1993 05 18 RDA Minutes LA QUINTA REDEVELOPMENT AGENCY
MINUTES
MAY 18, 1993
Regular meeting of the La Quinta Redevelopment Agency was called to order by Mayor Pena.
PRESENT: Members Bangerter, McCartney, Perkins, Sniff, Chairman Pena
ABSENT: None
CONFIRMATION OF AGENDA
MOTION It was moved by Members Sniff/Bangerter to add to the Closed Session agenda
discussion of the County's withholding of tax increment funds pursuant to Government Code
Section 54956.9(b). Motion carried unanimously.
APPROVAL OF MINUTES
MOTION It was moved by Members Sniff/Bangerter that the Minutes of May 4, 1993 be
approved as submitted. Motion carried unanimously.
PUBLIC COMMENT None
BUSINESS SESSION
I. CONSIDERATION OF FINANCIAL ASSISTANCE FOR THE COACHELLA
VALLEY LAND HOUSING PROJECT.
Mayor Pena and Member Bangerter abstained to a conflict of interest and left the dais.
Mr. Genovese, Ass't. Executive Director, advised that the staff report proposes several
alternatives of which staff recommends Alternative 1. The first question to come to mind
would be why we cannot have a secured loan it's because the Fannie Mae requirements
would not allow it.
Member McCartney noted that Alternative 4 provides for a secured loan and preferred
that Alternative because the best way to minimize risk is with a secured loan.
Mr. Genovese responded, that based upon the amount of Agency assistance and what the
second trust deed would really buy us in this situation meaning that if there's a
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foreclosure, it's unlikely that we would be in a position to recover funds even with a
se?second trust deed because the first would be paid off first and it's substantial.
Mr. Hunt, Executive Director, also noted that the housing is for low and very low
income families and having them come up with 10% may be prohibitive and may cause
the program not to go forward. So in order to make it go forward, we took the chance
with the unsecured loan.
MOTION It was moved by Members Perkins/Sniff that modification to the financial
assistance to Coachella Valley Housing Project as recommended be approved, approving
Alternative 1 and directing staff to prepare the amendment for Agency Board
consideration. Motion carried with Member Mccartney voting NO and Chairman Pena
and Member Bangerter absent.
2. CONSIDERATION OF MODIFICATION OF FINANCIAL ASSISTANCE FOR
THE COACHELLA VALLEY HOUSING COALITION HOUSING PROJECT.
MOTION It was moved by Members Perkins/McCartney to continue this matter to
June 1 pending a map of the sites to determine conflicts of interests. Motion carried
unanimously.
CONSENT CALENDAR
APPROVAL OF DEMAND REGISTER DATED MAY 18, 1993.
2. ACCEPTANCE OF PROJECT 93-01 LOW-MOD SEWER HOOK-UP) AND
AUTHORIZATION FOR CITY CLERK TO RECORD NOTICE OF
COMPLETION.
3. ACCEPTANCE OF BID FOR PROJECT 93-3- LOW-MOD SEWER HOOK-UP
AND AWARDING OF CONTRACT TO HENDRICKSON CONSTRUCTION, INC.
4. ADOPTION OF RESOLUTION DETERMINING THAT CERTAIN PUBLIC
IMPROVEMENTS ARE OF BENEFIT TO THE IMMEDIATE NEIGHBORHOOD
AND DETERMINING THAT NO OTHER REASONABLE MEANS OF
FINANCING ARE AVAILABLE TO THE COMMUNITY WHITEWATER
BRIDGE IMPROVEMENTS).
MOTION It was moved by Members Perkins/Bangerter to approve the Consent
Calendar as recommended with Item No.4 being adopted by RESOLUTION NO.93-6.
Motion carried unanimously.
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Redevelopment Agency Minutes 3 May 18, 1993
CLOSED SESSION
a. Discussion of negotiations pursuant to Government Code Section 54956.3
Williams Development Corporation proposal for housing project including
potential acquisition of properties in the Cove area.
The Board reconvened with no action being taken.
There being no h]?rther business, the meeting was adjourned.
Respectfully submitted,
j?DRA'?Lj#J?SLretary
La Quinta Redevelopment Agency
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