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HomeMy WebLinkAboutRes 2018-59 - Direct Surplus Funds for Maint of Financed ImprvmntsSTAFF REPORT CITY OF PALM DESERT FINANCE DEPARTMENT MEETING DATE: July 12, 2018 PREPARED BY: Janet M. Moore, Director of Finance REQUEST: Adopt Resolution No. 2018- 59 , determining and directing surplus funds of City of Palm Desert Assessment District Nos. 81-1, 83-1, 84-1, 87-1, 92-1, 94-1, and 94-2 to be used for maintenance of financed improvements Recommendation Waive further reading and adopt Resolution No. 2018 -59 , determining and directing surplus funds of City of Palm Desert Assessment Districts Nos. 81-1, 83-1, 84-1, 87-1, 92-1, 94-1, and 94-2 to be used for maintenance of financed improvements. Executive Summary Seven assessment districts previously formed by the City have matured, meaning that all authorized public improvements for each district have been completed, all bonds issued to finance or refinance such public improvements have been paid in full, and assessment installments are no longer levied by the City on any parcels within any of the assessment districts. Surplus monies in varying amounts remain for each of the districts. Approval of the attached resolution would provide for the surplus funds to be used by the City for maintenance of the respective City improvements financed by each assessment district, as authorized under applicable law. Background Pursuant the Municipal Improvement Act of 1913, the City Council has previously formed and conducted special assessment proceedings for the following assessment districts to finance certain public capital improvements for the benefit of the land within the corresponding assessment district: (i) Assessment District No. 81-1 (Shadow Mountain Drive Area), (ii) Assessment District No. 83-1, (iii) North Sphere Assessment District No. 84-1, (iv) Assessment District No. 87-1, (v) Assessment District No. 92-1 (Sierranova), (vi) Assessment District No. 94-1 (Bighorn), and (vii) Assessment District No. 94-2 (Sunterrace). Assessment Maps showing the location and boundaries of each assessment district are attached hereto as Attachment A. The City has previously issued bonds to finance the respective improvements for each assessment district. With the exception of AD No. 81-1, the assessment districts and the July 12, 2018 - Staff Report Resolution No. 2018 - 59 Directing Surplus Funds of Assessment Districts Nos. 81-1, 83-1, 84-1, 87-1, 92-1, 94-1, and 94-2 Page 2 of 3 original bonds were issued pursuant to the Improvement Bond Act of 1915. For AD No. 81-1, the original bonds were issued pursuant to the Improvement Act of 1911. In addition, the City has issued refunding bonds to refinance the original bonds and improvements for ADs 83-1, 84-1, 87-1, 94-1, and 94-2, all pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds. As of June 27, 2018, surplus funds for each assessment district remain on deposit with the City in the following amounts: (i) $270,664.43 for AD 81-1, (ii) $39,325.07 for AD 83- 1, (iii) $533,670.90 for AD 84-1, (iv) $237,468.50 for AD 87-1, (v) $123,091.48 for AD 92- 1, (vi) $326,693.29 for Assessment District No. 94-1 (Bighorn), and (vii) $97,129.44 for Assessment District No. 94-2 (Sunterrace). Based upon legal review performed by the City's bond counsel, there are two primary options that are available to the City for disposition of the surplus funds: (a) maintenance of the City improvements financed by the applicable assessment district, and (b) refunds to property owners. Between these two options, staff recommends that the surplus funds be used toward maintenance of the City improvements financed by the applicable assessment district. The maintenance option would provide a more optimal use of the surplus funds, because the governing law applicable to a significant portion of the possible refunds would require the City to determine each person who paid an assessment installment and pay the refund to those original payors (if their current addresses can be determined). The administrative cost and time of this process would be prohibitive, and moreover the process may not be successful in locating the original payors. By adopting the attached Resolution and directing that the surplus funds be used by the City for the maintenance of the respective City improvements financed by each assessment district, including the payment of incidental expenses incurred in connection therewith, monies of the City otherwise needed for maintenance would be freed up for other uses. Moreover, administratively, this option is simple to implement. After adoption by the City Council of the attached Resolution, the City must keep the funds segregated for