2012 06 05 HA04 jo.�
'
o V Oka
� s
OF
Housing Authority agendas and staff reports
are available on the City's web site:
www.la-quinta.org
HOUSING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico I La Quinta, California
SPEC/AL MEETING
TUESDAY, JUNE 5, 2012 AT 4:00 P.M.
Beginning Resolution No. HA 2012-004
CALL TO ORDER
Roll Call:
Board Members: Adolph, Franklin, Henderson, Osborne and Chairperson Evans
VERBAL ANNOUNCEMENT — AB 23 [CITY CLERK]
PUBLIC COMMENT
At this time members of the public may address the Housing Authority 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 MAY 15, 2012
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1. ADOPTION OF FISCAL YEAR 2012/2013 PRELIMINARY BUDGET.
�1
HOUSING AUTHORITY AGENDA 1 SPECIAL MEETING JUNE 5, 2012
0
2. RATIFICATION OF MUTUAL TERMINATION OF AGREEMENT WITH
ROSENOW SPEVACEK GROUP RELATING TO WASHINGTON STREET
APARTMENT REHABILITATION
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION APPROVING THE IMPLEMENTATION
OF THE WASHINGTON STREET APARTMENT REHABILITATION PROJECT,
APPROVING THE USE OF 2004 TAX-EXEMPT HOUSING BOND PROCEEDS
AND 2011 TAXABLE HOUSING BOND PROCEEDS TO FUND THE PROJECT,
CONFIRMING THE STATUS OF THE HOUSING BOND PROCEEDS AS
HOUSING ASSETS TRANSFERABLE TO THE LA QUINTA HOUSING
AUTHORITY, AND AMENDING THE RECOGNIZED OBLIGATION PAYMENT
SCHEDULE TO REFLECT THE PROJECT AND PAYMENTS
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
The next regular meeting of the Housing Authority will be held on June 19, 2012
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 of La Quinta, do hereby declare
that the foregoing agenda for the La Quinta Housing Authority was posted on the
outside entry to the Council Chamber at 78-495 Calle Tampico and on the bulletin
boards at 51-321 Avenida Bermudas and 78-630 Highway 1 1 1, on June 1, 2012.
DATED: May 31, 2012
SUSAN MAYSELS, In rim City Clerk
City of La Quinta, California
Public Notice
Any writings or documents provided to a majority of the Housing Authority 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.
a 062
HOUSING AUTHORITY AGENDA 2 SPECIAL MEETING JUNE 5, 2012
NOTICE AND CALL OF SPECIAL MEETING
OF THE LA QUINTA HOUSING AUTHORITY
TO THE MEMBERS OF THE HOUSING AUTHORITY OF THE CITY OF LA QUINTA AND TO
THE CITY CLERK:
NOTICE IS HEREBY GIVEN that a special meeting of the Housing Authority of the
City of La Quinta is hereby called to be held on June 5, 2012 at 4:00 p.m., at La Quinta
Civic Center, City Council Chamber, 78495 Calle Tampico, La Quinta, CA 92253 for the
following purposes:
ADOPTION OF FISCAL YEAR 2012/2013 PRELIMINARY BUDGET
2. RATIFICATION OF MUTUAL TERMINATION OF AGREEMENT WITH ROSENOW SPEVACEK
GROUP RELATING TO WASHINGTON STREET APARTMENT REHABILITATION
3. CONSIDERATION OF A RESOLUTION APPROVING THE IMPLEMENTATION OF THE
WASHINGTON STREET APARTMENT REHABILITATION PROJECT, APPROVING THE USE
OF 2004 TAX-EXEMPT HOUSING BOND PROCEEDS AND 2011 TAXABLE HOUSING BOND
PROCEEDS TO FUND THE PROJECT, CONFIRMING THE STATUS OF THE HOUSING BOND
PROCEEDS AS HOUSING ASSETS TRANSFERABLE TO THE LA QUINTA HOUSING
AUTHORITY, AND AMENDING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE TO
REFLECT THE PROJECT AND PAYMENTS
Dated: May 31, 2012 C1
Linda Evans, Chairperson
Attest:
Susan Maysels
Interim Housing Authority Secretary
DECLARATION OF POSTING
I, Susan Maysels, Interim Secretary of the Housing Authority, do hereby declare that the
foregoing agenda for the Special La Quinta Housing Authority meeting of June 5, 2012,
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 June 1,
2012.
