2012 12 18 SAMM
Agendas and staff reports are now
available on the City's web page:
www.la-gainta.org
CITY AS SUCCESSOR AGENCY
To The La Quinta Redevelopment Agency
AGENDA
CITY HALL COUNCIL CHAMBERS
78-495 Calle Tampico, La Quinta
REGULAR MEETING on TUESDAY, DECEMBER 18, 2012, AT 4:00 P.M.
Beginning Resolution No. SA 2012-013
CALL TO ORDER
ROLL CALL: Agency Members Evans, Franklin, Henderson, Osborne, Chair Adolph
CLOSED SESSION — NONE
PUBLIC COMMENT
At this time, members of the public may address the City Council on any matter not listed
on the agenda. Please complete a "request to speak" form and limit your comments to
three minutes. The City Council values your comments; however in accordance with State
law, no action shall be taken on any item not appearing on the agenda unless it is an
emergency item authorized by GC 54954.2(b).
CONFIRMATION OF AGENDA
PRESENTATIONS — NONE
WRITTEN COMMUNICATIONS — NONE
APPROVAL OF MINUTES
1 . MINUTES OF DECEMBER 4, 2012
% iv - 016 1
CITY AS SUCCESSOR AGENCY TO RDA 1 DECEMBER 18, 2012
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1 RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
OCTOBER 31, 2012
2. ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA
REDEVELOPMENT AGENCY 1998, 2001, 2002, 2003 AND 2011 TAX
ALLOCATION BONDS FOR FISCAL YEAR END JUNE 30, 2012
3. DEMAND REGISTER DATED DECEMBER 18, 2012
4. RECEIVE AND FILE TREASURER'S REPORT DATED OCTOBER 31, 2012
DEPARTMENT REPORTS — NONE
BUSINESS SESSION — NONE
STUDY SESSION — NONE
ADJOURNMENT
The next special meeting of the City as Successor Agency to the La Quinta Redevelopment
Agency will be held on Wednesday, January 2, 2013, 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
1, Susan Maysels, Agency Secretary 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 the La Quinta Cove Post Office at 51-321 Avenida Bermudas and at the Stater Brothers
Supermarket at 78-630 Highway 111, on December 14, 2012.
DATED: December 13, 2012
SUSAN MAYSELS, Agency Secretary
Successor Agency to the
La Quinta Redevelopment Agency
CITY AS SUCCESSOR AGENCY TO RDA 2 DECEMBER 18, 2012't n02
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 Successor
Agency, 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 Successor Agency during a
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 Successor Agency
regarding any item on this agenda will be made available for public inspection at
the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta,
California, 92253, during normal business hours.
CITY AS SUCCESSOR AGENCY TO RDA 3 DECEMBER 18, 201;e- * n; 0
OF
AGENDA CATEGORY:
CITYE�jfHAXA MEETING DATE: December 18, 2012 BUSINESS SESSION:
ITEM TITLE: Receive and File Revenues and CONSENT CALENDAR:
Expenditures Report dated October 31, 2012
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDED ACTION:
Receive and File
EXECUTIVE SUMMARY:
Monthly and year-to-date revenues and expenditures of the Successor Agency to
the La Quinta Redevelopment Agency dated October 31, 2012.
FISCAL IMPACT:
None
BACKGROUND/ANALYSIS:
Receive and File Transmittal of the October 31, 2012 Statements of Revenues and
Expenditures for the Successor Agency to the La Quinta Redevelopment Agency.
ALTERNATIVES:
None.
Respectfully submitted,
—AqA---41 " —
Robbeyn gird, Finance Director
Attachment: 1. Revenues and Expenditures Report for October 31, 2012
0 n04
07/01120112 - 1013112012
SUCCESSOR AGENCY ADJUSTED REMAINING %
REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED
PROJECT AREA NO. I Admin (23T)
County of Riverside
476,656.00
0.00
47ii,656.00
0.000%
Pooled Cash Allocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Transfers In
15,400.00
0.00
15,400.00
0.000%
TOTAL PA 1
492,056.00
0.00
492.056.00
0.1)(10%
PROJECT AREA NO. 2 AdmIn (238)
County of Riverside
323,939.00
0.00
323,939.00
0.000%
Pooled Cash Allocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
0.00
0.00
0.00
0.000%
Transfers In
19,500.00
0.00
19,500.00
0.000%
TOTAL PA 2
343,439.00
0.00
343,439.00
0.000%
TOTAL SUCCESSOR AGENCY - ADMIN 835,495.00 0.00 835,495.00 0.000%
PROJECT AREA NO. 1 Project (231)
County of Riverside
0.00
0.00
0.00
0.000%
Pooled Cash Allocated Inter I est
0.00
2,588.76
(2,588.76)
0.000%
Non AJIocated Interest
0.00
0.00
0.00
0.000%
Transfers In
15,400.00
22,598.00
(7,1 8.00)
146.740%
TOTAL PA 1
15,400.00
25,186.76
�9,786.76)
163.550%
PROJECT AREA NO. 2 Project (232)
192,876.00
0.00
192.876.00
0.000%
County of Riverside
0.00
0.00
0.00
0.000%
Pooled Cash Nlocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
19,500.00
8,798.55
10,701.45
45.120%
Transfers In
TOTAL PA 2
212,376.00
6,twd.ob
203,577.45
4.14Uu/b
TOTAL SUCCESSOR AGENCY - PROGRAM
227.776.0
TOTAL SUCCESSOR AGENCY
1.063,2
%.% 005
SUCCESSOR AGENCY ADJUSTED 10131112 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECT AREA NO. 1,
SERVICES 131.018,00 U.�.95 0.00 96.3521.05
REIMBURSEMENT TO GEN FUNE 307,461.00 102.488.00 0.00 204,973.00
TRANSFERS OUT 0.00 0.00 0.00 0=
TOTAL PA I - Admin 438,479.00 137.152.95 Too ---MTTB-W
PROJECT AREA NO. 2:
SERVICES 0�00 3,940.00 0.00 (3."o.00)
REIMBURSEMENT TO GEN FUN[ 151,439.00 50,480.00 0.00 100,959.00
TRANSFERS OUT 0�00 0.00 0.00 0�00
TOTAL PA 2 - Admin 151,439.00 M,420�00 0. 97019.
PROJECT AREA NO. 1:
TOTAL SUCCESSOR AGENCY - Admin �9,UISDO 191,572.95 398,345�O
SERVICES
5.499,961.00
2.2W.00
0.00
5.497,701,00
BOND PRINCIPAL
0.00
0.00
0.00
0.00
SONDINTEREST
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUN[
0.00
0.00
0.00
0.00
TRANSFERS OUT
1540000
0.00
0.00
15!4W�W
TOTAL PA I - Pmgmm
b'51 b!361
0.00
�,b,3TNM
PROJECT AREA NO. 2:
SERVICES
0.00
27.658.77
0.00
(27.668.77)
BOND PRINCIPAL
BONDINTEREST
0.00
0,00
000
0.00
REIMBURSEMENT TO GEN FUN[
0.00
0.00
000
0.00
TRANSFERS OUT
212,376.00
0=
0,00
212.37&00
TOTAL PA 2 - Progmm
zIz.3t6.00
--True.77
U.00 -----f9Z7rrTF
TOTAL SUCCESSOR AGENCY - Pm9mm 29,91837 0.00 -6mma 23
TOTAL SUCCESSOR AGENCY 6,317,655.DO z2l,491.tz 0.00 --- 3"aw'-9318
ol 0
SUCCESSOR AGENCY TO THE
07/0112012 - 10131/2012
LA QUINTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO. 1:
LOWIMODERATE TAX FUND:
County of Riverside
6,227,990.00
0.00
6.227,990.00
0.000%
Nlocated Interest
0.00
0.46
(0.46)
0.000%
Non Allocated Interest
0.00
878.91
(878.91)
0.000%
Miscellaneous revenue
0.00
0.00
'0.00
0.000%
Non Mlocated Interest
0.00
0.00
0.00
0.000%
Transfer In
0.00
1,432.94
(1,432.94)
0.000%
TOTAL LOWIMOD TAX
6,227,990.00
2,312.31
6,225,677.69
0.040%
DEBT SERVICE FUND:
County of Riverside
10,273,472.00
0.00
10,273,472.00
0.000%
AJIocated Interest
0.00
0.00
0.00
0.000%
Non Mlocated Interest
0.00
260.76
(260.76)
0.000%
Transfers In
0.00
0.00
0.00
0.000%
TOTAL DEBT SERVICE
10,273,472.00
260.76
10,273,211.24
0.000%
CAPITAL IMPROVEMENT FUND
Pooled Cash Nlocated Interest
0.00
1,943.68
(1,943.68)
0.000%
Non Allocated Interest
16,400.00
4,496.26
10,903.74
29.200%
Developer Agreement Funding
0.00
0.00
0.00
0.000%
Sate of Land Proceeds
0.00
0.00
0.00
0.000%
Rental Income
0.00
0.00
0.00
0.000%
Litigation Proceeds
0.00
0.00
0.00
0.000%
Transfers In
0.00
0.00
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
15,400.00
6,439.94
8,960.06
41.820%
2011 TAXABLE HOUSING BOND FUND: (249)
Pooled Cash Alocated Interest
0.00
0.00
0.00
0.000%
Non Allocated Interest
10,000.00
7,955.88
2,044.12
79.560%
Developer Agreement Funding
0.00
0.00
0.00
0.000%
Sale of Land Proceeds
0.00
0.00
0.00
0.000%
Rental Income
0.00
0.00
0.00
0.000%
Litigation Proceeds
0.00
0.00
0.00
0.000%
Transfers In
0.00
0.00
0.00
0.000%
TOTAL 2011 TAXABLE HOUSING BOND
10,000.00
7,955.88
2,044.12
79.560%
".14 C., 0 1
SUCCESSOR AGENCY TO THE ADJUSTED 10/31/2012 REMAINING
LA QUINTA REDEVELOPMENT AGENCY BUDGET EXPENDITURES ENCUMBERED BUDGET
EXPENDITURE SUMMARY
PROJECT AREA NO. I
LOW/MODERATE TAX FUND:
SERVICES
0.00
0.00
0.00
0.00
BOND PRINCIPAL
2,071.6R).00
1.723.2W.00
0.0
348,400.W
BONDINTEREST
4,156,340.00
2,104,021.63
0.00
2,052,318.37
REIMBURSEMENT TO GEN FUN[
0.00
0.00
0.00
0.00
TRANSFERS OUT
4,712,252.00
06312gQ11;
0.00
10017853
TOTAL LOWIMOD TAX
IU,W.242. M
8.4
u.w ----7tab�
DEBT SERVICE FUND:
SERVICES
16,600,00
0.00
0�00
16,600.00
BOND PRINCIPAL
3,765,000.00
3,308,050.00
0�00
456.950.00
BONDINTEREST
6,491,872.00
3,289,314.13
0.00
3.202.557.87
TRANSFERS OUT
0,00
0,00
0.00
0.00
TOTAL DEBT SERVICE
10.273.472.00
u,59t.364.13
0,00
CAPITAL IMPROVEMENT FUND:
SERVICES
0.00
0�00
0.00
0,00
REIMBURSEMENT TO GEN FUN[
0.00
01)o
om
0.00
TRANSFERS OUT
9,209,072.00
25,294.00
0.00
9,183,778.00
TOTAL CAPITAL IMPROVEMENT
9,209,072.UF--
25,294.00
0.00
9,163.778.W
2011 TAXABLE HOUSING BOND(249)
SERVICES 0,00 0.00 0.00 0�00
TRANSFERS OUT 25,514,502.00 0.00 0.00 25!51j,4fQ,01
TOTAL 2011 TAXABLE HOUSING BOND 25,514,502.00 0.00 O.Do 25 _0
, N
()08
SUCCESSOR AGENCY TO THE
LA QUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 2:
LOW/MODERATE TAX FUND:
County of Riverside
Allocated Interest
Non Allocated Interest
Transferin
TOTAL LOWIMOD TAX
20" LOWIMODERATE BOND FUND:
Aflocated Interest
Home Sale Proceeds
Non Xlocated Interest
Transfer In
TOTAL LOWIMOD BOND
DEBT SERVICE FUND:
County of Riverside
Aflocated Interest
Non AJIocated Interest
Interest Advance Proceeds
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
Aflocated Interest
Non Aflocated Interest
Misc Revenue
Sale of land
Transfers In
TOTAL CAPITAL IMPROVEMENT
2011 TAXABLE NON -HOUSING BOND FUND: (417)
Pooled Cash Allocated interest
Non Mlocated Interest
Developer Agreement Funding
Sale of Land Proceeds
Rental Income
Litigation Proceeds
Transfers In
TOTAL 2011 TAXA13LE NON -HOUSING BOND
0710112012 - 1013112012
ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
2,665,855.00
0.00
2,665,855.00
0.000%
0.00
1.81
(1.81)
0.000%
0.00
60.44
(60.44)
0.000%
0.00
705.78
(705.78�
0.000%
2,665,855.00
768.03
2,665,086.97
0.030%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
1,128.51
(1,128.51)
0.000%
0.00
0.00
0.00
0.000%
0.00
1,128.51
(1,128.51)
0.000%
941,946.00
0.00
941,946.00
0.000%
0.00
0.00
0.00
0.000%
0.00
259.88
(259.88)
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
941,946.00
259.88
941,686.12
0.030%
0.00
0.00
0.00
0.000%
19.500.00
8,798.55
10,701.45
45.120%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
19.500.00
8,798.55
10,701.45
45.120%
0.00
0.00
0.00
0.000%
0.00
544.00
(544.00)
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
0.00
0.00
0.000%
0.00
544.00
(544.00)
0.000%
w..ii nog
SUCCESSOR AGENCY TO THE ADJUSTED 10131/2012 REMAINING
LA QUINTA REDEVELOPMENT AGENCY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECT AREA NO. 2�.
