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2013 02 19 SAceitvl 4 4 Q9iKrcv Agendas and staff reports are now available on the City's web page: www.la-guinta.OT CITY AS SUCCESSOR AGENCY To The La Quinta Redevelopment Agency AGENDA CITY HALL COUNCIL CHAMBERS 78-495 Calle Tampico, La Quinta REGULAR MEETING on TUESDAY, FEBRUARY 19, 2013 AT 4:00 P.M. Beginning Resolution No. SA 2013-001 CALL TO ORDER ROLL CALL: Agency Members: Evans, Franklin, Henderson, Osborne, Chairperson Adolph CLOSED SESSION - NONE PUBLIC COMMENT At this time, members of the public may address the City Council on any matter not listed on the agenda. Please complete a "request to speak" form and limit Zour comments to three minutes. The City Council values your comments; however in accordance with State law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by GC 54954.2(b). CONFIRMATION OF AGENDA PRESENTATIONS — NONE WRITTEN COMMUNICATIONS — NONE APPROVAL OF MINUTES APPROVAL OF MINUTES OF FEBRUARY 5, 2013 CITY AS SUCCESSOR AGENCY TO RDA 1 FEBRUARY 19, 2013 CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1 . REVENUE AND EXPENDITURE REPORT DATED DECEMBER 31, 2012 2. DEMAND REGISTER DATED FEBRUARY 19, 2013 3. TREASURER'S REPORT DATED DECEMBER 31, 2012 4. RESOLUTION APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE OF THE FORMER LA QUINTA REDEVELOPMENT AGENCY FOR THE PERIOD OF JULY 2013 THROUGH DECEMBER 2013 5. SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR THE PERIOD OF JULY 2013 THROUGH DECEMBER 2013 DEPARTMENT REPORTS - NONE BUSINESS SESSION — NONE STUDY SESSION - NONE ADJOURNMENT I I * * * * * * * * * * * * * * * * * * * * * * * * * * * * * � * * * * * The next regular meeting of the City as Successor Agency to the La Quinta Redevelopment Agency will be held on March 5, 2013 commencing with closed session, if any, at 3:00 p.m. and open session at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. 00 CITY AS SUCCESSOR AGENCY TO RDA 2 FEBRUARY 19, 2013 DECLARATION OF POSTING 1, Susan Maysels, Agency Secretary of the City as Successor Agency to the La Quinta Redevelopment Agency, do hereby declare that the foregoing agenda was posted near the entrance to the Council Chambers at 78-495 Calle Tampico and on the bulletin boards at the La Quinta Cove Post Office at 51-321 Avenida Bermudas and at the Stater Brothers Supermarket at 78-630 Highway 111 , on February 15, 2013. DATED: February 14, 2013 c 0�� OL SUSAN MAYSELS, Agency Secretary Successor Agency to the La Quinta Redevelopment Agency Public Notices The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's Office at 777-7103, twenty-four (24) hours in advance of the meeting and accommodations will be made. If special electronic equipment is needed to make presentations to the Successor Agency, arrangement should be made in advance by contacting the City Clerk's Office at 777-7103. A one (1 ) week notice is required. If background material is to be presented to the Successor Agency during a meeting, please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to the City Clerk for distribution. It is requested that this take place prior to the beginning of the meeting. Any writings or documents provided to a majority of the Successor Agency 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. CITY AS SUCCESSOR AGENCY TO RDA 3 "It. 003, FEBRUARY 19, 2013 Col - of; CITY/SA/HA/1FA MEETING DATE: February 19, 2013 ITEM TITLE: Receive and File Revenues and Expenditures Report dated December 31, 2012 RECOMMENDED ACTION: Receive and File EXECUTIVE SUMMARY: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: I STUDY SESSION: PUBLIC HEARING: Monthly and year-to-date revenues and expenditures of the Successor Agency to the La Quinta Redevelopment Agency dated December 31, 2012. FISCAL IMPACT: None. BACKGROUND/ANALYSIS: Receive and File Transmittal of the December 31, 2012 Statements of Revenues and Expenditures for the Successor Agency to the La Quinta Redevelopment Agency. ALTERNATIVES: None. Respectfully submitted, Robbeyh'Bird, Finance Director Attachment: 1. Revenues and Expenditures Report for December 31, 2012 0o4 FIN a GTOMM Ll m SUCCESSOR AGENCY REVENUE SUMMARY PROJECT AREA NO. 1 Admin (237) County of Riverside Pooled Cash Allocated Interest Non Allocated Interest Transfers In TOTAL PA I PROJECT AREA NO. 2 Admin (238) County of Riverside Pooled Cash Allocated Interest Non Allocated Interest Transfers In TOTAL PA 2 TOTAL SUCCESSOR AGENCY - ADMIN PROJECT AREA NO. 1 Project (231) County of Riverside Pooled Cash Allocated Interest Non AJIocated Interest Transfers In TOTAL PA I PROJECT AREA NO. 2 Project (232) County of Riverside Pooled Cash Allocated Interest Non Allocated Interest Transfers In TOTAL PA 2 TOTAL SUCCESSOR AGENCY - PROGRAM TOTAL SUCCESSOR AGENCY 07101/2012 - 12/31/2012 ADJUSTED REMAINING % BUDGET RECEIVED BUDGET RECEIVED 476,656.00 0.00 476,656.00 0000% 0,00 0.00 000 0.000% 0.00 0.00 0,00 0.000% 15,400.00 0.00 15 400�00 omo% 492,056,00 u.uu 492056.00 0,000% 323,939.00 0,00 323,939.00 0000% 0.00 0.00 0.00 0.000% 0.00 0�00 0.00 0.000% 19,500.00 0�00 19 500m 0.000% 343,439.00 om 343,439,00 0.000% 835,49500 0,000% 0.00 0,00 0,00 0,000% 0.00 13,215.18 (13,215AB) 0.000% 0.00 1,236.86 (1,236.86) 0.000% 15,40000 22,598,00 (7,198.00j 146,740% 15,400.00 37,050.04 (21,650.04) 240,580% 192,876.00 0.00 192,87&00 0�000% 0�00 0.00 0,00 0.000% 0,00 8,798.55 (8,798.55) 0.000% 19,500.00 8,798.55 10,701,45 45,120% 212,376.00 17,597.10 194,778,90 8,290% 227,776�00 54.647.14 173,128.86 23.990% 1,063,271.00 54,647.14 1,008,623.86 5.140% 0 0 SUCCESSOR AGENCY TO THE 07101/2012 - 12/3112012 LA QUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA No. 1: LOWIMODERATE TAX FUND: County of Riverside 6,227,990.00 0.00 6,227,990.00 0.000% Allocated Interest 0.00 1.90 (1.90) 0,000% Non Allocated Interest 0.00 1,233.47 (1,233.47) 0.000% Miscellaneous revenue 0.00 165.26 (165.26) 0.000% Non Allocated Interest 0,00 0,00 000 0,000% Transferin 000 1.432,94 (1,432,94� 0000% TOTAL LOW/MOD TAX b,22(,U9u,uo 2,833.57 6,225,156.43 0.050% DEBT SERVICE FUND: County of Riverside 10.273,472 00 0,00 10,273,47Z00 0.000% Adlocated Interest 0,00 0.00 0.00 0.00G% Non Allocated Interest 0.00 260.76 (260.76) 0.000% Transfers In 0.00 0.00 0.00 0.000% TOTAL DEBT SERVICE 10,273,472.00 260.76 10,273,211.24 0.000% CAPITAL IMPROVEMENT FUND Pooled Cash Allocated Interest 0,00 1,943.68 (1.943,68) 0,000% Non Allocated Interest 15,400.00 6,011.41 9,388.59 39.040% Developer Agreement Funding 0.00 0,00 0�00 0.000% Sale of Land Proceeds 0�00 0,00 0,00 0.000% Rental Income 0.00 0.00 0,00 0,000% Litigation Proceeds 0.00 0.00 0.00 0.000% Transfers In 0.00 0.00 0.00 0.000% TOTAL CAPITAL IMPROVEMENT 15,400.00 7,955.09 7,444�91 51.660% 2011 TAXABLE HOUSING BOND FUND: (249) Pooled Cash AJIocated Interest 0.00 0.00 0.00 0000% Non AJ[ocated Interest 10,000.00 12,296.76 (2,29616) 122.970% Developer Agreement Funding 0.00 0,00 0�00 0.000% Sale of Land Proceeds 000 0.00 0,00 0000% Rental Income 0.00 0,00 0.00 0,000% Litigation Proceeds 0.00 0.00 0.00 0,000% Transfers In 0.00 0.00 0.00 0.000% TOTAL 2011 TAXABLE HOUSING BOND 10,000.00 12,29616 (2,296.76) 122,970% 00-6 SUCCESSOR AGENCY TO THE 07/01/2012 - 1213112012 LA QUINTA REDEVELOPMENT AGENCY ADJUSTED REMAINING % REVENUE SUMMARY BUDGET RECEIVED BUDGET RECEIVED PROJECT AREA NO. 2: LOW/MODERATE TAX FUND: County of Riverside 2,665,855.00 0.00 2,665.855.00 0.000% Allocated Interest 0.00 10.59 (10.59) 0.000% Non Allocated Interest 0.00 60.93 (60�93) 0,000% Transfer In 0,00 705.78 (705�78) 0,000% TOTAL LOWIMOD TAX 2,665,855.00 777.30 2,665,077.70 0.030% 2004 LOWIMODERATE BOND FUND: Allocated Interest 0.00 0.00 0.00 0.000% Home Sale Proceeds 0.00 0�00 0.00 0,000% Non Allocated Interest 0.00 1,652�90 (1,652.90) 0.000% Transferin 0,00 0�00 0,00 0�000% TOTAL LOWIMOD BOND 0.00 1,652.90 (1,652�90) 0�000% DEBT SERVICE FUND: County of Riverside 941,946.00 0�00 941,94600 0,000% Allocated Interest 0.00 0.00 0.00 0.000% Non Allocated Interest 0.00 1,172,18 (1,17218) 0,000% Interest Advance Proceeds 0.00 0,00 0,00 0�000% Transfer In 0,00 0.00 0�00 0.000% TOTAL DEBT SERVICE 941,946.00 1,17218 940,773,82 0.120% CAPITAL IMPROVEMENT FUND: Allocated Interest 0.00 0.00 0.00 0.000% Non Allocated Interest 19,50000 8,798.55 10,701.45 45A20% Misc Revenue 0.00 0.00 0.00 0.000% Sale of land 0= 0.00 0,00 0.000% Transfers In 0.00 0�00 0,00 0000% TOTAL CAPITAL IMPROVEMENT 19,500.00 8,798.55 10,701,45 45.120% 2011 TAXABLE NON -HOUSING BOND FUND: (417) Pooled Cash Allocated Interest 0.00 0,00 0.00 0,000% Non Allocated Interest 0,00 33.00 (33.00) 0.000% Developer Agreement Funding 0.00 0.00 0.00 0.000% Sale of Land Proceeds 0.00 0,00 0.00 0.000% Rental Income 0.00 goo 0.00 0�000% Litigation Proceeds 0.00 0.00 0.00 0.000% Transfers In 0.00 0.00 0�00 0.000% TOTAL 2011 TAXABLE NON -HOUSING BOND 0.00 33.00 (33.00) 0.000% 007 REVENUE GRAND TOTALS PER REPORT 0710112012 - 12131/2012 ADJUSTED BUDGET 189,442,627.00 REMAINING % RECEIVED BUDGET RECEIVED 57,984,916.42 131.457,710 58 20,44 008 SUCCESSOR AGENCY ADJUSTED 12131112 EXPENDITURE SUMMARY REMAINING BUDGET EXPENDITURES ENCUMBERED BUDGET PROJECT AREA NO, 1: SERVICES REIMBURSEMENT TO GEN FUND 131,01800 79.81436 000 51.20364 TRANSFERS OUT 307.461 �00 153,732M0 0,00 153,72900 TOTAL PA 1 - Ad.1 0.00 0�00 546 0,00 000 36 000 204,93164 PROJECT AREA NO, 2 PROJECT AREA NO. 1: PROJECT AREA NO. 2 SERVICES REIMBURSEMENT TO GEN FUND 000 151.43900 7,23600 0,00 (7,23600) TRANSFERS OUT . 