HomeMy WebLinkAbout1990-07-10 - AGENDA REPORTS - MALL FIN ANNEX (2)•
NEW BUSINESS
DATE: July 10, 1990
AGENDA REPORT 0
City Manager Appr 0-01
Item to be presented by:
Andrea Daroca
SUBJECT: Valencia Mall Financing/Annexation
DEPARTMENT: Finance
BACKGROUND
On August 28, 1989, City staff met with Newhall Land and Farming at their
request to discuss a proposal by them for financial aid through City sponsored
financing developing the mall site. At that time the request by Newhall Land
was for $12MIL in order to attract a Nordstrom's department store.
At the Planning Commission meeting of February 28, 1990, the Newhall Land and
Farming mall site was approved. There were certain infrastructure requirements
placed on the site as a condition of development. Newhall Land presented no
contests to these conditions at that time.
Staff had no further discussions with Newhall Land until May 16, 1990, when at
their request a new proposal was presented to City staff requesting aid of
approximately $16MIL to finance the infrastructure requirements. The proposal
was not acceptable by staff and certain recommendations were sent to Newhall
including a major issue which would require annexation of the industrial/
commercial area near McBean and Newhall Ranch Road and land west of the I-5
Freeway where "restaurant row" is presently and the hotels are planned for
construction up to Highway 126. The annexation is needed in order to allow an
off -set in revenues to help subsidize the financing effort for infrastructure
and to allow the City to establish City territory on the west side of I-5 which
was originally included in the cityhood recommendation to the Local Agency
Formation Committee.
Newhall Land and Farming sent the City a written proposal on June 28, 1990.
This is attached. The proposal is for the City to finance $12.8MIL of
infrastructure by allocating 60% of sales tax revenues generated from the Mall
to pay the debt service on 20 -year bonds. It is staff's position that the
amount of infrastructure to be financed is too high and that the percent of
sales tax to be used for debt service is also too high. Furthermore, to make
this a financially attractive arrangement for the City, the annexations
mentioned above are necessary.
Newhall Land and Farming's position is one of opposition to the annexation.
They feel that major reductions from their proposed level of City subsidy would
reduce the quality of the Mall. NL&F's partner, JMB Urban Development Company,
has said they would cease being a partner in the Mall if the City does not help
finance the Mall. NL&F has also indicated that they are concerned that if JMB
• drops out and delays in the project occur, that the anchor stores for the Mall
may go elsewhere.
Aganda Item.
.
4
- 2 -
RECOMMENDATION
Alternatives available to the Council:
• Approve NL&F proposal.
• Direct staff to negotiate with NL&F for a reduced level of subsidy and
annexations of the areas mentioned.
• Oppose any subsidy of the Mall.
Staff's recommendation is for Council to direct staff to continue negotiations
with Newhall Land & Farming for a reduced level of subsidy and for annexation of
the areas mentioned.
ATTACHMENT
Newhall Land & Farming proposal
is
M
• JMB/URBAN DEVELOPMENT CO.
RET.ML DEVELOPMENT GROUP
woN'(wth:Nlichigran.Avenue
Chica,i�. Illinois (i061 1-1.582
it )-1)15.3300
VIA TELEFAX
June 28, 1990
Mr. George Caravalho
City Manager
23920 Valencia Road
Santa Clarita, California 91355
Re: Valencia Town Center
Infrastructure Financing
Dear George:
RECEIVE
%JfUL 0 2 1990
CiTy
CC-
C1?v OF SANTA CL?PITA
I thought that we had a very productive meeting on Tuesday, and I
. appreciate you getting all of the appropriate people together from
your staff. The purpose of this letter is to respond to the various
concerns raised at the meeting (and your letter of June 11th). We are
proposing to reduce the basic economic terms of the infrastructure
financing as summarized below:
Original Proposal Current Proposal
(May 16, 1990)
--------------------------------------------------------------------
Amount of Infrastructure
To be Financed $15,982,000 $12,800,000
Bond Term 30 Years 20 Years
Allocation of City Sales 75% Phase I 60% Both Phases
Tax Revenues to Debt 90% Phase II
Service Payments
The cash flow projections based on these revised economic terms are
attached (I hope the faxed copies can be read - originals are coming
to you under separate cover).
0
N 40
•
Mr. George Caravalho
City of Santa Clarita
VTC Infrastructure Financing
June 28, 1990
Page Two
I have also prepared an analysis comparing our revised proposal
(indicated as Scenario B1 on the attached Exhibit A) with the original
proposal of 5/16/90 and several other scenarios (Al, A2, A3, B2 and
B3). In all of these scenarios, the amount of infrastructure being
financed was kept constant at $12,800,000, while the allocation
percentages and bond terms were varied. There are several important
facts which should be noted from the figures presented on Exhibit A:
1. The 60% share of the City's sales tax revenues dedicated for
infrastructure debt service payments is the maximum commitment by
the City, and it occurs in the earlier years until the sales tax
dollars build up, Over the course of 30 years, the percentage of
sales tax revenue kept by the City is 80.55% (with 19.45% going
to finance the infrastructure).
2. If you decrease the percentage of City sales tax revenue
dedicated to infrastructure financing from 60% to 40% (Scenario
B3) the return to the City over the 30 year period actually drops
to 64.79% of total revenue or from $134,500,000 to $108,200,000.
This is due to the significant developer loans which must be made
in the earlier years..
3. The economic benefits occurring to the city are significantly
higher in the revised proposal as compared to the original
proposal. Total sales tax revenues generated for the City's has
increased from $117,300,000 to $134,500,000 or from 70.24% to
80.55% of total revenues. In addition, the bond term has been
reduced from 30 years to 20 years.
The basic economic terms of the revised proposal as outlined in this
letter will permit the Valencia Town Center project to go ahead and we
are hopeful that these terms meet the economic objectives of the City
of Santa Clarita.
Our department store commitments require that we start site grading on
July 16th. As we discussed in the meeting, we would like the City as
the first step to approve the basic terms of the infrastructure
financing proposal, realizing that it will take several months to
finalize how specifically it is to be implemented.
0
•
Mr. George Caravalho
City of Santa Clarita
VTC Infrastructure Financing
June 28, 1990
Page Three
We and our consultants are available at your convenience for any
additional presentations and/or work sessions.
We look forward to working with you on what will be a very exciting
project and a major asset to the City of Santa Clarita.
Sincerely,
JMB/URBAN DEVELOPMENT CO.
Michael Levin
Executive Vice President
Retail Development Group
ML:su
Attachments
cc: Tom Dierckman
Jim Czech
File
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