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CC Resolution 1996-041#K RESOLUTION 96-41 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA APPROVING A ECONOMIC DEVELOPMENT PLAN WHEREAS, the City of La Quinta wishes to adopt an official Economic Development Plan; and, WHEREAS, it is essential and in the best interest of the City to establish a sound economic base; and, WHEREAS, the City Council has reviewed the Economic Development Plan attached hereto as Exhibit A" and finds that it is a suitable and beneficial plan for the City of La Quinta and its residents. NOW, THEREFORE, the City Council of the City of La Quinta does resolve as follows: Section 1. The City Council hereby approves an Economic Development Plan in the form of Exhibit A" attached hereto. Section_2. The City Clerk shall certif* to the adoption of this Resolution. PASSED, APPROVED AND ADOPTED this 18th day of June, 1996 by the following vote: AYES: Council Members Adolph, Henderson, Perkins, Sm if, Mayor Holt NOES: None ABSENT: None ABSTAIN: None ** GLENDA HOLT, Mayor City of La Quinta, California i*L.JUHO&tyClerk City of La Quinta, California APPROVED AS TO FORM: DAWN C. HONEYWIIILL, City Attorney City of La Quinta, California BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K Economic Development Plan for the CITY OF LA QUINTA I. INTRODUCTION This document is designed to outline a vision and direction for the City of La Quinta's economic development activities. It presents the mission statement, implementation policies, resources, and business plan the City and its Redevelopment Agency will follow to sustain a comptehensive economic development effort Economic development is a process of deliberate, judicious intervention in the economy of a patticular locality to stitnulate growth by creating a local business climte that fosters private mvestmen* This process is neither exact nor lltlly predictable, and is more of an art than a science. Economic development is also a dynamic, ever*hnnging endeavor because it must constantly accommodate the evolving characteristics of the market place. Thus, this Economic Development Plan must be reviewed annuslly to ensure that it reflects not only *-- conditions, but equally as impottant, the community's collective vision U to how to accommodate them. Finally, this entcrprisc 1els the activities associated with building a city; thus, perspectives must be long term versus short term. Radonale for Prepann*g am Economic Devdopmeut P!- Since incorpotation in 1982, the City of La Quinta has focusetl its municipal efforts primarily on: 1) instituting the planning and management structure necessary to accommodate rapid residential growth, and 2) constiucting infrlstr"ctilre to accommodate a growing co-unity. Economic dvelo* efforts were a secondary focus because the rapidly expanding soutbim Califotnia economy blesed the City with a vuicty of developiaent oppoltwlities. However, the recession that spanned the first half of the 1990: stillbomid Dy development projects wiiile increasing the awueness that, unfortunately, municipalities compete with one another within a defined market area for commercial, entertainment, resort, and industrial uses. Given these circumstances, the City elected to preare this Economic I)cvelopment Plan in order to: CqI*i Foreci* Gmwii* /9? the Eaw Coichd1 ve"i, Rd-n. A variety of market sludies foreast significant growth for the East Coachella region a geograhical area that inclteees La Quinta, Indio, Coachella, Bermuda Dunes, Sun City, and adjacent unincorporated communities) during the next decade. Due to its location and ayaildble zm*wlop*d lavid, La Quanta Ls in a prime position to capture a sL*able portion of the projected commerc,al, resort, and residential *velopment that will serve both regional and local demand. Rownew Spw*cek Grnp, Inc. IA Qmnn*Rdi'D**up*w*t Apiicy * g* * 1 Em*wi*CDiw*D*IwYItPi'fl BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #KBalance Municipal Revenues and Expenditure Needs. The primary revenue sources for the City of La Quinta are transient occupancy and sales taxes; these revenues comprise 51% of City General Fund revenue. Secondary resources are license/permit and property tax revenue. A majority of the property tax revenue received by the City is allocated to the