31 of each year. In addition, the information must be filed with the State Department of Housing
and Community Development ("HCD") and the State Controller.
INDEPENDENT FINANCIAL AND COMPLIANCE AUDIT
CRL Sections 33080.Ila) and 33080.3
The Independent Financial and Compliance Audit ("Audit") was prepared by Lance, Soll, & Lunghard, LLP
("Auditor"), a certified public accounting firm licensed by the State of California. The Audit examines the
Agency's operations, financial positions and activities, and uses of the Low and Moderate Income Housing
Fund ("LMIHF"). In accordance with Government Auditing Standards adopted by the Comptroller General of
the United States, the Auditor found that the Agency used appropriate financial accounting methods, did not
exhibit any deficiencies or material weaknesses in its internal control of financial reporting, and had no
instances of noncompliance with any laws, regulations, or administrative requirements governing the Agency.
The Audit also shows that the Agency does not have an excess surplus of LMIHF moneys as defined by the
CRL Section 33334.12 as of June 30, 2011.
The Audit Report is included as Exhibit 1 at the end of this document.
ANNUAL FISCAL STATEMENT AND FINANCIAL TRANSACTIONS REPORT
CRL Sections 33080.1(b) and 33080.5
The Annual Fiscal Statement has been prepared using the State Controller's Redevelopment Agency
Financial Transactions Report ("SCO Report") system. A copy of the SCO Report has been included at the
end of report as Exhibit 2. In addition to the SCO Report, the latest Statement of Indebtedness for Project
Area 1 and 2, filed with the County of Riverside in September 2011, for Fiscal Year 2010-2011 has also been
included. Pursuant to CRL Section 33080.5, the following information was included in the SCO Report and as
summarized below:
a. Outstanding indebtedness of Agency for each Project Area:
Indebtedness
As of 6/30/2011
Redevelopment Project No. 1
$ 127,318,243
Redevelopment Project No. 2
12,468,920
Low and Moderate Housing Fund
112,053,850
$ 251,841,013
b. Gross tax increment property tax revenues generated by each Project Area:
Tax Increment
\s of 6/30/2011
Redevelopment Project No. 1
$ 35,192,471
Redevelopment Project No. 2
19,349,036
Low and Moderate Housing Fund
13,635,377
$ 68,176,884
LA QUINTA REDEVELOPMENT AGENCY
c. The amount of tax increment revenues paid to, or spent on behalf of, non -school and non -
community college district taxing entities:
As of 6/30/2011
Redevelopment Project No. 1 $ 15,771,144
Redevelopment Project No. 2 10,356,607
$ 66,127,751
d. The financial transactions report required pursuant to Government Code Section 53891:
The Financial Transactions Report is attached as Exhibit 2.
e. The amount of tax increment revenues allocated to school and community college districts
pursuant to each of the following provisions:
• CRL Section 33401 — Negotiated Agreements;
• CRL Section 33445 — Payments to fund construction of buildings, facilities, or other
structures in -lieu of pass -through payments;
CRL Section 33445.5 — Payments to assist district with overcrowding caused by Agency
activities;
• CRL Section 33676(a) paragraph 2 — Inflationary pass -through payments; and
CRL Section 33681 — This section has been redacted from the CRL. However, the SCO
Report contains information on tax increment revenue allocated to reimburse county
expenses pursuant to CRL Section 33607.
As of 6/30/2611
Total Schools Community
College
Redevelopment Project No. 1 $ 3,159,736 $ 2,489,407 $ 670,329
Redevelopment Project No. 2 5,940,618 5,006,038 934,580
$ 9,100,354 $ 7,495,445 $ 1,604,909
In addition to the above listed amounts, the La Quinta Redevelopment Agency remitted to the
County of Riverside $4,855,193 in Supplemental Educational Relief Augmentation Funds to
support local education.
f. The amount of existing debt, as defined in CRL Section 33682, resulting from the inability to
make the 1992-93 educational revenue augmentation fund payments and the amount paid
towards that debt during the past fiscal year:
Redevelopment Project No. 1
Redevelopment Project No. 2
Low and Moderate Housing Fund
Indebtedness
As of 7/01/2011
$ 127,318,243
12,468,920
112, 053, 850
$ 251,841,013
Required Payments
During
Fiscal Year 2010-2011
$ 4,332,310
376,944
1,840,698
$ 6,549,952
According to CRL Section 33080.5(g), the Agency may also include any other fiscal information which it
believes useful to describe its programs. During the 2010-11 fiscal year, the Agency expended $12.1 million
p'4 015
LA QUINTA REDEVELOPMENT AGENCY
in capital improvement projects throughout the Project Areas. Together with outside investment, this resulted
in the creation of 142 jobs. More detailed information is contained in the Blight Report, attached as Exhibit 5
to this document.
HOUSING ACTIVITIES REPORT
CRL Sections 33080.1(c), 33080.4, and 33080.7
Pursuant to CRL Sections 33080.1(c), 33080.4, and 33080.7, the Agency must describe its housing activities.
The required information is summarized below and is described in greater detail in the Agency's HCD Report,
which is included as Exhibit 3. The Agency's HCD Report must also be submitted to HCD by the end of the
calendar year.
a. The total number of households displaced or moved from their dwelling units as a part of a
redevelopment project during the fiscal year, broken down by affordability level:
'Redevelopment Project No. 1: 0 households
Redevelopment Project No. 2: 0 households
b. An estimate of the total number of households that will be displaced during the next fiscal
year as part of a redevelopment project broken down by affordability level:
Redevelopment Project No. 1: 8 households
(6 very low, 1 moderate, 1 above moderate)
Redevelopment Project No. 2: 0 households
c. The total number of very -low, low, and moderate income dwelling units that were removed
from the housing market during the fiscal year as part of a redevelopment project:
Redevelopment Project No. 1: 0 households
Redevelopment Project No. 2: 0 households
d. The total number of Agency assisted dwelling units constructed, substantially rehabilitated,
acquired or subsidized during the fiscal year, that are restricted by agreement or ordinance,
for occupancy at affordable cost by elderly persons and families of very low to moderate
income. Must specify units that are not occupied by very -low to moderate income
households, units that replaced units removed pursuant to Section 33413, and the length of
time agency -assisted units will remain affordable:
Redevelopment Project No. 1: 3 units
(2 very low, 1 moderate)
Redevelopment Project No. 2: 0 units
e. The total number of new or rehabilitated dwelling units that are restricted by agreement or
ordinance, for occupancy by elderly persons and families of low to moderate income as part
of a redevelopment project. Specify the number originally affordable to, and the number
currently occupied by very -low to moderate income households, and the length of time the
units will remain affordable:
Redevelopment Project No. 1: 0 units
Redevelopment Project No. 2: 0 units
f. The status and use of the LMIHF, created pursuant to Section 33334.3, including information
on the use of this fund for very -low, low- and moderate income households, broken down by
affordability level. Also include a description of any onsite or offsite improvements funded by
3
016
LA QUINTA REDEVELOPMENT AGENCY
the LMIHF, including the number of housing units affordable to low or moderate income
households that benefited from the improvements:
In Fiscal Year 2010-11, the LMIHF had a beginning balance of $34,930,716 and an
ending balance of $63,824,523. Of this amount, $30,949,000 is encumbered for
future payment of legal contracts or agreements and $32,875,523 is designated for
projects such as the Washington Street Apartments and Coral Mountain Apartments.
Please see Schedule C of the Agency's HCD Report, attached as Exhibit 3, for
detailed information on the status and use of the LMIHF.
g. A compilation of annual monitoring reports obtained by the agency under Section 33418 is
attached as Exhibit 4. No projects or dwelling units are in violation of recorded agreements
and covenants.
h. A total of $611,338 was expended for non -project specific planning and general
administrative costs out of the LMIHF.
The following projects will be constructed under an executed agreement or contract within
two years from the execution date of the agreement:
• Washington Street Apartments (78 very low income units, 83 low income units)
• Coral Mountain Apartments (36 very low income units, 144 low income units)
Please refer to Schedule A of the Agency's HCD Report, attached as Exhibit 3, for more
detailed information.
j. The date and amount of all deposits and withdrawals of money into and out of the LMIHF in
Fiscal Year 2010-11 are summarized as follows:
Fund
Increase
Decrease
Low Moderate Income Housing Fund PA 1
245
9,043,361.85
7,357,955.68
Low Moderate Income Housing Fund PA 2
246
7,117,674.49
3,363,245.25
Housing Authority PA 1
241
245,948.28
126,695.88
Housing Authority PA 2
242
3,013.74
3,013.74
2004 Low Moderate Bond Fund
248
4,062,528.67
4,062,528.67
Exhibit 6 contains the detail transaction listing for each of the aforementioned funds.
k. The Agency does not have any excess surplus accumulated in the LMIHF as of June 30,
2011.
p 017
LA QUINTA REDEVELOPMENT AGENCY
BLIGHT REPORT
CRL Section 33080.1(d)
The Agency's progress in alleviating blight during the previous fiscal year is outlined in the Blight Report
which is included at the end of this report as Exhibit 5. The Blight Report contains specific actions, activities,
and expenditures undertaken by the Agency throughout the 2010-11 fiscal year to alleviate blight present in
the Project Area.
OUTSTANDING AGENCY LOANS OVER $50,000 IN DEFAULT OR NOT IN COMPLIANCE
CRL Section 33080.1(e)
The Agency is required to report the status of all outstanding loans of $50,000 or more made by the Agency
that are currently in default or are not in compliance with the terms of the loan approved by the Agency.
During the 2010-11 fiscal year, the Agency did not have any loans that fit this description.
DESCRIPTION OF AGENCY OWNED PROPERTIES
CRL Sect/on 33080.1(t)
The Agency currently owns four properties. A list of each property is provided in Table 2. All properties were
acquired prior to the 2010-11 fiscal year.
Agency -Owned Property as of June 30, 2011 Table 2
La Quinta Redevelopment Agency
Description
Acquisition Acquisitions . Acquisitions
Parcel Number Date Current Year Prior Year
Centerpointe-Landscape lot 604-630-018 1/01/1995 A. $ 1,697
Center pointe-Landscape lot 604-630-023 1/01/1995 A. 2,122
Center pointe-Landscape lot 604-630-024 1/01/1995 A. 849
Coral Mountain 600-020-054 6/30/2008 $ 10,626,276
Total
4,668 $ 10,626,276
$ 10,630,944
A. These parcels were added during Fiscal Year 2010-2011 based upon a physical review of parcels in the
City. The actual date of acquisition was in 1995.
For more information on Agency -owned property please refer to Footnote 6 of the Financial Statements for
the year ended June 30, 2011.
-••N 018
LA QUINTA REDEVELOPMENT AGENCY
TIME LIMITS
CRL Section 33080.1(g)
CRL Section 33080.1(g) requires that the Agency provide a list of the fiscal years where the following time
limits will expire for each project area, each component area of a merged project area, and each addition of
land to a project area by amendment to the redevelopment plan:
1) The time limit for the commencement for eminent domain proceedings to acquire property with the
project area;
2) The time limit for the establishment of loans, advances, and indebtedness to finance the
redevelopment project;
3) The time limit for the effectiveness of the redevelopment plan; and
4) The time limit to repay indebtedness with the proceeds of property taxes.
The following table outlines the time above limits for each of the Agency's project areas, component areas,
and additions of land to a project area:
Time Limit Project No. 1 Project No. 2 ! Project No. 2
Original Area Added Area
Effectiveness of
FY 2024-25 FY 2029-30 FY 2040-41
redevelopmentt plan
Repay indebtedness No tax
with property tax FY 2034-35 FY 2039-40 increment
revenues
Establish indebtedness No time limit No time limit No time limit
Commence for eminent iFY 2006-07 FY 2000-01 No authority
domain proceedings
'�":i 019 .6
EXHIBIT 1
LA QUINTA REDEVELOPMENT AGENCY
LA QUINTA, CALIFORNIA
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2011
020
LA QUINTA REDEVELOPMENT AGENCY
LA QUINTA, CALIFORNIA
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2011
M«u 0 21
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,.".j 022
LA QUINTA REDEVELOPMENT AGENCY
JUNE 30, 2011
TABLE OF CONTENTS
Page
Number
INDEPENDENT AUDITOR'S REPORT.............................................................................................1
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE AND INTERNAL
CONTROL OVER COMPLIANCE............................................................................................... 3
Management's Discussion and Analysis........................................................................................... 5
BASIC FINANCIAL STATEMENTS
Government -Wide Financial Statements:
Statementof Net Assets............................................................................................................13
Statementof Activities...............................................................................................................15
Fund Financial Statements:
Balance Sheet - Governmental Funds......................................................................................16
Reconciliation of the Balance Sheet of Government Funds
to the Statement of Net Assets..................................................................................................19
Statement of Revenues, Expenditures and Changes in Fund
Balances - Governmental Funds...............................................................................................
20
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statementof Activities...............................................................................................................
23
Budgetary Comparison Statement — Low/Moderate Income Housing Fund — PA No. 1..........
24
Budgetary Comparison Statement — Low/Moderate Income Housing Fund — PA No. 2..........
25
Budgetary Comparison Statement — Housing Authority Fund — PA No. 1................................26
Budgetary Comparison Statement — Housing Authority Fund — PA No. 2................................27
Notes to Financial Statements......................................................................................................
29
COMBINING AND INDIVIDUAL FUND SCHEDULES
Combining Project Area Balance Sheet -
AllGovernmental Funds...............................................................................................................48
Combining Project Area Statement of Revenues,
Expenditures and Changes in Fund Balances -
AllGovernmental Funds............................................................................................................... 52
Computation of Low and Moderate Income Housing
Funds . Excess/Surplus................................................................................................................... 55
..41 023
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024
LSLQ
coo
61 0
CERTIFIED PUBLIC ACCOUNTANTS
Brandon W. Burrows, CPA
" David E. Hale, CPA, CFP -
A Prolea5lpnal Corporation
Donald G. Slater, CPA
" Richard K. Kikuchi, CPA
" Susan F. Matz, CPA
Shelly K. Jackley, CPA
® Bryan S. Gruber, CPA
INDEPENDENT AUDITOR'S REPORT
To the Honorable Chair and Members of the Governing Board
La Quinta Redevelopment Agency
City of La Quinta, California
We have audited the accompanying financial statements of the governmental activities, each major fund,
and the aggregate remaining fund information of the La Quinta Redevelopment Agency (Agency), a
component unit of the City of La Quinta, California, as of and for the year ended June 30, 2011, which
collectively comprise the Agencys basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the Agency's management. Our responsibility is to express
opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Govemment Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and the significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, each major fund, and the aggregate remaining
fund information of the Agency, as of June 30, 2011, and the respective changes in financial position and
budgetary comparisons for the Low/Moderate Income Housing Fund — PA No. 1, Low/Moderate Income
Housing Fund — PA No. 2, Housing Authority Fund — PA No. 1 and Housing Authority Fund — PA No. 2,
thereof for the year then ended in conformity with accounting principles generally accepted in the United
States of America.
We would like to draw the reader's attention to Note 16 — "California Redevelopment Agency
Uncertainty'. The note provides information on two bills passed, ABIX26 and 27 which dissolve
redevelopment agencies effective October 1, 2011 and provide an option to avoid dissolution by making
certain defined payments.
In accordance with Government Auditing Standards, we have also issued our report dated
September 27, 2011, on our consideration of the Agency's internal control over financial reporting and on
our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements
and other matters. The purpose of that report is to describe the scope of our testing of internal control
over financial reporting and compliance and the results of that testing, and not to provide an opinion on
internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance.with Government Auditing Standards and should be considered. in assessing
the results of our audit.
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis as listed in the table of contents be presented to supplement the basic financial
Lance, Sall & Lnnphard, LLP , 203 North Brea Boulevard . Suite 203 •.Brea; CA 92821 . TEL: 714.672.0022 . Fax: 714.672.0331 snw.Islcpas.com
41185 Golden Gate, Circle a Suite 103 . Murrieta, CA 92562 • TEL: 951.304.2728 � Fax: 951.304.3940
..at ^ 025
Ir V*Aio
sa
To the Honorable Chair and Members of the Governing Board
La Quinta Redevelopment Agency
statements. Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting
for placing the basic financial statements in an appropriate operational, economic, or historical context.
We have applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with managements responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Agency's financial statements as a whole. The combining project area statements and
computation of low and moderate income housing funds excess/surplus are presented for purposes of
additional, analysis and are not a required part of the financial statements. These are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records
used to prepare the financial statements. The information has been subjected to the auditing procedures
applied in the audit of the financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the
financial statements or to the financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the information is fairly stated in all material respects in relation to the financial statements as a whole.
Brea, California
September 27, 2011
•M 026
LS(Do
E
O®O
o
CERTIFIED PUBLIC ACCOUNTANTS
Brandon W. Burrows, CPA
David E. Hale, CPA, CFP
A Professional Corporation
Donald G. Slater, CPA
Richard K. Kikuchi, CPA
Susan F Matz, CPA
Shelly K. Jacklay, CPA
• Bryan S. Gruber, CPA
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
AND INTERNAL CONTROL OVER COMPLIANCE
To the Honorable Chair and Members of the Governing Board
La Quinta Redevelopment Agency
City of La Quinta, California
Compliance
We have audited La Quinta Redevelopment Agency's (Agency) compliance with the California Health and
Safety Code as required by Section 33080.1 for the year ended June 30, 2011. Compliance with the
requirements referred to above is the responsibility of Agency's management. Our responsibility is to
express an opinion on Agency's compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and the Guidelines for Compliance
Audits of California Redevelopment Agencies, June 2011, issued by the State Controller and as
interpreted in the Auditing Procedures for Accomplishing Compliance Audits of California Redevelopment
Agencies, August 2011, issued by the Governmental Accounting and Auditing Committee of the California
Society of Certified Public Accountants. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether noncompliance with the compliance requirements referred to
above that could have a material effect on redevelopment program has occurred. An audit includes
examining, on a test basis, evidence about the Agency's compliance with those requirements and
performing such other procedures as we considered necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination of the
Agency's compliance with those requirements.
In our opinion, the Agency complied, in all material respects, with the compliance requirements referred to
above that are applicable to the redevelopment program for the year ended June 30, 2011.
Internal Control Over Compliance
Management of the Agency is responsible for establishing and maintaining effective internal control over
compliance with the compliance requirements referred to above. In planning and performing our audit, we
considered the Agency's internal control over compliance to determine the auditing procedures for the
purpose of expressing our opinion on compliance, but not for the purpose of expressing an opinion on the
effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the
effectiveness of the Agency's internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, noncompliance on a timely basis. A material weakness in internal control over
compliance is a deficiency, or combination of deficiencies in internal control over compliance, such that
there is a reasonable possibility that material noncompliance with a compliance requirement will not be 0 2
prevented, or detected and corrected, on a timely basis.
Lance, Sol[ B Lunghard, LLP 203 North Brea Boulevard : Suite 203 « Brea, CA 92821 - TEL: 714.672.0022 * Fax: 714.672.0331 www.lslcpas.com
41185 Golden Gate:Circle-.> Suite 103 « Mutilate, CA 92562 a TEL: 951.304.2728 - Fax: 951.304.3940
LSt *sae
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04
._..._...____.__..._.__..._.._. m.
LEFiiFI EO Ill Bt1C #{CO Y iLANi B
To the Honorable Chair and Members of the Governing Board
La Quinta Redevelopment Agency
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control that might be
deficiencies, significant deficiencies, or material weaknesses in internal control over compliance. We did
not identify any deficiencies in internal control over compliance that we consider to be material
weaknesses, as defined above.
This report is intended for the information of management, the Audit Committee, and the California State
Controller and it is not intended to be and should not be used by anyone other then these specified
parties.
oe*w,
Brea, California
September 27, 2011
4 a 028
LA QUINTA REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2011
Our discussion and analysis of the La Quinta Redevelopment Agency's (Agency)
financial performance for the fiscal year ended June 30, 2011, provides a
comparison of current year to prior year ending results based on the government -
wide statements, an analysis of the Agency's overall financial position and results
of operations to assist users in evaluating the Agency's financial position, and a
discussion of significant changes that occurred within each fund. In addition, it
describes the activities during the year for capital assets and long-term debt. We
end our discussion and analysis with a description of currently known facts,
decisions and conditions that are expected to have a significant effect on the
financial position or results of operations. Please read it in conjunction with the
Agency's financial statements.
FINANCIAL HIGHLIGHTS
The Agency's governmental activities net assets deficit increased $59.70
million, or -72%.
During the year, the Agency had expenses that were $45.58 million more than
the $56.47 million in expenses recorded by the Agency in its governmental
activities in prior years.
• The Agency's governmental activities program revenues and general revenues
increased by $3,839,000, or 10% from the prior year, and program expenses
increased $45.58 million, or 80.73%.
USING THIS ANNUAL REPORT
This annual report consists of a series of financial statements. The Statement of
Net Assets and Statement of Activities provide information about the activities of
the Agency as a whole and present a long-term view of the Agency's finances.
Following these Statements are governmental fund statements that tell how
these services were financed in the short term as well as what remains for future
spending. Fund financial statements also report the Agency's operation in more
detail than the government -wide statements by providing information about the
Agency's most significant funds.
REPORTING THE AGENCY AS A WHOLE
The financial reports contained in this document are prepared on two basis of
accounting — accrual and the modified accrual basis of accounting as follows:
5 N 029
Government -Wide Financial Statements:
The Statement of Net Assets and the Statement of Activities report information
using the accrual basis of accounting, which is similar to the accounting used by
most private -sector companies. All of the current year's revenues and expenses
are taken into account regardless of when cash is received or paid.
These two statements report the Agency's net assets and changes in them. Net
assets are the difference between assets and liabilities, which is one way to
measure the Agency's financial health, or financial position. Over time, increases
or decreases in the Agency's net assets are an indication of whether its financial
health is improving or deteriorating.
In the Statement of Activities, we separate the Agency expenditures into general
government, planning and development and interest on long-term debt.
Revenues are separated into program and General revenues. The major General
revenue is property taxes, which are netted against the payments the Agency
must pay to other agencies in accordance with Tax Sharing Agreements.
Both of these Statements are summary in nature as opposed to the following
discussion of the Fund Financial Statements, which are more detailed in nature.
Fund Financial Statements:
The fund financial statements provide detailed information about the most
significant funds and other funds — not the Agency as a whole. Some funds are
required to be established by State law and by bond covenants. However,
management established many other funds to help it control and manage money
for particular purposes or to show that it is meeting legal responsibilities for using
certain taxes, grants and other resources.
The Agency only has governmental type funds.
Governmental Funds - Most of the Agency's basic services are reported in
governmental funds, which focus on how money flows in and out of those funds
and the balances left at year-end that are available for spending. These funds
are reported using the modified accrual basis of accounting, which measures
cash and all other financial assets that can readily be converted to cash. The
governmental fund statements provide a detailed short-term view of the Agency's
general government operations and the basic services it provides. Governmental
fund information helps determine whether there are more or fewer financial
resources that can be spent in the near future to finance the Agency's programs.
The differences of results in the Governmental Fund financial statements to
those in the Government -Wide financial statements are explained in a
reconciliation following each Governmental Fund financial statement.
•.:p 030
THE AGENCY AS A WHOLE
The analysis below focuses on the net deficit and changes in net deficit of the
Agency's Government -Wide activities.
The Agency's net assets deficit increased $59.7 million, or -72%.
NET ASSETS
Governmental. activities
Description
2011
20
Change
Current and other assets
$ 102,869,352
126,077,764
$ (23,208,462)
Capital assets
10,630,944
73,459,707
(62,828,76 )
Total assets
113,500,246
199,537,471
(86,037,225)
Current liabilities
mmmmmmm,
Non -current liabilities
251,841,013
264,980,257
(13,139,244)
Total liabilities
256,452,077
282,789,641
(26,337,564
Net assets:
-
28,295,747
(28,295,747)
Invested in capital assets,
net of related debt
Restricted
36,262,681
54,781,140
(18758,4
Unrestricted
(179,214,512)
57)
(12,855,455F-
ITotalnet asses
,
The Agency's Net Assets are made up of three components: Investment in
Capital Assets, Net of Related Debt, Restricted Net Assets and Unrestricted Net
Deficit. Unrestricted deficit, the part of net deficit that can be used to finance
day -today operations, increased from $(166.33) million to $(179.21) million, or
7.75%. The Agency currently has an unrestricted net deficit because of the debt
it has issued. Proceeds from the debt were used for capital improvements on
behalf of the City or contributed to other taxing agencies or the public and is not
offset by investments in capital assets. Examples of these contributions would be
the issuing of bonds to construct flood control improvements which were donated
to the Coachella Valley Water District, bond proceeds that were used for street
improvements in the Cove that were dedicated to the City, and bond proceeds for
the construction of SilverRock that were dedicated to the Golf Enterprise Fund.
Total assets decreased by $86.04 million, which generally represents a decrease
in cash of $52.58 million, a decrease of capital assets of $62.83 million, an
increase of restricted cash from bond proceeds of $26.03 million and an increase
in loans receivable of $ 3.03 million.
Total liabilities decreased by $26.34 million, which generally represent an
increase in accounts payable of $3.99 million, a decrease of pass through
payments to other governmental entities of $13.26 million, and a net decrease of
$13.49 million in long term liabilities due in more than one year.
,.a., 031
CHANGES IN NET ASSETS
escnpion
2011 1 2010 1 Change
rogram revenues:
arges For services
operating grans and oon ri u ions
L;apital grants and con n u ions
1,1U1,44Z
General revenues:
ropetaxes(net o pass- mug paymen =s
se ot money and property
intergovernmental
ain on sale of asses
_
Uther
—79F,7727—
lotal revenues
xpenses:
Ueneral government
manning and development
on ri u ions to other governments
Uapital contributions to Other agencies
Interest on long-term debt
otal expenses
Chan a in Net Assets
UL asse -
e assets
Total revenues increased by $3,839,000 to $42.35 million, or 10%. The major
reasons that contributed to the net increase were the following:
• Decrease in property values that provided less tax increment revenue (net of
pass -through payments of — 8.66%.
• Increase in use of money and property from the sale of property at SilverRock
($4.88 million) and along Highway 111 ($3.45 million).
The major factors that contributed to the increase in expenses from $56.47
million to $102.1 million or 80.81 % was:
Increase of $59.1 million in capital contributions to other agencies consisting
primarily of the transfer of public property and buildings to the La Quinta
Housing Authority and the City of La Quinta.
GOVERNMENTAL FUNDS
The combined fund balance of $92.73 million decreased from $106.07 million, or
- 12.58%. The Agency has restricted as nonspendable a total of $ 65.13 million in
long term receivables, future debt service and low and moderate income housing
purposes. In addition, $27.60 million has been assigned for future community
development construction projects. More detailed information about the
combined fund balance reserves may be found in the notes to the financial
statements.
p:1 032
Major funds balance changes are noted below:
For the 2011 Low and Moderate Income Housing Fund, fund balance
increased by $25.54 million from a $28.85 million bond issue.
For the 2004 Low and Moderate Income Housing Fund, fund balance
decreased $119,000.
For the Redevelopment Agency Debt Service PA 1 and PA 2 Funds, fund
balances decreased by $8.07 million and $13.90 million, respectively, based
upon tax increment revenues and interest earnings exceeding debt service,
pass through h payments, and transfers. In addition, $22 million in debt service
payments for the repayment of an outstanding advance to the City in Debt
Service PA No. 1 Fund and a similar increase of $19.38 million in debt service
payments for the repayment of an outstanding advance to the City in Debt
Service PA No. 2 Fund were made.
• For the Redevelopment Agency Low and Moderate Income PA 1 and PA 2
Funds, fund balance increased by $811,000 and $1.16 million, respectively,,
based upon tax increment revenues and interest earnings exceeding debt
service transfers, capital outlay, and general and planning and development
expenditures.
• The Redevelopment Agency Capital Project PA 1 Fund decreased by $20.85
million based upon the use of money and property being less than general
costs, capital outlays, and transfers.
• The Redevelopment Agency Capital Project PA 2 Fund increased by $587,000
based upon the use of money and property and the issuance of $6 million in
bonds being more than general costs, capital outlays, and transfers.
• For the Housing Authority Special Revenue PA 1 and PA 2 Funds, fund
balances increased by $930,000 and $620,000, respectively, based upon
transfers into the funds for the La Quinta Cove and Washington Street rental
programs.
More detailed information on the fund financial statements balances is presented
in the notes to the financial statements.
„p., 033
Budgetary Highlights
During the Fiscal Year, the Agency's Board makes revisions to the Agency
budget. Revisions are made on a case by case basis and presented to the
Agency Board by staff for their consideration at Agency Board meetings. These
revisions are generally for appropriations relating to Capital Improvement
Projects to request an additional appropriation to cover the cost of a change
order or an additional construction amount based on a bid opening. In addition, a
review of all revenue and expenditure Agency line items is conducted by staff
based upon mid -year data to determine if changes in other revenue and
expenditure line items should be presented to the Agency Board for their
consideration.
Formal budgetary integration is employed as a management control device
during the year for all Agency Funds. Budgetary data for the Agency two (2)
Special Revenue Housing Funds has been presented herein. More detailed
information about the Agency's budget is presented in the Notes to the financial
statements. In addition, the Capital Projects No. 2 Fund includes the unspent
bond proceeds from the 2011 Subordinate Taxable Tax Allocation Bonds.
In addition, during Fiscal Year 2009-2010, the La Quinta Housing Authority was
created. This separate legal entity has been included in the La Quinta
Redevelopment Agency Statements and follows the same budgetary practices
that were previously discussed.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
At the end of 2011, the Agency had $10.63 million invested in land. This amount
represents a decrease of $62.83 million, or 85.53% over last year.
CAPITAL ASSETS NET OF DEPRECIATION
escnp Ion -
2011
2010
Change
n
Buildings
Less Accumulated depreciation
Net Buildings atter depreciation
Total
This year's additions to capital assets were as follows:
The Agency purchased $8.23 million in land in the Village of La Quinta
10
�a 034
This year's deletions to capital assets were as follows:
• The Agency transferred land and buildings with a historical cost of $27.73
million, to be used for public purposes, to the La Quinta Housing Authority.