0�00 75,72000 000 75.719,00 TOTAL PA 2 - Ad.l� 151,43900 0.00 ---T2 956 -00 002 � 6 0 0 LOC 68 48-3 TOTAL SUCCESSOR AGENCY - Afth. Ill.v Po uu JI b.b02 36 000 �273 415 64 SERVICES 5.499,961,00 7,95250 000 5,492.008 50 BOND PRINCIPAL 000 000 0,00 000 BOND INTEREST 0,00 0,00 0.00 0�00 REIMBURSEMENT TO GEN FUND 000 000 000 TRANSFERS OLIT 15.400�O Lo 0 000 0,00 1540000 TOTAL PA I - Progmm 5,515,361. 7.152L. ::�-O 00-5 507 408�50 SERVICES 000 33,84764 0,00 (33,847 64) BOND PRINCIPAL BONDINTEREST 000 000 000 0.00 REIMBURSEMENT TO GEN FUND 000 000 0,00 000 TRANSFERS OUT 212.376,00 0,00 000 212,37600 TOTAL PA 2 - PrNram 212,37600 33,847.64 000 178,528,36 TOTAL SUCCESSOR AGENCY - Pr,,,.. 5,727,737.00 41,80014 0�00 5,685,936 86 TOTAL SUCCESSOR AGENCY 5,959,352 50 .111. , 009 SUCCESSOR AGENCY TO THE ADJUSTED 1213laDI2 REMAINING I -A QUINTA REDEVELOPMENT AGENCY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDITURE SUMMARY PROJECT AREA NO. 1: LOWIMODERATE TAX FUND: SERVICES 0.00 1.92600 000 (1,92500) BOND PRINCIPAL 2,071.650 00 1,723.2WOO 0,00 348.40000 BONDINTEREST 4,156,340�00 2,104,021 63 000 2.052,318 37 REIMBURSEMENT TO GEN FUND 0,00 000 000 000 TRANSFERS OUT 4,712,252 00 4,612,073 47 000 100,178.53 TOTAL LOWNOD TAX 10,940,242.00 8.441.270A0 000 2,498S71 90 DEBT SERVICE FUND SERVICES 16,600 00 000 000 16.60000 BOND PRINCIPAL 3,765,000 00 3,308,050 00 000 456,95000 BONDINTEREST 6,491,872 00 3,289,314 13 000 3.202,557,87 TRANSFERS OUT 000 0,00 0.00 0,00 TOTAL DEBT SERVICE 10,273.472 00 6,597,364,13 000 3,676,107S7 CAPITAL IMPROVEMENT FUND: SERVICES 0,00 0,00 000 000 REIMBURSEMENT TO GEN FUND 0.00 000 0,00 000 TRANSFERS OUT 9,209,072 00 25,35850 0�00 9,183,713 50 TOTAL CAPITAL IMPROVEMENT 9.209.072.00 25,358 50 000 9,183,713 50 2011 TAXABLE HOUSING BONIN249) SERVICES 000 000 000 0,00 TRANSFERS OUT 25.514.502 00 000 000 25,514,502 00 TOTAL 2011 TAXABLE HOUSING BOND 25,514.502BG 000 000 25,514,502 00 010 SUCCESSOR AGENCY TO THE I -A QUINTA REDEVELOPMENT AGENCY EXPENDITURE SUMMARY PROJECT AREA NO. 2: ADJUSTED 12131QO12 REMAINING BUDGET EXPENDITURES ENCUMBERED BUDGET LOWIMODERATE TAX FUND: SERVICES 0.00 0.00 VOO 000 BOND PRINCIPAL 623,70000 623,70000 000 000 BONDINTEREST 2.042,155GO 1,028,OW 13 000 1014,06087 REIMBURSEMENT TO GEN FUND 000 000 0,00 TRANSFERS OUT 13,429,736 0 12 1 2 0,00 0,00 100 17297 TOTAL LOWIMOD TAX S2G �;1�532 000-1 11423384 2004 LOWMODERATE BOND FUND HOUSING PROGRAMS coo coo 000 000 LAND OGO 000 000 000 TRANSFERS OUT 2.997,694GO 3 111 221145 0 '2 TOTAL LOWIMOD BOND 2,997.6N 00 G 6,61 2� 2 DEBT SERVICE FUND SERVICES 000 000 000 000 BOND PRINCIPAL 175,00000 175.000,00 000 000 BOND INTEREST 757.64600 381.08688 000 376,559 12 TRANSFERS OUT 0.00 000 000 000 TOTAL Dt� I Stmviut 932,64600 556,086 L8 0 �00376 559 12 CAPITAL IMPROVEMENT FUND SERVICES 000 000 0 GO 0,00 CAPITAL GXO GGO 0,00 000 REIMBURSEMENT TO GEN FUND 0.00 0.00 000 000 TRANSFERS OUT 19.500.0 000 10.70145 TOTAL CAPITAL IMPROVEMEN 02� 6,452, gN 0.00 10,701.45 2011 RDA 2 TAXABLE BOND FUND;(417) SERVICES 000 000 0,00 0,00 ECONOMIC DEVELOPMENT 753,649.00 753.648.91 000 009 TRANSFERS OUT 2,399,766.00 0.00 ' 00 ?2 4B 20 TOTAL RDA NO. 2 TAXAu4t uuNo 3,153,435GO 753,(PI8 91 656 .39 552, G 7111 . I I, . oil Expenditures ADJUSTED IV3112012 REMAINING BUDGET EXPENDITURES ENCUMBERED BUDGET Grand TOTAL 275,014,8n 00 104,624,691,47 18,56080 170,371,685�73 000 City Other Funds 35,764,841 00 11,839,434,70 16,560,80 23.908,8,15,50 Financed Authonty 126,937,038 00 34.686.494 82 2,00000 92 248,543 18 Hai Authority 678.130.00 581.58725 doo 96.542.75 Successor Agency 26,181,020,00 25.729,556,28 000 451,463,72 Successor Agency 1 6,317,655 00 358,30250 0,00 5,959,352 50 Successor Agency 2 55,937.288 00 15.01 000 40,873,29517 Tout 23,198,866 00 16 365 323,19 000 6,833.542 81 275,014,838,00 104,624,691,47 18,560,80 170.371,585 73 Total Per G4- Variance 275,014.838,00 104,624,691 47 18,56080 170,371,585.73 