HomeMy WebLinkAbout2001-08-28 - AGENDA REPORTS - COC IMPROVMENTS (2)CONSENT CALENDAR
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CITY OF SANTA CLARITA
AGENDA REPORT
August 28, 2001
City Manager
Item to be presented by: (r Stacy Miller
SUBJECT: SUPPORT FOR THE COLLEGE OF THE CANYONS EFFORTS TO
FUND THE ACQUISITION AND IMPROVEMENT OF COLLEGE
FACILITIES, FURNISHINGS AND EQUIPMENT THROUGH A
COMMUNITY COLLEGE BOND FINANCING CAMPAIGN
DEPARTMENT: City Manager
Adopt resolution of support for the Board of Trustees of the Santa Clarita Community
College District's Bond campaign for the purpose of raising money for the acquisition and
improvement of College of the Canyons facilities, furnishings and equipment.
BACKGROUND
The Board of Trustees of the Santa Clarita Community College District recently voted to
authorize a measure to be placed on the November 2001 ballot that, if approved by the
District's voters, would generate a general obligation bond sale in the amount of
$82,110,000.00. This would equate to an estimated tax rate of approximately $15.97 per
$100,000.00 of assessed value, or for a home valued at $204,000.00 (the median assessed
value of a home in Santa Clarita), approximately $33.00 annually.
The Santa Clarita Community College District's College of the Canyons opened its Santa Clarita
Valley campus in 1971. The College has seen its student enrollment grow by 79% in the last
five years and expects to serve over 25,000 individual students this year alone resulting in an
increased need for new and modernized facilities. The College has recently updated its
Educational Master Plan and is developing a Facilities Master Plan that identifies the curriculum
and facilities needed to provide services to its students into the year 2010 and beyond.
The College has successfully accessed funding from multiple sources in the past. Its
partnerships with local and regional agencies have afforded the community additional
educational opportunities and have raised much needed funds for facility development and
modification and operational programming. While these partnerships remain a priority for
p�u°�Od�D Agenda Item:—;L
SUPPORT FOR THE COMMUNITY COLLEGE BOND FINANCING CAMPAIGN
August 28, 2001
Page 2
the College, it has become evident that this type of leveraging of funds alone will not be
sufficient to make the improvements to the College that are necessary for the 21' Century.
As such, the Board of Trustees voted unanimously to authorize the College to begin an
aggressive campaign aimed at creating awareness and support of a Community College
Bond Initiative on the November 2001 ballot.
At the request of Councilmember Ferry, staff has prepared the following resolution in
support of the Santa Clarita Community College District's Bond campaign and requests the
Council review and adopt the resolution.
ALTERNATIVE ACTIONS
1. Do not adopt resolution supporting the Santa Clarita Community College District's
Bond campaign.
2. Remain neutral.
3. Other action as determined by Council.
FISCAL IMPACT
If approved by local voters, general obligation bonds in the amount of $82,110,000.00 will be
authorized for sale. This amount will equate to an estimated tax rate of approximately
$15.97 per $100,000.00 of assessed value, or for a home valued at $204,000.00 (the median
assessed value of a home in Santa Clarita), approximately $33.00 annually.
ATTACHMENT
Resolution in support of the College of the Canyons efforts to fund the acquisition and
improvement of College facilities, furnishings and equipment through a Community College
Bond financing campaign.
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