2012 05 01 SACITY AS SUCCESSOR AGENCY
TO THE LA QUINTA REDEVELOPMENT AGENCY
Agendas and staff reports are
available on the City's web page:
www.la-quinta.org
AGENDA
CITY COUNCIL CHAMBER
787495 Calle Tampico I La Quintai California
Regular Meeting
TUESDAY. MAY 1. 2012 AT 4:00 P.M.
Beginning Resolution No. SA 2012-007
CALL TO ORDER
ROLL CALL
Successor Agency Members:
Evans, Franklin, Henderson, Osborne and Chairperson Adolph
CLOSED SESSION - NONE
PUBLIC COMMENT
At this time members of the public may address the City Council acting as the legislative
body for the City as Successor Agency to the Dissolved La Quinta Redevelopment Agency
on any matter not listed on the agenda. Please complete a "request to speak" form and
limit your comments to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF APRIL 17, 2012
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1. APPROVAL OF DEMAND REGISTER DATED MAY 1, 2012
2. APPROVAL OF REVISED SUCCESSOR AGENCY ADMINISTRATIVE
BUDGETS FOR JANUARY-JUNE 2012, AND JULY-DECEMBER 2012
CITY AS SUCCESSOR AGENCY TO RDA 1 MAY 1, 2012
BUSINESS SESSION - NONE
STUDY SESSION - NONE
DEPARTMENT REPORTS
1. UPDATE ON STATE DEPARTMENT OF FINANCE REVIEW OF THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULES FOR THE PERIODS OF
JANUARY-JUNE 2012, AND JULY-DECEMBER 2012
ADJOURNMENT
The next regular meeting of the City as Successor Agency to the La Quinta Redevelopment Agency
will be held on May 15, 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, Susan Maysels, Interim City Clerk of the City as Successor Agency to the La Quinta
Redevelopment Agency, do hereby declare that the foregoing agenda 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 April 27, 2012.
DATED: April 26, 2012
SUSA� S, Interi ity Clerk
City of La Quinta, California
Public Notices
• The La Quinta City Council Chamber is handicapped accessible. If special equipment is
needed for the hearing impaired, please call the City Clerk's Office at 777-7103, twenty-
four (24) hours in advance of the meeting and accommodations will be made.
• If special electronic equipment is needed to make presentations to the City Council,
arrangement should be made in advance by contacting the City Clerk's Office at 777-7103.
A one (1) week notice is required.
• If background material is to be presented to the City Council during a City Council meeting,
please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to
the City Clerk for distribution. It is requested that this take place prior to the beginning of
the meeting.
• Any writings or documents provided to a majority of the City Council regarding any item on
this agenda will be made available for public inspection at the City Clerk counter at City Hall
located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business
hours.
CITY AS SUCCESSOR AGENCY TO RDA 2 MAY 1, 2012
TaY °F jha"
CITY SA EETING DATE: May 1, 2012
ITEM TITLE: Approval of Demand Register Dated
May 1, 2012
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the Successor Agency of the La Quinta Redevelopment Agency:
Receive and File the Demand Register Dated
May. 1, 2012 of which $80,775.95
Represents Successor Agency Expenditures as detailed below:
Vendor: Account #: Amount: Purpose:
Rosenow Spevacek
Group
231-9001-702.32-07
$11,326.58
Housing Compliance
Rosenow Spevacek
Group
232-9002-702.$2-07
$872.50
Coral Mountain
Rosenow Spevacek
Group
232-9002-702.32-07
$832.50
Torre Nissan
Rosenow Spevacek
Group
237-9001-702.32-07
$10,864.04
Admin SA 1
Rosenow Spevacek
Group
238-9002-702.32-07
$5,350.96
Admin SA 2
Rutan & Tucker
231-9001-702.32-01
$1,320.00
Retainer
Rutan & Tucker
231-9001-702.32-01
$2,111.43
Habitat for Humanity
Rutan & Tucker
231-9001-702.32-01
$72.00
SA Foreclosure
Rutan & Tucker
232-9002-702.32-01
$660.00
Retainer
Rutan & Tucker
232-9002-702.32-01
$190.12
Housing 48/Adams
Rutan & Tucker
232-9002-702.32-01
$1,824.50
SA Coral Mountain DDA
Rutan & Tucker
232-9002-702.32-01
$72.00
SA Washington St Apt
Rutan & Tucker
232-9002-702.32-01
$860.00
Miles/Washington St
Rutan & Tucker
237-9001-702.32-01
$660.00
Retainer
Rutan & Tucker
237-9001-702.32-01
$15,735.46
SA AB26 Implementation
Rutan & Tucker
238-9002-702.32-01
$1.320.00
Retainer
Rosenow Spevacek Group
231-9001-702.32-07
$14,086.35
Housing Compliance
Rosenow Spevacek Group
232-9002-702,32-07
$1,665.00
Coral Mountain
Rosenow Spevacek Group
232-9002-702.32-07
$2,940.00
Torre Nissan
Rosenow Spevacek Group
237-9001-702.32-07
$5,368.38
Admin SA 1
Rosenow Spevacek Group
238-9002-702.32-07
$2,644.13
Admin SA 2
By adoption of Resolution No. 2012-002, the City of La Quinta has affirmatively elected to
be the Successor Agency of the La Quinta Redevelopment Agency. Pursuant to Health
and Safety Code Section 34177(a), the Successor Agency of the La Quinta
Redevelopment Agency shall continue to make payments required pursuant to an adopted
enforceable obligations payment schedule. The payments above are required pursuantto
the enforceable obligations payments schedule adopted by the La Quinta Redevelopment
Agency on January 17, 2012.
Pursuant to Health and Safety Code Seciton 34173(e), the liability of the Successor
Agency of the La Quinta Redevelopment Agency, when acting pursuant to the powers
granted under ABX126, are limited to the extent of the total sum of property tax revenues it
receives pursuant to part 1.85 of ABX126 (e.g., Health and Safety Code Sections 34170 —
374190) and the value of assets transferred to it as Successor Agency forthe dissolved La
Quinta Redevelopment Agency.
4Repecffully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Mark Weiss, Interim Executive Director
AGENDA CATEGORY:
COUNCII SQMEETING DATE: May 1, 2012
BUSINESS SESSION: _
ITEM TITLE: Approval of Revised Successor Agency
Administrative Budgets for January -June 2012 and July- CONSENT CALENDAR: _
December 2012 STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Approve the revised Successor Agency Administrative Budgets for the periods of
January through June 2012 and July through December 2012.
FISCAL IMPLICATIONS:
Per ABx1 26, the Successor Agency will be reimbursed for administrative costs related
to Successor Agency ("SA") and Oversight Board administration. The administrative
allowance is calculated as a percentage of the total amount listed on the Recognized
Obligation Payment Schedules ("ROPS").
For the period of January 2012 through June 2012, ABx1 26 provides for an
administrative allowance of 5% of the total BOPS. The Department of Finance
("DOF"), upon review of the BOPS, has determined that certain line items must be
reclassified from enforceable obligations to administrative expenses. The DOF has also
recalculated the 5% administrative allowance and concluded that it is $835,495 for
this time period.
For the period of July 2012 through December 2012, ABx1 26 provides for an
administrative allowance of 3% of the total listed on the ROPS. The DOF, upon
review of the BOPS, has determined that certain line items must be reclassified from
enforceable obligations to administrative expenses. The DOF has recalculated the 3%
administrative allowance and concluded that it is $384,357 for this time period. In
both cases, the DOF's figures are different from staff's calculation. Staff is working
with DOF to ascertain why there is a difference. In the meantime, it is prudent to
amend the budgets based on DOF's numbers.
Amending the BOPS pursuant to DOF's conclusions changes the SA administrative
budgets and therefore, the amended budgets must be reviewed and approved by the
SA.
