AgdaPkt 2010-08-09 - Laserfiche WebLink

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O.Lts Page 2 buildings, a restaurant, a marina that was decommissioned in 2001, and an unimproved lot. Mello-Roos District Formation and the Sale of Bonds Tonight's actions comprise the initial steps in forming a community facilities district (CFD), which has been requested (attachment four) by the R.C. Peninsula Park, LLC, a Delaware limited liability company (Property Owner), by way of a petition (Petition), requesting that the City initiate proceedings for formation of the District as described herein. A CFD is a special district established to finance certain qualified public infrastructure improvements. The resolutions before the Council authorizes staff to enter into professional services agreements with William Euphrat Municipal Finance, Inc. (WEMF) as the City's financial advisor, Nossaman LLP (Nossaman) as bond counsel, Jones Hall as disclosure counsel, David Taussig & Associates as special tax consultant, Seevers, Jordan & Ziegenmeyer as Project appraiser; appoint Piper Jaffray, Inc. as the underwriter of bonds for the proposed CFD; authorize the Finance Director to accept a deposit from the Project developer in an amount sufficient to cover the non-contingent costs of creating a CFD and selling bonds; approve a deposit/reimbursement agreement in connection with that deposit; and, state the Council's intention to form a CFD to finance public infrastructure and to authorize the sale of bonds and the levy of a special tax. The deposit/reimbursement agreement is recommended so that the developer will provide the City with funds before bonds are sold to pay for certain costs that will be incurred that are non-contingent on the sales of bonds. Examples include City staff time, the appraiser, and the special tax consultant. At its next meeting on this matter (tentatively scheduled for September 13th), the Council will hold a public hearing regarding the formation of the district, the sale of bonds, and the levy of the special tax. Because these proceedings are being undertaken at the single property owner's request no majority protest is expected. The Council may then adopt resolutions establishing the district and calling for an election regarding the sale of bonds and the levy of the special tax. The property owner intends to cast an affirmative vote immediately after the resolutions are adopted. Immediately after the vote is tabulated the Council will be asked to approve various financing documents with the bonds to be sold shortly thereafter. Public Infrastructure Pursuant to a development agreement, the developer has agreed to pay for various street improvements, three community parks, bike paths, and esplanade walkway along Redwood Creek, water and sewer facilities and other public improvements (Public Facilities), and the City has agreed that it may facilitate the developer's financing of those Public Facilities through the creation of a CFD and the sale of bonds to be secured by a special tax on the Project property (attachment five). It is expected that an acquisition agreement will to be presented to Council for approval on September 13. This agreement will govern how bond proceeds are expended to acquire public facilities and reimburse the developer for infrastructure and other qualified expenditures. The acquisition agreement will set forth the list of qualified improvements, the periodic disbursement procedures, and all other pertinent requirements for the reimbursement process. Total public infrastructure and fees that qualify for Mello-Roos financing are approximately $18 million. Bond authorization will