HomeMy WebLinkAbout1991-09-04 - AGENDA REPORTS - COLLEGE CYN DEVELOPMENT (2)CITY OF SANTA CLARITA
I N T E R O F F I C E M E M O R A N D U M
TO: Honorable Mayor and
Members of the City Counc N
FROM: Mike Haviland, Economic Development Coordinator�1 �lS
6'I
DATE: September 4, 1991
SUBJECT: College of the Canyons Development
College of the Canyons through its Educational Benefit Corporation is making a
presentation of preliminary development concepts .for development of certain
College of the Canyon properties.
The intent of this presentation is to inform City Council of the basic
direction of the development concept, and to seek review and comment.
The property is currently designated in the City's General Plan as a'business
park land use and would encourage a mixed use development.
MH:dls:256
Agenda Item:
SUMMARY OF PRESENTATION
by
COC EDUCATIONAL BENEFIT CORPORATION
to
SANTA CLARITA CITY COUNCIL
September 4, 1991
Need for Additional Funding for College of the Canyons - College of the Canyons is no different
from other educational institutions in that the demand for services is increasing at a time
when state funding is being reduced.
Public Benefit Corporation Can Provide Additional Resources - Based on other, similar
experiences, a program of real estate asset management is a viable means of generating
additional income for the College. The COC Educational Benefit Corporation can
conservatively be expected to provide a net revenue to the College of Canyons of about $20
million over the next twenty years from the leasing of Parcel One.
COC Trustees Established a Public Benefit Corporation - In July, 1990, the Trustees of the
Santa Clarita Community College District established the COC Educational Benefit
Corporation and appointed for one-year terms three of the five Directors, who, in turn, elected
two additional Directors. Representing a very desirable diversity of work experiences and
living locations, current Directors are:
Robert B. Ormsby - President John Hoskinson - Chief Financial Officer
Mary K. Evans - Vice President Lee Manuel - Director
Joan MacGregor - Secretary
In November. 1990, the Board of Trustees publicly advertised their intent to lease Parcel One
which was not needed for educational purposes by the College.
In December, 1990, the Trustees granted a 99 -year ground lease to the COC Educational Benefit
Corporation which provides that all net lease revenues flow directly to the Santa Clarita
Community College District.
Current Activities of the Educational Benefit Corporation - In February, 1991, the Board of
Directors issued a Request for Proposal to developers and is presently engaged in reviewing and
analyzing those proposals to maximize the benefits to the following:
Individuals living in the Santa Clarita Valley and particularly those
living in the City of Santa Clarita
The City of Santa Clarita
The Santa Clarita Community College District
Additionally, the Board of Directors is striving to ensure the proposed project will have a
minimum effect on the environment and the quality of life. To ensure these objectives are met,
the COC Educational Benefit Corporation will have oversight and approval authority over all
phases of the project. These include:
• Entitlement Processing • Construction
9 Funding of the Project 0 Occupancy