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2013 02 20 OB• Oversight Board agendas and staff reports are now available on the City's web page: www.la-quints. orq OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY AGENDA CITY HALL COUNCIL CHAMBERS 78-495 Calle Tampico, La Quinta REGULAR MEETING on WEDNESDAY, FEBRUARY 20, 2013 at 2:00 P.M. CALL TO ORDER 1. Roll Call 2. Pledge of Allegiance PUBLIC COMMENT At this time members of the public may address the Board. on any matter not listed on the agenda. Please complete a "Request to Speak" form and limit your comments to three minutes. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. Approval of the minutes of December 5, 2012 BUSINESS ITEMS 1. Successor Agency Administrative Budget for July 2013 through December 2013 2. Resolution Approving a Recognized Obligation Payment Schedule of the Former La Quinta Redevelopment Agency for the Period of July 2013 through December 2013 REPORTS AND INFORMATIONAL ITEMS 1. Update on DOF & State Controller's Activities ADJOURNMENT The next regular meeting of the Oversight Board will be a held on March 6, 2013 at 2:00 p.m. at the City Hall Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Vianka Orrantia, Oversight Board Secretary, of the City of La Quinta, do hereby declare that the foregoing Agenda for the Oversight Board of the Successor Agency to La Quinta Redevelopment Agency special meeting was posted on the outside entry to the Council Chambers at 78-495 Calle Tampico, and the bulletin boards at 78-630 Highway 111, and the La Quinta Cove Post Office at 51-321 Avenida Bermudas, on February 15, 2013. _W 2013 VIANKA ORITAN'TIA, Oversight Board Secretary City of La Quinta, California Public Notices The La Quinta City Study Session Room is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's office at (760) 777-7123, 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 Oversight Board, arrangements should be made in advance by contacting the City Clerk's office at (760) 777-7123. A one (1) week notice is required. If background material is to be presented to the Board during an Oversight Board meeting, please be advised that ten (10) copies of all documents, exhibits, etc., must be supplied OVERSIGHT BOARD AGENDA 2 FEBRUARY 20, 2013 to the Oversight Board Secretary 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 Oversight Board regarding any item(s) on this agenda will be made available for public inspection at the City Clerk's counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours. OVERSIGHT BOARD AGENDA 3 FEBRUARY 20, 2013 OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO LA O.UINTA REDEVELOPMENT AGENCY MINUTES WEDNESDAY, DECEMBER 5, 2012 CALL TO ORDER A regular meeting of the Oversight Board of the Successor Agency to La Quinta Redevelopment Agency was called to order at 2:02 p.m. by Chairperson Peria. PRESENT: Board Members Ellis, Maysels, McDaniel, Osborne and Chairperson Pena ABSENT: Board Members Marshall and Nelson STAFF PRESENT: Frank J. Spevacek, Executive Director of the Successor Agency Debbie Powell, Economic Development/Housing Manager PUBLIC COMMENT - None CONFIRMATION OF AGENDA — Board Member Osborne requested that Consent Item No. 1 be changed to Business Item No. 1. The Board made no objection. APPROVAL OF MINUTES Motion — A motion was made by Board Members Ellis/Maysels to approve the Special Oversight Board Minutes of November 28, 2012, as submitted. Motion passed 4 ayes, 1 abstain, 2 absent (Board Member Osborne abstained due to absence at the November 28, 2012 meeting). BUSINESS SESSION 1. Adoption of a Resolution Approving the Non -Housing Fund Due Diligence Review Pursuant to AB 1484 MOTION — A motion was made by Board Members Osborne/Ellis to adopt Resolution No. OB 2012-017. Motion passed 5 ayes, 0 noes, 2 absent. RESOLUTION NO. OB 2012-017 A RESOLUTION OF THE OVERSIGHT BOARD OF THE CITY AS SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY REVIEWING, APPROVING, AND TRANSMITTING THE DETERMINATION OF NON - HOUSING FUND CASH AND CASH EQUIVALENTS AVAILABLE FOR DISBURSEMENT PURSUANT TO HEALTH AND SAFETY CODE SECTION 34179.5 ADJOURNMENT There being no further business, it was moved by Board Members Maysels/Osborne to adjourn this meeting at 2:06 p.m. Motion passed unanimously. Respectfully subm J. ,rpevb4ek, City Manager on behalf of City of OVERSIGHT BOARD 2 DECEMBER 5, 2012 OVERSIGHT BOARD MEETING