DATED: May 31, 2012
Susan Maysels, Interim Secretary
La Quinta Housing Authority, California
q 1003
Housing Authority Agenda 1 June 5, 2012
CITY / SA AHA A MEETING DATE: June 5, 2012 AGENDA CATEGORY:
ITEM TITLE: Consideration of a Resolution Approving BUSINESS SESSION:
the Implementation of the Washington Street CONSENT CALENDAR: _
Apartment Rehabilitation Project, Approving the Use of
2004 Tax -Exempt Housing Bond Proceeds and 2011 STUDY SESSION:
Taxable Housing Bond Proceeds to Fund the Project, PUBLIC HEARING:
Confirming the Status of the Housing Bond Proceeds as
Housing Assets Transferable to the La Quinta Housing -
Authority, and Amending the Recognized Obligation
Payment Schedule to Reflect the Project and Payments
RECOMMENDATION:
Adopt a Resolution (1) approving the implementation of the Washington Street
Apartment Rehabilitation Project, (2) approving the expenditure of $3,006,360 in
2004 tax-exempt housing bond proceeds and $15,523,220 in 2011 taxable
housing bond proceeds, (3) confirming that the housing bond proceeds are
"Housing Assets" that are to be transferred to the Housing Authority pursuant to
Health & Safety Code Section 34176(b), (4) amending the Recognized Obligation
Payment Schedule to reflect the Project/Bond obligations and the payments, and
(5) appropriating $7,008,718 in 2011 taxable housing bond proceeds to fund the
Project.
Please refer to Successor Agency staff report for Fiscal Implications, Background
and Attachments.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Housing Authority include:
1. Adopt a Resolution (1) approving the implementation of the Washington
Street Apartment Rehabilitation Project, (2) approving the expenditure of
$3,006,360 in 2004 tax-exempt housing bond proceeds and $15,523,220
in 2011 taxable housing bond proceeds, (3) confirming that the housing
bond proceeds are "Housing Assets" that are to be transferred to the
Housing Authority pursuant to Health & Safety Code Section 34176(b), (4)
amending the Recognized Obligation Payment Schedule to reflect the
004
Project/Bond obligations and the payments, and (5) appropriating
$7,008,718 in 2011 taxable housing bond proceeds to fund the Project; or
2. Do not adopt the proposed Resolution; or
3. Provide staff with alternative direction.
Respectfully submitted,
Debbie Powell
Economic Development/Housing Manager
Approved for submission by:
Mark Weiss, Interim Executive Director
RESOLUTION NO. HA 2012 -
A RESOLUTION OF THE LA QUINTA HOUSING
AUTHORITY APPROVING THE IMPLEMENTATION OF
THE WASHINGTON STREET APARTMENT
REHABILITATION PROJECT, APPROVING THE USE OF
2004 TAX-EXEMPT HOUSING BOND PROCEEDS AND
2011 TAXABLE HOUSING BOND PROCEEDS TO FUND
THE PROJECT, CONFIRMING THE STATUS OF THE
HOUSING BOND PROCEEDS AS HOUSING ASSETS
TRANSFERABLE TO THE LA QUINTA HOUSING
AUTHORITY, AMENDING THE RECOGNIZED
OBLIGATION PAYMENT SCHEDULE TO REFLECT THE
PROJECT AND PAYMENTS, AND APPROPRIATING
$7,008,718 IN 2011 TAXABLE HOUSING BOND
PROCEEDS TO FUND THE PROJECT
WHEREAS, the City Council of the City of La Quinta ("City" or "City
Council," as applicable) has established the La Quinta Housing Authority (the
"Housing Authority") to function in the City of La Quinta in accordance with the
California Housing Authorities Law (Health and Safety Code Section 34200 at
seq.); and
WHEREAS, prior to its dissolution, the former La Quinta Redevelopment
Agency ("LQRDA") operated within the territorial jurisdiction of the City to
eliminate blight and to 'increase, improve, and preserve the supply of low- and
moderate -income housing in the City; and
WHEREAS, in fulfilling its purpose of increasing, improving, and preserving
the supply of low- and moderate -income housing in the City, in 2008 the LQRDA
expended tax-exempt bond proceeds to acquire a 72-unit very low-income senior
and disabled adult affordable housing complex located on the east side of