LOWIMODERATE TAX FUND:
SERVICES
0.00
0.00
0.00
0.00
BOND PRINCIPAL
623.700,00
623,700.00
0.00
0.00
BONDINTEREST
2,042.155�X)
1.028.094.13
0.00
1.014,060.87
REIMBURSEMENT TO GEN FUNE
0.00
0.00
0.00
0.00
TRANSFERS OUT
13.429,736.00
13,329.563.03
0.00
100,172.97
TOTAL LOW/MOD TAX
16,W5.591 �00
14,981.357.16
1,114,233�M
2004 LOW/MODERATE BOND FUND
HOUSING PROGRAMS 0.00 0.00 0.00 000
LAND 0.00 0.00 0.00 000
TRANSFERS OUT 2.997,69C00 19,358.62 0�00 2,978,335�38
---P
TOTAL LOWIMOD BOND J979T.M 19,35a.52 0.00 2,97U,335,31tl
DEBT SERVICE FUND:
SERVICES
0.00
0.00
0.00
0.00
BOND PRINCIPAL
17S,W0.00
176.000.00
0.00
0.00
SONDINTEREST
757,646.00
381.086.88
o.w
376,559.12
TRANSFERS OUT
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE ---932,646.00
*m,wb.u5
UM
ulu.0ow.12
CAPITAL IMPROVEMENT FUND:
SERVICES
o.w
0.00
0.00
0�00
CAPITAL
0�00
0.00
0.00
0�00
REIMBURSEMENT TO GEN FUN[
0.00
0.00
0�00
0�00
TRANSFERS OUT
19,500.00
0.00
10,701.45
TOTAL CAPITAL IMPROVEMENT -----TgM.uu
0.00
10,701.45
2011 RDA 2 TAXABLE BOND FUND:(417)
SERVICES 0.00 0�00 0.00 o.w
ECONOMIC DEVELOPMENT 753,649.00 711,855.41 0�00 41.793.59
TRANSFERS OUT 239978600 0.00 1�001 2!41141
5 2 T!;;,Il
TOTAL RDA NO. 2 TAXABLE BOND T103!Q*�00 71 I.uo5.41
'. W 010
of;
CITYFS�HVFA MEETING DATE: December 18, 2012 AGENDA CATEGORY:
BUSINESS SESSION:
ITEM TITLE: Annual Continuing Disclosure for the La CONSENT CALENDA
Quinta Redevelopment Agency 1998, 2001, 2002, R: 2-
2003 and 2011 Tax Allocation Bonds for Fiscal Year STUDY SESSION:
Ended June 30, 2012
PUBLIC HEARING:
RECOMMENDED ACTION:
Approve, receive and file the Annual Continuing Disclosure Information Statement
for the La Quinta Redevelopment Agency 1998, 2001, 2002, 2003 and 2011 Tax
Allocation Bonds for Fiscal Year Ended June 30, 2012.
EXECUTIVE SUMMARY:
In November 1994 ' the Securities and Exchange Commission adopted Rule 15c2-
12 for bonds issued after July 3, 1995 requiring the City to file disclosure
statements annually. Staff is therefore requesting that the City Council approve,
receive and file the above mentioned Annual Continuing Disclosure Statements.
FISCAL IMPACT:
None.
BACKGROUND/ANALYSIS:
On November 10, 1994, the Securities and Exchange Commission amended federal
regulations (Rule 1 5c2-1 2) for bonds issued after July 3, 1995, requiring issuers of
municipal securities (bond issues) to do the following annually for each bond issue:
1. Prepare official statements meeting the content requirement of Rule
1 5c2-12.
2. File certain financial information and operating data with national and
state repositions each year.
3. Prepare announcements of the significant events including payment
defaults, defeasances and draws on a reserve fund as the events occur.
Attachment 1 is the Fiscal Year 2011/2012 Annual Continuing Disclosure
Statements for the Successor Agency to the former La Quinta Redevelopment
Agency Bond Issues prepared in accordance with the three aforementioned
requirements. Additionally, no announcement of significant events was necessary
for Fiscal Year 2011/2012.
It is important to note that the Agency has continued to pay debt service to the
bondholders who invested in these bonds.
ALTERNATIVES:
No recommended alternatives at this time.
Respectfully submitted,
1�-j
Robbeyn Bir , Finance Director
Attachment: 1 - Fiscal Year 2011/2012 Annual Continuing Disclosure
Statements
't rj 12
LA QUINTA REDEVELOPMENT AGENCY
$15,760,000
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 1
TAXALLOCATION REFUNDING BONDS.,
SERIES 1998
Riverside County, California
Dated: June 1, 1998
Base CUSIP*: 504194
2012 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of December 4, 2012
Also available at
DAN
WE-LaLserviols
www.vAlidan.com
+ Copyright, American Banker's Association. CUSIP data Is proviled by Standard and Poor's, CUSIP Service Bureau, a
division of The McGraw-Hill Companies, Inc. This data is not Intended to create a database and does not serve in any way
as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.
..w 013
LIST OF PARTICIPANTS
CITY OF. LA QUINTA
www1a
-quinta.org
Robbeyn Bird
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
DISCLOSURE CONSULTANT-&DISSEMINATiON AGENT.
Willdan Financial Services*
Temecula, CA 92590
(951) 587-3500
Report available for viewing @
www.wilidan.com
UNDERWRITER
Miller& Schroeder Financial, Inc.
BOND COUNSEL
Rutain & Tucker LLP
Costa Mesa, California
TRUSTEE
Brad Scarbroug h
U.S. Bank Trust, N.A.
633 West 5 th Street, 24 th Floor
Los Angeles, California 90071
(213) 613-6047
In its role as Disclosure Consultant and Dissemination Agent, Wilidan Financial Services has not passed upon the accuracy,
completeness or faimess of the statements contained herein.
1: r! 14
TABLE OF CONTENTS
1. INTRODUCTION ...................................
I/. BOND INFORMATION .........................
A. PRINCIPAL OUTSTANDING ......
B. FUND BALANCES ........................
1
............................................................... 2
............................. 2
............................. 2
Ill. FINANCIAL INFORMATION ....................................................................................... 2
IV. OPERATING INFORMATION ..................................................................................... 2
A. ASSESSED VALUATIONS ............................................................................................. 2
B. LAND USE ......................................................................................................................... 3
C. TOP LOCAL SECURED TAXPAYERS ......................................................................... 3
D. ANNUAL DEBT SERVICE .............................................................................................. 4
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE 5
V. REDEVELOPMENT AGENCY DISSOLUTION ......................................................... 5
W. OCCURRENCE OF LISTED EVENTS ....................................................................... 6
City of La Quinta
;15
I. INTRODUCTION
Pursuant to an Official Statement dated June 17, 1998, the La Quinta Redevelopment Agency
(the "Agency") issued $15,760,000 La Quinta Redevelopment Project Area No. 1 Tax Allocation
Refunding Bonds, Series 1998, (the "1998 Bonds"). The 1998 Bonds were issued for the
purpose of refinancing the Agency's La Quinta Redevelopment Project, Tax Allocation Bonds,
Series 1991 (the "1991 Bonds"). The 1998 Bonds are payable on a parity with the Agency's La
Quinta Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994
Bonds"); La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2001 (the
"2001 Bonds"); La Quinta Redevelopment Project Area No. 1, Tax Allocation Bonds, Series
2002 (the "2002 Bonds"); and La Quinta Redevelopment Project Area No. 1, Tax Allocation
Bonds, Taxable Series 2003 (the "2003 Bonds") (collectively, the "Bonds").
The City of La Quinta, (the "City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 1 (the "Project Area No. 1") encompasses an area of
approximately 11,475 acres, which includes approximately 50.7% of the current area of the
City. The objective of the Agency is to eliminate or reduce the many instances of economic,
physical or social blight presently existing within the boundaries of the Redevelopment Projects.
The 1998 Bonds are special obligations of the Agency and are secured by Pledged Tax
Revenues, as defined in the Official Statement. The 1998 Bonds are not a debt of the City, the
State of California, or any of its political subdivisions and neither the City, the State of
California, nor any of its political subdivisions is liable. The 1998 Bonds do not constitute
indebtedness within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency for the benefit of the holders of the 1998 Bonds and includes the
information specified in a Continuing Disclosure Agreement. For further information and a more
complete description of the Agency and the 1998 Bonds, reference is made to the Official
Statement.
The information set forth herein has been furnished by the Agency and by sources, which are
believed to be accurate and reliable but is not guaranteed as to accuracy or completeness.
Statements contained in this Annual Continuing Disclosure Information Statement that involve
estimates, forecasts, or other matters of opinion, whether or not expressly so described herein,
are intended solely as such and are not to be construed as representations of fact. Further, the
information and expressions of opinion contained herein are subject to change without notice
and the delivery of this Annual Continuing Disclosure Information Statement will not, under any
circumstances, create any implication that there has been no change in the affairs of the
Agency or any other parties described herein.
2011112, 1998 TAB City of La Quinta I
it
016
11. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31, 2012
Tax Allocation Refunding Bonds, Series 1998 $15,760,000
B. FUND BALANCES
Fund As of October 31, 2012
Reserve Fund �') $841,805
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by the Ambac Assurance Corporation.
Ill. FINANCIAL INFORMATION
The audited financial statements for the City for the fiscal year ended June 30, 2012 will
be separately filed with the Electronic Municipal Market Access website ("EMMA") and
are hereby incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax Increment for
the Redevelopment Project Areas.
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base (1)
Increment
2008/09
$5,245,952,426
$35,019,471
$0
$5,280,971,897
$5,081,573,664
$50,649,225
2009/10
4,913,325,225
36,007,022
0
4,949,332,247
4,749,934,014
48,147,236
2010/11
4,517,918,665
35,791,524
0
4,553,710,189
4,354,3111,956
43,990,589
2011/12
4,248,567,040
31,655,376
0
4,280,222,416
4,080,824,183
N/A
2012113
4,220,927,365
33,872,601
0
4,254,799,966
4,055,401,733
N/A
(1) For Fiscal Years 2008109 through 201 Oil 1, the Base Value for the Project Area No. 1 is $199,398,233. For Fiscal Years
2011112 and 2012113, the Base Value for the Project Area No. 1 Is estimated at $199,398,233.
Source: California Municipal Statistics, Inc.
201 I/1Z 1998 TAB City of La Quints 2
B. LAND USE
PROJECT AREA NO. I
2012/13 Total
Percent
Land Use
Secured Value
of Total
Residential
$3,632,888,043
86.07%
Commercial
317,603,722
7.52%
Vacant
229,164,328
5.43%
Timeshare
39,737,704
0.94%
Miscellaneous
1,533,568
0.04%
Total Project Area No. 1 $4,220,927,366 100.00%
Note: Totals may not add due to rounding.
Source: California Municipal Statistics, Inc.
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area No. 1
based on the 2012/13 secured property tax roll.
2012/13
Assessed
%of
Property Owner
Land Use
Valuation
Total (1)
KSL Desert Resort
Hotel
$151,797,451
3.60%
Sundae Desert Partners
Residential
70,490,223
1.67%
MSR Resort Golf Course
Country Club
49,009,939
1.16%
Village Resort
Hotel
24,486,681
0.58%
Lands LP
Apartments
20,553,610
0.49%
NadadorLLC
Timeshare Properties
18,584,114
0.44%
CNL Desert Resort LP
Hotel
18,234,484
0.43%
Quarry at La Quinta Inc.
Hotel
15,240,254
0.36%
LO Investments
Commercial
13,776,608
0.33%
Old Town La Quinta LLC
Commercial
12,607,588
0.30%
Total
$394,780,962
9.35%
(1) 2012/13 Local Secured Assessed Valuation: $4,220,927,365
Source: California Municipal Statistics, Inc.
2011/1Z 1998 TAB City of La Quints 3
n18V
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1994 Bonds, 1998
Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in
the table below was gathered and verified from the corresponding Official
Statements
Maturity Date
September 1,
1994
Bonds
1998
Bonds
2001
Bonds
2002
Bonds
2003
Bonds
Combined
Debt Service
2012
$2,160,003
$819.520
$2,430,720
$2,477,681
$1,998,755
$9,886,679
2013
0
1,474,520
3,995,720
2,418,281
1,998,235
9,886,756
2014
0
1,475,460
3,997,470
2,413,031
1,996,080
9,882,041
2015
0
1,474,580
4,000,220
2,411.281
1,997,392
9,883,473
2016
0
1,476,880
3,998,720
2,412,781
1,996.208
9,884,589
2017
0
1,472,100
3,997,970
2,417,281
1,997,528
9,884,879
2018
0
1,475,500
3,997,720
2,414,531
1,996,040
9,883,791
2019
0
1,476,560
3,997,720
2,414,781
1,996,744
9,885.805
2020
0
1,475,280
3,997,720
2,412,781
1,999,328
9,885,109
2021
0
1,476,660
3,997,470
2,413,531
1,998,480
9,886,141
2022
0
1,475,440
3,996,720
2,416,781
1,999,200
9,888,141
2023
0
1,476,620
3,997,790
2,412,281
2,001,176
9,887,867
2024
0
1,474,940
3,997,485
2,413,856
1,999,096
9,885,377
2025
0
1,475.400
3,995,550
2,417,356
2,000,680
9,888,986
2026
0
1,472,740
3,996,730
2,417,525
1,997,434
9,884.429
2027
0
1.471,960
4,000.515
2,414,363
1,999,358
9,886,196
2028
0
1,472,800
3,996,395
2,417,869
2,000,808
9,887,872
2029
0
0
3,999,370
3,887,531
1,996,462
9,883,363
2030
0
0
3,998,675
3,888,013
1,996,320
9,883,008
2031
0
0
3,999,055
3,890,550
1,999,738
9,889,343
2032
0
0
0
7,889,631
2,001,072
9,890,703
Total
$2.160.003
$24.416.960
$78.389.735
$60.671.716
941968134
1207 AnA GAR
2011112, 1998 TAB City of La Quinta 4
019
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE
COVERAGE
The following table sets forth the amount of Gross Tax Increment and the
combined Debt Service Coverage for the Bonds.
Less:
Maximum
Less:
Less:
Subordinated
Maximum
Annual Debt
Fiscal
Gross Tax
Non-subordlnoted
HouLlng
Pledged
Pass
Net
Annual Debt
Service
Year
Increment
Pass Throughs")
Set Ids
Revenues
Throughe (2)
Revenues
Service (3)
Coverage
20D6/07
$52,536,879
$1.959.308
$10,507,377
$40,070,194
$17.669,196
$22,400,998
$9,890,703
2.26
2007/08
54,345,390
2,024,391
10,869,078
41,451,921
22,240,459
19,211,462
9,890,703
1.94
2008/09
50,649,225
1,956,012
10,129,845
38,563,368
20,597,697
17,965,671
9,890.703
1.82
2009110
48,147,236
1,913,631
9.629,447
36,604,158
19,699,214
16,904,944
9.890,703
1.71
2010/11
43,990,589
1,833,512
8,798,118
33,358,959
17,915,090
15,443,869
9,890,703
1.56
(1) The Agency has entered into an agreement vAth the Coachella Valley Mosquito Abatement District, the Coachella Valley
Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a non -subordinated basis.