DATE: February 20, 2013 ITEM TITLE: Resolution Approving the Successor Agency Administrative Budget for the Period of July 2013 through December 2013 RECOMMENDED ACTION: AGENDA CATEGORY: BUSINESS SESSION: _ CONSENT CALENDAR: L STUDY SESSION: PUBLIC HEARING: Adopt a resolution approving the Successor Agency Administrative Budget for the period of July 2013 through December 2013. EXECUTIVE SUMMARY: The Successor Agency (SA) will be reimbursed for costs to administer the former Redevelopment Agency and Oversight Board. ABx126 provides for an administrative allowance of 3% of the property tax allocation listed on the Recognized Obligation Payment Schedule (BOPS). FISCAL IMPACT: For the period of July 2013 through December 2013, the property tax allocation totals $12,826,291. Three percent of this total is $384,789. However, this total is subject to change based on review and approval by the Department of Finance (DOF). The administrative budget for this time period is included as Attachment 1. BACKGROUND/ANALYSIS: ABx126, the "Dissolution Act," provides an administrative allowance for SA's to carry out wind -down activities of the former redevelopment agencies and to administer the oversight boards. The Dissolution Act requires the SA's to prepare an administrative budget every six months. The estimates include staff time required to carry out SA and Oversight Board activities and administration, the cost of IT support, supplies, printing of agendas and agenda packets, posting, SA insurance, facility rental and associated facility costs, and certain legal and consulting costs. Once the SA reviews and approves the administrative budget, the budget must be reviewed and approved by the Oversight Board. Successor Agency approved the Administrative Budget at the February 19, 2013 meeting. While the Dissolution Act does not require the administrative budgets be submitted to the DOF, the DOF does review the actions of oversight boards the day after the oversight board meeting takes place. Therefore, the DOF may question an oversight board's approval of an SA's administrative budget. ALTERNATIVES: None. Respectfully submitted, a��( Robbeyh Bird, Finance Director Attachment: 1. Administrative Budget for July 2013 through December 2013 RESOLUTION NO. OB 2013- A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY APPROVING THE SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR THE PERIOD OF JULY 2013 THROUGH DECEMBER 2013 WHEREAS, the Oversight Board of the Successor Agency to La Quinta Redevelopment Agency ("Oversight Board" or "Successor Agency," as applicable) has been established to direct the Successor Agency to take certain actions to wind down the affairs of the former La Quinta Redevelopment Agency ("Agency") in accordance with the California Health and Safety Code; and WHEREAS, the Agency was engaged in activities to execute and implement the Project Area No. 1 Redevelopment Plan and the Project Area No. 2 Redevelopment Plan (collectively, the "Redevelopment Plans") pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code § 33000, at seq.) ("CRL"); and WHEREAS, as part of the 2011-12 State budget bill, the California Legislature enacted and the Governor signed, ABx1 26 requiring that each redevelopment agency be dissolved; and WHEREAS, an action challenging the constitutionality of ABx1 26 and companion bill ABx1 27 was filed in the California Supreme Court by the California Redevelopment Association, the League of California Cities, and two individual cities; and WHEREAS, on December 29, 2011, the Court upheld ABx1 26; and WHEREAS, Health and Safety Code Section 34177(j) requires each successor agency to prepare a proposed administrative budget every six months setting forth the successor agency's estimated administrative costs of carrying out the wind -down activities of the former redevelopment agency, proposing sources of payment for such estimated administrative costs, and proposing for arrangements for administrative and operations services provided by a city, county and/or other entity; and WHEREAS, the Successor Agency has prepared a proposed administrative budget for the six-month period July 1, 2013 — December 31, 2013 (the "Administrative Budget"); and Resolution No. OB 2013- Adoption of SA Administrative BudO Adopted: February 20, 2013 Page 2 WHEREAS, on February 19, 2013 the Successor Agency reviewed and approved the Administrative Budget; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW THEREFORE, BE IT RESOLVED, by the Oversight Board of Successor Agency to La Quinta Redevelopment Agency, does hereby resolve as follows: Section 1. Recitals. The Recitals set forth above are true and correct and incorporated herein by reference. Section 2. Approval of Administrative Budget. The Oversight Board hereby approves the Administrative Budget, which Administrative Budget is on file with the Secretary of the Successor Agency. Section 3. Severability. