HomeMy WebLinkAbout032216 TPFA Action Minutes ACTION MINUTES
' March 22, 2016
City Council Chambers, 41000 Main Street, Temecula, California
TEMECULA PUBLIC FINANCING AUTHORITY MEETING
The Temecula Public Financing Authority Meeting convened at 8:02 PM
CALL TO ORDER: Chairperson Mike Naggar
ROLL CALL: DIRECTORS: Comerchero, Edwards, McCracken, Rahn, Naggar
TPFA PUBLIC COMMENTS (None)
TPFA BUSINESS
City Attorney publically explained the reasons why Director Naggar and Director
Comerchero would not be participating on Items 13 and 14 of the Temecula Public
Financing Authority Agenda. Europa Vineyard Estates is located on approximately 290.7
acres southeasterly of Butterfield Stage Road and La Serena Way in unincorporated
Riverside County. It had been owned by Temecula Vineyard Estates, LLC, and is adjacent
to Butterfield Stage Road. Neither Director Naggar nor Director Jeff Comerchero has any
direct investments or ownership interests in the Temecula Vineyard Estates, LLC. The
managing member of Temecula Vineyard Estates, LLC, is Mr. Daniel
' Stephenson. Director Naggar and Director Comerchero do, however, have ownership
interests and are members other limited liability companies that are developing property
outside of the City of Temecula in which Mr. Stephenson is also the managing
member. Europa Vineyard Estates is now owned by an entity related to Temecula
Vineyard Estates, LLC, Sirah Vineyard Development Corporation, Inc. Director
Comerchero serves as the president of Sirah Vineyard Development Corporation but
owns no shares and has no other economic interests in the corporation or the
land. Director Naggar owns no shares and has no other economic interests in Sirah
Vineyard Development Corporation. Europa Vineyard Estates is, therefore, an "otherwise
related business entity" for these officials within the meaning of § 18703.1 of the FPPC
Regulations. The proposed actions on Items 13 and 14 of the TPFA Agenda initiating new
and restructured CFO bonds for the Roripaugh Ranch Project will have no material
financial effect, indeed no effect, on Europa Vineyard Estates, or the owners of this
Project, for the simple reason that the these actions do not change the Roripaugh Ranch
Developers' obligation to construct the Phase 3 Improvements to Butterfield Stage Road
from what has been required since approval of the original Development Agreement and
Specific Plan in December 2002. This is consistent with the Fair Political Practices
Commission Legal Staff's March 2008 opinion (A-08-015) [Calixto Property] allowing
Director Naggar and Director Comerchero's participation in a decision to acquire
property located 372 feet south of Europa Villages Estates necessary for the
construction of the Phase 3 Improvements. Additionally, the funding for the Phase 3
Improvements for Butterfield Stage Road has been in place since the Roripaugh Ranch
Community Facilities District 03-02 issued community facilities district special tax bonds
in April 2006, The City Attorney has determined that Director Naggar and Director
Comerchero may participate in the TPFA's approval of Items 13 and 14 of the TPFA
Agenda initiating a new and restructured CFD bonds for the Roripaugh Ranch
TPFA Action Minutes 032216 1
Project. Director Naggar and Director Comerchero have, however, chosen not to
participate in these actions involving the new and restructured bonds and will leave the
Council Chamber.
13 Approve the Interpretation of the Prepayment Provisions of the Rate and Method of
Apportionment for Community Facilities District No. 03-02 — Roripauph Ranch -
Approved Staff Recommendation (3-0, Director Naggar and Director Comerchero
absent) Director Rahn made the motion; it was seconded by Director McCracken;
and electronic vote reflected approval by Directors Edwards, McCracken and
Rahn with Director Naggar and Director Comerchero absent by leaving the
Chambers.
RECOMMENDATION:
13.1 That the Board of Directors adopt a resolution entitled:
RESOLUTION NO. TPFA 16-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY
INTERPRETING THE PREPAYMENT OF SPECIAL TAX
PROVISIONS OF THE RATE AND METHOD OF
APPORTIONMENT OF SPECIAL TAX FOR THE TEMECULA
PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES
DISTRICT NO. 03-02 (RORIPAUGH RANCH)
' 14 Establish New Community Facilities District No. 16-01 — Roripauph Ranch Phase 2,
Authorize the Levy of Special Taxes and Declare Intention to Incur Bonded
Indebtedness - Approved Staff Recommendation (3-0, Director Naggar and Director
Comerchero absent) Director McCracken made the motion; it was seconded by
Director Rahn; and electronic vote reflected approval by Directors Edwards,
McCracken and Rahn with Director Naggar and Director Comerchero absent by
leaving the Chambers.
RECOMMENDATION:
14.1 Adopt a resolution entitled:
RESOLUTION NO TPFA 16-02
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY DECLARING
ITS INTENTION TO ESTABLISH A COMMUNITY FACILITIES
DISTRICT AND TO AUTHORIZE THE LEVY OF SPECIAL
TAXES THEREIN — RORIPAUGH RANCH PHASE 2
r
TPFA Action Minutes 032216 2
14.2 Adopt a resolution entitled:
RESOLUTION NO TPFA 16-03
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY DECLARING
ITS INTENTION TO INCUR BONDED INDEBTEDNESS OF
THE PROPOSED TEMECULA PUBLIC FINANCING
AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 16-01
(RORIPAUGH RANCH PHASE 2)
TPFA EXECUTIVE DIRECTOR REPORT
TPFA BOARD OF DIRECTORS REPORTS
TPFA ADJOURNMENT
At 8:21 PM, the Temecula Public Financing Authority meeting was formally adjourned to
Tuesday, April 12, 2016, at 5:30 PM, for a Closed Session, with regular session commencing at
7:00 PM, City Council Chambers, 41000 Main Street, Temecula, California.
Michael S. Naggar, TPFA Chair
ATTEST•
Randi J hl, Secretary
[SEAL]
TPFA Action Minutes 032216 3