Redevelopment Agency; approximately 88% of the land area within the City's corporate boundaries are in one of two redevelopment project aaeas. Combined, these revenues are the City's available resources to maintain existing, and provide new, services to La Quinta's residential and business communities. Resort and commercial development generates a *ority of the municipal revenues received by the City, while generating relatively minor municipal service costs; approximately 66% of City revenues are derived ftom resort and commercial uses, while approximately 33% of municipal service costs are atttibuied to these uses. In order to improve and expand municipal services, the City and Redevelopment Ageitcy must work to expand these respective revenue bases. Judiciously Allocate Municp*al Rerource:. Like any other business, the City constantly balances the allocation of financial resource: between service costs and inftastriicW* investment. To prudently and systeatically accomplish this task, in 1994 the City established a comprehensive strategic planning effort that meshes the following components: a Five Year Municipal Service Resource Allocation Plan, a Five Year Capital Improvement Progrmn, Annual City/Agency Cash Flow Strategies, and the Annual City/Agency Opi-Ing Budgets. ThU Economic Dvlopment Plan will be interated with there. plIling and b:d*ting acdvItIe: in order to identi* the CL*/Agivicy economic development imd*ttves and allocate municipal resources to conduct these activides. Pardeipauti in Fomidatiag and Implementlag fl* Flap An economic development plan generally target: the allocation of municipal resources to accomplish the comunity's Vision of its desired destiny; the rationale is that an economic development plan delineates the policies, activities, and resources the community wiU pledge to gwde fimuc developmenL Thus, the pri- participants in *rmtaat* and irnplcma* this Plan are the residential and business communities that define La QuintL A series of community fornms were held to solicit their collective and individual in *g this Plan, and these communities will he periodically conmilted during the Plan's impicinentation am. The City Council is also a piiziMry parti-fli in both iorrtiuiating and *ic* this Plan; Councilmembers bring forth their constiteenta' ideas and concerns. and define the i-rn, mission, * and overall policies that guide implementation * Finally, City staff p* a sWtcgic role in the success or f*iluie of this endeavor, bocuse they are *ged with the responsibility to monitor mad* conditions, solicit community I' * with cxi*ng and new users, implcmnt pmgrams and activities, and measure ahhieved result:. R* Sp*ik Gmaip, Inc. Li Qmn'i Re*Iw-w Agn* 299' 2 BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K Contents of This Document This document is organized as follows: II. Review of Resources, Opportunities, Liabilities and Needs Demographic Characteristics Key Assets and Liabilities Projected Market Area Characteristics Projected City/Agency Financial Resources for Economic Development City/Agency Real Estate Assets Inf*astr*turc Needs III. Business Plan Mission Statement Implementation Policies Target Areas and 1996-97 Implementation Acti*vities Highway 111 Corridor The Village Housing Strategy APPENDIX Exhibit A City/Agency Real Estate Assets Map Rownow Spi***ceh Group, *w. L' * Rdm-.m Ageuc, Jnn. 11,19" Plan BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #KII. RESOURCES, OPPORTUNITIES, NEEDS, AND LIABILITIES This section provides background data which was used in the development of the Business Plan presented in Section III; it includes a summary of key assets, presents an overview of projected m&ket demand, delineates projected City/Agency resources, and outlines infrastructLlre needs. Demographic Characteristics The City of La Quinta is located in the East Coachella Valley region; the City is bounded by Indian Wells to the west, Indlo to the east, and unincorporated County areas to the north and south. Located approximately 2 miles south of Interstate 10, primary access is via State Highway 111 and Washington Street. Historically, the City has been identified with the legendary La Quinta Hotel, the PGA West golf facilities, and the annual La Qtiinta Arts Festival. Today, La Quintais capitalizing on continuing