HomeMy WebLinkAbout1999-08-04 - RESOLUTIONS - CFD AGMT GVR (2)RESOLUTION NO. 99-82
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA
APPROVING A CERTAIN FUNDING, CONSTRUCTION
AND ACQUISITION AGREEMENT IN CONNECTION
WITH A PROPOSED COMMUNITY FACILITIES
DISTRICT
WHEREAS, the City of Santa Clarita (the "City") is contemplating the formation of a
community facilities district (the "District") pursuant to the Mello -Roos Community Facilities
District Act of 1982 (being Chapter 2.5, Part 1, Division 2, Title 5 of the California Government
Code) (the "Act") and the use of tax-exempt financing; and
WHEREAS, it is contemplated that Spirit Properties, Ltd. ("Spirit"), and/or PacTen dba Santa
Clarita Business Park Company ("PacTen") (collectively, the "Owners"), will develop certain
property within the City, and in that connection, will acquire, design and/or construct certain
public improvements relating to its property, including but not limited to, streets, sewers, stone
drains and other public infrastructure (the "Infrastructure") and will acquire, design and/or
construct Phase 2 and Phase 3 ("Phases 2 & 3") of a portion of Golden Valley Road from
Soledad Canyon Road south to station 122+50, and the City will acquire, design and/or construct
or cause to be acquired, designed and/or constructed Phase 1 ("Phasel") of Golden Valley Road
from station 122+50 south to Sierra Highway; and
WHEREAS, it is contemplated that the District to be formed will finance and acquire a portion
of the Infrastructure and Phases 2 & 3 of Golden Valley Road (collectively, the "Project")
through the issuance and delivery by the District of special tax bonds pursuant to the Act or
similar instruments (the "Bonds") to be secured by special taxes to be levied by the District
against property owned or to be owned by Santa Clarita Business Park; and
WHEREAS, the Owners desire to proceed with the formation of the District pursuant to the
terms and conditions of an agreement presented to the Council at this meeting and on file with
the City Clerk, which agreement relates to the implementation of the Development Agreement
dated May 7, 1998 (the "Development Agreement"), between the City and Spirit, and includes
the terms of the financing of the Project and the termination of the Reimbursement Agreement
dated as of May 8, 1998 (the "Reimbursement Agreement"), between the City and Spirit;
WHEREAS, Spirit has pursuant to such agreement advanced funds to the City to ensure payment
of a portion of the costs of the City in forming the District; and
WHEREAS, it is in the public interest and convenience to set forth all such terms and conditions
in the form of an agreement for the funding, construction and acquisition of the facilities;
'— NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA does
hereby resolve as follows:
SECTION 1. The City may accept advances of funds from any sources, including private
persons or private entities, and is authorized and directed to use funds for any authorized
purpose, including the cost incurred by the City in creating the District. The City may enter into
an agreement to repay all of such funds as are not expended or committed for any authorized
purpose at the time of the election on the levy of a special tax, if the proposal to levy such special
tax should fail, and to repay all of such funds advanced if the levy of such special tax shall be
approved by the qualified electors of the District.
SECTION 2. The proposed form of the Funding, Construction and Acquisition Agreement (the
"Funding Agreement") by and among the City, the future District, when formed, and Spirit, in
substantially the form presented at this meeting, is hereby approved. The City Manager, or his
authorized designee, is hereby authorized and directed, on the City's behalf, to execute and
deliver the Funding Agreement, in substantially said form, with such additions thereto or
changes therein as recommended or approved by the City Manager and the City Attorney, the
approval of such changes to be conclusively evidenced by the execution and delivery of the
Funding Agreement. The City Manager is hereby authorized to approve changes or additions to
the Exhibits of the Funding Agreement to the extent such changes or additions are required at a
later time and are consistent with the intent of the Funding Agreement.
SECTION 3. The Finance Director of the City is hereby authorized and directed to establish
one or more accounts to implement the Funding Agreement, including an account for the Initial
Costs (as defined in the Funding Agreement).
SECTION 4. All actions heretofore taken by the officers, or their respective designees,
employees and agents of the City Council in connection with the financing of the Project are
hereby ratified and confirmed.
SECTION 5. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED and ADOPTED this 4th day of Aum st , 1999.
ATTEST:
CITY rLER,
MAYOR
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF SANTA CLARITA
I. Sharon L. Dawson, City Clerk of the City of Santa Clarita, DO HEREBY
CERTIFY that the foregoing Resolution was duly adopted by the City Council of the
City of Santa Clarks. at a special meeting thereof, held on the 4" day of August. 1999
by the following vote of the Council:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
Heidt, Weste, Ferry, Darcy
None
HIajic
CITY CLERK