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HomeMy WebLinkAbout1992-05-26 - AGENDA REPORTS - WHITES CYN RD FUNDING AGMT (2)AGENDA REPOR CONSENT CALENDAR DATE: May 26, 1992 SUBJECT: WHITES CANYON ROAD - FUNDING ADVANCE AGREEMENT DEPARTMENT: Community Development BACKGROUND The recent press conference and newspaper article regarding the funding solution for the Whites Canyon Road extension was welcome news. This project has been a priority for the City since incorporation and was evidenced by the agreement between the City and County approved in May 1989. In essence, the City and County agreed that the completion of the Whites Canyon improvements' are the highest priority construction projects but that the City and County may utilize Bridge and Thoroughfare Construction Fee District (B&T) funds for planning or related activities on other projects in the District. In March of 1991, the County.believed that funding had been made available to complete the project if the City could contribute $1,941,000. These City funds were to be derived from fees deposited in the City's B & T District accounts. The funds were to be transferred when the County advertised for bids. Unfortunately, the County's portion of the funding was illusive but is now set in place. The attached agreement is to formalize the City/County role in this funding process. The agreement provides the following: • City will contribute approximately. $2,000,000, and County will contribute $8,500,000. • City and County agree to reimburse their respective B & T advance funds from future collections. • City agrees to reimburse the County from any B & T fees collected from areas that are included in future City annexations. The agreement satisfies the Council's -desire to see this project proceed. Staff is recommending one change to.the agreement on page 4 which would state that the City will pay the County the fees collected by the City in future annexed areas at the same rate as the County's then current rate. We have discussed this change with County staff, and they have indicated that it was acceptable. Since the City may increase its rate in the future to include funds for four lanes of pavement, the City. would be reimbursing the County at a faster rate than warranted if this recommended change is not added. Agenda Item: WHITES CANYON ROAD FUNDING ADVANCE AGREEMENT Page 2 Although the County's letter requests that the City advance the $1 million plus all funds collected in the existing B & T districts along with interest earned, we are suggesting that some funds be retained in the district accounts to fund planning and related activities. The City would transmit $2 million ($2,000,000) to the County, which allows for additional collection in the B & T Districts since your March 13, .1991 action. A copy of the previous agenda item, approving the City's advance funding, is attached for the Council's reference. RECOMMENDATION 1. Review and authorize the execution of the Advance Agreement. 2. Direct the Finance Director to transmit advance funding for the project . 3. Direct the Finance Director to reimburse accounts from future fee collections. Agreement Letter from County Department of Public Works Agenda Item hds:650 Whites Canyon Road Funding $2,000,000 to the County as the respective B & T Fund WHITES CANYON ROAD.FUNDING ADVANCE AGREEMENT THIS AGREEMENT, is.made and entered into by and between the COUNTY OF LOS ANGELES, herein termed "COUNTY", a political subdivision of the State of California, and the CITY OF SANTA CLARITA, herein termed "CITY", a municipal corporation of the State of California. W I T N E S S E T H WHEREAS, on May 16, 1989, COUNTY and CITY entered into Agreement No. 61101 providing for COUNTY and CITY to jointly finance. and COUNTY to administer contracts for the construction of the extension of Whites Canyon Road from Soledad Canyon Road•to Sierra Highway, herein termed "PROJECT"; and 0 WHEREAS, the PROJECT cost is. to be financed from fees collected in the Bouquet Canyon Bridge and Major Thoroughfare 0 Construction Fee District, herein termed "DISTRICT 1", and the Route 126 Bridge and Major Thoroughfare Construction Fee District, herein termed "DISTRICT 2", in both COUNTY and CITY areas; and WHEREAS, construction of PROJECT is divided into three Phases as follows: Phase I consists of the construction of a bridge and appurtenant structures over the Santa Clara River, Phase II consists of the relocation