growlh in the Greater Coachella Valley. Since 1990, La Quinta has been the fastest growing city in the Valley, with population increses averaging 10.4% per year. Further, La Quinta enjoys a higher per capita income $19,700) than that of the Coachella Valley $17,400), Riverside County $17,400), and California $18,400). La Quinta's population is generally younger than the Valley and the State of California, with a median age of 32 years versus 35 and 36 years, respectively. Finally, nearly 75% of La Quinta's residents own their homes; this home ownership rate exceeds the Coachella Valley average of 61%, andthe State average of 56%. Key Assets Review of the City's physical characteristics and discussions with the residential and business communities identified the following key assets: * educate* dedicated. and highly motivated residemial and business commwidr*es that share a long history of working together to provide a stable environment to support community development efforts; * an ini*rnadonaI ripufation for resort and golf amenities resulting fiom the La Quinta Hotel and PGA West; * the Highway III cornwiircwl comdor that feamnes prime, vacant property of sufficient s* to acconunoate development that will serve the Irstern Coacholla Valley and generate significant financial retrns to both the City and Agency; * a 1-OP single land owner, KSL Recreation, who has sufficient capital resoueces and desires to invest in significant resort, commercial and residential developments over the next 10 years; * the Village of La Quin to, a low density commercial core nestled in a cove of the Santa Rosa Mountains, that provides a setung that is unparalleled inthe Coachella Valley; Rewuew Spwcek Group, Inc. IA RedIwiopinent AgmiC)P ni.- BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K e the La Quinta commerce and arts heritage, as embodied and represented by the La Quinta Chamber of Commerce, La Quinta Arts Foundation, and La Quinta Historical Society lends itself to art and cultural activities that attract patrons from California and the greater southwest; * the Lake Cahuilla Recreation Area which provides the opportunity for expanded water sport and other outdoor recreation opportunities; * extensive historical and forecasted residential unit development and sales activity that translates into a significant number of households that can support additional retail, recreation, and service commercial users; and * moderate financial resources that the CitylAgency can dedicate to economic development investment Liabilities Though the assets far outweigh the liabilitites, there arc limitations that the City must account for in pursuing its economic development effort; these are as follows: * increasing competition between Coachella Valley communities to provide financial incentives to major developers and users, thus significantly influencing location decisions; * changing retailing trend: that may decrease the need for traditional retail centers; * infrastructure need: in both the Highway 111 commercial corridor and the Village that cannot be addressed without the dedication of both public and private financial resources; and * limited CitylAgency financial resource: that can be pledged to mftutmcture i*vc:ti*L Projected Market Arm Characteristic, In August, 1995, the Redevelopment Agency's consultant comm**oned a market * to identify ftitire deniand potential for retail, ofilce, hotel, golf course, commercial recreation, and housing uses. The market was prpat* by Robert Crrarles Lesser & Company, who generally concluded that there is significant potential for all of the afbrementioned uses except for commercial recreation uses. O*ed below is a *rnary of their findings. Aewiow Spwicek GNup, Inc. L' * Ri*'-m- Agw*cy Twia 11. Z996 5- Plan BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #KProjecled Growth for Ihe Coachella Valley. The Coachella Valley is one of the fastest growing regions in the State of California. The Valley's estimated 1995 population of 271,000 has increased at 4.5% per year since 1990, exceeding Riverside County's growth rate of 4.4% during this same period. Riverside County never went into recession during the early I 990s wilike California, as evidenced by positive although low levels of employment growth. The County did, however, suffer