612 Twy� 4 4 QUM& VIEETING DATE: FebruarV 19 2013 I ITEM TITLE: Demand Register Dated February 19, 2013 RECOMMENDED ACTION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 2-- STUDY SESSION: PUBLIC HEARING: It is recommended the Successor Agency of the La Quinta Redevelopment Agency: Receive and File the Demand Register Dated February 19, 2013 of which $0.00 Represents Successor Agency Expenditures as detailed below: Vendor: Account#: Amount: Purpose: NONE By adoption of Resolution No. 2012-002, the City of La Quinta has affirmatively elected to be the Successor Agency of the La Quinta Redevelopment Agency. Pursuant to Health and Safety Code Section 34177(a), the Successor Agency of the La Quinta Redevelopment Agency shall continue to make payments required pursuant to an adopted enforceable obligations payment schedule. The payments above are required pursuant to the enforceable obligations payments schedule adopted by the La Quinta Redevelopment Agency on January 17, 2012. Pursuant to Health and Safety Code Section 34173(e), the liability of the Successor Agency of the La Quinta Redevelopment Agency, when acting pursuant to the powers granted under ABX126, are limited to the extent of the total sum of property tax revenues it receives pursuant to part 1.85 of ABX126 (e.g., Health and Safety Code Sections 34170 — 34190) and the value of assets transferred to it as Successor Agency for the dissolved La Quinta Redevelopment Agency. EXECUTIVE SUMMARY: 013 None FISCAL IMPACT: None. BACKGROUND/ANALYSIS: None. ALTERNATIVES: None. Respecffully submifted, Robbeyn 014 Sep aldwrau OF COUNCIL/��HVHA MEETING DATE: February 19, 2013 ITEM TITLE: Receive and File Transmittal of Treasurer's Reports as of December 31, 2012 RECOMMENDED ACTION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: It is recommended the Successor Agency to the La Quinta Redevelopment Agency Board: Receive and file. PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA 015 T4hf 4 4 QU&M CITY�A/FA MEETING DATE: February 19, 2013 AGENDA CATEGORY: ITEM TITLE: Resolution Approving a Recognized BUSINESS SESSION: Obligation Payment Schedule of the Former La Quinta Redevelopment Agency for the Period of July 2013 CONSENT CALENDAR: through December 2013 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Adopt a Resolution approving a Recognized Obligation Payment Schedule for the period of July 2013 through December 2013. EXECUTIVE SUMMARY: Per ABx1 26 and State Budget Trailer Bill AB 1484, the Successor Agency must submit a Recognized Obligation Payment Schedule (ROPS) every six months. Attachment 1 of this report fulfills that requirement. In addition, this report and the attached Resolution are approving the continued implementation of the Washington Street Apartments Rehabilitation Project and approving expenditure of 2004 tax- exempt housing bond proceeds and 2011 taxable housing bond proceeds. FISCAL IMPACT: The ROPS requests $12,826,291, plus an additional $384,789 administrative allowance (total of $13,211,080) allocated from the Redevelopment Property Tax Trust Fund to the Successor Agency. The remainder of the enforceable obligations would be paid from bond proceeds. BACKGROUND/ANALYSIS: Recognized Obligation Payment Schedule ABx1 26 and the recently -approved State budget trailer bill, AB 1484, govern the redevelopment unwinding process. Every six months, the Successor Agency and Oversight Board must approve a ROPS, which is then submitted to the Department %:� 016 of Finance (DOF), State Controller's Office, the County Administrative Officer, and the County Auditor -Controller. AB 1484 changed the DOF's timeframe to request review of ROPS items from three to five business days. The DOF then has 45 days versus 10 days to make its final determination of the enforceable obligations, the dollar amounts, and funding sources listed. The Successor Agency would then have five business days to request additional DOF review and an opportunity to meet and confer on disputed items. The ROPS must then be submitted to the above -mentioned entities by March 1, 2013. If the ROPS is submitted late, the city that created the former redevelopment agency will be subject to a civil fine of $10,000 per day. The ROPS includes a 3% administrative cost allowance, provided by AB 1484, in the amount of $384,789. Washington Street Apartments In June 2012, the Successor Agency and Oversight Board approved the implementation of the Washington