each district and then may apply the surplus funds toward maintenance of the respective City improvements financed by the applicable district, as needed or desirable from time to time. The public capital improvements financed by each assessment district are set forth in Attachment B. Fiscal Analysis By adopting the attached Resolution and directing that the surplus funds be used by the City for the maintenance of the respective City improvements financed by each assessment district, including the payment of incidental expenses incurred in connection G \Finance\Niamh Ortega\Assessment District Administration\Surplus Funds for Maintenance - staff report 071218\SR - Surplus Funds in matured Palm Desert assessment districts 7-12-18 r1 docx July 12, 2018 - Staff Report Resolution No. 2018 - 59 Directing Surplus Funds of Assessment Districts Nos. 81-1, 83-1, 84-1, 87-1, 92-1, 94-1, and 94-2 Page 3 of 3 therewith, monies of the City otherwise needed for these maintenance purposes would be freed up for other uses. LEGAL REVIEW DEPT. REVIEW FINANCIAL REVIEW CITY MANAGER Reviewed by: Diana K. Chuang Bond Counsel Richards Watson Gershon and net M. Moore Director of Finance r W>ec l et M. Moore Director of Finance Lauri Aylaian City Manager �L— ATTACHMENTS: Resolution No. 2018 - 59 Attachment A - Location and Boundaries of each Assessment District Attachment B - Improvements Financed by each Assessment District G:\Finance\Janet Moore\AD's CFD's\SR - Surplus Funds in matured Palm Desert assessment districts 7-12-18 r1.docx RESOLUTION NO. 2018- 59 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT DETERMINING AND DIRECTING SURPLUS FUNDS OF CITY OF PALM DESERT ASSESSMENT DISTRICTS NOS. 81-1, 83-1, 84-1, 87-1, 92-1, 94- 1, AND 94-2 TO BE USED FOR MAINTENANCE OF FINANCED IMPROVEMENTS RECITALS: WHEREAS, pursuant the Municipal Improvement Act of 1913 (Streets and Highways Code Section 10000 et seq.) (the "1913 Act"), the City Council has previously formed and conducted special assessment proceedings for the following assessment districts (collectively, the "Assessment Districts") to finance certain public capital improvements (the "Improvements") for the benefit of the land within the corresponding Assessment District: (i) Assessment District No. 81-1 (Shadow Mountain Drive Area), (ii) Assessment District No. 83- 1, (iii) North Sphere Assessment District No. 84-1, (iv) Assessment District No. 87-1, (v) Assessment District No. 92-1 (Sierranova), (vi) Assessment District No. 94-1 (Bighorn), and (vii) Assessment District No. 94-2 (Sunterrace); and WHEREAS, pursuant to the Improvement Act of 1911 (Streets and Highways Code Section 5000 et seq.) (the "1911 Act") with respect to Assessment District No. 81-1 (Shadow Mountain Drive Area) and the Improvement Bond Act of 1915 (Streets and Highways Code Section 8500 et seq.) (the "1915 Act") with respect to the balance of the Assessment Districts, the City has previously issued bonds (collectively, the "Original Bonds") to finance the respective Improvements for each Assessment District; and WHEREAS, pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (Streets and Highways Code Section 9500 et seq.) (the "1984 Refunding Act") the City has previously issued refunding bonds to refinance the respective Original Bonds and Improvements for Assessment District No. 83-1, North Sphere Assessment District No. 84-1, Assessment District No. 87-1, Assessment District No. 94-1 (Bighorn), and Assessment District No. 94-2 (Sunterrace) (collectively, the "Refunding Bonds"); and WHEREAS, the Improvements for all of the Assessment Districts have been completed, all of the Original Bonds and the Refunding Bonds have been paid in full, and accordingly, assessment installments are no longer levied by the City on the parcels within any of the Assessment Districts; and WHEREAS, surplus funds for the Assessment Districts remain in the respective amounts described in Section 1 of this Resolution; and WHEREAS, pursuant to Section 10427 of the 1913 Act, Section 5132.05 of the 1911 Act, Section 8784 of the 1915 Act, and Section 9518 of the 1984 Refunding Act, as applicable, such surplus funds may, upon a determination of the City Council, be used by the City for the maintenance of the respective City Improvements financed by each Assessment District and the payment of incidental expenses incurred in connection therewith. RESOLUTION NO. 2018- 59 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY FIND, DETERMINE, RESOLVE AND ORDER AS FOLLOWS: Section 1. Pursuant to Section 10427 of the 1913 Act, Section 5132.05 of the 1911 Act, Section 8784 of the 1915 Act, and Section 9518 of the 1984 Refunding Act, as applicable, surplus funds remain for the