BACKGROUND AND OVERVIEW:
On April 3, 2012, the SA reviewed and approved administrative budgets for the time
periods listed above. The following day, the Oversight Board approved the
administrative budgets as well. It should be noted the DOF is not required to review
administrative budgets, but it does review the BOPS.
Staff submitted the BOPS to the DOF on April 6, 2012. The DOF requested additional
information regarding several contracts listed on the BOPS, which staff provided.
On April 17, 2012, the DOF contacted staff via letter, which is included as
Attachment 1. The DOF did not address the contracts it had identified for review, but
instead required the reclassification of several items from enforceable obligations
(which are paid from tax increment) to administrative expenses (which are paid from
the administrative cost allowance). These items include legal and consulting costs
related to ABx1 26 implementation; agreements between the former Redevelopment
Agency and City for staff, overhead, and rent expenses; records storage costs for SA
documents; and costs for on-line municipal code related to the SA. (Please see SA
Department Report regarding ROPS for specifics.)
Reclassifying these items to administrative expenses, and incorporating the DOF's
administrative allowance calculations changed the SA administrative budgets.
For the January 2012 through June 2012 SA administrative budget (Attachment 2),
the higher administrative allowance provides for more staff and overhead costs to be
covered
Conversely, the lower administrative allowance for the July 2012 through December
2012 SA budget (Attachment 3) translates into less money to cover staff and
overhead costs, no coverage for rent, and less for other miscellaneous items. Staff has
added a footnote for this budget that, at the end of December 2012, unused balances
in other line items will be applied to rent.
To clarify the difference between the Successor Agency administrative budget and
ROPS, the Successor Agency administrative budgets itemize the expenditures for the
5% and 3% administrative allowance provided by ABx1 26. The ROPS itemize
project -specific costs, which includes staff, legal, and consulting costs to administer
each project.
The SA budgets will be reviewed by the Oversight Board at its May 2, 2012 meeting.
The budgets will then be forwarded to the County Auditor/Controller's office, so they
can calculate the total property tax to be distributed to the Successor Agency in June
2012.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Successor Agency include:
1. Approve the revised Successor Agency Administrative Budgets for the periods
of January through June 2012, and July through December 2012; or
2. Do not approve the revised Successor Agency Administrative Budgets for the
periods of January through June 2012, and July through December 2012; or
3. Provide staff with alternative direction.
Respectfully submitted,
c
Debbie Powell
Economic Development/Housing Manager
Approved for submission by:
Mark Weiss, Interim Executive Director
Attachments: 1. Letter from DOF dated April 17, 2012
2. Administrative Budget for January through June 2012
3. Administrative Budget for July through December 2012
ATTACHMENT
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April 17, 2012
Debbie Powell, Economic Development/Housing Manager
City Manager's Office
City of La Quinta
PO Box 1504
La Quints, CA 92247-1504
Dear Ms. Powell:
Pursuant to Health and Safety Code (HSC) section 34177 (1) (2) (C), the City of La Quinta (City)
Successor Agency submitted a Recognized Obligation Payment Schedule (ROPS) to the
California Department of Finance (Finance) on April 6, 2012, for the periods of January through
June 2012 and July through December 2012. Finance staff contacted you for clarification of
items listed in the ROPS.
HSC section 34171 (d) lists enforceable obligation (EO) characteristics. Based on a sample of
line items reviewed and application of the law, the following do not qualify as EOs:
Administrative expenses totaling $1,870,639 for the January through June 2012 period.
HSC section 34171 (b) limits administrative expenses for fiscal year 2011-12 to five
percent of property tax allocated to the successor agency or $250,000, whichever is
greater. Five percent of the property tax allocated is $835,495. Therefore, $1,870,639
of the claimed $2,706,134 in administrative expenses is not an ED. The following were
considered administrative expenses:
o Proj Area 1 — Items 1, 2, 3, 8, and 9
o Proj Area 2 — Items 1, 2, 9, and 10
o Proj Areas 1 and 2 — Items 11 and 12
Administrative expenses totaling $209,623 for the July through December 2012 period.
HSC section 34171 (b) limits administrative expenses in fiscal years after 2011-12 to
three percent of property tax allocated to the successor agency or $250,000, whichever
is greater. Three percent of the property tax allocated is $384,357. Therefore, $209,623
of the claimed $593,980 in administrative expenses is not an EO. The following were
considered administrative expenses:
o Proj Area 1 — Items 1, 2, and 3
o Proj Area 2 — Items 1 and 2
o Proj Areas 1 and 2 — Items 11, 12, and 13
As authorized by HSC section 34179 (h), Finance is returning your ROPS for your
reconsideration. This action will cause the spec ROPS items noted above to be ineffective
until Finance approval. Furthermore, items listed on future ROPS will be subject to review and
may be denied as EOs.
If you believe we have reached this conclusion in error, please provide further evidence that the
items questioned above meet the definition of an EO.
Please direct inquiries to Evelyn Suess, Supervisor or Mindy Patterson, Lead Analyst at (916)
322-2985.
Sincerely,
,
4/0
MARK HILL
Program Budget Manager
cc: Ms. Pam Elias, Chief Accountant Property Tax Division, Riverside County
Auditor -Controller
Ms. Jennifer Baechel, Business Process Analyst II, Riverside County Auditor -Controller
Ms. April Nash, Supervising Accountant, Riverside County Auditor -Controller
ATTACHMENT 2
SUCCESSOR AGENCY/OVERSIGHT BOARD
dANJUNE 2012
ADMINISTRATIVE BUDGET
PERSONNEL
$483,441
Includes base salary plus benefits.
Successor Agency Administration
$345,580
Oversight Board Administration
$137,861
SUPPLIES & SERVICES
CONTRACT SERVICES
$199.000
This account provides for legal, consulting, and audit services
plus a portionof League of California Cities and California
Redevelopment Agency dues related to technical
assistance and tranining for implementation of ABx1 26
Audits as required by ABx1 26
$8,000
League of California Cities Dues & Seminars/Webinars relat ad to ASO 26
$1,500
2011-2012 CRA Dues & Seminars/Webinam related to ABx1 26
$4,500
Legal Services for Successor Agency
$120,000
Consulting Services for Successor Agency
$65,000
SUPPLIES AND PUBLICATIONS
$2,100
This account provides for various office supplies and publiwtions
to be used by SA and OB staff and board members
Successor Agency Supplies & Publications
$1,350
Oversight Board Supplies & Publications
$750
PRINTINGIMAILINGIADVERTISING
$5,000
$5,000
This account provides for required mailings, a ends printing
and legal advertising
INFORMATION TECHNOLOGY
$11,250
This account provides for annual replacement charges for
information technology items such as computers, printers,
and computer related items attributable to SA/OB; and
support/hosting for SA/OB web pages, which are required
by ABx1 26
1 $10,000
Com uter Document Storage related to Successor A en
-
$1,165
OnLine Muni Code related to Successor Agency
$85
RENTAL OF SPACE IN CITY HALL (Per previous
agreement between City of La Quints and former RDA)
$134,704
$134 704
TOTAL ADMINISTRATIVE BUDGET
$835,495
FUNDING SOURCES:
5% ADMINISTRATIVE ALLOWANCE
$535,496
as calculated by the Department of Finance in letter dated 4-17-12
ATTACHMENT
SUCCESSOR AGENCY/OVERSIGHT BOARD
JULY-DEC 2012
ADMINISTRATIVE BUDGET
PERSONNEL
$212,507
Includes base salary plus benefits.
