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HomeMy WebLinkAboutItem 6.4 InfrastructureProgram CITY CLERK File # D~~[Q]-[2J[Q] AGENDA STATEMENT CITY COUNCIL MEETING DATE: September 20,2005 SUBJECT: PUBLIC HEARING: Authorization for City of Dublin to join the Statcwide Community h1fÌastructure Program (SCIP) Report Prepared by: Christopher L. Foss Economic Development Director ATTACHMENTS: 1. 2. SCTP Program Information Proposed Resolution ~ 1. 2. 3. 4. 5. Open Public Hearing Receive Staff Presentation and Public Testimony Question Staff and PlIblic Close Public Bearing and Deliberate Adopt the proposed resolution authorizing the City of Dublin to join the Statewide Community Infrastructure Program. RECOMMENDATION: FINANCIAL STATEMENT: None. DESCRIPTION: The California Statewide Communities Development Authority ("CSCDA") is a joint powers authority sponsored by the League of California Citics and the California State Association of Counties. The membcr agencies of CSCDA include approximately 230 cities and 54 counties throughout California, including the City of Dublin. The Statewide Community Infrastructure Program ("SClP") was instituted by CSCDA in 2002 to allow owners of property in participating cities and counties to finance the development impact fees that would be payable hy property owners upon receiving development entitlements or building permits (see Attachment 1). If a property owner chooses to participate, the development impact fees owed to the City of Dublin will be financed by the issuance of tax-exempt bonds (current interest ratc: 5.25%) by CSCDA. CSCDA will impose a special assessment on the owner's property to repay the portion of the bonds issued to finance the fees paid with rcspcct to the property. The property owner will either pay the impact fees at thc time of pennit issuance, and will he reimburscd from the SCIP bond proceeds when the SClP bonds are issued, or the qualifying impact fees will be paid, at the time of the building permit issuance, directly to the City of Dublin ITom the proceeds of the SClP bonds. If the impact fees increase fÌom the time of the bond issuance to building permit issuance, the developer will be responsible for paying the difference between the bond procecds and the final impact fees at the time of building permit issuance. _____________________________W_____________R.__________________________~.________~~_______________________ww_ COPIES TO: John II. Knox Orric:k, ff¡,:rrington & Sutcliffe. LLP 400 Sansome Street San FranciscQ, CA 94/1/ r _ I L ITEM NO. ~ H/cc-forrnslagdastmt.doc \ t5b3 Thc benefits to the Citv of Dublin include: · The program provides an cconomic development incentive to attract commcrcial and industrial businesses to the City tl1at may not otherwise be able to locatc to Dublin. · As in conventional assessment financing, the City of Dublin is not liable to repay the bonds issued by CSCDA or the assessments imposed on the participating propcrtics. · CSCDA handles all district formation, district administration, bond issuance and bond administration functions. A participating City can provide financing to property owners through SCIP while committing virtually no staff time to administer the program. The benefits to the developer include: · Only dcvclopcrs who choose to participate in the program will have assessments imposed on their property. · Instead of paying cash for dcvelopment impact fees, the property owner receives low-cost, long-term tax-exempt financing of those fees, freeing up capital for othcr purposes. · The property owner can choosc to payoff the special assessments at any time. · Owners of smallcr projects can have access to tax-exempt financing of infrastructure. Before the inception of SCIP, only projects large enough to justify the fonnation of an assessment or communities facilities district had access to tax-exempt financing. Staff recently met with SCIP program officials and it has bcen determined that the following City development fees can be paid by the SCIP program: Public Facilities Fees Community Parks Community Parks, Tmprovcmcnts Community Buildings Land, Neighborhood Parks hnprovements, Neighborhood Parks Freeway Interchange Fee Traffic Impact Fees - (Eastern Dublin Traffic Impact Fee and Downtown Traffic Impact Fee) Tri-Valley Transportation Fee Noise Mitigation Fee The SCIP program will not allow bond proceeds to pay for the following City fees: Public Facilities Fees Libraries Civic Center Aquatic Centcr Fire Impact Fees IncIusionary In Lieu Fees The SCIP program will a1so not allow bond proceeds to pay for School District development fees. Thc SClP program will also allow bond proceeds to pay for certain DSRSD and Zone 7 fees. SClP Staff has met with DSRSD and is currently working on making this program available for their fees. 2 2oÓ3 The proposed resolution (see Attachment 2) authorizes the CSCDA to accept applications from owners of property within the City's planning jurisdiction to apply for tax-exempt financing of development impact fees through SClP. It also authorizes CSCDA to form an assessment district covering the City of Dublin, conduct assessment proceedings and levy assessments against thc property of varticivating owners. It also authorizes miscellaneous related actions and makes certain findings and determinations required by law. Attached to the Resolution, as Exhibit A, is a "Fonn of CSCDA Resolution of Intention." This is for informational purposes and does not require action by the City Council. Over the past two years, the SCIP program issued bonds for development in a number of cities, including Brentwood, Elk Grove, Lincoln, Millbrae, Napa, Richmond and Roseville. At the prcscnt time, SCIP Staff will begin accepting applications in October 2005 for a November/December 2005 bond issues. Staff has had conversations with local dcvclopcrs as to their interest in this typc of program, and the response has bcen positive with the developer of the Gateway Mcdical Center (Triad Development) prepared to submit an application to SClP for considcration, should the City Council approve this action. At this point, Staff would recommend that this program bc made available to commercial/industrial developments within the City of Dublin. Staff feels that this program is a valuable economic