Assessment Districts in the respective amounts, as of June 27, 2018, as follows (collectively, the "Surplus Funds"), and that the Surplus Funds, and all interest earnings thereon, shall be used by the City for the maintenance of the respective City Improvements financed by each Assessment District and the payment of incidental expenses (as defined in the 1913 Act, the 1911 Act, the 1915 Act, and the 1984 Refunding Act, as applicable) incurred in connection therewith and this Resolution: (i) $270,664.43 for Assessment District No. 81-1 (Shadow Mountain Drive Area), (ii) $39,325.07 for Assessment District No. 83-1, (iii) $533,670.90 for North Sphere Assessment District No. 84-1, (iv) [$237,468.50] for Assessment District No. 87-1, (v) $123,091.48 for Assessment District No. 92-1 (Sierranova), (vi) $326,693.29 for Assessment District No. 94-1 (Bighorn), and (vii) $97,129.44 for Assessment District No. 94-2 (Sunterrace). The Surplus Funds for each Assessment District shall be held in a separate fund for the corresponding Assessment District and shall be used solely for the maintenance of the respective City Improvements financed by the applicable Assessment District, including incidental expenses. Section 2. The Director of Finance -City Treasurer and all other officers of the City are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this Resolution, and all actions heretofore taken by the officers, employees and agents of the City with respect to this Resolution are hereby approved, confirmed and ratified. PASSED, APPROVED and ADOPTED this 12th day of July, 2018, by the following vote to wit: AYES: NOES: ABSENT: ABSTAIN: ATTEST: RACHELLE D. KLASSEN, CITY CLERK CITY OF PALM DESERT, CALIFORNIA SABBY JONATHAN, MAYOR Page 2of2 G:\Finance\Niamh Ortega\Assessment District Administration\Surplus Funds for Maintenance - staff report 071218\RES - Surplus Funds in matured Palm Desert assessment districts 7-12-18.docx RESOLUTION NO. 2018-59 ATTACHMENT A TO STAFF REPORT LOCATION AND BOUNDARIES OF (i) Assessment District No. 81-1 (Shadow Mountain Drive Area), (ii) Assessment District No. 83-1, (iii) North Sphere Assessment District No. 84-1, (iv) Assessment District No. 87-1, (v) Assessment District No. 92-1 (Sierranova), (vi) Assessment District No. 94-1 (Bighorn), and (vii) Assessment District No. 94-2 (Sunterrace) A-1 .cccv.,.nm• r! l a ' :w s. g7It,3 �. , ill kfiii IN X La rui :+r.+ . x yuaLdreR:_ Ali r. -; k I, Alai I. :A 1. 11 3.,.1 1. a irg yr. i a�� �c r rcn7 a1 # it �r 4 '..,' bti te s ..a +" I' r► t � • : i#� -Ada a•' ivorr R it 3G.SYIfTI!i" r ' R y. i 1 J►- • ri I f,3t 9- t c •a: . 8 ;-Vtiduartt� YIP KT �■ n� a s ilhostriito.we Id it •i• MO rv,r +,a"1 'ti. - -. - r Iln_; d tw :„, � �!s_9Yb' r�.-yg. a� • �:! �' v • - Cxi "7 y:.Vy�i��►�( }� •'1TlM'- i� t -t144'1F� L' SJ irgr ■MRYItweb lainrit.. 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B. - 236/6-ICI .h16'9"",H Ir.9 61 r KICAK a ASSDCIATE' CIVIL ENGINEERS 41-765 C.001F STREET, 011TE 290 PALM 0E9ERT, CALIPORNIA 112290 01491 141-6544 •1m 1 .14. .24 11" .. AR •42 .4-1a 02 H...• * r1 4▪ 5 40 41 :'•ov �ws6.1*4 .41 °.dove 40•• 5 LANE 114 36 .9.• S 35 aim eq. 0 LANE 39 1• l r lcrNI[T rbp CITY OF PALM DESERT ASSESSMENT DIAGRAM ASSESSMENT DISTRICT 92-1• CI3UI4TY OF RIVER910E, STATE OF CALIFORNIA N 4 ra RESOLUTION NO. 2018-59 ASSESSMENT DISTRICT 94-1 RESOLUTION NO. 2018-59 Date: 2018 VICINITY MAP ATTAruAArt, IT A rnnera 6 w4Yrtiuw A !<w 2.1. ..bii bs..ui uy J V r� U Ea 6 cr `pp wO rr�� �� V, �"r z co co 8 Qz wLIJ Vl V] rCOr 6 Q • i 'Jaf •r/I Arm-aan y_ N .. I5 Xgt - ' '3 9•ff '3 Vb. �: • k •• ArgA_ s ga 0 v.__ Arpt---- 0 t r .w►+` 44 z ;ion b ; <_,' i RESOLUTION NO. 2018-59 8 hiOg gi dig_ hiEgi ig iht i • 1 SARAZEN WAY ASSESSMENT DISTRICT 94-2 RESOLUTION NO. 2018-59 Date: 2018 VICINITY MAP a C a 1 'L dl-J W U Q 0 Z E+ • Ul 174 C17 L A E Z L w 0 en y ,w,^ 'Y'^. 0 V, d U- 0 w En w r a,� z 0 0 s- OD U] 0 0 04 G9(1). am7ty M133 allaoo-no ATTACHMENT A - cont'd w cn 0 0 ti 0 w -J CO euE 0 8. X la 60 PE xt a, tr as 7 .7tS000 x Vrnk Oar 3=iaagee ittm Iigic Faao. t s 1n180 00V 0C 13 .71 Arve[ M .JFSLee F I iI ss %^ 1 � - + NI � Mika �, • I 7 assane .d do. �C'J� "o 11 i I ee,as • �p2 ��� f ^I f „ 3.0.41WMn n T oa-flaa J Q-03122N 1NM agqM11 c bJ J ad g-2. 