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HomeMy WebLinkAbout95-02 FA Resolution RESOLUTION NO. FA 95-02 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OLD TOWN/WESTSIDE COMMUNITY FACI]LITI[ES DISTRICT FINANCING AUTHORITY OF INTENTION TO ESTABLISH A COMMUNITY FACI]LITIES DISTRICT NO. 1 AND TO AUTHORIZE THE LEVY OF SPECIAL TAXES PURSUANT TO THE MIELLO-ROOS COMMUNITY FACI]LrrIES ACT OF 1982 AS, under the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 5331 1, of the California Government Code, this Board of Directors of the Old Town/Westside Community Facilities District Financing Authority (the "Authority") is authorized to establish a community facilities district and to act as the legislative body for a community facilities district; and WHEREAS, this Board of Directors now desires to proceed with the establishment of a community facilities district (the "District") in order to finance costs of public infrastructure necessary or incident to development in the Old Town area of the City of Temecula (the "City"). NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority as follows: 1.This Board of Directors proposes to conduct proceedings to establish a community facilitiesdistrict pursuant to the Act. 2.The name proposed for the District is Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements). 3. The proposed boundaries of the District are as shown on the map of the District on file with the Secretary, which boundaries are hereby preliminarily approved and to which map reference is hereby made for further particulars. The Secretary is hereby directed to record, or cause to be recorded, said map of the boundaries of the District in the office of the County Recorder within fifteen days of the date of adoption of this Resolution, but in any event at least fifteen days prior to the public hearing referred to in paragraph 10 below. Resos.FAN95-02 -I- 4. The type of public facilities proposed to be financed by the District and pursuant to the Act shall consist of those items listed as facilities on Exhibit A hereto and by this reference incorporated herein (the "Facilities"). The Board of Directors hereby finds and determines that the public interest will not be served by allowing the property owners in the District to enter into a contract in accordance with Section 53329.5(a) of the Act. Notwithstanding the foregoing, the District may enter into one or more contracts directly with any of the property owners with respect to the construction of the Facilities. The Executive Director of the Authority is hereby authorized and directed to enter into joint community facilities agreements with any entity that will own or operate any of the Facilities, as determined by bond counsel to be necessary to comply with the provisions of Section 53316.2(a) and (b) of the Act. The Board of Directors of the Authority hereby declares that such joint agreements will be beneficial to residents in the area of the District. 5. Except to the extent that funds are otherwise available to the District to pay for the Facilities and/or the principal and interest as it becomes due on bonds of the District issued to acquire the Facilities, a special tax sufficient to pay the costs thereof, secured by recordation of a continuing lien against all non-exempt real property in the District, will be levied annually within the District, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Directors or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District and the interests in those parcels, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, are described in Exhibit B attached hereto and by this reference incorporated herein. This Board of Directors hereby finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district) are inapplicable to the District. 6. It is the intention of this Board of Directors acting as the legislative body for the District to cause bonds of the Authority to be issued for the District pursuant to the Act to finance in whole or in part the Facilities. Said bonds shall be in the aggregate principal amount of not to exceed $12,500,000, shall bear interest payable semi-annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. 7. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in said proposed District, with each owner having one vote for each acre or portion of an acre such owner owns in the District. Resos.FA\95-02 -2- 8. Except as may otherwise be provided by law or by the rate and method of apportionment of the special taxes for the District, all lands owned by any public entity, including the United States, the State of California and/or the City, or any departments or political subdivisions thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the Facilities and the District. In the event that a portion of the property within the District shall become for any reason exempt, wholly or in part, from the levy of the special tax described in Exhibit B, this Board of Directors will, on behalf of the District, increase the levy to the extent necessary upon the remaining property within the District which is not exempt in order to yield the required debt service payments and other annual expenses of the District, if any, subject to the provisions of the rate and method of apportionment of the special taxes for the District. 9. The Executive Director of the Authority, as the officer having charge and control of the Facilities in and for the District, or his designee, is hereby directed to study said proposed Facilities and to make, or cause to be made, and file with the Secretary a report in writing, presenting the following: (a) A description of the Facilities by type which will be required to adequately meet the needs of the District. (b) An estimate of the fair and reasonable cost of the Facilities including the cost of acquisition of lands, rights-of-way and easements, any physical facilities required in conjunction therewith and incidental expenses in connection therewith, including the costs of the proposed bond financing and all other related costs as provided in Section 53345.3 of the Act. Said report shall be made a part of the record of the public hearing provided for below. 