development tool that would help ease the up-front cost burden of commercial and industrial development in Dublin. Staff is not recommending this program for residential developments. If it were available for residential developments, tbe individual homeowncrs would end up paying the fees through the assessments, which would include thc costs of issuance and interest. There is no way to assure that the sales prices of thc homes would be reduced by these costs. RECOMMENA nON: Staff recommends that the City Council conduct the public hearing, deliberate, and adopt tbe proposed resolution entitlcd "A Resolution of the City Council of the City of Dublin authorizing the City to join the Statcwide Community Inrrastructure Program and authorizing the California Statewidc Communities Development Authority to acccpt applications rrom property owners for non-residential developments, conduct special assessment proceedings and levy asscssments within the territory ofthc City of Dublin and authorizing related actions." G:\Chl'is\SCIP Progl'am" Fee Fjnancing\FORM-ag~da :<¡.tatement SCIP PTUb'Tam August 200S.doc IV] t /2005 3, 17 PM¡;¡3·IlJO~'··HJ,..J3·AM 3 3~~ '. - \ Üb""L\ áJ California Statewide Communities Development Authority Statewide Community Infrastructure Program SCIP Introduction to SCIP The California Statewide Communities Development Authority (CSCDA) is offering a new program to cities and counties, which are members of CSeDA called the Statewide Community Infrastructure Program ("SCIP''). SCIP is a pooled 6nancing mechanism, which can be used to fund development impact fec.. Development impact fccs are one of the primary means by which local agencies obtain revenueS to pay for road, water, scwcr, parks, and othcr public improvements. SeIP offers the option to fund these fees through the issuance of t913/1915 Act bonds. Thc program provides a cost-effective 6nancing tool, and considerable flexibility in funding development impact fees. There arc two impact fee funding programs provided by serp: (1) the Impact Fec Reimbursement Program, and (2) the Impact Fee Prcfunding Program. Impact fces fundcd through either program must be used to pay for public improvemcnts and infrastructure. Eligible fees generally includc any type of impact fce used to pay for improvcments dedicated, owned and operated by the local agency. Eligible improvements typically fmanced pursuant to thc 1913/1915 Act includc but are not limited to: Street and Roadway> Freeway Interchanges Geologic Hazard Abatement Landscaping Storm I )rainage: Flood Control Street Lighting Parking Sidewalks Water Supply Sewer and Pipelines Parks and Parkways SUP is open to all members of CSCDA. eSeDA is a joint powers authority sponsored by the League of California Cities and thc California State Association of Counties. Membership to CSCDA is open to cvcry California city and county and most are aheady members. Once a member of eSDA to participate in SeIP rcquires the passage of a simple rcsolution. Under SUP, the district formation proceedings, the issuance of bonds, accounting for funds and subsequent administration are all handled by a gtoUP of highly trained professionals. SCIP is designed to offer a tax-exempt pooled fmancing program, which provides economies of scalc while greatly reducing cost of issuance and improving interest rates for projccts of any size. Just as importantly, SCIP offcrs a valuable tool when setting, çollccting and funding local dcvelopment impact fccs. Attachment 1 "I4e-rY'\ lÐ, Y q~20-05" DJ L Ü()21 improving interest rates for projects of any size. Just as importantly, SCIP offers a valuable tool when setting, collecting and funding loçal development impaçt fees. Funding of Development Impact Fees Development impact fees are collected in two fashions. The first and most prevalent is through the issnance of building pennits. Typically, upon issuance of a permit, a developer must pay a building permit fee and impact fees. The impact fees payable at building permit are sçhedu1cs developed by each local agency, and must be consistent with AB 1600, or a local development fee statute. "The impact fee schedules are determined by type of improvement to mitigate impacts of new development_ Impact fees collected in this fashion are a pay-as-you-go funding mechanism as the impact fees paid when the building permit is issued arc deposited into respective improvement funds. As the balance of the funds gtOWS, the money is used to pay for public infrastructuJ:e. The other method of collecting fees is tied to the development entitlement process_ Under this method, upon approval of a discretionary land entitlement, certain impact fees become due and payable. For example, a loçal agency may require payment of all or a portion of certain fees (e.g., park, roadway, water, sewer) upon initial approval of a development agreement or a subdivision map. The money is paid "p-front and can be pay for costs of improvements prior to issuance of building permits and development of the project Fml<ling fees up front can help eliminate a bottleneck such as the need for a new roadway or water system. It is on the basis of these two methods of paying development impact fees in California that SCIP has designed its funding programs. Impact Fee Reimbursement Progr..m_ The SCIP Impact Pee Reimbursement Program fInances impact fees paid at building permit_ Currently, property OWner" have no choice but to pay these fees, which can be substantial, in cash at the time a building permit is issued. SCIP makes available to anyone paying a fee (even a single fee) the opportunity to complete a sinlple and short application for the ne"t scrp bond issue_ The landowner sublnits the application, cosigned by the local agency, along with a check for the impact fees to the SCIP program administrator. The SCIP trustee holds the money in an interest bearing scrp account set up when the city or county first becomes a member of SCIP. If the appliçation is approved for funding by the SCIP underwriter, the landowner is reimbursed from bond proceeds after the next bond sale. An assessment is levied on the property payable over the 30 year term at a tax e"empt interest rate. The city or county is not at risk since it receives cash at the time the building permit is issued in the nonnal