1990 03 14 RDA Minutes LA QUINTA CITY COUNCIL
LA QUINTA REDEVELOPMENT AGENCY
SPECIAL MEETING
MARCH 14, 1990
A5 5:00 P.M., Mayor/Chairman Pena called the Special meeting of
the La Quinta City Council/La Quinta Redevelopment Agency to
order.
CITY COUNCIL ROLL CALL
PRESENT: Council Members Bohnenberger, Rushworth, Sniff, Mayor
Pena
ABSENT: Council Member Bosworth
REDEVELOPMENT AGENCY ROLL CALL
PRESENT: Mr. Bohnenberger, Mr. Rushworth, Mr. Sniff, Chairman
Pena
ABSENT: Mrs. Bosworth,
1. ADOPTION OF RESOLUTION APPROVING THE ISSUANCE BY THE LA
QUINTA REDEVELOPMENT AGENCY OF ITS LA QUINTA REDEVELOPMENT
PROJECT, TAX ALLOCATION REFUNDING BONDS, SERIES 1990 AND
MAKING CERTAIN DETERMINATIONS RELATING THERETO.
BILL FIELDMAN, consultant with Fieldman Rolapp, advised
that this is the culmination of a year and a half of
discussions in trying to put together a financing plan for
the Redevelopment Agency. With the market the way it is, it
looks like we can make a substantial savings by issuing tax
allocation refunding bonds. He presented the Council/Board
with two resolutions for consideration 1) approving the
issuance and 2) approving a preliminary official statement
and bond purchase contract with Painewebber He noted that
there will probably be some changes made to all of the
documents as they were drafted on a not to exceed basis",
which will have to be finalized the final figure will be
about $100,000 less in principal amount of bonds which will
have the effect of increasing our bonding capacity. This
issuance will save, on a gross basis, approximately
$3,000,000 over the life of the financing which amounts to
between $135,000 $150,000 per year.
Mr. Kiedrowski commented that this transaction will not only
increase our bonding capacity, but will also provide us
additional funds for allocation.
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City Council 2 rch 14, 1990
Redevelopment AgenC?
RESOLUTION NO. 90-22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA,
CALIFORNIA, APPROVING THE ISSUANCE BY THE LA QUINTA
REDEVELOPMENT AGENCY OF ITS LA QUINTA REDEVELOPMENT PROJECT,
TAX ALLOCATION REFUNDING BONDS, SERIES 1990 AND MAKING
CERTAIN DETERMINATIONS RELATING THERETO.
It was moved by Council Members Bohnenberger/Sniff that
Resolution No. 90-22 be adopted. Motion Carried by the
following vote:
AYES: Council Members Bohnenberger, Rushworth, Sniff,
Mayor Pena
NOES: None
ABSENT: Council Member Bosworth
ABSTAIN: None
RESOLUTION NO. RA 90-2
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LA QUINTA
REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION REFUNDING BONDS, SERIES 1990 OF SAID AGENCY IN A
PRINCIPAL AMOUNT NOT TO EXCEED NINETEEN MILLION SEVEN HUNDRED
AND FIFTY-FIVE THOUSAND DOLLARS $19,755,000), APPROVING A
PRELIMINARY OFFICIAL STATEMENT AND A BOND PURCHASE CONTRACT
WITH PAINEWEBBER INCORPORATED.
It was moved by Mr. Bohnenberger, seconded by Mr. Sniff that
Resolution No. RA 90-2 be adopted. Motion carried by the
following vote:
AYES: Mr. Bohnenberger, Mr. Rushworth, Mr. Sniff, Chairman
Pena
NOES: None
ABSTAIN: None
ABSENT: Mrs. Bosworth
MR. FIELDMAN advised that they would be back before the
Council/Board at the end of the month or first of April to
finalize the transaction.
2. AUTHORIZATION TO PURCHASE LOTS 19 & 20, BLOCK 134 AND FOR
EXECUTIVE DIRECTOR TO SIGN APPROPRIATE DOCUMENTS.
Chairman Pena abstained from this matter due to a possible
conflict of interest as he owns property in the area of the
lots in question and turned control of the meeting over to
Vice Chairman Bohnenberger.
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City Council 3 MArch 14, 1990
Redevelopment Agenc?
Mr. Kiedrowski advised that Lots 19 & 20 are behind the
Chamber of Commerce. Our offer has been accepted and the
transaction is in escrow. He asked for official
authorization to proceed with the purchase?e from Mr. Bradley
at a cost of $60,000 plus closing costs.
MOTION It was moved by Mr. Sniff, seconded by Mr. Rushworth
that the Executive Director be authorized to sign the
appropriate documents for the purchase of Lots 19 & 20 of
Block 134 Motion carried unanimously. MINUTE ORDER NO. RA
90-7.
The Board adjourned to Closed Session to discuss litigation
involving La Quinta Estates under Government Code Section
54956.9.
The Board reconvened with no action being taken.
There being no further business, the Council/Board adjourned.
R$spectfully submitted,
City Clerk
City of La Quinta, California
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