Please note. although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non -
subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service.
(2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the
Desert Community College District.
(3) The combined Ma)dmum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994
Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the
payment of 18.5% of the debt service on the 1994 Bonds.
Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with the
Riverside County Auditor -Controller's Office.
V. REDEVELOPMENT AGENCY DISSOLUTION
On December 29, 2011, the California Supreme Court upheld ABx1 26
("Redevelopment Dissolution Act"), which dissolves all redevelopment agencies ("RDA")
in California, effective February 1, 2012. Each successor agency is responsible for
drafting a Recognized Obligation Payment Schedule ("ROPS") delineating the
enforceable obligations of the former RDA payable through June 30, 2012 and their
source of payment, and then additional ROPS every six months thereafter. ROPS are
subject to the approval of the local oversight board. The former La Quinta
Redevelopment Agency's schedule can be accessed by the link below.
http://www.la-quinta.orgiindex.aspx?page=661
2011112, 1998 TAB City of La Quinta 5
020
A OCCURRENCE OF LISTED EVENTS
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, irrespective of any detenninatfon as to whether such
event may or may not be deemed matedaL The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
1 . Principal and interest payment delinquencies on the 1998 Bonds.
2. Unscheduled draws on debt service reserves reflecting financial difficulties.
3. Unscheduled draws on credit enhancements reflecting financial difficulties.
4. Substitution of credit or liquidity providers, or their failure to perform.
5. Adverse tax opinions or the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701 -TEB) or other material notices or determinations with respect to the
tax status of the 1998 Bonds.
6. Defeasances.
7. Tender offers.
8. Bankruptcy, insolvency, receivership or similar proceedings pertaining to the
city.
9. Ratings changes.
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, if deemed matedaL The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
10. Mergers, consolidations, acquisitions, the sale of all or substantially all of the
assets of the City or the dissolution of the City.
11. Appointment of a successor or additional Trustee or the change of the name of
the Trustee or any successor or additional Trustee.
12. Non-payment related defaults.
13. Modifications to the rights of Holders.
14. Optional, contingent or unscheduled bond calls, prepayment or redemptions
other than defeasances.
15. Release, substitution or sale of property securing repayment of the 1998
Bonds.
201 I/1Z 1998 TAB City of La Quinta 6
e2l
LA QUINTA REDEVELOPMENT AGENCY
$6v75OyOOO
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2
TAXALLOCATION REFUNDING BONDS.,
ISSUE OF 1998
Riverside County, California
Dated: June 1, 1998
Base CUSIP+: 504194
2012 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of December 4, 2012
Also available at:
jW)L1dLM12AN
,,,,e
www.wilidan.com
+ Copyright, American Bankers Associallion. CUSIP data is provided by Standard and Poors, CUSIP Service Bureau, a
dMsion of The McGra�Hill Companies, Inc. This date is riot intended to create a database and does not serve in any way
as a substitute for the CUSIP senwice. The issuer takes no responsibility for the accuracy of such number.
022
LIST OF PARTICIPANTS
'CITY 01FLA QUINTA,
vvww. A-quinta.org.
Robbeyn Bird
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5th Street, 24th Floor
Los Angeles, California 90071
(213) 613-6047
In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Senrices has not passed upon the accuracy,
completeness or fairness of the statements contained herein.
%.%o. 0-23
TABLE OF CONTENTS
LINTRODUCTION ......................................................................................................... 1
11. BOND INFORMATION .................. ............................................................................. 2
A. PRINCIPAL OUTSTANDING ......................................................................................... 2
B. FUND BALANCES ........................................................................................................... 2
Ill. FINANCIAL INFORMATION ....................................................................................... 2
IV. OPERATING INFORMATION ..................................................................................... 2
A. ASSESSED VALUATIONS ............................................................................................. 2
B. LAND USE ......................................................................................................................... 3
C. TOP LOCAL SECURED TAXPAYERS ......................................................................... 3
D. ANNUAL DEBT SERVICE .............................................................................................. 4
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE 5
V. REDEVELOPMENT AGENCY DISSOLUTION ......................................................... 5
Vi. OCCURRENCE OF LISTED EVENTS ....................................................................... 6
City of La Quinta
C24
L INTRODUCUON
Pursuant to an Official Statement dated June 17, 1998, the La Quinta Redevelopment
Agency (the "Agency") issued $6,750,000 La Quinta Redevelopment Project Area No. 2
Tax Allocation Refunding Bonds, Issue of 1998 (the "1998 Bonds"). The 1998 Bonds
are being issued for the purpose of refinancing the Agency's La Quinta Redevelopment
Project Area No. 2, Tax Allocation Bonds, Issue of 1992 (the ul 992 Bonds").
The City of La Quinta, (the uCity") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 2 (the "Project Area No. 2") encompasses an
area of approximately 3,130 acres of the City. The objective of the Agency is to
eliminate or reduce the many instances of economic, physical or social blight presently
existing within the boundaries of the Redevelopment Projects.
The 1998 Bonds are special obligations of the Agency and are secured by a pledge of
Pledged Tax Revenues, as defined in the Official Statement. The Agency also issued
the La Quinta Redevelopment Project Area No. 2 Subordinate Taxable Tax Allocation
Bonds, Series 2011 (the "2011 Bonds") which are secured by Pledged Tax Revenues
on a subordinate basis to the 1998 Bonds. The 1998 Bonds are not a debt of the City,
the State of California, or any of its political subdivisions and neither the City, the State
of California, nor any of its political subdivisions is liable. The 1998 Bonds do not
constitute indebtedness within the meaning of any constitutional or statutory debt limit
or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to
a covenant made by the Agency for the benefit of the holders of the 1998 Bonds and
includes the information specified in a Continuing Disclosure Agreement. For further
information and a more complete description of the Agency and the 1998 Bonds,
reference is made to the Official Statement.
The information set forth herein has been furnished by the Agency and by sources,
which are believed to be accurate and reliable but is not guaranteed as to accuracy or
completeness. Statements contained in this Annual Continuing Disclosure Information
Statement that involve estimates, forecasts, or other matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to be construed
as representations of fact. Further, the information and expressions of opinion
contained herein are subject to change without notice and the delivery of this Annual
Continuing Disclosure Information Statement will not, under any circumstances, create
any implication that there has been no change in the affairs of the Agency or any other
parties described herein.
2011112 1998 TAB Proj 2 City of La Quinta I
025
11. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31, 2012
Tax Allocation Refunding Bonds, Issue of 1998 $5,285,000
B. FUND BALANCES
Fund As of October 31, 2012
Reserve Fund "1 $423,788
(1) The Reserve Fund Is funded by a Reserve Account Surety Bond issued by the Arnbac Assurance Corporation.
III. FINANCIAL INFORMATION
The audited financial statements for the City for the fiscal year ended June 30, 2012 will
be separately filed with the Electronic Municipal Market Access website ("EMMA") and
are hereby incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax Increment for
the Project Area No. 2.
PROJECT AREA NO. 2
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base 41)
Increment
2008/09
$2,804,622,207
$62,385,290
$0
$2,867,007,497
$2,771,824,742
$28,479,642
2009/10
2,599,130,531
65,575,780
0
2,664,706,311
2,569,523.556
25,953,975
2010111
2.424,915,500
60,334,289
0
2,485,249,789
2,390,067,034
24,186,295
2011/12
2,360,463,457
57,899,939
0
2,418,363,396
2,323,180,641
N/A
2012/13
2,3118,312,944
62,055,089
0
2,380,368,033
2,285,185,278
N/A
(1) For Fiscal
Years 2008/09 through 2010/11, the Base Value for Project Area No.
2 is $95,182,755. For
Fiscal Years
2011/12 and 2012/13, the Base Value for Project Area No.
2 is estimated at $95,182.755.
Source: California Municipal Statistics, Inc.
2011112 1998 TAB Proi 2 City of La Quinta
e26
B. LAND USE
PROJECT AREA NO. 2
2012113 Total
Percent
Land Use
Secured Value
Of Total
Residential
$1,718,037,095
74.11%
Commercial
567,909,527
24.50%
Vacant
30,354,691
1.31%
Miscellaneous
2,011,631
0.09%
Total Project Area No. 2
$2,318,312,9"
100.00%
Note: Totals may not add due to rounding.
Source: California Municipal Statistics, Inc.
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area No. 2
based on the 2012/13 secured property tax roll.
Property Owner
Land Use
2012113
Assessed
Valuation
% of
Total I"
Inland American La Quinta Pavilion
Commercial
$43.399,514
1.87%
Wal Mart Real Estate Business Trust
Commercial
28,668,169
1.24%
To Desert Dev LP
Commercial
25,120,550
1.08%
Aventine Development
Apartments
23,840,059
1.03%
Washington 111 Ltd.
Commercial
22,872,277
0.99%
Costoo Wholesale Corp.
Commercial
22,650,603
0.98%
One Eleven La Quinta
Commercial
20,987,206
0.91%
Komar Desert Properties
Commercial
20,737,366
0.89%
Target Corp.
Commercial
16,555,317
0.71%
Eagle Hardware & Garden Inc.
Commercial
15,387,518
0.66%
Total
$240,218,679
10.36%
(1) 2012113 Local Secured Assessed Valuation: $2,318,312,9"
Source: California Municipal Statistics, Inc.
1998 TAB Proj 2
City of Le Quinta
%A- e27
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1998 Bonds and
2011 Bonds. Information contained in the table below was gathered and verified
from the Official Statement.
Maturity Date
1998 Debt
2011 Debt
Combined Debt
September 1,
Bonds
Bonds
Service
2012
$423,406
$513,768
$937,174
2013
421,231
511,886
933,117
2014
418,800
515,005
933,805
2015
421,113
.512,855
933,968
2016
422,913
510,705
933,618
2017
419,200
518,555
937,755
2018
420,231
514,993
935,224
2019
420,750
516,430
937,180
2020
420,513
517.511
938,024
2021
419,750
518,236
937,986
2022
423,463
513,605
937,068
2023
421,388
513,665
935,053
2024
423,788
513,345
937,133
2025
420,400
512,645
933,045
2026
421,488
516,565
938,053
2027
421,788
514,725
936,513
2028
421,300
511,983
933,283
2029
420,025
513,833
933,858
2030
422,963
514,868
937,831
2031
419,850
515,088
934,938
2032
420,950
514,493
935,443
2033
421,000
513,083
934,083
2034
a
935,858
935,858
2035
0
933,180
933,180
2036
0
936,835
936,835
2037
0
936,008
936,008
2038
0
935,698
935,698
2039
0
935,498
935,498
Total
$9,266,310
$16,930,917
$26,197,227
2011112 1998 TAB Proi 2 City of La Quinta 4 ') A
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE
COVERAGE
The following table sets forth the amount of Gross Tax Increment and Debt
Service Coverage for the 1998 and 2011 Bonds.
Maximum
Maximum
Less: Non-
Less:
Annual
Annual
Fiscal
Gross Tax
subordinated
Housing
Pledged
Debt
Debt Service
Year
Increment —Pass
Throughs
SetAside
Revenues
Service (2)
Coverage
2006/07
$25,971,446
$16,457,383
$5,194,289
$4,319,774
$423,788
10.19
2007/08
28,859,688
18,293,635
5,771,938
4,794,115
423,788
11.31
2008/09
28.479,642
17,934,244
5,695.928
4,849,470
423,788
11.44
2009/10
25,953,975
16,376,233
5,190,795
4,386,947
423,788
10.35
2010/11
24,186,295
16,297,224
4,837,259
3,051,812
938,053
3.25
(1) The Agency has entered into agreements with the Riverside County General Fund, Riverside County Superintendent of
Schools, Coachella Valley Water District, Coachella Valley Mosquito Abatement District, Coachella Valley Resource
Conservation District, Coachella Valley Public Cemetery District, Desert Sands Unified School District, Desert Sands
Community College District, Desert Recreation District, and the City of La Quints to pass through Tax Increment on a non -
subordinated basis.
(2) Ma)dmum Annual Debt Service on the 19M and 2011 Bonds is payable in the year 2026.
Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with
the Riverside County Auditor -Controller's Office.
V. REDEVELOPMENTAGENCY DISSOLUTION
On December 29, 2011, the California Supreme Court upheld ABx1 26
("Redevelopment Dissolution Act"), which dissolves all redevelopment agencies ("RDA")
in California, effective February 1, 2012. Each successor agency is responsible for
drafting a Recognized Obligation Payment Schedule ("ROPS") delineating the
enforceable obligations of the former RDA payable through June 30, 2012 and their
source of payment, and then additional ROPS every six months thereafter. ROPS are
subject to the approval of the local oversight board. The former La Quinta
Redevelopment Agency's schedule can be accessed by the link below.
http://www.la-quinta.org/index.aspx?page=661
2011112 1998 TAB Proi 2 City of La Quinta 5
%.%_ 029
Vt. OCCURRENCE OF LISTED EVENTS
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, iffespective of any determination as to whether such
event may or may not be deemed matedal. The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
1 . Principal and interest payment delinquencies on the 1998 Bonds.
2. Unscheduled draws on debt service reserves reflecting financial difficulties.
3. Unscheduled draws on credit enhancements reflecting financial difficulties.
4. Substitution of credit or liquidity providers, or their failure to perform.
5. Adverse tax opinions or the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701-TEB) or other material notices or determinations with respect to the
tax status of the 1998 Bonds.
6. Defeasances.
7. Tender offers.
8. Bankruptcy, insolvency, receivership or similar proceedings pertaining to the
city.
9. Ratings changes.
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, ff deemed matedaL The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
10. Mergers, consolidations, acquisitions, the sale of all or substantially all of the
assets of the City or the dissolution of the City.
11. Appointment of a successor or additional Trustee or the change of the name of
the Trustee or any successor or additional Trustee.
12. Non-payment related defaults.
13. Modifications to the rights of Holders.
14. Optional, contingent or unscheduled bond calls, prepayment or redemptions
other than defeasances. 1
15. Release, substitution or sale of property securing repayment of the 1998
Bonds.
Proj 2 City of La Quinta
0-30
LA QUINTA REDEVELOPMENT AGENCY
. $48yOOOyOOO
LA QUINTA REDEVELOPMENT PROJECT AREA NO. I
TAX ALLOCATION BONDS
SERIES 2001
Riverside County, California
Dated: August 1, 2001
Base CUSIP*: 604194
2012 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of December 4, 2012
Also available at:
www.willclan.corn
+ Copyright, American Banker's Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a
dimsion of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not same in any way
as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.