from significant declines in real estate values. Growth ptojections suggest that the Coachella Valley should continue to grow, with approximately 15,500 new residents per year forecasted through 2010. Accordingly, population totals for the Valley should reach 350,000 by 2000 and over 500,000 by 2010. The economy will continue to be. driven by a growing tourism base, second home buyers, and retirees. Relocation of companies drawn by the quality of life in the Valley may occur but will be minor in relation to the employment spin-offs from visitors and retirees. Growth Projections for La Qubusa. La Quinta enjoys an excellent visitor image and strutigic location within the Valley that should ensure the City's frue success. Both the La Quinta Hotel and PGA West provide the city with national recognitioL The City is located in the growing Eastern Coachella Valley which should receive most of the population growth forecasted for the Valley. Highway Ill is the key linkage to the growing Eastern Coachella Valley and the more affluent communities Indian Wells and Palm Desert) to the wul. During the first half of this decade, La Quinta was the fastest growig city in the Valley at over 10% per year, with a 1994 total of 16,700 residents. Real Estate Development Oudoo* The real este development outlook for La Quinta appears favorable for many land uees. * Regiovwl Shopping Center. The Coachella Valley should demonstrate support for a new regional shopping center toward the end of this decade. Given the mu* image provided by the city's name and its proximity to the growing Eastern Coachella Valley,LaQuintaisinanexcellctpositiontoartraatanewregionalcentcrwithithe Highway 111 commercial corridor. DLscoinzlOff-P'ice Retailing. While the diacouni*off-pnce retailing market appears to be over:upplied today, conilnued popiziation growth will stimulate increased demand which La Quinta should attract over time. Robert Charles Lemur and Company projects that the reraining 350,000 uqum feet of ap*vel yet unbuilt space at the 111 La Quinti Center will reach build-out over an approximate ten-year pcri* Acceleration of this projected build-out could arise from the development of the rtgionil shopping center on Highway 111. R.w,i.w Spe*iik Greup, Ilic. 1 Qu*ui*i Altuc, 7**g*f * EcDne*icDiw***rne*tP*n BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K Resort Hotels. The La Quinta Resort & Club epitomizes the resort luxury hotel product in the Coachella Valley. With additional balkoom and exhibition space plus an improving local economy, the hotel should see improving revenues. Robert Charles Lesser and Company's analysis indicates that the Valley does not currently require additional luxury resort hotels. With improving national economic conditions which in trrrn lead to rising tourism demands, the Valley may be able to support an additional resort hotel by 2000 and several by 2005. La Quinta's resort image and available golf infrastructure provide a competitive advantage for this city. Finally, during the next five to ten years, market conditions should support a new luxury resort hotel in La Quint* Golf Courses. Regarding public-daily fee and semi-private golf courses, the Valley appears to be undersupplied by the equivalent 9f one public daily fee course. However, the growing residential and visitor populations should give risc to several newcoureesbytheendofthisdecade. LaQuintawithitslandinventoryisweil positioned to capture one new public daily fee course by the end of this decade. * Housing. Although La Quinta's economic base is driven in large part by the 1-cale La Quinta hotel and residential development, e.g., PGA West, the City has been able to provide a balance of housing opportunities. me City has 10 detached housing projects priced from $100,000 to $225,000 with azm':ial sales of about 375 unit'. LI Quinta is the Valley's market leader in the below $225,000 price category for new single-finnily detached homes. Clearly, the local housing maiket is respomding to the needs of the lower end of the market household incomes of $30,000 to $50,000). Uses *uth LImited P*j* Mirkel D'mm* While ftzmc short- and long-term development opportunities look bright for La Quinta, some uses lack *et support and should be dropped from consideration M economic development