HomeMy WebLinkAbout1999-11-30 - AGENDA REPORTS - SC BUS PARK CFD (2)AGENDA REPORT
City Manager
Item to be
UNFINISHED BUSINESS
November 30, 1999
Steve Stark
SUBJECT: ADOPT ORDINANCE, AUTHORIZING A LEVY OF A
SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT
99-1 (SANTA CLARITA BUSINESS PARK)
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
City Council adopt Ordinance, authorizing a levy of a special tax for Community
Facilities District 99-1 (Santa Clarita Business Park).
BACKGROUND
On November 9, 1999, the City Council conducted a public hearing and held an
election to form Community Facilities District 99-1 (Santa Clarita Business Park).
As part of the proceedings, the Council introduced for first reading and passed to
second reading an Ordinance authorizing the levy of a special tax. In order to
finalize the process, the Council should now adopt the Ordinance. In December,
staff will bring a request to Council to approve the first issue in a series of bond
sales.
In terms of background, in 1998, the City entered into a Development Agreement
with Spirit Properties Ltd. ("Spirit") to develop a 200 -acre business park. On
August 4, 1999, the City entered into a Funding, Construction, and Acquisition
Agreement (the "Funding Agreement") with Spirit, which provided that the City
may construct Phase I of the Golden Valley Road extension (in conjunction with the
Hart School District and the Santa Claritd Valley Facilities Foundation) and that
Spirit and PacTen Partners (its proposed buyers) will construct Phases II and III of
the Golden Valley Road extension.
The Funding Agreement provided that the City would use its best efforts to form a
Mello -Roos Community Facilities District for the purpose of funding Phases II and
III of the Golden Valley Road extension (up to its B&T obligation) and certain
in -tract improvements. Since then, Spirit, as landowner, submitted a petition
requesting the City to commence the proceedings to form a Community Facilities
District.
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COMMUNITY FACILITIES DISTRICT 99-1
November 30, 1999 — Page 2
Tonight's item is to finalize the forming of the Community Facilities District and
authorize a special tax on the property. The City Council will have another
opportunity to take action on this item in a future Council meeting. Future series of
bonds may be sold when the project has attained sufficient value to meet a 3:1
value -to -lien ratio in order to market and sell the bonds.
ALTERNATIVE ACTION
The Council may choose not to approve the Ordinance.
Other action as determined by Council.
FISCAL IMPACT
Spirit and the City shall each be responsible for half the cost associated with
forming the Community Facilities District, estimated to be $90,000.
ATTACHMENT
Ordinance
Boundary Map for CFD 99-1
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PUBLIC NOTICE
NOTICE IS HEREBY GIVEN that on November 30,1999, the City Council of the. City of Santa
Clarita adopted Ordinance CFD 99-1 entitled:
AN ORDINANCE OF THE CITY OF SANTA CLARITA, CALIFORNIA COMMUNITY
FACILITIES DISTRICT NO. 99-1 (SANTA CLARITA BUSINESS PARK)
AUTHORIZING THE LEVY OF A SPECIAL TAX
by the following vote:
AYES: Heidt, Ferry, Weste, Darcy
NOES:None
ABSENT: Klajic
A certified copy of the complete text of the ordinance is posted and may be read in the City
Clerk's Office, 23920 Valencia Boulevard, Suite 301, Santa Clarita, and/or a copy may be
obtained from that office.
Dated this 1st day of December, 1999.
Sharon L. Dawson, CMC, City Clerk
City of Santa Clarita
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
CITY OF SANTA CLARITA )
Sharon L. Dawson, being first duly sworn, deposes and says that she is the duly
appointed and qualified City Clerk of the City of Santa Clarita and that by Wednesday,
December 1, 1999, she caused a certified copy of the subject ordinance to be posted and made
available for public review in the City Clerk's office and a copy of the ordinance summary to be
published as required by law.
Sharon L. Dawson, CMC, City Clerk
City of Santa Clarita