It C31
LIST OF PARTICIPANTS
CITY OFLA QUINTA:
WWW.
Robbeyn Bird
Finance Director
P.O. Box 1504
78495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
DISCLOSURE CONSULTANT & DISSEMINATION AGENT
Wilklan Financial Services*
Temecula, CA 92590
(951) 587-3500
Report available for viewing @
www.wilidan.com
UNDERWPJrER
Wedbush Morgan Securities
BONDCOUNSEL'.,
Rutan & Tucker LLP
Costa Mesa, California
TRUSTEP',
Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5th Street, 24 th Floor
Los Angeles, California 90071
(213) 613-6047
In its role as Disclosure Consultant and Dissemination Agent, Wilidan Financial Services has not passed upon the accuracy,
completeness or fairness of the statements contained herein.
0 3
TABLE OF CONTENTS
1. INTRODUCTION ......................................................................................................... 1
/I. BONDINFORMATION ................................................................................................ 2
A. PRINCIPAL OUTSTANDING ......................................................................................... 2
B. FUND BALANCES ........................................................................................................... 2
/it. FINANCIAL INFORMATION ....................................................................................... 2
IV. OPERATING INFORMATION ..................................................................................... 2
A. ASSESSED VALUATIONS ............................................................................................. 2
B. LAND USE ......................................................................................................................... 3
C. TOP LOCAL SECURED TAXPAYERS ......................................................................... 3
D. ANNUAL DEBT SERVICE., ............................................................................................. 4
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE 5
V. REDEVELOPMENT AGENCY DISSOLUTION ......................................................... 5
V1. OCCURRENCE OF LISTED EVENTS ....................................................................... 6
City of La Quinta
0; 3
L INTRODUCTION
Pursuant to an Official Statement dated August 15, 2001, the La Quinta Redevelopment
Agency (the "Agency") issued $48,000,000 La Quinta Redevelopment Project Area No. 1
Tax Allocation Bonds, Series 2001 (the "2001 Bonds"). The 2001 Bonds were issued to
finance redevelopment projects benefiting the La Quinta Redevelopment Project Area No.
1. The 2001 Bonds are payable on a parity with the Agency's La Quinta Redevelopment
Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"); La Quinta
Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 1998 (the u1998 Bonds");
La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2002 (the "2002
Bonds"); and La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable
Series 2003 (the "2003 Bonds") (collectively, the "Bonds").
The City of La Quints, (the "City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 1 (the "Project Area No. 1") encompasses an area of
approximately 11,475 acres, which includes approximately 50.7% of the current area of the
City. The objective of the Agency is to eliminate or reduce the many instances of economic,
physical or social blight presently existing within the boundaries of the Redevelopment Projects.
The 2001 Bonds are special obligations of the Agency and are secured by Pledged Tax
Revenues, as defined in the Official Statement. The 2001 Bonds are not a debt of the City,
the State of California, or any of its political subdivisions and neither the City, the State of
California, nor any of its political subdivisions is liable. The 2001 Bonds do not constitute
indebtedness within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency for the benefit of the holders of the 2001 Bonds and includes
the information specified in a Continuing Disclosure Agreement. For further information and
a more complete description of the Agency and the 2001 Bonds, reference is made to the
Official Statement.
The information set forth herein has been furnished by the Agency and by sources, which
are believed to be accurate and reliable but is not guaranteed as to accuracy or
completeness. Statements contained in this Annual Continuing Disclosure Information
Statement that involve estimates, forecasts, or other matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to be construed as
representations of fact. Further, the information and expressions of opinion contained
herein are subject to change without notice and the delivery of this Annual Continuing
Disclosure Information Statement will not, under any circumstances, create any implication
that there has been no change in the affairs of the Agency or any other parties described
herein.
2011/1Z 2001 TAB City of La Quinta I
-k r--
11. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31, 2012
Tax Allocation Bonds, Series 2001 $48,000,000
B. FUND BALANCES
Fund As of October 31, 2012
Reserve Fund "1 $2,633.200
(1) The Reserve Fund Is funded by a Reserve Account Surety Bond issued by Arnbac Assurance Corporation.
/it. FINANCIAL INFORMATION
The audited financial statements for the City for the fiscal year ended June 30, 2012 will
be separately filed with the Electronic Municipal Market Access website (uEMMA7) and
are hereby incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax Increment for
the Redevelopment Project Areas.
Prolect Area No. 1
Fiscal
secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base (1)
Increment
2008/09
$5,245.952,426
$35,019,471
$0
$5.280,971,897
$5,081,573,664
$50,649,225
2009/10
4,913.325,225
36,007.022
0
4,949,332,247
4,749,934,014
48,147,236
2010/11
4,517,918,665
35,791.524
0
4,553,710,189
4,354,311,956
43,990,589
2011/12
4,248,567,040
31,655,376
0
4,280,222,416
4,080,824,183
N/A
2012/13
4,220,927,365
33,872,601
0
4,254,799,966
4,055,401,733
N/A
(1)
For Fiscal Years 2008109 through 2010111,
the Base Value for the Project Area No- 1 is $199,398,233.
For Fiscal Years
2011112 and 2012113, the Base Value for the Project Area No. I is estimated at $199,398,233.
Source: California Municipal Statistics, Inc.
2011112, 2001 TAB City of Le Quinta
C- 3 5)
B. LAND USE
PROJECT AREA NO. 1
2012113 Total Pement
Land Use Secured Value of Total
Residential
$3,632,888,043
86.07%
Commercial
317,603,722
7.52%
Vacant
229,164,328
5.43%
Timeshare
39.737,704
0.94%
Miscellaneous
1,533,568
0.04%
Total Project Area IN . 1 $4,220,927,365 100.00%
Note: Totals may not add due to rounding.
Source: California Municipal Statistics, Inc.
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area No. 1
based on the 2012/13 secured property tax roll.
2012113
Assessed
% Of
Property Owner
Land Use
Valuation
Total (1)
KSL Desert Resort
Hotel
$151,797,451
3.60%
Sunrise Desert Partners
Residential
70,490,223
1.67%
MSR Resort Golf Course
Country Club
49,009,939
1.16%
Village Resort
Hotel
24,486,681
0.58%
Lands LP
Apartments
20,553,610
0.49%
NadadorLLC
Timeshare Properties
18,584,114
0.44%
CNL Desert Resort LP
Hotel
18,234,484
0.43%
Quarry at La Quinta Inc.
Hotel
15,240,254
0.36%
LO Investments Commercial 13,776,608 0.33%
Old Town La Quinta LLC Commercial 12,607,588 0.30%
Total $394,780,962 9.35%
(1) 2012113 Local Secured Assessed Valuation: $4,220,927,365.
Source: California Municipal Statistics, Inc.
2011112,2001 TAB
City of La Quinta
..It- 036
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1994 Bonds, 1998
Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in
the table below was gathered and verified from the corresponding Official
Statements.
Maturity Date
September 1,
1994
Bonds
1998
Bonds
2001
Bonds
2002
Bonds
2003
Bonds
Combined
Debt Service
2012
$2,160,003
$819,520
$2,430,720
$2,477,681
$1,998,755
$9,886,679
2013
0
1,474,520
3,995,720
2,418,281
1,998,235
9,886,756
2014
0
1,475,460
3,997,470
2,413,031
1,996,080
9,882,041
2015
0
1,474,580
4,000,220
2,411,281
1,997,392
9,883,473
2016
0
1,476,880
3,998,720
2,412,781
1,996,208
9,884,589
2017
0
1,472,100
3,997,970
2,417,281
1,997,528
9,884,879
2018
0
1,475,500
3,997,720
2,414,531
1,996,040
9,883,791
2019
0
1,476,560
3,997,720
2,414,781
1,996,744
9,885,805
2020
0
1,475,280
3,997,720
2,412,781
1,999,328
9,885,109
2021
0
1,476,660
3,997,470
2,413,531
1,998,480
9,886,141
2022
0
1,475,440
3,996,720
2,416,781
1,999,200
9,888,141
2023
0
1,476,620
3,997,790
2,412,281
2,001,176
9,887,867
2024
0
1,474,940
3,997,485
2,413,856
1,999,096
9,885,377
2025
0
1,475,400
3,995,550
2,417,356
2,000,680
9,888,986
2026
0
1,472,740
3,996,730
2,417,525
1,997,434
9,884,429
2027
0
1,471,960
4,000,515
2,414,363
1,999,358
9,886,196
2028
0
1,472,800
3,996,395
2,417,869
2,000,808
9,887,872
2029
0
0
3,999,370
3,887,531
1,996,462
9,883,363
2030
0
0
3,998,675
3,888,013
1,996,320
9,883,008
2031
0
0
3,999,055
3,890,550
1,999,738
9,889,343
2011/1Z 2001 TAB City of La Quinta
.4 r-, 3 7
E.
HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE
COVERAGE
The following table sets forth the amount
of Gross Tax Increment
and the
combined Debt Service Coverage for the Bonds.
Less:
Maximum
Less: Less:
Subordinated
Maximum
Annual Debt
Fiscal
Gross Tax
Non-subordnoted Housing Pledged
Pass
Net
Annuall3ebt
Service
Year
Increment
Pass Throughs") SetAsIde Revenues
Throughs (2)
Revenues
Service (3)
Coverage
2006/07
$52,536,879
$1,959,308 $10,507,377 $40,070,194
$17,669,196
$22,400,998
$9,890,703
2.26
2007/08
54,345,390
2,024,391 10,869,078 41.451,921
22,240,459
19,211,462
9,890,703
1.94
2008/09
50,649.225
1,956,012 10,129,845 38,563,368
20,597.697
17,965,671
9,890,703
1.82
2009/10
48,147,236
1,913,631 9,629,447 36,604,158
19,699,214
16,904,944
9,890,703
1.71
2010/11
43.990,589
1,833,512 8,798,118 33,358,959
17,915,090
15,443,869
9,890,703
1.56
(1) The Agency has entered into an agreement with the Coachella Valley mosquito Abatement District, the Coachella Valley
Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a non -subordinated basis.
Please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, It Is non -
subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service.
(2) The Agency's subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the
Desert Community College District.
(3) The combined Maximum Annual Debt Service on the 2003 Bonds, 2002 Bonds, 2001 Bonds, the 1998 Bonds and the 1994
Bonds is payable in the year 2032 in the amount of $9,890,703- A portion of the Housing Set Asides Is pledged towards the
payment of 18.5% of the debt service on the 1994 Bonds.
Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with the
Riverside County Auditor -Controllers Office.
V. REDEVELOPMENTAGENCY DISSOLUTION
On December 29, 2011, the California Supreme Court upheld ABx1 26
("Redevelopment Dissolution Act"), which dissolves all redevelopment agencies ("RDA")
in California, effective February 1, 2012. Each successor agency is responsible for
drafting a Recognized Obligation Payment Schedule ("ROPS") delineating the
enforceable obligations of the former RDA payable through June 30, 2012 and their
source of payment, and then additional ROPS every six months thereafter. ROPS are
subject to the approval of the local oversight board. The former La Quinta
Redevelopment Agency's schedule can be accessed by the link below.
http://www.la-quinta.org/index.aspx?page=661
2011/1Z 2001 TAB City of La Quints 5
C 38
V1. OCCURRENCE OF LISTED EVENTS
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, irrespective of any determination as to whether such
event may or may not be deemed materlai. The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
1 . Principal and interest payment delinquencies on the 2001 Bonds.
2. Unscheduled draws on debt service reserves reflecting financial difficulties.
3. Unscheduled draws on credit enhancements reflecting financial difficulties.
4. Substitution of credit or liquidity providers, or their failure to perform.
5. Adverse tax opinions or the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701-TEB) or other material notices or determinations with respect to the
tax status of the 2001 Bonds.
6. Defeasances.
7. Tender offers.
8. Bankruptcy, insolvency, receivership or similar proceedings pertaining to the
city.
9. Ratings changes.
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, if deemed material. The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
10. Mergers, consolidations, acquisitions, the sale of all or substantially all of the
assets of the City or the dissolution of the City.
11. Appointment of a successor or additional Trustee or the change of the name of
the Trustee or any successor or additional Trustee.
12. Non-payment related defaults.
13. Modifications to the rights of Holders.
14. Optional, contingent or unscheduled bond calls, prepayment or redemptions
other than defeasainces.
15. Release, substitution or sale of property securing repayment of the 2001
Bonds.
2011/1Z 2001 TAB City of La Quinta
039
LA QUINTA REDEVELOPMENT AGENCY
$4OyOOOyOOO
LA QUINTA REDEVELOPMENT PROJECT AREA NO. I
TAX ALLOCATION BONDS
SERIES 2002
Riverside County, California
Dated: June 1, 2002
Base CUSIP": 604194
2012 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of December 4, 2012
Also available at:
%r)L1.1w1QAN
s�
www.YA[Idan.com
+ Copyright, American Bankers Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a
division of The McGra�Hill Companies, Inc. This data is not intended to create a database and does not serve in any way
as a substitute for the CUSIP servos. The issuer takes no responsibility for the accuracy of such number.
P40
LIST OF PARTICIPANTS
Willdan Financial Services*
Temecula, CA 92590
(951) 587-3500
Report available for viewing @
www.wilidan.com
UNDERWRITER
Wedbush Morgan Securities
BOND COUNSEL
Rutan & Tucker LLP
Costa Mesa, California
'TRUSTEE
Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5th Street, 24 th Floor
Los Angeles, California 90071
(213) 613-6047
In its role as Disclosure Consultant and Dissemination Agent, Wilidan Financial Services has not passed upon the accuracy,
completeness or fairness of the statements contained herein.
11 r4l
u
Il.
TABLE OF CONTENTS
INTRODUCTION......................................................................................................... I
BOND INFORMATION ..................