of Southern Pacific Transportation Company's facilities between Sierra Highway and Railroad Milepost 446.1, and Phase III consists of roadway and bridge improvements from the bridge over the Santa Clara River to Sierra Highway; and 1 WHEREAS, construction of Phase I and Phase II of PROJECT has been completed; and WHEREAS, on July 30, 1991 COUNTY and CITY entered into Cooperative Agreements for DISTRICT 1 and DISTRICT 2 which provided, among other things, that CITY and COUNTY would cooperate in all DISTRICT matters and that each entity could allocate funds within its jurisdiction for construction of DISTRICT projects within the other entity's jurisdiction; and WHEREAS, remaining revenues from fees collected as of this date, in DISTRICT 1 and DISTRICT 2 are insufficient to finance the cost of the construction of Phase III of the PROJECT. WHEREAS, both COUNTY and CITY desire the completion of the construction of Phase III of PROJECT at the earliest possible date; and WHEREAS, COUNTY and CITY concur that it is in the best interest of both parties to advance funds from other sources to complete the needed financing for Phase III; and WHEREAS, Government Code Section 66484(g) and County Code Section 21.32.200(J) authorize the advancement of money for construction of DISTRICT projects and reimbursement to such funds at a later date from DISTRICT fees. NOW, THEREFORE, in consideration of the covenants and conditions herein contained, it is agreed as follows: 0 2 (1) CITY AGREES a. To advance one million dollars ($1,000,000), in addition to the fees collected to date by CITY in DISTRICT 1 and DISTRICT 2 to COUNTY to assist in 3 completing the financing of Phase III. (2) COUNTY AGREES a. To advance eight million and five hundred thousand dollars ($8,500,000) and deposit this sum equally into DISTRICT 1 and DISTRICT 2 accounts -to complete the financing of Phase III. b. To deposit CITY advance ($1,000,000) equally into DISTRICT 1 and DISTRICT 2 accounts. C. To expend CITY advance ($1,000,000) and COUNTY advance ($8,500,000) solely on the construction of Phase III. (3) IT IS MUTUALLY AGREED BETWEEN CITY AND COUNTY: a. CITY'S $1,000,000 advance is to be repaid from future fees collected by CITY within CITY'S existing portion of DISTRICT 1 and DISTRICT 2. COUNTY is under no obligation to repay said advance from any of its own funds or from any fees collected by COUNTY within COUNTY'S portion of DISTRICT 1 and DISTRICT 2. 3 b• COUNTY'S $8,500,000 advance is to be repaid from future fees collected by COUNTY within COUNTY'S existing portion of DISTRICT 1 and DISTRICT 2. CITY is under no obligation to repay said advance from any of its own funds. C. If any areas within COUNTY'S portions of DISTRICT 1 and DISTRICT 2, as shown in.Exhibit A. are annexed by CITY, future fee collections from those areas will be collected by_CITY and paid to COUNTY to repay COUNTY'S ($8,500,000) advance until such time as CITY'S collection described herein, coupled with COUNTY'S collection as described in paragraph 3(b) above is sufficient to fully reimburse COUNTY for its advance. d. If COUNTY does not award a contract for Phase III of - PROJECT by June 30, 1992, then COUNTY shall refund CITY'S advance to CITY. 0 4 IN WITNESS -WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers, duly authorized, by the CITY OF.SANTA CLARITA on , 1992 and by'the COUNTY OF LOS ANGELES on 1992. ATTEST: LARRY J. MONTEILH Executive Officer -Clerk of the Board of Supervisors By DEPUTY APPROVED AS TO FORM: DE WITT W. CLINTON County Counsel By COUNTY OF LOS ANGELES By Chairman, Board of Supervisors CITY OF SANTA CLARITA ATTEST: By By CITY CLERK MAYOR ATTEST: APPROVED TO FORM CARL NEWTON City Attorney By HS:mv:Agr-2 5 11 0 0 THOMAS A. TIDEMANSON. Direewr April 29, 1992 COUNTY OF LOS ANGELES DEPARTMENT OF PUBLIC WORKS 900 SOUTH FREMONT AVENUE ALHAMBRA. CALIFORNIA 91803-1331 Thi phone: (818)658-5100 RECEI V �O APR 3 0 1992 cityY "pt Opr,cl V"RtIEr!f Y"Xi ADDRESS ALL CORRESPONDENCE TO: P.O.BOX 1460 ALHAMBRA. CALIFOR\IA 91802-l46i) N REPLY PLEASE P-3 REFER i0 FILE Mr. George A. Caravalho R��EIYED City Manager City of Santa.Clarita 23820 Valencia Boulevard, Suite 300 ri Santa Clarita, CA -91355 lVkuu,HARRn 8(itici6t N Cammuntty MB Dear Mr. Caravalho: WHITES CANYON ROAD PROJECT To expedite the construction of the third"and final Phase of the Whites Canyon -Via Princessa route, your City has agreed. to help complete the financing of this project by advancing $1.0 million in addition to providing all the Bridge and Major Thoroughfare (B&T) fees that your City has collected to date in the City's portions of the Bouquet and Route 126 B&T Districts. Enclosed is an invoice for the $1.0 million advance. Please forward these funds along with any fees that your City has collected in these Districts together with interest earned to our Fiscal Division, Attention Cashier, at the above address. Also, please inform us of the total amount of fees that the City has collected including interest earned in each of the Districts so that we can place these funds into the appropriate District fund accounts. We have scheduled the advertising of this project for construction bids on May 12, 1992 contingent upon completion of the right-of-way acquisition. Your City is also partially involved in the acquisition of right of way from Newhall Land and Farming and details of your involvement were covered in a separate letter dated April 23, 1992. Taking into account the available City and County fees currently collected, the total funding shortfall for the project is estimated at $9.5 million. After receiving your $1 million advance plus available fees on deposit, the County. will advance the remaining $8.5 million from other funding sources to complete the..project financing. It is our understanding that reimbursement of the City's $1.0 million advance is to be repaid from future fee collections within the City's portions of the Bouquet and Route 126 B&T Districts. The County's advance will be repaid from fee collections from the County's portions of these Districts. These advances are to be repaid before proceeding with the next District project. Mr. George A. Caravalho April 29, 1992 Page 2 As discussed with you by Mr. Carl Blum of my staff on October 31, 1991, it was agreed that any B&T Fees collected from what is now the unincorporated area will be used to pay back the County's loan even though some of this area.may be annexed to the City prior to full repayment of the County loan. Enclosed are two (2) originals and one copy of an Agreement between your City and the County regarding the advances. This Agreement specifies the arrangements and repayments of the advances by your City and County as mentioned above. Please present this Agreement to your duly authorized City officials for approval. Upon approval, please return the two originals of the Agreement to the Los Angeles County Department of Public Works, Attention Bruce E. Whitehead, Planning Division, for further action. After final approval by the Board of Supervisors, we will return the fully executed City original to your City. It is a County requirement that the construction funds for the project be fully identified prior to advertising the .project and that those funds be encumbered at the time of project award. Therefore, we will need to receive the City's funds and the signed Agreement before we award the contract (scheduled for mid-June). If you have any questions concerning the project or this funding request, please contact Mr. Carl L. Blum, Assistant Deputy Director, at (818) 458-4300. very truly yours, C4;4TIADEMVAaN0S0Z51 Director of Public Works BEW:nr wp/18 Enc. 0 ...E =.E«S PA,ac,E ID�—�j LOS ANGELES COUNTY DEPARTMENT OF PUBLIC WORKS 11.0081 DPW BrBE A P.O. Box 7437 I PUBLIC WORKS D-805. Alhambra, CA 91802-7437 Te I sssE TREET ADDRESS 90 Sou%h Efem Gnl Avenue ,bra CA 91803 City of Santa Clarita 23820 Valencia Boulevard Suite 300 TO Santa Clarita, CA 91355 HNIV010E CUSTOMER DATE ACCT. NO. NUMBER - .a 0. a.. •q. PACE PW90 I 11 101 191 Invoice No. S1511 DESCRIPTION I AMOUNT Advances for the construction of the third and final Phase of White Canyon Road -Via Princessa route. Route 126 $ 500,000.00 invT ,.. 7111-31 AGENDA REPORT 10 CONSENT CALENDAR DATE: March 13, 1991 SUBJECT: WHITES CANYON ROAD – PHASE III FUNDING SHORTF•�/�ys/,t.. DEPARTMENT: Public Works !