way, except it is held by the SCIP trustee instead of being deposited to a local bank. Imp..ct Fee Prefundlng Program. Since most inlpact fees arc paid at the time of issuance of a building permit, this tends to stretch the period of payment of fees for a s"bdivision or trulster plan area over a several year period_ The pay-as-you-go model can make it difficult to construçt major infrastructure in advance of large new developments. A loçal agency may have to delay a project, find interim financing, and may lose ground to inflation and rising costs. The Impact Fcc Prefunding Program finances impact fees "p- front in dollar amounts large enough to provide necessary funding for inÍtaet.ructure 2 áJ 3 cb2\ before development. takes place, and prior to issuance of building permits_ r or example, a developer may be required to pay the roadway portion of the impact fee at tentative map for all the units approved in a subdivision. The local agency can then use the money to complete a road necessary to remove a local transportation bottleneck. . The developer submits an application to SCIP, and if approved, the fees are financed through a SCIP bond isslIe. The Impact Fee Prcfunding Program is particularly important in rapidly growing communities where the pace of development has outstripped the capacity of older water, sewer and road systems to accommodate new growth, and not enough funds have been çollected from building permits to pay for the necessary public improvements_ All costs of both the Impact Fee Reimbursement Program and the Impact Fee Pre funding Program are financed in the assessment, so the property owner ends up with no up-rront payment to participate, except a nominal applieation fee and the cost of an appraisal, if necessary. Thete is no minimum projeet size, so small- and medium·size developments can obtain the benefits of cost-effective tax-exempt financing. SCIP will collect applications for financing, and indude the amounts in it>; next bond issue, although the bonds may be i..ued in one or more separatc program series at the discretion of the SCIp underwriter. Joining SCIP In order to join SCIp, a local agency must be a member of CSCDA. eSeDA has over 350 members so it is very likely that a city or county interested in joining SCIp is already a member. If not, there is no cost to join eSCDA, and it can be done by simple Resolution. '1'0 join SCTP, a local agency will reçeivc a copy of the Sell' Proçedures Manual. The book contains all of the material needed for reference and administration of the program. The local agency will also be sent a SCTP Rewlution, which must be adopted by the governing body at a publk hearing. The resolution only requires a majority vote of those present rq>resenting a quorum. A staff report is sent to accompany the Resolution, which can be edited to suit individual loçal agency requirements and format_ The Resolution authorizes eSCDA to conduçt assessment proceedings on behalf of the SCIP member. SCIP wnsultants are available to customize the Resolution and staff report, and can be available ar the public hearing. Applying to SCIP The SCTP application process depends in part on rhe funding program. For the Impaçt Fee Reimbursement Program, the property owner will fill our a short application form at the time the building pcnnit is issued. The apphçation identifies the property and breaks out the impact portion of the fees due. The property owner pays all the fees due in cash, but rather than paying the fees to the local agency, the fees are paid to SCIP, and deposited into the local agency SCIP acçount. The local agency may withdraw dle cash at any time from rhe account, or may let the account açcumubte with interest. Upon issuance of SCIp bonds, the property owner is reimbursed for the finançed fees, and the bonds are payable through assessment installments levied on the landowner's property. 3 DJ '1 t5bL\ The Impact Fee Prefunding Program will tend to be for larger projects for which the local agency requires that certain impact fees be paid as a condition of approval of development entitlements. For this program, the developer and the local agency submit an application to SCIP which is much broader in scope, and includes a description of the project, its stage of development and entitlements, the amount of funding reque",ed and a summary of the developer's experience with similar projects. The application should be submitted during the time when the terms of land entitlements are being dctcrmined and negotiated between the developer and the local agency. Under this program, the fees are funded directly through the bonds, and paid to the local agency. Financing Funding through SCIP is done by the issuance of 30 year tax exempt assessment bonds under the 1913 /1915 Act. With few exceptions, the bonds are sold as non-rated securities. However, institutional and retail investors have become quite sophisticated in assessing the credit quality of these securities. In general, the security offered to investors is a fIxed lien assessment on real property, a reserve fund, and the underlying value of the real '"tate. Under no circumstance will CSCDA, a local agency SCIP member or SClP be required to make up any delinquent debt service payment on the bonds. During the application process, SCIP will conduct a thorough credit review of each application. A condition of funding will be approved entitlements. For the Prefunding Program, this will generally require a tentative subdivision map with all environmental approvals (certifIed EIR, negative declaration, Army Corps and fIsh & wildlife permits). Development agreements ate optional, and an issue to be decided upon between the local agency and the developer. For the Reimbursement Program, a final subdivision map must be recorded with appropriate subdivision security, as well as the issuance of a building permit. Property or acreage, which has not received development entitlements, is not eligible for funding. Generally speaking, entitlements will not be an i",ue for the Reimbursement Program, but will need more through review for the Pre funding Program. The major component of the credit analysis will be a valuation of the property to be assessed. For the Reimbursement Program, the owner must submit the current assessed value, the