A. PRINCIPAL OUTSTANDING ........
B. FUND BALANCES ..........................
................................................. 2
...................................... 2
...................................... 2
Ill. FINANCIAL INFORMATION ....................................................................................... 2
IV. OPERATING INFORMATION ..................................................................................... 2
A. ASSESSED VALUATIONS ............................................................................................. 2
B. LAND USE ......................................................................................................................... 3
C. TOP LOCAL SECURED TAXPAYERS ......................................................................... 3
D. ANNUAL DEBT SERVICE ..............................................................
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERV . ICE COVERAGE 5
V. REDEVELOPMENT AGENCY DISSOLUTION ......................................................... 5
W. OCCURRENCE OF LISTED EVENTS ....................................................................... 6
City of La Quinta
-it 0 4
L INTRODUCTION
Pursuant to an Official Statement dated June 12, 2002, the La Quinta Redevelopment
Agency (the "Agency") issued $40,000,000 La Quinta Redevelopment Project Area No. 1
Tax Allocation Bonds, Series 2002 (the "2002 Bonds"). The 2002 Bonds were issued to
finance redevelopment projects benefiting the La Quinta Redevelopment Project Area
No. 1. The 2002 Bonds are payable on a parity with the Agency's La Quinta Redevelopment
Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds"); La Quinta
Redevelopment Project Area No. I Tax Allocation Bonds, Series 1998 (the "1998 Bonds");
La Quinta Redevelopment Project Area No. I Tax Allocation Bonds, Sedes 2001 (the "2001
Bonds"); and La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds, Taxable
Series 2003 (the "2003 Bonds") (collectively, the "Bonds").
The City of La Quinta, (the "CW) which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 1 (the "Project Area No. 1") encompasses an area of
approximately 11,475 acres, which includes approximately 50.7% of thecurrent area of the
City. The objective of the Agency is to eliminate or reduce the many instances of economic,
physical or social blight presently existing within the boundaries of the Redevelopment Projects.
The 2002 Bonds are special obligations of the Agency and are secured by Pledged Tax
Revenues, as defined in the Official Statement. The 2002 Bonds are not a debt of the City,
the State of California, or any of its political subdivisions and neither the City, the State of
California, nor any of its political subdivisions is liable. The 2002 Bonds do not constitute
indebtedness within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency for the benefit of the holders of the 2002 Bonds and includes
the information specified in a Continuing Disclosure Agreement. For further information and
a more complete description of the Agency and the 2002 Bonds, reference is made to the
Official Statement.
The information set forth herein has been furnished by the Agency and by sources, which
are believed to be accurate and reliable but is not guaranteed as to accuracy or
completeness. Statements contained in this Annual Continuing Disclosure Information
Statement that involve estimates, forecasts, or other matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to be construed as
representations of fact. Further, the information and expressions of opinion contained herein
are subject to change without notice and the delivery of this Annual Continuing Disclosure
Information Statement will not, under any circumstances, create any implication that there
has been no change in the affairs of the Agency or any other parties described herein.
2011112, 2002 TAB City of La Quinta I .
0 4
fl. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31, 2012
Tax Allocation Refunding Bonds, Series 2002 $33.645,000
B. FUND BALANCES
Fund As of October 31, 2012
Reserve Fund ill $2,013,648
(1) The Reserve Fund is funded by a Reserve Account Surety Bond issued by Ambac Assurance corporation.
III. FINANCIAL INFORMATION
The audited financial statements for the City for the fiscal year ended June 30, 2012 will
be separately filed with the Electronic Municipal Market Access website ("EMMA7) and
are hereby incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax Increment for
the Redevelopment Project Areas.
Prolect Area No. I
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base (1)
Increment
2008/09
$5,245,952,426
$35,019,471
$0
$5,280,971,897
$5,081,573,664
$50,649,225
2009/10
4,913,325,225
36,007,022
0
4,949,332,247
4,749,934,014
48,147,236
2010/11
4,517,918,665
35,791,524
0
4,553,710,169
4,354,311,956
43,990,589
2011/12
4,248,567,040
31,655,376
0
4,280,222,416
4,080,824,183
N/A
2012/13
4.220,927,365
33,872,601
0
4,254,799,966
4,055,401,733
N/A
(1) For Fiscal Years 2008109 through 2010/11, the Base Value for the Project Area No. I is $199,398,233. For Fiscal Years
2011/12 and 2012/13, the Base Value for the Project Area No. 1 is estimated at $199,398,233.
Source: California Municipal Statistics. Inc.
2011112, 2002 TAB City of La Quinta 2
- N 044
B. LAND USE
PROJECT AREA NO. I
2012113 Total Pement
Land Use Secured Value of Total
Residential
$3,632,888.043
86.07%
Commercial
317,603,722
7.52%
Vacant
229.164,328
5.43%
Timeshare
39,737,704
0.94%
Miscellaneous
1,533,568
0.04%
Total Project Area No. 1 $4,220,927,366 100.00%
Note: Totals may not add due to rounding.
Source: California Municipal Statistics, Inc.
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area No. 1
based on the 2012/13 secured property tax roll.
Property Owner
Land Use
2012/13
Assessed
Valuation
% Of
Total (1)
KSL Desert Resort
Hotel
$151,797,451
3.60%
Sundae Desert Partners
Residential
70,490,223
1.67%
MSR Resort Golf Course
Country Club
49,009,939
1.16%
Village Resort
Hotel
24,486,681
0.58%
Lands LP
Apartments
20,553,610
0.49%
NadadorLLC
Timeshare Properties
18,584,114
0.44%
CNL Desert Resort LP
Hotel
18,234,484
0.43%
Quarry at La Quinta Inc.
Hotel
15,240,254
0.36%
LQ Investments
Commercial
13,776,608
0.33%
Old Town La Quinta LLC
Commercial
12,607,588
0.30%
Total
$394,780,962
9.36%
(1) 2012J13 Local Secured Assessed Valuation: $4,220,927,365
Source: California Municipal Statistics, Inc.
2011112, 2002 TAB City of La Quints 3
e45
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1994 Bonds, 1998
Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in
the table below was gathered and verified from the corresponding Official
Statements.
Maturity Date
September 1,
1994
Bonds
1998
Bonds
2001
Bonds
2002
Bonds
2003
Bonds
Combined
Debt Service
2012
$2,160,003
$819,520
$2,430,720
$2,477.681
$1,998,755
$9,886,679
2013
0
1,474,520
3,995,720
2,418,281
1,998,235
9,886,756
2014
0
1,475,460
3,997,470
2,413,031
1,996,080
9,882,041
2015
0
1,474,580
4,000,220
2,411,281
1,997,392
9,883,473
2016
0
1,476,880
3,998,720
2,412,781
1,996,208
9,884,589
2017
0
1,472,100
3.997,970
2,417,281
1,997,528
9,884,879
2018
0
1,475,500
3,997,720
2,414,531
1,996,040
9,883,791
2019
0
1,476,560
3,997,720
2,414,781
1,996,744
9,885,805
2020
0
1,475,280
3,997,720
2,412,781
1,999,328
9.885,109
2021
0
1,476,660
3,997,470
2,413,531
1,998,480
9,886,141
2022
0
1,475.440
3,996,720
2,416,781
1,999,200
9,888,141
2023
0
1,476,620
3,997,790
2,412,281
2,001,176
9,887,867
2024
0
1,474,940
3,997,485
2.413,856
1,999,096
9.885,377
2025
0
1,475,400
3,995,550
2,417,356
2.000,680
9,888,986
2026
0
1,472,740
3,996,730
2,417,525
1,997,434
9,884,429
2027
0
1,471,960
4,000,515
2,414,363
1,999,358
9,886,196
2028
0
1,472,800
3,996,395
2,417,869
2.000,808
9.887,872
2029
0
0
3,999,370
3,887,531
1,996,462
9,883,363
2030
0
0
3,998,675
3,888,013
1,996,320
9,883,008
2031
0
0
3,999.055
3,890,550
1,999,738
9,889,343
2032
0
0
0
7,889,631
2,001,072
9,890,703
Total
$2.160.003
$24.416.960
$78.382.736
$90.671.716
&4199613A
S2(17 Aft& MA
2011/1Z 2002 TAB City of La Quinta 4
P46
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE
COVERAGE
The following table sets forth the amount of Gross Tax Increment and the
combined Debt Service Coverage for the Bonds.
Less:
Maximum
Less:
Less:
Subordinated
Maximum
AnnuallDebt
Fiscal
Gross Tax
Non-9=1,note d
Hou 'ng
Pledged
Pass
Net
Annual Debt
Service
Year
Increment
Pass hst )
SeMide
Revenues
Throughs (2)
Revenues
Service (3)
Coverage
2006107
$52,536,879
$1,959,308
$10,507,377
$40,070,194
$17,669,196
$22,400,998
$9,890,703
2.26
2007/08
54,345,390
2,024,391
10,869,078
41,451.921
22,240,459
19,211,462
9,890,703
1.94
2008/09
50,649,225
1,956,012
10,129,845
38,563,368
20,597,697
17,965,671
9,890,703
1.82
2009/10
48,147,236
1,913,631
9,629,447
36.604,158
19,699,214
16,904,944
9,890,703
1.71
2010/11
43,990,589
1,833,512
8,798,118
33,358,959
17,915,090
15.443,869
9,890,703
1.56
(1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District; the Coachella Valley
Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a non -subordinated basis.
Please note, although the Coachella Valley Unified School District pass -through Is presented as non -subordinated, It is non -
subordinate only to debt service on the 2002 Bonds and Is subordinate to all other debt service.
(2) The Agerveys subordinated pass-throughs include the County of Riverside, the Desert Sands Unified School District, and the
Desert Community College Distdct.
(3) The combined Ma)dmum Annual Debt Service on the 2003 Bonds, 2DD2 Bonds, 2001 Bonds, the 1998 Bonds and the 1994
Bonds is payable in the year 2032 in the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the
payment of 18.5% of the debt service on the 1994 Bonds.
Source: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed with the
Riverside County Auditor -Controller's Office.
V. REDEVELOPMENTAGENCY DISSOLUTION
On December 29, 2011, the California Supreme Court upheld ABx1 26
("Redevelopment Dissolution Act"), which dissolves all redevelopment agencies ("RDA")
in California, effective February 1, 2012. Each successor agency is responsible for
drafting a Recognized Obligation Payment Schedule (uROPS") delineating the
enforceable obligations of the former RDA payable through June 30, 2012 and their
source of payment, and then additional ROPS every six months thereafter. ROPS are
subject to the approval of the local oversight board. The former La Quinta
Redevelopment Agency's schedule can be accessed by the link below.
http://www.la-quinta.org/index.aspx?page=661
2011/1Z 2002 TAB City of La Quinta
04 7
V1 OCCURRENCE OF LISTED EVENTS
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, irrespective of any determination as to whether such
event may or may not be deemed material. The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
1 . Principal and interest payment delinquencies on the 2002 Bonds.
2. Unscheduled draws on debt service reserves reflecting financial difficulties.
3. Unscheduled draws on credit enhancements reflecting financial difficulties.
4. Substitution of credit or liquidity providers, or their failure to perform.
5. Adverse tax opinions or the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701-TEB) or other material notices or determinations with respect to the
tax status of the 2002 Bonds.
6. Defeasances.
7. Tender offers.
8. Bankruptcy, insolvency, receivership or similar proceedings pertaining to the
city.
9. Ratings changes.
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, if deemed material. The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
10. Mergers, consolidations, acquisitions, the sale of all or substantially all of the
assets of the City or the dissolution of the City.
11. Appointment of a successor or additional Trustee or the change of the name of
the Trustee or any successor or additional Trustee.
12. Non-payment related defaults.
13. Modifications to the rights of Holders.
14. Optional, contingent or unscheduled bond calls, prepayment or redemptions
other than defeasances.
15. Release ' substitution or sale of property securing repayment of the 2002
Bonds.
2011112, 2002 TAB City of La Quinta 6
P48
LA QUINTA REDEVELOPMENT AGENCY
$261400s000
LA QUINTA REDEVELOPMENT PROJECT AREA NO. I
TAX ALLOCATION BONDS
TAXABLE SERIES 2003
Riverside County, California
Dated: September 1, 2003
Base CUSIP+: 504194
2012 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of December 4, 2012
Also available at:
0 LLDAN
ncialSmvioes
www.wilidan.com
+ Copyright, American Bankers Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a
division of The McGrawHill Companies, Inc. This data is not intended to create a database and does not serve in any way
as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.
10 049
LIST OF PARTICIPANTS
CITYOF LA QUINTA
wwW.191-
quinte-org
Robbeyn Bird
Finance Director
P.O. Box 1504
78495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
DISCLOSURE CONSULTANT & DISSEMINATION AGENT
Willdan Financial Services*
Temecula, CA 92590
(951) 587-3500
Report available for viewing @
www.wilidan.com
In its role as Disclosure Consultant and Dissemination Agent, Wilidan Financial Services has not passed upon the accuracy,
completeness or fairness of the statements contained herein.
.4 P50
TABLE OF CONTENTS
1. INTRODUCTION ......................................................................................................... I
I/. BOND INFORMATION ................................................................................................ 2
A. PRINCIPAL OUTSTANDING .......................................................................................... 2
B. FUND BALANCES ...........................................................................................................
Ill. FINANCIAL INFORMATION .......................................................................................
IV. OPERATING INFORMATION ..................................................................................... 2
A. ASSESSED VALUATIONS ............................................................................................. 2
B. LAND USE ......................................................................................................................... 3
C. TOP LOCAL SECURED TAXPAYERS ......................................................................... 3
D. ANNUAL DEBT SERVICE .............................................................................................. 4
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE s
V. REDEVELOPMENT AGENCY DISSOLUTION ......................................................... 5
W. OCCURRENCE OF LISTED EVENTS .......................
City of La Quinta
I. INTRODUCTION
Pursuant to an Official Statement dated September 10, 2003, the La Quinta Redevelopment
Agency (the "Agency") issued $26,400,000 La Quinta Redevelopment Project Area No. 1
Tax Allocation Bonds, Taxable Series 2003 (the "2003 Bonds"). The 2003 Bonds were
being issued to finance redevelopment projects benefiting the La Quinta Redevelopment
Project Area No.l. The 2003 Bonds are payable on a parity with the Agency's La Quints
Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds");
the La Quinta Redevelopment Project Area No. I Tax Allocation Bonds, Series 1998 (the
"1998 Bonds"); the La Quinta Redevelopment Project Area No. 1 Tax Allocation Bonds,
Series 2001 (the "2001 Bonds"); and the Agency's La Quinta Redevelopment Project Area
No. 1 Tax Allocation Bonds, Series 2002 (the u2002 Bonds") (collectively, the "Bonds").
The City of La Quinta, (the "City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. I (the "Project Area No. 1") encompasses an area of
approximately 11,475 acres, which includes approximately 50.7% of the current area of the
City. The objective of the Agency is to eliminate or reduce the many instances of economic,
physical or social blight presently existing within the boundaries of the Redevelopment Projects.