• The Agency transferred land and buildings with a historical cost of $27.45
million, to be used for public purposes, to the City of La Quinta.
• The Agency sold two single family homes with a historical cost of $283,000 to
income eligible families.
• The Agency sold two parcels of property with a historical cost of $17.16
million, to be used for public purposes, to the City of La Quinta.
Debt
At year-end, the Agency's governmental activities had $251.84 million in bonds
and notes versus $264.98 million last year, a decrease of $13.14 million, or
-4.96%.
OUTSTANDINU
15EBT Al YEAR END
escnp ion
2011
2010
Change
oans. ya e
i y Advances
Pass through agreement
Tax allocation bonds ( net
original issue discount)
137,531,922
135,031,234
$ 2,500,688
venue Donas net original
issuepremium)
109,821,032
83,024,965
1 $ 26,796,067
oa
The Agency was able to meet its current year debt obligation in a timely manner.
In addition the Agency repaid the City $41.38 million in advances during the year
and issued two bond issues - $6 million in subordinated non -housing taxable
bonds and $28.85 million in subordinated housing taxable revenue bonds.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS
In preparing for Fiscal Year 2011-2012, management is looking at the following
factors that will impact its operations:
The State of California Budget for Fiscal Year 2011/2012 included AB x1 26 (the
"Dissolution Act") which 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") which allows
redevelopment agencies to avoid dissolution under the Dissolution Act if their
11 ,%•' 035
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. On August 2, 2011, 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 California Redevelopment Association, 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 11, 2012, 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 portions of the Dissolution Act.
Because the Continuation Act is currently on hold, the Agreement provides that it
is not effective until the Dissolution Act and Continuation Act have been upheld
by the Court. The Agreement also attempts to preserve the Agency's and City's
right to challenge the Dissolution Act and/or Continuation Act, and provides that it
automatically terminates if any court of competent jurisdiction determines that
either the Dissolution Act or Continuation Act are unconstitutional or otherwise
invalid.
While the Redevelopment Agency's Project Areas have available land for future
development, the recent economic downturn has impacted property tax values in
two ways. Construction activity has slowed significantly and projects that had
been approved and planned have been postponed due to the inability of builders.
and buyers to obtain financing. In addition, existing properties have had their
property values reassessed downward by the County Assessor.
CONTACTING THE AGENCY'S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers,
and investors and creditors with a general overview of the Agency's finances and
to show the Agency's accountability for the money it receives. If you have
questions about this report or need additional financial information, contact
Mr. John Falconer in the Finance Department at the City of La Quinta, 78-495
Calle Tampico, La Quinta, California 92253-1504, or (760) 777-7150.
036
"a
LA QUINTA REDEVELOPMENT AGENCY
STATEMENT OF NET ASSETS
JUNE 30, 2011
Assets:
Cash and investments
Receivables:
Tax increment
Accounts
Interest
Loans
Total Receivables
Due from other governments
Deposits with others
Prepaid costs
Deferred charges _
Net pension asset
Restricted assets:
Cash and investments with trustees
Capital assets (net of depreciation):
Land
Total Capital Assets
Total Assets
Liabilities:
Accounts payable and accrued expenses
Due to other governments
Deposits from others
Long-term liabilities:
Due within one year
Due in more than one year
Total Long -Term Liabilities
Total Liabilities
Net Assets:
Restricted for:
Community development
Debt service
Unrestricted
Total Net Assets
Governmental Activities
$ 40,746
78,624
31,191
6,953,592
10,630,944
$ 44,037,780
7,104,153
4,564,860
6,000
10,563
4,441,840
100,393
42,603,713
10,630,944
113,500,246
4,089,937
474,741
46,386
6,601,909
245,239,104
251,841,013
256,452,077
34,957,138
1,305,543
(179,214,512)
$ (142,951,831)
See Notes to Financial Statements 13' �' U 037
THIS PAGE INTENTIONALLY LEFT BLANK
N 038
14
LA QUINTA REDEVELOPMENT AGENCY
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Net(Expense)
Revenues and
Program Revenues
Changes in
Operating Capital
Net Assets
Charges for Contributions Contributions
Governmental
Expenses Services and Grants and Grants
Activities
Functions/Programs
Governmental Activities:
General government $ 4,171,683 $ - $ - $ - $ (4,171,683)
Planning and development 17,246,705 - - - (17,246,705)
Interest on long -tens debt 14,023,088 - - - (14,023,088)
Contributions to other governments 7,549,574 - - - (7,549,574)
Capital contributions
to other agencies 59,061,958 _ -_ - - (59,061,958)
Total Governmental Activities $102,063,008 $ - $ - $ - (102,053,008)
General Revenues:
Taxes (net of pass -through payments)
Use of money and property
Gain on sale of assets
Other
Total General Revenues
Change in Net Assets
Net Assets at Beginning of Year
Net Assets at End of Year
See Notes to Financial Statements 15
32,569,795
9,290,106
120,628
372,818
42,363,347
(59,699,661)
(83,252,170)
$ (142,961,831)
.,u 039
LA QUINTA REDEVELOPMENT AGENCY
BALANCE SHEET
GOVERNMENTALFUNDS
JUNE 30, 2011
Special
Special
Special
Special
Revenue
Revenue
Revenue
Revenue
Redevelopment
Redevelopment
Redevelopment
Redevelopment
Agency
Agency
Agency
Agency
PA No.1
PA No. 2
PA No. 1
PA No. 2
Low and
Low and
Moderate
Moderate
Housing
Housing
Housing
Housing
Authority
Authority
Assets:
Cash and investments $ 8,474,291
$ 22,939,847
$. 934,767
$ 597,765
Cash and investments with trustee
Receivables:
Tax increment
Accounts
Interest
Loans
Prepaid costs
Due from capital projects funds
Due from low and moderate
housing funds
Due from City
Deposits with others
Advances to other funds
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Deposits from others
Due to capital projects funds
Due to low and moderate
housing funds
Due to other governments
Deferred revenue
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid expenditures
Long-term receivables and deposits
Restricted for:
Debt service
Low and moderate income housing
Community development
Total Fund Balances
Total Liabilities and
.. Fund Balances
6,871 1,278 - -
- - 13,542 37,082
5,414 15,926 616 -
4,012,106 641,486 - -
- - - 10,563
3,500 - 24,760 - -
- 6,000
4,328 - -
$ 12,506,510 $ 23,623,297 $ 948,925 $ 651,410
$ 82,824 $ 40,465 $ - $ 2,263
- - 19.967 26,419
1,930,492 641,486 - -
- - 4,328
2,013,316 681,951 19,967 33,010
10,563
2,081,614 - - 6,000
8,411,580 22,941,346 928,958 601,837
10,493,194 22,941,346 928,958 618,400
,,$ 12,506,510 .$ 23,623,297 $ 948,925 $ 651,410
See Notes to Financial Statements 16
" 040
LA QUINTA REDEVELOPMENT AGENCY
BALANCE SHEET
GOVERNMENTALFUNDS
JUNE 30, 2011
(Continued)
Capital
Capital
Capital
Capital
Projects
Projects
Projects
Projects
Combined
Combined
Redevelopment
Redevelopment
Low/Moderate
Low/Moderate
Agency
Agency
Housing
Housing
PA No.1
PA No. 2
2011
2004
Low/Mod
Low/Mod
Bond
Bond
Project
Project
Assets:
Cash and investments
Cash and investments with trustee
Receivables:
Tax increment
Accounts
Interest
Loans
Prepaid costs
Due from capital projects funds
Due from low and moderate
housing funds
Due from City
Deposits with others
Advances to other funds
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Deposits from others
Due to capital projects funds
Due to low and moderate
housing funds
Due to other governments
Deferred revenue
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid expenditures
Long-term receivables and deposits
Restricted for:
Debt service
Low and moderate income housing
Community development
Total Fund Balances
Total Liabilities and
Fund Balances.
$ - $ - $ 9,943,802 $ -
25,535,470 3,331,915 9,204,891 3,931,437
3,500 - - 24,500
8,549 307
- 2,300,000
637.754
3,284,621 1,280,239
$ 25,538,970 $ 3,331,915 $ 23,079,617 $ 7,536,483
- 3,500 24,760
53,296 $ 28,944
637,754
2,300,000
3,500 24,760 53,296 2,966,698
25,535,470 3,307,155 - -
- - 23,026,321 4,569,785
25,535,470 3,307,155 23,026,321 4,569,785
$ 25,538,970 $ 3,331,915 $ 23,079,617 - $ 7,536,483
See Notes to Financial Statements - 17 _ O 4 +
1 N
LA QUINTA REDEVELOPMENT AGENCY
BALANCE SHEET
GOVERNMENTALFUNDS
JUNE 30, 2011
Debt
Debt
Service
Service
Redevelopment
Redevelopment
Agency
Agency
PA No. 1
PA No. 2
Total
Tax
Tax
Governmental
Increment
Increment
Funds
Assets:
Cash and investments
$ 1,132,207
$ 15,101
$ 44,037,780
Cash and investments with trustee
-
600,000
42,603,713
Receivables:
Tax increment
27,485
5,112
40,746
Accounts
-
-
78,624
Interest
379
-
31,191
Loans
-
-
6,953,592
Prepaid costs
-
-
10,563
Due from capital projects funds
-
-
637,754
Due from low and moderate
housing funds
-
-
28,260
Due from City
-
-
4,564,860
Deposits with others
-
-
6,000
Advances to other funds -
-
-
4,328
Total Assets
$ 1,160,071
$ 620,213
$ 98,997,411
Liabilities and Fund Balances
Liabilities:
Accounts payable
$ - $
-
$ 207,792
Deposits from others
-
-
46,386
Due to capital projects funds
-
-
- 637,754
Due to low and moderate
housing funds
-
-
28,260
Due to other governments
414,728
60,013
474,741
Deferred revenue
-
-
4,871,978
Advances from other funds
-
-
4,328
Total Liabilities
414,728
60,013
6,271,239
Fund Balances:
Nonspendable:
Prepaid expenditures
- -
-
10,563
Long-term receivables and deposits
-
-
2,087,614
Restricted for:
Debt service
745,343
560,200
1,305,543
Low and moderate income housing
-
-
61,726,346
Community development
-
-
27,596,106
Total Fund Balances
745,343
560,200
92,726,172
Total Liabilities and
Fund Balances - $. 1,160,071 $ 620,213 $ 98,997,411
See Notes to Financial Statements. 18
LA QUINTA REDEVELOPMENT AGENCY
GOVERNMENTALFUNDS
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2011
Fund balances of governmental funds $ 92,726,172
Amounts reported for governmental activities in the Statement of Net Assets are
different because:
Capital assets used in governmental activities are not financial resources
and, therefore, are not reported in the funds. 10,630,944
Deferred revenue is present in governmental fund financial statements to
indicate that receivables are not available currently; however, in the Statement of
Net Assets these deferrals are eliminated. 4.871,978
Governmental funds report all pension contributions as expenditures, however
in the Statement of Net Assets any excesses or deficiencies in contributions
in relation to the required contribution are recorded as an asset or liability. 100,393
Bond issuance costs is an expenditure in the governmental funds, but it is
deferred charges in the statement of net assets:
Unamortized debt issuance costs - amortized over life of new bonds 4,441,840
Long-term liabilities, including bonds payable, are not due and payable in the
current period and, therefore, are not reported in the funds:
Bonds payable (250,712,816)
Other debt (2,255,242)
Unamortized net original issue discounts/(premiums) 1,127,045
Accrued interest payable for the current portion of interest due on Tax Allocation
Bonds has not been reported in the governmental funds. (3,882,145)
Net assets of governmental activities S (142,951,831)
See Notes to Financial Statements 19 ..A 1 0,43
LA QUINTA REDEVELOPMENT AGENCY
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Special
Special
Special
Special
Revenue
Revenue
Revenue
Revenue
Redevelopment
Redevelopment
Redevelopment
Redevelopment
Agency
Agency
Agency
Agency
PA No. 1
PA No. 2
PA No. 1
PA No. 2
Low and
Low and
Moderate
Moderate
Housing
Housing
Revenues:
Taxes and assessments
Use of money and property
Other revenue
Total Revenues
Expenditures:
Current:
Planning and development
Capital outlay
Debt service
Total Expenditures
Excess (Deficiency) of Revenues
, Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Long-term debt issued
Pass -through agreement payments
Gain/(loss) on sale of land held for resale
Payment to Supplemental Educational
Revenue Augmentation Fund
Miscellaneous
Total Other Financing
Sources (Uses):
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
Fund Balances:
Beginning of Year
End of Year
Housing Housing Authority Authority
$ 8.798,118 $ 4,837,259 $ - $ -
285,314 143,643 251,940 666,159
54,157 8,719 1,302 3,185
9,137,589 4,989,621 253,242 669,344
2,786,661 1,002,756 224,581 318,911
320,045 409,734 -
- - 11 239,768
3,106,706 1,412,490 224,592 558,679
6,030,883 3,577,131 28,650 110,665
781,094 509,112
(5,220,026) (2,461,105) - -
120,628
(5,220,026) (2,461,105) 901,722 509,112
810,857 1,116,026 930,372 619,777
9,682,337 21,825,320 (1,414) (1,377)
$ 10,493,194- $ 22,941,346 $ 928,958 $ 618,400
044
See Notes to Financial Statements 20
LA QUINTA REDEVELOPMENT AGENCY
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
(Continued)
Capital
Capital
Capital
Capital
Projects
Projects
Projects
Projects
Combined
Combined
Redevelopment
Redevelopment
Low/Moderate
Low/Moderate
Agency
Agency
Housing
Housing
PA No. 1
PA No. 2
2011
2004
Low/Mod
Low/Mod
Bond
Bond
Project
Project
Revenues:
Taxes and assessments
Use of money and property
Other revenue
Total Revenues
Expenditures:
Current:
Planning and development
Capital outlay
Debt service
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Long-term debt issued
,Pass -through agreement payments
Gain/(loss) on sale of land held for resale
Payment to Supplemental Educational
Revenue Augmentation Fund
Miscellaneous
Total Other Financing
Sources (Uses):
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
Fund Balances:
Beginning of Year
End of Year
See Notes to Financial Statements
12,065 6,429 5,045,584 3,465,925
- - 305,455 -
12,065 6,429 5,351,039 3,465,925
- 9,144,495 2,582,605
- 125,124 2,018,681 1,797,569
632,214 - - 194,707
632,214 125,124 11,163,176 4,574,881
(620,149) (118,695) (5,812,137) (1,108,956)
28,850,000
(2,694,381)
26,155,619
25,535,470
(15,039,194) (4,303,660)
6,000,000
(15,039,194) 1,696,340
(118,695) (20,851,331) 587,384
- 3,425,850 43,877,652 3,982,401
$ 25,535,470 $ 3,307,155 $ 23,026,321 $ 4,569,785
21
LA QUINTA REDEVELOPMENT AGENCY
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Debt
Debt
Service
Service
Redevelopment
Redevelopment
Agency
Agency
PA No. 1
PA No. 2
Revenues:
Taxes and assessments
Use of money and property
Other revenue
Total Revenues
Expenditures:
Current:
Planning and development
Capital outlay
Debt service
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Long-term debt issued
Pass -through agreement payments
Gain/(loss) on sale of land held for resale
Payment to Supplemental Educational
Revenue Augmentation Fund
Miscellaneous
Total Other Financing
Sources (Uses):
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
Fund Balances:
Beginning of Year
End of Year
See Notes to Financial Statements 22
Total
Tax
Tax
Governmental
Increment
Increment
Funds
$ 35,192,471
$ 19,349,036
$ 68,176,884
12,802
47,887
9,937,748
-
372,818
35,205,273
19,396,923
78,487,450
386,145
215,555
16,661,709
-
-
4,671,153
38,198,962
23,043,762
62,309,424
38,585,107
23,259,317
83,642,286
(3,379,834)
(3,862,394)
(5,154,836)
19,478,126 6.255,653 27.023,985
- (27,023,985)
34,850,000
(19,309,866) (16,297,223) (35,607,089)
120,628
(4,855,193) - (4,855.,193)
(2,694,381)
(4,686,933) (10,041,570) (8,186,035)
(8,066,767) (13,903,964) (13,340,871)
8,812,110 14,464,164 106,067,043
$ 745,343 $ 560,200 $ 92,726,172
.„• u 046
LA QUINTA REDEVELOPMENT AGENCY
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Net change In fund balances -total governmental funds $ (13,340,871)
Amounts reported for governmental activities in the Statement of Activities differs
from the amounts reported in the statement of activities. because:
Repayment of bond principal is an expenditure in the governmental funds, but
the repayment reduces long-term liabilities in the Statement of Net Assets. 47,631,001
Bond issuance costs is an expenditure in the governmental funds, but it is
deferred charges in the Statement of Net Assets:
Debt issuance costs on bonds issued - 431,875
Amortization for current fiscal year (186,407)
Unamortized premium or discounts on bonds issued are revenue or expenditures
in the governmental funds, but these are spread to future periods over the life of
the new bonds:
Current year original issuance premium on bonds issued 395,047
Amortization for current fiscal year (36,803)
Governmental funds report capital outlay as expenditures. However, in the
Statement of Activities the cost of those assets is capitalized and allocated
over their estimated useful lives through depreciation expense:
Capital outlay expenditures
4,668
Sale of capital assets -
(3,688,222)
Transfer of capital assets to the City
(59,061,958)
Depreciation
(83,251)
Proceeds of debt is revenue in the governmental funds, but these are additions
to the Statement of Net Assets.
(34,850,000)
Revenues reported as deferred revenue in the governmental funds and recognized
in the Statement of Activities. These are included in the intergovernmental revenues
in the governmental fund activity. 3,040,580
Contributions in excess to the required contribution to PIERS are expenditures
in the governmental funds, however in the Statement of Activity only the
current contribution is an expense. (6,944)
Expenses reported in the Statement of Activities do not require the use of
current financial resources and, therefore, are not reported as expenditures
in governmental funds:
Current accrual of interest due on bonds (3,882,145)
Prior year accrual of interest due on bonds 3,933,769
Change in net assets of governmental activities $ (59,699,661)
See Notes to Financial Statements" 23 'r.46., - Cl 4 7
LA QUINTA REDEVELOPMENT AGENCY
BUDGETARY COMPARISON STATEMENT
LOWIMODERATE INCOME HOUSING PA NO.1
YEAR ENDED JUNE 30, 2011
Variance with
Final Budget
Budget
Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 9,682'537
9,682,337
$ 9,682,337
$
Resources (inflows):
Taxes and Assessments:
Tax increment
9,912,200
8,802,408
8,798,118
(4,290)
Use of Money and Property:
Interest income
46,800
46,800
42,092
(4,708)
Other revenue:
Miscellaneous revenues
-
-
780
780
Loan repayments
-
23,029
53,377
30,348
Transfers from other funds
-
40,000
-
(40,000)
Proceeds from sale of capital asset
150,000
243,222
243,222
Amounts Available for Appropriation
19,791,337
16,837,798
18,819,928
(17,870)
Charges to Appropriation (Outflow):
Current:
Planning and development:
Real estate acquisitions
-
-
678,600
(678,600)
Administrative costs
1,071,265
1,071,265
382,103
689,162
Professional services
250,440
250,440
907,077
(656,637)
Acquisition cost
1,350,000
51,624
23,383
28,241
Rehabilitation costs
470,558
(470,558)
Subsidy to low and moderate housing
-
466,000
324,940
141,060
Capital Outlay:
Project improvement costs
-
-
320,045
(320,045)
Transfer to other funds
4,631,684
8,205,277
5,220,026
2,985,251
Total Charges to Appropriations
7,303,389
10,044,606
8,326,732
1,717,874
Budgetary Fund Balance, June 30
E 12,487,948
$ 8,793,190
$ 10,493,194
$ 1,700,004
„N. 048
See Notes to Financial Statements 24
LA QUINTA REDEVELOPMENT AGENCY
BUDGETARY COMPARISON STATEMENT
LOW/MODERATE INCOME HOUSING PA NO. 2
YEAR ENDED JUNE 30, 2011
Budgetary Fund Balance, July 1
Resources (Inflows):
Taxes and Assessments:
Tax increment
Use of Money and Property:
Interest income
Rental income
Other revenue:
Loan repayments
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Current:
Planning and development:
Administrative costs
Professional services
Acquisition cost
Subsidy to low and moderate
housing
Capital Outlay:
Project improvement costs
Debt Service:
Interest expense
Long-term debt repayments
Transfer to other funds
Total Charges to Appropriations
Budgetary Fund Balance, June 30
See Notes to Financial Statements
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 21,825,320.
$ 21,825,320
$ 21,825,320
$ -
5,573,400
4,800,480
4,837,259
36,779
56,900
54,200
143,643
89,443
665,700
-
-
-
-
8,719
8,719
28,121,320
26,688,719
26,814,941
126,222
628,134
625,099
225,496
399,603
354,700
512,000
765,192
(253,192)
450,000
450,000
-
450,000
432,300
435,335
12,068
423,267
-
- -
409,734
(409,734)
200,443
200,443
-
200,443
39,313
39,313
-
39,313
1,951,99312,785,865
2,461,105
10,324,760
4,066,883
16,048,055
3,873,696
11,174,460
S 24,064,437
$ 11,640,664
$ 22,941,346
$ 11,300,682
25 w%.., - G 4 J
LA QUINTA REDEVELOPMENT AGENCY
BUDGETARY COMPARISON STATEMENT
HOUSING AUTHORITY PA NO.1
YEAR ENDED JUNE 30, 2011
Budgetary Fund Balance, July 1
Resources (Inflows):
Use of Money and Property:
Interest income
Rental income
Sale of real estate
Other revenue:
Miscellaneous revenues
Transfers from other funds
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Current:
Planning and development:
Administrative costs
Professional services
Operation of acquired property
Debt Service:
Interest expense
Transfer to other funds
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ (1,414) (1,414) (1,4 44) $ -
- - 3,744 3,744
216,000 216,000 248,196 32,196
- 120,628 120,628 -
- - 1,302 - 1,302
167,076 979,075 781,094 (197,981)
381,661 1,314,289 1,153,550 (160,739)
6,600 6,850 1,939 4,911
22,000 39,000 1,139 37,861
350,000 350,000 221,503 128,497
- 40,000 - 40,000
378,600 435,850 224,692 211,258
$ 3,061 $ 878,439 $ 928,968 $ 50,519
050
See Notes to Financial Statements 26
LA QUINTA REDEVELOPMENT AGENCY
BUDGETARY COMPARISON STATEMENT
HOUSING AUTHORITY PA NO.2
YEAR ENDED JUNE 30, 2011
Budgetary Fund Balance, July 1
Resources (Inflows):
Use of Money and Property:
Interest income
Rental income
Other revenue:
Miscellaneous revenues
Transfers from other funds
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Current:
Planning and development:
Administrative costs
Professional services
Operation of acquired property
Interest expense
Long -tens debt repayments
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
BudgetAmounts
Actual
Positive
Original
Final
Amounts
(Negative)
(1,377) $
(1,377)
$ (1,377)
$ -
-
3,600
1,046
(2,554)
661,500
665,113
3,613
-
4,200
3,185
(1,015)
25,675
534,787
509,112
(25,675)
24,288
1,202,710
1,177,079
(26,631)
4,000
4,000
1,800
2,200
15,000
15,000
1,139
13,861
4,500
433,800
315,972
117,828
-
200,443
200,455
(12)
39,313
39,313
23,500
692,656
568,679
133,877
$ 798 $
61 0,1 64
S 618,400
S 108,248
."".j 051
See Notes to Financial Statements 27
THIS PAGE INTENTIONALLY LEFT BLANK
052
_ 28
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2011
Note 1: Organization and Summary of Significant Accounting Policies
a. Organization and Tax Increment Financing
The La Quints Redevelopment Agency (Agency) is a component unit of a reporting entity
that consists of the following primary and component units:
Reporting Entity:
Primary Government:
City of La Quinta
Component Units:
La Quinta Redevelopment Agency
City of La Quints Public Financing Authority
La Quinta Housing Authority
The La Quints Housing Authority (Authority) was established pursuant to California
Housing Authorities Law (Health and Safety Code Sections 34200 et seq.) on
September 15, 2009. The purpose of the Authority is to provide safe and sanitary
housing opportunities for La Quints residents. Although the Authority is legally separate, it
is reported as if it were part of the Agency because the Agency's governing board also
serves on the governing board for the Authority. Separate financial statements of the
Authority are not prepared.
Redevelopment Goals and Objectives
The general objective of the Redevelopment Plan adopted by the Agency is to encourage
investment in the Redevelopment Project Areas by the private sector. The
Redevelopment Plan provides for the demolition of buildings and improvements, the
relocation of any displaced occupants, and the construction of streets, packing facilities,
utilities and other public improvements. The Redevelopment Plan also includes the ability
to redevelop land by private enterprise or public agencies, the rehabilitation of structures,
the rehabilitation or construction of single family and low and moderate income housing,
and participation by owners and tenants of properties in the Redevelopment Project.
Redevelopment Project Areas
The Agency has established two redevelopment project areas. On November 29, 1983,
the City Council approved and adopted the Redevelopment Plan for the La Quinta
Redevelopment Project Area No. 1. On May 16, 1989, the City Council approved and
adopted the Redevelopment Plan for the La Quinta Redevelopment Project Area No. 2.
These plans provide for the elimination of blight and deterioration that was found to exist
in the project areas.
Tax Increment Financing
The Law provides a means for financing redevelopment projects based upon an
allocation of taxes collected within a redevelopment project. The assessed valuation of a
redevelopment project last equalized prior to adoption of a . redevelopment plan or
amendment to such redevelopment plan, or "base roll", is established and, except for any
period during which the assessed valuation drops below the base year level, the taxing
bodies, thereafter, receive the taxes produced by the levy of the current tax rate upon the
base roll. Taxes collected upon any increase in assessed valuation over the base roll
("tax increment") are paid and may be pledged by a redevelopment agency to the
29 ..«.J 053
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
repayment of any indebtedness incurred in financing or refinancing a redevelopment
project. Redevelopment agencies themselves have no authority to levy property taxes.
b. Basis of Accounting and Measurement Focus
The basic financial statements of the Agency are composed of the following:
• Government -wide financial statements
• Fund financial statements
• Notes to the basic financial statements
Government -wide Financial Statements
Government -wide financial statements display information about the reporting
government as a whole, except for its fiduciary activities. These statements include
separate columns for the governmental and business -type activities of the primary
government (including its blended component units), as well as it's discreetly presented
component units. The Agency has no business -type activities or discretely presented
component units. For the most part, effect of interfund activity has been removed from
these statements. Eliminations have been made in the Statement of Activities so that
certain allocated expenses are recorded only once (by the function to which they were
allocated). However, general government expenses have not been allocated as indirect
expenses to the various functions of the Agency.
The accompanying government -wide financial statements for the Agency present
negative net assets because the primary activity of the Agency is to issue debt to
construct infrastructure that will be owned and maintained by the City.
Government -wide financial statements are presented using the economic resources
measurement focus and the accrual basis of accounting. Under the economic resources
measurement focus, all (both current and long-term) economic resources and obligations
of the reporting government are reported in the government -wide financial statements.
Basis of accounting refers to when revenues and expenditures are recognized in the
accounts and reported in the financial statements. Under the accrual basis of accounting,
revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and
exchange -like transactions are recognized when the exchange takes place. Revenues,
expenses, gains, losses, assets, and liabilities resulting from non -exchange transaction
are recognized in accordance with the requirements of GASB Statement No. 33.
Program revenues include charges for services and payments made by parties outside of
the reporting government's citizenry if that money is restricted to a particular program.
Program revenues are netted with program expenses in the statement of activities to
present the net cost of each program. Amounts paid to acquire capital assets are
capitalized as assets in the government -wide financial statements, rather than reported as
expenditures. Proceeds of long-term debt are recorded as a liability in the
government -wide financial statements, rather than as other financing source. Amounts
paid to reduce long-term indebtedness of the reporting government are reported as a
reduction of the related liability, rather than as an expenditure.
•.R.. C54
0]
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
Fund financial Statements
The underlying accounting system of the Agency is organized and operated on the basis
of separate funds, each of which is considered to be a separate accounting entity. The
operations of each fund are accounted for with a separate set of self -balancing accounts
that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses,
as appropriate. Governmental resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the means by which
spending activities are controlled.
Fund financial statements for the primary government's governmental, proprietary, and
fiduciary funds are presented after the government -wide financial statements. These
statements display information about major funds individually and non -major funds in the
aggregate for governmental and enterprise funds. Fiduciary statements include financial
information for fiduciary funds and similar component units. Fiduciary funds primarily
represent assets held by the Agency in a custodial capacity for other individuals or
organizations. The Agency has no non -major funds, enterprise funds, or fiduciary funds.
Governmental Funds
In the fund financial statements, governmental funds and agency funds are presented
using the modified -accrual basis of accounting. Their revenues are recognized when they
become measurable and available as net current assets. Measurable means that the
amounts can be estimated, or otherwise determined. Available means that the amounts
were collected during the reporting period or soon enough thereafter to be available to
finance the expenditures accrued for the reporting period. The Agency uses a 60 day
availability period.
Revenue recognition is subject to the measurable and availability criteria for the
governmental funds in the fund financial statements. Exchange transactions are
recognized as revenues in the period in which they are earned (i.e., the related goods or
services are provided). Locally imposed derived tax revenues are recognized as
revenues in the period in which the underlying exchange transaction upon which they are
based takes place. Imposed non -exchange transactions are recognized as revenues in
the period for which they were imposed. If the period of use is not specified, they are
recognized as revenues when an enforceable legal claim to the revenues arises or when
they are received, whichever occurs first. Government -mandated and voluntary
non -exchange transactions are recognized as revenues when all applicable eligibility
requirements have been met.
In the fund financial statements, governmental funds are presented using the current
financial resources measurement focus. This means that only current assets and current
liabilities are generally included on their balance sheets. The reported fund balance
(net current assets) is considered to be a measure of "available spendable resources."
