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Home My WebLink About1995-04-11 - AGENDA REPORTS - ACQUISITION RIVENDALE PROPERTY (2)NEW BUSINESS DATE: SUBJECT: DEPARTMENT: BACKGROUND City Manai Item to be April 11, 1995 Acquisition of Rivendale Property Parks, Recreation and Community Services Rick Putn 7 l Prior to and throughout its incorporation as a City, the citizens of Santa Clarita have enjoyed a cooperative and positive working relationship with the Santa Monica Mountains Conservancy, a state agency responsible for acquisition and preservation of parkland and open space in the Los Angeles basin area. The relationship between the Conservancy and the City of Santa Clarita was formalized in November, 1990, by state legislation which authorized the City of Santa Clarita to hold a seat on the Conservancy's Advisory Committee. It was further strengthened in June, 1993, by the creation of a Joint Powers Authority (JPA) between the City and the Conservancy with the express purpose to "...acquire, develop, and conserve additional park and open space lands including water oriented recreation and conservation projects." Since the creation of the JPA, discussion among its members and the public have centered on further acquisition and preservation of property in and around the Towsley Canyon area, including the Santa Clarita Woodlands. The Conservancy may have an opportunity to acquire prime property which is currently within the designated Santa Clarita Woodlands. The designated Santa Clarita Woodlands Park area is included in Significant Ecological Area number 20. The Woodlands property boasts six year- round waterfalls and 20 different species of trees including the Southern California Black Walnut and the Valley Oak woodland plant communities which are listed as endangered species of plant material but grow abundantly in the Woodlands area. There are a total of over 400,000 trees in the Woodlands area and three year-round streams stemming from East Canyon, Rice Canyon, and Towsley Canyon which constantly feed the south fork of the Santa Clara River. Five natural springs serve as watering holes for natural habitat including bear, mountain lion, deer, coyote, and other animals. Through discussions with the Conservancy, it appears that the City may be able to acquire the Rivendale property, a 53 acre parcel located on the west side of Interstate 5 at the Calgrove exit in front of and contiguous to Ed Davis Park at Towsley Canyon (area map attached), for a purchase price of roughly $2 million. While there is no current appraisal on the property, the agency's 1991 appraisal has a value of $7.5 million. A condition of this acquisition, should the Adopted; 14 Agenda item; �� _ City decide to proceed, would be that the money paid by the City for the Rivendale property be used by the Conservancy for the Woodlands purchase. It appears at this time that preservation of the Rivendale property and acquisition and preservation of additional woodland property will only come about if the City participates with the Conservancy in this project. Itis staffs opinion that in the interest of the citizens of Santa Clarita, as well as the need to preserve valuable and irreplaceable open space, the City cannot afford to allow this opportunity to pass by without serious consideration. The City's finance staff has explored a variety of options to fund this project. Upon staff review, it is felt that the most feasible funding option available includes an exchange of Transit Development Act (TDA) money for Public Financing Authority (PFA) money. Using this option, the City would apply $2.5 million of TDA Article 8 money to fund two PFA projects scheduled for completion this year. These projects are the Soledad-Camp Plenty Bridge and Soledad Canyon Widening. The TDA funds are available because of the use of Federal Aid Urban (FAU) funds for San Fernando Road Phase III and IV, as well as projects savings on various other TDA projects. Therefore, no current TDA projects would be affected by these uncommitted TDA funds. The saving of PFA money would then be available for the purchase of the Rivendale property. Under the conditions of the PFA Revenue Bond Official Statement, the City may designate parkland acquisition as an eligible PFA substitute project.. With the exchange of TDA money, no current PFA projects would be affected. The advantages of this option would be that no currently budgeted projects are affected and also that PFA funds would be immediately available with City Council's authorization of this purchase. 