1992 10 20 RDA Minutes LA QUINTA REDEVELOPMENT AGENCY
MINUTES
OCTOBER 20, 1992
Regular meeting of the La Quinta Redevelopment Agency was called to
order by Chairman Pena.
PRESENT: Mr. Rushworth, Mr. Sniff, Chairman Pena
ABSENT: Mr. Bohnenberger, Mrs. Franklin
MOTION It was moved by Mr. Rushworth, seconded by Mr. Sniff that
Mr. Bohnenberger and Mrs. Franklin be excused. Motion carried
unanimously.
APPROVAL OF MINUTES
MOTION It was moved by Mr. Sniff, seconded by Mr. Rushworth that
the minutes of october 5, 1992 be approved as submitted. Motion
carried unanimously.
PUBLIC COMMENT None
BUSINESS SESSION
1. CONSIDERATION OF SETTLEMENT AGREEMENT FOR ACQUISITION OF
UNIMPROVED REAL PROPERTY WITH DAVID ALTMAN, ET AL RELATIVE TO
CALLE TAMPICO IMPROVEMENTS.
Mr. Reynolds, Public Works Director, advised that the Altman
Estate has accepted the offer of the Agency for their property
which will allow the Agency/city to widen Calle Tampico. The
amount of the settlement is $16,804, which is the appraised
value.
MOTION It was moved by Mr. Sniff, seconded by Mr. Rushworth
that the agreement with David Altman, et al be approved and
authorize the opening of an escrow in the amount of $16,804.00
Motion carried unanimously.
2. REVIEW AND DISCUSSION REGARDING STOCKMAN WES DEVELOPMENT)
AFFORDABLE HOUSING PROJECT AND PROPOSED FIRST IMPLEMENTATION
AGREEMENT.
Mark Huebsch, Agency Counsel, advised that he has prepared an
agreement for implementation of the Disposition and
Development Agreement with WES reflecting the input given at
the last meeting. He proceeded to review the agreement, which
he believes reflects the direction given by the Board and
pointed Out the areas in which there is a disagreement with
Mr. Stockman.
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would reduce the gap between the housing price and what
these people can afford to pay.
d. Regarding a suggested pool", his concern related to the
Agency going into a program with a significant investment
and that the houses could turn out not to be affordable
for the bulk of the period of the affordability period,
and we would leave the Agency vulnerable.
Mr. Huebsch concluded that his concerns are whether or not the
units will end up being accountable in terms of affordable
housing costs. Frank Spevacek with RSG has indicated that
the gap can be resolved by increasing the down payment; or you
could keep the total dollar subsidy, but increase the amount
with respect to very low and low income units and decrease the
amount with respect to moderate income units, which could be
achieved with an amendment to the DDA.
In response to Mayor Pena, Mr. Stockman advised that he was
proposing that 16 units be financed with an adjustable rate
mortgage.
Mr. Stockman advised that the bank has approved these
applicants to pay the variable rate mortgages the bank does
not make these people qualify each year. If a person
qualifies initially, then they stay qualified. Regarding the
Mortgage Certificates, there is nothing in the law to prohibit
using them, nor is there any precedent for the use of ARM.
Mayor Pena asked if there are any other agencies using ARMS
and Mr. Huebsch advised that they called several agencies only
with regards to Mortgage Credit Certificates and none of them
had any experience with using them in this way.
Ms. Honeywell, City Attorney, believed that there is a good
faith" obligation on the part of the Agency to make sure these
homes stay affordable".
Mr. Stockman advised that the alternative is to allow the
subsidy to go to the low and very low and build nine less
moderate units.
The Board concurred on continuing this matter until after a
closed session.
MOTION It was moved by Mr. Sniff, seconded by Mr. Rushworth
that the matter of the imp?implementation agreement with WES
Development be added to the Closed Session agenda. Motion
carried unanimously
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MOTION It was moved by Mayor Pena, seconded by Mr. Sniff
that a policy statement be made reflecting the Agency's intent
to pursue 35 homes. Motion carried unanimously.
MOTION It was moved by Mr. Rushworth, seconded by Mr. Sniff
that the letter to Mr. Tucker regarding La Quinta Canyon
Center be approved and circulated among the Board Members for
signatures. Motion carried unanimously.
3. ADOPTION OF RESOLUTION OF ISSUANCE APPROVING THE INDENTURE OF
TRUST AND THE SALE OF THE BONDS TO THE AUTHORITY.
This matter was removed from the agenda.
There being no further business, the meeting was adjourned.
R?pectfully submitted,
#sAuNDRA?H?ecretary
La Quinta Redevelopment Agency
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