Washington street, at Hidden River Road and commonly known as the Washington
Street Apartments ("WSA"); and
WHEREAS, the LQRDA acquired the WSA with the intent of expending bond
proceeds from a 2004 tax-exempt housing bond issuance to substantially
rehabilitate the development, including the construction of additional units to avoid
the long-term displacement of any of the tenants at the development, for purposes
of preserving the units and affordability of the WSA; and
9 006
Resolution No. HA 2012-
Washington Street Apartments Rehabilitation
Adopted: June 5, 2012
Page 2 of 4
WHEREAS, the WSA was developed in the 1970s, with assistance from the
U.S. Department of Agriculture, Rural Development Division ("RD"), and is subject
to an outstanding RD loan ("RD Loan"); and
WHEREAS, after an extensive application process, during which the LQRDA
represented and committed to RD that it would complete the planned rehabilitation;
RD permitted the LQRDA to assume the RD Loan; and
WHEREAS, in June 2011, to ensure that the rehabilitation of the WSA would
continue without delay in the event of the dissolution of the LQRDA, the LQRDA
added the Authority to the title of the WSA; and
WHEREAS, on January 2, 2012, the City Council adopted City Council
Resolution No. 2012-002, affirmatively electing to be the "successor agency" to
the LQRDA (the "Successor Agency"); and
WHEREAS, on January 17, 2012, the Authority adopted Housing Authority
Resolution No. 2012-02, electing to be the "housing successor" to the LQRDA; and
WHEREAS, on April 18, 2012, the Oversight Board of the Successor Agency
to La Quinta Redevelopment Agency adopted Oversight Board Resolution No.
2012-008 affirming that certain housing properties, including the WSA, are
"housing assets" of the LQRDA, as that term is used in Health and Safety Code
Sections 34176(a) and 34177(g) and approving the transfer of the "housing
assets" to the Authority; and
WHEREAS, Health and Safety Code Section 34177, which contains a
comprehensive list of successor agency obligations, provides in subdivision (i),
"bond proceeds shall be used for the purposes for which bonds were sold unless
the purposes can no longer be achieved"; and
WHEREAS, the bond documents for the 2004 tax-exempt housing bonds and
2011 taxable housing bonds expressly state that the bonds were issued to finance
low- and moderate -income housing projects benefiting the former LQRDA's project
areas; and
WHEREAS, the purpose for which the bonds were sold may still be achieved,
through the rehabilitation and improvement of the WSA.
NOW, THEREFORE, BE IT RESOLVED by the La Quinta Housing Authority of
the City of La Quinta, California, as follows:
007
Resolution No. HA 2012-
Washington Street Apartments Rehabilitation
Adopted: June 5, 2012
Page 3 of 4
SECTION 1. The above recitals are true and correct.
SECTION 2. The purposes for which the 2004 tax-exempt housing bonds and
2011 taxable housing bonds were issued - to finance low- and moderate -income
housing in the City - can still be achieved. The bond documents, including the
indenture, the official statement, the bond purchase agreement, and other related
documents for the 2004 and 2011 housing bond issuances require that the net
bond proceeds be used for affordable housing.
SECTION 3. The Authority hereby approves the WSA rehabilitation project, and the
Authority Executive Director is hereby authorized and directed to administer and
implement the WSA rehabilitation project, including, without limitation, entering
into the agreements necessary to affect the same.
SECTION 4. The Authority hereby approves the expenditure of $3,006,360 in
2004 tax-exempt housing bond proceeds and $15,523,220 in 2011 taxable
housing bond proceeds (collectively, the "WSA Bond Proceeds") to fund the WSA
rehabilitation project.