Successor Agency Administration
$139,158
Oversight Board Administration -
$73,349
SUPPLIES 8 SERVICES
CONTRACT SERVICES
$163,000
This account provides for legal, consulting, and audit services
plus a portion of League of California Cities and California
Redevelopment Agency dues related to technical
assistance and tranining for implementation of ABxt 26
Audits as required by ABxi 26
$6,000
League of California Cities Dues & Seminars/Webinars relat ad
to ABx1 26
$500
Seminars/Webinars related to ABx1 26
$500
Legal Services for Successor Agency
$120,000
Consulting Services for Successor Agency
$36,000
SUPPLIES AND PUBLICATIONS
$2,100
This account provides for various office supplies and publications
to be used by SA and OB staff and board members
Successor Agency Supplies & Publications
$1,350
Oversight Board Supplies & Publications
$750
PRINTING/MAILING/ADVERTISING
$1,000
$1,000
This account provides for required mailings, agenda printing
and legal advertising
INFORMATION TECHNOLOGY
$6 250
This account provides for annual replacement charges for
information technology items such as computers, printers,
and computer related items attributable to SA/OB; and
support/hosting for SA/O8 web pages, which are required
by ABx1 26
$5,000
Computer Document Storage related to SucoessorAgency
$1,165
OnLine Muni Code related to Successor Agency
$85
RENTAL OF SPACE IN CITY HALL (Per previous
agreement between City of La Quints and former RDA'
$0
$0
TOTAL ADMINISTRATIVE BUDGET
$384,857
FUNDING SOURCES:
3% ADMINISTRATIVE ALLOWANCE
$384,857
as calculated by the Department of Finance in letter dated 4-17-12
-Unused balances in other line items will be applied to Rent
Department Report: 1
City as Successor Agency
To The La Quinta Redevelopment Agency
MEMORANDUM
TO: Honorable Mayor and Members of the Successor Agency
FROM: Mark Weiss, Interim Executive Director f1'
DATE: May 1, 2012
SUBJECT: Update on State Department of Finance Review of the Recognized
Obligation Payment Schedules for the Periods of January - June 2012
and July - December 2012
On April 6, 2012, staff forwarded to the Department of Finance ("DOF") the
Recognized Obligation Payment Schedules ("BOPS") for the periods of January
through June 2012, and July through December 2012. Both BOPS had been
previously approved by the Successor Agency and Oversight Board.
On April 10, 2012, the DOF requested additional information on several
agreements listed on the ROPS, including Habitat for Humanity, Coral Mountain,
RBF (for SRR canal relocation), RSG (for Washington Street Apartments project
management), and USDA and Provident Bank deeds of trust for Washington Street
Apartments. Staff forwarded the agreements along with a letter of explanation to
the DOF (Attachment 1).
The DOF responded with a letter dated April 17, 2012 (Attachment 2), that did not
address the agreements listed above, but did identify several line items that it
considers to be administrative expenses to be paid from the administrative cost
allowance, and therefore, are not enforceable obligations to be paid with tax
increment apart from the costs allowance. These items include the contracts of
Rutan & Tucker and RSG, Inc. related to implementation of ABx1 26; a contract
with RSG to perform affordable housing compliance activities; agreements between
the former RDA and City for staff, overhead, and rent expenses; computer record
storage related to Successor Agency documents; and online municipal code costs
related to the Successor Agency. The DOF also recalculated the administrative
budget allowance. The DOF returned the BOPS for reconsideration by the
Oversight Board and resubmission to the DOF for review. The DOF stated the
BOPS is ineffective until DOF approval, and that having these items listed as
enforceable obligations will cause further scrutiny of future BOPS.
Because the April 17`h letter did not address the DOF's initial concerns with the
Habitat, Coral Mountain, RBF, Rutan, and RSG agreements, and the USDA and
Provident Bank loans, staff contacted the DOF for clarification. In an email dated
April 19, 2012 (Attachment 3), the DOF stated they agreed with the supporting
documentation provided by staff; therefore these items are enforceable obligations
that can be listed on the ROPS.
Therefore, in order to comply with the DOF's letter of April 17`h, staff has amended
both BOPS accordingly, removing Rutan & Tucker's contract for legal services
related to the implementation of AB1x 26 and Rosenow Spevacek Group's contract
related to implementation of ABx1 26; agreements between the former RDA and
City for staff, overhead, and rent expenses; computer record storage related to
Successor Agency documents; and online municipal code costs related to the
Successor Agency from the ROPS and placing them into the Successor Agency
Administrative Budgets. The DOF's calculation of the Administrative Budget
Allowance has also been incorporated into the amended BOPS. The RSG contract
for affordable housing compliance will be moved to the Housing Authority budget.
The amended ROPS are included as Attachment 4. (The Successor Agency, via
Resolution 2012-005, authorized and directed the Interim Executive Director to
make any modifications to the Recognized Obligation Payment Schedule required
by the Oversight Board, Department of Finance, and/or State Controller.)
ABx1 26 does not require the Successor Agency to approve the DOF's changes to
the BOPS, but does require Oversight Board approval. Therefore, the Oversight
Board will consider the amended BOPS at its May 2, 2012 meeting.
The re -categorization of these items to administrative expenses changes the
Successor Agency administrative budgets for these time periods. These items are
included on today's Successor Agency consent agenda with further explanation.
Attachments: 1. Letter to DOF dated April 12, 2012
2. Letter from DOF dated April 17, 2012
3. Email from DOF dated April 19, 2012
4. Amended ROPS for periods January -June 2012 and July -
December 2012
ATTACHMENT
IAA I r
i tl
P.O. Box 1504
LA
Qcn-rn, Cnt.iroiexiA
92247-1,504
78-495
Cni.i.r:'Fkm, co
(760) 777-7000
LA
QUINIA, r.Al.IPORN1A
92253
FAX (760) 777-7101
Via Electronic Mall
April 12, 2012
Ms. Mindy Patterson
Lead Analyst
California Department of Finance
915 L Street
Sacramento, CA 95814
RESPONSE TO DOF INQUIRY REGARDING THE LA QUINTA SUCCESSOR AGENCY RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR JANUARY TO JUNE 2012
Dear Ms, Patterson:
The La Quinta Successor Agency received your April 10, 2012 e-mail seeking additional information
related to several items on its Recognized Obligation Payment Schedule ("ROPS"), which was approved
by the Oversight Board on April 4, 2012 and subsequently submitted to the Department of Finance on
April 6, 2012, Transmitted with this cover letter, please find the contracts and other documentation you
requested for the items identified in your e-mail.
The specific items your e-mail identified from the January to June 2012 ROPS were as follows:
Project Area 1
• Habitat for Humanity agreement for construction of mutual self help homes (line item 5)
• RBF Consulting contract for SilverRock Resort Infrastructure design and engineering (line item 6)
Project Area 2
• Coral Mountain Partners, LP Disposition and Development Agreement (line item 4)
• Any contracts that have been issued under this DOA
• Status of the Coral Mountain project
• Rosenow Spevacek Group contract for development and implementation of the Washington
Street Apartments rehabilitation project (line item 5)
• Loan agreement and repayment schedule for United States Department of Agriculture for a Rural
Development Loan (line items 6 and 7)
• Loan agreement and repayment schedule for Provident Savings Bank loan
We have formulated the rest of this letter to provide some basic explanation of these projects and
contracts to assist you in your review.
As described below, the former La Quinta Redevelopment Agency ("Agency") was very actively pursuing
a number of important projects, largely related to implementation of affordable housing — a critical issue in
the rapidly growing Coachella Valley. All but one of your inquires relate to the Agency's effort to provide
affordable housing. To date, the Agency has created 1,059 affordable units, and was mandated to create
another 1,248 over the next 17 years.
