2011 11 15 HA6q� 4 #ad,&
Housing Authority agendas and staff reports
are available on the City's web page:
www.la-quinta.org
HOUSING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY. NOVEMBER 15. 2011 AT 4:00 P.M.
Beginning Resolution No. HA 2011-006
CALL TO ORDER
Roll Call:
Board Members: Adolph, Evans, Henderson, Sniff, and Chairperson Franklin
PUBLIC COMMENT
At this time members of the public may address the Housing Authority on any matter not
listed on the agenda. Please complete a "request to speak" form and limit your comments
to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF OCTOBER 18, 2011
2. APPROVAL OF MINUTES OF THE SPECIAL MEETING OF NOVEMBER 1,
2011
001
HOUSING AUTHORITY AGENDA 1 NOVEMBER 15, 2011
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. APPROVAL OF DEMAND REGISTER DATED NOVEMBER 15, 2011
2. RECEIVE AND FILE TREASURER'S REPORT DATED SEPTEMBER 30, 2011
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
SEPTEMBER 30, 2011
4. APPROVAL OF AN APPROPRIATION FOR CAPITAL PROJECTS FROM THE
PROCEEDS OF THE 2011 FINANCING AUTHORITY AND 2011
REDEVELOPMENT AGENCY BOND ISSUES
BUSINESS SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
The next regular meeting of the Housing Authority will be held on December 20,
2011 at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico,
La Quinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Housing Authority meeting of November
15, 2011 was posted on the outside entry to the Council Chamber at 78-495 Calle
Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630
Highway 111, on November 9, 2011.
DATED:
VERONICA J.
November 9, 2011. ,�
002
HOUSING AUTHORITY AGENDA 2 NOVEMBER 15, 2011
City of La Quinta, California
Public Notice
Any writings or documents provided to a majority of the Housing Authority regarding any
item on this agenda will be made available for public inspection at the City Clerk counter at
City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal
business hours.
003
HOUSING AUTHORITY AGENDA 3 NOVEMBER 15, 2011
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HOUSING AUTHORITY MEETING DATE: November 15, 2011
ITEM TITLE: Approval of Demand Register Dated
November 15, 2011
RECOMMENDATION:
It is recommended the Housing Authority Board:
Receive and File the Demand Register Dated
November 15, 2011 of which $204.78
represents Housing Authority Expenditures.
AGENDA CATEGORY:
BUSINESS SESSION
CONSENT CALENDAR I
STUDY SESSION
PUBLIC HEARING
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
tj 004
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aw
OF � AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: November 15, 2011 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of CONSENT CALENDAR: Z
Treasurer's Report dated September 2011 STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the La Quinta Housing Authority:
Receive and file.
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
''" 005
cEM e r9 AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: November 15, 2011
CONSENT CALENDAR:
ITEM TITLE: Receive and File Transmittal of Revenue
and Expenditure Report dated September 2011 STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File.
BACKGROUND AND OVERVIEW:
Transmittal of the September 2011 Statement of Revenue and Expenditures for the
La Quinta Housing Authority.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachment: 1. Revenue and Expenditures, September 2011
006
A l l AUNIVIUM I I
07AH12011 - OW3012011
LA OUINTA HOUSING AUTHORITY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO 1 HOUSING AUTHORITY
Proceeds From Sale
125,000.00
123,148.76
1,851,24
98.520%
Allocated Interest Income
3,800,00
(931,22)
4,731 22
-24.510%
Rental Income
240,000,00
68.492.23
1715W.77
28.540%
Transfer In
O.W
0.00
0.00
0A00%
TOTAL LO HOUSING AUTHORITY PA 1
368 800.W
190,709,77
178,OW.23
51 710%
PROJECT AREA NO 2 HOUSING AUTHORITY
WSA Fed Go Assistance Pymts
451,400.00
74,W3.00
377,337A0
16.410%
WSA Fed Govt Interest Rate Subsidy
46,800.00
D00
46,800,00
0.000%
WSA Interest Income,
0.00
0.00
0,00
0.000%
WSA Non Allocated Interest Income
1.090.00
205,51
884,49
18.850%
WSA Rectal Income
163.300.00
29,599.00
133,701,W
18A30%
WSA Other Revenues
3.700,00
785.20
2,914,80
21.220%
Transferin
0.00
0.00
0.00
0.000%
TOTAL LO HOUSING AUTHORITY PA 2
666,290.00
104,652,71
561,63729
15.710%
001
2
LA GUINTA HOUSING AUTHORITY
ADJUSTED
09130111
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES ENCUMBERED
BUDGET
PROJECT AREA NO 1 HOUSING AUTHORITY
SERVICES
18, 112.W
920.94
17,191,06
HOUSING DEVELOPMENT PROGRAM
350,000W
34,601,36
315,398.64
TRANSFER OUT
000
0.00
TOTAL PROJECT AREA NO 1 HOUSING AUTHORITY
PROJECT AREA NO 2 HOUSING AUTHORITY
SERVICES
22,512A0
4,220.94
18.291,06
WASH ST APTS EXPENSES
362,710.00
47,227.56
315.482.44
WSA PRIWPROVIDENT LOAN
29.917,00
4,814.62
25.102.38
WSA PRIWUSDA LOAN
12.915.00
2,064,19.