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. Section 4. The Oversight Board Secretary shall certify to the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED at the meeting of the Oversight Board of the Successor Agency to La Quinta Redevelopment Agency held this 20th day of February, 2013, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: JOHN PENA, Chairperson Oversight Board of the Successor Agency to La Quinta Redevelopment Agency Resolution No. OB 2013- Adoption of SA Administrative BudRW Adopted: February 20, 2013 Page 3 ATTEST: VIANKA ORRANTIA Oversight Board Secretary rr�Lrnvr=rv-r—r— SUCCESSOR AGENC RSIGHT BOARD JULY-DEC 2013 ADMINISTRATIVE BUDGET RSONNEL $179 904 InUudes base Sala lus benefits. Successor Agency Administration E116548 Oversight Board Administration $62,756 I SUPPLIES &SERVICES CONTRACT SERVICES This account provides for le al, consultin , and audit services $182,985 plus a portion of League of California Cities and California Redevelopment Agency dues related to technical assistance and training for implementation of ABx1 26 Audits as required by ABx1 261 $15,000 Lea ue of California Cities Dues a seminamfWebinars related to ABx1 26 $500 Seminars/Webinars related to ABx1 28 $g Lanal Services for Successor A en E127,485 Consulting Services for Successor Agency $40,000 SUPPLIES AND PUBLICATIONS This account provioes for various office supplies and publications I $2,500 to be used by SA and OB staff and board members Successor Agency Supplies 8 Publications $1.550 Oversi ht Board Su lies & Publicetions $950 PWlRINunt $1,000 $1,000 providesfor required This account rovides for required mailings agenda rintin , and legal advertising INFORMATION TECHNOLOGY � $6,300 This account provides for annual replacement charges for information technology items such as computers, printers, and computer related items attributable to SA/OB; and support/hosting for SAIOB web pages, which are required by ABx126 $5,000 Computer Document Storage related to Successor A ency $1,200 On -Line Muni Code related to Successor Agency $100 OFFICE & EQUIPMENT $12,700 This account provides for office space rental and equipment usage in City Hall Rent $11,100 Equipment $1,600 TOTAL ADMINISTRATIVE BUDGET $384,789 FUNDING SOURCES: 3% ADMINISTRATIVE ALLOWANCE $384,789 � / r OVERSIGHT BOARD MEETING DATE: February 20, 2013 AGENDA CATEGORY: ITEM TITLE: Resolution Approving a Recognized BUSINESS SESSION: Obligation Payment Schedule of the Former La Quinta Redevelopment Agency for the Period of July 2013 CONSENT CALENDAR: O\ through December 2013 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Adopt a Resolution approving a Recognized Obligation Payment Schedule for the period of July 2013 through December 2013. EXECUTIVE SUMMARY: Per ABx1 26 and State Budget Trailer Bill AB 1484, the Successor Agency must submit a Recognized Obligation Payment Schedule (BOPS) every six months. Attachment 1 of this report fulfills that requirement. In addition, this report and the attached Resolution are approving the continued implementation of the Washington Street Apartments Rehabilitation Project and approving expenditure of 2004 tax- exempt housing bond proceeds and 2011 taxable housing bond proceeds. FISCAL IMPACT: The BOPS requests $12,826,291, plus an additional $384,789 administrative allowance (total of $13,211,080) allocated from the Redevelopment Property Tax Trust Fund to the Successor Agency. The remainder of the enforceable obligations would be paid from bond proceeds. BACKGROUND/ANALYSIS: Recognized Obligation Payment Schedule ABx1 26 and the recently -approved State budget trailer bill, AB 1484, govern the redevelopment unwinding process. Every six months, the Successor Agency and Oversight Board must approve a ROPS, which is then submitted to the Department of Finance (DOF), State Controller's Office, the County Administrative