Governmental fund operating statements present increases (revenues and other
financing sources) and decreases (expenditures and other financing uses) in net current
assets. Accordingly, they are said to present a. summary of sources and uses of
available spendable resources" during a period.
Non -current portions of long-term receivables due to governmental funds are reported on
their balance sheets in spite of their spending measurement focus. Special reporting
treatments are used to indicate, however, that they should not be considered "available
spendable resources," since they do not represent net current assets. Recognition of
31 "W*.0 - 0 5 5
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
governmental fund type revenues represented by noncurrent receivables are deferred
until they become current receivables. Noncurrent portions of other long-term receivables
are offset by fund balance reserve accounts.
Because of their spending measurement focus, expenditure recognition for govemmental
fund types excludes amounts represented by noncurrent liabilities. Since they do not
affect net current assets, such long-term amounts are not recognized as governmental
fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that
resources were expended, rather than as fund assets. The proceeds of long-term debt
are recorded as an other financing source rather than as a fund liability. Amounts paid to
reduce long-term indebtedness are reported as fund expenditures.
When both restricted and unrestricted resources are combined in a fund, expenses are
considered to be paid first from restricted resources and then unrestricted resources.
c. Major Funds
The following funds are presented as major funds in the accompanying basic financial
statements:
Special Revenue Low and Moderate Income Housing P.A. No. 1 and No. 2 Funds — To
account for the required 20% set aside of property tax increments that is legally restricted
for increasing or improving housing for low and moderate income households.
Special Revenue Housing Authority P.A. No 1 and No 2 Funds — To account for
activities of the Housing Authority, including the operation of the Authority's housing units.
Debt Service Funds, P.A. No. 1 and No. 2 — To account for the accumulation of resources
for the payment of debt service for bond principal, interest and trustee fees.
Capital Projects Funds, P.A. No. 1 and No. 2 — To account for the bond proceeds, interest
and other funding that will be used for development, planning, construction and land
acquisition.
2004 and 2011 Low and Moderate Income Housing Fund — To account for the bond
proceeds, interest and other funding that will be used for development, planning,
construction, and land acquisition for low and moderate income housing projects.
d. Cash and Investments
For financial reporting purposes, investments are reported at their fair market value.
Changes in fair value that occur during a fiscal year are recognized as investment income
reported for that fiscal year. Investment income includes interest earnings, changes in fair
value, and any gains or losses realized.upon the liquidation or sale of investments.
32 ..N.J . C 5 6
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
e. Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical records are
available and at an estimated historical cost where no historical records exist.
Contributed fixed assets are valued at their estimated fair market value at the date of the
contribution. Generally, fixed asset purchases in excess of $5,000 are capitalized if they
have an expected useful life of three years or more. Buildings are depreciated over a
useful life of thirty years.
Capital assets include public domain (infrastructure) general fixed assets consisting of
certain improvements including roads, streets, sidewalks, medians, and storm drains.
Fund Balance
The Agency implemented Governmental Accounting Standards Board Statement 54,
"Fund Balance Reporting and Governmental Fund Type Definitions", for the year ended
June 30, 2011. As a result, the Agency now reports the following classifications of fund
balance:
Nonspendable Fund Balance - includes amounts that cannot be spent because they
are either (a) not in spendable form or (b) legally or contractually required to be
maintained intact.
Restricted Fund Balance - Includes amounts that have constraints on the use of
resources by being externally imposed, imposed by law through constitution, or
through enabling legislation.
Assigned Fund Balance — Includes amounts that are constrained by the Agency's
intent to be used for a specific purpose.
Unassigned Fund Balance - The residual classification which includes all spendable
amounts not contained in other classifications.
The Agency's Board authorizes assigned amounts for specific purposes pursuant to the
policy -making powers granted through a resolution. When an expenditure is incurred for
purposes for which both restricted and unrestricted fund balance is available, the Agency
considers restricted amounts to be used first, then unrestricted. When an expenditure is
incurred for purposes for which amounts in any of the unrestricted fund balance
classifications could be used, they are considered to be spent in the order as follows:
committed, assigned and then unassigned.
Note 2: Stewardship, Compliance and Accountability
a. Budgetary Data
Budgets and Budgetary Accounting
The Governing Board adopts an annual budget prepared on the modified accrual basis of
accounting for its governmental funds. The City Manager or his designee is authorized to
transfer budgeted amounts between the accounts of any department. Revisions that alter
the total appropriations of any department or fund are approved by the Governing Board.
33 ."G.J 0 5 7
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 2: Stewardship, Compliance and Accountability (Continued)
Prior year appropriations lapse unless they are approved for carryover into the following
fiscal year. Expenditures may not legally exceed appropriations at the department level.
b. Budget Basis of Accounting
Budgets for governmental funds are adopted on a basis consistent with generally
accepted accounting principles (GAAP).
Note 3: Cash and Investments
Cash and investments reported in the accompanying financial statements consisted of the
following:
Cash and investments pooled with the City $ 44,037,780
Cash and imestments with trustees 42,603,713
$ 86,641,493
The Agency's funds are pooled with the City of La Quinta's cash and investments in order to
generate optimum interest income. The information required by GASS Statement No. 40
related to investments, credit risk, etc., is available in the annual report of the City.
Note 4: Notes Receivable
In September 1994, the Agency sold certain real property to LINC Housing for $2,112,847.
The property was used to construct single-family homes and rental units to increase the City's
supply of low and moderate income housing. The note bears interest at 6% per annum and is
due in full on June 15, 2029. The balance at June 30, 2011 including matured, unpaid interest
of $1,930,492 is $3,965,880.
In July 2010, the Agency entered into an Owner Participation Agreement (OPA) with an Garff
Properties -La Quinta, LLC ("Garff') that provides for the Agency to provide a rehabilitation
loan to Garff of up to $2,300,000 for the construction of a new auto dealership facility and
rehabilitation of an existing dealership facility. In connection with the OPA, Garff has
executed a promissory note which is secured by a deed of trust, and an operating covenant.
The loan will be repaid by crediting future sales and property tax increment taxes generated
on the site until the cumulative taxes collected equals the loan amount. At that time, the note
will be cancelled and the operating covenant will terminate. If, after ten years of operation, a
shortfall exists between the revenues collected and the outstanding loan amount, the note will
be cancelled and the operating covenant will terminate. Further, if at any time through no fault
of the dealership certain future events outside of the dealership control occur the note will be
cancelled and the operating covenant will terminate. The balance at June 30, 2011 is
$2,300,000.
In February 2011, the Agency entered into Disposition and Development Agreement with
Coral Mountain Partners L.P. ("Coral Mountain") to fund up to $29,000,000 for the
construction of a low and moderate income apartment complex with an estimated completion
date of the apartment complex of March 2015. The Agency's $29,000,000 loan is evidenced
by a Promissory Note executed by Coral Mountain ("Note"). interest on the outstanding note
amount will bear simple interest of 1%. Principal and interest will be repaid on or before May
1s' of each year from annual residual receipts as defined in the Note once the project is
completed and may be repaid early if the property is refinanced, or if the property is
transferred to another entity. As of June 30, 2011, the outstanding principal portion on the
Note is $640,090 and the outstanding interest portion is $1,396.
Other notes receivable totaled $46,226 at June 30, 2011.
34 ,,N.J 050
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 5: Due from Other Governments
The Agency advanced funds to the City of La Quinta to help the City meet the cost of
developing the public -owned improvements to the La Quinta Park, La Quinta Library and the
Highway 111 Median Improvement Project. There is no stipulated repayment date
established for the Agency advances. Interest accrues at the earning rate of the City's
Investment Pool funds, and shall be adjusted quarterly. At June 30, 2011, outstanding Project
Area No. 1 advances were $3,284,621 and Project Area No. 2 advances were $1,280,239.
Note 6: Capital Assets
Capital asset activity for the year ended June 30, 2011, was as follows:
. Balances at Balances at
July 1, 2010 Additions Deletions' June 30, 2011
Depreciable assets:
.Buildings $ 4,010,888 $ - $ 4,010,888 $ -
Total cost of depreciable assets 4,010,888 - 4,010,888 -
Less accumulated depreciation
Buildings
(406,324)
(83,251)
(489,575) -
Net depreciable assets
3,604,564
(a3,251)
3,521,313 -
Capital assets not depreciated:
Land
69,855,143
4,668
59,228,867 10,630,944
Capital assets, net
$ 73,459,707 $
(78,583)
$ 62,750,180 $ 10,630,944
'Note: Deletions include transfer of capital assets to the City of La Quinta.
Depreciation expense was charged to the following functions of the primary government:
Governmental Activities:
General government - $83,251
Note 7: Property Taxes
Under California law, property taxes are assessed and collected by the counties up to 1 % of
assessed value, plus other increases approved by the voters. The property taxes are
recorded initially in a pool, and are then allocated to the cities based on complex formulas.
Accordingly, the City of La Quinta accrues only those taxes that are received from the County
within sixty days after year-end.
Lien date January 1
Levy date July 1
Due dates November 1 and February 1
Collection dates December 10 and April 10
The Agency's primary source of revenue comes from property taxes. Property taxes allocated
to the Agency are computed in the following manner:
35 «N.,, _ 0 59
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 7: Property Taxes (Continued)
a. The assessed valuation of all property within the project area is determined on the
date of adoption of the Redevelopment Plan.
b. Property taxes related to the incremental increase in assessed values after the
adoption of the Redevelopment Plan are allocated to the Agency; all taxes on the
"frozen" assessed valuation of the property are allocated to the City and other
districts.
The Agency has no power to levy and collect taxes and any legislative property tax shift might
reduce the amount of tax revenues that would otherwise be available to pay the principal of,
and interest on, debt. Broadened property tax exemptions could have a similar effect.
Conversely, any increase in the tax rate or assessed valuation, or any reduction or elimination
of present exemptions would increase the amount of tax revenues that would be available to
pay principal and interest on debt.
Note 8: Long -Term Liabilities
Tax Allocation Refunding Bonds, Series 1994
Tax allocation refunding bonds, Series 1994, in the amount of $26,665,000 were issued by
the Agency to refund the outstanding aggregate principal amount of the Agency's Tax
Allocation Bonds, Series 1989 and 1990. The remaining proceeds were used to finance
certain capital improvements within the La Quints Redevelopment Project Area No. 1.
Interest rates on the bonds range from 3.80% to 8% and are payable semi-annually on
March 1 and September 1 of each year until maturity.. The interest and principal of the bonds
are payable solely from pledged tax increment revenues. The bonds are not subject to
redemption prior to maturity. There are certain limitations regarding the issuance of parity
debt as further described in the official statement. A portion of the proceeds was used to
obtain a surety agreement to satisfy the bond reserve requirement. The principal balance of
outstanding bonds at June 30, 2011 is $4,775,000.
Tax Allocation Refunding Bonds, Series 1998 - Project Area No. 1
Tax allocation refunding bonds, Series 1998, in the amount of $15,760,000 were issued by
the Agency to refund the outstanding aggregate principal amount of the Agency's Tax
Allocation Bonds, Series 1991. The remaining proceeds were used to finance certain capital
improvements within the La Quints Redevelopment Project Area No. 1.
Interest rates on the bonds range from 5.20% to 5.25% and are payable semi-annually on
March 1 and September 1 of each year until maturity. The interest and principal of the bonds
are payable from pledged tax increment revenues. There are certain limitations regarding the
issuance of parity debt as further described in the official statement.
Term Bonds maturing September 1, 2028, are subject to. mandatory sinking fund redemption,
in part by lot, on September 1, 2013, and on each September 1 thereafter, through
September 1, 2028, at a price equal to the principal amount thereof plus accrued interest. A
portion of the proceeds was used to obtain a surety agreement to satisfy the bond reserve
requirement. The principal balance of outstanding bonds at June 30, 2011 is $15,760,000.
36 ..N.1 060,
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 8: Long -Tenn Liabilities (Continued)
Tax Allocation Refunding Bonds, Series 1998 - Project Area No. 2
Tax allocation refunding bonds, Series 1998, in the amount of $6,750,000 were issued by the
Agency to refund the outstanding aggregate principal amount of the Agency's Tax Allocation
Bonds, Series 1992. The remaining proceeds were used to finance certain capital
improvements within the La Quinta Redevelopment Project Area No. 2.
Interest rates on the bonds range from 3.75% to 5.25% and are payable semi-annually on
March 1 and September 1 of each year until maturity. The interest and principal of the bonds
are payable solely from pledged tax increment revenues of Project Area No. 2. Term Bonds
maturing September 1, 2028 and September 1, 2033, are subject to mandatory sinking fund
redemption, in part by lot, on September 1, 2009 and September 1, 2019, respectively, and on
each September 1, thereafter at a price equal to the principal amount thereof plus accrued
interest. There are certain limitations regarding the issuance of parity debt as further
described in the official statement. A portion of the proceeds was used to obtain a surety
agreement to satisfy the bond reserve requirement. The principal balance of outstanding
bonds at June 30, 2011 is $5,555,000.
Tax Allocation Bonds, Series 2001 — Project Area No. 1
On August 15, 2001, the Agency issued tax allocation bonds in the amount of $48,000,000 to
finance capital projects benefiting the La Quinta Redevelopment Project Area No. 1. The
2001 tax allocation bonds were issued at a discount of $422,400 and issuance costs of
$1,517,325.
The bonds consist of $17,280,000 of term bonds that accrue interest at 5.00% and mature on
September 1, 2021, and $30,720,000 of term bonds that accrue interest at 5.18°%u and mature
on September 1, 2031. The interest and principal on the bonds are payable from pledged tax
increment revenues.
A portion of the proceeds were used to obtain a surety agreement to satisfy the bond reserve
requirement. The principal balance of outstanding bonds at June 30, 2011 is $48,000,000.
Tax Allocation Bonds, Series 2002 — Project Area No. 1
On June 12, 2002, the Agency issued tax allocation bonds in the amount of $40,000,000 to
finance capital projects benefiting the La Quinta Redevelopment Project Area No. 1. The
2002 tax allocation bonds were issued at a discount of $360,000 and issuance costs of
$1,250,096.
The bonds consist of $6,355,000 of serial bonds and $33,645,000 of term bonds. Interest
rates on serial bonds range from 1.75% and 4.00% and are payable semi-annually on
March 1 and September 1 of each year until maturity. Term bonds accrue interest at 5.00%
and 5.125% and mature on September 1, 2022 and September 1, 2023. The interest and
principal on the bonds are payable from pledged tax increment revenues.
A portion of the proceeds were used to obtain a surety agreement to satisfy the bond reserve
requirement. The principal balance of outstanding bonds at June 30, 2011 is $35,085,000.
-,n.J _ C 61
37
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 8: Long -Term Liabilities (Continued)
Tax Allocation Bonds, Series 2003 - Project Area No. 1
On September 1, 2003, the Agency issued tax allocation bonds in the amount of $26,400,000
to finance capital projects benefiting the La Quinta Redevelopment Project Area No. 1. The
2003 tax allocation bonds were issued at a discount of $277,200 issuance costs of $629,191.
Interest is payable semi-annually on March 1 and September 1 of each year, commencing
March 1, 2004. Interest payments range from 4.24% to 6.44% per annum. The interest and
principal on the bonds are payable from pledged tax increment revenues. Term bonds
maturing on September 1, 2013 through September 1, 2032, are subject to mandatory
redemption from minimum sinking fund payments, in part by lot, on September 1, 2004,
September 1,- 2014 and September 1, 2024, respectively, and on each September 1
thereafter at a redemption price equal to the principal amount thereof plus accrued interest to
the redemption date.
A portion of the proceeds was used to obtain a surety agreement to satisfy the bond reserve
requirement. There are certain limitations regarding the issuance of parity debt as further
described in the official statement. The principal balance of outstanding bonds at
June 30, 2011 is $23,305,000.
2004 Series A Local Agency Revenue Bonds
On June 29, 2004, the La Quinta Financing Authority issued revenue bonds in the amount of
$90,000,000 to finance projects benefiting low and moderate income housing in La Quinta
Redevelopment Project Area No. 1 and the La Quinta Redevelopment Project Area No. 2 and
to advance refund the Agency's Redevelopment Project Areas No. 1 and 2, 1995 Housing
Tax Allocation Bonds. The 2004 local agency revenue bonds were issued with issuance
costs of $2,600,229 and a premium of $476,496.
Interest is payable semi-annually on March 1 and September 1, of each year, commencing
September 1, 2004. Interest payments range from 3% to 5.25% per annum. The interest and
principal on the bonds are payable from pledged tax increment revenues.
Term bonds maturing on September 1, 2024, September 1, 2029 and September 1, 2034, are
subject to mandatory redemption from minimum sinking fund payments, in part by lot, on
September 1, 2017, September 1, 2025 and September 1, 2030, respectively, and on each
September 1 thereafter at a redemption price equal to the principal amount thereof plus
accrued interest to the redemption date.
A portion of the proceeds was used to obtain a surety agreement to satisfy the bond reserve
requirement. There are certain limitations regarding the issuance of parity debt as further
described in the official statement. The principal balance of outstanding bonds at
June 30, 2011 is $81,150,000.
2011 Subordinate Taxable Tax Allocation Bonds
On June 6, 2011, the Agency issued subordinate taxable tax allocation bonds in the amount
of $6,000,000 to finance capital projects benefiting the La Quinta Redevelopment Project
Area No. 2. The 2001 tax allocation bonds were issued at a discount of $86,207 and
issuance costs of $108,500.
38 ',*.J . 6 2
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 8: Long -Tenn Liabilities (Continued)
The bonds consist of $190,000 of term bonds that accrue interest at 5.375% and mature on
September 1, 2016, $280,000 of term bonds that accrue interest at 7.125% and mature on
September 1, 2021, $380,000 of tens bonds that accrue interest at 7.600% and mature on
September 1, 2026, and $5,150,000 of term bonds that accrue interest at 8.150% and mature
on September 1, 2031. The interest and principal on the bonds are payable from pledged tax
increment revenues.
A portion of the proceeds were used to obtain fund the bond reserve requirement. The
principal balance of outstanding bonds at June 30, 2011 is $6,000,000.
2011 Series A Local Agency Subordinate Taxable Revenue Bonds
On June 9, 2011, the La Quints Financing Authority issued revenue bonds in the amount of
$28,850,000 to finance projects benefiting low and moderate income housing in La Quinta
Redevelopment Project Area No. 1 and La Quinta Redevelopment Project Area No. 2. The
2011 local agency subordinate taxable revenue bonds were issued with issuance costs of
$323,375 and a discount of $308,839.
Interest is payable semi-annually on March 1 and September 1 of each year, commencing
September 1, 2011. Interest payments range from 3.750% to 8.185% per annum. The
interest and principal on the bonds are payable from pledged tax increment revenues.
Term bonds maturing on September 1, 2026, September 1, 2031 and September 1, 2036, are
subject to mandatory redemption from minimum sinking fund payments, in part by lot, on
September 1, 2022, September 1, 2027, and September 1, 2032, respectively, and on each
September 1 thereafter at a redemption price equal to the principal amount thereof plus
accrued interest to the redemption date.
A portion of the proceeds was used to fund the bond reserve requirement. There are certain
limitations regarding the issuance of parity debt as further described in the official statement.
The principal balance of outstanding bonds at June 30, 2011 is $28,850,000.
Due to County of Riverside - Project Area No. 2
Based on an agreement dated July 5, 1989, between the Agency and the County, until the tax
increment reaches $5,000,000 annually in Project Area No. 2, the Agency will pay to the
County 50% of the County portion of tax increment. At the County's option, the County's
pass -through portion can be retained by the Agency to finance new County facilities or land
costs that benefit the County and serve the La Quinta population. Per the agreement, the
Agency must repay all amounts withheld from the County. The tax increment is to be paid to
the County in amounts ranging from $100,000 to $250,000 over a payment schedule through
June 30, 2015. Interest does not accrue on this obligation. The balance at June 30, 2011 is
$1,000,000.
Pass -through Agreement Payable to Coachella Valley Unified School District
An agreement was entered into in 1991 between the Agency, the City of La. Quinta and the
Coachella Valley Unified'School District (District), which provides for the payment to the
District a portion of tax increment revenue associated with properties within District confines.
Such payments are subordinate to other indebtedness of the Agency incurred in furtherance
of the Redevelopment Plan for Project Area No. 1. This tax increment is paid to the District
over a payment schedule through August 1, 2012, in amounts ranging from $474,517 to
39 .-N.J - 0
6 3
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 8: Long -Term Liabilities (Continued)
$834,076 for a total amount of $15,284,042. Tax increment payments outstanding at
June 30, 2011 totaled $1,255,242. The District agrees to use such funds to provide
classroom and other construction costs, site acquisition, school buses, expansion or
rehabilitation of current facilities.
Washington Street Apartments
In October 2008, the Agency acquired the Washington Street Apartments for cash and the
assumption of the following debt:
Provident Bank Loan
This loan was originally entered into with the previous owner of the Washington Street
Apartments and Provident Bank for $1,696,000 in August 2001 at an 8.36% interest rate.
The loan is amortized on a thirty year basis with the outstanding balance due in twenty
years or August 2021. The outstanding principal balance in October 2008, when the
property was acquired by the Agency was $1,572,031. The loan is secured by a deed of
trust on the property and is senior to the United States Department of Agriculture (USDA)
loan which is also secured by a deed of trust on the property. Repayment of the monthly
loan amount of $12,873 is made from tenant rent receipts. The source for the final
principal payment due in August 2021, of $1,050,109 will be determined at a future date.
The principal balance of this loan at June 30, 2011 is $1,503,433.
United States Department of Agriculture (USDA) Rural Development Promissory Note
This promissory note was originally entered into with the previous owner of the
Washington Street Apartments and USDA — Rural Development for $1,500,000 in
November 1980 at a 10.00% interest rate. The note is amortized on a fifty year basis with
the outstanding balance due in October 2030. The outstanding principal balance, in
October 2008, when the property was acquired by the Agency was $760,721. The loan is
secured by a deed of trust on the property and is subordinated to the Provident loan which
is also secured by a deed of trust on the property. Repayment of the monthly loan amount
of $7,107 is made from tenant rent receipts and a rental subsidy from the USDA. Rural
Development has agreed to a 9% interest rate subsidy on the Promissory Note as long as
the Apartment renters meet certain program eligibility requirements. The principal
balance of this note at June 30, 2011 is $729,383.
Advances from the City of La Quinta
The City of La Quints advances money to the Agency to cover operating and capital shortfalls.
As of June 30, 2011, the amount due to the General Fund from Project Area No. 1 and
Project Area No. 2 were $0.
40-.•N.,, G 6 4
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 8: Long -Term Liabilities (Continued)
The following is a schedule of changes in long-term debt of the Agency for the fiscal year
ended June 30, 2011:
Balance,
Balance
Due Within
July 1, 2010 Additions
Repayments
June 30, 2011
One Year
Redevelopment Aaencv PA No 1
City Loans - Principal
$ 22,000,000 $ -
$ 22,000,000
$ -
$ _
Coachella Valley USD Pass -Through Payable
2,072,964 -
817,722
1,256,242
834,076
1994 Tax Allocation Bonds
6,920,000 -
2,145,000
4,775,000
2,305,000
1998 TAB Project Area #1
15,760,000 -
-
15,760,000
-
2001 Tax Allocation Bonds
48,000,000 -
-
48,000,000
-
2002 Tax Allocation Bonds
35,765,000 -
680,000
35,065,000
705,000
2003 Tax Allocation Bonds
23,810,000 -
505,000
23,305,000
530,000
2004 Series A Local Agency Revenue Bonds
16.000,857 -
335,820
15,665,037
348.365
Total
170,328,821
-
26.483,542
143,045,279
4,722,441
Redevelopment Aaencv PA No 2
City Loans - Principal
19,378,966
-
19,378,966
-
-
Provident Loan
1,530,958
-
27,525
1,503,433
29,918
US Department of Agriculture
741,171
-
11,788
729,383
12,915
Notes - Due to the County of Riverside
1,200,000
-
200.000
1,000,000
250,000
1998 TAB Project Area #2
5,680,000
-
125,000
5,555,000
130,000
2011A Subordinate TAB Bonds
-
6,000,000
-
6,000,000
-
2004 Series A Local Agency Revenue Bonds
4,324,364
-
90,828
4,233,536
94,221
Taxable Revenue Bonds 2011 Series A
-
28,850,000
28,850,000
Total
32,855,459
34,850,000
19,834,107
47,871,352
517,054
Unallocated Between Prolect Areas
2004 Series A Local Agency Revenue Bonds
62,564,779
1,313,352
61,251,427
1,362,414
Total
62,564,779
1,313,352
61,251,427
1,362,414
Total -All Project Areas
$ 265,749,059
$ 34,850,000
$ 47,631,001
$ 252,968,058
$ 6,601,909
Adjustments:
-
Unamortized net original issue (discount) or premium
(1,127,045)
Net Long-term Debt
$ 251,841,013
41 «p., C65
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 8:
2011 - 2012
2012 - 2013
2013 - 2014
2014 - 2015
2015 - 2016
2016 - 2021
2021 - 2026
2026 - 2031
2031 - 2036
Long -Term Liabilities (Continued)
The following schedule illustrates the debt service requirements to maturity for the debt
outstanding as of June 30, 2011:
Tax Allocation Refunding Bonds,
Series 1994 - PA No. 1
Principal Interest
$ 2,305,000 $ 264,443
2,470,000 90,155
Tax Allocation Refunding
Bonds, Series 1998 - PA No. 1
Principal
Interest
$ -
$ 819,520
-
819,520
665,000
802,490
690,000
767,520
725,000
730,730
4,235,000
- 3,031,210
5,460.000
1,777,100
3,995,000
318,630
Tax Allocation Refunding Bonds
Series 1998 - PA No. 2
Principal
Interest
$ 130,000
$ 286,738
140,000
279,819
145,000
272,516
150,000
264,966
160,000
257,013
930,000
1,149,525
1,205,000
872,156
1,555,000
511,744
1,140,000
91,875
Totals $ 4,775,OOD $ 354,598 $ 15,760,000 $ 9,066,720 $ 5,555,000 $ 3,986,342
2011 - 2012
2012 - 2013
2013 - 2014
2014 - 2015
2015 - 2016
2016 - 2021
2021 - 2026
2026 - 2031
2031 - 2036
Tax Allocation Bonds, Series
2001 - PA No. 1
Principal
Interest
$ -
$ 2,430,720
-
2,430,720
1,665,000
2,391,595
1,645,000
2,311,345
1,730,000
2,226,970
10,025,000
9,714,225
12,805,000
6,854,645
16,425,000
3,147,848
3,805,000
97,028
Tax Allocation Bonds, Series
2002 - PA No. 1
Principal
Interest
$ 705,000
$ 1,756,429
735,000
1,727,981
705,000
1,695,656
735,000
1,659,656
770,000
1,622,031
4,485,000
7,475,031
5,730,000
6,198,303
10,380,000
4,379,313
10,840,000
662,406
Tax Allocation Bonds Series 2003
- PA No. 1
Principal
Interest
$ 530,000
$ 1,453,198
560,000
1,423,495
590,000
1,392,158
620,000
1,356,736
660,000
1,316,800
3,970.000
5,891,984
5,390,000
4,438,109
7,340,000
2,414,034
3,645,000
238,441
Totals
-$ 48,000, 000
$ 31,605,096
$ 35,085,000
$ 27,176,806
$
23,305,000
$ 19,924,955
2004 Series A
Local Agency
Pass -through Payable -
Revenue Bonds
Due to County
of Riverside
Coachella Valley
Unified School
Principal
Interest
Principal
Interest
Principal
Interest
2011 -2012
$ 1,805,000
$ 4,099,719
$ 250,000
$ -
$
834,076
$ -
2012 - 2013
1,890,000
4,016,581
250,000
-
421,166
-
2013-2014
1.975,000
3,924,681
250,000
-
-
-
2014-2015
2,075,000
3,823,431
250,000
-
-
-
2015 - 2016
2,175,000
3.714.463
-
-
-
-
2016-2021
12,715,000
16,686.250
-
-
-
-
2021-2026
16,430,000
12,885,194
-
-
-
-
2026-2031
21,055,000
8,149,884
-
-
-
-
2031 - 2036
21,030,000
2,222,969
Totals
$ 81,150,D00
$ 59,523,172
$ 1,000,000
$
$
1,255,242
$
42 r.k.. c ss
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 8: Long -Term Liabilities (Continued)
2011-2012
2012 - 2013
2013 - 2014
2014-2015
2015-2016
2016-2021
2021-2026
2026 - 2031
2031-2036
2036-2041
USDA Rural Development
Principal
Interest
$ 12,915
$ 72,367
14,267
71,014
15,761
69,520
17,412
67,870
19,235
66,047
130,952
295,458
215,456
210,953
303,385
73,179
Provident Bank Loan
Principal
Interest
$ 29,918
$ 124,558
32,515
121,959
35,341
119,134
38,411
116,064
41,748
112,726
269,873
502,499
1,055,627
14,670
2011 Series A Local Agency
Subordinate Taxable
Revenue Bonds
Principal
Interest
$ -
$ 488,648
-
2,171,767
520,000
2,171,767
540,000
2,152,267
565,000
2,127,967
3,340,000
10,117,192
4,685,000
8,774,045
6,780,000
6,681,460
9,930,000
3,530,174
2,490,000
200,943
Totals $ 729,383 $ 926,408 $ 1,503,433 $ 1,111,610 $ 28,850,000 $ 38,416,230
2011 Subordinate Taxable Tax
Allocation Bonds
Principal Interest
2011 - 2012 $ - $ 107,723
2012 - 2013 35,000 478,768 -
2013-2014 35,000 476,886
2014 -2015 40,000 475,005
2015 - 2016 40,000 472,855
2016-2021 255,000 2,323,194
2021-2026 355,000 2,216,496
2026-2031 515,000 2,056,974
2031-2036 1,635,000 1,776,702
2036-2041 3,090,000 654,033
Totals $ 6,000,000 $ 11,038,636
Note 9: Pledge Tax Revenues
As previously discussed, the. Agency has pledged, as security for bonds it has issued, either
directly or through the Financing Authority, a portion of the tax increment revenue (including
Low and Moderate Income Housing set -aside) that it receives. These bonds were to provide
financing for various capital projects and accomplish Low and Moderate Income Housing
projects. The Agency has committed to appropriate each year, from these resources amounts
sufficient to cover the principal and interest requirements on the debt. Total principal and
interest remaining on the debt is $449,572,565 with annual debt service requirements as
indicated above. For the current year, the total tax increment revenue, net of pass through
payments, recognized by the City was $32,569,795 and the debt service obligation on the
bonds was $16,604,838.