amount of the building permit, and the building permit valuation prepared by tile building department. For the Prefunding Program, an MAl apprÚsal must be prepared which estimates the bulk or wholesale value of the project. Based on the credit analysis, SCIP may aggtegate properties into separate program series depending on value-to-lien ratios, ",ams of development, and whether the application is for the Reimbursement or Prefunding Program. For either program, approved entitlements and a nùnimum 3:1 value-to-lien ratio is required. Under the Reimbursement Program, the property may need to be reassessed in order to meet the 3:1 ratio, although the owner will have the option to pay for an appraisal. Under typical assessment proceedings, the local agency adopts an engineer's report, holds a public hearing and landowner vote, and issu," bonds representing the unpaid aS8e",mems. Under SCIP, the assessment proceedings will be conducted by CSCDA. 4 åJ 566'2..1 A fter approval of the applications, the SCIP assessment engineer will prepare an engineer's report. The engineer's reports will be aggregated on a county-by-county ba.sis (including cities within a county), as counties will1cvy the assessment on the tax roll. As part of the application process, each bndowner will be required to sign a consent and waiver form agreeing to the assessm=t proceedings in advance, and waiving any right to challenge. CSCDA will conduct a master set of proceedings for all SCIP members. After a public hearing and landowner vote, the proceedings will cuhninate in the levy of a fixed special assessment lien and the issuance of bonds. SCIP Administration Annual administration of the Districts will be performed by the SCIP assessm=t administrator. The costs will be funded on an on-going basis through a charge added to the annual levy as approved in the engineer's report. Tasks include calculation of annual payments by property owners, preparation of the assessment levy report, which will be placed on the County's property tax roll, segregation of assessmcnts, and publishing notice of the assessments_ In addition, the SCIP assessmcnt administrator will handle remedial action on delinquent assessments. In the unlikely event that assessment payments are not brought curr=t on a timely basis, SCIP will pursue judicial foreclosure on behalf of the issuer CSCDA. A prime advantage of the SUP program for local agencies will be passing on of the assessment administration work to a staff of highly trained consultants hired by SCIP. The SCIP administrator will have an 1-800 number to call for information related to a specific parcel. Funds will be held by SCIP trustce, and the accounting will be done by the SCIP program administrator_ When a local agency joins SCIP, an acwunt will be set up based on the city or county's own internal system for d'-'vclopment fee accounting. Each month the local agency will get a report showing the balance in the account plus accrued interest. The funds will invested in a managed investment account. The program administrator will sclect the investment portfolio and credit each local agency with a proportionate share of interest. Impact fees paid to SClP under the Reimbursement Program are considered bond proceeds after issuance, and are subject to rebate. The program administrator will handle all rebate and continuing disclosure requirements for each member of SOP. Conclusion To conclude, SClP is de<igned to be a seamless and transparent financing mechanism for local agencies to fund impact fees. Impact fees are becoming increasingly important in California as a means to pay for thc cost of new infrastructure. SCIP has been purposefully designed to fit with the way impact fees are collected by local ag=cies, and to afford an efficient means to provide tax exempt bond financing. The program benefits both the local agencies and property owners by providing another funding option for both largc and small projects. Local agencies are relieved of the burden of administration while still being able to provide flI1ancing to their constituents. 5 Ii] ¿p ÖÖ 21 SCIP Participation Requirements Applicant Requirements · Discretionary development entitlement' in place including zoning and a tentative subdivision map (development agreement optional) Evidence of issuance of a building pem,;t for the Reimbursement Program Completion of the appropriate application fonn eosigned by local agency representative All environmental approvals completed (Le. certified ElR, negative deelaration, Army Corps 404 permit and fish & game permits if required ete) Ownership of all property (or legal owner must consent if under option) serp application fee (plu' a cash deposit reimbursed at closing for the prefunding program; varies by amount of fInancing) · · · · · Local Agency Requirements · Adopt resolution joining SClP and consenting to have CSCDA conduct the assessment proceedings · Join CSCDA if not already a member (no co,t to join) Execute one dosing certificate, whiçh covers: (i) infrastructure fInanced through fees is public, (ii) project has valid entitlements (iii) funds will not be 'pent in violation of federal tax law · · C",ign property owner applications for funding Appraisal and Credit Requirements · Minimum 3:1 value-to-lien ratio based on bulk sale appraisal by serp appr"'ser for Prefu.nding Program and ass€::'ised value for Reimbursement Program · No prior tax or bond delinquencies Clean property owner credit reports and title report Developer due diligence questionnaire completed Underwriting approval by SClP underwriter · · · Eligible Fees · Any impact fees used to Fay for public infra"txueture" under AB 1600, or a local fee statute, but no school fee, 6 DJ Advantages Local Agency General Homebuyer Developers ')662.1 · Can provide up-fwnt funding for infrastructnre prior to development Offers means to mitigate increasing fees Bnnd, are not issued by or a debt of the local agency Refunding dividend program · · · · Fits both .residential and commercial projects · CSCDA conducts proceedings and administers assessment More flexihle than aequisiÜon funding in term, of benefir findings Alternative to ree instalhnent plans Efficient fee investment and accounting system · · · · Economies of scale advantages due to pooled nature of program (size and diversity) Simple pruêCSS to join SCIP and no adrninistraÜon requirements by the local agency Capital market access with proven financing team Offers cost effcctive bond flnancing for srnaller projects which would otherwise not qualify · · · Uses tax-excmpt proceeds to pay for up to 25% of lot costs The assessment on the tax roll allows buyers a transparent means to understand what impact fees they are paying for Reduces 1110rtgages amount and makes qualifyjn~ for a loan easier · Tax-exempt fmancing · · · · Frees up other sources of capital More efficient from a cash flow standpoint than acquisitions financing Allows financing for smaller subdivison projects and infill commercial · · 7 u <.f) o:C~ -¡- 2... a::Z o;::¡ !:!:~ ;;î;:s uO u n " LLl " " Ui .j'~ UH ~ ~ [J ~ z [] tJ Z [J ~ I 0: [] ~ Z ~ " .