HomeMy WebLinkAboutAGENDA REPORT 1997 0219 CC REG ITEM 09DCity of Moorpark
Agenda Report
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TO: The Honorable City Council
FROM: Richard Hare, Deputy City Manac
DATE: February 14, 1997 (CC Mtg. 2/19/97)
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SUBJECT: City of Moorpark Community Facilities District
No. 97 -1 (Proposed) (Carlsberg Business Park Public
Improvements)
Background
On December 18, 1996, the City Council approved the recommendations
of the Financial Advisor and engaged the Professionals necessary to
proceed with the preparation of documents for the formation of the
proposed Community Facilities District No. 97 -1, Carlsberg Business
Park Public Improvements (CFD 97 -1), and the proposed issuance of
Special Tax Bonds. CFD 97 -1 and the related Special Tax bonds will
fund basic infrastructure for the business park /sub- regional retail
commercial portion of the Carlsberg site (Specific Plan 92 -1).
Documents
The City Council is being asked to approve three (3) Resolutions
relative to formation of CFD 97 -1 and the proposed Special Tax
Bonds.
The first Resolution adopts the Local Goals and Policies for
Community Facilities Districts (Goals and Policies). The Goals and
Policies establish guidelines and parameters to be used when
considering the formation of a CFD, including eligible public
facilities and services, priorities for CFD financing, credit
quality requirements, disclosure requirements, appraisals, equity
of special tax formulas and maximum special taxes, and terms and
conditions of bonds. The Goals and Policies states that all City
and consultant costs incurred in connection with the evaluation and
formation of CFD's will be paid by the entity requesting the
establishment of the CFD, by advance deposit. For CFD 97 -1, the
City has received the sum of $50,000 from the developer as a
deposit towards the costs of forming the CFD. Upon the completion
of the proposed bond financing, any amounts drawn upon the deposit
amount will be reimbursed to the developer from the bond proceeds
and the deposit amount will be returned to the developer, without
interest, less any outstanding costs.
The second Resolution states the City's intention to establish CFD
97 -1 and authorizes the levy of special taxes. Included in the
Resolution are a listing of public facilities and services proposed
to be financed by CFD 97 -1, preliminary acceptance of the
boundaries of the CFD, and the proposed rate and method of
apportionment of the special tax among the parcels of real property
within CFD 97 -1. The rate and method of apportionment refers to
Zone A and Zone B of the project. Zone A is that portion of the
project closest to Los Angeles Avenue which is highest in value.
Zone B refers to the back portion of the project. Lot three is not
included in the CFD or either zone. This Resolution also states
that Wednesday, April 2, 1997, at 7:00 p.m., in the Moorpark City
Council Chambers will be the time and place of a public hearing
regarding the establishment of CFD 97 -1 and the levy of the special
tax.
The third Resolution states the City's intention to incur bonded
indebtedness in the amount of up to $10,500,000, to finance a
portion of the costs of the eligible facilities, which are
estimated to be the sum of not to exceed $9,000,000. This
Resolution also sets the date of Wednesday, April 2, 1997 at 7 :00
p.m., in the Moorpark. City Council Chambers as the time and place
of a public hearing on the proposed debt issue.
Special consultants, engineering costs and legal fees incurred by
the City will be charged against this deposit at the direct
consultants rate plus the City's standard overhead charge. Staff
time will be billed per the standard staff rate.
If the bonds are sold, the City will receive an administrative fee
from the sale of the proceeds to cover the cost of bond
administration throughout the life of the issuance. The City will
also receive either funded by the bonds or paid outside of the
issuance, an amount equal to one percent (1 %) of the bond issuance
to fund the construction of maintenance of additional public
improvements. The method of payment of the issuance fee will be
determined prior to approval of the _i.ssue,.
Recommendation
It is recommended that the City adopt Resolution No. 97- , A
Resolution of the City Council of the City of Moorpark Adopting
Local Goals and Policies for Community Facilities District;
It is recommended that the City adopt Resolution No. 97- , A
Resolution of the City Council of the City of Moorpark of Intention
to Establish a Community Facilities District and to Authorize the
Levy of Special Taxes Pursuant to the Mello -Roos Community
Facilities Act of 1982;
It is recommended that the City adopt Resolution No. 97- , A
Resolution of the City Council of the City of Moorpark of Intention
to incur Bonded Indebtedness of the Proposed City of Moorpark
Community Facilities District. No. 97 -1 (Carlsberg Business Park
Public Improvements) Pursuant to the Mello -Roos Community
Facilities Act of 1982.
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