SECTION 5. The Authority hereby confirms that the 2004 tax-exempt housing
bond proceeds and the 2011 taxable housing bond proceeds are "housing assets"
and that the WSA Bond Proceeds are to be transferred to the Authority pursuant to
Health & Safety Code Section 34176(b)(1) for implementation of the WSA
rehabilitation project. The Authority further confirms that the 2004 and 2011
housing bond proceeds are funds that are encumbered by an enforceable obligation
to build or acquire low- and moderate -income housing as defined in the Community
Redevelopment Law, and therefore the funds meet the definition of the term
"Housing asset" set forth in the Department of Finance's Questions and Answers
section of its website, and further meeting the definition of "Housing asset"
proposed by DOF to be codified as Health & Safety Code Section 34176(d)(2) in
the Redevelopment Agencies Dissolution Clean-up and Liquid Asset Provisions,
May Revision.
SECTION 6. The Authority hereby consents to the Successor Agency amending
Item 6 of the Recognized Obligation Payment Schedule for the July 2012 through
December 2012 time period, relating to the WSA rehabilitation project, to (i) add,
under Project Name/Debt Obligation, "and Implementation of 2004 and 2011
Housing Bond Covenants," (ii) revise the Description to read as follows:
"Implementation of written commitment to US Department of Agriculture Rural
Development to Rehabilitate & Construct Improvements to Washington Street
Apartments and Implementation of covenants in 2004 and 2011 housing bond
documents to utilize bond proceeds for affordable housing", a nd (iii) add the
il:
Resolution No. HA 2012-
Washington Street Apartments Rehabilitation
Adopted: June 5, 2012
Page 4 of 4
amount of $40,000 to each of July '12, August '12, September '12, October '12,
November '12, and December '12.
SECTION 7. The Authority hereby consents to the Successor Agency's
appropriation of $7,008,718 in 2011 taxable housing bond proceeds to fund the
project, and the Authority appropriates such funds for the project, conditioned
upon its receipt of the funds from the Successor Agency and/or the trustee.
PASSED,. APPROVED, and ADOPTED at a regular meeting of the La Quinta
Housing Authority held on this 5th day of June, 2012, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
LINDA EVANS, Chairperson
La Quinta Housing Authority
ATTEST:
SUSAN MAYSELS, Interim City Clerk
La Quinta Housing Authority
(AUTHORITY SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Authority Counsel
La Quinta Housing Authority
009
r
CITY / SA HA FA MEETING DATE: June 5, 2012 AGENDA CATEGORY:
ITEM TITLE: Ratification Of Mutual Termination Of BUSINESS SESSION:
Agreement with Rosenow Spevacek Group Relating to Z
Washington Street Apartment Rehabilitation CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Ratify the Acknowledgement of Completion of Services and Mutual Termination of
Agreement with Rosenow Spevacek Group ("RSG") relating to Washington Street
Apartment Rehabilitation.
FISCAL IMPLICATIONS:
The total contract amount was $1,471,000 (which included $773,200 for RSG's time
for implementation and construction management, and $698,000 for sub -consultants).
As of March 2012, a total of $292,429.23 has been expended, which includes
$74,723.27 for RSG services and $217,705.96 for sub -consultants. Therefore, a
total of $1,178,570.77 remains unspent. The agreement was included as part of the
2009/2010 Capital Improvement Program and funded with a combination of 2004 tax-
exempt housing bond proceeds, Project Area No. 2 Low/Moderate Income Housing
Funds, and 2011 taxable housing bond proceeds.
In a separate item on today's agenda, the Successor Agency and Housing Authority
will review the Washington Street Apartment Rehabilitation project and re -appropriate
funds to complete the project, pending Department of Finance approval to proceed
with the project. That matter does not relate to RSG or the contract which is the
subject of this staff report.
CHARTER CITY IMPLICATIONS:
None.