stimuli. These uses incltlde office space, neighborhood shopping centers supc* and drupiores), and concmcrcial recreation family entertainment centers and * puks). The Valley represent. a small and slowly growing office maeket with establiehed office node: that place La * at a compelitive disadvantage. The day4* ritail needs of La Quitta residents are easily accommodated by the existing centers *laaa La Quint., LI Quint. Village, and Ill La Quint. Center). Lastly, regional pop-ution is ifl-uae to justi* the intooduction of co**ial recreation centers in LaQuinta. Projecled CilylAgesey FIRaudII Rmurcu fer Ecemmic Dwvelopmemt As part of its ongoing rcsource management efforts, the City recently completed a review of projected City/Agency fiaancial resources. One component included identif*ing fluids that could be dedicated to flind inf* improvements and economic development investmcaL The table that follows identifies projected financial resoucces that may be available for economic development efforts during the nett five years. Plesse note that the City's Cppital Improvement Budget currently obligates the City's Quimby and Inftaatrucfire Fund monies. R*snew Spitwcik Group, Iwic. 4 4--- * * P*U BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #KAs indicated, the primary, if not exclusive, source of ftmds that can be pledged on economic development effort will be Redevelopment Agency ftmds. Unfortunately, current revenue projections indicate that the only available nonhousing revenue for economic development investment will total $2.78 million during the*next five years, with approximately Si 05 million of this amount available during the latter part of this decade. For the same five*ear period, available housing ftmds are projected to total $12.8 million. City & Redevelopment Agency Revenues Available for Economic Dcveloprnent Projects 19'3'N J**97 J9*7*9I I**I-99 I*9*-N AVAILABL C* FUNDS Gi.-WFwad $ 0 $ 0 $ 0 $ 0 $ 0 p FM.' 0 0 0 0 0 II'-m*uw FUEd 0 0 0 0 0 TWifA*eblii*Rinh S 0 $ 0 $ 0 $ 0 $ 0 AVAILADL[ REDEVI*OPMENT AGENCY FUNDS Nn*m* F*nh P'q*ADIW* I $ 0 $ 0 $ 0 $ 450.232 $ 03,157 P*ec'A'-N*2 I,72',m 0 0 0 0 Smbi* Nim* Fhmh $ 1,725,000 $ 0 $ 0 $ 450,252 $ 03,157 Kdi- F* 7'n I*) P*q*cfANi* I $ 2,951,152 $ 4'I.380 $ 0 $ 0 $ 0 h'**AitaN* 2 43o.,35 0 0 0 0 smlmgffernjqFnrnh(1'mIiwmuml* $ 3.38L017 $ 4'I,3U $ 0 $ 0 $ 0 iff- Ihmh 5- * p-A'..* I $ 7A52.170 $ 0 $ 0 $ 0 $ 0 1,012.423 0 0 0 0 *jjjj*HernlqPhmh(Ierni*) $ 3.944,5,3 $ 0 $ 0 $ 0 $ 0 AI-q $ 14,OS1,*a0 $ 4.l,3U $ 0 $ 4,0,252 $ 03.157 GRAND *AL AU. FUND. $ 14M1MI $ delJP S * $ 4.252 $ Lw? NOTE: I The *jecti* mfleci tim a-Il co.wmd in the January 31, 1996. CitylAgency cmli flow a-is working papers. The abov*mfemncod flu* are nil of inb* projects prog**ed in the City's Capiwi ImpmveineaI Pm*. 2. Thu wascw*c a-u thn assumes Ii' fkindimespepled intbayeersbowu. Ifthey am twiall cxpmded in thn year, the rnnammg carryover ftmdi would be aYiiI*Ie 10 SuppOft w*U*t year acilvitic. Rewi* Spwac*k G*wp, Inc. L' Ri*I-,ww * Juiw 11,19" 1 BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K CitylAgency Real Estate Assets Since 1983, the City and Redevelopment Agency have accumulated real estate assets as a result of major infrartrncture projects, or as part of the Agency's affordable housing efforts. Exhibit A, located in the Appendix of this Plan, presents a map of current City/Agency real estate assets. The properties listed in this Exhibit reflect properties that are currently owned or will soon be owned by the City or Agency. Infrastructure Needs As part of this planning effort, a comprehensive review was conducted of infrastructure needs; emphasis was placed on identilying deficiencies in commercial areas, and in delincating infrastructure needs that could be addressed as part of a larger affordable housing effort. Discussions with property owners, developers, and retail users identified inhs*ure deficiencies as the primary cost burden to new development in La Quinta. Further, the Redevelopment Agency has a legal obligation to ensure the production of affordable housing within both project areas; State law requires that the Agency expend 20% of the tax increment revenue the Agency receives on affordable housing programs(development. To date, the Agency has focueed new housing development efforts in str-c locations in order to incorporate public facility and infrastructure improvements. mc chart below outlines current and projected infrastructure deficiencies. vrnage&Highway Ill InfrastructureNeeds VuLqw Hi3- III Si'nt Jn*prowrnwi S 1.817,000 S 10,658,000 S 12,475.000 TF* SI*i 1.050,000 345,000 S 1,395,000 2,186,500 1,896,000 3 4,082,500 Ulilitte: 1,359,500 3,374,000 5 4,733,500 1,025,000 $ 1,025,000 S 6,413,000 3 17,298,000 S 23,711,000 NOTE: 1. Exdudu m;mymmw to auth sidi o(HiUbway 111, Avmw 48, and Dme Palm' Rd. whicsm m*acwaily *ittod ti- hdi*opmmt A*tv mw * and dew*eenmt aufimeaw. 