1. Council adopt Resolution Number 95-29 designating parkland acquisition as a substitute PFA project. 2 That City Council authorize staff to negotiate with the Conservancy for the acquisition of the; Rivendale property at a purchase price of $2 million with the following conditions: • That the proceeds from the City toward the acquisition of the Rivendale property be used to facilitate additional Santa Clarita Woodlands property purchase(s). • That the City enter into a no -cost reciprocal agreement with the Mountains Recreation and Conservation Authority (MRCA) for ongoing maintenance and operation of the Rivendale property. That Council authorize the following budgetary action to exchange TDA funds for PFA funds: unappropriate PFA funds by increasing fund balance account #28- 2600, $2,500,000, and decreasing expenditure account #28-95003-227 Soledad/Plenty Bridge Widening, $1,684,542, and #28-95004-227 Soledad/Sand Widening, $815,458; and appropriate TDA funds by decreasing fund balance account #16-2600, $2,500,000, and increasing expenditure account #16-95003-227 Soledad/PlentyBridge Widening, $1,684,542, and #16-95004-227 Soledad/Sand Widening, $815,458. Area Map PWOUNCIL\a iwull.rep RESOLUTION NO. 95-29 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA DESIGNATING THE SUBSTITUTION OF CAPITAL IMPROVEMENTS ON EXHIBIT D TO THE FISCAL AGENT AGREEMENT, BASE LEASE AND LEASE AGREEMENT IN CONNECTION WITH THE PREVIOUSLY ISSUED $22,940,000 CERTIFICATES OF PARTICIPATION. WHEREAS, the City of Santa Clarita, California (the "City), and the Redevelopment Agency of the City of Santa Clarita (the "Agency") previously provided funds to finance and/or refinance the acquisition, improvement, equipping and construction of certain projects by the execution and delivery of Certificates of Participation (Capital Improvement Projects) Evidencing A Proportionate Interest of the Owners Thereof In. Lease Payments To Be Made By The City of Santa Clarita (Los Angeles County, California ) To The Redevelopment Agency of the City of Santa Clarita (the "Certificates"), dated October 1, 1991, in the principal amount of $22,940,000; and WHEREAS, in connection with the execution and delivery of the Certificates there were executed the Fiscal Agent Agreement dated as of October 1, 1991 (the "Fiscal Agent Agreement"), by and between the City and the Santa Clarita Public Finance Authority, the Base Lease dated as of October 1, 1991 (the 'Base Lease"), by and between the City and the Agency, and the Lease Agreement dated as of October 1, 1991 (the "Lease Agreement"), by and between the Agency and the City; and WHEREAS, Exhibit to the Fiscal Agent Agreement, the Base Lease and the Lease Agreement describes the projects to be financed and/or refinanced with the proceeds of the Certificates, and further specifies the designation of substitute capital improvements by resolution of the City Council of the City; and WHEREAS, it is in the best interests of the City to designate the financing and/or refinancing of certain substitute capital improvements with the proceeds of the Certificates, pursuant to Exhibit D to the Fiscal Agent Agreement, the Base Lease and the Lease Agreement; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND DECLARE AS FOLLOWS: Section 1. Recitals. The above recitals are all true and correct. Section 2. Findings and Determinations. The City Council hereby finds and determines that it is in the best interests of the City to designate the financing and/or refinancing of certain substitute capital improvements with the proceeds of the Certificates, pursuant to Exhibit D of the Fiscal Agent Agreement, the Base Lease and the Lease Agreement. Section 3. Substitute Projects. The following capital improvement is hereby designated as a substitute Project, pursuant to Exhibit D to the Fiscal Agent Agreement, the Base Lease and the Lease Agreement: 1. Parkland Acquisition. Section 4. Effectiveness. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED by the City Council of the City of Santa Clarita at a regular meeting held on the day of , 1995. CITY OF SANTA CLARITA, CALIFORNIA MAYOR ATTEST: CITY CLERK STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES CITY OF SANTA CLARITA I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the _ day of , 1995, by the following vote of the Council; AYES: COUNCILMEMBERS NOES: COUNCILMEMBERS ABSENT: COUNCILMEMBERS ABSTAIN: COUNCILMEMBERS CITY CLERK C.go VISTA VAUMCA GOtJ C.7JLSi t = � 0d 04 �. - f ` .i.s.. ••��l'? Sir — _ � �-j.1 R 1 w; .iCOL M . : � Nevi � r T WENDAU PROPEFM s I errs 4 e ?q�\ 3 � 1 - .mm Qc.n ,arf wo��