Officer, and the County Auditor -Controller. AB 1484 changed the DOF's timeframe to request review of ROPS items from three to five business days. The DOF then has 45 days versus 10 days to make its final determination of the enforceable obligations, the dollar amounts, and funding sources listed. The Successor Agency would then have five business days to request additional DOF review and an opportunity to meet and confer on disputed items. The BOPS must then be submitted to the above -mentioned entities by March 1, 2013. If the ROPS is submitted late, the city that created the former redevelopment agency will be subject to a civil fine of $10,000 per day. The ROPS includes a 3% administrative cost allowance, provided by AB 1484, in the amount of $384,789. Washington Street Apartments In June 2012, the Successor Agency and Oversight Board approved the implementation of the Washington Street Apartments Rehabilitation project. A revised ROPS was sent to the DOF, listing 2004 tax-exempt and 2011 taxable housing bond proceeds as the funding source. The DOF did not challenge the revised BOPS. However, should the DOF view Washington Street Apartments as a new obligation on this BOPS, it is recommended the Oversight Board reaffirms its previous findings via the attached Resolution. ALTERNATIVES: None. Respectfully submitted, Robbeyn gird, Finance Director Attachment: 1. ROPS for July through December 2013 RESOLUTION NO. OB 2013- A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENGY TO LA QUINTA REDEVELOPMENT AGENCY 1) ADOPTING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD OF JULY 2013 THROUGH DECEMBER 2013; 2) APPROVING THE CONTINUED IMPLEMENTATION OF THE WASHINGTON STREET APARTMENTS REHABILITATION PROJECT, 3) APPROVING THE EXPENDITURE OF $3,006,360 IN 2004 TAX-EXEMPT HOUSING BOND PROCEEDS AND $15,523,220 OVER THE COURSE OF IMPLEMENTATION, AND $1,718,831 IN 2004 TAX- EXEMPT HOUSING BOND PROCEEDS DURING THE JULY — DECEMBER 2013 ROPS PERIOD, 4) CONFIRMING THAT THE HOUSING BOND PROCEEDS ARE HOUSING ASSETS THAT ARE TO BE TRANSFERRED TO THE LA QUINTA HOUSING AUTHORITY PURSUANT TO HEALTH & SAFETY CODE SECTION 34176(b) IN ACCORDANCE WITH THE ROPS SCHEDULE WHEREAS, the Oversight Board of the Successor Agency to La Quinta Redevelopment Agency ("Oversight Board" as applicable) has been established to direct the Successor Agency to take certain actions to wind down the affairs of the Redevelopment Agency in accordance with the California Health and Safety Code; and; WHEREAS, the La Quinta Redevelopment Agency ("Agency") was engaged in activities to execute and implement the Project Area No. 1 Redevelopment Plan and the Project Area No. 2 Redevelopment Plan (collectively, the "Redevelopment Plans") pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code § 33000, et seq.) ("CRL"); and WHEREAS, as part of the 2011-12 State budget bill, the California Legislature enacted and the Governor signed, companion bill ABx1 26 requiring that each redevelopment agency be dissolved; and WHEREAS, an action challenging the constitutionality of ABx1 26 and ABx1 27 was filed in the California Supreme Court by the California Redevelopment Association, the League of California Cities, and two individual cities; and WHEREAS, on December 29, 2011, the Court upheld ABx1 26; and Resolution No. OB 2013- Adoption of Recognized Obligation Ikent Schedule Adopted: February 20, 2013 Page 2 of 5 WHEREAS, Health and Safety Code Section 34169 requires successor agencies to prepare and adopt a "Recognized Obligation Payment Schedule" that lists all obligations of the former redevelopment agency that are enforceable within the meaning of subdivision (d) of Section 34167 for the period of July 2013 through December 2013; and WHEREAS, in fulfilling its purpose of increasing, improving, and preserving the supply of low- and moderate -income housing in the City, in 2008 the La Quinta Redevelopment Agency ("LQRDA") expended tax-exempt bond proceeds to acquire a 72-unit very low-income senior and disabled adult affordable housing complex located on the east side of Washington street, at Hidden River Road and commonly known as the Washington Street Apartments ("WSA"); and WHEREAS, the LQRDA acquired the WSA with the intent of expending bond proceeds from a 2004 tax-exempt housing bond issuance to substantially rehabilitate the development, including the construction of additional units to avoid