2012 09 18 HAl
I L
Housing Authority agendas and staff reports
are available on the City's web site:
www.la-quinta.org
CITY COUNCIL CHAMBERS
78-495 Calle Tampico I La Quinta, California
REGULAR MEETING
TUESDAY SEPTEMBER 18, 2012 AT 4:00 P.M.
Beginning Resolution No. HA 2012-007
CALL TO ORDER
Roll Call:
Board Members: Adolph, Franklin, Henderson, Osborne and Chairperson Evans
VERBAL ANNOUNCEMENT — AB 23 [AUTHORITY SECRETARY]
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 JULY 17 AND AUGUST 7, 2012
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1. APPROVAL OF DEMAND REGISTERS DATED AUGUST 21, 2012,
SEPTEMBER 4, 2012, AND SEPTEMBER 18, 2012
2. RECEIVE AND FILE TREASURER'S REPORTS DATED JUNE 30, 2012 AND
JULY 31, 2012
HOUSING AUTHORITY AGENDA 1 SEPTEMBER 18, 2012
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED JUNE
3, 2012 AND JULY 31, 2012
4. RATIFICATION OF A DEPOSIT OF LOAN ADVANCE INTO ESCROW FOR
THE CORAL MOUNTAIN AFFORDABLE HOUSING PROJECT
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 October 16, 2012 at
4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Susan Maysels, Authority Secretary of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Housing Authority 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 September 14, 2012.
DATED: September 13, 2012
SUSAN MAYSELS, A ority ecretary
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.
002
HOUSING AUTHORITY AGENDA 2 SEPTEMBER 18, 2012
3. O
CITY / SA / " / FA MEETING DATE: August 21, 2012
ITEM TITLE: Approval of Demand Register Dated
August 21, 2012
RECOMMENDED ACTION:
It is recommended the Housing Authority Board:
Receive and File the Demand Register Dated
August 21, 2012 of which $4,625.59
represents Housing Authority Expenditures.
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PimLir HFARiNG:
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
EXECUTIVE SUMMARY:
None.
FISCAL IMPACT:
None.
BACKGROUND/ANALYSIS:
None.
ALTERNATIVES:
None.
Respectfully submitted,
n. 4*r
RobbeyN Bird, Finance Director
004
CITY / SA / " / FA MEETING DATE: September 18, 2012
ITEM TITLE: Approval of Demand Register Dated
September 18, 2012
RECOMMENDED ACTION:
It is recommended the Housing Authority Board:
Receive and File the Demand Register Dated
September 18, 2012 of which $3,820.52
represents Housing Authority Expenditures.
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: A —
STUDY SESSION:
PURLTr. HF_ARING:
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
EXECUTIVE SUMMARY:
None.
FISCAL IMPACT:
None.
BAC KG ROUND/ANALYSIS:
None.
ALTERNATIVES:
None.
005
Respectfully submitted,
per. �a
Robbeyn 18ird, Finance Director
ceiti�v 4 XP Qumrru
CITY/SA IRFA MEETING DATE: September 18, 2012
ITEM TITLE: Receive and File Transmittal of Treasurer's
Reports as of June 30, 2012 and July 31, 2012
RECOMMENDED ACTION:
It is recommended the La Quinta Housing Authority:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: 2-
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
007
`edw 4 lwQ�w
CTPY/SAIR&FA MEETING DATE: September 18, 2012
ITEM TITLE: Receive and File Transmittal of Revenue
and Expenditure Report dated June 30, 2012 and July
31, 2012
RECOMMENDED ACTION:
Receive and File
EXECUTIVES SUMMARY:
AGENDA CATEGORY:
BUSINESS SESSION: 2
CONSENT CALENDAR: J
STUDY SESSION:
PUBLIC HEARING:
Monthly and year-to-date revenues and expenditures of the La Quinta Housing
Authority.
FISCAL IMPACT:
None.
BACKGROUND/ANAYLSIS:
Receive and File Transmittal of the June 30, 2012 and July 31, 2012 Statement of
Revenue and Expenditures for the La Quinta Housing Authority.
ALTERNATIVES:
None.
