1985 09 03 RDA Minutes MINUTES
LA QUINTA RDEVLOPMNT AGENCY
A regular meeting of the La Quinta
Redevelopment Agency to be held at
City Hall, 78-105 Calle Estado,
La Quinta, California.
September 3, 1985 7.O p.r.
1. CALL TO ORDER
Chin Cox caed th La Quta Redevelopment r,etino to Ode at approximate
8.18 p.r.
2. ROLL CALL
Present: Agency Members Allen. Bohnenberger, Pena, Wolff and Chairman Cox.
Abt: Executive Director Usher.
Also Present: Assistant executive Director jennings, City Attorney Longtin,
Administrative Secretary Wright.
3. HEARINGS
4. CONSENT T CALENDAR
The Assistant Executive Director reported that the Minutes of the Agency meeting
held August 27, 1985, would be presented at the next Agency meeting.
Moved by Agency Member Allen. seconded by Agency Member Bohnenberger, to adopt
the Consent Calendar. unanimously adopted.
A. The Minutes of a regular meeting of the La Quinta Redevelopment Agency held
August 20, 1985. were approved as submitted.
5. BUSINESS SESSION
A. The Chairman announced that the Executive Director had prepared a report
to the Agency regarding flood control benefits with respect to affordable
housing, but was unable to be present at the meeting. The Chairman read the
title of a proposed Resolution for adoption. as follows:
RESOLUTION NO. RA-85-14. A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING OF CERTAIN EXPENDITURES
AND FINDING THAT SUCH EXPENDITURES EXPAND AND IMPROVE THE CITY'S SUPPLY OF
AFFORDABLE HOUSING.
Agency Member Bohnenberger explained that twenty percent of taxes from redevelop-
must be used for low arid moderate income housing, and reported that The proposed
Resolution would allow the Agency to use the 2 set-aside money for financing of
flood control bonds. Mr. Bohnenberger explained that the Agency's bond counsel
had presented a finding to the Agency stating that because of costs to fld-p'oof
new housing in the Cove C$15OO $5000/dwelling unit). flood.control was a means
of providing support for low arid moderate 1nce housing since it would offset
the need for Individual flood protection measures. Mr. Bohnenberger further
explained that only the initial incrent would be used in this manner, with
later issues being set aside for low and moderate housing.
Agency Member Wolff expressed concerns regarding t utilizing initial tax
increment monies for the purpose of providing low and moderate income housing.
Agency Member Bohnenberger explained that it would be necessary to utilize the
initial set aside monies for bond payments. but future tax increment would be
used in the manner designated, and that without the additional 2 set aside
funds for bond payment. the bond sale viability would be jeopardized.
Agency Member Wolff explained that he would be unable to Support such a
Resolution, and was not in favor of this matter.
Chairman Cox explained that this matter had been discussed earlier, and reviewed
the bond counsel's opinion regarding the proposed Resolution. Council Member
Wolff requested a roll call vote on this Issue.
Discussion then commenced regarding the length of time necessary before tax
increment monies would be used to fund low and moderate cost housing but still
provide for a viable bond sale. with Agency Member Bohnenberger indicating that
it had been projected that tax increments would be sufficient to repay all the
bonds within a three-year period of time, at which time the 2 could be
optioned out for low and moderate income housing purposes.
Following further discussion. it was moved by Agency Member Bohnenberger.
seconded by Agency Member Pena. to adopt Resolution NO. RA-S-14.
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M1uS La Quinta Redeve1opmet agency
September 3, 985
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Roll Cal Vote.'
AS.' Agency Members Allen, Bohnenberger, Pena and Chairman Cox.
0ES: Agency Member Wolff.
A8ST: one.
ABSA1N: None.
further moved by Agency Member Allen. seconded by Agency Member Wolff. to
dirEct th City Clerk to calendar Agency Resolution c. RA8-14 an a
Such a time three years hence as tax increment monies are sufficient fcr
bond indebtednesS repayment, the 20 Set aside monies be reerted to trr
original purpose of funding lo and moderate cost housing. Unanimously
adopted.
6.
Moved by Agency Member Wolff, seconded by Agency Member Bohnenberger. to
adjourn to a special Redevelopment Agency meeting to be held Tuesday.
Septe-ber 10, 198, at 7.00 p.rn. unanimously adopted.
The regular meeting of the La Quinta RedevelopMent Agency as adjourned at
8:37 pm., Tuesday. September 3. 1985, at City all. 78l05 Calle Estado,
La Quinta, California.
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