43 .,au L 0 6
7
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 10: Transfers In and Out
The following transfers were made during the year ended June 30, 2011:
Transfers Out:
Capital Project
Redevelopment Agency - PA No. 1
Redevelopment Agency- PA No. 2
Special Revenue:
Low/Moderate Income Housing PA No. 1
Low/Moderate Income Housing PA No. 2
Total
Transfers in
Debt Service
Special Revenue
Housing
Housing
Authority PA
Authority PA
PA No. 1
PA No. 2
No. 1
No. 2
Total
$ 16,039,194
$ -
$ - .
$ -
$ 15,039,194
-
4,303,660
-
-
4,303,660
4,438,932
- -
781,094
-
5,220,026
-
1,951,993
509,112
2,461,106
$ 19,478,126
$ 6,255.653
$ 781,094
$ 509,112
$ 27,023,985
a) $4,438,932 was transferred from the Low/Moderate Income Housing PA No. 1 Fund
to the Redevelopment Agency Debt Service Project Area No. 1 Debt Service Fund to
pay a portion of the 2004 Series A Local Agency Revenue Bond and 1994 Tax
Allocation Bonds debt services.
b) $1,951,993 was transferred from the Low/Moderate Income Housing PA No. 2 Fund
to the Redevelopment Agency Debt Service PA No. 2 Fund to pay a portion of the
2004 Series A Local Agency Revenue Bond debt service.
c) $781,094 was transferred from the Low/Moderate Income Housing PA No. 1 Fund to
the Housing Authority PA No. 1 to pay for rental subsidies associated with the La
Quints Cove Homes.
d) $509,112 was transferred from the Low/Moderate Income Housing PA No. 2 Fund to
the Housing Authority PA No. 2 to pay for rental subsidies associated with the
Washington Street Apartments.
e) $15,039,194 was transferred from the Redevelopment Agency Capital Project Area
No. 1 to the Redevelopment Agency Debt Service PA No. 1 Fund to repay its part of
the City advances.
f) $4,303,660 was transferred from the Redevelopment Agency Capital Project Area
No. 2 to the Redevelopment Agency Debt Service PA No. 2 Fund to repay its part of
the City advances and to fund the SERAF payment. .
44 C68
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 11: Due To/From Other Funds
The following interfund receivables and payables were made during the year ended
June 30, 2011:
Due From Other Funds
Due To Other Funds
Amount
Special Revenue Low/Mod PA
Capital Projects — 2011 Low/Mod
No.1
Bond $
3,500
Special Revenue Low/Mod PA
Capital Projects — 2004 Low/Mod
No. 2
Bond
24,760
Capital Projects
Capital Projects Redevelopment
Redevelopment PA No. 1
PA No. 2
637,754
Total - $
666,014
All amounts were for short term borrowing to cover temporary cash shortfall.
Note 12: Advances To/From other funds
Advances To Other Funds
Advances From Other Funds Amount
Special Revenue Low/Mod PA
Special Revenue Low/Mod PA
No.1 -
No.2 $
4,328
The advance was for operating costs.
Note 13: Insurance
The Agency is covered under the City of La Quints's insurance policies. Therefore, the
limitations and self -insured retentions applicable to the City of La Quinta also apply to its
Agency. Additional information as to coverage and self -insured retentions can be obtained by
contacting the City.
Note 14: Net Pension Asset
In September 2009, the City contributed funds to CalPERS to payoff the side fund for the Past
Service Cost in order to reduce future contribution rates. This amount will be amortized over
the next twelve years. The Agency's portion of the payoff was $107,336. The contribution
requirements of plan member and the City are established and may be amended by
CalPERS. Additional information on the plan can be obtained from the annual report of the
City. The balance of the net pension asset as of June 30, 2011 is $100,393.
Note 15: Transactions with the State of California
a. SERAF Shift for fiscal year 2010-2011
On July 23, 2009, the State adopted legislation, requiring a shift of monies during fiscal
years 2009-2010 and 2010-2011 to be deposited into the County "Supplemental"
Educational Revenue Augmentation Fund (SERAF). These monies were to be distributed
to meet the State's Prop 98 obligations to schools. The California Redevelopment
Association (CRA) and its member agencies filed a legal action in an attempt to stop
45
NM.;� C 6 9
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 15: Transactions with the State of California (Continued)
these amounts from having to be paid; however, in May 2010 the Sacramento Superior
Court upheld the legislation.
The payment of the SERAF was due on May 10, 2011 for fiscal year 2010-2011 and it
was made in the amount of $4,855,193 using available resources.
Note 16: California Redevelopment Agency Uncertainty
On July 18, 2011, the California Redevelopment Association ("CRA") and the League of
California Cities ("League") filed a petition for writ of mandate with the California Supreme
Court, requesting the Court to declare unconstitutional two bills that were passed as part of
the 2011-12 State Budget, AB1X 26 and 27. AB1X 26 dissolves redevelopment agencies
effective October 1, 2011. AB1X 27, give redevelopment agencies an option to avoid
dissolution if it commits to making defined payments for the benefit of the State, school
districts and certain special districts. In 2011-12, these payments amount to a state-wide total
of $1.7 billion. In 2012-13 and subsequent years, the payments total $400 million, annually.
Each city or county's share of these payments is determined based on its proportionate share
of state-wide tax increment.
CRA and the League contend that AB1X 26 and 27 are unconstitutional because they violate
Proposition 22 which was passed by the voters in November, 2010. The effect of the
legislation is to achieve a possible unconstitutional result, the use of redevelopment agencies'
tax increment funds to benefit the State and other units of local government, by way of
threatening of the dissolution of redevelopment agencies.
Therefore, the CRA and the League have requested that the Court issue a stay, suspending
the effectiveness of AB1X 26 and 27 until the Court can rule on its constitutionality. CRA and
the League also asked the Court to expedite the briefing and hearing of the case so that a
decision can be rendered by the Court before January 15, 2012, when the first payments are
due. On August 11", the California Supreme Court agreed to hear the case and granted a
partial stay which was subsequently clarified.
As of the time of the issuance of this report, the outcome of AB1X 26 and 27 upon the Agency
is unknown and consequently the status and even future existence of the Agency is uncertain
as such. In accordance with AB1X 27, the Agency has passed a resolution of intent to
continue and will be required to make a payment to the State by January 15, 2012 to avoid
dissolution. The Department of Finance issued their estimated payment amounts and the
Agency filed an appeal regarding the calculation. The estimated payment amount based on
the revised calculation is $17,018,721.
Note 17: Subsequent Event
In June 2011, the Agency entered into an Owner Participation Agreement (OPA) with an
autodealer, Mega Dealer, LLC ("Torre Nissan") that provides for the Agency to provide a
rehabilitation loan to Torre Nissan of up to $1,500,000 for the remodeling of the existing
dealership and an expansion of the dealership facility to accommodate a new line of electric
and commercial vehicles. The new expansion will also include service and parts sales
facilitates. In connection with the OPA, Torre Nissan has executed a promissory note, which
is secured by a subordinated deed of trust and an operating covenant. Interest on the note
46 „N., .0 10
LA QUINTA REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011
Note 17: Subsequent Event (Continued)
shall accrue on the outstanding principal balance at the 1-year LIBOR Rate, adjusted annually
on each June 301h. The loan will be repaid by crediting future sales and property tax
increment taxes generated on the site until the cumulative taxes collected equals the
outstanding loan amount. At that time, the note will be cancelled and the operating covenant
will terminate. if at any time during the term of the note Nissan Motor Company ceases to
exist, the note will be cancelled and the operating covenant will terminate. At the end of the
ten-year operating covenant, the operating covenant will terminate and the note will be
cancelled, and any outstanding loan balance will be forgiven. As of June 30, 2011 no
payments have been made under this agreement.
47 �" - 071
LA QUINTA REDEVELOPMENT AGENCY
COMBINING PROJECT AREA BALANCE SHEET
ALL GOVERNMENTAL FUNDS
JUNE 30, 2011
ASSETS
Cash and investments
Cash and investments with trustee
Receivables:
Tax increment
Accounts
Interest
Loans
Prepaid costs
Due from capital projects funds
Due from low and moderate
housing funds
Due from City
Deposits with others
Advances to other funds
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Deposits from others
Due to capital projects funds
Due to low and moderate
housing funds
Due to other governments
Deferred revenue
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid costs
Long-term receivables and deposits
Restricted for:
Debt service
Low and moderate income housing
Community development
Total Fund Balances
Total Liabilities and
Fund Balances
Redevelopment Agency
PA No. 1
Capital
Capital
Debt
Capital
Projects
Projects
Service
Projects
2004
2011
Low/Mod
Low/Mod
Tax
Bond
Bond
Increment
Project
$ -
$ -
$ 1,132,207 $
9,943,802
3,331,915
25,535,470
-
9,204,891
-
-
27,485
-
3,500
-
-
379
8,549
-
-
-
637,754
3,284,621
$ 3,331,915 $ 25,538,970 $ 1,160,071 $ 23,079,617
53,296
24,760 3,500 -
- - 414,728
24,760 3,500 414,728 53,296
- - - 745,343 -
3,307,155 25,535,470 - -
- - - 23,026,321
3,307,155 25,535,470 745,343 23,026,321
$ 3,331,915 $ 25,538,970 $ 1,160,071 $ 23,079,617
48
wp.J 072
LA QUINTA REDEVELOPMENT AGENCY
COMBINING PROJECT AREA BALANCE SHEET
ALL GOVERNMENTAL FUNDS
JUNE 30, 2011 - (Continued)
Redevelopment Agency
_ Redevelopment Agency
PA No. 1
PA No. 2
Special
Special
Debt
Capital
Revenue
Revenue
Service
Projects
Low and
Housing
Moderate
Tax
Authority
Housing
Increment
Project
ASSETS
Cash and investments
$ 934,767
$ 8,474,291
$ 15,101
$ -
Cash and investments with trustee
-
-
600,000
3,931,437
Receivables:
Tax increment
-
6,871
5,112
-
Accounts -
13,542
-
-
24,500
Interest
616
5,414
-
307
Loans
-
4,012,106
-
2,300,000
Prepaid costs
_
_
_
_
Due from capital projects funds
-
Due from low and moderate
housing funds
-
3,500
-
-
Due from City
-
-
-
1,280,239
Deposits with others
- -
_
Advances to other funds _
-
4,328
-
-
Total Assets
$ 948,925
$ 12,506,510
$ 620,213
$ 7,536,483
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
$ -
$ 82,824
$ -
$ 28,944
Deposits from others
19,967
-
-
-
Due to capital projects funds
-
-
-
637,754
Due to low and moderate
housing funds
-
-
-
_
Due to other governments
-
-
60,013
-
Deferred revenue
-
1,930,492
-
2,300,000
Advances from other funds
-
-
-
-
Total Liabilities
19,967
2,013,316
60,013
2,966,698
Fund Balances:
Nonspendable:
Prepaid costs
-
-
-
-
Long-term receivables and deposits
-
2,081,614
-
-
Restricted for:
Debt service
-
-
560,200.
-
Low and moderate income housing
928,958
8,411,580
-
Community development
—
-
-
4,569,785
Total Fund Balances
928,958
10,493,194
560,200
4,569,785
Total Liabilities and
Fund Balances
$ 948,925
$ 12,506,510
$ 620,213
$ 7,536,483
49
•�.,_ 073
LA QUINTA REDEVELOPMENT AGENCY
COMBINING PROJECT AREA BALANCE SHEET
ALL GOVERNMENTAL FUNDS
JUNE 30, 2011
ASSETS
Cash and investments
Cash and investments with trustee
Receivables:
Tax increment
Accounts
Interest
Loans
Prepaid costs
Due from capital projects funds
Due from low and moderate
housing funds
Due from City
Deposits with others
Advances to other funds
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Deposits from others
Due to capital projects funds
Due to low and moderate
housing funds
Due to other governments
Deferred revenue
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid costs
Long-term receivables and deposits
Restricted for:
Debt service
Low and moderate income housing
Community development
Total Fund Balances
Total Liabilities and
Fund Balances
Redevelopment Agency
PA
No. 2
Special
Special
Revenue
Revenue
TOTALS
Low and
Debt
Capital
Special
Housing
Moderate
Service
Projects
Revenue
Authority
Housing
Funds
Funds
Funds
$ 597,765
$ 22.939,847
$1,147,308
$ 9,943,802
$ 32,946,670
-
-
600,000
42,003,713
-
-
1,278
32,597
-
8,149
37,082
-
-
28,000
50,624
-
15,926
379
8,856
21,956
-
641,486
-
2,300,000
4,653,592
10,563
-
-
-
10,563
-
-
-
637,754
-
24,760 - - 28,260
- - - 4,564,860 -
6,000 - - - 6,000
- - 4,328
$ 651,410 $ 23,623,297 $1,780,284 $ 59,486,985 $ 37,730,142
$ 2,263 $ 40,465 $ - $ 82,240 $ 125,552
26,419 - - - 46,386
- - - 637,754 -
- 28,260
- 474,741 - -
- 641,486 - 2,300,000 2,571,978
4,328 - - - 4,328
33,010 681,951 474,741 3,048,254 2,748,244
10,563 - - - 10,563
6,000 - - - 2,087,614
- - 1,305,543 - -
601,837 22,941.346 - 28,842,625 32,883,721
- 27,596,106 -
618,400 22,941,346 1,305,543 56,438,731 34,981,898
$ 651,410 $ 23,623,297 $1,780,284 $ 59,486,985 $ 37,730,142
50
".,.; 074
THIS PAGE INTENTIONALLY LEFT BLANK
075
51
LA OUINTA REDEVELOPMENT AGENCY
COMBINING PROJECT AREA STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Redevelopment Agency
PA No. 1
Capital
Capital
Debt Capital
Projects
Projects
Service Projects
2004
2011
Low/Mod
Low/Mod
Tax
Bond
Bond
Increment Project
Revenues:
Taxes and Assessments:
Tax increment
$ -
$ -
$ 35,192,471
$
Use of Money and Property:
Interest income
6,429
12,065
12,802
170,584
Rental income.
-
-
-
-
Sale of real estate
-
-
-
4,875,000
Other revenue:
Miscellaneous revenues
-
-
-
305,455
Loan repayments
-
-
-
-
Total Revenues
6A29
12,065
35,205,273
5,351,039
Expenditures: -
Current:
Planning and Development:
Administrative costs
-
-
386,145
169,567
Professional services
-
-
741,732
Real estate acquisitions
-
-
-
8,199,012
Acquisition cost
-
-
-
22,184
Operation of acquired property
-
-
-
-
Relocation costs
-
-
-
1,257
Site clearance costs
-
-
-
10,743
Rehabilitation costs
-
-
-
-
Subsidy to low and moderate
housing
- -
-
-
-
Capital Outlay:
Project improvement costs
125,124
-
-
2,018,681
Debt Service:
Debt issuance costs
-
632,214
-
-
Interest expense
_ - -
-
10,885,440
-
Long -tens debt repayments
-
-
27,313,522
-
Total Expenditures
125,124
632,214
38,585,107
11,163,178
Excess of Revenues over
(under) Expenditures
(118,695)
(620,149)
(3,379,834)
(6,812,137)
Other Financing Sources (Uses)
Transfers in
-
-
19,478,126
-
Transfers out
-
-
-
(15,039.194)
Long-term debt issued
-
28,850,000
-
-
Pass through agreement payments
-
-
(19,309,866)
-
Proceeds from sale of capital assets
-
Gain (Loss) on sale of land held for resale
-
-
-
-
Payment to Supplemental Educational
Revenue Augmentation Fund
-
-
(4,855,193)
-
Contributions to other agencies
-
(2,694,381)
-
-
Total Other Financing Sources
(Uses)
26,155,619
(4,686,933)
(15,039,194)
Excess of Revenues and
Other Sources over (under)
Expenditures and Other Uses
(118,695)
25,535,470
(8,066,767)
(20,851,331)
Fund Balances
Beginning of Year
3,425,850
-
8,812,110
43,877,652
End of Year - -
$ 3,307,155
$ 25,635,470
$ 745,343
$ 23,026,321
52
•...Ill076
LA OUINTA REDEVELOPMENT AGENCY
COMBINING PROJECT AREA STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
(Continued)
Redevelopment Agenc
Redevelopment Agency
-
PA No. 1
PA No. 2
Special
Special
Debt Capital
Revenue
Revenue
Service Projects
Low and
Housing
Moderate
Tax
Authority
Housing
Increment Project
Revenues:
Taxes and Assessments:
Tax increment
Use of Money and Property:
Interest income
Rental income
Sale of real estate
Other revenue:
Miscellaneous revenues
Loan repayments
Total Revenues
Expenditures:
Current:
Planning and Development:
Administrative costs
Professional services
Real estate acquisitions
Acquisition cost
Operation of acquired property
Relocation costs
Site clearance costs
Rehabilitation costs
Subsidy to low and moderate
housing
Capital Outlay:
Project improvement costs
Debt Service:
Debt issuance costs
Interest expense
Long-term debt repayments
Total Expenditures
Excess of Revenues over
(under) Expenditures
ther Financing Sources (Uses)
Transfers in
Transfers out
Long -tens debt issued
Pass through agreement payments
Proceeds from sale of capital assets
Gain (Loss) on sale of land held for resale
Payment to Supplemental Educational
Revenue Augmentation Fund
Contributions to other agencies
Total Other Financing Sources
(Uses)
Excess of Revenues and
Other Sources over (under)
Expenditures and Other Uses
and Balances
Beginning of Year
End of Year
$. - $ 8,798,118
3,744 42,092
248,196 -
1,302
253.242
1,939
1,139
221,503
$ 19,349,036 $ -
47,887 20,925
780
53,377 -
8,894,367 19,396,923 20,925
382,103 215,555
907,077 -
678,600
23,383
470,558
324,940
320,045
11 - 2,765,596
- 20,278,166
224,592 3,106,706 23,259,317
50,632
231,973
2,300,000
1,797,569
194,707
4,574,881
28,650 5,787,661 - (3,862,394) (4,553,966)
781,094 - 6,255,653 -
- (5,220,026) - (4,303,660)
6,000,000
- (16,297,223) -
- 243,222 - 3,445,000
120,628 - - -
901,722
(4,976,804)
(10,041,570)
5,141,340
930,372
810,857
(13,903,964)
587,394
(1,414)
9,682,337
14,464,164
3,982,401
$ 928,958
$ 10,493,194
$ 560,200
$ 4,569,785
53
ra.�� 077
LA QUINTA REDEVELOPMENT AGENCY
COMBINING PROJECT AREA STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Redevelopment Agency
PA No. 2
Special Special
Revenue Revenue
TOTALS
Low and Debt
Capital Special
Housing Moderate service
Projects Revenue
Authority Housing Funds
Funds Funds
Revenues:
Taxes and Assessments:
-
Tax increment
$ -
$ 4,837,259
$ 54,541,507 $ -
$ 13,635,377
Use of Money and Property:
Interest income
1,046
143,643
60,689 210,003
190,525
Rental income
665,113
-
- -
913,309
Sale of real estate
-
- -
- 4,875,000
-
Other revenue:
Miscellaneous revenues
3,185
-
- 305,455
5,267
Loan repayments
-
8,719
- -
62,096
Total Revenues
669,344
4,989,621
54,602,196 5,390,458
. 14,806,574
Expenditures:
Current:
Planning and Development:
Administrative costs
1,800
225,496
601,700
220,199
611,338
Professional services
1,139
765,192
-
973,705
1,674.547
Real estate acquisitions
-
-
-
8,199,012
678,600
Acquisition cost
-
-
-
22,184
23,383
Operation of acquired property
315,972
-
-
- -
537,475
Relocation costs
-
-
-
1,257
-
Site clearance costs
-
-
-
10,743
-
Rehabilitation costs
-
-
-
2,300,000
470,558
Subsidy to low and moderate
housing
-
12,068
-
-
337,008
Capital Outlay:
Project improvement costs
-
409,734
-
3,941,374
729,779
Debt Service:
Debt issuance costs
-
-
-
826,921 -
-
Interest expense
200,455
-
13,651,036
-
200,466
Long-term debt repayments
39,313
47,591,688
-
39,313
Total Expenditures
558,679
1,412,490
61,844,424
16,495,396
5,302,467
Excess of Revenues over
(under) Expenditures
110,665
3,577,131
(7,242,228)
(11,104,937)
9,504,107
Other Financing Sources (Uses)
Transfers in
509,112
-
25,733,779
-
1.290,206
Transfers out
-
(2,461,105)
-
(19,342,854)
(7,681,131)
Long-term debt issued
-
-
-
34,850,000
-
Pass through agreement payments
- -
-
(35,607,089)
-
-
Proceeds from sale of capital assets
-
-
-
3,445,000
243,222
Gain (Loss) on sale of land held for resale
-
-
-
-
120,628
Payment to Supplemental Educational
Revenue Augmentation Fund
-
-
(4,855,193)
-
-
Contributions to other agencies
-
-
-
(2,694,381)
-
Total Other Financing Sources
(Uses)
- 509,112
(2,461,105)
(14,728,503)
16,257,765
(6,027,075)
Excess of Revenues and
Other Sources over (under)
Expenditures and Other Uses
619,777
1,116,026
(21,970,731)
5,152,828
3,477,032
Fund Balances.
Beginning of Year
(1.,377)
21,825,320
23,276,274
51,285,903
31,504,866
End of Year -
- $ 618,400
$ 22,941,346
$ 1,305,543
$. 56,438,731
$ 34,981,898
54
..N.� _ 078
LA QUINTA REDEVELOPMENT AGENCY
COMPUTATION OF LOW AND MODERATE
INCOME HOUSING FUNDS
EXCESS/SURPLUS
Low and Moderate Housing Funds
All Project Areas
July 1, 2010
Opening Fund Balance
Less Unavailable Amounts:
Unspent debt proceeds (Section 33334.12 (g)(3)(13)) $ (5,569,552)
Rehabilitation loans and advances (2,088,709)
Available Low and Moderate Income Housing Funds
Limitation (greater of $1,000,000 or four years set -aside)
Set -Aside for last four years:
2010-2011
-
2009- 2010
14,820,242
2008 - 2009
15,825,773
2007 - 2008 -
16,641,016
2006 - 2007
15,701,666
Total $ 62,988,697
Base Limitation $ 1,000,000
Greater amount
Computed Excess/Surplus
$ 34,933,507
(7,658,261)
27,275,246
62,988,697
None
Low and Moderate Housing Funds
All Project Areas
July 1. 2011
$(28,867,385)
(2,081,614)
13,635,337
14,820,242
15,825,773
16,641,016
$ 60,922,368
$ 1,000,000
$ 62,277,165
(30,948,999)
31,328,166
60,922,368 .
None
55
.•p., 079
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La Quinta Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Detailed Summary of Footnotes For Fiscal Year 2010-11
Forms
Project Areas Report
Did this Amendment Add New Territory ?
New Indebtedness
Column Additional Details
A PROJECT _AREA —NAME
='Project Area No. 2'
A PROJECT —AREA —NAME
='Project Area No 1'
New Indebtedness A
Size of Project Area in Acres A
Pass Through / School District
Assistance
Total Paid to Taxing Agencies C
Footnotes
PROJECT —AREA —NAME
='Project Area No. 2'
PROJECT _AREA —NAME
='Project Area No. 2'
PROJECT —AREA —NAME
='Project Area No. 2'
Page 1
Footnotes
12.42 acres were added
No time limit per SB 211
Ordinance No. 388 adopted
8/22/2003
No Time Limit per SB 211
Ordinance No. 404 adopted
3/19/2004
12.42 acres added in FY
2010/2011 to previous
reported 3116 acres for a
total of 3128 acres
No AS 1290 Taxing Agency
payments made.
12/13/2011
r•" J 128
Supplement to the Annual Report of Community Redevelopment Agencies
Redevelopment Agency
ID Number:
l 3 9 8 3 3 3
00
Name of Redevelopment
Agency.
L-t- vtN A hee
CiteJetoe rk,44—
Cr
Mark the appropriate box below to indicate the ending date of your agency's fiscal year. Report
data for that period only.
r September 2010 r December 2010 » June 2011
Return this form to the California State Controller's Office. If you have any questions
regarding this form please contact:
U.S. Bureau of the Census, Shannon Doyle, 1-800-242-452.3
A. Personnel Expenditures
Report your government's total expenditures for salaries and wages during the year, including
amounts paid on force account construction projects.
B. Mortgage Revenue Bond Interest Payments
Report your government's total amount of interest paid on mortgage revenue bonds during the
year.
U20 1 $
U.5 Bureau of the Census — Revised 52011
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..a 138
Footnotes to Reconciliation Statement
Name of Agency , La Quinta Redevelopment Agency -
Name of Project Arta La Qninta Redevelopment Agency Project No. I
Tax Year: Fiscal Year Beginning July 1 2011 Reconciliation Dates: From hily 1 2010 To June 30 2011
LOW & Moderate Housing Set Aside Decreases: -
Adjustment of forecast Remaining to 2033-34 41,376,528 $ 41,376,528
County of Rivers -de Pass Throm Decreases;
S 43,360,787
Adjustment of Forecast Remaining to 2033-34 43,360,787
Desert Sands Unified School District Decreases:
$ 4,892,204
Adjustment of Forecast Remaining to 2033-34 4,892,204
Desert Community College District Decreases:
$ Adjustment of Forecast Remaining to 2033-34 1836,196 1,836,196
Coachella Vallev Mosa Abat D- t ict Decreases;
S 1,40I 179
Adjustment o(Forecast Remaining to 2033-34 1,401,179
Coachella Valley Water District Decrewas:
$ 1,641,548
Adjustment of Forecast Remaining to 2033-34 1,641,548
Rent Reimbursement Increases:
S 2,250000
Adjustment of extension of lease agreement to the 2,250,000
project expiration date.
Overhead/Administration Increases: $ 22379664
Adjustment pursuant to Wrinen agreement for allocation of 22,379,664
overhead and administration over the life of the plan
City of La Ouin[a Loan Increases: $ 23,146,667
Interest income and principal 23,146,667
City of La Ou rota Loan
Decreases:
Repayment of outstanding advance
S 22,000,000
22,000,000
•..� 139
Page I of 2
Footnotes to Reconciliation Statement
Name of Agency La Quinta
Redevelopment Agency
-
Name of Project Area La Quinta
Redevelopment Agency Project No. I
Tax Year Fiscal Year Beginning July
12011 Reconciliation Dates From July 12010 To June 30 2011
County Superintendent of Schools
Increases:
$
3,020,423
Adjustment of Forecast Remaining to 2033-34
3,020,423
Cemetery District
Increases:
$
243,726
Adjustment of Forecast Remaining to 2033-34
243,726
Desert Recreation District
Increases:
-
$
1,538,747
Adjustment of Forecast Remaining to 2033-34
1,538,747
Resource Conservation Distrito
Increases:
$
34,544
Adjustment of Forecast Remaining to 2033-34
34,544
County Administration Fee fSB 25571
Decreases:
-
$
1324 159
Adjustment of Forecast remaining to 2033-34
1,324,159
- Capital improvement Proem
Increases:
$
39,988436
Adjustment pursuant to a funding agreement for
39,988,436
future public improvements
Capital Improvement Program
Increases:
$
165,000
Adjustment to cover cost of public
165,000
"
improvements at Washington St
Turn Lane Improvements at Eisenhower Dr Calle Tampico
City of La Ouinia
Increases:
$
4,044,692
Adjustment of Forecast
4,044,692
SERAF -
Increases:
$
4,855193
Payment for FY 20102011 SERAF
4,855,193
previously reported in PA No. 2 but ultimately
paid out of PA No. I
Graffiti removal
Increases:
$
1,987,200
Adjustment to reflect written agreement.
1,987 200
«., 140
Page 2 of 2
CALCULATION OF AVAILABLE REVENUES
AGENCY NAME LA OUINTA REDEVELOPMENT AGENCY
PROJECT AREA LA OUINTA REDEVELOPMENT AGENCY PROJECT NO 1
TAX YEAR Fiscal Year Beginning July 1 2011
RECONCILIATION DATES: JULY 1, 2010 TO JUNE 30, 2011
1. Beginning Balance, Available Revenues
$7 882 740
(Per 2009-10 Statement of Indebtedness)
Adjustment to agree to audited balance
$929,370
2. Tax Increment Received — Gross:
$43,990,589
_. All Tax Increment Revenues, to include any Tax Increment passed
through to other local taxing agencies.
3. All other Available Revenues Received
$19,490,928
(See Instructions)
4. Revenues from any other source, included in Column E of the
Reconciliation Statement, but not included in (1-3) above
$1,615,460
5. Sum of Lines 1 through 4
$73,909,087
6. Total amounts paid against indebtedness in previous year. (D+E on
Reconciliation Statement)
- $73,163,743
7. Available Revenues, End of Year (5 - 6)
$745,343
FORWARD THIS AMOUNT TO STATEMENT OF
INDEBTEDNESS, COVER PAGE, LINE 4
NOTES
Tax Increment Revenues:
The only amount(s) to be excluded as Tax Increment Revenues are any amounts passed through to other
local taxing agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set -aside in
the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefore omitted
from Available Revenues at year end.