Habitat for Humanity agreement for construction of mutual self help homes
The opportunity for residents to purchase a single family home, even on an average salary, is one of the
true challenges Californians face. Thus, on August 23, 2010, the Agency and Habitat for Humanity
entered into a public -private partnership to construct two, for -sale, single family homes available to low
income families. Because of this successful partnership, the original agreement was amended on
February 1, 2011 to develop an additional five homes to be built over a five year period between July 1,
2013 and June 30, 2018. Though it was the Agency's hope to develop these homes expediently, Habitat
for Humanity is also engaged in the construction of homes in nearby communities and thus could not
deploy its resources until 2013. We nonetheless believe that this is an enforceable obligation as defined
in Health & Safety Code Section 34171(d)(1)(E).
RBF Consulting contract for SllverRock Resort Infrastructure design and engineering
The Agency had been pursuing the development of the SilverRock property for recreation and economic
development purposes since 2002. The contract with RBF Consulting was executed on August 16, 2006
to facilitate a variety of activities related to infrastructure needed to expand municipal services and
preserve health and safety at the SilverRock property including a hydrology study, street improvement
plans, and other engineering efforts. However, the services RBF is currently engaged in are
complementary to other related water facility projects in the area, specifically working with the Coachella
Valley Water District ("CVWD") to study transmission and alignment options for the aging All American
Canal. The Canal is a critical component in the domestic water system in the east Coachella Valley. It
transports water from the Colorado River to ground water recharge basin, agricultural, and other users.
The Canal has subsided throughout the Coachella Valley, but not as it travels through SilverRock;
therefore, flows are severely restricted. RBF is working with CVWD to craft options to rebuild this
segment of the Canal. The Canal alignment options study is underway and should be completed by July
2012. This contract is an enforceable obligation as defined in Health & Safety Code Section
34171(d)(1)(E).
Coral Mountain Partners, LP Disposition and Development Agreement, Status, and Contracts
The current Disposition and Development Agreement with Coral Mountain Partners ("DDA") was entered
into on January 4, 2011. However, this is only the most recent in a series of agreements stemming back
to 2007 necessary to develop 176 affordable multi -family units on approximately 10 acres. Extensive work
has been performed to prepare for this development over the last five years including:
• Purchase of the property by the Agency
• Construction of a street * providing
access to the site
• Realignment of an Intersection to
provide safe access to both the site and
the adjoining school district facility
• Several phase one and . other
environmental investigations
• Preparation of a specific plan
• Preparation and certification of an
environmental impact report
• Preparation and procurement of
entitlements
• Preparation of architecture and design
work
• Site engineering and grading
• Public input process and outreach to
neighboring property owners
• Securing building permits
On April 4, 2012, the Oversight Board to the Successor Agency to the La Quints Redevelopment Agency
unanimously approved the DDA, and the dedication of the property and the funding necessary to
complete the implementation this development. The Oversight Board affirmatively concluded that the
agreement should not be terminated pursuant to Health & Safety Code Section 34181(a). We note that
this decision was not taken up for review by the DOF, and is now final.
The developer, Coral Mountain Partners, is currently securing 4 percent tax market credits pursuant to
the DDA. As you can see, this project is in full swing. Construction will begin in August 2012. When
completed, it will provide housing to 36 very low, 138 low income households, and 2 moderate income
households.
This contract is an enforceable obligation as defined in Health & Safety Code Section 34171(d)(1)(E)
The funding source for this line item is listed on the ROPS as a combination of Low and Moderate Income
Housing Funds and Redevelopment Property Tax Trust Fund/Tax Increment. The Successor Agency
believed at the time that being an enforceable obligation, this project would be eligible for funding from
future tax increment. However, the Successor Agency is able to fund this project with accumulated Low
and Moderate Income Housing Funds, if that is the preference of the DOF.
The developer has included a letter which provides further information regarding this project, including a
listing of their contracts under the DDA. To date, the developer has expended over $2.8 million.
Rosenow Spevacek Group contract for development and implementation of the Washington Street
Apartments rehabilitation project
The Agency went to great lengths to facilitate the rehabilitation of the Washington Street Apartment
complex. The Agency first purchased this property in 2007 after assuring the Farmer's Home
Administration, United States Department of Agriculture that the Agency would substantially rehabilitate
the complex. The Department recently sent a letter indicating that its approval of the transfer was
predicated on the commitment the Agency had made relating to the rehabilitation. Then, the City
annexed this property into the City of La Quints, and the Agency subsequently amended a project area in
2010 to add this property. Seventy-two of the 73 units are currently restricted to very low income seniors
and special needs residents pursuant to previous underwriting by the Farmer's Home Administration,
United States Department of Agriculture. The complex is 32 years -old, and rapidly deteriorating. Planned
improvements include unit rehabilitation, a new recreation building and community amenities, updated
appliances and fixtures, more energy efficient windows and HVAC systems, new carports to protect
residents from extreme heat, and an improved noise barrier on Washington Street. The La Quinta
Housing Authority will then record 55-year affordability covenants to preserve the affordability of the units
to very low and low Income senior and handicapped households.
Performance on the contract entered into on March 30, 2011 with Rosenow Spevacek Group in order to
facilitate the rehabilitation is well underway. A variety of tasks are already completed including: all
preliminary design work, negotiation of an agreement with the US Department of Agriculture, demolition
of certain structures, architectural design work, engineering plans, and civil engineering related to
wastewater infrastructure.
This contract is an enforceable obligation as defined in Health & Safety Code Section 34171(d)(1)(E).
Loan agreement and repayment schedule for United States Department of Agriculture Rural
Development Loan and Provident Savings Bank loan
Both of these loans are associated with the Washington Street Apartments described above. The prior
owner maintained significant debt on the property and as a part of the transaction to acquire the property,
the Agency assumed two of the existing loans. The USDA loan originated in 1980 with the development
of the complex. The Agency assumed the loan on October 14, 2008 as a part of the purchase of the
property. The Provident Savings Bank loan originated in 2001, and was assumed by the Agency on
October 28, 2008, also as a part of the purchase of the Washington Street Apartment complex and
property.
These loans are enforceable obligations as defined in Health & Safety Code Section 34171(d)(1)(B) and
(E)
We hope this letter and enclosed attachments satisfies your data request. We are happy to provide you
anything further necessary for your review. Please contact Debbie Powell, Economic
DevelopmenUHousing Manager at (760) 777-7073 should you have any questions.
Thank you for your consideration.
(Sincerely,
Mark Weiss
Interim Executive Director
Successor Agency to La Quinta Redevelopment Agency
cc: M. Katherine Jenson, Successor Agency Counsel
Frank Spevacek, Rosenow Spevacek Group
Debbie Powell, Economic Development/Housing Manager
Enclosures:
Contract with Habitat for Humanity
Contract with RBF Consulting
Coral Mountain DDA
Letter from Coral Mountain Partners, L.P.
Loan Agreement with USDA
Loan Agreement with Provident Bank
ATTACHMENT 2
I
W IIII D
6 M
* DEPARTMENT OF EDMUND G. BROWN JR. - GOVERNOR
�11�RN1' FINANCE 915 L STNE ■ SACRAMENTO CA ■ 99614.9906 C w .00p.cA.Guv
April 17, 2012
Debbie Powell, Economic Development/Housing Manager
City Manager's Office
City of La Quinta
PO Box 1504
La Quinta, CA 92247-1504
Dear Ms. Powell:
Pursuant to Health and Safety Code (HSC) section 34177 (1) (2) (C), the City of La Quinta (City)
Successor Agency submitted a Recognized Obligation Payment Schedule (ROPS) to the
California Department of Finance (Finance) on April 6, 2012, for the periods of January through
June 2012 and July through December 2012. Finance staff contacted you for clarification of
items listed in the ROPS.
HSC section 34171 (d) lists enforceable obligation (EO) characteristics. Based on a sample of
line items reviewed and application of the law, the following do not qualify as EOs:
Administrative expenses totaling $1,870,639 for the January through June 2012 period.