10. Tuesday, October 17, 1995, at 7:00 p.m. or as soon as possible thereafter, in the Community Recreation Center, 30875 Rancho Vista Road, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. 1 1. The Secretary is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall be substantially in the form of Exhibit C hereto. Resos.FA\95-02 -3- 12. The Authority proposes to repay certain landowners within the District, solely from the proceeds of bonds of the Authority issued for the District, funds advanced by such landowners to pay costs of the City and the Authority to form the District. The procedures for such repayment will be set forth in detail in documents to be approved by this Board of Directors following the public hearing on the District referred to above. 13. The firm of Jones Hall Hill & White, A Professional Uw Corporation, is hereby confirmed as bond counsel for the District and any bonds of the Authority for the District, and the firm of Berryman & Henigar is hereby designated as special tax consultant to the Authority for the District. The Executive Director is hereby authorized and directed to enter into contracts with said firms for their services with respect to the District, in form acceptable to counsel to the Authority and the Executive Director. PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority at a regular meeting held on the 12th day of September, 1995. Pdtricia H. Birdsall, Chairperson ATTEST: Ju reek, CMC, City Clerk/ Authority Secretary Resos.FA\95-02 STATE OF CALIFORNIA) COUNTY OF RIVERSIDE) ss CITY OF TEMECULA) 1, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. FA 95-02 was duly adopted at a regular meeting of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority on the 12th day of September, 1995, by the following roll call vote: AYES: 4 BOARD MEMBERS: Birdsall, Lindemans, Parks, Roberts NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAINED: 1 BOARD MEMBERS: Stone S.Greek, CMC, City Clerk/ Authority Secretary Resos.FA\95-02 -5- EXHIBIT A DESCRIPTTON OF FACI]LITTES TO BE FINANCED BY THE DISTRICT Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements) FACI]LITI[ES IRenovation and Expansion of Old Town First Street Bridge, including but not limited to: a. preliminary design of First Street to its connection with the proposed Western Bypass Corridor to include a bridge over Murrieta Creek, b. obtaining all the permits and approvals which may be required, including City of Temecula, U.S. Army Corp of Engineers, California Department of Fish and Game, U.S. Department of Fish and Wild Life, Riverside County Flood Control and any other permits and approvals as may be required, c. final design and construction of facilities as said design is approved by the reviewing agencies to include First Street from its intersection with Front Street to the proposed Western Bypass Corridor, d. design and construction of all utilities as may be required by the various utility companies to provide the required services to the proposed development and otherwise incident to the foregoing construction, and e. all associated and incidental facilities and appurtenances. 2. Old Town Gateway Landscaping Project, including but not limited to: a. providing trees and other landscaping along the westside of Front Street between Front Street and Murietta Creek from Rancho California Road to the Post Office, and street tree replacement in conformance with the Old Town Specific Plan, b. acquire the necessary right-of-way, c. submit a Landscaping plan to the City Planning Department for review and approval, d. construction and installation of the landscaping in accordance with the landscape plan as approved, and e. all associated and incidental facilities and appurtenances. 3 . Old Town Demonstration Block, including repairs, reconstruction and/or upgrades to Front Street, Front Street between First Street and Main Street and other incidental street improvements, and also including, but not limited to: a. provision of a conceptual design and submission to the City Planning Department for review and approval for the following: i. landscaping and lighting- ii. public signage, including Gateway entry sign, directional signs, and street name polesigns; and iii. street improvements to include curb, gutter, sidewalk (boardwalk), paving, street lighting with sound system, street furniture to include wood benches, trash receptacles, newspaper racks, mailboxes, bus shelters, phone booths, and drinking fountains, all in general conformance with the Old Town Specific Plan, and the Circulation Element of the City's General Plan, b. preparation of the necessary plans, specifications for the above scope of work and submit for review by the City and other interested parties as may be necessary, c. construct A-6 the facilities as per approved plans, d. topography for all of the Old Town shall be provided to facilitate design and to eliminate potential future drainage problems, and e. all associated and incidental facilities and appurtenances. 4. Old Town Sewer Improvements, including but not limited to: a. determine, based on the City's Ultimate Plan, Old Town Specific Plan and Westside Specific Plan, including the proposed Entertainment Facilities, the location of existing and need for upgrading sanitary sewer facilities, and any new sanitary sewer facilities, b. present the report to the Eastern Municipal Water District (EMWD) and the City for review and approval, c. design the facilities for the sanitary sewer improvements based on the approved report, d. obtain any right-of-way that may be necessary to construct said improvements, e. construct said improvements to the satisfaction of EMV;D, and f all associated and incidental facilities and appurtenances. 