1998 04 07 RDA Minutes^ - LA QUINTA REDEVELOPMENT AGENCY
MINUTES
APRIL 7,1998
Regular meeting of the La Quinta Redevelopment Agency was called to order by
Chairman Perkins.
PRESENT: Board Members Adolph, Henderson, Pena, Sniff, Chairman Perkins
ABSENT: None
PUBLIC COMMENT None
CONFIRMATION OF AGENDA Confirmed
APPROVAL OF MINUTES
MOTION It was moved by Board Members Henderson/Sniff to approve the Minutes
of March 1 7, 1998 as submitted. Motion carried with Chairman Perkins ABSTAINING.
BUSINESS SESSION
1. CONSIDERATION OF ACTIONS RELATING TO REFUNDING OF BONDS:
A. APPROVAL OF MEMORANDUM OF UNDERSTANDING AND AGREEMENT
BY AND BETWEEN THE COUNTY OF RIVERSIDE AND THE LA QUINTA
REDEVELOPMENT AGENCY, PERTAINING TO LA QUINTA
REDEVELOPMENT PROJECT NO.2.
B. ADOPTION OF RESOLUTION AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION PARITY REFUNDING BONDS FOR THE LA QUINTA
REDEVELOPMENT PROJECT AREA NO. 1 AND MAKING CERTAIN
DETERMINATIONS RELATING THERETO.
C. ADOPTION OF RESOLUTION AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION REFUNDING BONDS FOR LA QUINTA REDEVELOPMENT
PROJECT AREA NO.2 AND MAKING CERTAIN DETERMINATIONS
RELATING THERETO.
Mr. Falconer, Finance Director, advised Council that there*s three separate
issues to consider: 1) approval of a Memorandum of Understanding MOU)
between the County of Riverside and the La Quinta Redevelopment Project Area
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^ -Redevelopment Agency Minutes 2 April 7, 1998
No. 2; 2) authorization to issue tax allocation parity refunding bonds for La
Quinta Redevelopment Project Area No.1; and, 3) authorization to issue tax
allocation refunding bonds for La Quinta Redevelopment Project Area No.2.
The bond issues will allow the City to generate approximately $8.2 million of
new bond proceeds which can be used for economic development and capital
improvement projects at the Agency*s discretion. Proposed in the MOU, is an
issuance of payment for $890,000 which will bring a net of $7.42 million of
new bond proceeds. He advised that Frank Spevacek, financial analyst, and Bill
Marticorena, bond counsel, had both worked on this along with the City
Attorney and City Manager.
Mr. Genovese, Executive Director, referred to a memo noting a few minor word
changes and advised that negotiations on the repayment schedule are being
finalized. In addition, the payment of $800,000 has been resolved. He asked
Council to approve the MOU, subject to final approval by the Executive Director,
with any substantial changes being brought back to the Agency Board.
Ms. Honeywell, Agency counsel, asked that it be approved, subject to final
approval by the Executive Director as she has not yet had an opportunity to
review the proposed changes.
Board Member Adolph supported the request and felt it*5 the fiscally responsible
way to go.
MOTION It was moved by Board Members Sniff/Adolph to approve the
Memorandum of understanding and Agreement by and between the County of
Riverside and the La Quinta Redevelopment Agency pertaining to the
interpretation and implementation of the Cooperation Agreement for the
Redevelopment Plan for Project Area No.2, subject to review and final approval
by the Executive Director. Motion carried unanimously.
RESOLUTION NO. RA 98-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE I-A QUINTA
REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION PARITY REFUNDING BONDS OF SAID AGENCY IN A PRINCIPAL
AMOUNT OF NOT TO EXCEED SIXTEEN MILLION DOLLARS $16,000,000) TO
FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT
KNOWN AS THE LA QUINTA REDEVELOPMENT PROJECT AREA NO.1 AND
APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS
IN CONNECTION THEREWITH.
It was moved by Board Members Sniff/Henderson to adopt Resolution No. RA
98-01 as submitted. Motion carried unanimously.
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RESOLUTION NO. RA 98-02
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LA QUINTA
REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION REFUNDING BONDS OF SAID AGENCY IN A PRINCIPAL
AMOUNT OF NOT TO EXCEED EIGHT MILLION DOLLARS $8,000,000) TO
FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT
KNOWN AS THE LA QUINTA REDEVELOPMENT PROJECT AREA NO.2 AND
APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS
IN CONNECTION THEREWITH.
It was moved by Board Members Henderson/Sniff to adopt Resolution No. RA
98-02 as submitted. Motion carried unanimously.
Mr. Genovese advised that any substantial changes will be brought back for
further review, otherwise, this will be the final action on these bonds. He
thanked the bond financing team for their work on this issue.
In response to Board Member Pena, Mr. Marticorena, bond counsel, advised that
the bond closing will be the second week in May.
CONSENT CALENDAR
1. APPROVAL OF DEMAND REGISTER DATED APRIL 7, 1998.
2. APPROVAL OF A SETTLEMENT AGREEMENT AND MUTUAL RELEASE BY AND
BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY AND
WASHINGTON/ADAMS L. P., FOR THE COMPLETION OF IMPROVEMENTS
STIPULATED IN THE OWNER PARTICIPATION AGREEMENT BETWEEN THE
AGENCY AND WASHINGTON/ADAMS L. P. DATED MARCH 5, 1991, FOR THE
ONE ELEVEN LA QUINTA SHOPPING CENTER.
MOTION It was moved by Board Members Pena/Sniff to approve the Consent
Calendar as recommended. Motion carried unanimously.
DEPARTMENT REPORTS None
CHAIR AND BOARD MEMBERS' ITEMS None
PUBLIC HEARINGS None
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The Agency recessed to Closed Session.
CLOSED SESSION
1. Conference with Agency's real property negotiator pursuant to Government
Code Section 54956.8, concerning potential terms and conditions of acquisition
and or disposition of real property located at the northwest corner of Avenue
48 and Jefferson Street. Applicant: Catellus Residential.
The Agency reconvened with no decision being made in Closed Session which requires
reporting pursuant to Section 54957.1 of the Government Code Brown Act).
There being no further business, the Agency meeting was adjourned.
Res otfully submitted,
SAUNDRA L. JUHOLA, Secretary
La Quinta Redevelopment Agency
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