1995 05 16 RDA Minutes LA QUINTA REDEVELOPMENT AGENCY
MINUTES
May 6, 1995
Regular meeting of the La Quinta Redevelopment Agency was called to order by Chairman
Sniff
PRESENT: Board Members Bangerter, Cathcart, Pena, Perkins, Chairman Sniff
ABSENT: None
CONHI?ATION OF AGENDA Confirmed
APPROVAL OF MINUTES
MOTION It was moved by Board Members Bangerter/Cathcart to approve Minutes of May
16, 1995 as submitted. Motion carried unanimously.
PUBLIC COMMENT None
BUSINESS SESSION
1. CONSIDERATION OF THE PURCHASE AND SALE OF REAL PROPERTY BY
AND BETWEEN COACHELLA VALLEY LAND AND THE LA QUINTA
REDEVELOPMENT AGENCY CONSISTING OF 50 SINGLE-FAMILY HOMES
LOCATED THROUGHOUT THE COVE AREA OF LA QUINTA.
Board Members Bangerter and Pen a abstained due to a conflict of interest and left
the dais.
Mr. Herman, Community Development Director, advised that the request before the
Agency was authorization to enter into an agreement to purchase 50 single-family
dwelling units that the Agency previously committed to maintaining as part of the City's
Inventory for affordable housing. He advised that the applicant, Coachella Valley Land,
has filed bankruptcy and the purpose in purchasing the units is to salvage them and
maintain the Agency's credit under the mandatory, housing-affordability requirements.
MOTION It was moved by Board Members Cathcart/Perkins to approve the purchase
and sale agreement by and between Coachella Valley Land and the La Quinta
Redevelopment Agency, for 50 single-family homes located throughout the Cove area of
La Quinta and authorize the Executive Director to execute the necessary documents to
complete the purchase transaction; and approve appropriation of $238,536 for the
purchase from Project Area I Low-Mod Fund with other options to be considered when
housing-bonds proceeds become available. Motion carried with Board Members
Bangerter and Pena ABSENT.
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Redevelopment Agency Minutes 2 May 6,. 1995
2. CONSIDERATION OF AN IMPLEMENTATION AGREEMENT BY AND
BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND E. G.
WILLIAMS DEVELOPMENT CORPORATION FOR THE AMENDED
WILLIAMS DEVELOPMENT DISPOSITION AND DEVELOPMENT
AGREEMENT.
Board Member Pen a abstained due to a conflict of interest and left the dais.
Mr. Herman, Community Development Director, advised that the Implementation
Agreement revises the terms, permitting approval by Fannie Mae to enable sale of the
unitS to potential very-low, low, and moderate-income buyers at an affordable price.
MOTION It was moved by Board Members Cathcart/Perkins to authorize the
Redevelopment Chairman to sign the Implementation Agreement E.G. Williams
Development Corporation). Motion carried with Board Member Pena ABSENT.
3. CONSIDERATION OF ADOPTION OF RESOLUTION REGARD INTENTION
TO ISSUE TAX-EXEMPT OBLIGATIONS.
Board Members Bangerter and Pen a abstained due to a conflict of interest and left
the dais.
Mr. Herman, Community Development Director, advised that the proposed resolution
would allow the Agency to recoup some of its expenditures regarding affordable housing
once the 1995 Housing/School Tax Allocation Bond issue is secured.
RESOLUTION NO. RA 95-06
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY
REGARDING ITS INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS.
It was moved by Board Members Cathcart/perkins to adopt Resolution No. RA 95-06
as submitted. Motion carried with Board Members Bangerter and Pena ABSENT.
4. APPROVAL OF OVERNIGHT TRAVEL FOR THE BOND FINANCING TEAM
AND OTIIER REPRESENTATIVES TO MEET WITH BOND INSURANCE AND
CREDIT-RATING AGENCIES IN NEW YORK, JUNE 7-11, 1995.
Mr. Herman Community Development Director, advised that the Tax Allocation Bond
Financing Committee has been working to structure a tax allocation bond issue that
would raise capital for the Agency's affordable housing efforts and the Desert Sands
Unified School District's administrative facility. They felt that the most effective way
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Redevelopment Agency Minutes 3 May 16,1995
to communicate the positive aspects of this financing would be to conduct direct, face-to-
face meetings with the insurance and credit-rating agencies who are located in New York
City. These meetings would be used to discuss:
* New development activity within both project areas;
* The status of assessment appeals and their potential impact on assessed values;
* The StatuS of Landmark Land!RTC property liquidations;
* The statuS of the KSL purchase and operation of the La Quinta Hotel and P(]A
West;
* The Status of new commercial and residential developments in both project
areas; and
* The concerns with the Orange County bonds.
Council Member Perkins questioned the costs and how many Agency representatives
would be attending.
Mr. Herman advised that the costs, which will be paid through bond proceeds, will be
$I,?000 per person, but was unsure at the present time who will be attending. He advised
that the anticipated delegation consisted of the Agency Board Members, Management
Team, Agency Executive Director, bond counsel? underwriter, and fiscal consultant.
Council Member Perkins questioned the necessity of having so many people attend.
Board Member PENA felt that it was the preference of the bond insurance and credit-
rating agencies to meet with Agency Members.
Mr. Genovese, Executive Director, advised that a role has been defined for each
participant, with the list of participants being reduced as much as possible.
Board Member Pena suggested sending two Agency Members to be determined at a later
time.
MOTION It was moved by Board Members Pena/Bangerter to authorize the bond
financing team and other Agency representatives as determined by the Agency Board to
travel to New York to meet with bond insurance and credit-rating agencies June 7-1
1995. Motion carried unanimously.
CONSENT CALENDAR
APPROVAL OF DEMAND REGISTER, DATED MAY 16, 1995.
2. ADOPTION OF RESOLUTION APPROVING THE FISCAL YEAR 1995/96
CAPITAL IMPROVEMENT PROGRAM.
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MOTION It was moved by Board Members Bangerter/Cathcart that the Consent
Calendar be approved as recommended with Item No. 2 being approved by
RESOLUTION NO. RA 95-07. Motion carried unanimously
DEPARTMENT REPORTS None
CHAIR AND BOARD MEMBERS' ITEMS
Board Member Pena advised that he and Mr. Herman met with the Historical Society and
discussed the possibility of a lease or lease/purchase option for the building they are currently
using on Avenida Montezuma. He asked that this matter be agendized as a Closed Session item
to allow the Agency to discuss it further.
The Agency concurred and asked staff to meet with the Historical] Society prior to the next
Agency meeting.
PUBLIC HEARINGS None
CLOSED SESSION None
There being no further business. it was moved by Board Members Bangerter/Cathcart to
adjourn. Motion carried unanimously.
SAUNDRA L. JUHOLA, Secretary
La Quinta Redevelopment Agency
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