HSC section 34171 (b) limits administrative expenses for fiscal year 2011-12 to five
percent of property tax allocated to the successor agency or $260,000, whichever is
greater. Five percent of the property tax allocated is $835,495. Therefore, $1,870,639
of the claimed $2,706,134 in administrative expenses is not an EO. The following were
considered administrative expenses:
o Proj Area 1 — Items 1, 2, 3, 8, and 9
o Proj Area 2 — Items 1, 2, 9, and 10
o Proj Areas 1 and 2 — Items 11 and 12
Administrative expenses totaling $209,623 for the July through December 2012 period.
HSC section 34171 (b) limits administrative expenses in fiscal years after 2011-12 to
three percent of property tax allocated to the successor agency or $250,000, whichever
is greater. Three percent of the property tax allocated is $384,357. Therefore, $209,623
of the claimed $593,980 in administrative expenses is not an ED. The following were
considered administrative expenses:
o Proj Area 1 — Items 1, 2, and 3
o Proj Area 2 — Items 1 and 2
o Proj Areas 1 and 2 — Items 11, 12, and 13
As authorized by HSC section 34179 (h), Finance is retuming your ROPS for your
reconsideration. This action will cause the speck ROPS items noted above to be ineffective
until Finance approval. Furthermore, items listed on future ROPS will be subject to review and
may be denied as EOs.
If you believe we have reached this conclusion in error, please provide further evidence that the
items questioned above meet the definition of an EO.
Please direct inquiries to Evelyn Suess, Supervisor or Mindy Patterson, Lead Analyst at (916)
322-2985.
Sincerely, // �L�l
4 w.414
MARK HILL
Program Budget Manager
cc: Ms. Pam Elias, Chief Accountant Property Tax Division, Riverside County
Auditor -Controller
Ms. Jennifer Baechel, Business Process Analyst II, Riverside County Auditor -Controller
Ms. April Nash, Supervising Accountant, Riverside County Auditor -Controller
ATTACHMENT 3
D2 - Attachment.3
subject: FW: La Quinta ROPS
From: Patterson, Mindy [mailto:Mindy.Patterson@dof.ca.gov]
Sent: Thursday, April 19, 2012 12:47 PM
To: Deborah Powell
Subject: RE: La Quinta ROPS
Hi Debbie,
The letter you received are the results of our review for the
re -reviewed the other
items we originally questioned and agreed with the supporting
Mindy Patterson
From: Deborah Powell [mailto:dpowell@la-quinta.org]
Sent: Wednesday, April 18, 2012 4:50 PM
To: Patterson, Mindy
Subject: FW: La Quinta ROPS
Hello Mindy,
Jan -June ROPS. We
documents.
Does the attached letter from Mr. Hill constitute the response to the BOPS inquiry
by DOF on April 10,
2012? 1 guess I'm a bit confused, because Mr. Hill's letter references other items
listed in the RODS, and
not the items in question.
Thank you for your help!
Debbie Powell, Economic Development/Housing Manager
city Manager's office
City of La Quinta
dpowell@la-quinta.org
(760) 777-7073
(760) 777-7101 fax
From: Sneed, Jonathan [mailto:Jonathan.sneed@dof.ca.gov]
Sent: Wednesday, April 18, 2012 1:58 PM
To: Deborah Powell
cc: pelias@co.riverside.ca.us; jbaechel@co.riverside.ca.us; anash@co.riverside.ca.us
subject: La Quinta ROPS
Pursuant to Health and Safety code (HSC) section 34177 (1) (3), you submitted an
Oversight
Board approved Recognized Obligation Payment Schedule (RODS) to the California
Department
of Finance (Finance). Finance recently contacted you to get further clarification
for items listed
in the RODS.
There are certain items listed in your BOPS that we do not believe qualify as
Enforceable
obligations. Please see the attached document:
Page 1
7onathan A. Sneed
Department of Finance - BT&H
916-322-2263
jonathan.sneed@dof.ca.gov
D2 - Attachment 3
Page 2
Nana &ReM'e nl An,: la euinta Re eb ment Amn
Pmpd AR4,) W.1
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS)
For Fiscal Year 2011012
Per ABx1 as H 6SdvC SFeeon UIST, UtSkAU1TT
Souitt of
Project Name)
Total Outstanding Debt or
Prynent
Is:
P ntsb month
Jan'12
Feb'12
March'12
A d'12
M '12
June'12
Total
DeMObi' adon
Payee
Description
Obi ation
Levend)
PA 1, Agreement for Fame Purchase and
La Oulnta Palms
Purchase and rehabilitation of blighbad
1)
Rehabiliaton Program
Realty
foreclosed homes for rental or resale to income
Qualified tenaritsfouvers
$3.200,000
"A,E
$0
PA 1, Horne Purchase and Rehabilitation
City of La Ouinta
Project Management Cos6StaBTim. Non
ta)
Program
is Successor
Personnel
Agency
$320,000
"A,E
$0
PA 1, Home Pumhas2 and Rehabilitation
Rulan & Tucker
Project ManagementCoslsLegal
tc)
Program -
$160,000
"A,E
$O
PA 1, Habitat for Humanity Agreement for
Habitat for
Program Will require abtal expeMifote of up to
None for period covered by
CorsWcBon of mutual sell MID homes to
Humanity
$1,100,000 for five homes to be constructed over
this ROPS;Scheduta is from
2)
provide affordable tousirp
five fiscal years for Lea- and Moderao4=ma
FY 2013-2014 to 2017-2018;
Homing qualBied buyers.
BRat is$1,100000 -
E
SO
PA 1, Habitat for Humanity Agreement
City of La Ouinta
Project Management Costs -Staff Time,Non-
Estim. Total for FY 2013-2014
2a)
Personnel
to 2017-2018: $110,000 ,
E
$0
PA 1, Habitat for HMnanity Agreement
Ruin&Tucker
Project ManagemenlCosisiegal, preparation of
Estim. Total for FY 2013-2014
col
required loan and legal documents
to 2017-2018: $55,000
E
SO
PA1, SilverRack Resort Infrastructure
RGFConeiiting
Design and engineering of iMasouclure o
$50,000 for period covered by
3)
Design and Engineering
supped development of SllverRock Resod
this ROPS. Total is $759,875
"B,E
$25,000
$25000
$50,000
PA 1, Donesde Water & Sanitation
CoachellaValoy
Future Infrastwaire impivemeno required for
System Installation and Irrigation
Water District
development ofSilvediock Resod by Domestic
4)
Agreement for SflverRoek Resort
-
Water& Sanitation System lnstaSabon and
iDevftmnt
ImigabonAgreement
$14,825,644
E
30
Grand TOtalforPA1 -
$0
$0
$0
$0
$25000
$25000
$50000
-THE FUNDING FOR ME PAYMENT WAS ADVANCED Firm THE ACCOIIM M MED BEFORE THE COMNA THE
SUCCESSOR AGENCYS POSITION IS MAT THESE PAYMENTS SWUM BE FROM THE REOEVEIAPNEM PROPERTY TM
TRUST FIMDf MINCREMENT ISO ME OF PAYMENT E), BUT DUE TO TIE TOUNG OF ME PAYMENT, FUNDS FROM
THAT SOURCE WERE NOT MADE AVNIABLE TO ME SUCCESSOR AGENCY.
^ SBEPRESENTSTEFXISILNOAOREEMERTBEIWEENTHEFORMERRDk MID ECRYFORBTAFFTME THIS
sou OveuAP wmx THE aokvasTRArnE euoGEr.
