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8.A Page 2 Recommendation To effect these changes, the Council wii! consider two resolutions, hold a public heari�g and tabulate special election votes after the public hearing, and consider an additional resolution after tabulation of the votes. � 'r t the Council will consider a resolution declarin its consideration of amendments to F� s , g the GFD and call for a public hearing. After adoption of this resolution, the Council will cansider a second resolution calling for a special election regarding the proposed amendments. After adoption of this second resolution the Council will immediately conduct the public hearing regarding these amendments. Under applicable provisions of the Mello-Roos law, the single property owner has waived notice provisions otherwise applicable to such a public hearing. After the public hearing the City Clerk will tabulate the vates and the Council will consider the third and finaf resolution declaring the results of the eiection and ordering the changes called for in the first resoiution, and amending Resolution No. 15071 approved December 6, 2410 to increase the maximum true interest cost on the proposed bonds from 7.25% to 9%, reduce the issuance of bonds from $97 milfion (to be issued in up to three series} to $7.5 million (to be issued in a single series), approve the distribution of a preliminary official statement revised to reflect the changes approved by the Council, and approve an amended Acquisition Agreement reflecting the proposed changes. The revised preliminary Official Statement, marked to show changes, is on file with the City Clerk. A copy of the Acquisition Agreement is also on file with the City Clerk. ALTERNATIVES The Council is under no obligation to adopt the resolutians before it tonight. If the Council declines to adopt the resolutians, the developer of the One Marina Project will still be required to construct all of the pubiic infrastructure stipulated in the Development Agreement and dedicate it to the City pursuant to the terms of the Development Agreement. If bonds are not sold, a deposit previousfy paid by the developer will pay for all costs associated with creating the CFD. FISCAL IMPACT Professionals involved in structuring the financing have requested fee increases for the additional work required to effect these changes, which the property owner has agreed to pay. Fee increases are as follows: Nossaman LLP (bond counsel) -$10,000; Jones Hall (disclasure counsel) -- $6,500; Seever Jordan Ziegenmeyer (appraiser) -- $7,500; and William Euphrat Municipal Finance, Inc. (financial advisor) -- $4,000. In addition, the City will incur periodic bond trustee fees, County tax collection fees, periodic arbitrage rebate calculation fees, audit expenses and direct and indirect City administrative costs associated with classifying properties within the CFD, caiculating the annual special tax levies for taxable parcels within the CFD, and preparing and transmitting to the County a list of special tax levies to be placed on the secured tax ro11. These costs wi11 be recovered from the property owner or owners from the proceeds of special taxes collected by the County.