5 . Old Town Water System, including but not limited to: a. determine, based on the City's Ultimate Plan, Old Town Specific Plan, Westside Specific Plan and the proposed Entertainment Facilities, the location of existing water systems, the needed upgrading, and needed new water facilities, b. present the report to Rancho California Water, City and Fire Marshall for review, c. design the facilities as needed and obtain approval by the above agencies, d. obtain the necessary right-of-way for the proposed improvements, e. construct said improvements to the satisfaction of Rancho California Water District, and f all associated and incidental facilities and appurtenances. 6. Storm Drain Improvements, including but not limited to: a. determine the adequacy of the storm drain system as proposed in the Old Town Specific Plan (i.e., 3rd and 6th Street storm drains, 1-15 to Murrieta Creek), b. design said improvements and obtain all necessary permits for the installation of said improvements (permits may include but not be limited to Riverside County Flood Control District, U.S. Army Corp of Engineers, California Department of Fish and Game, and Caltrans), c. construct the improvements in accordance with the approvals of all the above agencies including the City, d. provide for the necessary facilities along these systems to accept local drainage, and e. all associated and incidental facilities and appurtenances. OTHER Costs of engineering, design, acquisition of land and/or public easements, planning, insurance, legal and accounting expenses and coordination related to the above-listed facilities. Bond related expenses, including underwriters discount, appraisals, reserve fund, capitalized interest, bond counsel, special tax consultant, financing consultant, bond and official statement printing and all other incidental expenses. Administrative fees of the City, the Authority, the District and the Bond trustee or fiscal agent related to the District and the Bonds. A-7 EXHIBIT B RATE AND METHOD OF APPORTIONMENT OF SPECL4,L TAX Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. I (Old Town Area Public Improvements) B-8 AMENDED NOTTCE OF PUBLIC HEARING AMENDING DATE OF HEARING Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements) Notice is hereby given that on September 12, 1995, the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority adopted a Resolution entitled "A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority of Intention To Establish A Community Facilities District And To Authorize The Levy Of Special Taxes Pursuant To The Mello-Roos Community Facilities Act Of 1982". Pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act") the Board of Directors hereby gives notice as follows: A.The text of said Resolution of Intention is as follows: @REAS, under the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 of Part I of Division 2 of Title 5, commencing at Section 533 1 1, of the California Government Code, this Board of Directors of the Old Town/Westside Community Facilities District Financing Authority (the "Authority") is authorized to establish a community facilities district and to act as the legislative body for a community facilities district- and WBEREAS, this Board of Directors now desires to proceed with the establishment of a community facilities district (the "District") in order to finance costs of public infrastructure necessary or incident to development in the Old Town area of the City of Temecula (the "City"). NOW, TBEREFORE, BE IT RESOLVED BY the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority as follows: 1. This Board of Directors proposes to conduct proceedings to establish a community facilities district pursuant to the Act. 2. The name proposed for the District is Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. I (Old Town Area Public Improvements). 3. The proposed boundaries of the District are as shown on the map of the District on file with the Secretary, which boundaries are hereby preliminarily approved and to which map C-9 reference is hereby made for further particulars. The Secretary is hereby directed to record, or cause to be recorded, said map of the boundaries of the District in the office of the County Recorder within fifteen days of the date of adoption of this Resolution, but in any event at least fifteen days prior to the public hearing referred to in paragraph 10 below. 4. The type of public facilities proposed to be financed by the District and pursuant to the Act shall consist of those items listed as facilities on Exhibit A hereto and by this reference incorporated herein (the "Facilities"). The Board of Directors hereby finds and determines that the public interest will not be served by allowing the property owners in the District to enter into a contract in accordance with Section 53329.5(a) of the Act. Notwithstanding the foregoing, the District may enter into one or more contracts directly with any of the property owners with respect to the construction of the Facilities. The Executive Director of the Authority is hereby authorized and directed to enter into joint community facilities agreements with any entity that will own or operate any of the Facilities, as determined by bond counsel to be necessary to comply with the provisions of Section 53 3 16.2(a) and(b)oftheAct. TheBoardofDirectorsoftheAuthorityherebydeclaresthatsuchjoint agreements will be beneficial to residents in the area of the District. 5. Except to the extent that funds are otherwise available to the District to pay for the Facilities and/or the principal and interest as it becomes due on bonds of the District issued to acquire the Facilities, a special tax sufficient to pay the costs thereof, secured by recordation of a continuing lien against all non-exempt real property in the District, will be levied annually within the District, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Directors or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District and the interests in those parcels, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, are described in Exhibit B attached hereto and by this reference incorporated herein. This Board of Directors hereby finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district) are inapplicable to the District. 