010
BACKGROUND AND OVERVIEW:
In March 2011, the City and former La Quinta Redevelopment Agency entered into a
contract with RSG to develop and implement the Washington Street Apartment
Rehabilitation Project. The contract included RSG's time to implement and manage
project design and construction, and the hiring of design and engineering sub -
consultants.
The project has been completed through the entitlement process, including approval of
a site development permit. However, due to the State actions ending redevelopment,
and the Department of Finance's preliminary determination that the project is not an
enforceable obligation, the project has been placed on hold.
The former principal of RSG, Inc., Frank Spevacek, has been hired as La Quinta's City
Manager. Mr. Spevacek has resigned from RSG. In order to insure there was no
conflict of interest, RSG and the Interim City Manager terminated the RSG contract on
May 14, 2012. The proposed action is to ratify the "Acknowledgement of Completion
of Services and Mutual Termination of Agreement Relating to Washington Street
Apartment Rehabilitation," which is included as Attachment 1.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Housing Authority include:
1. Ratify the Acknowledgement of Completion of Services and Mutual Termination
of Agreement with Rosenow Spevacek Group relating to Washington Street
Apartment Rehabilitation; or
2. Do not ratify the Acknowledgement of Completion of Services and Mutual
Termination of Agreement with Rosenow Spevacek Group relating to
Washington Street Apartment Rehabilitation; or
3. Provide staff with alternative direction.
Respectfully submitted,
Debbie Powell
Economic Development/Housing Manager
011
Approved for submission by:
Q
Mark Weiss, Interim Executive Director
Attachment: 1. Acknowledgement of Completion of Services and Mutual
Termination of Agreement with Rosenow Spevacek Group
Relating to Washington Street Apartment Rehabilitation
,4. 012
ATTACHMENT
ACKNOWLEDGEMENT OF COMPLETION OF SERVICES AND MUTUAL
TERMINATION OF AGREEMENT RELATING TO WASHINGTON STREET
APARTMENT REHABILITATION
WHEREAS, on March 17, 2011, the City of La Quints. ("City'), the former La Quinta
Redevelopment Agency ("Agency"), and Rosenow Spevacek Group ("RSG'� entered into a
Professional Services Agreement ("Agreement") for consulting services related to the
rehabilitation of the senior affordable housing project commonly known as the Washington
Streets Apartment development (the "Pmject'�;
AND WHEREAS, those services that could be completed were completed and a Site
Development Permit for the Project has been issued;
AND WHEREAS, the Agency was dissolved effective February 1, 2012, and the City is
now acting as the Successor Agency to the former Agency;
AND WHEREAS, pursuant to Section 9.3 of the Agreement, the parties wish to formally
terminate the Agreement, effective this date, May 14, 2012;
AND WHEREAS, to the extent the Agreement became an asset of the La Quinta
Housing Authority, that Authority concurs with the termination of the Agreement.
THEREFORE, the parties agree to a mutual termination of the Agreement, effective May
14, 2012.
CITY OF LA QUINTA
a California municipal corporation;
CITY OF LA QUINTA AS SUCCESSOR
AGENCY TO THE LA QUINTA
REDEVELOPMENT AGENCY
Mark Weiss, Interim City Manager
LA QUINTA HOUSING AUTHORITY
Mark Weiss, Interim Executive Director
APPROVED AS TO FORM:
n
'�rine Jenson,�ity Attorney
119MI5610-0048
3391455.I OM 41I2
.s-/c/--i2
Date
5—/L/_ / ?—
Date
013
Dated: �)01 Z
119/O1%IO-W9
33914SLI OSN/13
-2-
Moll pullIMIMO.
MOP,`�
014
CITY/SA4jRFA MEETING DATE: June 5, 2012
AGENDA CATEGORY:
BUSINESS SESSION:
ITEM TITLE: Adoption of Fiscal Year 2012/2013
Preliminary Budget CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Adopt the Fiscal Year 2012/2013 La Quinta Housing Authority Preliminary Budget and
direct staff to prepare a Fiscal Year 2012/2013 Final Budget for the July 17, 2012 La
Quinta Housing Authority Meeting.