/ DF 1 BACKGROUND City Manager Approva Item to be presented John E. Medina On January g, 19919 the Council approved the allocation of $1 million dollars in City Bridge and Thoroughfare (B&T) funds to the Whites Canyon Road extension project. This was tocover a portion of the $7 million dollar shortfall in B&T fee collections the County currently anticipates because of the slowdown in development activity. Unfortunately, the County had already programmed the $941,300 that we currently have in the Bouquet & Route 126 Districts as available for construction. Since those are the same funds we were anticipating using for the City'sportion of the shortfall, we must find other funds to contribute to this project. We currently have $700,000 that has been collected for projects in.two proposed B&T Districts—Via Princessa and Valencia. We are suggesting that these funds, along with $300,000 in General Fund reserves, be loaned to the -Route 126/Bouquet Districts to cover the shortfall. These funds would be returned with interest to the Valencia/Via Princessa and General Funds from future collections from developments in the Bouquet/Route 126 Districts. In view of our previous agreement with the County to assist in funding this project, their commitment to provide monies for $6 million of the shortfall, and the benefits to be received by City residents for this project, we feel that this commitment should be made. This will permit the County to proceed towards its projected completion schedule of December 1992. We recommend that the funds be transferred 30 days after the award of contract for Phase III. The County expects to advertise the project in April/May of this year with award shortly thereafter. �i� moi( 'i���'-�"7;h •_ �: The City Councii_authorize: I. The transfer of $700,000 from the Valencia/Via Princessa B&T Districts and $300,000 from General Fund reserves.as a loan to the Bouquet/Route 126 B&T Districts. 2. The transfer to the County within 30 days and upon written request $1,941,000 is Bouquet/Route 126 B&T funds for Phase III of the Whites Canyon Road Project. 1AI ' 9,q!;(� Agenda Item• U WHITES CANYON ROAD — PHASE III Page 2 3. The repayment of $700,000 to the Valencia/Via Princessa B&T Districts. and $300,000 to General Fund reserves, including interest based on the current Treasurer's investment yield from future collections in the Bouquet/Route 126 B&T Districts. ATTACHMENT County letter /hds 0 E is THOMAS A. TIDLMANSON, Dlmw February 12, 1991 VV I.VVVV� I COUNTY OF LOS ANGELES DEPARTMENT OF PUBLIC WAKE 900 SOXPREMOM AVEN112 ALHAMSRA. CALIPOANtA 91 107-1701 Nr. George A. Caravalho, City of Santa Clarita 23920 Valencia Boulevard, Santa Clarita, CA 91355 Dear Mr. Caravalho: TtleyMnr. (919) 4364 log City Manager Suite 300 C�rr )OW, CP ` tM WHITES CANYON ROAD Thank you for your letter of January 25, 1991 agresin toward the construction of Phase 3 of the Whites Cany The City Council Agenda Report enclosed with your let $1 million is to be comprised of $900,000 to fees col portion of the Bouquet and Route 125 Bridge and Major Districts and $100,000 from other City funds. Howeve $7.0 million shortfall, we had already taken into acc City and Countyshadiagreedstoince jointlyefinancerati the from fats collected by each agency in the Bouquet and The $1 million advance request indicated in our Novem addition to the fees already collected by our respect requested $1 million advance by your City as well as advance by the County would be paid back to the City ouquet and Route 126 BAT District fees are collected a eneies. Therefore, we respectfully request your Ci proposal. If you have any questions regarding this matter, plea at (818) 458-4300. Very truly yourr, T. A. TIDEMANSON DirectorQPublic Works 1� DONALD L. WOLF Deputy Director BEN:mv 172 rezi bcc rEa 199, �'CP SANt��Aq�4 ADDRESS ALL CORRESPONDENCE TO: P.0.11OX 1460 ALHAMXRA, CALIFORNIA 91507.1460 INAvpVPLIA59 Hepta To Flu: P-3 1� Ffe 19 1991 PU g�'DRlls DSw wl.ynr uiY OF QANTA aA 4' to advance $1 million. Road project. or indicates that the acted within the City's Thoroughfare (BAT) 19 in calculating our unt the SAT fees collected e Agreement 61101, the Whites Canyon Road project Route 126 Districts.. or 29, 1990 letter is in ve agencies. The he several million dollar nd County as additional by our respective Y reconsider this contact Mr. Carl Blum WHITES CANYON ROAD FUNDING ADVANCE AGREEMENT THIS AGREEMENT, is made and entered into by and between the COUNTY OF LOS ANGELES, herein termed "COUNTY", a political subdivision of the State of California, and the CITY OF SANTA CLARITA, herein termed "CITY", a municipal corporation of the State of California. W I T N E S S E T H WHEREAS, on May 16, 1989, COUNTY and CITY entered into Agreement No. 61101 providing for COUNTY and CITY to jointly finance and COUNTY to administer contracts for the construction of the extension of Whites Canyon Road from Soledad Canyon Road to Sierra Highway, herein termed "PROJECT"; and WHEREAS, the PROJECT