Rev. 9/29n011 1 N ... 141
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Footnotes to Reconciliation Statement
Name of Agency La Quints Redevelopment Agency
Name of Project Ara La Quints Redevelopment Agmey Project No, 2
Tax Year Fiscal Year Beginning July 1 2011
Reconciliation Dater From July 1 2010 To June 30 2011
Low & Moderate Housing Set Aside
Decreases:
$ 20,111,563
Adjustment of Forecast remaining to 203940
20,111,563
County of Riverside Pass Through
Decreases:
S 25 110 769
Adjustment of Forecast remaining to 203940
25,110,769
Desert Sands Unified School
Decreases:
S 13 441 230
Adjustment of Forecast remaining to 2039-40
13,441,230
Coachella Valley Water District
Decreases:
s 5-571 283
Adjustment of Forecast remaining to 203940
5,571,283
County Superintendent of Schools
Decreases:
# 1509,415
Adjustment of Forecast remaining to 2039-40
1,509,415
Desert Community College District
Decreases:
s 2.792212
Adjustment of Forecast remaining to 203940
2,792,212
Desert Recreation District
Decreases:
; 385.508
Adjustment of Forecast remaining to 203940.
385,508
Coach. Valley Mosquito Abatement Decreases: $ 1-021.195
Adjustment of Forecast remaining to 2039-40 - 1,021,195
Rent Reimbursement Increyus:
$ 3,150,000
Adjustment of extension of lease agreement to the 3,150,000
project expiration date.
Overhead/Administration Increases: $ 3,338,633
Adjustment pursuant to written. agreement for allocation of 3,338,633
overhead and administration over the life of the plan
City of 1a Quinta Advance Increases:
$ 20,473,497
Interest income and principal 20,473,497
City of La Quints Advance
Decreases:
Repayment ofoutstanding advance
s 19,378,966
19,378,966
M 150
Page 1 of
Footnotes to Reconciliation Statement
Name of Agency V Quinta Redevelopment Agency
Name of ProjectArea La Qulnto Redevelopment Agency Project No. 2
Tax Year: Fiscal Year Beginning July 1 2011
Rewnciliation Dates From J 1 1 010 To 1 e 30 2011
County Administrative Fee tSB 2577)
Decreases:
S 692.578
Adjustment of Forecast remaining to 2039-40
692,578
Capital Improvement Program
Increases;
524.055.249
Adjustment for a funding agreement for
$24,055,249
.
future public improvements
Capital Improvement Program
Increase:
152 941
Adjustment for a funding agreement for
SI52,941
future public improvements at Miles Ave landscape
median Improvements
SERAF-FY 10/II
Decreases:
S 4.850687
Payment for FY 2010/2011 SERAF
4,950,687
Previously reported in PA No 2 but ultimately
paid out of PA No 1
2011 Taxable Tax Allocation Bonds
Increases:
E 17.038.636
New bond issue
17,038,636
Cemetery Distrim
Increases;
S 298-571
Adjustment of Forecast remaining to 203940
298,571
Resource Conservation District -
Increases:
S 30.916
Adjustment of Forecast remaining to 203940
30,816
City of La Ouinta
Increases:
S 5,226,02
_
Adjustment of Forecast remaining to 203940
5,226,029
Torte Nissan Disposition & Development Agreement
Increase:
f 1.500.000
New rehabilitation loan agreement with auto dealer
1,500,000
to rehabilitate existing site and to also expand the
- dealership
Professional Consulting Services Agreement
Increases:
$ 102-019
Professional services contact with RBF Company
102,019
-
for Dune Palms Road widening
Graffiti removal
Increases:
S 1,656000
Adjustment to reflect written agreement.
1,656,000
" 151
Page 2 of 2
CALCULATION OF AVAILABLE REVENUES
AGENCY NAME LA OUINTA REDEVELOPMENT AGENCY
PROJECT AREA LA OUINTA REDEVELOPMENT AGENCY PROJECT NO 2
TAX YEAR Fiscal Year Beginning July 1, 2011
RECONCILIATION DATES: JULY 1, 2010 TO JUNE 30, 2011
1. Beginning Balance, Available Revenues
$8,539,780
(Per 2009-10 Statement of Indebtedness)
Adjustment to agree to audited balance
$5,924,384
2. Tax Increment Received — Gross:
$24,186,295
All Tax Increment Revenues, to include any Tax Increment passed
through to other local taxing agencies.
3. All other Available Revenues Received
S4,269,942
(See Instructions)
-
4. Revenues from any other source, included in Column E of the
Reconciliation Statement, but not included in (1-3) above
$1,538,080
5. Sum of Lines I through 4
S44,458,481
6. Total amounts paid against indebtedness in previous year. (D + E on
Reconciliation Statement)
$43,898,281
7. Available Revenues, End of Year (5 - 6)
$560,200
FORWARD THIS AMOUNT TO STATEMENT OF
INDEBTEDNESS, COVER PAGE, LINE 4
NOTES
Tax Increment Revenues:
The only amount(s) to be excluded as Tax Increment Revenues are any amounts passed through to other
local taxing agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set -aside in
the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefor omitted
from Available Revenues at year end.
Rev. 9292011 N 152
tXHIM 1 3
CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
REDEVELOPMENT AGENCY ANNUAL HOUSING ACTIVITY REPORT
FY ENDING: 06 30 / 2011
Agency Name and Address:
County of Jurisdiction:
La Quinta Redevelopment Agency
Riverside
78495 Calle Tampico
Did the Agency pay SERAF from LMIHF?
La Quinta, CA 92247
_ ❑ Yes ® No
Health & Safety Code Section 33080.1 requires agencies (RDAs) to annually report on their Low & Moderate Income Housing Fund and
housing activities for the Department of Housing and Community Development (HCD) to report on RDAs' activities in accordance with
Section 33080.6.
Please answer each question below. Your answers determine how to complete the HCD report.
1. Check one of the items below to identify the Agency's status at the end of the reporting period:
❑ New (Agency formation occurred during reporting year. No financial transactions were completed).
® Active (Financial and/or housing transactions occurred during the reporting year)
❑ Inactive (No financial and/or housing transactions occurred during the reporting year). ONLY COMPLETE ITEM 7
❑ Dismantled (Agency adopted an ordinance and dissolved itself before start of reporting year). ONLY COMPLETE ITEM 7
2. During reporting year. how many adopted project are existed? 2 Of these, how many were merged during year? 0
If the agency has one or more adopted project areas complete SCHEDULE HCD-A for each Project area.
If the agency has no adopted project areas DO NOT complete SCHEDULE HCD-A (refer to next question).
3. Within an area outside of any adopted project area(s): (a) did the agency destroy or remove any dwelling units or displace any
households over the reporting period, (b) does the agency intend to displace any households over the next reporting period, (c) did
the agency permit the sale of any owner -occupied unit prior to the expiration of land use controls over the reporting period, and/or
(d) did the agency execute a contract or agreement for the construction of any affordable units over the next two years?
❑ Yes (any question). Complete SCHEDULE HCD-B.
® No (all questions). DO NOT complete SCHEDULE HCD-B (refer to next question).
4. Did the agency's Low & Moderate Income Housing Fund have any assets during the reporting period?
® Yes. Complete SCHEDULE HCD-C.
❑ No. DO NOT complete SCHEDULE HCD-C.
5. During the reporting period, were housing units completed within a project area and/or assisted by the agency outside a project area?
® Yes. Complete all applicable HCD SCHEDULES Dl-D7 for each housing project completed and HCD SCHEDULE E.
❑ No. DO NOT complete HCD SCHEDULES Dl-137 or HCD SCHEDULE E.
6. Specify whether method A and/or B was used to report financial and housing activity information to HCD:
® A. Forms. All required HCD SCHEDULES A. B. C. Dl-D7. and E are attached.
❑ B. On-line (hup:11www.hcdca.gov/rda1) "Lock Report" date: . HCD SCHEDULES not required.
(lock date is shown under "Admin"Area and "Report Change History')
7. To the best of my knowledge: (a) the representafKmeove andb) a ency information reported are correct.
DateSignature of Authokized Agency Representative
Finance Director
Title
Telephone Number
• IF NOT REQUIRED TO REPORT, SUBMIT ONLYA PAPER COPY OF THIS PAGE.
• IF REQUIRED TO REPORT, AND REPORTING BY USING PAPER FORMS (IN PLACE OF REPORTING ON-LINE), SUBMIT
THIS PAGE AND ALL APPLICABLE HCD FORMS (SCHED ULES A -E) WITH COPY OFAGENCY'SA UDIT.
• IF REPORTING ON-LINE, PRINT AND SUBMIT "CONFIRMATIONLETTER " UPON LOCKING REPORT
• MAIL A COPY OF (a) CONFIRMA TION LETTER (IF HCD REPORT WAS ELECTRONICALLY FILED) OR (6) COMPLETED
FORMS AND (c) AUDIT REPORT TO BOTH HCD AND THE SCO:
Department of Housing & Community Development
Division of Housing Policy
Redevelopment Section
1800 and Street, Suite 430
Sacramento, CA 95814
Redevelopment Agency Annual Report - Fiscal Year 2010-2011
(Revised: 7-22-II)
The State Controller
Division of Accounting and Reporting
Local Government Reporting Section
3301 CStreet Suite 500
Sacramento, CA 95816 -..N. 153
HCD-Cover
Page 1 of I
SCHEDULE HCD-A
Inside Project Area Activity
for Fiscal Year that Ended 06 / 30 / 2011
Agency Name: La Quints Redevelopment Agency Project Area Name: Redevelopment Project No. 1
Preparer's Name, Title: Suzy Kim, Senior Analyst Preparer's E-Mail Address: skim(a),webrse.com
Preparer's Telephone No: (714) 5414585 x116 Preparer's Facsimile No: (714) 541-1175
GENERAL INFORMATION
1. Project Area Information
a. 1. Year I' plan for project area was adopted: 1983
2. Year that plan was last amended (if applicable): 2004
3. Was plan amended after 2001 to extend time limits per Senate Bill 211 (Chapter 741, Statutes of 2001)? Yes X No_
4. Current expiration of plan: I l / 29 / 2024
me day yr
b. If project area name has changed, give previous name(s) or number:
c. Year(s) of any mergers of the project area:
Identify former project areas that merged:_
d. Year(s) project area plan was amended involving real property that either:
(1) Added property to plan:
(2) Removed property from plan: ,
2. Affordable Housing Replacement and/or Inclusionary or Production Requirements (Section 33413).
Pre-1976 project areas not subsequently amended after 1975: Pursuant to Section 33413(d), only Section 33413(a) replacement
requirements apply to dwelling units destroyed or removed after 1995. The Agency can choose to apply all or part of Section
33413 to a project area plan adopted before 1976. If the agency has elected to apply all or part of Section 33413, provide the
date of the resolution and the applicable Section 33413 requirements addressed in the scope of the resolution.
Date: Resolution Scope (applicable Section 33413
me day yr
Post-1975 project areas and eeoeraohic areas added by amendment after 1975 to pre-1976 project areas: Both replacement and
inclusionary or production requirements of Section 33413 apply.
NOTE:
Amounts to report on HCD-A lines 3a(1), 3b-3f, and 3i. can be taken from what is reported to the State Controller's
Office (SCO) on the Statement of Income and Expenditures as part of the Redevelopment Agency's Financial
Transactions Report, except for the reclassifying of Transfers -In from Internal Funds and the reporting of Other
Sources as discussed below:
Transfers -In from other internal funds: Report the amount of transferred funds on applicable HCD-A, lines
3a-j. For example, report the amount transferred from the Debt Service Fund to the Housing Fund for the
deposit of the required set -aside percentage/amount by reporting gross tax increment on HCD-A, Line 3a(1)
and report the Housing Fund's share of expenditures for debt service on HCD-C, Line 4c. Do not report
"net" funds transferred from the Debt Service Fund on HCD-A, Line 3a(7) when reportine debt service
expenditures on HCD-C, Line 4c.
Other Sources: Non-GAAP (Generally Acceptable Accounting Principles) revenues such as from land sales for
those agencies using the Land Held for Resale method to record land sales should be reported on HCD-A Line 3d
Housing fund receipts for the repayment of loan principal should be included on HCD-A Line 3h(1) or on Line
3h(2) if the repayment of loan principal is a result of the FY2009-10 and/or FY2010-11 SERAF.
...11 154
Califomia Redevelopment Agencies - Fiscal Year 2010-2011 - HCD-A
Sch A (Revised: 7-22-2011) - - Page 1 of 7
Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Project No. 1
Project Area Housing Fund Revenues and Other Sources
3. Report all revenues and other sources of funds from this project area which accrued to the Housing Fund over the reporting
year. Any income related to agency -assisted housing located outside the project area(s) should be reported as "Other
Revenue" on Line 3j. (of this Schedule A), if this project area is named as beneficiary in the authorizing resolution. Any
other revenue sources not reported on lines 3a.-3i., should be reported on Line 3j.
Enter on Line 3a(1) the full 100% of gross Tax Increment allocated prior to applicable pass through of funds and deductions
for fees (refer to Sections 33401, 33446, & 33676). Compute the required minimum percentage (°/u) of gross Tax Increment
and enter the amount on Line 3a(2)(A) or 3a(2XB). Report SERAF on Line 3a(3). Next, on Line 3a(4), report the amount
of Tax Increment set -aside allotted before any exemption and/or deferral. To determine the amount of Tax Increment
deposited to the Housing Fund [Line 3a(7)], subtract allowable amounts exempted [Line 3a(5)] and/or deferred [Line 3a(6)]
from the net amount allocated to the Housing Fund [Line 3a(4)].
a. Tax Increment:
(1) 100%of Gross Allocation:
(2) Calculate only 1 set -aside amount: either A or(B) below
$ 43,990,589
(A) 20% required by 33334.2 . (Line 3a(1) x 20%):
$ 8,798,118
(B) 30%required by 33333.10(g) (Line 3a(1) x 30"/"):
$
(Senate Bill 211, Chapter 741, Statutes of 2001)
(3) Tax Increment Allocated to Housing Fund:
$ 8,798,118
(A) SUSPENSION for SERAF Payment:
Only allowed in FY2009-10 per H&SC Section 33334.2(k) .
—
(B) If amount allocated to Housing Fund on Line (3) above differs
from the 20% or 30% amount on above line (2) (A) or (B), identify
Project Area(s) accounting for difference:
Project Area Difference
(4) Amount Exempted (H&SC Section 33334.2)
($ )
[if there is an amount exempted, also complete page 3, #5a(1) - (2)]:
(5) Amount Deferred (H&SC Section 33334.6)
($ )
[if there is an amount deferred, also complete pages 4-5, #5b(1) - (4)]:
(6) Total deposit to the Housing Fund [Net result of Line 3 through 305)h
$ &798,118
b.
Interest Income:
b
c.
Rental/Lease Income (combine amounts reported to the SCO):
$ 249,498
d.
Sale of Real Estate:
$
e.
Grants (combine amounts reported to the SCO):
$
f.
Bond Administrative Fees:
$
g.
Deferral Repayments —other than SERAF - [also complete, Line 5b(3), pg 4]:
$
h.
Loan Repayments - other than SERAF: _
$ 53,377
i.
Debt Proceeds: -
$
j.
Other Revenue(s) [Explain and identify amount(s)]:
Property Assessments $ 58,169
Miscellaneous Revenues - $ 780
k.
SERAF LOAN Repayments (also complete Sch-C, pg 3, #8(e) & #23, pg 9)
$-
1.
SERAF SUSPENSION Repayments (also complete Sch-A, pg 3,#4 & Sch-C, #23 pg 9)
$
in.
Total Project Area Receipts Deposited to Housing Fund (add lines 3a(6) and 3b — 3k.):
$ 9,159,942
Califomia Redevelopment Agencies —Fiscal Year 2010-2011 HCD-A
Sch A (Revised: 7-22-11) . - Page^ 6f7 155
Agency Name: La Ouinta Redevelopment Agency
Project Area Name: Redevelopment Project No. 1
Supplemental Educational Revenue Augmentation Fund (SERAF) Suspension of Property Tax Revenue Deposit
4. Refer to FY 2009-10 Sch A, page 2, Line 3a(3XA). Check box below and provide information only if the agency for just
FY 2009-10 exercised suspension option to not make full minimum allocation and deposit of tax increment to the
Housing Fund for the purpose of using suspension funds to meet the FY 2009-10 SERAF obligation. Note, pursuant
to Health and Safety Section 33334.2(k), repayment is required before June 30, 2015.
❑ SERAF [H&SC Section 33334.2(k)]. In FY 2009-10 the agency exercised option to suspend allocating and depositing
a portion of the minimum 20% of gross property tax increment.
Instructions: Please include amounts for all fiscal years between FY 2009-10 and FY 2014-15 to record agency
compliance with repayment requirements as referenced in H&SC Section 33334.2(k)(1)(2)(3).
Report cumulative total of all project area suspensions and repayments in Schedule 'C', page 9, box 23.
Coll
Col
Col
Balance
Identify any
(Prior year Col 3
Fiscal Years Applicable to
SUSPENSION
identify any
Balance minus
SERAF Suspension and
Amount for
SUSPENSION
Current year Col 2
Repayment Deposit
FY 2009-2010
RRre ayment
Repayment)
2009 - 2010
$
$
2010 - 2011
$
$
2011 - 2012
$
$
2012 - 2013IN$
$
2013 - 201
$$
$
S
2014 - 2015
$
Exemption(s) and Deferral(s)
5. a.(1) If an exemption was claimed on Page 2, Line 3a(5) to deposit less than the required amount, complete the following information:
Check only one of the Health and Safety Code Sections below (Note. An Annual Findinr is required to be submitted to HCD)
❑ Section 33334.2(a)(1): No need in community to increase/improve supply of lower or moderate income housing.
❑ Section 33334.2(a)(2): Less than the minimum set -aside % (20% or 30%) is sufficient to meet the need.
❑ Section 33334.2(a)(3): Community is making substantial effort equivalent in value to minimum set -aside %(20%or 30%)
and has specific contractual obligations incurred before May 1, 1991 requiring continued use of this funding.
Note: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30,1993 but
contracts entered into prior to May 1,1991 may not be subject to the exemption sunset.
❑ Other: Specify code section and reason(s):
(2) For any exemption claimed on Page 2, Line 3a(5) and Line 5a(1) above, identify:
Date that initial W) finding was adopted: / / Resolution # _
mo day yr
Adoption date of reporting year finding: -/ / Resolution #
mo day yr
California Redevelopment Agencies —Fiscal Year 2010-2011
Sch A (Revised: 7-22-11)
Date sent to HCD:
mo day yr
Date sent to HCD: /
mo day - yr
HCNI - 156
Page 3 of 7
Agency Name: La Ouinta Redevelopment Agency
Project Area Name: Redevelopment Project No. 1
Exemptions and Deferrals continued
Deferral(s)
5. b.(1) If a Deferral was claimed on Page 2, Line 3a(6) to deposit
Check only one of the Health and Safety Code Sections b
❑ Section 33334.6(d): Applicable to project areas appr
to HCD before September 1986 regarding needing to
can include those incurred after 1985, if net proceeds
i than the required amount, complete the following information:
before 1986 in which the required resolution was sent
-ement to meet existing obligations. Existing obligations
used to refinance pre-1986 listed obligations.
Note: The deferral previously authorized by Section 33334.6(e) expired. It was only I
allowable in each fiscal year prior to July 1,1996 with certain restrictions.
❑ Other Health & Safety Code Section here:
(2) For any deferral claimed on page 2, Line 3a(6) and Line 5b(I) above, identify:
Date initial W) finding was adopted:
mo day yr
Adoption date of reporting year finding:
mo day yr
(3) A deferred set -aside per Section 33334.6(d) constitutes in
of set -aside deferred and repayments made during the rep,
# Date sent to HCD:
mo day yr
I # Date sent to HCD:
mo day yr
Iness to the Housing Fund. Summarize the amount(s)
year and the cumulative amount deferred as of end of FY:
Amount Deferred Amount Repaid Deferral Balance
This Reporting FY Minus cumulative
Fiscal Year p this Reporting FY
Repayments *)
(1) Last Reporting FY $
(2) This Reporting FY $ $ $
* Deferral balance for this reporting fiscal year.
Should also be shown on HCD-C, page 3, Line
If the prior FY cumulative deferral shown above differs front what was reported on the last HCD report (HCD-A and
HCD-C), indicate the amount of difference and the reason (use box above if needed):
Difference: $ Reason(s):
(4) Section 33334.6(g) requires any agency which defers set -a,,
If this agency has deferred set -asides, has it adopted such a
If yes, by what date is the deficit to be eliminated?
If yes, when was the original plan. adopted for the claimed
to adopt a plan to eliminate the deficit in subsequent years.
? Yes ❑ No ❑
Identify Resolution # Date Resolution sent toi HCD
When was the last amended plan adopted for the claimed
Identify Resolution # Date Resolution sent to HCD
Califomia Redevelopment Agencies— Fiscal Year 2010-2011
Sch A (Revised: 7-22-11) -
mo
day
yr
mo
day
yr
mo
day
yr
mo
day
yr
mo
day
yr
HrAA 157
Page 4 of 7
Agency Name: La Ouinta Redevelopment Agency
Project Area Name: Redevelopment Project No. 1
Actual Project Area Households Displaced and Units and Bedrooms Lost Over Reporting Year:
6. a. Redevelopment Protect Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3), report by income category the number of
elderly and nonelderly households permanently displaced and the number of units and bedrooms removed or destroyed, over the
reporting year, (refer to Section 33413 for unit and bedroom replacement requirements).
Number of Households/Units/Bedrooms
Project Activity
VL L Id AM
Total
Households Permanently Displaced — Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced —Total
Units Lost (Removed or Destroyed) and Required to be Replaced
Bedrooms Lost (Removed or Destroyed) and Required to be Replaced .
Above Moderate Units Lost That Agency is Not Required to Replace
Above Moderate Bedrooms Lost That Agency is Not Required to Replace
b. Other Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3) based on activities other than the destruction or removal of
dwelling units and bedrooms reported on Line 6a, report by income category the number of elderly and nonelderly households
permanently displaced over the reporting year:
Number of Households
Other Activity
VLJ
L
IMIAM
Total
Households Permanently Displaced — Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced —Total
c. As required in Section 33413.5, identify, over the reporting yeaz, each replacement housing plan required to be adopted before
the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported on
lines 6a. and 6b.
Date _/ /_ Name of Agency Custodian
mo day yr
Date _/ Name of Agency Custodian
mo day yr
Please attach a separate sheet of paper listing any additional housing plans adopted.
Estimated Proiect Area Households to be Permanently Displaced Over Current Fiscal Year:
7. a. As required in Section 33080.4(a)(2) for a redevelopment project of the agency, estimate, over the current fiscal year, the
number of elderly and nonelderly households, by income category, expected to be permanently displaced. (Note: actual
displacements will be reported for the next reporting year on Line 6).
Number of Households
Project Activity
VL
L
M
AM
Total
Households Permanently Displaced - Elderly
Households Permanently Displaced - Non Elderly
6
1
1
8
Households Permanently Displaced - Total
6
1
1
8
b. As required in Section 33413.5, for the current fiscal year, identify each replacement housing plan required to be adopted before
the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported in
7a.
Date 06 / 21 / 20l l Name of Agency Custodian Deborah Powell
mo day yr
Date _/_/_ Name of Agency Custodian
mo day yr , .N 158
y58
California Redevelopment Agencies —Fiscal Year2010-201I. - - - HCD-A
Sch A (Revised: 7-22-11) Page 5 of 7
Agency Name:
I Please attach a separate sheet of paper listing any additional housing plans adorned.
Units Developed Inside the Project Area to Fulfill Requirements of Other Protect Area(s)
8. Pursuant to Section 33413(b)(2)(A)(v), agencies may choose one or more project areas to fulfill another project area's requirement to
construct new or substantially rehabilitate dwelling units, provided the agency conducts a public hearing and finds, based on
substantial evidence, that the aggregation of dwelling units in one or more project areas will not cause or exacerbate racial, ethnic, or
economic segregation.
Were any dwelling units in this project area developed to partially or completely satisfy another project area's requirement to
construct new or substantially rehabilitate dwelling units?
® No.
❑ Yes. Date initial finding was adopted? Resolution # Date sent to HCD: /
mo day yr mo day yr
Number of 1
Sales of Owner -Occupied Units Inside the Proiect Area Prior to the Expiration of Land Use Controls
0
Section 33413(c)(2)(A) specifies that pursuant to an adopted program, which includes but is not limited to an equity sharing program,
agencies may permit the sale of owner -occupied units prior to the expiration of the period of the land use controls established by the
agency. Agencies must deposit sale proceeds into the Low and Moderate Income Housing Fund and within three (3) years from the
date the unit was sold, expend funds to make another unit equal in affordability, at the same income level, to the unit sold.
a. Sales. Did the agency permit the sale of any owner -occupied units during the reporting year?
®No
❑Yes
Total Proceeds From Sales Over Reporting Year Number of Units
b.
SALES
I VL
L
I M
Total
Units Sold Over Reporting Year
Equal Units.
®No
❑Yes
Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years?
F Total LMIHF Spent On Equal Units Over
Reporting Year
Number of Units
SALES
VL
L
I M
I Total
Units Made Equal This Reporting Yr to Units Sold Over This Reporting Yr
Units Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago
Units Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago
Units Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago
California Redevelopment Agencies — Fiscal Year 2010-2011- _. - HCD-
Sch A (Revised: 7-22-11) Page s`) -i) 159
Agency Name: La Ouinta Redevelopment Agency
Project Area Name: Redevelopment Project No. 1
Affordable Units to be Constructed Inside the Protect Area Within Two Years
10. Pursuant to Section 33080.4(a)(10), report the number of very low, low, and moderate income units to be financed by any federal,
state, local, or private source in order for construction to be completed within two years from the date of the agreement or contract
executed over the reporting. year. Identify the project and/or contractor, date.of the executed agreement or contract, and estimated
completion date. Specify the amount reported as an encumbrance on HCD-C, Line 6a. and/or any applicable amount designated on
HCD-C, Line 7a. such as for capital outlay or budgeted funds intended to be encumbered for project use within two years from the
reporting year's agreement or contract date. . _
DO NOT REPORT ANY UNITS ON THIS SCHEDULE A THAT ARE REPORTED ON OTHER HCD-As, B, OR Ds.
Col A
Name of
Project and/or
Contractor
Col B
Agreement
Execution
Date
Col C
Estimated
Completion Data
(w/in 2 yrs of Col B
Col D
Sch C Amount
Encumbered
Line 6a
Col E
Sch C Amount
Designated
Line 7a
VL
L
M
Total
$
$
8
i
S
S
$
$
E
S
S
E
S
$
S
S
S
$
Please attach a separate sheet of paper to list additional information.
California Redevelopment Agencies —Fiscal Year2010-2011 - - - HCD-A to - �O
Sch A (Revised: 7-22-11) - - Page 7of 7 b
SCHEDULE HCD-A
Inside Project Area Activity
for Fiscal Year that Ended 06 / 30 / 2011
Agency Name: La Quints, Redevelopment Agency
Preparer's Name, Title: Suzy Kim, Senior Analyst
Preparer's Telephone No: (714) 5414585 xi 16
1. Project Area Information
Project Area Name: Redevelopment Project No. 2
Preparer's E-Mail Address: skimAwebrse com
Preparer's Facsimile No: (714) 541-1175
GENERAL INFORMATION
a. 1. Year 1 n plan for project area was adopted: 1989
2. Year that plan was last amended (if applicable): 2011
3. Was plan amended after 2001 to extend time limits per Senate Bill 211(Chapter 741, Statutes of 2001)? YesX No
4. Current expiration of plan: 02 / 01 / 2041
mo day yr
b. If project area name has changed, give previous name(s) or number:
c. Year(s) of any mergers of the project area:
Identify former project areas that merged:_
d. Year(s) project area plan was amended involving real property that either:
(1) Added property to plan:
(2) Removed property from plan:
2. Affordable Housing Replacement and/or Inclusionary or Production Requirements (Section 33413).
Pre-1976 project areas not subsequently amended after 1975: Pursuant to Section 33413(d), only Section 33413(a) replacement
requirements apply to dwelling units destroyed or removed after 1995. The Agency can choose to apply all or part of Section
33413 to a project area plan adopted before 1976. If the agency has elected to apply all or part of Section 33413, provide the
date of the resolution and the applicable Section 33413 requirements addressed in the scope of the resolution.
Date: - /
mo day yr
Resolution Scope (applicable Section 33413 requirements):
Post-1975 project areas and geographic areas added by amendment after 1975 to M1976 project areas: Both replacement and
inclusionary or production requirements of Section 33413 apply.
NOTE:
Amounts to report on HCD-A tines 3a(1), 3b-3f, and K can be taken from what is reported to the State Controller's
Office (SCO) on the Statement of Income and Expenditures as part of the Redevelopment Agency's Financial
Transactions Report, except for the reclassifying of Transfers -In from Internal Funds and the reporting of Other
Sources as discussed below:
Transfers -In from other internal funds:. Report the amount of transferred funds on applicable HCD-A, lines
3a-j. For example, report the amount transferred from the Debt Service Fund to the Housing Fund for the
deposit of the required set -aside percentage/amount by reporting gross tax increment on HCD-A, Line 3a(1)
and report the Housing Fund's share of expenditures for debt service on HCD-C, Line 4c. Do not report
Other Sources: Non-GAAP (Generally Acceptable Accounting Principles) revenues such as from land sales for
those agencies using the Land Held for Resale method to record land sales should be reported on HCD-A Line 3d.
Housing fund receipts for the repayment of loan principal should be included on HCD-A Line 3h(1) or on Line
3h(2) if the repayment of loan principal is a result of the FY2009-10 and/or FY2010-1 I SERAF.
Califomia Redevelopment Agencies — Fiscal Year 2010-2011 HCD-A
Sch A (Revised: 7-22-2011) Page 1 of 7
of 161
Agency Name: La Ouinta Redevelopment Agency Project Area Name: Redevelopment Project No. 2
Prolect Area Housing Fund Revenues and Other Sources
3. Report all revenues and other sources of funds from this project area which accrued to the Housing Fund over the reporting
yew. Any income related to agency -assisted housing located outside the project area(s) should be reported as "Other
Revenue" on Line 3j. (of this Schedule A), if this project area is named as beneficiary in the authorizing resolution. Any
other revenue sources not reported on lines 3a.-3i., should be reported on Line 3j.
