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HomeMy WebLinkAbout121101 TPFA Minutes MINUTES OF A REGULAR MEETING OF THE TEMECULA PUBLIC FINANCING AUTHORITY DECEMBER 11, 2001 A regular meeting of the City of Temecula Public Financing Authority was called to order at 7:28 P.M., in the City Council Chambers, 43200 Business Park Drive, Temecula. ROLL CALL PRESENT: 4 BOARD MEMBERS: Naggar, Pratt, Roberts, and Comerchero. ABSENT: 1 BOARD MEMBER: Stone. Also present were Executive Director Nelson, City Attorney Thorson, and City Clerk Jones. PUBLIC COMMENTS No input. CONSENT CALENDAR 1 Minutes RECOMMENDATION: 1.1 Approve the minutes of November 27, 2001. MOTION: Board Member Roberts moved to approve Consent Calendar Item No. 1. The motion was seconded by Board Member Naggar and voice vote reflected unanimous approval with the exception of Board Member Stone who was absent. AUTHORITY BUSINESS 2 Formation of Community Facilities District RECOMMENDATION: 2.1 Adopt a resolution entitled: RESOLUTION NO. TPFA 01-07 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 2.2 Adopt a resolution entitled: R:minutes.tpfa\121101 1 RESOLUTION NO. TPFA 01-08 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. 01-2 (HARVESTON) Director of Finance Roberts presented the staff report (of record), providing an overview of the two resolutions of intention relative to forming a community facilities district per the request of Lennar Homes of California, inc., and Winchester Hills LLC. Noting staff's recommendation to amend the language denoted in Exhibit A (as per page A-1 in the agenda material), Director of Public Works Hughes relayed that this document provided a list of facilities (both on-site and off-site) that are eligible for funding under the CFD bond issue, advising that these improvements generally include the backbone of infrastructure, as well as various off-site improvements related to the project's impacts; specified that it was staff's recommendation to add one additional improvement for eligibility (noting that this particular improvement had been denoted in the Development Agreement with Lennar), in particular that on page A-1 of the facilities list, an Item '~y.,"be added which would be the Cherry/Date Streets Interchange Design Project which has an estimated cost of $1 million; advised that this added improvement will provide the flexibility for the bond proceeds to be available for use for this particular design project, as well as those specified on the list; and noted that there will be a subsequent public hearing at which time this corhmunity facilities district will be finalized, advising that a list of improvements will be identified at that time for final consideration. In response to Councilman Naggar, Director of Public Works Hughes reiterated that the design of the interchange was estimated at a little more than $1 million; with respect to Caltrans' approval of the project, relayed that a complete conceptual approval of the project study report from Caltrans' staff has been received, as well as from the Federal Highways Administration, advising that this report will be completed by year's end and submitted to the Federal Highways Administration, noting the commitment from this administration to review and return the report in two weeks, relaying that by the end of February 2002 it was anticipated that this will be a signed and official document; with respect to the $1 million worth of funding, advised that reimbursement of these funds from another source would not necessarily be sought, but that due to the magnitude of the entire project, regional and federal funds would most likely be needed to complete the project; noted that with respect to the $1 million contribution towards the design, it would potentially be used as a local match towards other federal and regional monies contributed toward the project; provided additional information regarding the bonding and the mitigation monies from Lennar; relayed that if this amendment is approved, while there was no absolute certainty, there was a high probability that the $1 million in funds would be utilized for the design of this interchange project. Noting his opposition to amending the document to include the contribution of funds for the design of the Interchange Project, Board Member Pratt relayed that ninety percent of the motorists using the interchange will be diverting through the City of Temecula, advising that this interchange would provide no benefit to those living in the southern part of the City. R:minutes.tpfa\121101 2 MOTION: Board Member Roberts moved to approve Resolution Nos. TPFA 01-07, and TPFA 01-08, subject to the following revision: Add- That Exhibit A be amended as follows: that on page A-1 of the facilities list (per agenda material), an Item "y.," be added, which would be the Cherry/Date Streets Interchange Design Project. The motion was seconded by Chairman Comerchero and voice vote reflected approval with the exception of Board Member Pratt who voted no and Board Member Stone who was absent. EXECUTIVE DIRECTOR'S REPORT No input. BOARD OF DIRECTORS' REPORTS No additional comments. ADJOURNMENT At 7:36 P.M., the Temecula Public Financing Authority meeting was formally adjourned. ATTEST: Jeff Comerchero, Chai R:minutes.tpfa\121101 3