cost is to be financed from fees collected in the Bouquet Canyon Bridge and Major Thoroughfare Construction Fee District, herein termed "DISTRICT 111, and the Route .126 Bridge and Major Thoroughfare Construction Fee District, herein termed "DISTRICT 2", in both COUNTY and CITY areas; and WHEREAS, construction of PROJECT is divided into three Phases as follows: Phase I consists of the construction of a bridge and appurtenant structures over the Santa Clara River, Phase II consists of the relocation of Southern Pacific Transportation Company's facilities between Sierra Highway and Railroad Milepost 446.1, and Phase III consists of roadway and bridge improvements from the bridge over the Santa Clara River to Sierra Highway; and 1 WHEREAS, construction of Phase I and Phase II of PROJECT has been completed; and WHEREAS, on July 30, 1991 COUNTY and CITY entered into Cooperative Agreements for .DISTRICT 1 and DISTRICT 2 which provided, among other things, that CITY and COUNTY would cooperate in all DISTRICT matters and .that each entity could allocate funds within its jurisdiction for construction of DISTRICT projects within the other entity's jurisdiction; and WHEREAS, remaining revenues from fees collected as of this date, in DISTRICT 1 and DISTRICT 2 are insufficient to finance the cost of the construction of Phase III of the PROJECT. WHEREAS, both COUNTY and CITY desire the completion of the construction of Phase III of PROJECT at the earliest possible date; and WHEREAS, COUNTY and CITY concur that it is in the best interest of both parties to advance funds from other sources to complete the needed financing for Phase III; and WHEREAS, Government Code Section 66484(g) and County Code Section 21.32.200(J) authorize the advancement of money for construction of DISTRICT projects and reimbursement to such funds at a later date from DISTRICT fees. NOW, THEREFORE, in consideration of the covenants and conditions herein contained, it is agreed as follows: 01 (1) CITY AGREES a. To advance one million dollars ($1,000,000), in addition to the fees collected to date by CITY in DISTRICT 1 and DISTRICT 2 to COUNTY to assist in Completing the financing of Phase III. (2) COUNTY AGREES a. To advance eight million and five hundred thousand dollars ($8,500,000) and deposit this sum equally into DISTRICT 1 and DISTRICT 2 accounts to complete the financing of Phase III. b. To deposit CITY advance ($1,000,000) equally into DISTRICT 1 and DISTRICT 2 accounts. C. To expend CITY advance ($1,000,000) and COUNTY advance ($8,500,000) solely on the construction of Phase III. (3) IT IS MUTUALLY AGREED BETWEEN CITY AND COUNTY: a. CITY'S. $1,000,000 advance is to be repaid from future fees collected by CITY within CITY'S existing portion of DISTRICT 1 and DISTRICT 2. COUNTY is under no obligation to repay said advance from any of its own funds or from any fees collected by COUNTY within COUNTY'S portion of DISTRICT 1 and DISTRICT 2. 3 b. COUNTY'S $8,500,000 advance is to be repaid from future fees collected by COUNTY within COUNTY'S existing portion of DISTRICT 1 and DISTRICT 2. CITY is under no obligation to repay said advance from any of its own funds. C. If any areas within COUNTY'S portions of DISTRICT 1 and DISTRICT 2, as shown in Exhibit A, are annexed by CITY, future fee collections from those areas will be collected by CITY and paid to COUNTY to repay COUNTY'S ($8,500,000) advance until such time as CITY'S collection described herein, coupled with COUNTY'S collection as described in paragraph 3(b) above is sufficient to fully reimburse COUNTY for its advance. d. If COUNTY does not award -a contract for Phase III of PROJECT by June 30, 1992, then COUNTY shall refund CITY'S advance to CITY. 4 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by theirrespective officers, duly authorized, by the CITY OF SANTA CLARITA on , 1992 and by the COUNTY OF LOS ANGELES on 1992. COUNTY OF LOS ANGELES By Chairman, Board of Supervisors ATTEST: LARRY S. MONTEILH Executive Officer -Clerk of the Board of Supervisors By DEPUTY APPROVED AS TO FORM: DE WITT W. CLINTON County Counsel M CITY OF SANTA CLARITA ATTEST: By By CITY CLERK MAYOR ATTEST: APPROVED TO FORM CARL NEWTON City Attorney By HS:mv:Agr-2 5 THOMAS A. TIDEMANSON, DirceWr April 29; 1992 COUNTY OF LOS ANGELES DEPARTMENT OF PUBLIC WORKS 900 SOUTH FREMONT AVENUE ALHAMBRA. CALIFORNIA91803-1331 Telephone: (818) 458-5100 Mr. George A. Caravalho City Manager City of Santa Clarita 