HomeMy WebLinkAbout2002-03-12 - AGENDA REPORTS - CYNCNTRY SENIOR HOUSING (2)CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR City Manager Approval:
Item to be presented by: Steve Stark
DATE: March 12, 2002
SUBJECT: CANYON COUNTRY SENIOR HOUSING DEFERRED IMPACT FEE
AGREEMENT
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
City Council authorize the City Manager to finalize a Deferred Impact Fee Agreement, subject
to approval of the City Attorney.
BACKGROUND
On January 22, the City Council conceptually approved the adjusted impact fee to reduce the
Canyon Country Senior Housing Project (200 units) by $946,432. At the same meeting, the
Council also conceptually approved the idea of having the developer defer the payment of their
fees over time through a formal agreement with the City. As a result, staff is returning tonight
to Council with a deferred Impact Fee Agreement. The following information summarizes the
agreement as proposed for approval:
• The total amount that the City will defer is not to exceed $1,048,458 in development
impact fees.
• The deferred impact fee agreement will be for thirteen years.
• The developer agrees to pay 3% simple interest, beginning one year from the date that
building permits are issued.
• Developer will begin making a minimum payment of $50,000 at year seven and will
continue until year thirteen.
• After year ten, an additional minimum payment, consisting of 75% of the developers net
cash flow, will be made to the City until year thirteen, when the total impact fees will be
paid in full. (See attached payment schedule.)
This agreement will assist the developer with the necessary impact fee deferment that will
allow the senior development to take place in a timely manner. City staff believes this
agreement is fair and will provide the adequate mechanism to make the development viable
for the developer as was requested.
Agenda •�
E,h �k e � Item.
CANYON COUNTRY SENIOR HOUSING
March 12, 2002 — Page 2
ALTERNATIVE ACTION
Council not approve the agreement, and ask staff to reevaluate the points of the agreement.
Other action as determined by Council.
FISCAL IMPACT
The City fees of $1,048,458 and the interest of $232,264 will total $1,280,722. This amount will
cover the costs of development impact fees for the project in a manner that will allow the
developer to make the senior housing project viable.
ATTACHMENTS
Deferred Impact Fee Agreement available in City Clerk's Reading file.
Resolution
Impact Fee Analysis
Deferred Fee Repayment Schedule
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