FISCAL IMPLICATIONS:
All of the Fiscal Year 2012/2013 revenues and operational appropriations are included
in this Budget.. Revenues and other funding sources are estimated to be $1,227,966
and expenditures and other uses are estimated to be $1,025,065 in the Fiscal Year
Preliminary 2012/2013 budget.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Introduction
On September 15, 2009, the City Council adopted Resolution No. 2009-075
establishing the La Quinta Housing Authority (the "Housing Authority") and declaring
that the City Council will serve as the Housing Authority's governing body pursuant to
the Housing Authorities Law (California Health and Safety Code Section 34200 et
seq.).
015
Two project areas Project Area (PA 1) and PA 2 have been. established to account for
the financial activities of the Authority. These Project Areas are similar to PA 1 and PA
2 in the Successor Agency to the La Quinta Redevelopment Agency (SA).
Housing Authorities Law determined the Housing Authority's responsibilities may.
include, but are not limited to the following areas:
• Lease or rent any dwellings, houses, accommodations, lands, buildings,
structures, or facilities embraced in any housing project and establish and
revise the rents or charges for them;
• Own, hold, and improve real or personal property;
• Purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise,
or otherwise, any real or personal property or any interest in property;
• Acquire any real property by eminent domain;
• Sell; lease, exchange, transfer, assign, pledge, or dispose of any real or
personal property of any interest in it;
• Investigate living and housing conditions so as to improve such conditions;
• Determine where there is a shortage of decent, safe, and sanitary
accommodations for persons of low income;
• Make studies and recommendations relating to the problem of providing
dwelling accommodations for persons of low income;
• Engage in research, studies, and experimentation on the subject of housing.
• Adopt and announce regulations for a plan and selection of applicants to
assure equal opportunity and nondiscrimination on the grounds of race, color,
or national origin.
• Conduct an audit at least once a year by a certified public accountant or a
public accountant.
Revenues
Housing assets of the La Quinta Housing Program, which have previously been
accounted for in PA 1 of the RDA Low and Moderate Income Fund have been
moved to the new Housing Authority PA 1 Fund. The revenues and expenditures
from the La Quinta Housing Authority come from the Cove Homes that are rented
to eligible persons and managed by La Quinta Palms Realty. In addition, the
revenues from the Washington Street Apartments, which were previously
accounted for in PA 2 of the RDA Low and Moderate Income Fund have been
moved to the Housing Authority PA 2 Fund.
016
Transfers
Transfers anticipated to be made in Fiscal Year 2012/2013 will come from the
Successor Agency PA No. 2 Project Fund making payments for the two
Washington Street Apartment loans totaling $192,876.
Expenditures
The expenditures, which consist of Housing Board and Commission monthly
payments, professional expenses, and the aforementioned expenditures in operating
the La Quinta Housing Program in PA 1 and the Washington Street Apartments
operational costs in PA 2 will be incurred.
Advances
In the event deficits are incurred in the beginning years of the Authority, advances
may be made by either the City or the Redevelopment Agency pursuant to
Resolution HA 2009-002 dated October 6, 2009. It is anticipated that advances
may be necessary in Fiscal Year 2012/2013 from HA Project Area No. 1.
Fixed Assets & Related Liabilities
The housing assets of the La Quinta Redevelopment Agency (and related liabilities)
have been transferred to the La Quinta Housing Authority in Fiscal Year 2010/201 1
and 201 1 /2012.
FINDINGS AND ALTERNATIVES:
Staff is requesting:
1. Review and comment on the Fiscal Year 2012/2013 La Quinta Housing
Authority Preliminary Budget and provide direction regarding any proposed
changes to the document; or
2. Approval of the Fiscal Year 2012/2013 Fiscal Year La Quinta Housing
Authority Preliminary Budget as amended at the June 5, 2012, La Quinta
Housing Authority Meeting. (Any approved changes by the Authority will be
incorporated into the Final Budget for adoption on July 17, 2012.); or
3. Provide staff with alternative direction.
017
Respectfully submitted,
' l e
John M. Falconer, Finance Director
Approved for submission by:
Mark Weiss, Interim Executive Director
NCO,