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Home My WebLink About2001-06-12 - AGENDA REPORTS - GVR FUNDING (2)PUBLIC HEARING DATE: SUBJECT: DEPARTMENT: CITY OF SANTA CLARITA AGENDA REPORT City Manager Approval: Item to be presented June 12, 2001 Steve Stark GOLDEN VALLEY ROAD FUNDING, CONSTRUCTION, AND ACQUISITION AGREEMENT AMENDMENT Administrative Services RECOMMENDED ACTION City Council, as legislative body of CFD No. 99-1 (the "CFD"), conduct a public hearing on modifications to the CFD. 2. CFD adopt Resolution, calling a special election on modifications to the CFD. 3. CFD hold Special Election. 4. CFD adopt Resolution, canvassing the results of the Special Election. 5. CFD adopt Resolution, approving change to CFD. 6. CFD introduce Ordinance, modifying Ordinance Nos. CFD 99-1-1 and 99-1-2. 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 construct Phase I of the Golden Valley Road extension in conjunction with the Hart School District and the Santa Clarita Valley Facilities Foundation. Currently, the Phase I portion of Golden Valley Road is nearing completion and is expected to be finished soon. Phase II and III are the next critical links t1lat will extend Golden Valley Road north to Soledad Canyon Road. Originally, Phases II and III were to be funded, using public financing, by establishing a Community Facilities District and issuing Mello Roos bonds. qkt,ca CFD 44 l— I AdAgenda Item: opted: � n q_�l -�? GOLDEN VALLEY ROAD June 12, 2001— Page 2 Through several public proceedings, the Community Facilities District was formed with the intent to issue bonds for road construction. Since that time, business conditions changed, and the idea of publicly financing the road was no longer considered an option for Santa Clarita Business Park. As a result, Administrative Services, working with the Transportation and Engineering Services Department and representatives from the Santa Clarita Business Park, finalized a revised plan for financing and constructing Golden Valley Road Phases II and III. The document that outlines the plan was adopted on April 26, 2001, at a special City Council meeting, approving the Amended and Restated Funding, Construction, and Acquisition Agreement. 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 Resolution of Change and introduce for first reading the Ordinance amending Ordinance Nos. CFD 99-1-1 and 99-1-2. The proposed changes and the election will not become effective until payment of certain net property B&T fees pursuant to the Amended and Restated Funding Agreement. ALTERNATIVE ACTION The City Council may choose not to adopt a Resolution changing the CFD. Other action as determined by the Council. FISCAL IMPACT By modifying the CFD boundaries, the District will be assessing a portion of the Santa Clarita Business Park that will be contributing to the additional $2.25 million for the fly -over. ATTACHMENTS Resolution Calling a Special Election Resolution Canvassing the Results of a Special Election Resolution Approving Certain Changes to the CFD Ordinance Amending Ordinance No 99-1-1 and 99-1-2 SS:FO:hds count OVR=dificnion.doc CITY OF SANTA CLARITA NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN: A Public Hearing will be held before the City Council of the City of Santa Clarita to consider proposed changes to the City of Santa Clarita Community Facilities District No. 99-1 (Santa Clarita Business Park) (the "CFD"), including the elimination of certain properties, the substitution of authorized facilities, the modification of the rate and method of apportionment and the elimination of the authorization of bonded indebtedness of the CFD and all other matters. On November 9, 1999, an election was held within the CFD in which the eligible electors approved by more than two-thirds vote the proposition of incurring bonded indebtedness, levying a special tax, and setting an appropriations limit for the CFD. On April 24, 2000, an election was held within the CFD in which the eligible electors approved by more than two-thirds vote the proposition of, among other things, lowering the amount of authorized bonded indebtedness. The Council received a petition from the owner(s) of all property within the CFD requesting the institution of proceedings for change within the CFD of elimination of certain properties, substitution of the authorized facilities, modification of the rate and method of apportionment of the special taxes and an elimination of the authorized bonded indebtedness of the CFD. On April 26, 2001, the CFD instituted proceedings for the consideration of certain modifications to the CFD, namely, the elimination of certain properties, substitution of the authorized facilities, modification of the rate and method of apportionment of the special taxes and an elimination in the authorized bonded indebtedness of the CFD. An amended CFD Report (the "Amended Report") has been presented to the CFD listing such changes, and such Amended Report is on file with the City Clerk. The proposed amendment to the boundaries, the facilities and the rate and method of apportionment is as described in the Amended CFD Report, which provides sufficient detail to allow each landowner or resident within the CFD to estimate the maximum amount that such person will have to pay for the amended facilities. Since bonds of the CFD have yet to be issued, the CFD finds that the proposed amended rate and method will not interfere with the timely repayment of debt. It is the intent of the CFD to eliminate the authorization of bonded indebtedness of the CFD. The hearing will be held by the Santa Clarita City Council in the City Hall Council Chambers, 23920 Valencia Blvd., 1st Floor, on the 12th day of June 2001, at or after 6:00 p.m. If you wish to challenge this action in court, you may be limited to raising only those issues you or someone else raised at the public hearing described in this notice, or in written correspondence delivered to the City Council at or prior to the public hearing. Proponents, opponents, and any interested persons may appear and be heard on this matter at that time. Further information may be obtained by contacting the Administrative Services Department at (661) 255-4371, Santa Clarita City Hall, 23920 Valencia Blvd., Suite #301, Santa Clarita, CA. Dated: June 1, 2001 Sharon L. Dawson, CMC City Clerk Publish Date: council \ PhHeeringGVR PUBLIC NOTICE NOTICE IS HEREBY GIVEN that on June 12, 2001, the City Council of the City of Santa Clarita introduced an ordinance entitled: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF THE CITY OF SANTA CLARITA COMMUNITY FACILITIES DISTRICT NO. 99-1 (SANTA CLARITA BUSINESS PARK) AMENDING ORDINANCE NOS. CFD 99-1-1 AND 99-1-2 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 14' day of June, 2001. ,/" o ,J. 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, June 14, 2001, 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