Baa�at
Project Name/
-
Total Outstangirp DeM or
Prymenl
(aae
P mans moMl
Jan'12 Feb'12 M.h'12 A nl'12 M '12 1 June'12 1 Total
Debt Obligation
P
Oescn can
Obl' agon
Legend)
,: a ..sa-... C}`'
ib4"u �Jt ®itil'e"• . M�„,x: .�_;._.. .. .c��'rvm^.mu'r:.m:r
A
Law eM abEe�em Nouemg Fmns
B
Bead Pmaeds
C
Reserve Bslame
B
AdmmsbaWe Coal Nloaoo
E
RN owmeM Pm To Twat Fund[Taa lmmn t
F
Oaa: .uaM b ABO 25 Bed'oe a11T] 1
Page 2 of
Name of Redevelopment Agency: La Ouinta Redevelopment Agency
Project Area(s) No. 2
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (BOPS)
For Fiscal Yar2011-2012
Source of
Payment
Payments by month
.
Total Outstanding
(Sae
Pmct Name1DebtObI' n
Pape
Description
Debt or Obligation
L
Jan'12
Feb'12
Mamh'12
A ril'12
MaY 12
Jure'12
Total
PA 2, Tare Nissan Owner Participation
Mega Dealer
Investment to upgrade and expand auto
$900,000 for period
Agreement
LLC/Robed N. La
dealership facilities (monthly figures am
covered by this
1)
-
Tone, Inc.
estimates based on OPA Schedule of
ROPS. Total
Performance)
oN'gation:$1,500,000
B
$160,000
$185,000
$185,000
$185,000
$185,000
$900,D00
PA 2, Tom Nissan Omer Participation
City of La Ouinta
Project Management Costs -Staff Time,
Is)
Agreement
as Successor
Non -Personnel
Agency
$10,432
" C,E
$1,043
$1,D43
$1.043
$1,044
$1,043
$5,216
PA 2, Torre Nissan Owner Participation
Rotas & Tucker
Project Management Costs -Legal
1b)
Agreement
E7,200
"C E
$720
$720
$720
E720
$720
$3,600
PA2, Tone Nissan Owner Participation
Rose"
Project Management Costs-ConsWOng
1c)
Agreement
Spevacek Group,
Semses
Inc.
$20,000
" C,E
$2,000
$2,000
$2,000
$2,000
$2,000
$10,000
PA 2, Cord Mountain Partners Disposition
Coral Mountain
Construction of 176 affordable units
aM Development Agreement
Parmers, LP
(monthryfgums are estimates based on
2)
DDA Schedule of Pedormance)
$29900,000
A
1 $96.697
$64434
$1,759,119
$1,704,386
$1704386
$IJ04,386
$7,033,408
PA 2, Coral Mountain Partners Dispostion
City of la Ouinta
Project Management Costs - Staff Time,
2a)
and Development Agreement
as Successor
Non -Personnel
Agency
$80,568
^A,E
$2,238
$2,230
$2,238
$2,238
$2,237
$2,237
$13,426
PA 2, Coral Mountain Parmers Disposition
Rutan&Tucker
Project Management Costs - Legal
2b)
and Development Agreement
$43,200
"A,E
$1,200
$1,200
$1,200
$1,200
$1,200
$1.200
$7,200
PA 2, Coral Mountain Partners Disposition
Rosenow
Project Management Costs - Consulting
2c)
and Development Agreennand
Spevacek Group,
Services
Inc.
$144,000
" A,E
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$24,000
PA 2, Development and Implementation
Rosenow
Rehabilitation of 30 year -old units and
Services Contract for Washington Street
Spevacek Gmup,
consburibn of new units for a very -low
3)
Aparhnents Rehabilitation Project
Inc.
income senior and special creeds housing
complex
$1,471,200
^A,E
$50,000
$50,000
PA Z Washington Street Aparmtments,
USDA-RD
Lean agreement assumed on 10-31-08 for
United Stales Dept of AgdcultuaRural
purchase of Washington Street
4)
Development Lean
Aparments
$760,721
E
$3,200
$3,200
$3,200
$3,200
$3,200
$3,ZD0
$19,200
PA 2, Washington Street Apartments,
Provident
Lean agreement assumed on 10.1-08 for
Provident Savings Bank Loan
Savings Bank
purchase of Washington Street
5)
ApaMtens$1,57ZO31
7873$12,873
E
$128-
$12
$12,873
$12,873
$1$873
$77238
Pape 3 of 7
Source of
payment
Payments by month
Total Outstanding
(See
Pried Nam/Debt Ohli abon
P
Dewrlptipn
Debt or Obligation
L e
Jan'12
Feb'12
Manch'12
A ril'12
Ma'12
June'12
Total
PA2, Construction of Washington Street
La Ouinta
Written commitment to US Department of
6)
Apartments Site Improvm eents &
Rehabilitation
Housing Authority
Agriculture Rural Developnnent to
RehaMlitate & Construct Improvements N
Washington Street Apadments
$18,906,474
" B,E
$0
PA 2, Washington Street Apartnents
City of La Ouinta
Project Management Costs - StafTime,
6a)
Rehabilitation Project
as Successor
Non -Personnel
Agency
$1,&90,647
"A,E
$0
PA 2. Washington Street Apartments
Rulan&Tucker
Pmject Management Costs -Legal
fib)
Rehabilitation Pmject
$945,324
"A,E
$0
Grand Total for PA 2
$120208
$301708
$1971393
$1916660
$1916660
$1916659
$8143288
"THE FUNDING FOR THE PAYMENT WAS ADVANCED FROM THE ACCOUNT LISTED BEFORE
THE COMMA. THE SUCCESSOR AGENCY'S POSITION IS THAT THESE PAYMENTS SHOULD BE
FROM THE REDEVELOPMENT PROPERTY TAX TRUST FUNDITAX INCREMENT (SOURCE OF
PAYMENT E), BUT DUE TO THE TIMING OF THE PAYMENTS, FUNDS FROM THAT SOURCE
WERE NOT MADE AVAILABLE TO THE SUCCESSOR AGENCY.
—THIS REPRESENTS THE EXISTING AGREEMENT BETWEEN THE FORMER RDA AND THE CITY
FOR STAFF TIME. THIS WILL OVERLAP WITH THE ADMINISTRATIVE BUDGET.
...w....Moc
A
Lax a -A Mederala Houurq WMa
B
SoM Pmceade
C
Re. Balances
D
MrnnskaAve Cal Al..