2. Abo** costs ariia1996 dollars and la* a* losa * 1fladm. Remew Spwa**k Group, I"c. L' Quisw Ri*--,It Apuey In' II. 1'% BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #KCitylAgency Capital Improvement Program Both the City and Agency are working to address these infrastructure needs through the City's annual Capital Improvement Program. This program identifies both current year and projected five-year capital improvement needs and resources, and presents an annual ftinding schedule involving specific inftastructrrre projects. This Economic Development Plan will be in*erated with the Capital Improvement Program to ensure that the infrastructrrre impediments to specific economic development projects are addressed through the Capital Improvement Program, or conversely, that, where possible, economic development project implementation activities address specific capital improvement needs. Rosiuw Spincik G*up, Inc. L' *i &* AF*wy tm* II 1e** Ec--wDIw-ntPin BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K* III. BUSINESS PLAN In order to proceed with implementation activities, a business plan is required. A business plan should present a mission statement that describes the intended outcome the community wishes to achieve, and the overall policies that will guide' implementation activities. Finally, specific target areas and implementation efforts should be detail* Mission Statement The mission statement for this economic development effort is as foUows: The mission of the Economic Development effort is to actively support the development and expansion of existing businesses, and to proactively recniit quality revenue- generating uses that diversify and expand the City's economic base, offer a variety of products and services, increase employment opportnities, enhance CitylAgency fiscal resources, preserve and enhance La Quinta's unique environment, and contribute to the quality of life for La Quinta residents. Impicuentatlen Policies Listed below are policies that will guide the overall implementation efforts. They *`- resource and staffing commitments, annexation s*es, use of City assets, and refinement of City processes. These policies will guide CitylAgency staffu they implement this effort. * Flimanciuf Re:ourcu CenmItimmi. The City and Redevelopment Agency will annually d*dicate * to suoport economic development and infr* improvement activities. * Sa*i Tnm. A City/Agency staff strke team will be maaitaitdld, comprised of the City Manager, Aui:tiat City Mmg*, and Community Developmeut Director; the Team will be responsible for: 1) working with local businesses to assist' where feasible, with their expusion need:, 2) actively rccruiuug* dgyclopc*sers to locate in La Quint:, 3) coolloating both the City and Agency economic development efforts, and 4) working with City staff to contmuaily *e the City's comuwty development, engineering and building ins-on service:. * 5U:bIw I*nd*n,-:ien. The strike team will work with the La Quinta Cbamber of Commerce to identify and *ilitate business development and expansion opportunities involving existing La Quinta b*5inss* * * EcoM*mk Bw Dtver:*den. Emphasis will be placed on pursumg opportunities that will dynamically diversify La Quinta's economic ba:e beyond retail, recre:tion, and resort uees. Rmi* S GvoMp, Inc. L' * Agelic, Twie 11.1,,' 11- *m.mwDiD-IiwPL'u BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K * city/Agency Pnvate Projeci In*estmeni. For non-residential development projects, City/Agency financial investment will be primarily limited to Lmderwriting infrastructrire and municipal fee costs * city/Agency Reiwn on JnvesinwWt Fo? non-residential development projects that require investment of City/Agency