~ '" :;: v ~ " '1 v. j cJ "§ '" q ~ ",'~ .r l::! ~ v r'1 ~.K¡ r~¡ d~ ~t --ì]¿r.::~~~~ } Q ~ '3 ~ :::; ~ ~ v ¡::I:¡ r--"'-'......u..ß 8 ~ " z . , · . o 0 ¡ ~ · > a ö ~ . · . z E · z D 0 · , ;¡ z · 0 u u ~ ~ '0 "" .. 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I,""; ] '" ~ of go .E G ~ Ji ö .., u U~ ;c a "$ '0 ] ~ ~ .Ii e ¡¡ .~,. .¡j § ~ ] .511 ~ ~ ~ ~ ~ ~ '" . ,0 0' ,~ '-, ...; ;¡ ~ u ,.. a "' .' . 10 C5tJ ZI DJ California Statewide CommunitIes Development Authority Statewide Community Infrastructure Program SCIP Frequently Asked Questions 1. What Is SCIP? The Statewide Community Infrastructure Program (SCIP) is a program sponsored by the Califomia League of Cities and the California State Association of Counties to finance development impact fees through the issuance of 1913/15 Act bonds. 2. What is CSCDA? The Califomia Statewide Communities Development Authority (CSCDA) is a Jomt powers authority sponsored by the League of California Cities and the Califomia State Association of Counties_ Nearly every city and County are members of CSCDA. In 2000, CSCDA was the 4th largest municipal bond issuer in the country. 3. Does SCIP How Work'! SClP has two funding programs; 1) the Reimbursement Program and 2) the Prcfunding Program. The Rcimburs.,ment Program reimburses developers for fees paid to the local agency. The Pre funding Program pays the local agency directly for fees negotiated to be paid earlier in the entitlement process than they normal1y otherwise be paid. 4. What are eligiblc development impact fees? Fees paid to a local agency to mitigate the impact of dcvelopment and whieh will ultimately be used by the local agency to pay for the costs of public inÍÌastructurc. The fccs must be implcmcntcd undcr AB 1600 or a local fee statute. . 5. Why are Impact "'ees so Important Impact fees are fees paid to local governmcnts to pay for thc cost associatcd with new development. With limited ability to raise taxes, local agencies now rely on impact as a major funding source for infrastructure. Statewide, impact fees have become a $4 to $5 bil1ion per year source of new funding. DJ II?JZI 6. How are Impact fees typically collected? Impact fees are nonnally paid at the time a building pennit is issued or when a map is recorded, and hence are a pay as you go fonn of financing. The Reimbursement Program is designed to finance fees paid in this fashion. 7. How can Impact fees be madc to be paid in advance? The local agency can negotiate with the developer to have the fees paid upon approval of a specific plan, development agreement or tentative map. The fees are paid upfront as opposed to pay as you go. Fees due in advance of development can be financed through the SCIP Prefunding Program. 8. If we use SCIP and become a member of CSCDA, are we in any way liable for payments or defaults of other participants Absolutely not. If one participant were to defau1t, there would be no effect On the other participants. There is no cross-collateralization of payments or assessments. 9. What Is the difference between an assessmeut lien aud an assessment bond? The assessment lien is imposed on the parcel of land pursuant to the Municipal Improvement Act of 1913. The Act authorizes an issuer to impose an assessment lien on bencfited property to finance various public improvements. The Bonds are Limited Obligation Improvement Bonds authorized under the Improvement Bond Act of 1915 and secured by the liens imposed under the 1913 Act. 10. Is voter approval required? No. There is no requirement for a genera] election. eSCDA will conduct a public hearing and landowner ballot procedure to satisfY Proposition 218. Sincc a condition of participation in SCIP is landowner consent, protests are not expected. 11. Is a local agency participant of the poolliablc to make any bond payments? No. The bonds are limited obligation bonds, and under no circumstance is a local agcncy pool participant liable from its genera1 fund or from any oth~'T revenue source. Moreover, no landowner is responsible tor any other property owner if a payment is late. 12. How Is SCIP administered? seIP is administered by highly trained and experienced consu1tants who prepare the tax roll, disseminate continuing disclosure reports, handle delinquencies, and provide accounting, investment and arbitrage rebate serviccs. 13. Wbat are the duties of a local agency participant aftcr the bonds are issued? The only duties required arc to provide SelP consu1tants with infonnation concerning the development such as recordation of subdivisions and changes in property ownership. 14. How does SClI' differ from a typical assessment district? Sell' does not conduct acquisition proceedings whereby developers are directly reimbursed for construclion of improvements. SCIP tùnds only impact fees paid to the Local Agency. The Local Agency ultimately constructs the improvements, thereby allowing thc Local Agency more flexibility to detennine what is actually funded. åJ J z.. 6ì;/- I 15. How does SCIP meet the benefit test? The benefit test is met by the fact that the each property must pay the impact fee in order to develop. This differs from typical assessment proceedings in that the benefit test is tied to the improvement. 16. 00 commercial and industrial projects qualify? Yes, in tact the permit fee program is ideal for commercial projects, which can pay substantial impact fees but normally do not participate in bond financing. Examples would be shopping centers of high-rise buildings. 