the long-term displacement of any of the tenants at the development, for purposes of preserving the units and affordability of the WSA; and WHEREAS, the WSA was developed in the 1970s, with assistance from the U.S. Department of Agriculture, Rural Development Division ("RD"), and is subject to an outstanding RD loan ("RD Loan"); and WHEREAS, after an extensive application process, during which the LQRDA represented and committed to RD that it would complete the planned rehabilitation; RD permitted the LQRDA to assume the RD Loan; and WHEREAS, in June 2011, to ensure that the rehabilitation of the WSA would continue without delay in the event of the dissolution of the LQRDA, the LQRDA added the Authority to the title of the WSA; and WHEREAS, on January 2, 2012, the City Council adopted City Council Resolution No. 2012-002, affirmatively electing to be the "successor agency" to the LQRDA; and WHEREAS, on January 17, 2012, the Authority adopted Housing Authority Resolution No. 2012-02, electing to be the "housing successor" to the LQRDA; and WHEREAS, on April 18, 2012, the Oversight Board of the Successor Agency to La Quinta Redevelopment Agency adopted Oversight Board Resolution No. 2012-008 affirming that certain housing properties, including the WSA, are "housing assets" of the LQRDA, as that term is used in Health and Safety Code Resolution No. OB 2013- Adoption of Recognized Obligation Went Schedule Adopted: February 20, 2013 Page 3 of 5 Sections 34176(a) and 34177(g) and approving the transfer of the "housing assets" to the Authority; and WHEREAS, Health and Safety Code Section 34177, which contains a comprehensive list of successor agency obligations, provides in subdivision (i), "bond proceeds shall be used for the purposes for which bonds were sold unless the purposes can no longer be achieved"; and WHEREAS, the bond documents for the 2004 tax-exempt housing bonds and 2011 taxable housing bonds expressly state that the bonds were issued to finance low- and moderate -income housing projects benefiting the former LQRDA's project areas; and WHEREAS, the purpose for which the bonds were sold may still be achieved, through the rehabilitation and improvement of the WSA. WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW THEREFORE, BE IT RESOLVED, by the Oversight Board of the Successor Agency to La Quinta Redevelopment Agency, as follows: SECTION 1. Recitals. The Recitals set forth above are true and correct and incorporated herein by reference. SECTION 2. Adoption of a Recognized Obligation Payment Schedule. In order to enable the City of La Quinta as Successor Agency to strictly comply with ABx1 26, and based on the Recitals set forth above, the Oversight Board hereby adopts the Schedule attached hereto as Exhibit A as the Recognized Obligation Payment Schedule for the period of July 2013 through December 2013. Pursuant to Health & Safety Section 34173(e); the Successor Agency's liability, including, but not limited to, its liability for the obligations on the attached schedule is limited to the total sum of property tax revenues it receives pursuant to Part 1.85 of AB x1 26. SECTION 3. Implementation. The Oversight Board hereby authorizes and directs the Executive Director to take any action and execute any documents necessary to implement this Resolution, and further authorizes the Executive Director to forward the Recognized Obligation Payment Schedule to the Department of Finance, State Controller, County Administrative Officer, and County Auditor -Controller. SECTION 4. The purposes for which the 2004 tax-exempt housing bonds and 2011 taxable housing bonds were issued — to finance low- and moderate -income housing in the City — can still be achieved. The bond documents, including the Resolution No. OB 2013- Adoption of Recognized Obligationwent Schedule Adopted: February 20, 2013 Page 4 of 5 indenture, the official statement, the bond purchase agreement, and other related documents for the 2004 and 2011 housing bond issuances require that the net bond proceeds be used for affordable housing. SECTION 5. The Oversight Board hereby approves the continued implementation of the WSA rehabilitation project, and consents to the Authority's authorization and direction to its Executive Director to administer and implement the WSA rehabilitation project, including, without limitation, entering into the agreements necessary to affect the same. SECTION 