fimds to insure their economic viability, the City/Agency must achieve a mjnimum of a 12% to 15% cash on cash return, after City service costs are accounted for and by the third stabilized year of operation, in order to justify City/Agency investment. Further, City/Agency investment should be ftdly repaid within a 10-year period, with every attempt to achieve repayment within a 5- to 8-year period. * Enywonmental CompiibUity. In order to protect and enhance La Quinta's unique physical environment, all new development projects wil1*be reviewed with added emphasis on their compatibility with their environmental setting to insure preservation of La Quinta's unique natural desert landscape. * Regional Transportation OpportwiItiL The City will pursue jomt efforts with regional agencies that lead to the expansion of Thcr*al Airport to support the air transportation needs of La Quinta's resort, commercial, and other uses. * Ann**n Opponnn*u. The City will aggressively pursue annexation opportunities that will enhance its economic fimue; these will ineltide annexing: properties that will provide a window to Interstate 10, properties that would enhance resort and golf course development Oppor-ties, and properties that could accommodate service com*al and industrial uses. * Mwikipl propenia. The Cit/Agency will pursue the timely sale and lor development of all CitylAgency owned siuplus property with uses that achieve a maximum rrit* on the initial CitylAgalGy investment * RcTeId.n * The City will explore the ftmibih*ty of developing surplus proprty located in the south Cove mwith golf coisse or other recintion uses that m compatible with adjoining residential uses. Further, efforts will be mmdc to develop a com-sive trail syseem that links the ricreation amenities g Lake Cahuwa and in the Santa Rosa Mountains with the City's residential and resort acOOnunities. * stre*c'p 1*rewmnti. Future *vements to streetucape and medians for all major arterials will be designed to impart a sense of place, a feeling unique onlyto I-a Quinta sothat residents, visitors and other travelers will experience a sensc of arriving at a special destination wben traveling to or through I-a Qui* Rowww Spwicwk Gi*np, hic. L' *u Rid* * t fe" I *mii'* Dn*iLimniw PI'i' BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K * Higk way Ill Co,rjdor Land Use Diversification. Within the Highway Ill corridor and in conjunction with preparing the Highway Ill Development Plan, specific areas will be identified that may be zoned for industrial, service commercial, office, and * lodging uses. * Revising Ike conleni and conltxt of Ike Village Specific Plan and Adopi a High way Ill Developmenl Plan. During 1996-97, City staff will proceed to revise and update the Village Specific Plan including retitling the Plan from Specific Plan to development plan) and initiate the Highway Ill Development Planning process. * Slaff DeveIopnienL The Strike Team will work with City staff to continually refine and improve their skills as they relate to flilfilling the mission of the Economic Development Plan and program, instilling the perspective that the economic survival of the City depends on their ability to serve the public in a courteous, efficient and knowledgeable manner. * Prepare New end U-ac Exi:dii, Infonnadon Document:. On an ongoing basis, City staff will prepare new, and update existing, promotional and community infotmation documents for circutation to potential users and developers. Target Areis The findings of the market study were instrumental in defining the target ar*as and near term 5-year) implementation activities. These activities are designed to focus CitylAgency resources on: 1) working with property ownirs, business owners, and developers to assist them in realizing their development objectives cons*ent with this Economic Development Plan, 2) conutucting infraswucttir* improvements thai will s**port new development, and 3) capturing the projected demand for commercial, resort and recreation space during the next five years. The challenge when piming implemetation activities will be to balance: limited City/Agency resources with the significant investment needs in both the Highway Ill Corridor and the Village; the greeter financial renins derived from City/Agency investment in Highway