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1992 04 21 RDA Minutes LA QUINTA REDEV?LOPMENT AGENCY MINUTES APRIL 21, 1992 Regular meeting of the La Quinta Redevelopment Agency was called to order by Chairman Pena. PRESENT: Mr. Bohnenberger, Mrs. Franklin, Mr. Rushworth, Mr. Sniff, Chairman Pena ABSENT: None PUBLIC COMMENT None BUSINESS SESSION None PUBLIC HEARINGS 1. JOINT PUBLIC HEARING BETWEEN CITY OF LA QUINTA/LA QUINTA REDEVELOPMENT AGENCY ON DISPOSITION OF CERTAIN REAL PROPERTY BY THE AGENCY TO WES DEVELOPMENT COMPANY PURSUANT TO A PROPOSED DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND WES DEVELOPMENT COMPANY. Mr. Kiedrowski advised that the proposal will allow Mr. Stockman to development a number of single-family homes in the Cove with assistance from the Redevelopment Agency. Ms. Honeywell noted that the program is currently designed to be a 40-year loan in which the covenants are released from the property at the end of that time frame. The loan then becomes due, and the money then comes back to the low-mod fund of the Agency. That seemed appropriate, because with the covenants coming off, they will then be able to sell the property or refinance it at fair-market value. However, if the Council does not wish to do that, it can be re-written to have the note forgiven at the end of 40-years. One idea discussed with the Mayor/Chairman was to leave the covenants on for 30-years and have a declining balance the last ten- years of the note. Mayor Pena suggested that if someone is in the home for 40- years, the loan should be forgiven, but if it is transferred and sold several times during the last ten years, it wouldn't be fair for the person in there for a short-time to yet the full benefit of the 35-years prior to that. PUBLIC HEARING OPENED Audrey Ostrowsky, P.O. Box 351, La Quinta, felt that it?s important that everyone have a place to live, but many people in the Cove are upset at having these homes in the Cove, BIB] 07-18-1996-U01 01:40:13PM-U01 RDAMIN-U02 04-U02 21-U02 1992-U02 beca?se they are concerned as to whether or not the people will be able to afford to keep them up and pay the taxes. She felt that mobile homes may be more appropriate for this program or fixing up existing homes to today's standards. Walter Stockman, advised that they are enthusiastic about this program and felt that they are bringing value with the homes they're bringing to the Cove. There being nQ one else wishing ta speak, the PUBLIC HEARING WAS CLOSED. Mayor Pena felt that the proposed Disposition and Development Agreement is one of the strictest he has seen, especially the C.C.& R'S that are applied to the homes. He noted that the C.C. R's can be re-addressed and changed at a later date, if it's found necessary. Council Member Franklin asked why the Agency is buying the land and conveying title. Mr. Kiedrowski advised that it's because of some of the discussions we've had with C.V.H.C. Council reserved the decision of designating the lots and it's easier to roll them through escrow and then deal with Stockman later. RESOLUTION NO. 92-44 A RESOLUTION OF ThE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, CONSENTING TO THE APPROVAL Y THE LA QUINTA REDEVELOPMENT AGENCY OF A DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN LA QUINTA REDEVELOPMENT AGENCY AND WES DEVELOPMENT COMPANY. It was moved by Council Members Bohnenberger/Rushworth that Resolution No. 92-44 be adopted. Motion carried unanimously. RESOLUTION NO. RA 92-5 A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY APPROVING ThE DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN LA QUINTA REDEVELOPMENT AGENCY AND WES DEVELOPMENT COMPANY AND MAKING OTHER FINDINGS. It was moved by Mr. Sniff, seconded by Mr. Bohnenberger that Resolution No. RA 92-5 be adopted. Motion carried unanimously. CONSENT CALENDAR None BIB] 07-18-1996-U01 01:40:13PM-U01 RDAMIN-U02 04-U02 21-U02 1992-U02 CLOSED SESSION a. Discussion of negotiations pursuant to Government Code Section 54956.8 Desert Villas Owner Participation Agreement Riverside County Fire Services Agreement La Quinta Canyon Center Development & Disposition Agreement Koenig Companies OPA at Washington & Tampico Ralph?s Center) Birtcher/Ladin Washington Square) OPA Dodco Construction Co. Regarding Lot 8 of Desert Club Tract Unit 4. b. Discussion of land acquisition pursuant to Government Code Section 54956.6 La Quinta Canyon Center Land Acquisition The Board reconvened with no action being taken. There being no further business, the meeting was adjourned. Re?ectfully submitted, J;A,?? Secretary La Quinta Redevelopment Agency BIB] 07-18-1996-U01 01:40:13PM-U01 RDAMIN-U02 04-U02 21-U02 1992-U02