17. How do you joiu SCIP? The Local Agency must pass a SCIP Resolution, which consents to CSCDA condllcting assessment proceedings On its behalf. Each Local Agency must approve and sign each SCIP funding application. 18. How does a Local Agency Receive Funds? To obtain funds, the Local Agency submits a requisition to be drawn on its SCIP account. The SCIP account will be set up to reflect the local agencies own accounting system for categories (road water, sewer etc) of impact fees. · . , ·DJ SCIP Contact Information 13?J21 California Statewide Communities Development Authority Jerry Burke 2175 N. Califonlia Blvd., Suite 550 Walnut Creek, California 94596 (925) 933-9229 ext. 11 (925) 933-8457 fax jbutkc~.cacommunitie:'1 com James P. Hamill 2175 N. California Blvd., Suite 550 Walnut Creek, California 94596 (925) 933-9229 ext. 16 (925) 933-8457 fax ih ami 11QJC':3 comxnunitics.COffi League of California Cities Daniel B. Harrison 1400 K Strcet Sacramento, CA 95814 (916) 658-8267 (916) 658-8240 fax hatrisodrãkacities_orR California State Association of Counties Norma Lammers 1 toO K Street, Suite 101 Sacramento, CA 95814 (916) 327-7500 exr. 554 (916) 441-5507 fax nlamtuers(àJ.cmln ties.()t~ Program Administrator Craig lf11derwood Bond Logistix LLC. 777 Sourh Figueroa Street, Suite 3200 Los Angeles, California 90017 (213) 612-2463 voice (213) 612-2499 fax cun det"\Vood((.l1bonùlofjstix,COlTI Daniel Chang Bond Logistix LLC 777 South Figueroa Street, S,lite 3200 Lo, Angeles, California 90017 (213) 612-2205 voice (213) 612-2499 fax dchaí1rftflbondlogistix.C0111 Trustee Robert Schneider Wells Fargo Bank, National Association 707 Wilsrure Blvd. 17th Floor Los Angele., CA 90017 (213) 614"3447 voice (213) 614-3355 (fax) rohe.rt.Rchn eìderri.llwdlsfa.tgo.com Assessment Administrator Chris Fisher MuniFinandal, Inc. 27368 Via Industria Suite 110 T emecula, CA 92590 (909) 587-3571 voice (909) 587-35 to fax chris f(a)mut1i,cOnl Scott Alman Willdan 609 Gregory Lane Suite 200 Pleasant, CA 94523 (925) 256-7601 voice (925) 934-5068 fax salrnanW2willdan.co1Y'J Dick Kopecky Willdan 2125 Eas t Ka tella Avenue S "ite 200 Anahcim, C.A 92806 (714) 940-6300 voice (909) 519-3030 fax dkopecky(¡i)willdan.com Underwriter Robert L Williams, Jr. RBC Dain Rauscher, Inc. 345 California Street, Suite 2800 San Francisco, CA 94111 (415) 445-8674 voice (415) 445-8679 fax bob.williams@rbcdain.com Catherine IV, Bando RBC Dain Rauscher, Inc. 555 S. Flower Street, Suitc 3400 Los Angeles, CA 90071 (213) 362-4137 voice (213) 362-4110 fax (~~ I"henne. bando@rbcdain.com SCIP Legal Counsel John H. Knox Orrick, Herrington & Sutcliffe LLP 405 Howard Street San Francisco, California 94105 (415) 773-5626 voice (415) 773-5759 fax iknoxÚÌ!orrick.cutn SamuelA. Sperry Orrick, Herrington & Sutcliffe LLP 405 Howard Street San Francisco, California 94105 (415) 773-5467 voice (415) 773-5759 fax sam::'iperry(à)orrjc.k.COttl Justin Cooper Orrick, Ecrrington & Sutcliffe LLP 405 Howard Streer San Francisco, Califon1Îa 94105 (415) 773-5908 voice (415) 773-5759 fax 1coopcrrà!otrick.co111 I t1 6't/..' RESOLUTION NO. 05- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN AUTHORIZING THE CITY TO JOIN THE STATEWIDE COMMUNITY INFRASTRUCTURE PROGRAM AND AUTHORIZING THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY TO ACCEPT APPLICATIONS FROM PROPERTY OWNERS FOR NON-RESIDENTIAL DEVELOPMENTS, CONDUCT SPECIAL ASSESSMENT PROCEEDINGS AND LEVY ASSESSMENTS WITHIN THE TERRITORY OF THE CITY OF DUBLIN AND AUTHORIZING RELATED ACTIONS WHEREAS, the California Statcwidc Communities Development Authority (the "Authority") is a joint exercise of powcrs authority the members of which include numerous cities and counties in thc Statc of Cali fomia, including the City of Dublin (the "City"); and WHEREAS, the Authority has establishcd thc Statewide Community Infrastructure Program ("SCTP") to allow the financing of ccrtain dcvclopment impact fees (the "Fees") levied in accordance with the Mitigation Fee Act (California Government Code Sections 66000 and following) and other authority providing for the levy of fees on new development to pay for public capital improvements (collectively, the "Fee Act") through the levy of special assessments pursuant to the Mmùcipal Improvement Act of 1913 (Streets and Highways Code Sections 10000 and following) (thc "1913 Act") and the issuance of improvement bonds (the "Local Obligations") under the Improvement Bond Act of 1915 (Streets and Highways Code Sections 8500 and following) (the "1915 Act") upon the security of the unpaid special assessments; and WHEREAS, the City desires to allow the owners of property being developed within its jurisdiction for non-residential pUlposes (e.g. commercial and industrial uses) to participate in SCIP and to allow the Authority to conduct assessmcnt procccdings under the 1913 Act and issue Local Obligations under the 1915 Act to finance Fees levied on such properties, provided that such property owners voluntarily agree to participatc and consent to the levy of such assessments; and WHEREAS, in each year in which eligible property owners within the jurisdiction of the City elect to participate in SClP, the Authority will conduct assessment proceedings under the 1913 Act and issue Local Obligations under the 1915 Act to finance Fees payable by such property owners and, at the conclusion of such proceedings, will levy special assessmcnts on such property within the territory ofthe City; WHEREAS, there has been prescnted to this meeting a proposed form of Resolution of Intention to bc adopted by the Authority in connection with such assessment proceedings, a copy of which is attached hereto as Exhibit A (the "ROl") and the territory within which asscssments may be levied for SCIP (provided that the owncr of any property subject to assessment consents to such assessment) shall be cotenninous with the City's official bOlmdaries of record at the time of adoption of each such ROI (thc "Proposed Boundaries"), and reference is hereby made to such boundaries for thc plat or map required to be included in this Resolution pursuant to Section 10104 ofthc Streets and Highways Code; and DOCSSFt ,827666.2 40929-3 t 7 J78 Attachment 2 /5662./ Attachment 2 WHEREAS, the City will not bc responsible for the conduct of any assessment