6. The Oversight Board hereby approves the expenditure of $3,006,360 in 2004 tax-exempt housing bond proceeds and $15,523,220 in 2011 taxable housing bond proceeds (collectively, the "WSA Bond Proceeds") to fund the WSA rehabilitation project over the course of the implementation; and $1,718,831 in 2004 tax-exempt bond proceeds during the July - December 2013 ROPS period. SECTION 7. The Oversight Board hereby reconfirms that the 2004 tax-exempt housing bond proceeds and the 2011 taxable housing bond proceeds are "housing assets" and that the WSA Bond Proceeds are to be transferred to the Authority pursuant to Health & Safety Code Section 34176(b)(1) for implementation of the WSA rehabilitation project, in accordance with the ROPS schedule. The Oversight Board further confirms that the 2004 and 2011 housing bond proceeds are funds that are encumbered by an enforceable obligation to build or acquire low- and moderate -income housing as defined in the Community Redevelopment Law, and therefore the funds meet the definition of the term "Housing asset" set forth in the Department of Finance's Questions and Answers section of its website, and further meeting the definition of "Housing asset" proposed by DOF to be codified as Health & Safety Code Section 34176(d)(2) in the Redevelopment Agencies Dissolution Clean-up and Liquid Asset Provisions, May Revision. SECTION 8. Severability. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 9. The Oversight Board Secretary shall certify to the adoption of this Resolution. Resolution No. OB 2013- Adoption of Recognized Obligation Went Schedule Adopted: February 20, 2013 Page 5 of 5 PASSED, APPROVED, AND ADOPTED at the meeting of the Oversight Board of the Successor Agency to La Quinta Redevelopment Agency held this 20th of August, 2012, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: JOHN PENA, Chairperson Oversight Board of the Successor Agency to La Quinta Redevelopment Agency ATTEST: Vianka Orrantia Oversight Board Secretary O u G CV C m � u° E E E .o v E Z a, E m Z d a E a v z a V C O 0 m a V V IV d w N A � c VOI 2 LL J Y �- O 1 W LL 5 d u it O E Z F Im i. b N b N m G a c J k a C LL LL z co n m L _ L Z3 3 a I 3 O 5 a w c c o O t a G r j LL II LL W V osoAm a m ¢ c c a A j O j li �E o C V m c ¢ x — — U � ATTACHMENT 1 s m'�°s^e3ae g N 0 8 � a S $ qAS� L n q S q S o� m F q i5 g J Q S Q S E� S y p N b � $ Tx fox 9 o'E« A S 2" n F' FFFR F a { z E p YE m b Y R 2 a E 5 9 b qq p : 2• E.E EYE E a EEE2E.2E E 8 9 E § S n E nE 2 E E 59 Y 3.. 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III u QUINTA(RRIERSIOE) T1DN PAYMENT SCHEOULE (BOPS 13-U ) _ Not, (Option) Ramp PreJeO Name/Deb tOWgatlon Nofn/CammarHs 1 19% Tax Allocation Bonds - Tax Endxempt bonds we re geld in full on September 1, W12 2 1M Tax Allocation goods Exempt 3 2001 Tax Allocation Bonds - Tax Exempt 4 2003 Tax Allocation Bonds - Tax Exempt 5 2003 Tex Alleotkn Bonds - Taxable 6 200e Tax Allocation bonds - Tax Exempt T 2011 Tex Allocation Bonds - Taxable a 2031 I. Allocation Bonds-Tacabk 9 Annwl Continuing Disclosure Statement, 10 Bond Holder Fees 11 SIWerRock Resort Infrastructure Design 12 Construttlon of Washington Street Apertments Site Improsmens & Rehabiitatio i Project " 13 Construction of Washington Street Apartments Site Improvements& Rehabilbtkn Project 14 Construction of Washington Street Apartments She Improvements & Rehabiltation Project 15 Construction of Washington Street Apartments Site Improvements & RehabilLtlon Project 16 Constructlon of Washington Street Apartments She Improvements & Rehabilitation Project 17 Washington Street Apartments Rehabilitation Project IB Washinton Street Apartments Rehabilliatlon Protect 19 Coal Mountain Partners Disposition and DevelopmentAgreement 20 Coral Mountain Partners Disposition and Dewlopment Agreement 21 Water and Sewer Agreement for future development at SllwrRak Reason 22 Adminktratiw Allowance Amounts include selarles&benefitsfor City personnel that scent time an Successor Agerx, actlHtles Reports & Inational Item No. R1 OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY MEMORANDUM TO: Honorable Chairperson and Members of the Oversight Board FROM: Frank J. Spevacek, Executive Director of the Oversight Boa DATE: October 3, 2012 SUBJECT: Update on Department of Finance and State Controller's Audit Verbal update will be presented at Oversight Board meeting dated February 20, 2013.