HomeMy WebLinkAboutAGENDA REPORT 1999 0505 CC REG ITEM 11Jt3� Cry C��
YFEM 11 J.
CITY OF ?' OORPA:RIK, CALIFORNIA
City Cmincil Meeting
ACTION: al
City of Moorpark
Agenda Report
TO: Honorable City Council
FROM: Graham Mitchell, Senior Management Analyst v\--
DATE: April 23, 1999 (May 5, 1999, City Council Meeting)
SUBJECT: Consider Resolution 99- Authorizing Ventura Pacific
Capital Group's Request for an Assessment Prepayment
(Assessment District No. 92 -1)
BACKGROUND
The City received a request from Ventura Pacific Capital Group
(VPCG) to prepay a portion of the assessment on parcel number
511 -0- 080 -615 (Carl's Jr. parcel) for Assessment District No.
92 -1 to reduce the property owner's annual payment to $4,500.
The prepayment of the bonds requires the authorization of the
City Council.
DISCUSSION
The lease agreement between VPCG and Carl's Jr. specifies that
VPCG will prepay the assessment on parcel number 511 -0- 080 -615
so that the annual Carl's Jr. assessment will be reduced to
$4,500. To fulfill its obligation with Carl's Jr., VPCG
submitted a request to make an assessment prepayment.
Calculations made by the City's consultant indicate that a
prepayment amount of $66,869.42 will reduce the Carl's Jr. levy
to $4,500.
If the City Council authorizes prepayment, the City will forward
the prepayment from VPCG to the fiscal agent for deposit into
the prepayment assessment account. On September 1, 1999 (the
next interest payment date), the fiscal agent will use the funds
in the prepayment assessment account to redeem bonds (in
0o
Honorable City Council
April 23, 1999
Page 2
denominations of $5,000) based upon a random lottery to select
which bonds will be redeemed. The random lottery assures that
neither the City nor the fiscal agent can influence the debt
service payments by selecting the bonds to be redeemed.
Because there are eight separate interest rates for each of the.
remaining serial and term bonds, until the bonds are actually
redeemed, the precise prepayment required to bring the annual
levy to exactly $4,500 will not be known. The prepayment amount
recommended should be sufficient to produce the desired $4,500
levy. Once the lottery has been conducted and the bondholders
notified, a recalculation will be performed using the rates of
the bonds actually redeemed. Should more monies be required,
the City will require additional funds from VPCG; any
overpayment would be refunded to VPCG.
RECOMMMATION (ROLL CALL VOTE)
That the City Council adopt Resolution 99- authorizing the
prepayment by Ventura Pacific Capital Group for APN 511- 0 -080-
615 in the amount of $66,869.42 and direct staff to process the
prepayment with the fiscal agent.
Attached: Resolution 99-
Prepayment Analysis (prepared by Charles Abbott
Associates, Inc.)
0® °f 4
RESOLUTION NO. 99-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MOORPARK, CALIFORNIA AUTHORIZING A
PARTIAL PREPAYMENT BY VENTURA PACIFIC
CAPITAL GROUP FOR APN 511 -0 -080 -615 IN THE
AMOUNT OF $66,869.42 FOR ASSESSMENT DISTRICT
NO. 92 -1.
WHEREAS, on February 17, 1993, the City Council adopted
Resolution 93 -918 which approved the final Engineer's Report
confirming the assessments for Assessment District No. 92 -1 for
the development of the Mission Bell Plaza shopping center; and
WHEREAS, the property owner, or designee, of the parcel
identified as APN 511 -0 -080 -615 is required to make an annual
assessment payment; and
WHEREAS, the property owner wishes to reduce the annual
assessment payment for APN 511 -0 -080 -615 to a payment of $4,500;
and,
WHEREAS, the Official Statement allows for the prepayment
of an assessment upon authorization of the Moorpark City
Council; and,
WHEREAS, the prepayment amount of $66,849.42 is required to
reduce the annual assessment payment to $4,500.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS
SECTION 1. The City Council of the City of Moorpark
authorizes Ventura Pacific Capital Group to make a partial
prepayment in the amount of $66,849.42 for APN 511 -0- 080 -615.
SECTION 2. The City Clerk shall certify to the adoption
of this Resolution and shall cause a certified Resolution to be
filed in the book of original Resolutions.
Resolution No. 99-
Page 2
PASSED AND ADOPTED this 5th day of May, 1999.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
000
Resolution No. 99-
Page 2
PASSED AND ADOPTED this 5th day of May, 1999.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
Mar -11 -99 10:51am From- CHARLES ABBOTT ASSOCIATES INC 3102120993 T -618 P.02/04 F -243
CHARLES .ABBOTT ASSOCIATES, INC.
March 11, 1999
Mr. Graham Mitchell
Senior Management Analyst
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93021
Subject: Assessment Prepayment on Parcel 511 -0 -080 -615
(Carl's Jr. Parcel)
Dear Mr. Mitchell,
Pursuant to your request. I have calculated the lump sum amount to be paid by Ventura
Pacific Capital Company whiL:h will reduce the annual assrsslrlent amount of Carl's Jr.
Parcel (511-0-080-615) to 54,500.00_
The lump sum amount is 566,869.42 Spread sheets are attached for your use.
Sincerely,
CHARLES ABBOTT ASSOCIATES, INC.
po-f-S, 0a,
Danny Chow
CC: Dirk Loveu
Encl.
MANA6LMJ�NT AND FW1NFFI.1NC PROFESSIONALS
371 V -1n Nv , W,,y • jt2Tir 200 • Turrancra, CA9U3UI . C�10) 312 -577b • i. AX (310) 212 -o%i.s • TMAll INFO (& caa- ONLINL CCmr.
