HomeMy WebLinkAbout2000-03-28 - AGENDA REPORTS - GVR CFD 99-1 AMEND (2)PUBLIC HEARING
DATE:
SUBJECT:
DEPARTMENT:
CITY OF SANTA CLARITA
AGENDA REPORT
City Manager
Item to be
March 28, 2000
by: Steve Stark
GOLDEN VALLEY ROAD BOND ISSUE - AMENDMENT TO
CFD NO. 99-1
Administrative Services
RECOMMENDED ACTION
City Council continue the Public Hearing to the next regularly scheduled Council meeting.
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 Clarita 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.
The landowner, Spirit, submitted a petition requesting the City to commence the
proceedings to form a Community Facilities District. On September 28, 1999, the City
declared its intention to form the CFD and issue bonds. On November 9, 1999, a public
hearing was held, and the CFD was formed. Also, on November 9, 1999, an election was
held which authorized (a) the levy of an annual special tax, (b) the issuance of special tax
bonds not to exceed $33 million, and (c) an appropriations limit for the CFD. The
proposition passed with an unanimous vote from the qualified voters (the landowners). On
November 30, 1999, the CFD adopted Ordinance No. CFD 99-1-1, which authorized the
levy of the special tax.
Spirit submitted a petition to annex four more parcels into the CFD (the "Ruether Avenue
Parcels") and also to modify the tax Rate and Method of Apportionment (the "RMA"),
prioritize the authorized facilities to give priority for use of bond proceeds to Golden Valley
r
GOLDEN VALLEY BOND ISSUE
March 28, 2000 — Page 2
Road Phases II and III and storm drain improvements, and to reduce the authorized
maximum indebtedness amount from $33,000,000 to $18,000,000. On January 25, 2000,
the CFD annexed the Ruether Avenue Parcels to the CFD and adopted a Resolution of
Consideration for the changes to the CFD as referenced above.
Tonight, a public hearing is scheduled on the proposed changes to the CFD. Provided there
is no majority protest from property owners, a special election may be called and held
tonight on the proposed changes. Waivers regarding time requirements for holding the
election have been obtained from the property owners. Should the proposition pass with a
two-thirds vote from the qualified electors (the landowners), the CFD may adopt a
Resolution of Change and introduce for first reading the ordinance amending Ordinance
No. CFD 99-1-1.
The final step for the sale of the bonds will be to adopt a Resolution of Issuance and
approve all the accompanying financial documents. On April 4, special Council meeting
staff will be asking Council to adopt a resolution, authorizing the issuance of special tax
bonds in an amount not to exceed $18,000,000 (the "Bonds") and approve various
documents. The documents include: (a) a fiscal agent agreement, which includes the terms
and provisions of the Bonds, (b) a continuing disclosure agreement, which sets forth the
CFD's undertaking to provide information to the marketplace on an annual basis and upon
the happening of certain events, (c) a bond purchase agreement which sets forth the terms
and conditions for the underwriter, Stone & Youngberg LLC, to purchase the Bonds, and
(d) the Preliminary Official Statement, the document which describes the Bonds to the
marketplace. It is anticipated that a portion of the Bonds will be escrowed until sufficient
value -to -lien ratio can be met by the property owners. The closing for the Bonds should be
sometime in late April.
ALTERNATIVE ACTION
The Council could take no action and not adopt the Resolutions and introduce the
Ordinance.
FISCAL IMPACT
The issuance of $18 million in Community Facilities District bonds will not have an impact
on the City s general fund. The bonds will be paid by an assessment placed on the
individual property owners in the Business Park. As part of the formation process, Spirit
and the City shall be responsible for half each of the CFD formation costs, total estimated
to be $90,000.
SS:FO:hds
.=m Mgv ptl
NOTICE OF CONTINUED PUBLIC HEARING
CITY OF SANTA CLARITA
CITY COUNCIL
NOTICE IS HEREBY GIVEN that the City Council of the City of Santa Clarita, at its
regular meeting held March 28, 2000, continued a public hearing on
18. GOLDEN VALLEY ROAD BOND ISSUE — AMENDMENT TO CFD NO. 99-1— Consideration of
proposed changes to the CFD. Provided there is no majority protest from property owners, a special
election may be called and held on the proposed changes.
to April 25, 2000. The continued public hearing will be held at or after 6:30 p.m. in the
Council Chamber at 23920 Valencia Blvd., Santa Clarita, California.
Dated this 29' day of March, 2000.
JQ-tea.- �
SHARON L. DAWSON, CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS AFFIDAVIT OF POSTING
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 on March 29,
2000, she caused the above notice to be posted at the door of the Council Chamber located at
23920 Valencia Blvd., Santa Clarita, California.
SHARON L. DAWSON, CITY CLERK
Santa Clarita, California
.contph
PUBLIC NOTICE
NOTICE IS HEREBY GIVEN that on March 28, 2000, the City Council of the City of Santa
Clarita introduced Ordinance 00-5 entitled:
AN ORDINANCE OF THE CITY OF SANTA CLARITA, CALIFORNIA, APPROVING
ANNEXATION AND DEVELOPMENT AGREEMENT 98-001 (MASTER CASE NO. 98-
183) TO ALLOW FOR THE 15 -YEAR DEVELOPMENT OF A 596.2 -ACRE PROPERTY
KNOWN AS THE "NORTH VALENCIA NO. 2 SPECIFIC PLAN AREA"
ENCOMPASSING THE 576.2 -ACRE NORTH VALENCIA 2 ANNEXATION AREA IN
THE UNINCORPORATED AREA OF LOS ANGELES COUNTY ADJACENT TO THE
CITY OF SANTA CLARITA.
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 30`" day of March, 2000.
V "L�
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 Thursday, March
30, 2000, 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.
5/J 5�
Sharon L. Dawson, CMC, City Clerk
City of Santa Cianta