E
Redevelo m t PmwM Tm TaW Fundlfax naeirent
F
ere®.peno.w b ABxt 2e, seder abtn(I)(0(F)
Page 4 of 7
Name of Redevelopment Agency: La Quints Redevelopment Agency
Project Area(s) No.1 and No. 2
RECOGN¢ED OBLIGATION PAYMENT SCHEDULE
For Fiscal Year 2011.2012
Boom of
Payment
aymems by month
Total Outstanding Debt
(see
Proct Name/)ebt ONi ation
Payee
Description
or Obligation
Le
Jan'12
Feb'12
March'12
April'12
Ma '12
June'12
Total
1994 Tax Allocation Bonds - Tax
US Bank
Bonds to fund projects
i)
Exempt
$2,470,000
'C,E
$90,155
$90,155
1998 Tax Allocation Bonds -Tax
US Bank
Bonds to fund projects
-
-
2)
Exempt
$21,185,000
'C,E
$651,463
$551,463
2001 Tax Allocation Bonds -Tax
US Bank
Bonds to fund projects
3)
Exempt
$48,000,000
'C,E
$1,215,360
$1,215,360
4)
2002 Tax Allocation Bonds - Tax
US Bank
Bonds to fund projects
'C,E
Exempt
$34,380,000
$871,341
1
$871,341
5)
2003 Tax Allocation Bonds -
US Bank
Bonds to fund projects
Taxable
$22,775,000
'C,E
$719,378
$719,378
6)
2004 Tax Allocation Bonds -Tax
US Bank
Bonds to fund projects
'C,E
Exempt
$79,345,000
$2,029,553
$2,029,553
n
2011 Tax Allocation Bonds-
US Bank
Bonds to fund projects
`C,E
Taxable
$28,850,000
$1,085,884
$1,085,884
91
2011 Tax Allocation Bonds -
US Bank
Bonds to fund projects
Taxable
$6,000,000
'C,E
$239,384
$239,394
Annual continuing disclosure_
Wiklan Financial
Preparation of Annual continuing
9)
Statements
Services
disclosure reports per Federal
regulations
$250,000
E
$0
Bond holder fees
US Bank
Fees for holding administration
10)
and distribution of bond proceeds
-
$60,000
E
$0
City of La Cuinta
Adminsitrative Cost Allowance
as Successor
Pursuant to H & S Code Section
:$835,495
11
Administrative Budget
Agency
34171(b)
$6,250,000
"D
$139,249
$139,249
$139,249
$139,249
$139,249
$139,249
Grand Total this page
Grand Total for PA 1 (page 1)
Grand Total for PA 2 (pages 3.4)
GRAND TOTAL
'MARCH BOND PAYMENT TO BE ADVANCED FROM RESERVES AND
REIMBURSED BY REDEVELOPMENT PRPERTY TAX TRUST FUND
NOTE: All oustanding bond obligation figures are principal only
`*Administrative Allowance for this period calculated by Department of Finance in letter dated April 17, 2012
Page 5 of 7
Source of
Payment
Payments by month
I
Total Outstanding Debt
tSas
Project NamelDebt Obli ation
Payee
Descnption
or Ot anon
to nd
Jan'12
I Feb'12
I Mamh'12
I Apn7'12 I May'12
June'12
Total
A tm and Moderate Housing Funds
B Bond Pmceeds
c Reserve Balances
D Adminishalie cost Abamm
E Redmlopmerd PmpedyTo Trust Fund7fa Increment
F Omenpumuantb ABaf 26,Section34177 1(
Page 6 of 7
Name of Redevelot La Ouinta Redevelopment Agency
Project Area(s) No.1 and No. 2
ENFORCEABLE OBLIGATION PAYMENT SCHEDULE
Per AS 26 • Section 34167 and 34169
Project Name /
Funding
Total Due During Fiscal
Payments by montlt
Jan'12
Feb'12
March'12
Apol'12
May'12
June
Total
Debt Obligation
Payee
Description
Source
Year
Negotiated pass
County General
Taxing Agency
.
1)
through
Fund
Payment
E
$14,803,383
$7,038,972
$7,038,972
Negotiated pass
County library 8
Taxing Agency
2)
through
Fire
Payment
E
$6,253,362
$4,028,675
$4,028,675
Negotiated pass
Desert Sands
Taxing Agencyme
)3)
through
USD
Paynt
E
$6,978,820
53,338,992
$3,338,992
Negotiated pass
Coache0a Valley
Taxing Agency
4)
through
USD
Payment
E
5834,077
$0
f0
Negotiated pass
College of the
Taxing Agency
5)
through
Desert
Payment
E
$7,594,426
E764,681
$764,fi81
Statutory/Neg.
Office of
Taxing Agency
6)
pass through
Education
Payment
E
$621,622
$246,117
$246,117
Statutory pass
City of La Ouinta
Taxing Agency
7)
through
through
.
Payment
$157,832
$0
$0
Statutory pass
Resource
Taxing Agency
8)
through
Conservation
Payment
E
$1,032
$0
$O
Negotiated pass
CV Water District
Taxing Agency
9)
through
Payment
E
$2,332,104
$1,133,775
$7,133,715
StaWtorylNeg.
DesertRecreation
Taxing Agency
10)
pass through
-
District
Payment
E
5787,670
$62,255
$62,255
Statutory pass
CV Public
Taxing Agency
11)
through
Cemetery
Payment
E
-
$9,999
$0
EO
Negotiated pass
CV
Taxing Agency
12)
through
Vector/Mosquito
Payment
E
1 $824,321
1 $391,974
$391,974
Grand Total for PA l and PA
1 $17,005,441
$0
$0
$17,005,441
Page 7 of 7
Name of Redevelopment Agency: La Quinta Redevelopment Agency
Project Area(s) W.1
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (BOPS)
For Fiscal Year 2012.2013
Par Mal 26 • Hub & Safety Code Section 34167, 34169 & 34177
J
Source o
Payment
Payments by month
Project Name/ Debt
Total Outstanding Debt or
(See
Obligation
Payee
Description
Obli ation
L end
July'12
Aug'12
Sept'12
Oct'12
Nov'12
Dec'12
Total
PA 1, Agreement
La Quinta Palms
Purchase and rehabilitation of
Agreementtotal:
for Home Purchase
Realty
blighted foreclosed homes for
$3,200,000
1)
and Rehabilitation
rental or resale to income
Program
qualified tenants/buyers
E 1
$0
PA1, Home
City of La Quints
Project Management Costs -Staff
Purchase and
Time, Non -Personnel
la)
Rehabilitation
Proqram
$320,000
E
$0
PA 1, Home
Rutan & Tucker
Project Management Costs -
Purchase and
Legal
16)
lProqram
Rehabilitation
$160,000
E
$0
PA 1, Habitat for
Habitalfor
Program will require a total
None for period covered
Humanity
Humanity
expenditure of up to $1,100,000
by this ROPS; Schedule is
Agreement for
for five homes to be constructed
from FY 2013-2014 to
Construction of
over five fiscal years for Low-
2017-2018; total is
2
mutual self help
and Moderate -income Housing
$1,100,000
homes to provide
qualified buyers
affordable housing
,
E
$0
PA 1, Habitat for
City of La Quinta
Project Management Costs -Staff
Estim. Total for IY 2013-
"
2a)
Humanity
Time, Non -Personnel
2014 to 2017-2018:
Agreement
$110,000
E
$0
PA 1, Habitat for
Ruben & Tucker
Project Management Costs-
Estim. Total for FY 2013-
2b)
Humanity
Legal, preparation of required
2014 to 2017-2018:
Agreement
loan and legal documents
$55,000
E
$0
PA 1, SilverRock
RBF Consulting
Design and engineering of
$35,000 for period
Resort
infrastructure to support
covered by this ROPS;
3)
Infrastructure
development ofSilverRock
Agreement total: $759,875;1
Design and
Resort
E
$35,000
$35,000
Grand Total for PA 1
$35,000
$0
$0
$0
$0
$0
$35,000
Page 1 of 7
Source o
I
Payment
I
Payments by month
Project Name/ Debt
I
Total Outstanding Debt or
(See
Obligation
Payee
Description
Obligation
Leoend)July'12
I Aug'12
Sept'12
Oct'12
Nov'12
I Dec'12
Total
A Low and 6lodemte Housing Funds
B Bond Proceeds
C Reserve Balances
D AdministraMe Cost Allowance
E Redevelopment Property Tax Trust Fundrrax Increment
F Other -pursuant to ABxi 26, Section 34177 1 1 F
Name of Redevelopment Agency: La Quints Redevelopment Agency
Project Area(s) No.2
DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS)
For Fiscal Year 2012.2013
Source of
Payment
Payments by month
Project Name/Debt
Total Outstanding Debtor
(See
Ob' ation
Payee
Description
Obligation
nit)
Juy'12
Aug'12
Sept'12
Oct'12
Nov'12
Dec'12
Total
PA2, Torre Nissan
Mega Dealer
Imssbnent to upgrade and
$600,000 for period
Owner Participation
LLCIRobed N. La
expand auto dealership facilities
covered by this ROPS;
Agreement
Torre, Inc.
(monthly figures are estimates
Agreement total:
1)
based on OPA Schedule of.