Street Apartments Rehabilitation project. A revised ROPS was sent to the DOF, listing 2004 tax-exempt and 2011 taxable housing bond proceeds as the funding source. The DOF did not challenge the revised ROPS. However, should the DOF view Washington Street Apartments as a new obligation on this ROPS, it is recommended the Oversight Board reaffirms its previous findings via the attached Resolution. ALTERNATIVES: None. Respectfully submitted, Robbeyn B �d!t� Finance Director Attachment: 1 . ROPS for July through December 2013 017 RESOLUTION NO. SA 2013 - A RESOLUTION OF THE CITY OF LA QUINTA ACTING AS THE SUCCESSOR AGENGY TO LA QUINTA REDEVELOPMENT AGENCY 1) ADOPTING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD OF JULY 2013 THROUGH DECEMBER 2013; WHEREAS, the City Council of the City of La Quinta ("City Council" or "City," as applicable) approved and adopted (i) the Redevelopment Plan for La Quinta Project Area No. 1 ("Project Area No. 1" or "Project Area No. 1 Redevelopment Plan," as applicable) on November 29, 1983, by Ordinance No. 43, as amended on December 20, 1994, by Ordinance No. 258, on August 19, 2003, by Ordinance No. 388, and on March 16, 2004, by Ordinance No. 402; and (ii) the Redevelopment Plan for La Quinta Redevelopment Project Area No. 2 ("Project Area No. 2" or "Project Area No. 2 Redevelopment Plan," as applicable) on May 16, -1989, by Ordinance No. 139, as amended on December 20, 1994, by Ordinance No. 259, on February 3, 2004, by Ordinance No. 399, on March 16, 2004, by Ordinance No. 403, and on March 16, 2004, by Ordinance No. 404; and WHEREAS, the La Quinta Redevelopment Agency ("Agency") was engaged in activities to execute and implement the Project Area No. 1 Redevelopment Plan and the Project Area No. 2 Redevelopment Plan (collectively, the "Redevelopment Plans") pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code § 33000, at seq.) ("CRL"); and WHEREAS, as part of the 2011-12 State budget bill, the California Legislature enacted and the Governor signed, companion bill ABx1 26 requiring that each redevelopment agency be dissolved; and WHEREAS, an action challenging the constitutionality of ABxl 26 and ABx1 27 was filed in the California Supreme Court by the California Redevelopment Association, the League of California Cities, and two individual cities; and WHEREAS, on December 29, 2011, the Court upheld ABx1 26; and WHEREAS, Health and Safety Code Section 34169 requires successor agencies to prepare and adopt a "Recognized Obligation Payment Schedule" that lists all obligations of the former redevelopment agency that are enforceable within the meaning of subdivision (d) of Section 34167 for the period of July 2013 through December 2013; and 4 018 Resolution No. SA 2013- Adoption of Recognized Obligation Payment Schedule Adopted: February 19, 2013 Page 2 of 5 WHEREAS, in fulfilling its purpose of increasing, improving, and preserving the supply of low- and moderate -income housing in the City, in 2008 the La Quinta Redevelopment Agency ("LQRDA") expended tax-exempt bond proceeds to acquire a 72-unit very low-income senior and disabled adult affordable housing complex located on the east side of Washington street, at Hidden River Road and commonly known as the Washington Street Apartments ("WSA"); and WHEREAS, the LQRDA acquired the WSA with the intent of expending bond proceeds from a 2004 tax-exempt housing bond issuance to substantially rehabilitate the development, including the construction of additional units to avoid the long-term displacement of any of the tenants at the development, for purposes of preserving the units and affordability of the WSA; and WHEREAS, the WSA was developed in the 1970s, with assistance from the U.S. Department of Agriculture, Rural Development Division ("RD"), and is subject to an outstanding RD loan ("RD Loan"); and WHEREAS, after an extensive application process, during which the LQRDA represented and committed to RD that it would complete the planned rehabilitation; RD permitted the LQRDA to assume the RD Loan; and WHEREAS, in June 2011, to ensure that the rehabilitation of the WSA would continue without delay in the event of the dissolution of the LQRDA, the LQRDA added the Authority to the title of the WSA; and WHEREAS, on January 2, 2012, the City Council adopted City Council Resolution No. 2012-002, affirmatively electing to be the "successor agency" to the LQRDA; and WHEREAS, on January 17, 2012, the Authority