Enter on Line 3a(1) the full 100% of gross Tax Increment allocated prior to applicable pass through of funds and deductions
for fees (refer to Sections 33401, 33446, & 33676). Compute the required minimum percentage (%) of gross Tax Increment
and enter the amount on Line 3a(2)(A) or 3a(2)(B). Report SERAF on Line 3a(3). Next, on Line 3a(4), report the amount
of Tax Increment set -aside allotted before any exemption and/or deferral. To determine the amount of Tax Increment
deposited to the Housing Fund [Line 3a(7)], subtract allowable amounts exempted [Line 3a(5)] and/or deferred [Line 3a(6)]
from the net amount allocated to the Housing Fund [Line 3a(4)]. .
a. Tax Increment:
(1) 100% of Gross Allocation: $24,186,295
(2) Calculate only I set -aside amount: either A or B below:
(A) 20%required by 33334.2 (Line 3a(1) x 20e/o): $ 4,837.259
(B) 30%required by 33333.10(g) (Line 3a(1) x 30%):
(Senate Bill211, Chapter 741, Statutes of2001)
(3) Tax Increment Allocated to Housing Fund: $ 4.837,259
(A) SUSPENSION for SERAF Payment:
Only allowed in FY2009-10 per H&SC Section 33334.2(k) —
(B) If amount allocated to Housing Fund on Line (3) above differs
from the 20% or 30% amount on above line (2) (A) or (B), identify
Project Area(s) accounting for difference:
Project Area Difference
(4) Amount Exempted (H&SC Section 33334.2)
[if there is an amount exempted, also complete page 3, #5a(1) - (2)]:
(5) Amount Deferred (H&SC Section 33334.6)
[if there is an amount deferred, also complete pages 4-5, #5b(1) - (4)]:
(6) Total deposit to the Housing Fund 1Net result of Line 3 through 3a(5)1:
b. Interest Income:
c. Rental/Lease Income (combine amounts reported to the SCO):
d. Sale of Real Estate:
e. Grants (combine amounts reported to the SCO):
f. Bond Administrative Fees:
g. Deferral Repayments tether than SERAF - [also complete, Line 5b(3), pg 4]:
h. Loan Repayments - other than SERAF:
i. Debt Proceeds: -
j. Other Revenue(s) [Explain and identify amoum(s)]:
Miscellaneous Revenues $ 3,185
k. SERAF LOAN Regiments (also complete Sch-C, pg 3, #8(e) & #23, pg 9)
I. SERAF SUSPENSION Repayments (also complete Sch-A, pg 3,#4 & Sch-C, #23 pg 9)
m. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(6) and 3b — 3k.):
$ 4,837,259
$ 150,850
$ 665,113
$ 8 719
$ 5,665,126
California Redevelopment Agencies —Fiscal Year 2010-2011
Sch A (Revised: 7-22-11) -
HCD-A
Page 2.Of 16
Agency Name: La Ouinta Redevelopment Agency
Project Area Name: Redevelopment Project No. 2
Supplemental Educational Revenue Augmentation Fund (SERAF) Suspension of Property Tax Revenue Deposit
1
4. Refer to FY 2009-10 Sch A, page 2, Line 3a(3)(A). Check box below and provide information only if the agency for just
FY 2009-10 exercised suspension option to not make full minimum allocation and deposit of tax increment to the
Housing Fund for the purpose of using suspension funds to meet the FY 2009-10 SERAF obligation. Note, pursuant
to Health and Safety Section 33334.2(k), repayment is required before June 30, 2015.
❑ SERAF [H&SC Section 33334.2(k)]. In FY 2009-10 the agency exercised option to suspend allocating and depositing
a portion of the minimum 20% of gross property tax increment.
Instructions: Please include amounts for all fiscal years between FY 2009-10 and FY 2014-15 to record agency
compliance with repayment requirements as referenced in H&SC Section 33334.2(k)(1)(2)(3).
Report cumulative total of all project area suspensions and repayments in Schedule `C', page 9, box 23.
Coll
Colt
Col
Balance
Identify any
(Prior year Col 3
Fiscal Years Applicable to
SUSPENSION
Identify any
Balance minus
SERAF Suspension and
Amount for
SUSPENSION
Current year Col 2
Repayment Deposit
FY 2009-2010
Repayment
Repayment)
2009 - 2010
$
$
$
2010 - 2011
$
$
2011 - 2012
$
$
2012 - 2013
$
$
2013 - 201
$$
$
$
2014 - 2015
$
Exemption(s) and Deferral(s)
5. a.(1) If an exemption was claimed on Page 2, Line 3a(5) to deposit less than the required amount, complete the following information:
Check only one of the Health and Safety Code Sections below (Note: An Annual Findinr is required to be submitted to HCD)
❑ Section 33334.2(a)(1): No need in community to increase/improve supply of lower or moderate income housing.
❑ Section 33334.2(a)(2): Less than the minimum set -aside i% (20% or 30%) is sufficient to meet the need.
❑ Section 33334.2(a)(3): Community is making substantial effort equivalent in value to minimum set -aside %(20%or 30%)
and has specific contractual obligations incurred before May 1, 1991 requiring continued use of this funding.
Note: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30,1993 but
contracts entered into prior to Mav 1. 1991 may not be subject to the exemption sunset.
❑ Other: Specify code section and reason(s):
(2) For any exemption claimed on Page 2, Line 3a(5) and Line 5a(1) above, identify:
Date that initial On) finding was adopted:
mo day yr
Adoption date of reporting Year finding:
mo day yr
Califomia Redevelopment Agencies — Fiscal Year2010-2011
Sch A (Revised: 7-22-11)
Resolution # Date sent to HCD: /
mo day yr
Resolution # Date sent to HCD:
mo day yr
HCD-A,
Page 3 oQ
•,." j . 163
Agency Name: La Ouinta Redevelopment Agency
Project Area Name: Redevelopment Project No. 2
Exemptions and Deferrals continued
Deferral(s)
5. b.(1) If a Deferral was claimed on Page 2, Line 3a(6) to deposit less than the required amount, complete the following information:
Check only one of the Health and Safety Code Sections below
❑ Section 33334.6(d): Applicable to project areas approved before 1986 in which the required resolution was sent
to HCD before September 1986 regarding needing tax increment to meet existing obligations. Existing obligations
can include those incurred after 1985, if net proceeds were used to refinance pre-1986 listed obligations.
Note: The deferral previously authorized by Section 33334.6(e) expired. It was only
allowable in each fiscal year prior to July 1,1996 with certain restrictions.
❑ Other Health & Safety Code Section here:
(2) For any deferral claimed on page 2, Line 3a(6) and Line 5b(1) above, identify:
Date initial 0") findine was adopted: / / Resolution #
mo day yr
Adoption date of reporting year findine: _/ /_ Resolution #
mo day yr
Date sent to HCD: /
mo day yr
Date sent to HCD:
mo day yr
(3) A deferred set -aside per Section 33334.6(d) constitutes indebtedness to the Housing Fund. Summarize the amount(s)
of set -aside deferred and repayments made during the reporting year and the cumulative amount deferred as of end of FY:
Fiscal Year
Amount Deferred Amount Repaid
This Reporting FY this Reporting FY
Deferral Balance
Minus cumulative
Repayments *)
(1) Last Reporting FY
$
(2) This Reporting FY
$ $
$
* Deferral balance for this reporting fiscal year.
Should also be shown on 11CD-C, page 3, Line 8a
If the prior FY cumulative deferral shown above differs from what was reported on the last HCD report (HCD-A and
HCD-C), indicate the amount of difference and the reason (use box above if needed):
Difference: $ Reason(s):
(4) Section 33334.6(g) requires any agency which defers set -asides to adopt a plan to eliminate the deficit in subsequent years.
If this agency has deferred set -asides, has it adopted such a plan? Yes ❑ No ❑
If yes, by what date is the deficit to be eliminated?
If yes, when was the original plan adopted for the claimed deferral?
identify Resolution # Date Resolution sent to HCD
When was the last amended plan adopted for the claimed deferral?
identify Resolution # Date Resolution sent to HCD
mo
day
yr
mo
day
yr
mo
day
yr
mo
day
yr
mo
day
yr
Califomia Redevelopment Agencies —Fiscal Year2010-2011 . HCD-
SOA(Revised:7-22-I1) - Page' of.A_ 164
Agency Name: La Ouinta Redevelopment Agency
Project Area Name: Redevelopment Project No. 2
Actual Project Area Households Displaced and Units and Bedrooms Lost Over Reporting Year:
6. a. Redevelopment Project Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3), report by income category the number of
elderly and nonelderly households permanently displaced and the number of units and bedrooms removed or destroyed, over the
reportingyear, (refer to Section 33413 for unit and bedroom replacement requirements).
Number of Households/Units/Bedrooms
Project Activity
VL L M AM
Total
Households Permanently Displaced — Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced —Total
Units Lost (Removed or Destroyed) and Required to be Replaced
Bedrooms Lost (Removed or Destroyed) and Required to be Replaced
Above Moderate Units Lost That Agency is Not Required to Replace
Above Moderate Bedrooms Lost That Agency is Not Required to Replace
b. Other Activity. Pursuant to Sections 33080.4(a)(l) and (a)(3) based on activities other than the destruction or removal of
dwelling units and bedrooms reported on Line 6a, report by income category the number of elderly and nonelderly households
permanently displaced over the reporting Year:
Number of Households
Other Activity
VL
L
M
AM
Total
Households Permanently Displaced — Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced —Total
c. As required in Section 33413.5, identify, over the reporting veaz, each replacement housing plan required to be adopted before
the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported on
lines 6a. and 6b.
Date
mo day yr
Date /
mo day yr
Name of Agency Custodian
Name of Agency Custodian
Please attach a separate sheet of paper listing any additional housing plans adopted.
Estimated Project Area Households to be Permanently Displaced Over Current Fiscal Year:
7. a. As required in Section 33080.4(a)(2) for a redevelopment project of the agency, estimate. over the current fiscal year, the
number of elderly and nonelderly households, by income category, expected to be permanently displaced. (Note: actual
displacements will be reported for the next reporting year on Line 6).
Number of Households
Project Activity
VL
L
M
AM
Total
Households Permanently Displaced - Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced - Total
b. As required in Section 33413.5, for the current fiscal year, identify each replacement housing plan required to be adopted before
the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported in
7a.
Date / /_ Name of Agency Custodian
Too day yr
Date / / Name of Agency Custodian
mo day yr
Please attach separate sheet of paper listing any additional housing plans adopted.
California Redevelopment Agencies —Fiscal Year2010-2011 - - HCD-A
Sch A (Revised: 7-22-11) PagN�yf 7 165
Agency Name: La Ouinta Redevelopment Agency
Project Area Name: Redevelopment Project No. 2
Units Developed Inside the Protect Area to Fulfill Requirements of Other Protect Area(s)
8. Pursuant to Section 33413(b)(2)(A)(v), agencies may choose one or more project areas to fulfill another project area's requirement to
construct new or substantially rehabilitate dwelling units, provided the agency conducts a public hearing and finds, based on
substantial evidence, that the aggregation of dwelling units in one or more project areas will not cause or exacerbate racial, ethnic, or
economic segregation.
Were any dwelling units in this project area developed to partially or completely satisfy another project area's requirement to
construct new or substantially rehabilitate dwelling units?
® No.
❑ Yes. Date initial finding was adopted? /_/ Resolution # Date sent to HCD: / /
mo day yr mo day yr
Number of Dwelline Units
Sales of Owner -Occupied Units Inside the Protect Area Prior to the Exoiration of Land Use Controls
9.
Section 33413(c)(2)(A) specifies that pursuant to an adopted program, which includes but is not limited to an equity sharing program,
agencies may permit the sale of owner -occupied units prior to the expiration of the period of the land use controls established by the
agency. Agencies must deposit sale proceeds into the Low and Moderate Income Housing Fund and within three (3) years from the
date the unit was sold, expend funds to make another unit equal in affordability, at the same income level, to the unit sold.
a. Sales. Did the agency permit the sale of any owner -occupied units during the reporting year?
®No
❑Yes
Total Proceeds From Saes Over Reporting Year Number of Units
b.
SALES
I VL
L
M
Total
Units Sold Over Reporting Year
Equal Units.
®No
❑Yes
Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years?
<-- Total LMIHF Spent On Equal Units Over
Reporting Year
Number of Units
SALES
VL
L
M
I Total
Units Made Equal This Reporting Yr to Units Sold Over This Reporting Yr
Units Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago
Units Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago
Units Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago
California Redevelopment Agencies- Fiscal Year 2010-201 I - - - HCD-A
Sch A(Revised: 7-22-I1) Page ,Jofi7. 166
Agency Name: La Ouinta Redevelopment Agency
Project Area Name: Redevelopment Project No 2
Affordable Units to be Constructed Inside the Project Area Within Two Years
10. Pursuant to Section 33080.4(a)(10), report the number of very low, low, and moderate income units to be financed by any federal,
state, local, or private source in order for construction to be completed within two years from the date of the agreement or contract
executed over the reporting _yeaz. Identify the project and/or contractor, date of the executed agreement or contract, and estimated
completion date. Specify the amount reported as an encumbrance on HCD-C, Line 6a. and/or any applicable amount designated on
HCD-C, Line 7a. such as for capital outlay or budgeted funds intended to be encumbered for project use within two years from the
reporting year's agreement or contract date.
DO NOT REPORT ANY UNITS ON THIS SCHEDULE A THAT ARE REPORTED ON OTHER HCD
Col A
Name of
Project and/or
Contractor
Col B
Agreement
Execution
Date
Col C
Estimated
Completion Date
Win 2 yrs of Col B
Col D
Sch C Amount
Encumbered
Line 6a
Col E
Sch C Amount
Designated
Line 7a
VL
L
M
Total
Washington Street Apts
03/01/11
March 2012
$1,471,200
$
78
83
156
Coral Mountain Apts
01/05/11
July 2012
$28,828,470
$
36
144
180
$
Is
$
$
$
$
$
$
$
$
Please attach a separate sheet of paper to list additional information.
"•� 167
California Redevelopment Agencies —Fiscal Year 2010-2011 HCD-A
Sch A (Revised: 7-22-11) Page 7 of 7
SCHEDULE HCD-C
Agency -wide Activity
for Fiscal Year Ended 06 / 30 / 2011
Agency Name: La Ouinta Redevelopment Agency County: Riverside
Preparers Name, Title: Suzy Kim, Senior Analyst
Preparer's Telephone No: (714) 5414585 xI 16
Low & Moderate Income Housine Funds
Preparees E-Mail Address: skim(7a.webrsg.com
Preparer's Facsimile No: (7140 541-1175
Report on the "status and use of the agency's Low and Moderate Income Housing Fund." Most information reported here should
be based on information reported to the State Controller.
1. Beginning Balance (Use "Net Resources Available" from last fiscal year report to HCD) $ 34.933.507
a. If Beginning Balance requires adjustment(s)describe and Provide dollar amount (oositive/negative)
making up total adjustment: Use < $ > for negative amounts or amounts to be subtracted.
Housing Authority Credit Balance <32 79y 1 >
b. Adjusted Beginning Balance [Beginning Balance plus + or minus <-> Total Adjustment(s)] $34,930,716
2. Project Area(s) Receipts and Housing Fund Revenues
a. Total Project Area(s) Receipts. Total Summed amount of HCD-Schedule A(s) (from Line 3k) $14,825,068
b. Housing Fund Resources not reported on HCD Schedule -A(s)
Describe and Provide Dollar Amount(s) (Positive/Negative) Making Up Total Housing Fund Resources
Lone -tern debt proceeds $28.850.000
Sale of fixed assets $363,850
c. Total Housing Fund Resources
3• Total Resources (Line I b. + Line 2a + Line 2c.)
$29.213.850
$ 78,969,634
NOTES:
Many amounts to report as Expenditures and Other Uses (beginning on the next page) should be taken from amounts reported to
the State Controller's Office (SCO). Review the SCO's Redevelopment Agencies Financial Transactions Report.
Housing Fund "transfers -out" to other internal Agency funds: Report the specific use of all transferred funds on applicable lines
4a.-k of Schedule C. For example, transfers from the Housing Fund to the Debt Service Fund for the repayment of principal and
interest of debt proceeds deposited to the Housing Fund should be reported on the applicable item comprising HCD-C Line 4c,
providing tax increment (gross and deposit amounts) were reported on Sch-As. External transfers out of the Agency should be
reported on HCD-C Line 4j (e.g.: transfer of excess surplus to the County Housing Authority).
Other Uses: Non-GAAP (Generally Accepted Accounting Principles) recording of expenditures such as land purchases for
agencies using the Land Held for Resale method to record land purchases should be reported on HCD-C Line 4a(1). Funds
spent resulting in loans to the Housing Fund should be included in HCD-C lines 4b., 411, 4g., 4h., and 4i as appropriate.
The statutory cite pertaining to Community Redevelopment Law (CRL) is provided for preparers to review to determine the
appropriateness of Low and Moderate Income Housing Fund (LMIHF) expenditures and other uses. HCD does not
represent that line items identifying any expenditures and other uses are allowable. CRL is accessible on the Internet
lwebsite. bft://www.leginfo.ca.izov/ (California Law)/ beginning with Section 33000 of the Health and Safety Code.
California Redevelopment Agencies —Fiscal Year 2010-2011 HCD-C
Sch C (Revised: 7-22-11) Pagq 1 0f 11 16
Agency Name: La Quints Redevelopment Agency
4. Expenditures, Loans, and Other Uses
a. Acquisition ofPropertv & Building Sites [33334.2(e)(1)1 & Housing [33334.2(e)(6
(1)
Land Purchases (Lmestment — Land Held for Resale) *
$
(2)
Housing Assets (Fixed Asset) *
$
(3)
Acquisition Expense
$ 701,983
(4)
Operation of Acquired Property
$537,475
(5)
Relocation Costs
$
(6)
Relocation Payments
$
(7)
Site Clearance Costs
$
(8)
Disposal Costs
$
(9) Other [Explain and identify amount(s)]
* Reported to SCO as part of Assets and Other Debts
(10) Subtotal Property/Building Sites/Housing Acquisition (Sum of Lines 1 — 9) $1,239,458
b. Subsidies from Low and Moderate Income Housing Fund (LMIHF
(1) V Time Homebuyer Down Payment Assistance $
(2) Rental Subsidies $
(3) Purchase of Affordability Covenants [33413(b)2(B)] $
(4) Other [Explain and identify amount(s)]:
2nd Trust Deeds $337,008
$
(5) Subtotal Subsidies from LMIHF (Sum of Lines 1 — 4)
$337,008
c. Debt Service [33334.2(e)(9)1. If paid from LMIHF, report LMIHF's share of debt service. If paid from
Debt Service Fund, ensure "gross" tax increment is reported on
HCD-A(s) Line 3a(1).
(1)
Debt Principal Payments
(a) Tax Allocation, Bonds & Notes
$
(b) Revenue Bonds & Certificates of Participation
$6,390,925
(c) City/County Advances & Loans
$
(d) U. S. State & Other Long —Term Debt
$39,313
(2)
Interest Expense
$200,466
(3)
Debt Issuance Costs
$632,214
(4)
Other [Explain andidentify amount(s)]: -
(5)
Subtotal Debt Service (Sum of Lines 1 — 4)
$7,262,918
d. Plannine and Administration Costs [33334.3(e)(1
(1) Administration Costs $611,338
(2) Professional Services (non project specific) $
(3) Planuing/Survey/Design (non nroiect specific) $
(4) Indirect Nonprofit Costs [33334.3(e)(1)(B)] $
(5) Other [Explain and identify amount(s)]:
$
(6) Subtotal Planning and Administration (Sum of Lines 1 — 5) $611,338
Califomia Redevelopment Agencies -Fiscal Year 2010-2011 - HCD-C
Sch C (Revised: 7-22-11) - Page 2 of 11
".J 169
Agency Name: La Ouinta Redevelopment Agency
4. Expenditures, Loans, and Other Uses (continued)
e. On/Off-Site Improvements [33334.2(e)(2)] Complete item 13 $
f. Housing Construction [33334.2(e)(5)] $2,529,450
g. Housing Rehabilitation [33334.2(e)(7)] $470,558
h. Maintain Supply of Mobilehome Parks [33334.2(e)(10)] $
i. Preservation of At -Risk Units [33334.2(e)(I 1)] $
j. Transfers Out of Agency
(1) For Transit village Development Plan (33334.19) $
(2) Excess Surplus [33334.12(a)(1)(A)] $
(3) Other (specify code section authorizing transfer and amount)
A. Section $
B. Section $
Other Transfers Subtotal $
(4) Subtotal Transfers Out of Agency (Sum ofj(1) through j(3)) $
k. SERAF loan [Sec 33690] Also complete Line 8e (below) and Box 23, pg 9. $
L Other Expenditures, Loans, and Uses [Explain and identify amount(s)]:
Contributions to other agencies $2,694,381
Subtotal Other Expenditures, Loans, and Uses $5,694,389
in. Total Expenditures, Loans, and Other Uses (Sum of lines 4a: l.) $15,145,111
5. Net Resources Available [End of Reporting Fiscal Year]
[Page 1, Line 3, Total Resources minus above Line 4m, Total Expenditures, Loans, and Other Uses.] $63,824,523
6. Encumbrances and Unencumbered Balance
a. Encumbrances. Amount of Line 5 reserved for future payment of legal oontract(s) or
agreement(s). See H&SC Section 33334.12(g)(2) for definition. $30,949,000
Also refer to Sch A, item 10 (Col D) and Sch B, item 4 (Col D).
b. Unencumbered Balance (Line 5 minus Line 6a). Also enter on Page 4, Line 1 la. $ 32,875,523
7• Designated/Undesignated Amount of Available Funds
a. Designated From Line 6b- Budgeted/planned to use near -term $ 32,875,523
Also refer to Sch A, item 10 (Col E) and Sch B, item 4 (Col E).
b. Undesignated From Line 6b- Portion not vet budgeted/planned to use S
8. Other Housing Fund Assets (non recurrent receivables not included as part of Line 5)
a.
Indebtedness from Deferrals of Tax Increment (33334.6)
[refer to Sch-A(s), Lines 4 and 5b(3)].
$
b.
Value of land Purchased with Housing Funds and Held for
Development of Affordable Housing. Complete Sch-C item 14.
$
c.
Loans Receivable for Housing Activities
$
d.
Residual Receipt Loans (periodic/fluctuating payments)
$
e.
SERAF Total Receivable [Suspensions & Loans]
(Also report in Sch C, Item 23, pg 9.)
$
f.
ERAF Loans Receivable (all years) (33681)
$
g.
Other Assets [Explain and identify amount(s)]:
It Total Other Housing Fund Assets (Sum of lines 8a: g.)
9. TOTAL FUND EQUITY
[Line 5 (Net Resources Available) +8g (Total Other Housing Fund Assets)]
$63,824,523
Compare Line 9 to the below amount reported to the SCO (Balance Sheet of Redevelopment Agencies
Financial Transactions Report. [Explain differences and identify amount(s)]:
ENTER LOW -MOD FUND TOTAL EQUITIES (BALANCE SHEET) REPORTED TO SCO $63,824,523
California Redevelopment Agencies- Fiscal Year 2010-201 l HCD-C
Sch C (Revised7-22-11) - - Page 3 of 11
".^ 170
Agency Name: La Quinta Redevelopment Agency
Excess Surplus Information
Pursuant to Section 33080.7 and Section 33334.12(g)(1), report on Excess Surplus that is required to be determined on the first day
of a fiscal year. Excess Surplus exists when the Adjusted Balance exceeds the greater of: (1) $1,000,000 or (2) the aggregate amount of
tax increment deposited to the Housing Fund during the prior four fiscal years. Section 33334.12(g)(3)(A) and (B) provide that the
Unencumbered Balance can be adjusted for: (1) any remaining revenue generated in the reporting year from unspent debt proceeds and
(2) if the land was disposed of during the reporting year to develop affordable housing, the difference between the fair market value of
land and the value received.
The Unencumbered Balance is calculated by subtracting encumbrances from Net Resources Available. "Encumbrances" are funds
reserved and committed pursuant to a legally enforceable contract or agreement for expenditure for authorized redevelopment housing
activities [Section 33334.12(gx2)].
For Excess Surplus calculation purposes, carry over the prior year's HCD Schedule C Adjusted Balance as the Adjusted Balance on the
first day of the reporting fiscal year. Determine which is larger: (1) $1 million or (2) the total of talc increment deposited over the prior
four years. Subtract the largest amount from the Adjusted Balance and, if positive, report the amount as Excess Surplus.
10.
11. Reoortina Year Ending Unencumbered Balance and Adjusted Balance:
a. Unencumbered Balance (End of Year) [Page 3, Line 6b] $ 32,875,523
b. If eligible, adjust the Unencumbered Balance for:
(1) Debt Proceeds[ 33334.12(g)(3XB)]:
Identify unspe debt proceeds and related income remaining at end of reporting year $
(2) land Conveyance Losses [(33334.12(g)(3)(A))]:
Identify reporting year losses from sales/grants/leases of land acquired with low -mod funds,
if 49% or more of new or rehabilitated units will be affordable to lower -income households $
12. Adjusted Balance (next year's determination of Excess Surplus) [Line 1 la minus sum of 1lb(1) & I Hip)] $32,875,523
Note: Adjusted Balance is not determined the same way for item 10 (Column 4, bottom) and item 12 .
a. If there is remaining Excess Surplus from what was determined on the first day of the reporting year, describe
the agency's plan (as specified in Section 33334.10) for transferring, encumbering, or expending excess surplus:
b. If the plan described in 12a. was adopted, enter the plan adoption date:
mo day yr
Califomia Redevelopment Agencies —Fiscal Year 2010-2011 HCD-C
Sch C (Revised: 7-22-11) Page 4 of 11
Agency Name: La Duinta Redevelopment Agency
Miscellaneous Uses of Funds
13. If an amount is reported in 4e., pursuant to Section 33080.4(a)(6), report the total number of very low-, low-, and moderate -income
.households that directly benefited from expenditures for onsite/offsite improvements which resulted in either new construction,
rehabilitation, or the elimination of health and safety hazards. (Note: If Line 4e of this schedule does not show expenditures for
improvements, no units should be reported here.)
Households Benefiting from
Income
Households
Households
Elimination of Health and
Level
Constructed
Rehabilitated
Safety. Hazard
Duration of Deed
Restriction
Very Low
Low
Moderate
14. If the agency is holding land for future housing development (refer to Line 8b), summarize the acreage (round to tenths, do not
report square footage), zoning, date of purchase, and the anticipated start date for the housing development.
Site Name/Locathm*
No. of
Acres
Toning
Purchase
Date
Estimated Date
Available
Comments
Please attach a separate sheet of paper listing any additional sites not reported above.
15. Section 33334.13 requires agencies which have used the Housing Fund to assist mortgagors in a homeownership mortgage
revenue bond program, or home financing program described in that Section, to provide the following information:
a. Has Agency used authority related to definitions of income or family size adjustment factors per Section 33334.13(a)?
Yes ® No ❑ Not Applicable ❑
b. Has Agency complied with requirements in Section 33334.13(b) related to assistance for very low-income households equal
to twice that provided for above moderate -income households?
Yes ® No ❑ Not Applicable ❑
172
Califomia Redevelopment Agencies — Fiscal Year 2010-2011, - HCD-C
schC (Revised: 7-22-11) Page 5 of 11
Agency Name: La Ouinta Redevelopment Agencv
16. For this reporting period, did Agency use non-LMIHF funds as matching funds for Federal HOME and/or HOPE program?
Ifyes, identify amount of non-LMIHF funds used for HOME and/or HOPE program support.
HOME$ HOPE
17. Pursuant to Section 33080.4(a)(11), the agency shall maintain adequate records to identify the date and amount of all LMIHF
deposits and withdrawals during the reporting period. To satisfy this requirement, the Agency should keep and make available
upon request any and all deposit and withdrawal information. DONOTSUBMITANYDOCUMENTS/RECORDS.
Has your agency made any deposits to or withdrawals from the LMIHF? Yes ® No ❑
If yes, identify the document(s) describing the agency's deposits and withdrawals by listing for each document, the following
(attach additional pages of similar information below as necessary):
Name of document (e.g. ledger, journal, etc.):
Name of Agency Custodian (person):
Custodian's telephone number:
Place where record can be accessed:
Name of document (e.g. ledger, journal, etc.):
Name of Agency Custodian (person):
Custodian's telephone number:
Place where record can be accessed:
Expenditure Detail Report
Louise West
760)777-7055
Finance Department/City Hall
Revenue Detail Report
Louise West
760) 777-7055
Finance Department/City Hall
18. Use of Other (non Low -Mod Funds) Redevelopment Funds for Housing
Please briefly describe the use of any non-LMIHF redevelopment funds (i.e., contributions from the other 80% of tax increment
revenue or other non Low -Mod funds) to construct, improve, assist, or preserve housing in the community.
No non-LMIHF redevelopment funds were used to construct, improve, assist, or preserve housing in the community this
fiscal year.
19. Suggestions/Resource Needs
Please provide suggestions to simplify and improve future agency reporting and identify any training, information, and/or other
resources, etc. that would help your agency to more quickly and effectively use its housing or other funds to increase, improve,
and preserve affordable housing? _
20. Annual Monitoring Reports of Previously Completed Affordable Housing Proiects/Programs (H&SC 33418)
Were all Annual Monitoring Reports received for all prior years' affordable housing projects/programs? Yes. ® No ❑
Califomia Redevelopment Agencies — Fiscal Year 2010-2011HCD-C
sch C(Revised: 7-22-11) - Page 6 of 11
173
Agency Name: La Ouinta Redevelopment Agency
21. Excess Surolus Expenditure Plan (H&SC 33334.10(a)
California Redevelopment Agencies —Fiscal Year 2010-2011
Sch C (Revised: 7-22-11)
HCD-C
Page 7 of 11
N 174
Agency Name: La Quinta Redevelopment Aeencv
22. Footnote area to provide additional information.
Califomia Redevelopment Agencies— Fiscal Year_2010-2011 HCD-C
Sch C (Revised: 7-22-11) Page 8 of 11
n 175
Agency Name: La Ouinta Redevelooment Agency
23. Agency -wide Accounting for SERAF SUSPENSION / LOAN / REPAYMENT / BALANCE
Instructions: Supplemental Education Revenue Augmentation Fund (SERAF). Repayment to housing fund required in 5 years.