The 2003 Bonds are special obligations of the Agency and are secured by Pledged Tax
Revenues, as defined in the Official Statement. The 2003 Bonds are not a debt of the City,
the State of California, or any of its political subdivisions and neither the City, the State of
California, nor any of its political subdivisions is liable. The 2003 Bonds do not constitute
indebtedness within the meaning of any constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency for the benefit of the holders of the 2003 Bonds and includes
the information specified in a Continuing Disclosure Agreement. For further information and
a more complete description of the Agency and the 2003 Bonds, reference is made to the
Official Statement.
The information set forth herein has been furnished by the Agency and by sources, which
are believed to be accurate and reliable but is not guaranteed as to accuracy or
completeness. Statements contained in this Annual Continuing Disclosure Information
Statement that involve estimates, forecasts, or other matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to be construed as
representations of fact. Further, the information and expressions of opinion contained herein
are subject to change without notice and the delivery of this Annual Continuing Disclosure
Information Statement will not, under any circumstances, create any implication that there
has been no change in the affairs of the Agency or any other parties described herein.
2011/1Z 2003 TAB City of La Quinta I
11. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds As of October 31, 2012
Tax Allocation Bonds, Taxable Series 2003 $22,215,000
B. FUND BALANCES
Fund As of October 31, 2012
Reserve Fund "1 $1,509,867
(1) The Reserve Fund Is funded by a Reserve Account Surety Bond Issued by Ambac Assurance corporation-
Ith FINANCIAL INFORMATION
The audited financial statements for the City for the fiscal year ended June 30, 2012 will
be separately filed with the Electronic Municipal Market Access website ("EMMA") and
are hereby incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax
Increment for the Redevelopment Project Areas.
Project Area No. I
Fiscal
Secured
Unsecured
utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base 41)
Increment
2008/09
$5,245,952,426
$35,019,471
$0
$5.280.971,897
$5,081.573,664
$50,649,225
2009/10
4,913,325,225
36,007,022
0
4,949,332,247
4,749,934,014
48,147,236
2010/11
4,517,918,665
35,791,524
0
4,553,710,189
4,354,311,956
43,990,589
2011/12
4,248,567,040
31,655.376
0
4,280,222,416
4.080,824,183
N/A
2012/13
4,220,927,365
$33,872,601
0
4,254,799,966
4,055,401,733
N/A
(1) The Base Value for the Project Area No. 1 Is $199,398,233. For Fiscal Yea, 2011112 and onward, the Base Value for
the Project Area No. 1 is estimated at $199,398,233.
Source: California Municipal Statistics, Inc.
2011112, 2003 TAB City of La Quints 2
r. 5 .3
B. LAND USE
PROJECT AREA NO. I
2012f13 Total Percent
Land Use Secured Value of Total
Residential
$3,632,888,043
86.07%
Commercial
317,603,722
7.52%
Vacant
229,164,328
5.43%
Timeshare
39,737,704
0.94%
Miscellaneous
1,533,568
0.04%
Total Project Area No. 1 $4,220,927,366 100.00%
Note: Totals may not add due to rounding.
Source: California Municipal Statistics, Inc.
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area No. 1
based on the 2012/13 secured property tax roll.
Property Owner
Land Use
2012/13
Assessed
Valuation
%of
Total (')
KSL Desert Resort
Hotel
$151,797,451
3.60%
Sunrise Desert Partners
Residential
70,490,223
1,67%
MSR Resort Golf Course
Country Club
49,009,939
1.16%
Village Resort
Hotel
24,486,681
0.58%
Lands LIP
Apartments
20,553,610
0.49%
NadadorLLC
Timeshare Properties
18,584,114
0.44%
CNIL Desert Resort LIP
Hotel
18,234,484
0.43%
Quarry at La Quinta Inc.
Hotel
15,240,254
0.36%
LO Investments
Commercial
13,776,608
0.33%
Old Town La Quinta LLC
Cornmerdal
12,607,588
0.30%
Total
$394,780,962
9.36%
(1) 2012113 Local Secured Assessed Valuation: $4,220,927,365
Source: California Municipal Statistics, Inc.
2011112, 2003 TAB City of La Quinta 3
r54
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1994 Bonds, 1998
Bonds, 2001 Bonds, 2002 Bonds, and the 2003 Bonds. Information contained in
the table below was gathered and verified from the corresponding Official
Statements.
Maturity Data
September 1,
1994
Bonds
1998
Bonds
2001
Bonds
2002
Bonds
2003
Bonds
Combined
Debt Service
2012
$2,160,003
$819.520
$2,430,720
$2,477.681
$1,998,755
$9,886,679
2013
0
1,474,520
3,995,720
2,418.281
1,998,235
9,886,756
2014
0
1,475,460
3,997,470
2,413,031
1,996,080
9,882,041
2015
0
1,474,580
4,000,220
2,411,281
1,997,392
9,883,473
2016
0
1,476,880
3,998,720
2,412,781
1,996,208
9,884,589
2017
0
1,472,100
3,997,970
2,417,281
1,997,528
9,884,879
2018
a
1,475,500
3,997,720
2,414,531
1,996,040
9,883,791
2019
0
1.476,560
3,997,720
2,414,781
1,996,744
9,885,805
2020
0
1,475,280
3.997,720
2,412,781
1,999,328
9,885,109
2021
0
1,476,660
3,997,470
2,413,531
1,998,480
9,806,141
2022
0
1,475,440
3,996,720
2,416,781
1,999,200
9,888,141
2023
0
1,476,620
3,997,790
2,412,281
2,001,176
9,887,867
2024
0
1,474,940
3,997,485
2,413,856
1,999,096
9,885,377
2025
0
1,475,400
3,995,550
2,417,356
2,000,680
9,888,986
2026
0
1,472,740
3,996,730
2,417,525
1,997,434
9,884,429
2027
0
1,471,960
4,000,515
2.414,363
1,999,358
9,886,196
2028
0
1,472,800
3,996,395
2,417,869
2,000,808
9,887,872
2029
0
0
3,999,370
3,887,531
1,996,462
9,883,363
2030
0
0
3,998,675
3,888,013
1,996,320
9,883,008
2031
0
0
3,999,055
3,890,550
1,999,738
9,889,343
2032
0
0
0
7.889.631
2.001.072
9A90 703
2011/1Z 2003 TAB City of La Quinta 4
14 055
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE
COVERAGE
The following table sets forth the amount of Gross Tax Increment and the
combined Debt Service Coverage for the Bonds.
Less:
Maximum
Less:
Less:
Subordinated
Maximum
Annual Debt
Fiscal
Gross Tax
Non=lnetad
Housing
Pledged
Pass
Net
Annual Debt
Service
Year
Increment
Pass It (1)
Set Aside
Revenues
Throughs 42)
Revenues
Service 43)
Coverage
2006107
$52,536,879
$1,959,308
$10,507,377
$40,070,194
$17,669,196
$22,400,998
$9,890,703
2.26
2007/08
54,345,390
2,024,391
10,869,078
41,451,921
22,240,459
19,211,462
9,890,703
1.94
2008109
50,649,225
1,956,012
10,129,845
38,563,368
20,597,697
17,965,671
9,890,703
1.82
2009/10
48,147,236
1,913,631
9,629,447
36,604,158
19,699,214
16,904,944
9,890,703
1.71
2010/11
43,990,589
1,833,512
8,798,118
33,358,959
17,915,090
15,443,869
9,890,703
1.56
(1) The Agency has entered into an agreement with the Coachella Valley Mosquito Abatement District, the Coachella Valley
Water District, and the Coachella Valley Unified School District to pass through Tax Increment on a non -subordinated basis.
please note, although the Coachella Valley Unified School District pass -through is presented as non -subordinated, it is non -
subordinate only to debt service on the 2002 Bonds and is subordinate to all other debt service.
(2) The Agency's subordinated pass-throughs, include the County of Riverside, the Desert Sands Unified School District, and the
Desert Community College District.,
(3) The combined Ma)dmum Annual Debt Service on the 2003 Bonds, 20D2 Bonds, 2001 Bonds, the 1998 Bonds and the 1994
Bonds is payable in the year 2032 In the amount of $9,890,703. A portion of the Housing Set Asides is pledged towards the
payment of 18.5% of the debt service on the 1994 Bonds.
Source: Audited Financial Statements of the La Quinta Redevelopment Agency and the Statement of Indebtedness filed with the
Riverside County Auditor -Controllers Office.
V. REDEVELOPMENTAGENCY DISSOLUTION
On December 29, 2q11, the California Supreme Court upheld ABx1 26
("Redevelopment Dissolution Act"), which dissolves all redevelopment agencies ("RDA")
in California, effective February 1, 2012. Each successor agency is responsible for
drafting a Recognized !Obligation Payment Schedule (uROPS") delineating the
enforceable obligations of the former RDA payable through June 30, 2012 and their
source of payment, and then additional ROPS every six months thereafter. ROPS are
subject to the approva ' I of the local oversight board. The former La Quinta
Redevelopment Agency's schedule can be accessed by the link below.
http://www.la-quinta.org/index.aspx?page=661
2011/1Z 2003 TAB I Co of La Quinta
1756
W. OCCURRENCE OF LISTED EVENTS
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, irrespective of any determination as to whether such
event may or may not be deemed matedal. The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
1 . Principal and interest payment delinquencies on the 2003 Bonds.
2. Unscheduled draws on debt service reserves reflecting financial difficulties.
3. Unscheduled draws on credit enhancements reflecting financial difficulties.
4. Substitution of credit or liquidity providers, or their failure to perform.
5. Adverse tax opinions or the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701-TEB) or other material notices or determinations with respect to the
tax status of the 2003 Bonds.
6. Defeasances.
7. Tender offers.
8. Bankruptcy, insolvency, receivership or similar proceedings pertaining to the
city.
9. Ratings changes.
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, ff deemed matedat The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
10. Mergers, consolidations, acquisitions, the sale of all or substantially all of the
assets of the City or the dissolution of the City.
11. Appointment of a successor or additional Trustee or the change of the name of
the Trustee or any successor or additional Trustee.
12. Non-payment related defaults.
13. Modifications to the rights of Holders.
14. Optional, contingent or unscheduled bond calls, prepayment or redemptions
other than defeasances.
15. Release, substitution or sale of property securing repayment of the 2003
Bonds.
2011112, 2003 TAB
City of La Quinta
0 5 7
LA QUINTA FINANCING AUTHORITY
$28y8501,000
LOCAL AGENCY SUBORDINATE
TAXABLE REVENUE BONDS
2011 SERIES A
Riverside County, California
Dated: June 14, 2011
Base CUSIP*: 50420A
2012 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of December 4, 2012
Also available at
W)E1w112AN
w -Aw
www.vAlidan.com
+ Copyright. American Banker's Association. CUSIP data Is provided by Standard and Poor's. CUSIP Service Bureau, a
dMslon of The McGraw4iIII Companies, Inc. This data Is not intended to create a database and does not serve in any way
as a substitute for 9* CUSIP service. The Issuer takes no responsibility for the accuracy of such munber.
C 5 8
LIST OF PARTICIPANTS
t
Y OF,�;L&QUINTX'?-
4 WWW
is
J�-'4P
4 "
Robbeyn Bird
Finance Director
P.O. Box 1504
78-495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
sk
Willdan Financial Services
Temecula, CA 92590
(951) 587-3500
Report available for viewing @
www.wilidan.com
;4-
VINDERWMTO
-q -
Wedbush Morgan Securities Inc.
Solana Beach, California
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Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5th Street, 24th Floor
Los Angeles, California 90071
(213) 615-6047
In Its role as Disclosure Constfitaryt and Dissemination Agent, Wilidan Financial SerAces has not passed upon the somracy,
completeness or fairness of the statements contained herein.
..4 059
TABLE OF CONTENTS
I.' INTRODUCTION ........................................................................................................... 1
ItBOND INFORMATION ................................................................................................ 2
A. PRINCIPAL OUTSTANDING ......................................................................................... 2
B. FUND BALANCES ........................................................................................................... 2
/it. FINANCIAL INFORMATION ....................................................................................... 2
IV. OPERA77NG INFORMATION ..................................................................................... 2
A. ASSESSED VALUATIONS ............................................................................................. 2
B. HISTORICAL HOUSING SET -ASIDE REVENUE ....................................................... 3
C. LAND USE ......................................................................................................................... 4
D. TOP LOCAL SECURED TAXPAYERS ......................................................................... 4
E. ANNUAL DEBT SERVICE ................. ............................................................................ 6
F. HISTORICAL DEBT SERVICE COVERAGE ............................................................... 7
V. REDEVELOPMENT AGENCY DISSOLUTION ......................................................... 7
W. OCCURRENCE OFLISTED EVENTS ....................................................................... 8
City of La Quinta
..4 060
L INTRODUCTION
Pursuant to an Official Statement dated June 9, 2011, the La Quinta Financing Authority (the
"Authority") issued $28,850,000 Local Agency Subordinate Taxable Revenue Bonds, 2011
Series A #he "2011 Bonds") to provide a loan to the La Quinta Redevelopment Agency (the
"Agency") to finance affordable low and moderate housing in or of benefit to the Community
Redevelopment Project Areas No. 1 and 2 (collectively the uRedevelopment Projects"). The
2011 Bonds were sold by the Agency for the purpose of increasing, improving andfor
preserving the supply of low and moderate income housing within the Redevelopment Projects.
The City of La Quinta, (the 'City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, 20 miles from Palm Springs and 120 miles from Los Angeles.
Redevelopment Project Area No. 1 (the "Project Area No. 1") encompasses an area of
approximately 11,475 acres, which includes approximately 50.7% of the current area of the
City. Redevelopment Project Area No. 2 (the uProject Area No. 2") encompasses an area of
approximately 3,130 acres north of Project Area No. 1. The objective of the Agency is to
eliminate or reduce the many instances of economic, physical or social blight presently existing
within the boundaries of the Redevelopment Projects.
The 2011 Bonds are special obligations of the Agency and are secured by a pledge of Housing
Set -Aside Tax Revenues on a subordinate basis to the Agency's previously issued La Quinta
Redevelopment Project, Tax Allocation Refunding Bonds, Series 1994 (the "1994 Bonds") and
the Local Agency Revenue Bonds, 2004 Series A (the 42004 Bonds"), as defined in the Official
Statement. The 2011 Bonds are not a debt of the City, the State of California, or any of its
political subdivisions and neither the City, the State of California, nor any of its political
subdivisions is liable. The 2011 Bonds do not constitute indebtedness within the meaning of any
constitutional or statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to a
covenant made by the Agency for the benefit of the holders of the 2011 Bonds and includes the
information specified in a Continuing Disclosure Agreement. For further information and a more
complete description of the Agency and the 2011 Bonds, reference is made to the Official
Statement:
The information set forth herein has been furnished by the Agency and by sources, which are
believed to be accurate and reliable but is not guaranteed as to accuracy or completeness.