proceedings; the levy or collcction of assessments or any required remedial action in the case of delinqucncics in such assessment payments; or the issuance, sale or administration of the Local Obligations or any other bonds issued in connection with SClP; and WHEREAS, pursuant to Govermnent Code Section 6586.5, notice was publishcd at least fivc days prior to the adoption of this resolution at a public hearing, which was duly conducted by this City Council concerning the significant public benefits of SClP and the financing of thc public capital improvements to be paid for with the proceeds of the Fees; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Dublin as follows: Scction I. The City hereby consents to the conduct of special assessment procecdings by thc Authority in cOllilection with SCIP pursuant to thc 1913 Act and thc issuance of Local Obligations under the 19 I 5 Act on any property within the Proposed Boundaries designated for non-residential development; provided, that (I) Such proceedings are conducted pursuant to one or more Resolutions ofTntention in substantially the form of the R01; and (2) The legal owner(s) of such property execute a written consent to the levy of assessment in conncction with SClP by the Authority and execute an assessment ballot in favor of such assessmcnt in compliance with the requirements of Section 4 of Article XIIID of the State Constitution. Scction 2. The City hereby finds and declares that the issuance of bonds by the Authority in conncction with SClP will provide significant public benefits, including without limitation, savings in effective interest rate, bond preparation, bond underwriting and bond issuancc costs and the more efficient delivery of local agency scrviccs to commercia] and industrial development within the City. Section 3. The Authority has prepared and will update from time to time the "SCIP Manual of Procedures" (the "Manual"), and the City will handle Fee revenlles for properties participating in SCIP in accordance with the procedures set forth in the Manual provided, however, that nothing in thc Manual or other procedures implemented by the Authority shall (a) prevent or prohibit thc City from imposing and/or collecting ITom the property owner/developer all devclopmentimpact fees established by the City at the time a building pennit is issued by the City or (b) shall require the City to accept less than the total amount of development impact fees imposed by the City at the time a building pemlit is issued by the City. -2- !)(Jess>! 'B27666.2 40929-317 !78 / La <56 "2-/ Section 4. The appropriate officials and staff of the City are hefeby authorized and dircctcd to make SCIP applications availab1e to all non-residential property owners who are subject to Fees fOf new developmCllt within the City and to inform such owners oftheir option to participate in SClP; providcd, that the Authority shall be rcsponsible for providing such applications and relatcd materials at its own expense. The staff persons listed on the attached Exhibit B, and any other staff persons chosen by thc City Manager from time to time, are hereby designated as the contact persons for thc Authority jn connection with the SClP program. Section 5. The appropriate officials and staff of tile City are hereby authorized and difected to execute and deliver such closing certificates, requisitions, agreements and felatcd documcnts, including but not limited to such documents as may fequired by Bond Counsel in connection with the participation in SClP of any districts, authorities Of other thifd-party entities entitled to levy and coUect fees on new dcvelopment to pay for public capital improvcments within the jurisdiction of the City, as are rcasonably required by the Authority in accordance with the Manual to implement SCIP for non-residential property owners who clcct to participate in SClP and to evidence compliance with the requifements of federal and state law in connection with the issuance by thc Authority of the Local Obligation and any other bonds for SCIP. To that end, and pursuant to Treasury Regulations Section 1.150-2, the staff pefsons listed on Exhibit B, or other staff person acting in the same capacity for the City with fespect to SClP, arc hereby authorized and designated to declare the official intent of the City with respect to the public capital improvements to be paid or rcimbursed through participation in SClP. Section 6. This Resolution shall take effect immediately upon its adoption. The Clerk of the City Council is hereby authorized and directed to transmit a certified copy of this resolution to thc Secretary ofthe Authority. .. .. .. PASSED AND ADOPTED at the regular mccting of the City Council of the City of Dublin, held on this _ day of , 2005 by the following vote; AYES: NOES: ABSENT; ABSTAIN: Mayor, City of Dublin I hefby certify that the foregoing resolution was duly adopted at the meeting of the City Council of the City of DubHn noticed and held required by law on ,2005 and that a quorum was present and acting throughout such meeting, and that such resolution has not been amended, withdrawn or rescinded and is in full force and effect. -3- IJOCSS!'] 0827666.2 40929-)] 7J78 Dated: By: SEAL City Clerk DOCSSFl oS27M6 2 40929-317178 . ~."..,_.'.- 17 GD ?../ -4- /8 ötJV EXHIBIT A FORM OF RESOLUTION OF INTENTION TO BE ADOPT!<."'D BY CSCDA RESOLUTION OF INTENTION OJ.' THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY TO FINANCE THE PAYMENT OF DEVELOPMENT IMPACT FEES FOR PUBLIC IMPROVEMENTS IN THE PROPOSED ASSESSMENT DISTRICT NO. (CITY OF DUBLIN, CALIFORNIA), APPROVING A PROPOSED BOUNDARY MAP, MAKING CERTAIN DECLARATIONS, FINDINGS AND DETERMINATIONS CONCERNING RELATED MATTERS, AND AUTHORIZING RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, under the authority of the Municipal Improveffient Act of 1913 (the "1913 Act"), being Division 12 (commencing with Scctions 10000 and fol1owing) of the California Streets and Highways Code, the Commission (the "Commission") of the California Statewide Communities Development Authority (thc "Authority") intends to finance, through its Statewide Community Infrastructurc Program, the payment of certain development impact fees for public improvemcnts as dcscribcd in Exhibit A attached hereto and by this reference incorporated herein (thc "Improvement Fees"), al1 of which are of benefit to the proposed Assessment District No. (City of Dublin, California) (the "Assessment District"); and WHEREAS, the Commission finds that thc land specially benefited by the Improvement Fees is shown within the boundaries of thc map entitled "Proposed Boundaries of Assessment District No. (City of Dublin, California)," a copy of which map is on file with the Secrctary and presented to this Commission meeting, and determines that the land within thc cxtcrior boundaries shown on the map shall be designated "Assessment District No. (City of Dublin, California)"; NOW, THEREFORE, BE IT RESOLVED that the Commission of the California Statewide Communities Development Authority hereby finds, determincs and resolves as fol1ows: 1. The above recitals are true and correct, and the Commission so finds and determines. 