23820 Valencia Boulevard, Suite 300 Santa Clarita, CA 91355 Dear Mr. Caravalho: WHITES CANYON ROAD PROJECT To.expedite the construction of the thi2 Whites Canyon -Via Princessa route, your complete the financing of this project by addition to providing all the Bridge and fees that your City has collected to date the Bouquet and Route 126 B&T Districts. RE: CEIVLD APR 3 0 1992 OTYu MgfR'E DrFWf El" bt t7A" ftwlil ADDRESS ALL CORRESPONDENCE TO: P.O.BOX 1460 ALHAMBRA, CALIFORNIA 91802-1460 IN REPLY PLEASE P-3 REFER TO FILE. R90EI VED Lf'H'N M. HARRre &fkidf of Community DNA d and final Phase of the City has agreed to help advancing $1.0 million in Major Thoroughfare.(B&T) in the City's portions of Enclosed is an invoice for the $1.0 million advance. Please forward these funds along with any. fees that your City has collected in these Districts together with interest earned to our Fiscal Division, Attention Cashier, at the above address. Also, please inform us of the total amount of fees that the City has collected including interest earned in each of the Districts so that we can place these funds into the appropriate District fund accounts. We have scheduled the advertising of this project for construction bids on May 12, 1992 contingent upon completion of the right-of-way acquisition. Your 'City is also partially involved in the acquisition of right of way from Newhall Land and Farming and details of your involvement were covered in a separate letter dated April 23, 1992. Taking into account the available City and County fees currently collected, the total funding shortfall for the project is estimated at $9.5 million. After receiving your $1 million advance plus available fees on deposit, the County will advance the remaining $8.5 million from other funding sources to complete the project financing. It is our understanding that reimbursement of the City's $1.0 million advance is to be repaid from future fee collections within the City's portions of the Bouquet and Route 126 B&T Districts. The County's advance will be repaid from fee collections from.the County's portions of these Districts. These advances are to be repaid before proceeding with the next District project. Mr. George. A. Caravalho April 29, 1992 Page 2 As discussed with you by Mr. Carl Blum of my staff on October 31, 1991, it was agreed that any B&T Fees collected from what is now the unincorporated area will be used to pay back the County's loan even though some of this area may be annexed to the City prior to full repayment of the County loan. Enclosed are two (2) originals and one copy of an Agreement between your City and the County regarding the advances. This Agreement specifies the arrangements and repayments of the advances by your City and County as mentioned above. Please present this Agreement to your duly authorized City officials for approval. Upon approval, please return the two originals of the Agreement to the Los Angeles County Department of Public Works, Attention Bruce E. Whitehead, Planning Division, for further action. After final approval by the Board of Supervisors, we will return the fully executed City original to your City. It is a County requirement that the construction funds for the project be fully identified, prior to'advertising the project and that those funds be encumbered at the time of project award. Therefore, we will need to receive the City's funds .and the signed Agreement before we award the contract (scheduled for mid-June). if you have any questions concerning the project or this funding request, please contact Mr. Carl L. Blum, Assistant Deputy Director, at (818) 458-4300. Very truly yours, cTC .�IDEMANSfON� Director of Public Works BEW:nr wp/18 Enc. KE CHECKS PAYABLE To LOS ANGELES COUNTY DEPARTMENT OF PU_BL1C WORKS =2_0061 DPW 6189 n;z -� r) P.O. Box 7432 } Pueuc woRie 1 555P Alhambra, CA 91802-7437 TREET ADDRESS 00 South Fremont Avenue lhnmb,a.. CA 91803 City of.Santa Clarita 23820 Valencia Boulevard Suite 300 TO Santa Clarita, CA 91355 'INVOICE CUSTOMER DATE ACCT. NO. NUMBER .0. 0A1 vrt PW90 11 1 01 1 91 Invoice No. S1511 DESCRIPTION I AMOUNT Advances for the construction of the third and final Phase of White Canyon Road -Via Princessa route. Route 126' Boquet Canyon $ 500,000.00 500,000.00 $1,000,000.00 PAGE -Nv1 .. 