Statements contained in this Annual Continuing Disclosure Information Statement that involve
estimates, forecasts, or other matters of opinion, whether or not expressly so described herein,
are intended solely as such and are not to be construed as representations of fact. Further, the
information and expressions of opinion contained herein are subject to change without notice
and the delivery of this Annual Continuing Disclosure Information Statement will not, under any..
circumstances, create any implication that there has been no change in the affairs of the
Agency or any other parties described herein.
201 I/1Z 201 1A Revenue City of La Quinta I
'.. 4 rl 6 1
11. BOND INFORMATION
A- PRINCIPAL OUTSTANDING
Bonds As of October 31, 2012
Taxable Revenue Bonds, 2011 Series A $28,850.000
B. FUND BALANCES
Fund As of October 31, 2012
Reserve Fund $2,694.615
Reserve Requirement $2.694,381
111. FINANCIAL INFORMATION
The audited financial statements for the City for the fiscal year ended June 30, 2012 will
be separately filed with the Electronic Municipal Market Access website (a EMMX) and
are hereby incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV- OPERATING INFORMATION
A- ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax Increment for
the Redevelopment Project Areas.
Fiscal
Secured
Unsecured
Uglily
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base (1)
Increment
2008/09
$5,245.952,426
$35,019,471
$0
$5.280,971,897
$5,081,573,664
$50,649,225
2009/10
4,913,325,225
36,007,022
0
4.949,332,247
4,749,934,014
48,147,236
2010/11
4,517,918,665
35,791,524
0
4,553,710,189
4,354,311,956
43,990,589
2011/12
4,248.567,040
31,655,376
0
4,280,222,416
4,080,824,183
N/A
2012/13
4,220,927.365
33.872,601
0
4,254,799,966
4,055,401,733
N/A
(1) For Fiscal Years 20011109ftough2D10111, the Base Value for the Project Area No. I is $199,398,233. For Fiscal Years
2011112 and 2012/13, the Base Value for the Project Area No. I is estirnated at $199.398.233.
Source: California Municipal Statistics, Inc.
201 I/1Z 201 1A Revenue City of La Quints it 2 0 6 2
PROJECT AREA NO. 2
Fiscal
Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year
Value
Value
Value
Value
Above Base (1)
Increment
2008/09
$2,804,622.207
$62.385.290
$0
$2.867,007,497
$2,771,824,742
$28,479.642
2009110
2,599,130,531
65,575,780
0
2,664,706,311
2,569,523,656
25,953.975
2010/11
2.424,915,500
60,334,289
0
2,485,249,789
2,390,067,034
.24,186,295
2011/12
2,360,463,457
57.899,939
0
2,418.363,396
2,323,180,641
INA,
2012113
2,318,312,944
62,055,089
0
2.380,368,033
2,285,185,278
N/A
(1) For Fiscal Years 2008/09 Ittrough 2010111, the Base Value for Project Area No.
2 Is $95,182,755. For
Fiscal Years
2011/12 arid 2012113. the Base Value for Project Area No.
2 Is esffinaW at $95,182,755.
Source: Calffornle Municipal Statistics, Inc.
B. HISTORICAL HOUSING SET -ASIDE REVENUE
The follo%Mng table sets forth the Housing Set -Aside revenue for the
Redevelopment Project Areas.
PROJECT AREA NO. I
Total Taxable
Gross Tax
Housing
Fiscal Year
Value
Increment
SetAsIde
2006107
$4,814,057,916
$52,536,879
$10,507,377
2007/08
5,244,952,450
54,345,390
10,869.078
2008/09
5,280.971,897
50,649,225
10,129,845
2009/10
4,949,332,247
48,147,236
9,629,447
2010/11
4,553,710.189
43,990.589
8,798.118
Source: Audifed Financial Statements of the
La Quinta Redevelomient Agency and the
Statement of Indebtedness filed with the
Riverside County Audftor-ControlkWs office.
PROJECT AREA NO. 2
Total Taxable Gross Tax Housing
Fiscal Year Value Increment Set Aside
201)6/07
$2,462,897.880
2007/08
2,774.964,683
200=9
2,8157,007,497
2009/10
2,664,706,311
2010/11
2,485,249,789
$25,971,446
$5,194,289
28,859,688
5,771,938
28,479,642
5,695,928
25,953,975
5.190.795
24,186,295
4,837,259
Source: Audited Financial Statements of the La Quints Redevelo;xnent Agency and the
Statement of Indebtedness filed Wth it* Riverside Courly Audilor-Controder's Office.
201 I/1Z 201 1A Revenue City of La Quints 3
. k, (163
C. LAND USE
PROJECT AREA NO. I
Land Use
2012113 Total
Secured Value
Percent
of Total
Residential
$3,632,888,043
86.07%
Commercial
317,603,722
7.52%
Vacant
229,164,328
5.43%
Timeshare
39.737.704
0.94%
Miscellaneous
1,533.568
0.04%
. Total P!joect Area No. 1
$4,220,9271366
100.00%
Note: Totals may not add due to rounding.
Source: Galftnia Municipal Statisfics, Inc.
PROJECT AREA NO. 2
2012113 Total Percent
Land Use Secured Value Of Total
Residential
$1,718,037.095
74.11%
Commercial
567,909,527
24.50%
Vacant
30,354,691
1.31%
Miscellaneous
2,011,631
0.09%
. Total PM�ct Area No. 2 $2,318,312,944 100.00% —
Note: Totals may not add due to rounding.
Source: California Municipal Statistics, Inc.
D. TOP LOCAL SECURED TAXPAYERS
The follomfing table sets forth the largest secured taxpayers in Project Area No. 1
based on the 2012/13 secured property tax roll.
2012/13
Assessed
% Of
Property Owner
Land Use
Valuation
Total (1)
KSL Desert Resort
Hotel
$151.797,451
3.60%
Sunrise Desert Partners
Residential
70,490,223
1.67%
MSR Resort Golf Course
Country Club
49.009.939
1.16%
Village Resort
Hotel
24.486.681
0.58%
Lands LP
Apartments
20,553,610
0.49%
NadadorLLC
Timeshare Properties
18.584.114
0.44%
CNL Desert Resort LP
Hotel
18,234,484
0.43%
Quarry at La Quints Inc.
Hotel
15,240,254
0.36%
LQ Investments
Commercial
13.776,608
0.33%
Old Town La Quinta LLC
Commercial
12,607,688
0.30%
Total
$394,780,952
9.36%
(1) 2012113 Local Secured Assessed Valuation: $4,220,927,365.
Source: California Municipal Statistics. Inc.
201 I/1Z 201 1A Revenue City of La Quints
C64
The following table sets forth the largest secured taxpayers in Project Area No. 2
based on the 2012/13 secured property tax roll.
Property Owner
Land Use
2012113
Assessed
Valuation
% Of
Total (1)
Inland American La Quints Pavilion
Commercial
$43.399,514
1.87%
Wal Mart Real Estate Business Trust
Commercial
28.668,169
1.24%
To Desert Dev LP
Commercial
25,120,550
1.08%
Aventine Development
Apartments
23,840,059
1.03%
Washington 111 Ltd.
Commercial
22,872,277
0.99%
Gostoo Wholesale Corp.
Commercial
22,650,603
0.98%
One Eleven La Quints
Commercial
20,987.206
0.91%
Komar Desert Properties
Commercial
20.737,366
0.89%
Target Corp.
Commercial
16,555,317
0.71%
Eanle Hardware & Garden Inc.
Commercial
15,387,518
0.66%
Total
$240,218,679
10.36%
(1) 2012/13 Local Secured Assessed Valuation: $2,318,312,944
Source: California Municipal Statistics, Inc.
2011112, 2011A Revenue Chy of Le Quinte %1 C65
E. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 2004 Bonds and the
portion of debt service for 1994 Bonds. and 2011 Bonds payable from the
Housing Set -Aside revenue. Information contained in the table below was
gathered and verified from the corresponding Official Statements.
1994 Bonds
Maturity Date
Debt
2004 Bonds
2011 Bonds
Total
September 1,
Service (1)
Debt Service
Debt Service
Combined
2012
$490,307
$5,949.106
$2,171,767
$8,611,180
2013
5,949.056
2,691.767
8,640,823
2014
5,950,306
2.692,267
8,642,573
2015
5,946,556
2,692,967
8,639,523
2016
5,947,369
2,689,717
8,637.086
2017
5,947,144
2,691,677
8,638,821
2018
5,945,619
2,693,396
8,639,015
2019
5,947,531
2,690,171
8,637,702
2020
5,947,356
2,692,231
8,639,587
2021
5,949,831
2,694,381
8,644.212
2022
5,949,431
2,691,061
8,640,492
2023
5,945,894
2,690,321
8,636.215
2024
5.948.956
2,689,641
8,638,597
2025
5,947,831
2,693,641
8,641,472
2026
5,946,331
2,691,561
8,637,892
2027
5,945.831
2,693,401
8,639,232
2028
5,945,831
2,689,651
8,635,482
2029
5,945,831
2,693,396
8,639,227
2030
5,950,331
2,693,451
8,643,782
2031
5,947,788
2,689,421
8,637,209
2032
5,948,200
2.690,911
8,639,111
2033
6,945,8DO
2.693.634
8,639,434
2034
5,950,075
2,694,251
8,644.326
2035
2,691,957.
2,691,957
2036
2,690,943
2,690,943
Total
$490,307
$13BL798,004
$66 777&82
$204LO65,893
(1) Represents the 18.5% of annual debt service on the 1994 Bonds to VMch the Agency has allocated Housing Set -Aside
revenue derived from Project Area No. 1.
2011A Revenue . City of La Quints . It 6 C66
F. HISTORICAL DEBT SERVICE COVERAGE
The follovAng table sets forth the bond year debt service for the 2004 Bonds and
the portion of debt service on the 1994 Bonds and 2011 Bonds payable from
Housing Set -Aside revenue.
4994
Total Debt
Bonds
2011
Service
2004 Bonds
Debt
Bonds
Payable
Debt
Service
Debt
From
Debt
Fiscal Year
Service
ant
Paw,,
Service
Housing
Housing
Service
Sept. I
Payment
Payment
Set -Aside
SetAside 12)
Coverag
2006/07
$5,950,356
$491,060
$6,441,406
$15,701,666
2.44
2007/08
5,948,256
490,676
6,438,932
16,641,016
2.58
2008=
5,946,731
490.465
6,437,196
15,825,773
2.46
2009/10
5,949,931
490,280
6,440,211
14,820,242
2.30
2010/11
5.945,331
490,911
$488,648
6,924,890
13,635,377
1.97
(1) Represents the 18.5% portion of annual debt service an the 1994 Bonds to which to Agency has aliocated Housing
Set -Aside revenue d~ from Project Ares No. 1.
(2) Housing Set -Aside Includes revenue from Project Area No. I and Project Area No. 2.
V. REDEVELOPMENTAGENCY DISSOLUTION
On December 29, 2011, the California Supreme Court upheld ABx1 26
(mRedevelopment Dissolution Act"), which dissolves all redevelopment agencies ("RDA*)
in California, effective February 1, 2012. Each successor agency is responsible for
drafting a Recognized Obligation Payment Schedule ("ROPS") delineating the
enforceable obligations of the former RDA payable through June 30, 2012 and their
source of payment, and then additional ROPS every six months thereafter. ROPS are
subject to the approval of the local oversight board. The former La Quinta
Redevelopment Agency's schedule can be accessed by the link below.
ht4):Itwww.la-qulnta.org/indox.aspx?page=661
2011/1Z 2011A Revenue City of La Quinte 7
C 6 7
V1. OCCURRENCE OF LISTED EVENTS
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, iffespective of any detennination as to whether such
event may or may not be deemed material. The Authority has no knowledge that any
of the events listed below have occurred or have not been previously reported during
the fiscal year ended June 30, 2012.
I . Principal and interest payment delinquencies on the 2011 Bonds.
2. Unscheduled draws on debt service reserves reflecting financial difficulties.
3. Unscheduled draws on credit enhancements reflecting financial difficulties.
4. Substitution of credit or liquidity providers, or their failure to perform.
5. Adverse tax opinions or the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701-TEB) or other material notices or determinations with respect to the
tax status of the 2011 Bonds.
6. Defeasances.
7. Tender offers.
8. Bankruptcy, insolvency, receivership or similar proceedings pertaining to the
Authority.
9. Ratings changes.
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, if deemed material. The Authority has no knowledge that any
of the events listed below have occurred or have not been previously reported during
the fiscal year ended June 30, 2012.
10. Mergers, consolidations, acquisitions, the sale of all or substantially all of the
assets of the Authority or the dissolution of the Authority.
11. Appointment of a successor or additional Trustee or the change of the name of
the Trustee or any successor or additional Trustee.
12. Non-payment related defaults.
13. , Modifications to the rights of Holders.
14. Optional, contingent or unscheduled bond calls, prepayment or redemptions
other than defeasances.
15. Release, substitution or sale of property securing repayment of the 2011
Bonds.
201 1/1Z 201 1A Revenue Oty of Le Quinta '.. 10 8 068
LA QUINTA REDEVELOPMENT AGENCY
$6.10000000
LA QUINTA REDEVELOPMENT PROJECT AREA NO. 2
SUBORDINATE TAXABLE TAXALLOCATION BONDS
SERIES 2011
Riverside County, California
Dated: June 14, 2011
Base CUSIP+: 604194
2012 ANNUAL CONTINUING DISCLOSURE
INFORMATION STATEMENT
As of December 4, 2012
Me available at
W) WILM I
w"mMidan.corn
+ Copyright, American Bankers Association. CUSIP data is provided by Standard and Poors, CUSIP Service Bureau. a
division of The McGraw-lijil Companies. Inc. This data is not Intended to create a database and does riot serve in arri way
as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such nurnber.
1-% 0 6 9
LIST OF PARTICIPANTS
Robbeyn Bird
Finance Director
P.O. Box 1504
76-495 Calle Tampico
La Quinta, California 92247
(760) 777-7150
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Wilklan Financial Services*
Temecula, CA 92590
(951) 587-3500
Report available for viewing @
www.wilidan.com
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Wedbush Securities, Inc.