OffTCPS In Apple Valley, C:trrrittrtlln, Dlt l ono i3ur, I11i.lalc", hill,, Lt.yunu N,X11r1, lVITSaiUN Viejo, Mill; petrk, Pttlt + VrTSlea
£:rart~-, Pun : ?1u Palus Verdes, JZ1WXStcle. 7wentyntnr Palate. Yiti_ci! Vullpy ttutl Ye;t(ITI,u, CulTft+Tnite irnil l'ahTrtdip, NNUiitiA
MAR 11 199 11:10 3102120993 pq 007
Mar -11 -99 10:51am From— CHARLES ABBOTT ASSOCIATES INC 3102120993 T -618 P.03/04 F -243
CITY OF MOORPARK
MISSION BELL ASSESSMENT DISTRICT
ASSESSMENT AMOUNT FOR CARL'S .7k PARCEL
AT BEGINNING OF 1999 REMAINING BONA AMOUNT:
$1,164,760.93 - 1.11 / 10.57 e $122,316,43
YEAR
£NDINC
SEPTEMBER 2
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
3017
2018
2019
2020
2021
2022
2423
BOND
AMOUNT
. MATNING
122,316.43
120,302.99
118,289.55
116,024.43
113,759.31
111,242.51
108,474.03
105,705.55
102,685.40
99,413.56
95,890.04
92,314.84
88,087,96
83,809.40
79,279.17
74,245.5?
68,960.29
63,171.65
57,131 33
50,587.66
43,540.62
35,990.22
2 ?,936.47
19,3 ?9.35
10,067.20
PRINCIF.aL
1,013.44
2,013.44
2,2.65.12
2,265.12
2,516.80
2,768.48
2,768.48
3,020.16
3,271.84
3,523.52
3,775.20
4,036.88
4,278.6
4.530.24
5,033.60
5,285 26
5,733 64
6,040.32
6,543.61
7, U41.04
7,550.40
8,053. ?6
8,557.12
9,312.16
10,067.20
$122,316.43
It3TFREST
8,650.49
9,535.72
8,416.93
8,278.76
8,136.06
7,972.46
7,775.90
7,579.34
7,364,91
7,132.61
6,282.44
6,614.40
6,328 49
6,024.71
5,703.07
5,345,68
4,965.14
4,548.36
4,123.46
3,642.31
3,134,92
2,591.30
2,011.43
1,395.31
724.94
$143,869.03
INTEREST
RATE
(• 10040
0.070722
0.010952
0.071155
0.071354
0.071520
0.071661
0.0 ?1684
0.071702
0.071723
0.071747
0.011774
0.071806
0.071843
0 071866
0 071937
0.0 ?2000
0.0 ?2000
0,072000
0.072000
0.072000
0.072000
0. U,/2000
0.07:000
0 072000
0. 07.2,000
DEBT
SERVICE
10,663.93
10,549.16
10,652 05
10,543.88
10,652.85
10,740,94
10,Se8,38
10,599.50
10,636.75
10,656.13
10,657.64
10,641.29
10,607.05
10,55$.95
10,/36.66
10,630.96
10, 753 . id
10,588.66
10,657.13
10,689.35
10,695.32
10,645.05
10,568.54
lu,'s07,47
10,392.03
$266,185.46
MAR 11 199 11 =11 3102120993 PAGE.03
Mar -11 -99 10:51am From - CHARLES ABBOTT ASSOCIATES INC 3102120993 T -616 P.04 /04 F -243
CITY OF MOORPARK
MISSION BELL ASSESSMENT DISTRICT
PRESENT WORTH 0.6 CARL °S 3R'S PAYMENTS:
YEAR
SNDING
ANNUAL
INTEREST
PRESENT
SEPTEM9ER 2
PAYMENT
RATE
`-- ------ --
WORTH
1999
-------------
4.500.00
0.070722
-- ... - - -- ---
55,447.01
2000
4.500.00
0 070552
Si:550.09
2001
2002
4,500 00
0.071155
S3,6u1.24
2003
4,500.ou
0.071354
52,595.U4
2004
4,500,00
0 071520
51,526,61
2 005
4,5'00.00
U 071667
50,190.17
2006
4,500.00
0.071684
49,178,92
2007
e.500.00
0 071702
47,801,75
3.003
4,s00 00
0. 07172.;
48,492 31
2009
8,500.00
0,071747
$5,004.12
201U
4,SOD.00
0 071774
43,410.17
2011
4,50o.uo
0.071806
41,702.91
2 01^ 2
%,500 00
0.071543
39,474 30
1013
4,500.00
0.071886
37,915,70
2014
4,500.00
0 0-)19-47
3s,e17.82
2015
4,500.00
0 072000
33,s7o.73
2016
4.500.uo
0.072000
31.163.82
0:17
4,500 00
0.072000
2&,583 61
-
2012
4.500.00
0.072000
25,$17 63
3019
4,500.00
0.072000
« 2,852.50
2020
a,soo.00
0 072000
19,673.98
202'1
4,500 00
0 072000
16,266.40
2022
4.500.00
0 07 2000
12,613_58
2023
4,500.00
0.072000
6,697 76
4,500.00
___ - - --
0.073000
1,500,00
$112,500.uu
VENTURA PACI &IC LUMP SUM PAYMgNT
BOND AMOUNT PD.,waNING °122,316.43
L28S CARL'S JR (AT SEPTEMBER ) 1998}
S PAYMBN'1'3: $55,447.01 (PRESENT WORTH}
NET LUMP SUM PAYM NT-. -- -_ -$66 869 -42 (PAID AT SRPTEMER 2. 1989)
(Total Present Warsh)
NJ 8. eu
MAR 11 199 11:11
3102120993 PAGE.04