adopted Housing Authority Resolution No. 2012-02, electing to be the "housing successor" to the LQRDA; and WHEREAS, on April 18, 2012, the Oversight Board of the Successor Agency to La Quinta Redevelopment Agency adopted Oversight Board Resolution No. 2012-008 affirming that certain housing properties, including the WSA, are "housing assets" of the LQRDA, as that term is used in Health and Safety Code Sections 34176(a) and 34177(g) and approving the transfer of the "housing assets" to the Authority; and WHEREAS, Health and Safety Code Section 34177, which contains a comprehensive list of successor agency obligations, provides in subdivision M, "bond proceeds shall be used for the purposes for which bonds were sold unless the purposes can no longer be achieved"; and .to 019 Resolution No. SA 2013- Adoption of Recognized Obligation Payment Schedule Adopted: February 19, 2013 Page 3 of 5 WHEREAS, the bond documents for the 2004 tax-exempt housing bonds and 2011 taxable housing bonds expressly state that the bonds were issued to finance low- and moderate -income housing projects benefiting the former LQRDA's project areas; and WHEREAS, the purpose for which the bonds were sold may still be achieved, through the rehabilitation and improvement of the WSA. WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW THEREFORE, BE IT RESOLVED, by the City of La Quinta Acting as the Successor Agency to the La Quinta Redevelopment Agency, as follows: SECTION 1. Recitals. The Recitals set forth above are true and correct and incorporated herein by reference. SECTION 2. Adoption of a Recognized Obligation Payment Schedule. In order to enable the City of La Quinta as Successor Agency to strictly comply with ABx1 26, and based on the Recitals set forth above, the Successor Agency hereby adopts the Schedule attached hereto as Exhibit A as the Recognized Obligation Payment Schedule for the period of July 2013 through December 2013. Pursuant to Health & Safety Section 341 73(e), the Successor Agency's liability, including, but not limited to, its liability for the obligations on the attached schedule is limited to the total sum of property tax revenues it receives pursuant to Part 1 .85 of AB x1 26. SECTION 3. Implementation. The Successor Agency hereby authorizes and directs the Executive Director to take any action and execute any documents necessary to implement this Resolution, and further authorizes the Executive Director to forwae� the Recognized Obligation Payment Schedule to the Oversight Board. SECTION 4. The purposes for which the 2004 tax-exempt housing bonds and 2011 taxable housing bonds were issued — to finance low- and moderate -income housing in the City — can still be achieved. The bond documents, including the indenture, the official statement, the bond purchase agreement, and other related documents for the 2004 and 2011 housing bond issuances require that the net bond proceeds be used for affordable housing. SECTION 5. The Successor Agency hereby approves the continued implementation of the WSA rehabilitation project, and consents to the Authority's authorization and direction to its Executive Director to administer and implement the WSA "1 020 Resolution No. SA 2013- Adoption of Recognized Obligation Payment Schedule Adopted: February 19, 2013 Page 4 of 5 rehabilitation project, including, without limitation, entering into the agreements necessary to affect the same. SECTION 6. The Successor Agency hereby approves the expenditure of $3,006,360 in 2004 tax-exempt housing bond proceeds and $15,523,220 in 2011 taxable housing bond proceeds (collectively, the "WSA Bond Proceeds") to fund the WSA rehabilitation project over the course of the implementation; and $1,718,831 in 2004 tax-exempt bond proceeds during the July — December 2013 ROPS period. SECTION 7. The Successor Agency hereby reconfirms that the 2004 tax-exempt housing bond proceeds and the 2011 taxable housing bond proceeds are "housing assets" and that the WSA Bond Proceeds are to be transferred to the Authority pursuant to Health & Safety Code Section 34176(b)(1) for implementation of the WSA rehabilitation project, in accordance with the ROPS schedule. The Successor Agency further confirms that the 2004 and 2011 housing bond proceeds are funds that are encumbered by an enforceable obligation to build or acquire low- and moderate -income housing as defined in the Community Redevelopment Law, and therefore the funds meet the definition of the term "Housing asset" set forth in the Department of Finance's Questions and Answers section of its website, and further meeting the definition of "Housing asset" proposed by DOF to be codified as Health & Safety Code Section 34176(d)(2) in the Redevelopment Agencies Dissolution Clean-up and Liquid Asset Provisions, May Revision. SECTION 8. Sevem�. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Successor Agency hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. PASSED, APPROVED, AND ADOPTED at the meeting of the City of La Quinta Acting as the Successor Agency to the La Quinta Redevelopment Agency held this 1 9th of February, 2013, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: tv 021 Resolution No. SA 2013- Adoption of Recognized Obligation Payment Schedule Adopted: February 19, 2013 Page 5 of 5 Don Adolph, Mayor City of La Quinta Agency to the La Agency ATTEST: SUSAN MAYSELS, City Clerk City of La Quinta Acting as Successor Agency To the La Quinta Redevelopment Agency (AGENCY SEAL) APPROVED AS TO FORM: M. KATHERINE JENSON, Successor Agency Counsel City of La Quinta Acting as Successor Agency To the La Quinta Redevelopment Agency Acting as Successor Quinta Redevelopment IV, 022 1A I I ALIMMUM I I L � t- 4 1. ]]]T[[ If 023 A] I AUHIVILN 1 -1 . . . . . . . . . . �- o- �M' M.;z . . . . . . . . . . . 7-- -17-- 75 41 - - - - - - - - - - - - - I - - Tdf 4 4 a" CITY4SAkHA/FA MEETING DATE: February 19, 2013 ITEM TITLE: Resolution Approving the Successor Agency Administrative Budget for the Period of July 2013 through December 2013 RECOMMENDED ACTION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Adopt a resolution approving the Successor Agency Administrative Budget for the period of July 2013 through December 2013. EXECUTIVE SUMMARY: The Successor Agency (SA) will be reimbursed for costs to administer the former Redevelopment Agency and Oversight Board. ABx1 26 provides for an administrative allowance of 3% of the property tax allocation listed on the Recognized Obligation Payment Schedule (ROPS). FISCAL IMPACT: For the period of July 2013 through December 2013, the property tax allocation totals $12,826,291. Three percent of this total is $384,789. However, this total is subject to change based on review and approval by the Department of Finance (DOF). The administrative budget for this time period is included as Attachment 1. BACKGROUND/ANALYSIS: ABx1 26, the "Dissolution Act," provides an administrative allowance for SA's to carry out wind -down activities of the former redevelopment agencies and to administer the oversight boards. The Dissolution Act requires the SA's to prepare an administrative budget every six months. 025 The estimates include staff time required to carry out SA and Oversight Board activities and administration, the cost of IT support, supplies, printing of agendas and agenda packets, posting, SA insurance, facility rental and associated facility costs, and certain legal and consulting costs. Once the SA reviews and approves the administrative budget, the budget must be reviewed and approved by the Oversight Board. This will take place at the Oversight Board's meeting on February 20, 2013. While the Dissolution Act does not require the administrative budgets be submitted to the DOF, the DOF does review the actions of oversight boards the day after the oversight board meeting takes place. Therefore, the DOF may question an oversight board's approval of an SA's administrative budget. ALTERNATIVES: None. Respectfully submitted, Robbeyn ird, Finance Director Attachment: 1 Administrative Budget for July 2013 through December 2013 026 RESOLUTION NO. 2013- A RESOLUTION OF THE CITY OF LA QUINTA ACTING AS THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY APPROVING THE SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR THE PERIOD OF JULY 2013 THROUGH DECEMBER 2013 WHEREAS, the City Council of the City of La Quinta ("City Council" or "City," as applicable) has been established to direct the Successor Agency to take certain actions to wind down the affairs of the former La Quinta Redevelopment Agency ("Agency") in accordance with the California Health and Safety Code; and WHEREAS, the Agency was engaged in activities to execute and implement the Project Area No. 1 Redevelopment Plan and the Project Area No. 2 Redevelopment Plan (collectively, the "Redevelopment Plans") pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code § 33000, et