Respectfully submitted,
12 )A'A 0
Robbeyn %ird, Finance Director
Attachments: 1. Revenue and Expenditures Report for June 30, 2012
2. Revenue and Expenditures Report for July 31, 2012
!1:
ATTACHMENT 1
07ro12o11-OW3012012
LA OUINTA HOUSING AUTHORITY ADJUSTED REMAINING %
REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED
PROJECT AREA NO 1 HOUSING AUTHORIWI2411
Proceeds From Home Sale
590.000 00
875,274 70
(285.274.70)
148 350%
Allocated Interest Income
3,800.00
4,411.20
(611.20)
116.080%
Nan Allocated Interest Income
000
1,383.92
(1,387W)
0.000%
Rental Income
240,000.00
302,566.89
(62,566.89)
126.070%
2nd Trost Deed Repayments
000
50.000.00
(50.000.00)
0.000%
Whiams Note Payment
0.00
7,59500
(7,59500)
0.000%
Transfer In
2,035,388,00
2,067,559.23
(32,171.23)
101.580%
TOTAL LO HOUSING AUTHORITY PA 1 _
2,869,188 00
3 308 ]90 94
(439.602.94)
115 320H
PROJECT AREA NO 2 HOUSING AUTHORITY(242)
WSA Fed Govt Assistance Pymts
451,40000
442.245.00
9,15500
97.970%
WSA Fed Govt Interest Rate Subsidy
46.800.00
46,908.00
(10800)
IW230%
WSA Interest Income
0W
0,00
0,00
0.000%
WSA Non Allocated Interest income
LOW 00
wo05
489.50
WOW%
WSA Rental Income
163,300.00
179.746.51
(16,44651)
110.070%
WSA Other Revenues
3.70000
2.201.95
1.498.05
59,510%
Transfer In
7,110,645.00
7,110.6,15.22
(022)
100.OW%
TOTAL LO HOUSING AUTHORITY PA 2
7,776.935,00
] 782 347.18
15.41218)
100 070%
009
z
LA QUINTA HOUSING AUTHORITY ADJUSTED 613W2012 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
241 PROJECT AREA NO I HOUSING AUTHORITY
SERVICES
13,625.00
6,440.31
7.184.69
2ND TRUST DEED PROGRAM
375,000.00
244.50000
130.500.00
FORECLOSURE ACQUISITION
0.00
HOUSING DEVELOPMENT PROGRAM
35D000.00
173.245.89
176.754.11
TRANSFER OUT
69,497W
28,320.6'
41.17632
TOTAL PROJECT AREA NO 1 HOUSING AUTHORITY
242 PROJECT AREA NO HOUSING AUTHORITY
SERVICES
22.52200
8.389 75
14,132.25
WASH ST APTS EXPENSES
W2,71000
322,685.19
39,824.81
WSA PRIWROVIDENT LOAN
29,917W
29,916.51
049
WSAPRIWUSDALOAN
12,915W
12,915.17
(0.171
WSA INTERESTIPROVIOENT L
124.558W
124,557.93
0.07
WSA INTERESTAISDA LOAN
]2,36].00
72,363.O7
393
WSA ADVANCE INTEREST EX
060
3859
(38.59)
TRANSFER OUT
7.033.40BD0
000
2,033g0800
TOTAL PROJECT AREA NO 2 HOUSING AUTHORITY
TOTAL HOUSING AUTHORITY
3
ATTACHMENT Z
07/01/2012 - 07131/2012
LA OUINTA HOUSING AUTHORITY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO 1 HOUSING AUTHORITY(241)
Proceeds From Home Sale
125,000.00
0.00
125.000.00
0.000%
Allocated Interest Income
3,800.00
0.00
3,800.00
0.000%
Non Allocated Interest Income
0.00
100.74
(f00.74)
0.000%
Rental Income
240,000.00
26,175.00
213,825.00
10.910%
2nd Trust Deed Repayments
0.00
0.00
0.00
0.000%
Transfer In
192,878.00
0.00
192,876.00
0.000%
TOTAL LO HOUSING AUTHORITY PA 1 561,676.00 26,275.74 535,400.26 4.680%
PROJECT AREA NO 2 HOUSING AUTHORITY(242)
WSA Fed Govt Assistance Pymts
451,400.00
35,100.00
416,300.00
7.780%
WSA Fed Govt Interest Rate Subsidy
46,800.00
0.00
46,800.00
0,000%
WSA Interest Income
0,00
0.00
0.00
0.000%
WSA Non Allocated Interest Income
1.090,00
23,95
1,066.05
2.200 %
WSA Rental Income
163,300.00
14.296.00
149,004.00
8.750%
VISA Other Revenues
3,700.00
307.06
3,392.94
8.300%
Transfer In
18,141,988.00
17,939,49Z78
202,490.22
98.880%
TOTAL LO HOUSING AUTHORITY PA 2 18.808,278,00 17,989,224.79 819,053.21 95.650%
w, oil
4
LA OUINTA HOUSING AUTHORITY
ADJUSTED
i1011900
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES 'ENCUMBERED
BUDGET
241 PROJECT AREA NO 7 HOUSING AUTHORITY
SERVICES
69,550.00
7.373.06
62,176.94
2ND TRUST DEED PROGRAM
65.000.00
0.00
65,000.00
FORECLOSURE ACQUISITION
0,00
HOUSING DEVELOPMENT PROGRAM
350,000.00
17,034.04
332.965.96
TRANSFER OUT
118,150.00
0.00
118.150.00
TOTAL PROJECT AREA NO 1 HOUSING AUTHORITY
242 PROJECT AREA NO 2 HOUSING AUTHORITY
SERVICES
3,050.00
200,00
2.850.00
WASH ST APTS EXPENSES
362.710.00
26,805.16
335,904.84
WSA PRINIPROVIDENT LOAN
32,515.00
2,607.37
29,907.63
WSA PRINAISDA LOAN
14,267.00
1,135A4
13.131.56
WSA INTEREST/PROVIDENT I
121,959.00
10,265.50
111,69150
WSA INTEREST/USDA LOAN
71,014.00
2,062.08
68,951.92
WSA ADVANCE INTEREST EX
0.00
0.00
0.00
TRANSFER OUT
24,972,905.00
0.00
24,972,905.00
TOTAL PROJECT AREA NO 2 HOUSING AUTHORITY
TOTAL HOUSING AUTHORITY
61
t
CITY / SA / HA FA MEETING DATE: September 18, 2012 AGENDA CATEGORY:
ITEM TITLE: Ratification of a Deposit of Loan Advance BUSINESS SESSION: L_
into Escrow for the Coral Mountain Affordable CONSENT CALENDAR: L
Housing Project
RECOMMENDED ACTION:
Ratify the deposit of a loan advance in
escrow account to cover project related
Housing Project.