7113,89 AGENDA REPORT CONSENT CALENDAR DATE: March 13, 1991 SUBJECT: WHITES CANYON ROAD — PHASE III FUNDING SHORTFAhL DEPARTMENT: Public Works BACKGROUND City Manager Item to be presented John E. Medina On January 8, 1991, the Council approved the allocation of $1 million dollars in City Bridge and. Thoroughfare (B&T) funds to the Whites Canyon: Road extension project. This was to cover a portion of the $7 million dollar shortfall in B&T fee collections the County currently anticipates because of the slowdown in development 'activity. Unfortunately, the County had already programmed the $941,300 that we currently have in the Bouquet & Route 126 Districts as available for construction. Since those are. the same funds we were anticipating using for the City's portion of the shortfall, we must find other funds to contribute to this project. We currently have $700,000 that has been collected for projects in two proposed B&T Districts --Via Princessa and Valencia. We are suggesting that these funds, along with $300,000 in General Fund reserves, be loaned to the Route 126/Bouquet Districts to cover the shortfall. These fundswouldbe returned with interest to the Valencia/Via Princessa and General Funds from future collections from developments in the Bouquet/Route 126 Districts. In view of our previous agreement with the County to assist in funding this project, their commitment to provide monies for $6 million of the shortfall, and the benefits to be received by City residents for this project, we feel that this commitment should be made. This will permit the -County to proceed towards its projected completion schedule of December 1992. We recommend that the funds be transferred 30 days after the award of contract for Phase III. The County expects to advertise the project in April/May of this year with award shortly thereafter. RECOMMENDATION The City Council authorize: 1. The transfer of $700,000 from the Valencia/Via Princessa B&T Districts and $300,000 from General Fund reserves as a loan to the Bouquet/Route 126 B&T Districts. 2. The transfer to the County within 30 days- and upon written request $1,941,000 in Bouquet/Route 126 B&T funds for Phase III of the Whites Canyon Road Project. RF ?� ?;'i Agenda Item• '�',� ' WHITES CANYON ROAD — PHASE III Page 2 3. The repayment .of $700,000 to the Valencia/Via Princessa B&T Districts and $300,000 to General Fund reserves, including interest based on the current Treasurer's investment yield from future collections in the Bouquet/Route 126 B&T Districts. ATTACHMENT County letter /hds RC4 B` .Kerox'Telecopier 7021 2-28-81 i 11:04 THOMAS A. TIDEMANSON. DI,..mc February 12, 1991 COUNTY OF LOS AN DEPARTMENT OF PUBLIC Mr. George A. Caravalho, City of Santa Clarita 23920 Valencia Boulevard, Santa Clarita, CA 91355 Dear Mr. Caravalho: 900 SOUTH FREMONT AVENUE ALHAMBRA. CALIFORNIA 91903.1331 Tckybom: (111) 458.3100 City Manager Suite 300 dU9'UdUd04" Cfi-. �pinn� JI WHITES CANYON ROAD Thank you for your letter of January 25, 1991 agree toward the construction of Phase 3 of the Whites Ca The City Council Agenda Report enclosed with your $1 million is to be comprised of $900,000 1n fees portion of the Bouquet and Route 126 Bridge and M+ Districts and $100,000 from other City funds. Hoi $7.0 million shortfall, we had already taken into by your City in these Districts since under Coope City and the County had agreed to jointly finance from fees collected by each agency in the Bouquet 0U0L0Vz44Ui8 0 !~CEIVC C rf a 1991 C y' . Om OP+SIN TA CLAgR t A ADDRESS ALL CORRESPONDENCE TO: P.O.BOX 1460 ALHAMBRA, CALIFORNIA 91807.1460 IN REPIY PLEASE REFER TO FILE: P-3 ItECEIva r FES 19 1991 f416L10 WORKS DErnKI+4N'f CITY OF M4I` OI.ARITA to advance $1 million. Road project. let er indicates that the collected within the City's jor Thoroughfare (BAT) eve,, in calculating our acc unt the BAT fees collected ati a Agreement 61101, the the Whites Canyon Road project and Route 126 Districts,. The $1 million advance request indicated in our Novem addition to the fees already collected by our respect requested $1 million advance by your City as well as advance.by the,County would be paid back to the City Bouquet and Route 126 BAT District fees are collected Epr(emosal ncies. Therefore, we respectfully request your Ci . If ycu'have any questions regarding this.matter, plea at (818) 458-4300. Very truly yours-, T. A. TIDEMANSON Director Public Works 1�✓ DONALD L. WOLF11( Deputy Director BEW:mv 172 er 29, 1990 letter is in ve agencies. The he several million dollar nd County as additional by our respective y reconsider this contact Mr. Carl Blum