6. It is the intention of this Board of Directors acting as the legislative body for the District to cause bonds of the Authority to be issued for the District pursuant to the Act to finance in whole or in part the Facilities. Said bonds shall be in the aggregate principal amount of not to exceed $12,500,000, shall bear interest payable semi-annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. C-10 7. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in said proposed District, with each owner having one vote for each acre or portion of an acre such owner owns in the District. 8. Except as may otherwise be provided by law or by the rate and method of apportionment of the special taxes for the District, all lands owned by any public entity, including the United States, the State of California and/or the City, or any departments or political subdivisions thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the Facilities and the District. in the event that a portion of the property within the District shall become for any reason exempt, wholly or in part, from the levy of the special tax described in Exhibit B, this Board of Directors will, on behalf of the District, increase the levy to the extent necessary upon the remaining property within the District which is not exempt in order to yield the required debt service payments and other annual expenses of the District, if any, subject to the provisions of the rate and method of apportiorunent of the special taxes for the District. 9. The Executive Director of the Authority, as the officer having charge and control of the Facilities in and for the District, or his designee, is hereby directed to study said proposed Facilities and to make, or cause to be made, and file with the Secretary a report in writing, presenting the following: (a) A description of the Facilities by type which will be required to adequately meet the needs of the District. (b) An estimate of the fair and reasonable cost of the Facilities including the cost of acquisition of lands, rights-of-way and easements, any physical facilities required in conjunction therewith and incidental expenses in connection therewith, including the costs of the proposed bond financing and all other related costs as provided in Section 53345.3 of the Act. Said report shall be made a part of the record of the public hearing provided for below. 10. Tuesday, November 14, 1995, at 7:00 p.m. or as soon as possible thereafter, in the Community Recreation Center, 30875 Rancho Vista Road, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. I 1. The Secretary is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall be substantially in the form of Exhibit C hereto. C-11 12. The Authority proposes to repay certain landowners within the District, solely from the proceeds of bonds of the City and the Authority issued for the District, funds advanced by such landowners to pay costs of the City and the Authority to form the District. The procedures for such repayment will be set forth in detail in documents to be approved by this Board of Directors following the public hearing on the District referred to above. 13. The firm of Jones Hall Hill & V;Mte, A Professional Law Corporation, is hereby confirmed as bond counsel for the District and any bonds of the Authority for the District, and the firm of Berryman & Henigar is hereby designated as special tax consultant to the Authority for the District. The Executive Director is hereby authorized and directed to enter into contracts with said firms for their services with respect to the District, in form acceptable to counsel to the Authority and the Executive Director. B. The exhibits to the Resolution which describe the facilities to be financed and the rate and method of apportiorunent of the special taxes for the district are on file in the office of the Secretary of the Authority. C. The time and place established under said Resolution for the public hearing required under the Act are Tuesday, November 14, 1995, at the hour of 7:00 p.m. or as soon as possible thereafter, in the Community Recreation Center, 30875 Rancho Vista Road, Temecula, California. D. At said hearing, the testimony of all interested persons or taxpayers for or against the establishment of the district, the extent of the district or the furnishing of the specified types of facilities will be heard. Any person interested may file a protest in writing as provided in Section 53323 of the Act. If fifty percent or more of the registered voters, or six registered voters, whichever is more, residing in the territory proposed to be included in the district, or the owners of one-half or more of the area of land in the territory proposed to be included in the district and not exempt from the special tax, file written protests against the establishment of the district and the protests are not withdrawn to reduce the value of the protests to less than a majority, the Board of Directors shall take no further action to create the district or levy the special taxes for period of one year from the date of decision of the Board of Directors, and if the majority protests of the registered voters or landowners are only against the furnishing of a type or types of facilities within the district, or against levying a specified special tax, those types of facilities or the specified special tax will be eliminated from the proceedings to form the district. C-12 E. The proposed voting procedure shall be by special mail or hand-delivered ballot to the property owners within the territory proposed to be included in the district. Dated:September 12, 1995 - I _cx -- June S. @eek, CMC, Authority Secretary/ City Clerk C-13