EXECUTIVE SUMMARY:
STUDY SESSION:
PUBLIC HEARING:
the amount of $190,302.34 into the
costs for the Coral Mountain Affordable
An additional $190,302.34 was advanced to this project so that escrow could
close on August 27, 2012. In order to close escrow, the Housing Authority funded
approximately $25.2 million of the $29.0 million loan the former Redevelopment
Agency pledged to this affordable housing development (the remaining funds had
been expended to prepare construction plans and documents, and to fund
municipal fees). The $190, 302.64 is to be repaid to the Housing Authority after
construction is completed.
The initial segment of "A" Street was constructed by the City in order to facilitate
access to the Desert Sands bus parking lot (A Street intersects with Dune Palms
Road and is the main access to Coral Mountain Apartments). Once construction
started, additional utility conduit improvements were required totaling
$190,302.34. To expedite the work, the costs were covered by the $29,000,000
reserved for the Housing Authority loan to Coral Mountain Partners.
As escrow closing neared, a full accounting showed the change orders had not
been included in the developer's budget. Therefore, in order to timely close the
transaction without having to re -draft the loan and tax credit documents, the
developer's lender, Citibank, requested the Housing Authority increase its loan
amount by $109,302.34, and bill the developer after close of escrow.
��. 013
FISCAL IMPACT:
This action will facilitate the repayment of the $190,302.34 when during the
construction, or immediately following the completion of the Coral Mountain
Apartments. The $190,302.34 amount includes contractor change orders of
$105,994.58; and associated inspection/testing/survey costs of $84,307.76.
BACKGROUND/ANALYSIS:
The Coral Mountain DDA, approved in January 2011, facilitates the long-term
ground lease of 9.89 acres (located west of Costco) and the investment of up to
$29,000,000 of, Low- and Moderate -Income Housing Funds for development and
operation of a 176-unit apartment home complex with rents affordable to very low,
low- and moderate -income family households. Escrow has closed and construction
will commence in early September.
"A" Street was a City capital improvement project, providing access from Dune
Palms Road to Coral Mountain Apartments, the City -owned commercial parcel
north of Coral Mountain, and Costco. The "A" street project also included a
signalized intersection at Dune Palms Road and reconfiguration of Desert Sands
Unified School District's bus yard access. During construction, it was decided to
install the utilities to serve the housing project, rather than having to tear up the
new street at a later date. (In most cases, utilities are installed when a new
development is being constructed.)
The work was performed by the City's contractor, and included construction of gas
lines, electrical conduit, and Verizon conduit; additional inspection and testing;
associated traffic control; construction delays caused by the utility installation;
overtime required to complete "A" Street for Desert Sands Unified bus yard access
prior to the first day of school; and soil stabilization for imported housing site fill
dirt (Attachment 1). This work was directly related to the housing project, which is
the developer's responsibility. To accommodate these change orders, the funds
were advanced from the $29,000,000 reserved for the Housing Authority loan.
These are considered "off -site" costs, to be funded with the developer's tax credit
financing. However, the costs were not included in the budget submitted to the
tax credit lender. The lender had secured its credit committee approval of the
transaction and loan documents and agreements were drawn when this oversight
was discovered. Any changes required the lender to go back to its credit committee
to gain approval. Therefore, in order to close the transaction on schedule, the
lender requested the Housing Authority place the additional $190,302.34 into the
escrow account and then bill the developer upon close of escrow. This increased
the Housing Authority loan amount to $29,190,302.34. An invoice has been sent
to the developer, and staff expects repayment in the near future.
I.A.o o' 014
ALTERNATIVES:
Provide staff with alternative direction.
Respectfully subm
Economid,QeyAopment(Housing Manager
Attachment: 1 . List of "A" Street Contractor Change Orders
015
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