Step l: Identify FY 2009-10 amount suspended and/or loaned and/or any repayment. Compute Balance (Col 4)
Step 2: Identify FY 2010-11 amount loaned and/or any repayment. Compute Balance (Col 4)
Step 3: Complete information requested in Col 3 and Col 4 for applicable years.
Step 4: Repay all FY 2009-10 suspension and loan amounts within required 5 years (before FY 2014-15 end).
Step 5: Repay all FY 2010-11 loan amount within required 5 years (before FY 2015-16 end).
Fiscal Year
Coll
SUSPENSION
Amount for
Applicable Year
Colt
LOAN
Amount for
Applicable Years
Col
REPAYMENT
Amount for
Applicable Years
Col
BALANCE
(Col 1 plus Col 2
minus Col 3)
2009 - 2010
2010 — 2011
2011— 2012
2012 — 2013
2013 — 2014
2014 — 2015
2015 — 2016
Suspension of Funds to pay SERAF in FY 2009-10: H&SC Section 33334.2(k)(1)(2)(3) I
H&SC Section 33334.2(k)(1)(2)(3), applicable only for FY 2009-10, granted agencies the option to make SERAF payment by
suspending tax increment revenue from deposit into the Low Mod Fund. Repayment is required within 5 years, by June 30, 2015.
F—Borrowine of Funds to pay SERAF in FY 2009-10 and FY 2010-I l: H&SC Section 33690(c)(1)(2)
H&SC Section 33690(c)(1)(2), applicable for Fiscal Years 2009-10 and 2010-11, granted agencies option to
borrowing funds from the Low Mod Housing Fund. Full repayment is required within 5 years as follows:
FY 2009-10 amount borrowed must be fully repaid by June 30, 2015.
FY 2010-11 amount borrowed must be fully repaid by June 30, 2016.
Penalties for Non -repayment in 5 Years: H&SC Sections 33020.5, 33331.5, 33334.2, 33688, 33690, 33690.5, 33691 and 33692.
California Redevelopment Agencies— Fiscal Year 2010-201 I - - HCD-C
Sch C (Revised: 7-22-11) Page 9 tE u 176
Agency Name: La Quints Redevelopment Agency
24. Proiect Achievement and HCD Director's Award for Housing Excellence
Project achievement information is optional but can serve important purposes: Agencies' achievements can inform others of
successful redevelopment projects and provide instructive information for additional successful projects. Achievements may be
included in HCD's Annual Report of Housing Activities of California Redevelopment Agencies to assist other local agencies in
developing effective and efficient programs to address local housing needs.
In addition, HCD may select various projects to receive the Director's Award for Housing Excellence. Projects maybe selected
based on criteria such as local affordable housing need(s) met, resources utilized, barriers overcome, and project
innovation/complexity, etc.
Project achievement information should only be submitted for one affordable residential project that was completed within the
reporting year as evidenced by a Certificate of Occupancy. The project must not have been previously reported as an achievement.
To publish agencies' achievements in a standard format, please complete information for each underlined category
below addressing suggested topics in a narrative format that does not exceed two pages (see example, next page). In
addition to submitting information with other HCD forms to the State Controller, please submit achievement
information on a 3.5 inch diskette and identify the so tware type and version. For convenience, the diskette can be
separately mailed to: HCD Policy Division, 1800 3 Street, Sacramento, CA 95811 or data can be attached to an
email and sent to appropriate staff by inquiring of appropriate staffs name and email address by calling 916.445-
4728.
AGENCY INFORMATION
• Project Type (Choose one of the categories below and one kind of assistance representing the primary project type):
New/Additional Units (Previously Unoccupied/Uninhabitable):
Existing Units (Previously Occupied)
- New Construction to own
- Rehabilitation of Owner -Occupied
- New Construction to rent
- Rehabilitation of Tenant -Occupied
- Rehabilitation to own
- Acquisition and Rehabilitation to Own
- Rehabilitation to rent
- Acquisition and Rehabilitation to. Rent
- Adaptive Re -use
- Mobilehomes/Manufactured Homes
- Mixed Use Infill
- Payment Assistance for Owner or Renter
- Mobilehomes/Manufactured Homes
- Transitional Housing
- Mortgage Assistance
- Other (describe)
- Transitional Housing
- Other (describe) '
Agency Name:
Agency Contact and Telephone Number for the Project:
DESCRIPTION
• Project Name
-• Clientele served [owner, renter, income group, special need (e.g. large family or disabled), etc.]
• Number and type of units and location, density, and size of project relative to other projects, etc.
• Degree of affordability/assistance rendered to families by project, etc.
• Uniqueness (land use, design features, additional services/amenities provided, funding sources/collaboration, before/after
project conversion such as re -use, mixed use, etc.)
• Cost (acquisition, clean-up, infrastructure, conversion, development, etc.)
HISTORY
• Timeframe from planning to opening
• Barriers/resistance (legal/financial/community, etc.) that were overcome
• Problems and creative solutions found
• Lessons learned and/or recommendations for undertaking a similar project
AGENCY ROLE AND ACHIEVEMENT '
• Degree of involvement with concept,design, approval, financing, construction, operation, and cost, etc.
• Specific agency and/or community goals and objectives met, etc.
California Redevelopment Agencies —Fiscal Year 2010-2011
SchC(Revised7-22-11)
HCD-C
Page 10 of I I
177
Agency Name: La Ouinta Redevelopment Agency
ACHIEVEMENT EXAMPLE
Project Type: NEW CONSTRUCTION- OWNER OCCUPIED
Redevelopment Agency
Contact: Name (Area Code) Telephone #
Project(Program Name:
Project or Program
Description
During the reporting year, construction of 12 homes was completed. Enterprises, which
specializes in community self-help projects, was the developer, assisting 12 families in the construction of their
new homes. The homes took 10 months to build. The families' work on the homes was converted into "sweat
equity valued at $15,000. The first mortgage was from CHFA. Families were also given an affordable second
mortgage. The second and third mortgage loans were funded by LMIHF and HOME funds.
History
The (City or County) of struggled for several years over what to do about the
area. The tried to encourage development in the area by rezoning a large
portion of the area for multi -family use, and twice attempted to create improvement districts. None of these
efforts were successful and the area continued to deteriorate, sparking growing concern among city officials and
residents. At the point that the Redevelopment Agency became involved, there was significant ill will between
the residents of the and the (City or County). The
introduced the project in with discussions of how the
Agency could become involved in improving the blighted residential neighborhood centering on
. This area is in the core area of town and was developed with disproportionately
narrow, deep lots, based on a subdivision plat laid in 1950. Residents built their homes on the street frontages of
and leaving large back -lot areas that were landlocked and
unsuitable for development, having no access to either avenue. The Agency worked with 24 property owners to
purchase portions of their properties. Over several years, the Agency purchased enough property to complete a
tract map creating access and lots for building. Other non -profits have created an additional twelve affordable
homes.
Agency Role
The Agency played the central role. The Project is a classic example of successful
redevelopment. All elements of blight were present: irregular, land -locked parcels without access; numerous
property owners; development that lagged behind that of the surrounding municipal property; high
development cost due to need for installation of street improvements, utilities, a storm drain system, and
undergrounding of a flood control creek; and a low-income neighborhood in which property sale prices would
not support high development costs. The Agency determined that the best development for the area would be
single-family owner -occupied homes. The Agency bonded its tax increment to fund the off -site
improvements. A tract map was completed providing for the installation of the street improvements, utilities,
storm drainage, and the undergrounding of Creek. These improvements cost the Agency
approximately $1.5 million. In lieu of using the eminent domain process, the Agency negotiated with 22
property owners to purchase portions of their property, allowing for access to the landlocked parcels. This
helped foster trust and good will during the course of the negotiations. The Project got underway once
sufficient property was purchased.
Califomia Redevelopment Agencies —Fiscal Year 2610-2011 - - HCD-C
Pagel] of11
SohC(Revised: 7-22-u)
178
SCHEDULE HCD-D1
GENERAL PROJECT/PROGRAM INFORMATION
For each different Project/Program (area/name/age or nonage dev/rental or owner), complete a D1 and applicable D2-D7
Examples:
1: 25 minor rehab (Nonagy Dev): Area 1: 15 Owner, Area 2: 6 Rental; & Outside: 4 Rental. Complete 3 D-1s, & Ds3-4-5.
2: 20 sub rehab (nonrestricted): Area 3: 4 Agy Dev. Rentals; 16 Nonagy Dev. Rentals. Complete 2 D-1s & 2 D-5s.
_3: 15 sub rehab (restricted): Area 4: 15 Nonagy Dev, Owner. Complete 1 D-1 & 1 D-3.
4: 10 new (Outside). 2 Agy Dev (restricted Rental), 8 Nonagy Dev (nonrestricted Owner) Complete 2 D-1s, 1 D-4, & 1 D-5.
Name of Redevelopment Agency: La Quinta Redevelopment Agency
Identify Project Area or specify "Outside": Redevelopment Project No. 1
General Title of Housing ProjectiProgram: Agency Resale 2nd TO Program
Project/Program Address (optional): Various Infill Lots
Street: CM: ZIP:
52-280 Avenida Velasco La Quints 92253
92253
53-710 Avenida Rubio La Quints
52-608 Avenida Diaz La Quints 92253
Owner Name (optional): Martinez, Carbajal, Aleman
Total Project/Program Units: Restricted Units: Unrestricted Units:
#3 #3 #0
'or prolects/programs with no RDA assistance do not complete any of below or any of HCD D2-06. Only complete HCD-C
Was this a federally assisted multi -family rental project [Gov't Code Section 65863.10(a)(3)]? ❑ YES
®NO
Number of units occupied by ineligible households (e.g. ineligible income/# of residents in unit) at FY end
#0
Number of bedrooms occupied by ineligible persons (e.g. ineligible income/# of residents in unit) at FY end
#0
Number of units restricted for special needs: (number must not exceed "Total Project Units)
#0
Number of units restricted that are serving one or more Special Needs: # ® Check, if data not available
rAl /e: a „nit may satiP mu/tinle "3narial Needs" below. Sum of all the below can exceed the "Number of Units" above)
# DISABLED (Mental) # FARMWORKER (Permanent) # TRANSITIONAL HOUSING
# DISABLED (Physical) #1 FEMALE HEAD OF HOUSHOLD # ELDERLY
# FARMWORKER (Migrant) # LARGE FAMILY # EMERGENCY SHELTERS
(4 or more Bedrooms) (allowable use only with -Other Housing
Units Provided - Without LMIHF" Sch-D6
u__-i / b... e....�.:w1iw.. Te..n /un}ar else/mnnrn/vast 11Cm0 pIp IL4. @.p. ul/Ul/LYVLI:
Aftommurm a11YIvl J
ea.im ..eev
Re lacement Housing Units
_-_
Inclusions Housing Units
Other Housing Units Provided
With LMIHF
Without LMIHF
Restriction Start Date
3/14/2011, 3/23/2011 & 4/11/2011
Restriction End Date
3/14/2056, 3/23/2056, & 4/11/2056
Perpetuity
Funding Sources:
Redevelopment Funds:
$ 150,000
Federal Funds
$ 0
State Funds:
$ 0
Other Local Funds:
$ 0
Private Funds:
$ 0
Owner's Equity:
$ 0
TCAC/Federal Award:
$ 0
TCAC/State Award:
$.0
Total Development/Purchase Cost:
$ 44
Check all appropriate form(s) below that will be used to identify all of this Project's/Program's Units:
❑ Replacement Housing Units Inclusionary Units: Other Housing Units Provided:
(Sch HCD-D2) ® Inside Project Area (Sch HCD-D3) ❑ With LMIHF (Sch HCD-D5)
❑ Outside Project Area (Sch HCD-D4)
California Redevelopment Agencies -Fiscal Year 2010-2011
Sch DI (Revised: 7-22-11)
❑ Without LMIHF (Sch HCD-D6)
❑ No Agency Assistance (Sch HCD-D7)
HCD-D1 7JA
•
SCHEDULE HCD-D3
INCLUSIONARY HOUSING UNITS (INSIDE PROJECT AREA)
(units not claimed on Schedule D-4,5,6,7)
(units with required affordability restrictions that agency or community controls)
Agency: La Quinta Redevelopment Agency
Redevelopment Project Area Name: Redevelopment Project No. 1
Affordable Housing Project Name: Agency Resale 2nd Trust Deed Program
Check only one. If both apply, complete a separate form for each (with another Sch-D1):
® Aoencv Developed ❑Non-Aaencv Developed
Check only one. If both apply, complete a separate form for each (with another Sch-1011):
❑ Rental ® Owner -Occupied
Enter the number of units for each applicable activity below:
Note: "INELG" refers to a household that is no longer eligible but still a temporary resident and part of the total
A. New Construction Units:
Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units
VLOW LOW MOD TOTAL INELG.. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG.
2 1 V I
1 3
Of Total, Identify the number aggregated from other project areas (see HCD-A(s), Item 8):
B. Substantial Rehabilitation (Post `93/AB 1290 Definition of Value >2 M Credit for Obligations Since 19941:
Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units
VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG.
=.2 1 3 1
11
Of Total, identify the number aggregated from other project areas (see HCD-A(s), Item 8):
C. Acauisition of Covenants (Post '93/AB 1290 Reform Onlv Multi -Family Vlow &Low &Other Restrictions):
Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units
VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG.
TOTAL UNITS (Add only TOTAL of all "TOTAL Elderly / Non Elderly Units"): -
/jTOTAL UNITS is less than "Total Project Units"on HCD Schedule Dl, report the remaining units as instructed below.
Check all appropriate form(s) listed below that will be used to Identify remaining Project Units to be reported:
❑ Replacement Housing Units ❑ Inclusionary Units (Outside Project Area) Other Housing Units Provided:
(Sch HCD-D2) (Sch HCD-D4) ❑ With LMIHF (Sch HCD-D5)
❑ Without LMIHF (Sch HCD-D6)
❑ No Assistance (Sch HCD-D7)
Identify the number of Inclusionary Units which also have been counted as Replacement Units:
Elderly Units Non Elderly Units TOTAL Elderly & Non Elderly Units
VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG. VLOW LOW MOD TOTAL INELG.
Califomia Redevelopment Agencies - Fiscal Year 2010-2011 - - HCD-D3
Sch D3 (Revised: 7-22-11) - • N 180
SCHEDULE HCD-E
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION
BASED ON SPECIFIED HOUSING ACTIVITY DURING THE REPORTING YEAR
Agency: La Quinta Redevelopment Agency
Name of Project or Area (if applicable, list "Outside" or "Summary": Summary
Complete this form to report activity separately by project or area or to summarize activity for the year.
Report all new construction and/or substantial rehabilitation units from Forms D2 through D7 that were:
(a) developed by the agency and/or (b) developed only in a project area by a nnagency person or entity.
PART I [H&SC Section 33413(b)(1)]
AGENCY DEVELOPED UNITS DURING THE REPORTING YEAR
BOTH INSIDE AND OUTSIDE OF A PROJECT AREA
1.
New Units Developed by the Agency
0
2.
Substantially Rehabilitated Units Developed by the A encv
3.
Subtotal - Baseline of Amy Developed Units (add lines 1 & 2)
0
4.
Subtotal of Increased Inclusionary Obligation (Line 3 x 30%) (see Notes 1 and 2 below)
p
5.
Very -Low Inclusionary Obligation Increase Units (Line 4 x 50%)
p
PART II [H&SC Section 33413(b)(2)]
NONAGENCY DEVELOPED UNITS DURING THE REPORTING YEAR
ONLY INSIDE A PROJECT AREA
6.
New Units Developed by Any Nonaeencv Person or Entity
18
7.
Substantially Rehabilitated Units Developed by Any Nonaeencv Person or Entity
5
8.
Subtotal - Baseline of Nonagency Developed Units (add lines 6 & 7)
23
9.
Subtotal of Increased Inclusionary Obligation (Line 8 x 15%) (see Notes 1 and 2 below)
4
10.
Very -Low Inclusionary Obligation Increase (Line 9 x 40%)
2
PART III REPORTING YEAR TOTALS
11.
Total Increase in Inclusionary Obligation (add lines 4 and 9)
4
12.
Very -Low Inclusionary Obligation Increase (add line 5 and 10) (Line 12 is a subset of Line 11)
2
YYYkkiitittiitt Rlttff#ttf tllft YYYYYYY YYt Rt Ritf{ft{ift{fflit YY tYi Riit{t#4ff{flf it Yt YYYk{kkRi{Rf!{t tl tti YYt YYikii Yt {tlftffttYYYi
1. Section 33413(b)(1), (2), and (4) require agencies to ensure that applicable percentages (30% or 15%) of
all (market -rate and affordable) "new and substantially rehabilitated dwelling units" are made available
at affordable housing cost within 10 year planning periods. Market -rate units: units not assisted with
low -mod funds and jurisdiction does not control affordability restrictions. Affordable units: units
generally restricted for the longest feasible time beyond the redevelopment plan's land use controls and
jurisdiction controls affordability restrictions. Agency developed units: market -rate units can not exceed
70 percent and affordable units must be at least 30 percent, however, all units assisted with low -mod
funds must be affordable. Nonagency developed (proiect area) units: market -rate units can not exceed
85 percent and affordable units must be at least 15 percent
2. Production requirements may be met on a project -by project basis or in aggregate within each 10 year
planning period The percentage of affordable units relative to total units required within each 10 year
planning period may be calculated as follows:
AFFORDABLE units = Market -rate x 630 or .15) TOTAL units = Market -rate or A ordable
(.70or. 85) (.70or. 85) (.30or. 15)
California Redevelopment Agencies - Fiscal Year 2010-2011 HCD-E
SchE-1(Revised: 7-22-11) _
181
EXHIBIT 4
q RSG
INTELLIGENT COMMUNITY DEVELOPMENT
DATE: December 12, 2011
TO: Mark Weiss, Interim City Manager
CITY OF LA QUINTA
FROM: Becky Caha, RSG
ROSENOw SPEVACEK GROUP INC.
T 714 $41 4585
309 WEST.4TH STREET
F 714 5411175
SANTA. ANA. CALIFORNIA
E INFO;aWEBRSG.COM'
92701-4502
W EBRSG.COM
Via Electronic Mail
SUBJECT: 2010-2011 ANNUAL AFFORDABLE HOUSING ELIGIBILITY MONITORING
Since 1997 RSG has been conducting the Redevelopment Agency's annual income eligibility
recertification pursuant to the requirements of Redevelopment Law and each affordable housing
program. The housing programs involved in this effort as of June 30, 2011 are:
• The Seasons at La Quinta - 92 senior multi -family rental units
• The Seasons at Miraflores -118 senior multi -family rental units
• Aventine - 20 income restricted multi -family rental units
• Hadley Villas Apartments - 79 very low senior rental units
• La Quinta Rental Housing Program - 28 single family rental housing units
• Vista Dunes Apartments — 79 Very Low Income Units
• Mountain View @ La Quinta Apartments - 18 income restricted multi -family rental
units
• Washington Street Apartments - 72 senior multifamily rental units
• Wolff Waters Place - 218 very low income multi -family rental units
• Assessment/Sewer Hook -Up Fee Subsidy Program - 520 owner and renter
occupied households
• Agency 2nd TD Loan Program - 504 owner occupied households
To date, we have not received information from Mountain View @ La Quinta Apartments,
Washington Street Apartments, and Wolff Waters Place. Mountain View @ La Quinta
Apartments have been non -responsive to our requests; whole Washington Street Apartments
and Wolff Waters Place are in the process of providing the necessary information. It is
anticipated that these two projects will have all information provided by mid -January, 2012. By
next year they will be in compliance and in the position to provide their annual reports by the
Agency's June 30, 2011 deadline.
"Confidential tenant information has been removed from the reports."
COMMUNITY INVESTMENT & IMPROVEMENT
LOCAL GOVERNMENT SOLUTIONS
FINANCIAL ANALYSIS
REAL ESTATE& DEVELOPMENT
HOUSING
182
.• A . .
Mark Weiss, Interim City Manager
CITY OF LA QUINTA
December 12, 2011
Page12
The information received from the property managers for the Seasons at La Quinta, Seasons at
Miraflores, Aventine, Hadley Villas Apartments, and the Agency Rental Housing Program, and
from the property owners in the sewer connection program, and Agency 2nd Trust Deed
Program who responded to our annual recertification mailing are summarized below:
The Seasons at La Quinta (Line Housina►
Project
Income
Category
Required #
Units
Actual # Units
Total Units
Very Low
45
54
54
Season at La
Low
30
36
36
Quinta — 92
Moderate
15
0
0
Units
Not Qualified
0
0
0
Vacant
0
2
2
M mt / Maint
0
0
0
PROJECT TOTAL
91
91
91
As of June 30, 2011, this project meets the income affordability requirements. All units are
being rented at affordable rents for those tenants occupying the units.
The Seasons at Miraflores (Line Housinal
Project
Income
Cateqory
Required #
Units
Actual # Units
Total Units
Season at
Miraflores —118
Units
Very Low
70
1 99
99
Low
24
19
19
Moderate
23
5
15
Not Qualified
0
0
0
Vacant
0
0
0
M mt / Maint
1
1
1
PROJECT TOTAL
118
118
118
As of June 30, 2011, this project meets the income affordability requirements. All units are
being rented at affordable rents for those tenants occupying the units.
Aventine Apartments
Project
Income
Category
Required #
Actual # Units
Total Units
Units
Aventine
Low
10
10
10
Moderate
10
10
10
Apartments —
Non -Qualified
0
0
0
20 Units
Vacant
0
0
0
PROJECT TOTAL
20
20
20
As of June 30, 2011, this project meets the income affordability requirements. All units are
being rented at affordable rents for those tenants occupying the units.
Page 2
" 1 183
Mark Weiss, Interim City Manager
CITY OF LA QUINTA
December 12, 2011
Page 13
Hadlev Villas Apartments
Project
Income
Category
Required #
Units
Actual # Units
Total Units
Hadley Villas
Very Low
79
79
79
Non -Qualified
0
0
0
Apartments —
Vacant
0
0
0
80 Units
M mt /Maint.
1
1
1
PROJECT TOTAL
80
80
80
As of June 30, 2011, this project meets the income affordability requirements. All units are
rented at affordable rents for those tenants occupying the units.
La Quints Rental Housing Program La Quinta Palms Real
Project
Income
Category
Required #
Units
Actual # Units
Total Units
La Quinta
Rental Housing
Program — 25
Units
Very Low
25
25
25
Non -Qualified
0
0
0
Vacant
0
0
0
M mt /Maint.
0
0
0
PROJECT TOTAL
25
25
25
As of June 30, 2011, this project is in compliance and all units are being rented at an affordable
rent to the occupying very low income household. All vacant units are reserved for very low
income tenants receiving Section 8 rental assistance from Riverside County.
Assessment / Sewer Hook -Up Fee Subsidv Program
Project
Income
Category
Required
# Units
Actual #
Units
Sewer Connection Subsidies
Very Low
N/A
35
Low
N/A
38
Moderate
N/A
37
PROJECT TOTALS
110
Between the program's inception in 1989 and June 30, 2011, a total of 520 households qualified
for and received the Agency's subsidy of the street improvement assessment and/or sewer
connection costs. During that time, 410 properties were removed from the program, either
through repayment of the subsidy balance as a result of a property sale to an ineligible
household, through foreclosure proceedings, through request of the property owner, or the
expiration date of the covenant firm.
As of June 30, 2011 the program had 110 active participants who were mailed recertification
forms. To date, responses have been received from 84 residents (76%).
Page 3
-.A.: " 184
Mark Weiss, Interim City Manager
CITY OF LA QUINTA
December 12, 2011
Page 14
Agency Home Purchase Loan Program
As of June 30, 2011 the program had 504 active participants who have received Agency loans
for the purchase or rehabilitation of their property. In January, 2011 these participants were
mailed recertification forms to verify that they still occupied the subject property. As of June 30,
2011 responses have been received from 475 participants (94%).
cc: Frank Spevacek
Page 4 185
Edited by Foxit Reader
Copyright(C) by Foxit Corporation,2005-2010
For Evaluation Only.
CERTIFICATION OF CONTINUING PROGRAM COMPLIANCE
The undersigned, being duly authorized to execute this certificate on behalf of LINC HOUSING
CORPORATION, a non-profit affordable housing development corporation, for the Seasons Senior
Apartments at La Quinta, hereby represents and warrants that:
1. He/she has read and is thoroughly familiar with the provisions of the Assignment and
Consent Agreement between the La Quinta Redevelopment Agency, E.G. Williams Development
Corporation, and Linc Housing.
2. As of June 30, 2011. the following number of residential units on the Rental Properties (i) are
currently occupied by tenants qualifying as a Very Low Income Household at Affordable Rents; (it) are
currently occupied by tenants qualifying as Low Income Household at Affordable Rents; (III) are
currently occupied by other tenants having incomes of not greater than 120% of area -wide median
income (the above terms are defined in California Health and Safety Code Section 50053); or (iv) are
currently vacant and being held available for occupancy by Qualifying Renters and have been so held
continuously since the date Qualifying Renters vacated such unit, as indicated:
i. 94 units at Very Low Income
ii. 36 units at Low Income
iii. _QD- units at Moderate income
iv. -02- vacant units
3. The unit size, the rental amount charged and collected, the number of occupants and the income of
the occupants for each unit on the Rental Properties is set forth on the attached list. All units on the
Rental Properties are rented at Affordable Rent.
Dated: /d / 0 Z"'(r , 2011
LINC HOUSING CORPORATION
By: --
Karen Maes Co -COO CFO
(Printed name and title)
186
For
CERTIFICATION OF CONTINUING
The undersigned, being duly authorized to execute
CORPORATION, a non-profit affordable housing dei
Apartments at Miraflores, hereby represents and warren
1. He/she has read and is tho
Consent Agreement between the La Quinta
2. As of June 30, 2011, the following number of resit
currently occupied by tenants qualifying as a Very Low Ir
currently occupied by tenants qualifying as Low Incorr
currently occupied by other tenants having incomes of
income (the above terms are defined in California Health
currently vacant and being held available for occupancy
continuously since the date Qualifying Renters vacated su
1. 71 units at Very Low Income
ii. 43 units at Low Income
iii. 00 units at Moderate Income
iv. _022 vacant units
3. The unit size, the rental amount charged and collect,
the occupants for each unit on the Rental Properties is
Rental Properties are rented at Affordable Rent.
Dated: Cictober 4 , 2011
Foxit Reader
(C) by Foxit Corporation,2005-2010
aeon Only.
COMPLIANCE
its certificate on behalf of LINC HOUSING
Dpment corporation, for the Seasons Senior
that:
with the provisions of the Assignment and
Agency, Miraflores, and Linc Housing.
fential units on the Rental Properties (i) are
come Household at Affordable Rents; (II) are
e Household at Affordable Rents; (iii) are
not greater than 120% of area -wide median
and Safety Code Section 50053); or (iv) are
by Qualifying Renters and have been so held
ch unit, as indicated:
the number of occupants and the income of
forth on the attached list. All units on the
187
m
CERTIFICATION OF CONTINUING PROGRAM COMPLIANCE
The undersigned, being duly authorized to execute this certificate on behalf of the AVENTINE
APARTMENTS Project, hereby represents and warrants that:
1. He/she has read and is thoroughly familiar with the provisions of the Affordable
Housing Agreement between the La Quinta Redevelopment Agency and The Spanos
Corporation.
2. As of June 30, 2011, the following number of residential units on the Aventine
Apartments Project (i) are currently occupied by tenants qualifying as a Low Income Household
at Affordable Rents; (ii) are currently occupied by other tenants having incomes of not greater
than 120% of area -wide median income (the above terms are defined in California Health and
Safety Code Section 50053), or (iii) are currently vacant and being held available for
occupancy by Qualifying Renters and have been so held continuously since the date Qualifying
Renters vacated such unit, as indicated:
i. /0 units at Low Income
ii. 10 units at Moderate Income
vacant units
3. The unit size, the rental amount charged and collected, the number of occupants
and the income of the occupants for each restricted unit on the Aventine Apartments Project is
set forth on the attached list. All restricted units on the Aventine Apartments Project are rented
at Affordable Rent.
AVENTINE APARTMENTS
1
Dated: �P�}®, 2011 By:r'�QZ
T mun 42/�
(Printed name afnd title)
M=CUME-1�) a LOCALS-1%Temp\f TLFA94a nLno moniibnnp doe
M._ 188
,r
CERTIFICATION OF CONTINUING PROGRAM COMPLIANCE
The undersigned, being duly authorized to execute this certificate on behalf of the SENIOR
AFFORDABLE HOUSING CORPORATION NO. 3 A DEVELOPMENT ENTITY AFFILIATED
WITH SOUTHERN CALIFORNIA PRESBYTERIAN HOMES for the Hadley Villas Apartment
Project, hereby represents and warrants that:
1. He/she has read and is thoroughly familiar with the provisions of the Affordable
Housing Agreement between the La Quinta Redevelopment Agency and the Senior Affordable
Housing Corporation N. 3, a Development Entity affiliated with Southern California Presbyterian
Homes.
2. As of June 30, 2011, the following number of residential units on the Hadley Villas
Apartments Project (i) are currently occupied by tenants qualifying as a Very -Low Income
Household at Affordable Rents; or (ii) are currently vacant and being held available for
occupancy by Qualifying Renters and have been so held continuously since the date Qualifying
Renters vacated such unit, as indicated:
i. -a units at Very -Low Income
ii. —vacant units
3. The unit size, the rental amount charged and collected, the number of occupants
and the income of the occupants for each restricted unit on the Hadley Villas Apartments Project
is set forth on the attached list. All restricted units on the Hadley Villas Apartments Project are
rented at Affordable Rent.
Gated: �J?_Z _.._...2011 By.