2. Pursuant to Section 2961 of the Special Assessment Investigation, Limitation and Majority Protest Act of 1931 (the "1931 Act"), being Division 4 (commencing with Section 2800) of the California Streets and Highways Code, thc Commission hereby declares its intent to comply with the requircmcnts of the 1931 Act by complying with Part 7.5 thereof. 3. The Commission has or will designate a registered, professional engineer as Engineer of Work for this project, and hereby dirccts said firm to prepare the report containing the matters required by Sections 2961(b) and 10204 of the Streets and Highways Code, as supplementcd by Scction 4 of Article XIIID of the California Constitution. -5- OOCSSI'1,827666.2 40929-317 J7~ / q ÓÒ -¿I 4. The proposed boundary map of the Assessment District is hereby approved and adopted. Pursuant to Section 3111 ofthe California Streets and Highways Code, the Secretary of the Authority is directed to file a copy ofthe map in the office of the City Recorder of thc City of Dublin within fifteen (15) days of the adoption ofthis resolution. 5. The Commission dctcrmines that the cost of the Improvement Fees shall be specially assesscd against the lots, pieces or parcels of land within the Assessment District benefiting from the payment of the Improvement Fees. The Commission intends to levy a special assessment upon such lots, pieces or pareels in accordance with the special benefit to be received by each such lot, piece or parccl of land, rcspectively, from the payment of the Improvement Fees. 6. . The Commission intends, pursuant to subparagraph (1) of Section 10204 of the Califom.ia Streets and Highways Code, to providc for an annual assessment upon each of the parcels of land in the proposed asscssmcnt district to pay variou.s costs and expenses incurred from time to time by the Authority and not otherwise reimbursed to the Al1thority which result rrom the administration and collection of assessment instaUments or rrom the administration or registration ofthc improvement bonds and the various funds and accounts pertaining thereto. 7. Bonds representing unpaid assessments, and bearing interest at a rate not to exceed twelve percent (12%) per annum, will be issued in the manner provided by the Improvement Bond Act of 1915 (Division 10, Streets and Highways Code), and the last installment of tl1e bonds shall mature not to exceed thirty (30) years from the second day of September next succeeding twelve (12) months from their date. 8. The procedure for the collection of asscssmcnts and advance retirement of bonds under the hnprovement Bond Act of 1915 shall be as provided in Part 11.1, Division 10, of the Streets and Highways Code ofthc State ofCalifomia. 9. Neither the Authority nor any member agency thereof will obligate itself to advance available funds from its or their own funds or otherwise to cure any deficiency which may occur in the bond redemption fllnd. A determination not to obligate itself shall not prevent thc Authority or any such member agency rrom, in its sole discretion, so advancing funds. 10. The amount of any surplus remaining in the improvement fund after completion of the improvcmcnts and payment of aU claims shall be distributed in accordance with the provisions ofScction 10427.1 of the StTeets and Highways Code. 11. To the cxtcnt any Improvement Fees are paid to the AlIthority in cash with respect to property within the proposed Assessment District prior to the date of issuance of the bonds, the amounts so paid shall be reimbursed rrom thc proceeds of the bonds to the property owner or developer that made the payment. -6- DOCSSf10827666.2 40929·317 J78 Primary Contact Name: Title: Mailing Addre,,: EXHIBIT B CITY OF DUBLIN CONTACTS FOR SCIP PROGRAM Richard C. Ambrose, City Manager City Manager DeliveTY Address (if different): 100 Civic Plaza, Dublin, CA 94568 E-mail: Telephone: fax: Secondary Cootact Name: Title: Mailing Address: Citv M lIT(@ci.d!!J¡!!J1.S;L,!~ 925·833-6650 925-833-6651 Christopher L. Foss Economic Development Director 100 Civic Plaza, Dublin, CA 94568 De1iveTY Address (if different): Chris.F oss@ci.dublin.ca.us E-mail: Telephone: Fax: DOCSSFI,817r,<;6.Ä 40929-317 J78 925-833-6650 925-833-6651 -7- ZD eo 21 ZI GÒ 21 CERTIFICATION OF RESOLUTION I, the undersigned, the duly appointed and qualified Clerk of the City COllncil ofthe City of Dublin, do hereby certify that thc forcgoing Resolution No. was duly adopted at a regular meeting of the City Council of the City of Dublin duly and regularly held at the rcgular meeting placc thereof on the day of ___ , 2005, of which meeting all of the members of said City Council had due notice and at which a majority thereof were present. An agenda of said meeting was posted at least 72 hours before said mccting at , a location freely accessible to members of the public, and a bricf description of said resolution appeared on said agenda. I have carefully compared the foregoing with the original minutes of said meeting on file and of record in my office, and the forcgoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. Said resolution has not been amended, modified or rescinded smce the datc of its adoption and thc same is now in full force and effect. Datcd: ,2005 By: City Clerk, City of Dublin [Seal] G:\Chris\SCIP Pr06'TI:1m - Fc=e l-õinancing\SClP rCSQlutiQn - FINAL with CA Comments 08312005.DOC -8- DOCSSFI,827666.2 40929-317 J78