$1,500,000
Performance)
B
$200,000
$200,000
$21)(1,000
$600,000
PA 2, Tome Nissan
City of La Quints
Project Management Cos&Sha0
Omer Participation
Time, Nor -Personnel
1a)
Agreement
$6,201
E
$2,067
$2,067
$2,067
$6,201
PA 2, Tone Nissan
Ruben 8 Tucker
Project Management Costs -Legal
Owner Participation
11b)
Agreement
$3,000
E
$1,000
$1,000
$1,000
$3,000
PA 2, Torre Nissan
Rosenow
Project Management Costs -
Owner Participation
Spevacek Group,
Consulting Services
1c)
Agreement
Inc.
$2,160
E
$720
$720
$720
$2,160
PA 2, Coral Mountain
Coral Mountain
Construction of 176 affordable
$21,000,000 cmered by
Partners Disposition
Partners, LP
units; tax credit lender may
this ROPS; Agreement
and Development
require SA luncts for agreement
total: $29,000,000
2)
Agreement
be deposited into an escrow
account
A
$21,000,000
$21,000,000
PA 2, Coral Mountain
City of La Quints
Project Management Costs- Staff
Partners Disposition
Time, No Personnel
21)
and Development
Agreement
$84,510
E
$2,817
$2,817
$2,617
$2,817
$2,817
$2,817
$16,902
Page 3 of 7
Source of
Payment
Payments by month
I
Project Name/Debt
Total Outstanding Debt or
(See
Obl' anon
P
Description
Obligation
red)
JLd '12
Aug'12
Sept'12
Oct'12
Nov'12
Dec'12
Total
PA 2, Corot Mountain
Rutan 8 Tucker
Project Management Costs -
Partners Disposition
Legal
2b)
and Development
Agreement
$36,000
E
-$1,200
$1,200
$1,200
$1,200
$1,200
$1,200
$7,200
PA 2, Coral Mountain
Rosenow
Project Management Costs -
Partners Disposition
Spevacek Group,
Consultlng Services
2c)
and Development
Inc.
Agreement
$120,000
E
$4,000
$4,000 1
$4,000
$4,000
1 $4,000 1
$4,000
$24,000
PA 2, Development
Rosenow
Rehabilitation of 30 year -old units
and Implmwtafim
Spevacek Group,
and construction of new units for a
Services Contract for
Inc..
very -low income senior and
3)
Washington Street
special needs housing complex
Agreement total:
Apanhnenls
$1,471,200
Rehabiftation Project
A,E
$0
PA 2, Washington
USDA-RD
Loan agreement assumed on 10-
Street ApaMrents,
31-08 for purchase of Washington
United States Dept of
Street Apartments
4)
Agriculture -Rural
Development Loan
$760,721
E
$3,200
$3,200
$3,200
$3,200
1 $3,200
$3,200
$19,200
PA 2, Washington
Provident
Loan agreement assumed on 10-
Street Apartments,
Savings Bank
1-08 for purchase of Washington
Provident Savings
Street Apartments
5)
Bank Loan
$1,572,031
E
$12,873
$12,873
$12,873
$12,873
$12,873
$12,873
$77,238
PA 2, Construction of
La Quints
Written commibnent to US
Washington Street
Housing Authority
Deparhnent of Agriculture Rural
-
Aparbr ents Site
Development to Rehabilitate 8
6)
m Improveents 8
Construct Improvements to
Rehabilitation
Washington Street ApaMrents
$18,906,474
B,E
$0
PA 2, Washington
City of La Quinta
Project Management Costs -Stag
-
StreetApaMienis
Tme, Non-Pewnnel
ea)
Rehabilitation Project
$1,890,647
E
$0
Page 4 of 7
Source of
I
payment
Payments by month
1
I
Project NameMebt
Total Outstanding Debt or (see
Obli ation
Payee Description
Obligation nd)
J '12 Aug'12 Sept'12
Oct'12
Nov'12
Dec'12
Total
PA 2, Washington
I Rutan $ Tucker Project Management Costs -
fib)
Street Aparbnents
Legal
Rehabilitation Project
$945,324 E
$0
Grad Total for PA
$21227877 $227677 $2278T7
$24090
$24090
$24090
$21755901
�.
A
Lmr ard Moderate Housing Funds
B
Bond Proceeds
C
Reserve Balances
D
AdmmSbaWe Cast Allowance
E
Redeueapmenl Pmperly Tex Trust Fundrrex lnctenard
F
Daer ursuam to ASx126, Becton 3417711
Page 5 of 7
Name of Redevelopment Agency: La Quinta Redevelopment Agency
Project Area(s) No.1 and No.2
DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE
For Fiscal Year 2012.2013
Total
Outstanding
Source of
payment
Payments by month
Project Name/Debt
Debtor
(See
Oblitiation
Payee
Description
Obligation
a
July92
Aug'12
Sept'12
Od'12
Nov'12
Dec'12
Total
1994 Tax Allocation
US Bank
Bonds to fund projects
1)
Bonds -Tax Exempt
$2,470,000
E
$2,560,155
$2,560,155
1998 Tax Allocation
US Bank
Bonds to fund projects
2)
Bonds - Tax Exempt
$21,185,000
E
1 $691,463
$691.463
2001 Tax Allocation
US Bank
Bonds to fund projects
3)
Bonds -Tax Exempt
$48,000,000
E
$1,215,360
$1,215,360
2002 Tax Allocation
US Bank
Bonds to fund projects
4)
Bonds -Tax Exempt
$34,380,000
E
$1,606,341
$1,606,341
2003 Tax Allocation
US Bank
Bonds to fund projects
,
5)
Bonds -Taxable
$22,775,000
E
$1,279,378
$1,279,378
2004 Tax Allocation
US Bank
Bonds to fund projects
Bonds - Tax Exempt
6)
$79,345,000
E
$3,919,553
$3,919,553
2011 Tax Allocation
US Bank
Bonds to fund projects
Bonds -Taxable
7)
$28,850,000
E
$1,085,884
$1,085,884
2011 Tax Allocation
US Bank
Bonds to fund projects
Bonds -Taxable
8)
$6,000.000
E
$274,384
$274,384
Page 6 of 7
Total
Source of
I
Outstanding -
Payment
ayments by month
Project Name/Debt
Debtor
(See
Obl' ation
Payee
Descrip0on
Obligation
Legend)
Jul '12
A '12
Sept'12
Oct'12
Nov'12
Dec'12
Total
Annual continuing
Wildan Financial
Preparation of Annual continuing
disclosure Statements
Services
disclosure reports per Federal
9)
regulations
$250,000
E
$10,000
$10,000
Bond holder fees
US Bank
Fees for holding administration
and distribution of bond proceeds
10)
$60,000
E
$10,410
$1,530
$1,530
$13,470
Success or Agency
City of La Ouinta
Administrative Allowance provided
-
Administrative Budget
as Successor
by ABz1 26 (3%of total ROPS)
Agency
11
$ 6,250,000
'D
$64,052__L
$64,059
$64,059
$64,059
$64,059
$64,059
$384,357
Grand Total for This Page - $74,469 1 $65,589 IMP8,1107 1 $ 74,059 1 $8059 1 $54,1159 1 $13,04a,345
Grand Total for PA 1 (Page 1) $35,000
Grand Total for PA 2 (Pages 3-5; not including $21M deposit into escrow account for Coral Mountain and $600K for Tone Nissan; both to be paid from bond proceeds) $1155,901
GRAND TOTAL - $13,231,246
NOTE: AN oustanding bond obligation figures are principal only
'Administrative Mlowance for this period calculated by Department of Finance in letter dated April 17, 2012
Low and Moderate Housing Fulls
Bond Proceeds
Reserve Balances
Administrative Cost Allowance
Redevebpmenl Properly TaY Trust Fundfrax Increment
Page 7 of 7