HomeMy WebLinkAbout2025 12 16 FA Minutes Special MeetingFINANCING AUTHORITY
SPECIAL MEETING
MINUTES
TUESDAY, DECEMBER 16, 2025
CALL TO ORDER
A special meeting of the La Quinta Financing Authority was called to order at 8:26 p.m.
by Chairperson Evans.
PRESENT: Authority Members Fitzpatrick, Pena, McGarrey, Sanchez, Chair Evans
ABSENT: None
PLEDGE OF ALLEGIANCE
Conducted out of agenda order, during open session of the December 16, 2025, City
Council regular meeting, led by Authority Member / Councilmember Sanchez.
CONFIRMATION OF AGENDA
Authority Member Pena said he will recuse himself from participating in the discussion
and vote on Business Session Item No. 1 due to a potential conflict of interest stemming
from a reasonable probability of future income and/or investment income from an electric
power company (Secure Energy Source), and left the dais at 8:26 p.m. for the remainder
of the Authority meeting. The Authority concurred.
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA — None
BUSINESS SESSION
1. ADOPT RESOLUTION TO: (1) ACCEPT FUNDING FROM CITY TO THE LA
QUINTA FINANCING AUTHORITY THROUGH A FINANCING AGREEMENT
BETWEEN THE CITY AND THE FINANCING AUTHORITY FOR THE
PURCHASE OF CERTAIN LONG LEAD-TIME POWER EQUIPMENT AND
RESERVATION OF POWER CAPACITY, AND (2) APPROVE TWO
AGREEMENTS WITH IMPERIAL IRRIGATION DISTRICT RELATED TO THE
AVENUE 58 SUBSTATION ELECTRICAL INFRASTRUCTURE
IMPROVEMENTS AND PROCUREMENT OF CERTAIN POWER EQUIPMENT
[RESOLUTION NO. FA 2025-002]
DURING THE CONFIRMATION OF AGENDA SECTION, COUNCILMEMBER
PENA RECUSED HIMSELF FROM PARTICIPATING IN THE DISCUSSION AND
VOTE ON BUSINESS SESSION ITEM NO. 1 DUE TO A POTENTIAL CONFLICT
OF INTEREST STEMMING FROM A REASONABLE PROBABILITY OF FUTURE
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INCOME AND/OR INVESTMENT INCOME FROM AN ELECTRIC POWER
COMPANY (SECURE ENERGY SOURCE), AND LEFT THE DAIS AT 8:26 P.M.
FOR THE REMAINDER OF THE AUTHORITY MEETING
The Authority waived presentation of the staff report, as it was presented earlier, under
Business Session Item No. 4 of the agenda, during the December 16, 2025, City Council
meeting, which is on file in the Clerk's Office.
The Authority discussed that the City Council, at the December 16, 2025, regular meeting,
appropriated up to $10 million from Unassigned General Fund Reserves, and approved
transferring the funding from the City to the Financing Authority through a Financing
Agreement for purposes of executing two agreements with Imperial Irrigation District (IID)
and other stakeholders, for the purchase of certain ling lead-time power equipment and
reservation of power capacity, so that the funding can be properly tracked and reimbursed
to the City upon project completion and power distribution to interested stakeholders.
MOTION — A motion was made and seconded by Councilmembers Sanchez/McGarrey
to adopt Resolution No. FA 2025-002 as presented to:
(A) Accept funding in the amount of $10 million from City to the La Quinta Financing
Authority through a Financing Agreement between the City and the Financing
Authority for purposes of executing two agreements with Imperial Irrigation District
and other stakeholders, for the purchase of certain long lead-time power
equipment and reservation of power capacity; and authorize the Executive Director
to execute the Financing Agreement substantially in the form attached to the staff
report, allowing for minor and non -substantive changes subject to review by the
Authority Counsel; and
(B) Approve (1) Engineering and Procurement Agreement (for certain Ion lead-time
equipment to be paid by the City, subject to reimbursement thereof) and
(2) Funding and Reservation of Capacity Agreement for Avenue 58 Transformer
Bank Addition, with Imperial Irrigation District, Riverside County, and prospective
developers for the Avenue 58 substation expansion to construct a fourth
transformer bank; and authorize the Executive Director to execute the agreements
substantially in the forms attached to the staff report, to effectuate their respective
purposes, allowing for minor and non -substantive changes subject to review by the
Authority Counsel.
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY, LA QUINTA,
CALIFORNIA, ACCEPTING FUNDING FROM THE CITY OF LA QUINTA
THROUGH A FINANCING AGREEMENT BETWEEN THE CITY OF LA QUINTA
AND FINANCING AUTHORITY AND APPROVING TWO AGREEMENTS
RELATED TO ELECTRICAL INFRASTRUCTURE IMPROVEMENTS AND
PROCUREMENT OF CERTAIN POWER EQUIPMENT
Motion passed: ayes — 4, noes — 0, abstain — 0, absent — 1 (Pena).
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FINANCING AUTHORITY MEMBERS' ITEMS — None
ADJOURNMENT
There being no further business, Mayor Evans adjourned the Authority meeting at 8:29
p.m. Motion passed: ayes — 4, noes — 0, abstain — 0, absent — 1 (Pena).
Respectfully submitted,
MONIKA RADEVA, Authority Secretary
La Quinta Financing Authority
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