1995 04 18 RDA Minutes LA QUINTA REDEVELOPMENT A?ENCY
MINUTES
April 18, 1995
Regular meeting of the La Quinta Redevelopment Agency was called to order by Chairman
Sniff.
PRESENT: Board Members Bangerter, Cathcart, Pena, Perkins, Chairman Sniff
ABSENT: None
CONFIRMATION OF AGENDA Confirmed
APPROVAL OF MINUTeS
MOTION It was moved by Board Members Cathcart/Pena to approve Minutes of April 4,
1995 as submitted. Motion carried unanimously.
PUBLIC COMMENT None
BUSINESS SESSION
1. CONSIDERATION OF AN EXCLUSIVE UNDERWRITING AGREEMENT FOR
THE 1995 LA QUINTA REDEVELOPMENT AGENCY TAX ALLOCATION
BONDS
Mr. Herman, Community Development Director, advised that the item under
consideration was an Exclusive Underwriting Agreement between the Agency and Stone
& Youngberg for the 1995 La Quinta Redevelopment Agency Tax Allocation Bonds.
The Agency directed the initiation of the process in December, 1994 to structure tax
allocation bonds for the purpose of affordable housing programs and development
activities in conjunction with Desert Sands Unified School District for their
Administrative Center. He advised that three firms were interviewed and recommended
the firm of Stone & Youngberg due to their indepth experience in similar bond
transactions, experience and qualifications demonstrated by the underwriting team that
would be assigned to this issue, and favorable responses regarding their cost parameters
and service delivery from client references. He advised that Mr. Bill Huck from Stone
& Youngberg was present.
In response to Board Member Pena, Mr. Herman advised that the agreement would be
in effect until a determination has been made whether or not to sell the bonds.
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Mr. Genovese, Executive Director, advised that a determination is anticipated within the
next few months and if no substantial progress is made, the Agency would move forward
with contracting another firm.
Board Member Pena suggested that a monthly agreement with an automatic renewal
clause would set a more certain time-limit.
Mr. Genovese suggested that a six-month period of time would be sufficient and a time-
limit would be added to the agreement.
MOTION It was moved by Board Members Bangerter/Cathcart to authorize the
Executive Director to execute an Exclusive Underwriting Agreement between the Agency
and Stone & Youngberg for the 1995 La Quinta Redevelopment Agency Tax Allocation
Bonds for a period of six months. Motion carried unanimously.
2. RECEWE AND FILE THE AUDITED FINANCIAL STATEMENT FOR THE
YEAR ENDED JIY?? 30, 1994.
MOTION It was moved by Board Members Pena/Perkins to receive and file the
audited financial statement for the year ended June 30, 1994. Motion carried
unanimously.
3. CONSIDERATION OF APPROVAL OF DEMAND REGISTER WARRANT NO
21377 WILLIAMS DEVELOPMENT CORPORATION).
MOTION It was moved by Board Members Bangerter/Cathcart to approve Demand
Register Warrant Number 21377 for Williams Development Corporation. Motion carried
with Board Member Pena ABSTAINING.
CONSENT CALENDAR
APPROVAL OF DEMAND REGISTER DATED APRIL 18, 1995.
MOTION It was moved by Board Members Bangerter/Cathcart that the Consent
Calendar be approved as recommended. Motion carried unanimously.
DEPARTMENT REPORTS None
CHAIR AND BOARD MEMBERS' ITEMS None
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Redevelopment Agency Minutes 3 April 18, 1995
PUBLIC HEARINGS None
Agency recessed to Closed Session.
CLOSED SESSION
I. Conference with real property negotiator concerning 50 individual residential
properties located generally in the Cove, specifically identified in the agreement with
Coachella Valley Land negotiator, Byron Radakker instructing the negotiator
concerning price and terms of payment for acquisition of properties pursuant to
Government Code Section 54956.8.
2. Conference with legal counsel concerning ongoing litigation Atlas Environmental
vs City of La Quinta and Kenko, Inc. vs City of La Quinta pursuant to Government
Code Section 54956.9.
3. Review and consideration of Agency's legal counsel contract pursuant to
Government Code Section 54957.6.
Agency Board reconvened to regular session and concluded a Closed Session under 54957.6
and voted to approve the contract for services for Legal Counsel and Special Counsel with
Dawn C. Honeywell and Rutan and Tucker on a unanimous vote. The contract is available
for public review in the City Clerk's offices.
There being no further business, the Agency was adjourned.
submitted
S AUNDRA L JUHOLA, Secretary
La Quinta Redevelopment Agency
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