Ill corridor projects with the greater cultural, recreation, and community * resulting from City/Agency investi*ent in the Village; and the development desires of develo*users with the environmental quality and design desires of the community. HIfhwUY 111 Cerrider Desired Uses: Regional serng Commercial, int.1'*ediate.priced, busu*s-oriented lodging f*ciljties, light industrial and office uses Development Opportunity Sites: All propeeties located north and south of Highway Ill from WMhington Street east to Jefferoon Street Rmww Spwacik G*tp, liuc. Li * RidIw-n Agency Tiuw 11.199' I)nwL** PidR BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #KInfrastructure Needs: As o*lined in the Infrastructure Needs section of this document. Available City/Agency Resources: $1.7 million in unencumbered Project No. 2 nonhousing flirids $1.8 nillion in encumbered fluids allocated to the One Eleven La Quinta Center pursuant to an Owner Participation Agreement Activities to Accomplish Consider flinding the Stage 2 improvements for the in 1996-1997: One Eleven La Quinta Center in order to complete the north side Highway 111 from Washington Steeet to A4arns Street, pursuant to the 1992 Owner Participation Agreement Actively recruit mid-priced hotelimotel operators and developers to interesi them in development opportunities in the Highway 111 Corridor Work in concert with *or corridor property owners to actively market development opportunities Actively recruit developers and commercial users at the 1997 international Shop- Center * Pu3". federal and state monies to underwrite in*tructure projccts Activa*i the *cess to prepare a development plan for the Highway 111 Corridor that will cstablish corridor- specific design gitidelines, development policies, and primarylsecondary land uees As part of the development planning * identif* specific properties within the Corridor where light industrial, lodging, service commercial, and office uses would be pmitted IhLXIDmi Desired Uses: Primary Specialty Retail *ring restaurants, art gallerics, tourist um Secondary Community retail Development Opportimity Sites: To be determined through the vrnage Specific Plan update Infrastructure Needs: To be determined through the Village Specific Plan u-atc Available City/Agency Resources: To be determined through the Village Specific Plan update Ronnow S*k Group, Inc. L' * Ri-p5ww AF'i*y 4. aa' iL *mm.mwDiwLirn,'-PLin BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #KActivities to Accomplish in 1996-1997: Initiate process to update the Village Specific Plan, adopted in 1988. This effort will include: developing consensus perspectives involving property owners, Village/Cove residents, and other interested parties) regarding the desired uses for the Village identi*ing destination-oriented uses that will be actively tecruited for the Village revising permitted land uses and development standards preparing a Village-specific" capital improvements program and financing strategy Desired Uses: Private sector will provide upper income housing; Agency will pursue development of affordable housing. Development Opportunity Sites: Avenue 48/Jefferson Street Property 40 acres Miles Avenuc(Washington St:reet Property 55 acres Avenue 48/Adams Street Property 50 acres Irifrasructure Needs: Avenue 48 improvements: Adams Street east to Jefferson Street Miles Avenuc(Washington Street: intersection and property frontage improvcments Available City/Agency Resoueces: $12,326,680 Activities to Accomplish Select a developer, adopt a disposition and development in 1996-1997: agreement and initiate development of single-family dwell* on the 40-acre, Agency-owned Avenue 48'Jeffcrson property Initiate co*unity plannng efforts for the 55-acre Miles AvenuWWashington Street property Pursue developer interest in the Agency-owned so-acre Avenue 48*Adami Street property Puruue the acquisition of additional property near Madison Street, bet'*m Avenue 52 and Avenue 54 Rew:ow Spevacek Gromp, Inc. Li Qmnzii *p*iu A*eiicy BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K EXHIBfl' A City/Agency Owned Property BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02 #K City/Agency Owned Property April1996 t I'll V r fl4 $iw* * i-ThI *K7 I * 4 BIB] 08-24-1998-U01 10:57:17AM-U01 ADMIN-U01 CCRES-U02 96-U02 41-U02