M=CUME-MW WLOCALS-ItTon,lITLF4AmnMev v0145 nyn,wrng doc
HADLEY VILLAS APARTMENTS
; t$eq* —
189
09/21/2011 12:50 7605640344 LA QUINTA PALMS PAGE 02/03
CERTIFICATION OF CONTINUING PROGRAM COMPLIANCE
The undersigned, being duly authorized to execute this certificate on behalf of LA QUINTA
REAL ESTATE, property managers for the rental housing units owned by the LA QUINTA
REDEVELOPMENT AGENCY as part of the LA QUINTA HOUSING PROGRAM, hereby
represents and warrants that:
1. As of June 30, 2011, the following number of residential units on the Rental Properties (1)
are currently occupied by tenants qualifying as a Very Low Income Household at Affordable
Rents; (dl) .are currently occupied by tenants qualifying as Low Income Household at Affordable
Rents; p8) are ourrenty occupied by other tenants having Incomes of not greater than 11200/6 of
area -wide median income (the above terms are defined In California Health and Safety Code
Section 50053); or (lv) are currently vacant and being held available for occupancy by
Qualtying Renters and have been so held continuously since the date Qualifying Renters
vacated such unit, as indicated:
i. q units at Very Low Income
fr. $ units at Low Income
Ili. 8- units at Moderate Income
iv. -a- vacant units
21 LLn 1.*5 - Sac,+L:) n
2. The unit size, the rental amount charged and collected by Owner, the number of occupants
and the Income of the occupants for each unit on the Rental Properties is set forth on the
attached list. All units on the Rental Properties are rented at Affordable Rent.
LA QUINTA PALMS REALTY
Dated:
-26b r) 14waaYrrop. Menem.
(Printed name and title)
rxioowra-rvxenmweus-m.�nsvr ronnwimeAR"a-
190
CERTIFICATION OF CONTINUING PROGRAM COMPLIANCE
The undersigned, being duly authorized to execute this certificate on behalf of Vista Dunes Apartments
Project, hereby represents and warrants that:
1. He/she has read and is thoroughly familiar with the provisions of the Affordable Housing
Agreement between the La Quinta Redevelopment Agency and Vista Dunes Apartments.
2. As of June 30, 2011, the following number of residential units on the Vista Dunes Apartments
Project (1) are currently occupied by other tenants having incomes of not greater than 50% of
area -wide median income (the above terms are defined in California Health and Safety Code
Section 50053); or 120% of area -wide median income for the single moderate income unit; or (ii)
are currently vacant and being held available for occupancy by Qualifying Renters and have been
so held continuously since the date Qualifying Renters vacated such unit, as indicated:
units at Very Low Income
vacant units
3. All restricted units on the Vista Dunes Apartments Project are rented at Affordable Rent.
VISTA DUNESAPARTMENTS I Dated: _ 2011 By: NhA I � ��( ' AW #a,f
rn ner ennett, Natidnal CORE �—
�..��. 191
EXHIBIT 5
EXHIBIT 5 — BLIGHT REPORT
This section presents the Agency's activities and expenditures made in Fiscal Year 2010-11 to alleviate blight
in the Project Areas.
Economic Development
In FY 2010-11, the Agency provided $2.3 million to substantially rehabilitate and expand a vacant car
dealership. An out-of-state dealer purchased the closed KIA dealership at 79-225 Highway 111 and modified
the facility to accommodate a new Chevrolet and Cadillac dealership. The total cost to rehabilitate the facility
was $3.2 million.
The Agency's investment alleviated blight by eliminating vacancies and improving building conditions. It also
created an estimated 51 jobs. As detailed in Table A-1, this consists of 33 temporary jobs related to
construction and 18 permanent jobs. The estimate includes direct jobs related to design, construction, and
operations, as well as indirect and induced jobs such as those created from providing goods and services to
the project.
a.� 192
LA QUINTA REDEVELOPMENT AGENCY
Jobs Created From 2010-11 Vacant Car Table A-1
Dealership Rehab & Expansion
La Quinta Redevelopment Agency
Car Dealership
Rehabilitation
Total Design and Construction Project Costs $3,200,000
Spent in 2010-11
Temporary Direct (Design and Construction) 23
Jobs Created
Temporary Indirect and Induced Jobs 10
Created
Total Temporary Jobs Created 33
Car dealership building area 31,189
Car dealership jobs per 1,000 square feet* 2.13
Permanent Direct Jobs Created (From 15
Expansion)**
Permanent Indirect and Induced Jobs 3
Created (From Expansion)
Total Permanent Jobs Created 18
Total Jobs Created 51
* SCAG 2001 Employment Density Study - Average square feet
per employees "R&D Flex Space" for Riverside County using
Narrow polygon approach - pg 24
** Assumed IMPLAN Industry Category "Retail Sales - Motor
Vehicles and parts" to determine indirect and induced impacts
from new car dealership jobs
Capital Improvement Projects
The Agency invested nearly $12.1 million in capital improvement projects in Fiscal Year 2010-11 ($10.3
million in Redevelopment Project No. 1 and $1.8 million in Redevelopment Project No. 2). The projects are
described in Table A-2. Capital improvement projects alleviate blight by repairing inadequate public
improvements and removing impediments to development, which encourage new development and expand
the City's economic base.
193
LA QUINTA REDEVELOPMENT AGENCY
I
FY20102M1 'Uprta' bymjmwtPmiods rffileh2
_LaCuntaRedvMq nentAgmW -
RojedAm Agawy 0"WRlyd
Nat - pmjed _. TOW00st Cantifbtim Sauces
Shel ckaUlaw
12511.00
12,5ll.DD
Qr4
SherFbckPhase 2lnfre5nacre
5884.00
5,884.00
01Hdd
Cb6 Cart- Phase l
1,687.00
1,687.00
Conplete
SherFbckCarral
14339.00
14,339.00
CarshcxionRem
MIlageArm Irfill lnpmwrents
135821.00
57,349.00
56821 EgdeGad Cprplele
IarxiscapeGeersProjecct
232864.OD
3D,64000
Gnaal;AB939 CaroLdonRom
EsmfoaeSyrdroMratim
27Q183.OD
64,09300
CIVIAQ CorshudonPhase
ArawnDtneS2etalxdDanagelnproerwts
275,407.00
275,40700
Carrpkb
VfthgbonSt&QdleTanpaaTnpleLAt-pdUrded
164000.O0
165,OOQOD
CorsbuctionRase
WlageLaclAapsitim
3,931,777.00
3,931,777.00
InPrg7ess
vwlSIbMtigatim
1,26Q875.OD
1,265,87500
CarstrcctimPase
Vage lard
98a9880D
988,96849
Omplete
Fisder5plex
lQ00D.O1)
10,00000
InRcgres
Yess14ac5plec
402,823.00
412,82300
Canplele
Yessayiyia Mllgelad
1,449,352.00
1,449,35200
Complete
Uvon H xm mars land Rrdese
9460D
94600
- In Ragress
PalwWkge lard
1,44Q310.00
1,449,310.00
In Ragres
Frn+odfhlSubbml $ 10751078.00 $ 1Q25529249
ASreetBdemcn(DuaePanne toKam Ctr) $
1150460D $
1,375.00 Trarspaistim;La«doper Urder0.sgn
HNy111 Ulilyllydargwrid
8527100
85,60200
Lk brDsagn
FMy111LbIityUAsrgaurd-pukndad
75244.00
75,244.00
UberDeagn
JefiasonShe ParMayLaclampng
34$250.00
348,250.D0
llderDesign
Drainage lnproeerw(NESrmn&V%bshm *
72,280.00
72,2B0.00
Curplele
AdaneSAdrm¢dim
85445.OD
50,56200 GTr4''l.1.
InPmgres
MraPbest9;ferfiar Basin Mr6ficatiare
69,474.OD
60,474.00
In Pmgew
MraFlom Pawn im Basin Mx56csbons�
34177.00
325,177.00
In Rag m
Washington SMal Left atMoe4Bl6serlan -prafi dai
255670.00
255,67QDD
InRoges
FMy1llDadicatedP4tTunalVYshirgtmSLer!
4277.OD
4,777.00
CoslndimRase
VOtshugonStDairagelnpmwrents-Phase 2
33,710.OD
33,710.OD
InPmgrem
Wshirgtm St Drair ege lnpoerrenls- Phase 2-pdcrded
332785.00
332,766.00
In Rages
MIsAe. lardscepirg
152,767.00
152,7157.00
In Rogaam
PmjedNo62SrAlobl 1.958379.0D 1809154.00 -
PIXXMAFEPSNO&I&27OTAL $ 12709.457.00 $ 12064,44649
n 194
LA QUINTA REDEVELOPMENT AGENCY
In addition to alleviating blight,
Table A-3, the projects funded
construction. It also created an
construction.
Jobs Created From
capital improvement projects create jobs for the community. As shown in
by the Agency created an estimated 104 direct jobs related to design and
estimated 38 indirect and induced jobs generated from activities related to
in FY 2010-11
A-3
Project No 1 Proiect No 2 Total
Total Design and Construction Project Costs Spent in 2010-11 $10,255,292 $1,809,154 $12,064,446
Temporary Direct (Design and Construction) 88 16 104
Jobs Created
Temporary Indirect and Induced Jobs 3
Created 2 6 38
Total Jobs Created 120 22 142
Sources: La Quinta Redevelopment Agency; Minnesota IMPLAN Group Software & 2009 Data
In addition to economic development and capital improvement projects, the Agency implemented the
affordable housing activities detailed in the Annual Report.
a:; 195
EXHIBIT 6
EXHIBIT 6 - HOUSING FUND TRANSACTION DETAIL
This section presents the Agency's Housing Fund Transaction detail for Fiscal Year 2010-11.
LOW MODERATE INCOME HOUSING FUND PA 1 - FUND 245
Increase
Decrease
7/11/2011
151.50
0.00
CR CASH RECEIPTS
6/30/2011
628.30
0.00
GAIN ON INVSTMNTS/GASB 31
6/30/2011
10,470.19
0.00
GAIN ON INVSTMNTS/GASB 31
6/30/2011
0.00
3,500.00
REVERSE DUE FOM FUND 248
6/30/2011
10,783.37
0.00
INT ALLOC Q/E O6/30/11
6/30/2011
0.00
1,588.74
TRNS INT FOR ADV APR-JUN
6/30/2011
2,140.14
0.00
TRNS INT FOR ADV APR-JUN
6/30/2011
0.00
197,922.25
JUN'11 CIP ACTIVITY
6/30/2011
0.00
78,964.00
MONTHLY GF REIMB
6/28/2011
0.00
14,191.38
JOURNAL SUMMARY
6/16/2011
417.46
0.00
HOX PROP TAX REC'D 6/16
6/15/2011
645.85
0.00
CR CASH RECEIPTS
6/14/2011
0.00
1,300.00
JOURNAL SUMMARY
6/3/2011
0.00
29,532.30
JOURNAL SUMMARY
6/1/2011
40,736.88
0.00
SBE ROLL REC'D 6/1/11
5/31/2011
0.00
196,259.97
MAY'l1 CIP ACTIVITY
5/31/2011
0.00
78,964.00
MONTHLY GF REIMB
5/27/2011
0.00
4.59
JOURNAL SUMMARY
5/24/2011
0.00
12,213.03
JOURNAL SUMMARY
5/19/2011
4,348,888.82
0.00
EQUAL ROLL 2 WIRE 5/19/11
5/11/2011
342.85
0.00
CR CASH RECEIPTS
5/10/2011
0.00
26,183.21
JOURNAL SUMMARY
4/30/2011
0.00
78,964.00
MONTHLY GF REIMB
4/30/2011
0.00
65,000.00
SALE/53710 RUBIO/CARBAJAL
4/30/2011
0.00
103,799.93
APRIL'11 CIP ACTIVITY
4/30/2011
0.00
55,627.79
SALE 53-710 AVENIDA RUBIO
4/29/2011
0.00
53,413.30
JOURNAL SUMMARY
4/27/2011
342.85
0.00
CR CASH RECEIPTS
4/26/2011
0.00
21,185.11
JOURNAL SUMMARY
4/22/2011
0.00
13,132.00
JOURNAL SUMMARY
4/21/2011
101,217.87
0.00
HOME SALE/52608 AVE DIAZ
4/13/2011
55,627.79
0.00
CR CASH RECEIPTS
4/12/2011
0.00
21,852.50
JOURNAL SUMMARY
4/1/2011
0.00
32,030.00
JOURNAL SUMMARY
3/31/2011
0.00
265.07
TRNS INT FOR ADV JAN-MAR
3/31/2011
5,837.85
0.00
INT ALLOC Q/E 03/31/11
3/31/2011
0.00
112,368.25
MARCH'11 CIP ACTIVITY
3/31/2011
0.00
78,964.00
MONTHLY GF REIMB
3/22/2011
57,004.17
0.00
CR CASH RECEIPTS
3/17/2011
32,218.06
0.00
CR CASH RECEIPTS
3/8/2011
0.00
15,146.35
JOURNAL SUMMARY
3/1/2011
0.00
32,243.19
18.5% LOW/NOD TO DS
3/1/2011
0.00
1,387,010.97
LOW/MOD TO DS TRANSFER
,a,; 196
LA QUINTA REDEVELOPMENT AGENCY
2/28/2011
0.00
305,972.36
FEB'11 CIP ACTIVITY
2/28/2011
0.00
78,964.00
MONTHLY GF REIMB
2/181201.1
0.00
6,000.00
JOURNAL SUMMARY
2/8/2011
0.00
7,490.45
JOURNAL SUMMARY
2/3/2011
14,741.63
0.00
PROP TAX D12 REC'D 2/3/11
2/l/2011
32,149.60
0.00
SBE ROLL REC'D 2/l/11
2/l/2011
233.75
0.00
CR CASH RECEIPTS
2/1/2011
494.35
0.00
CR CASH RECEIPTS
1/31/2011
0.00
2,500.00
JAN'l1 ADD'L CIP ACTIVITY
1/31/2011
0.00
123,513.29
JAN'l1 CIP ACTIVITY
1/31/2011
0.00
78,964.00
MONTHLY GF REIMB
1/27/2011
4,260,468.24
0.00
EQUALIZED ROLL REC'D 1/27
1/10/2011
1,240.04
0.00
CR CASH RECEIPTS
12/31/2010
1,266.47
0.00
INT ALLOC Q/E 12/31/10
12/31/2010
4,756.70
0.00
INTALLOC Q/E 12/31/10
12/31/2010
0.00
1,050.00
TRNS INT FOR ADV OCT-DEC
12/31/2010
0.00
113,785.41
DEC'l0 CIP ACTIVITY
12/31/2010
0.00
1,306.94
FINANCING AUTH ALLOCATION
12/31/2010
0.00
78,964.00
MONTHLY GF REIMB
12/28/2010
0.00
182.27
JOURNAL SUMMARY
12/27/2010
0.00
8,343.77
JOURNAL SUMMARY
12/17/2010
0.00
2,224.04
JOURNAL SUMMARY
12/3/2010
0.00
3,966.00
JOURNAL SUMMARY
12/2/2010
23,029.00
0.00
CR CASH RECEIPTS
11/30/2010
0.00
62,579.35
NOV'10 CIP ACTIVITY
11/30/2010
0.00
78,964.00
MONTHLY GF REIMB
11/23/2010
0.00
15,803.91
JOURNAL SUMMARY
11/12/2010
0.00
12,517.10
JOURNAL SUMMARY
11/9/2010
0.00
13,067.27
JOURNAL SUMMARY
10/31/2010
0.00
204,592.83
OCT'l0 CIP ACTIVITY
10/31/2010
0.00
78,964.00
MONTHLY GF REIMB
10/28/2010
897.19
0.00
CR CASH RECEIPTS
10/26/2010
0.00
11,186.44
JOURNAL SUMMARY
10/12/2010
0.00
238.61
JOURNAL SUMMARY
9/30/2010
0.00
750.00
TRNS INT FOR ADV JUL-SEP
9/30/2010
153.59
0.00
INT ALLOC Q/E 09/30/10
9/30/2010
1,112.94
0.00
INT ALLOC Q/E 09/30/10
9/30/2010
0.00
24,293.90
SEPT'l0 CIP ACTIVITY
9/30/2010
0.00
78,964.00
MONTHLY GF REIMB
9/30/2010
0.00
443,552.30
TRANS 18.5% LM TO DS
9/30/2010
0.00
2,576,126.97
TRANS LOW/MOD TO DS
9/22/2010
1,246.10
0.00
CR CASH RECEIPTS
9/14/2010
0.00
23,956.95
JOURNAL SUMMARY
9/2/2010
151.50
0.00
CR CASH RECEIPTS
9/2/2010
600.00
0.00
CR CASH RECEIPTS
8/31/2010
0.00
78,964.00
MONTHLY GF REIMB
8/31/2010
0.00
13,852.07
AUGUST'10 CIP ACTIVITY
8/31/2010
0.00
2,279.10
RECLASS CLEAN-UP EXPENSES
8/31/2010
0.00
300.00
RECLASS REHAB CLEAN-UP
8/24/2010
0.00
2,280.00
JOURNAL SUMMARY
8/17/2010
8,171.64
0.00
PROP TAX D06 REC'D 8/17
8/17/2010
6,119.00
0.00
PROP TAX R06 REC'D 8/17
197
LA QUINTA REDEVELOPMENT AGENCY
8/11/2010
694.19
0.00
CR CASH RECEIPTS
7/31/2010
0.00
17,231.20
JUL'10 CIP ACTIVITY
7/31/2010
0.00
200.00
RECLASS CIP CLOSED PROJ
7/31/2010
5,059.22
0.00
RECOGNIZE FY09/10 INT REC
7/30/2010
0.00
78,964.00
MONTHLY GF REIMB
7/27/2010
0.00
12,282.72
JOURNAL SUMMARY
7/27/2010
845.69
0.00
CR CASH RECEIPTS
7/23/2010
0.00
1,192.50
JOURNAL SUMMARY
7/8/2010
484.83
0.00
PROPERTY TAX RHE 7/8/10
7/8/2010
11,992.23
0.00
TAX INCREMENT D05 7/8/10
9,043,361.85
7.357,955.68
LOW MODERATE INCOME HOUSING FUND PA
2- FUND 246
Increase
Decrease
7/12/2011
0.00
1,404.50
JOURNAL SUMMARY
6/30/2011
40,572.28
0,00
GAIN ON INVSTMNTS/GASB 31
6/30/2011
31,720.76
0.00
INT ALLOC Q/E 06/30/11
6/30/2011
0.00
24,759.45
ADJUST Y/E NEGATIVE CASH
6/30/2011
19,426.90
0.00
JUN'11 CIP ACTIVITY
6/30/2011
1,404.50
0.00
REVR 7/12/11 AP CHECK RUN
6/30/2011
204.83
0.00
R05 PROP TAX REC'D 6/30
6/30/2011
73.27
0.00
D05 PROP TAX REC'D 6/30
6/30/2011
0.00
45,969.00
MONTHLY GF REIMB
6/28/2011
0.00
1,517.00
JOURNAL SUMMARY
6/16/2011
209.78
0.00
HOX PROP TAX REC'D 6/16
6/14/2011
0.00
1,472.00
JOURNAL SUMMARY
6/1/2011
12,866.18
0.00
SBE ROLL REC'D 6/1/11
5/31/2011
0.00
73,762.29
MAY'11 CIP ACTIVITY
5/31/2011
0.00
45,969.00
MONTHLY GF REIMB
5/31/2011
3,138.75
0.00
RECLASS TERRA NOVA
6/26/2011
947.85
0.00
TAX INCREMENT DO4 5/26111
5/26/2011
18,330.12
0.00
TAX INCREMENT RO4 5/26111
5/24/2011
0.00
29,070.16
JOURNAL SUMMARY
5/19/2011
2,387,599.77
0.00
EQUAL ROLL 2 WIRE 5119/11
5/10/2011
0.00
6,043.72
JOURNAL SUMMARY
5/5/2011
15,508.65
0.00
TAX INCREMENT R12 CY NOV
4/30/2011
0.00
45,969.00
MONTHLY GF REIMB
4/30/2011
0.00
61,248.58
APRIL'11 CIP ACTIVITY
4/26/2011
0.00
24,003.72
JOURNAL SUMMARY
4/22/2011
0.00
6,468.00
JOURNAL SUMMARY
4/12/2011
0.00
28,666.82
JOURNAL SUMMARY
3/31/2011
20,395.82
0.00
INT ALLOC Q/E 03/31/11
3/31/2011
0.00
24,823.44
MARCH'11 CIP ACTIVITY
3/31/2011
0.00
45,969.00
MONTHLY GF REIMB
3/22/2011
0.00
3,500.00
JOURNAL SUMMARY
3/10/2011
0.00
100.00
DUNE PALMS APPL FEE
3/8/2011
0.00
24,560.12
JOURNAL SUMMARY
3/2/2011
0.00
5,905.00
TRF APPLICATION FEES
3/1/2011
0.00
683,154.66
LOW/MOD TO DS TRANSFER
2/28/2011
0.00
190,574.41
FEB'11 SILVERROCK REVENUE
. ; 198
LA QUINTA REDEVELOPMENT AGENCY
2/28/2011
0.00
45,969.00
MONTHLY GF REIMB
2/18/2011
0.00
3,077.68
JOURNAL SUMMARY
2/8/2011
0.00
24,300.08
JOURNAL SUMMARY
2/1/2011
10,173.49
0.00
SBE ROLL REC'D 2/1/11
2/1/2011
233.75
0.00
CR CASH RECEIPTS
1/31/2011
0.00
16,240.68
JAN'11 CIP ACTIVITY
1/31/2011
0.00
45,969.00
MONTHLY GF REIMB
1/27/2011
2,337,121.96
0.00
EQUALIZED ROLL REC'D 1/27
1/11/2011
0.00
622.54
JOURNAL SUMMARY
12/31/2010
0.00
13,845.60
ADD'L DEC'10 CIP ACTIVITY
12/31/2010
31,180.46
0.00
INT ALLOC Q/E 12/31 /10
12/31/2010
0.00
30,017.45
DEC'10 CIP ACTIVITY
12/31/2010
0.00
735.16
FINANCING AUTH ALLOCATION
12/31/2010
0.00
45,969.00
MONTHLY GF REIMB
12/28/2010
0.00
790.81
JOURNAL SUMMARY
12/27/2010
0.00
31,329.61
JOURNAL SUMMARY
12/17/2010
0.00
9,854.07
JOURNAL SUMMARY
12/14/2010
0.00
2,800.00
JOURNAL SUMMARY
12/10/2010
0.00
573.95
JOURNAL SUMMARY
12/3/2010
0.00
12,909.88
JOURNAL SUMMARY
11/30/2010
0.00
2,353.13
NOV'10 CIP ACTIVITY
11/30/2010
0.00
45,969.00
MONTHLY GF REIMB
11/23/2010
0.00
28,938.75
JOURNAL SUMMARY
11/12/2010
0.00
17,587.11
JOURNAL SUMMARY
11/9/2010
0.00
23,801.03
JOURNAL SUMMARY
10/31/2010
0.00
2,628.63
OCT'10 CIP ACTIVITY
10/31/2010
0.00
45,969.00
MONTHLY GF REIMB
10/28/2010
8,719.00
0.00
CR CASH RECEIPTS
10/26/2010
0.00
27,777.58
JOURNAL SUMMARY
10/12/2010
0.00
118.88
JOURNAL SUMMARY
9/30/2010
3,847.58
0.00
INT ALLOC Q/E 09/30/10
9/30/2010
0.00
3,696.85
SEPT'10 CIP ACTIVITY
9/30/2010
0.00
45,969.00
MONTHLY GF REIMB
9/30/2010
2,143,702.47
0.00
REVERSE DUE TO/DUE FROM
9/30/2010
0.00
1,268,838.66
TRANS LOW/MOD TO DS
9/14/2010
0.00
30,398.31
JOURNAL SUMMARY
8/31/2010
0.00
45,969.00
MONTHLY GF REIMB
8/31/2010
0.00
9,969.95
AUGUST'10 CIP ACTIVITY
8/24/2010
0.00
10,980.00
JOURNAL SUMMARY
8/17/2010
11,918.17
0.00
PROP TAX D06 REC'D 8/17
8/10/2010
0.00
684.00
JOURNAL SUMMARY
7/31/2010
15,404.68
0.00
RECOGNIZE FY09/10 INT REC
7/30/2010
0.00
45,969.00
MONTHLY GF REIMB
7/27/2010
0.00
34,945.40
JOURNAL SUMMARY
7/23/2010
0.00
2,037.50
JOURNAL SUMMARY
7/13/2010
0.00
8,730.09
JOURNAL SUMMARY
7/8/2010
224.75
0.00
PROPERTY TAX RHE 7/8/10
7/8/2010
1,195.42
0.00
TAX INCREMENT D05 7/8/10
7/8/2010
1,553.30
0.00
TAX INCREMENT R05 7/8/10
7,117,674.49
3,363,245.25
".: 199
LA QUINTA REDEVELOPMENT AGENCY
6/30/2011
6/30/2011
6/30/2011
6/30/2011
6/l/2011
5/24/2011
5/6/2011
4/30/2011
4/30/2011
4/30/2011
4/29/2011
4/21/2011
4/l/2011
3/31/2011
3/31/2011
3/l/2011
2/28/2011
2/28/2011
2/28/2011
2/22/2011
2/4/2011
2/l/2011
1/21/2011
12/31/2010
12/30/2010
12/30/2010
12/l/2010
11/l/2010
10/22/2010
10/112010
9/30/2010
9/l/2010
7/l/2010
6/3012011
6/l/2011
5/24/2011
5/6/2011
4/29/2011
4/l/2011
3/31/2011
3/l/2011
2/28/2011
HOUSING AUTHORITY PA 1 - FUND 241
Increase
Decrease
931.22
0.00
195.84
0.00
1,226.43
0.00
0.00
2,140.14
0.00
100.00
0.00
1,138.74
0.00
75.00
0.00
121,217.87
65,000.00
0.00
55,627.79
0.00
0.00
100.00
121,217.87
0.00
0.00
175.00
0.00
184.93
774.13
0.00
0.00
200.00
25.00
0.00
25.00
0.00
0.00
100.00
0.00
139.20
0.00
75.00
0.00
50.00
0.00
75.00
525.00
0.00
25.00
0.00
0.00
100.00
0.00
100.00
0.00
125.00
0.00
100.00
0.00
125.00
375.00
0.00
0.00
125.00
0
250.00
245, 948.28
126,695.88
HOUSING AUTHORITY PA 1 - FUND 242
Increase Decrease
GAIN ON INVSTMNTS/GASB 31
ALLOC Q/E INT TO FUND 241
INT ALLOC Q/E 06/30/11
TRNS INT FOR ADV APR-JUN
PAYROLL SUMMARY
JOURNAL SUMMARY
JOURNAL SUMMARY
RECL SALE 52608 DIAZ
SALE/53710 RUBIO/CARBAJAL
SALE 53-710 AVENIDA RUBIO
PAYROLL SUMMARY
HOME SALE/52608 AVE DIAZ
PAYROLL SUMMARY
TRNS INT FOR ADV JAN-MAR
INT ALLOC Q/E 03/31/11
PAYROLL SUMMARY
PAYROLL SUMMARY
PAYROLL SUMMARY
PAYROLL SUMMARY
JOURNAL SUMMARY
JOURNAL SUMMARY.
PAYROLL SUMMARY
JOURNAL SUMMARY
TRNS INT FOR ADV OCT-DEC
PAYROLL SUMMARY
PAYROLL SUMMARY
PAYROLL SUMMARY
PAYROLL SUMMARY
JOURNAL SUMMARY
PAYROLL SUMMARY
TRNS INT FOR ADV JUL-SEP
PAYROLL SUMMARY
PAYROLL SUMMARY
1,588.74
0.00
TRNS INT FOR ADV APR-JUN
0.00
100.00
PAYROLL SUMMARY
0.00
1,138.74
JOURNAL SUMMARY
0.00
75.00
JOURNAL SUMMARY
0.00
100.00
PAYROLL SUMMARY
0.00
175.00
PAYROLL SUMMARY
450.00
0.00
TRNS INT FOR ADV JAN-MAR
0.00
200.00
PAYROLL SUMMARY
25.00
0.00
PAYROLL SUMMARY
N. _ 200
LA QUINTA REDEVELOPMENT AGENCY
2/28/2011 '
25.00
0.00
PAYROLL SUMMARY
2/28/2011
0.00
100.00
PAYROLL SUMMARY
2/4/2011
0.00
75.00
JOURNAL SUMMARY
2/1/2011
0.00
50.00
PAYROLL SUMMARY
1/21/2011
0.00
75.00
JOURNAL SUMMARY
12/31/2010
525.00
0.00
TRNS INT FOR ADV OCT-DEC
12/30/2010
25.00
0.00
PAYROLL SUMMARY
12/30/2010
0.00
100.00
PAYROLL SUMMARY
12/1/2010
0.00
100.00
PAYROLL SUMMARY
11/1/2010
0.00
125.00
PAYROLL SUMMARY
10/22/2010
0.00
100.00
JOURNAL SUMMARY
10/1/2010
0.00
125.00
PAYROLL SUMMARY
9/30/2010
375.00
0.00
TRNS INT FOR ADV JUL-SEP
9/1/2010
0.00
125.00
PAYROLL SUMMARY
7/1/2010
0
260.00
PAYROLL SUMMARY
3,013.74
3,013.74
2004 LOW MODERATE BOND - FUND 248
Increase
Decrease
6/30/2011
24,759.45
0.00
6/30/2011
0.00
54,902.66
6/30/2011
30,143.21
0.00
2/28/2011
0.00
1,863,923.54
2/28/2011
2,213,923.54
0.00
1/31/2011
1,793,702.47
0.00
9/30/2010
0.00
2,143,702.47
4,062,528.67 4,062,528.67
ADJUST Y/E NEGATIVE CASH
JUN'11 CIP ACTIVITY
JUN'11 FISCL AGT ACTIVITY
FEB'11 CIP ACTIVITY
REQ37 2004 SERIES DRAWDWN
JAN'11 CIP ACTIVITY
REVERSE DUE TO/DUE FROM
a 201