Agdapkt 2010-12-06 clsd and regular

Browse Search

AnAC Page 4� adequately meet the needs of the District. Because the actual public facilities necessary to serve development within the District may differ from those currently anticipated, the District reserves the right to modify the actual public facilities proposed to the extent the District deems j necessary, in its sole discretion to meet those needs. At the time the CFD Report was prepared, the Developer anticipated three bond series to finance the construction, acquisition, expansion, improvement, or rehabilitation of the Improvements. At that time, the total amount of construction proceeds to be generated from the Bonds was projected to be approximately $4.7 million, the total amount of construction proceeds from the second series of bonds was projected to be approximately $3.6 million, and the total amount of construction proceeds from the third series of bonds was projected to be approximately $3.4 million. These amounts are estimates and subject to change, depending on the interest rates of the bonds, the costs of issuance of the bonds, and other factors to be determined at the time each series of bonds are issued. Estimated Cost of the Improvements The estimated cost of off site improvements related to the Project's share of Bair Island Road is $4,011,902 and the Project's estimated share of the cost of a new water line under U.S. Highway 101 is $29,232. The total estimated cost of eligible on-site facilities is estimated to be $3,205,341. Total off-site in lieu fees for the Blomquist Bridge elements and for the Water Tank to be paid by the Project are set forth in the Development Agreement at $2,851.00 and $1,784.40 per residential equivalent respectively. Development impact fees established by the Development Agreement are estimated to average $8,751.00 per residential equivalent where a residential equivalent is defined as one residential unit, or one hotel room, or 2,000 square feet of commercial space. The Special Tax Formula provides that the funding of Improvement costs can also be made from collections of the Special Tax available as the "pay-as-you-go" component of Special Taxes. The pay-as-you-go funding component could provide for funding (after payment of debt service on the Bonds) of the cost of the Improvements in excess of the amount provided from Bond and Parity Bond proceeds (if such proceeds are not sufficient) through annual Special Tax collections in excess of the amount needed to pay the debt service. The City and the Developer do not presently contemplate utilizing the pay-as-you-go funding mechanism but may choose to do so in the future. See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS — Special Tax Methodology" and "— Special Tax Fund." -29-