10,850.81
WSA INTERESTIPROVIDENT LOAN
124,558,W
20,931,12
103,626,88
WSA INTERESTIUSDA LOAN
72.367.00
4.330.85
66036.15
WSA ADVANCE INTEREST EXPENSE -
000
--620
662
f6621
TOTAL PROJECT AREA NO 2 HOUSING AUTHORITY
MU
83, 95
TOTAL HOUSING AUTHORITY
3
AGENDA CATEGORY:
BUSINESS SESSION: _
COUNCILIRDA MEETING DATE: November 15, 2011
ITEM TITLE: Approval of an Appropriation for Capital CONSENT CALENDAR: A
Projects from the Proceeds of the 2011 Financing STUDY SESSION:
Authority and 2011 Redevelopment Agency Bond
PUBLIC HEARING:
Issues
RECOMMENDATION:
Approve an appropriation of $27,914,288 for capital projects from the proceeds of
the 2011 Financing Authority and 2011 Redevelopment Agency Bond Issues.
FISCAL IMPLICATIONS:
In April of this year, staff presented a report estimating net proceeds of
$68,475,000 that could be funded from four (4) bond issues based upon future
estimated revenue projections. Based upon market conditions and a more
conservative approach, only two (2) bond issues were entered into which
generated $30,711,304 of net proceeds. Of this $30,711,304 (Attachment 1),
$2,797,016 has previously been appropriated and $27,914,288 remains to be
appropriated.
The following table represents staff's recommendation for appropriating these
funds:
Project
Taxable
ProjectArea No.2
Non housing
Taxable
Financing Authority
Homing
Total
Fred Waring Drive & Miles Ave Reconstruction
2,399,786
2,399,786
Washington Street Apartments
-
8,514,502
8,514,502
Testa Property Development
10,000,000
10,000,000
Dune Palms Mobile Estates Acquisition
7,000,000
7,000,000
-
2,399,786
25,514,552127
914 288
CHARTER CITY IMPLICATIONS:
None.
009
BACKGROUND AND OVERVIEW:
On February 15, 2011, the Agency authorized the staff to begin the process to
issue bonds. There are various factors that go into the size of a bond issue, which
ultimately result in the net amount of cash received from the bond proceeds.
These factors include the projected tax increment revenue collections, the rating
given by Standard & Poor's, the interest rate environment in the municipal bond
market, the type of bond issue - tax exempt or taxable, other municipal agencies
issuing debt at the same time, and alternative investments for investors to
consider. The amount of cash that is estimated to be deposited in the first part of
April 2011 was $68,475,000. The actual amount of bond proceeds generated was
$ 30, 71 1, 304.
All Capital Improvement Projects are accounted for in the City Capital Project Fund
(Fund 401). This is done to comply with Government Accounting Standards Board
(GASB) 34 which requires that the City track capital projects and determine if they
should be reported as a fixed asset. The City was an early implementer of GASB
34 in June 30, 2001 and has been using Fund 401 in a similar fashion, even before
GASB 34, since the mid 1990's.
Within Fund 401, individual project budgets are set up to track the expenditures
and the sources of revenue used to pay for the expenditures. Many individual
project budgets have more than one funding source to pay for the costs of the
project. In all cases, the estimated revenue and appropriation amounts for each
individual capital projects must agree which is the case in this report.
Once completed, these assets will be reported in the Comprehensive Annual
Financial Report (CAFR). The CAFR reports the financial activity of the City, the La
Quinta Redevelopment Agency, the La Quinta Housing Authority and the La Quinta
Financing Authority.
FINDINGS AND ALTERNATIVES:
The alternatives available to the La Quinta Housing Authority include:
1. Approve an appropriation of $27,914,288 for capital projects from the
proceeds of the 2011 Financing Authority and 2011 Redevelopment Agency
Bond Issues; or
2. Do not approve an appropriation of $27,914,288 for capital projects from the
proceeds of the 2011 Financing Authority and 2011 Redevelopment Agency
Bond Issues; or
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3. Provide staff with alternative direction.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachment: 1. April and November 2011 Bond Issue Analysis
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ATTACHMENT 1
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