Solana Beach, California
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MRS,
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Rutan & Tucker LLP
Costa Mesa, California
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10
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Brad Scarbrough
U.S. Bank Trust, N.A.
633 West 5 th Street, 24th Floor
Los Angeles, California 90071
(213) 613-6047
In its role as Disclosure consultant and Dissemination Agent, Wilidan Financial Services has not passed upon the accuracy,
completeness or fairness of the statements contained herein.
070
TABLE OF CONTENTS
1. INTRODUC77ON .......................................................................................................... I
11. BOND INFORMATION ................................................................................................ 2
A. PRINCIPAL OUTSTANDING
B. FUND BALANCES ..................
2
2
Ill. FINANCIAL INFORMATION ....................................................................................... 2
IV OPER477NGINFORMAT70N .................................................................................... 2
A. ASSESSED VALUATIONS ............................................................................................. 2
B. LAND USE ......................................................................................................................... 3
C. TOP LOCAL SECURED TAXPAYERS ......................................................................... 3
D. ANNUAL DEBT SERVICE .............................................................................................. 4
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE COVERAGE 5
v. REDEvELopmENr AGENCY DISSOLUTION ......................................................... s
V1. OCCURRENCE OF LISTED EVENTS ....................................................................... 6
aty of La Quinta
C,
L INTRODUCTION
Pursuant to an Official Statement dated June 9, M1.1, the La Quinta Redevelopment
Agency (the uAgency") issued $6,000,000 La Quinta Redevelopment Project Area No. 2
Subordinate Taxable Tax Allocation Bonds, Series 2011 (the 02011 Bonds"). The 2011
Bonds are being issued for the purpose of financing redevelopment projects benefitting
La Quinta Redevelopment Project Area No. 2 (the "Project Area").
The City of La Quinta, (the "City") which comprises approximately 35.31 square miles, is
located in the Coachella Valley, twenty miles from Palm Springs and 120 miles from Los
Angeles.
The Redevelopment Project Area No. 2 (the "Project Area No. 2n) encompasses an
area of approximately 3,130 acres of the City. The objective of the Agency is to
eliminate or reduce the many instances of economic, physical or social blight presently
existing within the boundaries of the Redevelopment Projects.
The 2011 Bonds are special obligations of the Agency and are secured by a pledge of
Pledged Tax Revenues on a subordinate basis to the Agency's previously issued La
Quinta Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds, Series
1998 (the '1998 Bonds"), as defined in the Official Statement. The 2011 Bonds are not
a debt of the City, the State of California, or any of its political subdivisions and neither
the City, the State of California, nor any of its political subdivisions is liable. The 2011
Bonds do not constitute indebtedness within the meaning of any constitutional or
statutory debt limit or restriction.
This Annual Continuing Disclosure Information Statement is being provided pursuant to
a covenant made by the Agency for the benefit of the holders of the 2011 Bonds and
includes the information specified in a Continuing Disclosure Agreement. For further
information and a more complete description of the Agency and the 20,11 Bonds,
reference is made to the Official Statement.
The information set forth herein has been furnished by the Agency and by sources,
which are believed to be accurate and reliable but is not guaranteed as to accuracy or
completeness. Statements contained in this Annual Continuing Disclosure Information
Statement that involve estimates, forecasts, or other matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to be construed
as representations of fact. Further, the information and expressions of opinion
contained herein are subject to change without notice and the delivery. of this Annual
Continuing Disclosure Information Statement will not, under any circumstances, create
any implication that there has been no change in the affairs of the Agency or any other
parties described herein.
TAB Proi 2 City of La Quinte
072
11. BOND INFORMATION
A. PRINCIPAL OUTSTANDING
Bonds 'As of October 31, 2012
Subordinate Tax Allocation Bonds, Series 2011 $5,965,000
B. FUND BALANCE$
Fund As of October 31, 2012
Reserve Fund $600,546
Reserve Requirement $600,000
/it. FINANCIAL INFORMATION
The audited financial statements for the City for the fiscal year ended June 30, 2012 Will
be separately filed with the Electronic Municipal Market Access website ("EMMA") and
are hereby incorporated by reference into this Annual Continuing Disclosure Information
Statement.
IV. OPERATING INFORMATION
A. ASSESSED VALUATIONS
The following table set forth the Taxable Values and the Gross Tax Increment for
the Project Area No. 2.
PROJECT AREA NO. 2
Fiscal Secured
Unsecured
Utility
Total Taxable
Taxable Value
Gross Tax
Year Value
Value
Value
Value
Above Base (1)
Increment
2008/09 $2,804,622,207
$62,385.290
$0
$2.867,007,497
$2,771,824,742
$28,479,642
2009110 2,599,130,531
65,575,780
0
2.664,706,311
2.569,523,556
25,953,975
2010/11 2,424,915,500
60,334,289
0
2,485,249,789
2.390,067,034
24,186,295
2011/12 2,360,463,457
57,899,939
0
2,418,363,396
2,323.180,641
N/A
2012/13 2,318,312,944
62,055,089
0
2,380,368.033
2,285,185,278
N/A
(1) For Fiscal Years 200a= through 2010/11. the Base Value for Project Area No.
2 is $95,182,755. For
Fiscal Years
2011112 and 2012113. the Base Value for Project Area No.
2 Is estimated at $95.182,755.
Source: Califomia Municipal Statistics, Inc.
2011112 2011 TAB Roi 2
City of La Quints
0
;73
B. LAND USE
PROJECT AREA NO. 2
2012113 Total Percent
Land Use Secured Value Of Total
Residential
$1.718,037.095
74.11%
Commercial
567,9N,527
24.50%
Vacant
30,354,691
1.31%
Miscellaneous
2.011.631
0.09%
. Total Project Area No. 2 $2,318,3112,9411 100.00%
Note: Totals may not add due to rounding.
Source: Cardbmia Municipal Statistics, Inc.
C. TOP LOCAL SECURED TAXPAYERS
The following table sets forth the largest secured taxpayers in Project Area No. 2
based on the 2012/13 secured property tax roll.
Property Owner
Land Use
2012113
Assessed
Valuation
%Of
Total (1)
Inland American La Quints Pavilion
Commercial
$43,399,514
1.87%
Wall Mart Real Estate Business Trust
Commercial
28,668,169
1.24%
TO Desert Dev LP
Commercial
25,120,550
1.08%
Aventine Development
Apartments
23,840,059
1.03%
Washington I I I Ltd.
Commercial
22,872,277
0.99%
Costoo Wholesale Corp.
Commercial
22,650,603
0.98%
One Eleven La Quints
Commercial
20,987,206
0.91%
Komar Desert Properties
Commercial
20,737,366
0.89%
Target Corp.
Commercial
16,555.317
0.71%
Eagle Hardware & Garden Inc.
Commercial
15,387,518
0.66%
Total
$240,218,679
10.38%
(1) 2012M 3 Local Secured Assessed Valuation: $2,318,312,944
Source: California Municipal Statistics, Inc,
2011112 2011 TAB Proi 2 City of Le Quints 3
r, 74'
D. ANNUAL DEBT SERVICE
The following table sets forth the annual debt service for the 1998 Bonds and
2011 Bonds. Information contained in the table below was gathered and verified
from the Official Statement.
Maturity Date
1998 Debt
2011 Debt
Combined Debt
September 1,
Bonds
Bonds
Service
2012
$423,406
$513.768
$937,174
2013
421,231
511,886
933,117
2014
418.800
515.005
933,805
2015
421,113
512,855
933,968
2016
422.913
510,705
933.618
2017
419,200
518.555
937,755
2018
420,231
514,993
935,224
2019
420,750
516,430
937,180
2020
420,513
517,511
938.024
2021
419,750
518,236
937,986
2022
423.463
513,605
937,068
2023
421,388
513,665
935.053
2024
423,788
513,345
937,133
2025
420,400
512,645
933,045
2026
421,488
516,565
938.053
2027
421,788
514,725
936,513
2028
421.300
511,983
933,283
2029
420,025
513,833
933,858
2030
422,963
514,868
937,831
2031
419,850
515,088
934,938
2032
420,950
514,493
935,443
2033
421,000
513,083
934.083
2034
0
935.858
935,858
2035
0
933,180
933,180
2036
0
936,835
936,835
2037
0
936,008
936,008
2038
0
935,698
935,698
2039
0
935,498
935,498
Total
$9,266,310
$16,930,917
$26,197,227
2011112 2011 TAB Pmj 2 City of La Quints 4
E. HISTORICAL PLEDGED TAX REVENUES AND DEBT SERVICE
COVERAGE
The following table sets forth the amount of Gross Tax Increment and Debt
Service Coverage for the 1998 and 2011 Bonds.
Maximum
Maximum
Lose: Non-
Less:
Annual
Annual
Fiscal
Gross Tax
subordinated
Housing
Pledged
Debt
Debt Service
— Year
Increment
—pass Throughs,
Set Aside
Revenues
Service (2)
coverage
2006/07
$25.971,446
$16,457,383
$5,194,289
$4.319,774
$423,788
10.19
2007/08
28,859,688
18,293,635
5,771,938
4.794,115
423,788
11.31
2008/09
28,479,642
17,934,244
5,695.928
4.849,470
423,788
11.44
2009/10
25,953,975
16,376,233
5,190,795
4,306.947
423,788
10.35
2010/11
24,186,295
16,297,224
4,837,259
3,051.812
938,053
3.25
(1) The Agency has entered Into agreements with the Riverside County Germal Fund, Riversitle County Superintendent of
Schools� Coachella Valley Water District, Coachella Valley Mosquito Abatement DWct, Coachella Valley Resource
Conservation District, Coachella Valley Public Cemetery District, Desert Sands Unified School Dftbict, Desert Sands
Community College District, Desert Recreation District, and the City of La Quirda to pass through Tax Increment on a non -
subordinated basis.
(2) MMdmuM Annual Debt SerAce on the 1998 and 2011 Bonds Is payable In the year 2026.
Sotuce: Audited Financial Statements of the La Quints Redevelopment Agency and the Statement of Indebtedness filed vft
the RNml&- County Audilor-Controllars Office.
V. REDEVELOPMENTAGENCY DISSOLUTION
On December 29, 2011, the California Supreme Court upheld ABx1 26
("Redevelopment Dissolution Acr), which dissolves all redevelopment agencies ("RDA")
in California, effective February 1, 2012. Each successor agency is responsible for
drafting a Recognized Obligation Payment Schedule ("ROPS") delineating the
enforceable obligations of the forrner RDA payable through June 30, 2012 and their
source of payment, and then additional, ROPS every six months thereafter. ROPS are
subject to the approval of the local oversight board. The former La Quinta
Redevelopment Agency's schedule can be accessed by the link below.
http:ltwww.la-quinta.orglindex.aspx?page=661
2011112 2011 TAB Proi 2 City of La Quints 05
C, 76
A OCCURRENCE OF LISTED EVENTS
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, irrespective of any detenninatfon as to whether such
event may or may not be deemed material. The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
I . Principal and interest payment delinquencies on the 2011 Bonds.
2. Unscheduled draws on debt service reserves reflecting financial difficulties.
3. Unscheduled draws on credit enhancements reflecting financial difficulties.
4. Substitution of credit or liquidity providers, or their failure to perform.
5. Adverse tax opinions or the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701 -TEB) or other material notices or determinations with respect to the
tax status of the 2011 Bonds.
6. Defeasances.
7. Tender offers.
8. Bankruptcy, insolvency, receiver -ship or similar proceedings pertaining to the
city.
9. Ratings changes.
As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed
Events that must be reported in not more than ten (10) business days after the
occurrence of the event, lf deemed mateilal. The City has no knowledge that any of
the events listed below have occurred or have not been previously reported during the
fiscal year ended June 30, 2012.
10. Mergers, consolidations, acquisitions,, the sale of all or substantially all of the
assets of the City or the dissolution of the City. .
11. Appointment of a successor or additional Trustee or the change of the name of
the Trustee or any successor or additional Trustee.
12. Non-payment related defaults.
13. Modifications to the rights of Holders.
14. Optional, contingent or unscheduled bond calls, prepayment or redemptions
other than defeasances.
15. Release, substitution or sale of property securing repayment of the 2011
Bonds.
2011112 2011 TAB Proi 2 City of Le Quinte
7 7
CITY / ISA It HA / FA MEETING DATE: December 18, 2012
ITEM TITLE: Demand Register Dated
December 18, 2012
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDED ACTION:
It is recommended the Successor Agency of the La Quinta Redevelopment Agency:
Receive and File the Demand Register Dated
December 18, 2012 of which $36,671.28
Represents Successor Agency Expenditures as detailed below:
Vendor:
Account #:
Amount:
Purpose:
Rutan & Tucker
231-9001-702.32-01
$1,620.00
Retainer
Rutan & Tucker
232-9002-702.32-01
$810.00
Retainer
Rutan & Tucker
232-9002-702.32-01
$1,637.67
SA -Coral Mt DDA
Rutan & Tucker
232-9002-702.32-01
$2,116.20
MilesNVashington
Rutan & Tucker
237-9001-702.32-01
$1,140.00
Retainer
Rutan & Tucker
237-9001-702.32-01
$23,222.66
SA-AB26 Implementation
Rutan & Tucker
238-9002-702.32-01
$1,290.00
Retainer
Rutan & Tucker
238-9002-702.32-01
$86.00
Centre @ LQ
RBF Consulting
231-9001-702.32-07
$717.50
SA -Project Area 1
Becky Caha
237-9001-702.32-07
$4,031.25
Housing Program
�? . �, 78
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 pursuant to the enforceable
obligations payments schedule adopted by the La Quinta Redevelopment Agency on January
17,2012.
Pursuant to Health and Safety Code Section 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 — 34190) and the value
of assets transferred to it as Successor Agency for the dissolved La Quinta Redevelopment
Agency.
EXECUTIVE SUMMARY:
None.
FISCAL IMPACT:
None.
BACKGROUND/ANALYSIS:
None.
ALTERNATIVES:
None.
Respectfully submitted,
Li�-
Robbeyn Bird, Finance Director
r. 7 1
OF
AGENDA CATEGORY:
COUNCIL/g�HAMA MEETING DATE: December 18, 2012 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of CONSENT CALENDAR:
Treasurer's Reports as of October 31, 2012
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDED ACTION:
It is recommended the Successor Agency to the La Quinta Redevelopment Agency
Board:
Receive and file.
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
�E,