seg.) ("CRL"); and WHEREAS, as part of the 2011-12 State budget bill, the California Legislature enacted and the Governor signed, ABx1 26 requiring that each redevelopment agency be dissolved; and WHEREAS, an action challenging the constitutionality of ABx1 26 and companion bill ABx1 27 was filed in the California Supreme Court by the California Redevelopment Association, the League of California Cities, and two individual cities; and WHEREAS, on December 29, 2011, the Court upheld ABx1 26; and WHEREAS, Health and Safety Code Section 34177(j) requires each successor agency to prepare a proposed administrative budget every six months setting forth the successor agency's estimated administrative costs of carrying out the wind -down activities of the former redevelopment agency, proposing sources of payment for such estimated administrative costs, and proposing for arrangements for administrative and operations services provided by a city, county and/or other entity; and WHEREAS, the Successor Agency budget for the six-month period July "Administrative Budget"); and has prepared a proposed administrative 1, 2013 — December 31, 2013 (the 4__ 027 Resolution No. SA 2013- Adoption ot SA Administrative Budget Adopted: February 19, 2013 Page 2 WHEREAS, on February 19, 2013 the Successor Agency reviewed and approved the Administrative Budget; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW THEREFORE, BE IT RESOLVED, by City of La Quinta Acting as the Successor Agency to La Quinta Redevelopment Agency, does hereby resolve as follows: Section 1. Recitals. The Recitals set forth above are true and correct and incorporated herein by reference. Section 2. Approval of Administrative Budget. The Successor Agency hereby approves the Administrative Budget, which Administrative Budget is on file with the Secretary of the Successor Agency. Section 3. Severability. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. Section 4. The Oversight Board Secretary shall certify to the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED at the meeting of the City of La Quinta Acting as the Successor Agency to La Quinta Redevelopment Agency held this 19th day of February, 2013, by the following vote, to wit: AYES: NOES: ASSENT: ABSTAIN: Don Adolph, Mayor City of La Quinta Acting as Successor Agency to the La Quinta Redevelopment �M* Resolution No. SA 2013- Adoption of SA Administrative Budget Adopted: February 19, 2013 Page 3 Agency ATTEST: SUSAN MAYSELS, City Clerk City of La Quinta Acting as Successor Agency To the La Quinta Redevelopment Agency (AGENCY SEAL) APPROVED AS TO FORM: M. KATHERINE JENSON, Successor Agency Counsel City of La Quinta Acting as Successor Agency To the La Quinta Redevelopment Agency 029 ATTACHMENT I SUCCESSOR AGENCYIOVERSIGHT BOARD JULY-DEC 2013 A—DMINISTRATIVE BUDGET $179,304 Includes base salary plus �benefits Succe sor Agency Administration $116,548 Oversight Board Administration $62,756 SUPPLIES & SE C $182,986 This account provides for legal, consulting, and audit sewirA a plus a portion of League of California Cities and California Redevelopment Agency dues related to technical assistance and training for implementation of ABx1 26 — Audits as required by ABxI 26 $15,000 u a League of California Cities Dues & SerninarsWebinars related 'a —ABxI to ABxl 26 $500 m SerninamsWebmans related to n a' 26 $0 9a Se-- Legal Services for Successor Agency $ 7,485 Consultinq Services for Successor Agency 'n— $40,000 SUPPLIES AND PUBLICATIONS — $2,500 This account provides for various office supplies and ublic ions to be used by SA and OB staff and board members Successor Aqency Supplies & Publications --- $1,550 Cversight Board Su lies & Publications $9501 PRINTINGIMAILINGIADVERTISING $1,000 $1,000 This account provides for required mailings, agenda m die all advertising__ INFORMATION TECHNOLOGY $6,300 This account provides for annual replacement —charges for information technology items such as computers printers, and computer related items attributable to SAIOB; and support/hosting for SA/013 welb pages, which are required by ABx1 26 $5,000 Computer Document Storage related to Successor Agen $1,200 On -Line Muni Code related to Successor Agency $100 OFFICE & EQUIPMENT $12,700 This account provides for office space rental and equipment usage in City Hall -ffe—nt— $11,100 Equipment $1,600 TOTAL ADMINISTRATIVE BUDGETI $384,789 IFUNDING SOURCES: 3% ADMINISTRATIVE ALLOWANCE $384,789 1.41; , 0310