5,3„ gWil. I;;:: RESOLUTION NO. 2018-59 A-8 RESOLUTION NO. 2018-59 ATTACHMENT B IMPROVEMENTS FINANCED BY MATURED ASSESSMENT DISTRICTS (includes City Improvements and Other Improvements) Assessment District No. 81-1 (Shadow Mountain Drive Area) A Street Improvement Program consisting of the following work within the boundaries of AD No. 81-1: Construction of curb and gutter, curb only along with the required depressions for driveway approaches and handicap ramps; removals of certain existing curbs which is necessitated to properly provide for the necessary drainage; removal of existing asphaltic concrete and portland cement concrete both in the traveled way and in driveway area; construction of paved roadway where previously there was no paving, or where paving required removal and in the areas where an overlay of existing paving was required; adjusting of various utility valve covers and manhole frame and covers to grade after completion of paving; removal and/or relocation of the facilities which, if left in place, would interfere with the street improvements. II. Assessment District No. 83-1 The following public works of improvement, together with appurtenances and appurtenant work, including acquisition where necessary, within the boundaries of AD 83-1: installation and construction of a storm drain system; street improvements, including curbs, gutters, paving, cross gutters, driveway approaches, reconstruction of existing driveways, the raising of water valves and manholes to grade and the removal and/or relocation of objects and facilities which, if left in place would interfere with the function of the street improvements; acquisition of necessary rights -of -ways; and appurtenances and appurtenant work. III. North Sphere Assessment District No. 84-1 Certain public improvements for the benefit of land within AD 84-1, as follows: The opening of and construction and installation of streets, sanitary sewers and domestic water improvements, including excavation and grading, paving, construction of curbs and gutters, installation of water mains and sewer mains, together with appurtenances and appurtenant work, and the acquisition of rights of way and easements necessary therefor, in the following streets: Gerald Ford Drive, between Monterey Avenue and Portola Avenue; Frank Sinatra Drive, between Monterey Avenue and Cook Street; Portola Avenue, between Country Club Drive and Gerald Ford Drive; and Cook Street, between Country Club Drive and Frank Sinatra Drive; a water main for transmission of reclaimed water in Portola Avenue from Country Club Drive northerly approximately 3,000 feet, and the acquisition of land in the Coachella Valley Ecological Reserve to compensate for the area of habitat of the fringe -toed lizard, a federally -listed rare and endangered species, affected by the improvements proposed within AD 84-1. B-1 RESOLUTION NO. 2018-59 ATTACHMENT B — cont'd IV. Assessment District No. 87-1 Certain public street, storm drain, sanitary sewer and related improvements for the benefit of land within AD 87-1, as follows: A. The installation and construction of a storm drain system, together with appurtenances and appurtenant work. B. The installation and construction of street improvements including curbs, gutters, paving, cross gutters, driveway approaches, reconstruction of existing driveways, the raising of water valves and manholes to grade and the removal and/or relocation of mailboxes, walls, trees, shrubs, waterlines, and other facilities as may be required, which, if left in place, would interfere with the function of the improvements, together with appurtenances and appurtenant work. C. The installation and construction of a sanitary sewer system, including an eight - inch sewer main within the public rights of way and easements and four -inch and six-inch laterals to the property line, together with appurtenances and appurtenant work. D. The acquisition of rights -of -way or land necessary for the accomplishment of the above -described works of improvement. V Assessment District No. 92-1 (Sierranova) Street, water and sanitary sewer improvements for the benefit of land within AD 92-1, as follows: Street Improvements All of the street and related improvements as shown on the plan for Tract No. 25711, designated as Eldorado Drive, sheets 4 and 5 of 13, approved by the Director of Public Works of the City of Palm Desert on November 14, 1991, and on file at the office of Director of Public Works (Portions of said improvements extend into Lots M and N of said Tract). All the street and related improvements in Lot B as shown on sheets 3 and 4 of 13 of the above mentioned plans, designated as Sandcastle Lane. Water System Improvements The Water System improvements as shown on sheets 1 through 8 of 8 for Tract 25711. The system acquired consists of mains 8", 12" and 18" diameter, valves, air -vacs, fire hydrants and other appurtenances as shown on the plans referenced above. Sanitary Sewer System The sanitary sewer system improvements as shown on sheets 1 through 9 of 9, for Tract 25711. The system acquired consists of 10", 8" and 4" diameter V.C.P., manholes and clean -outs. VI. Assessment District No. 94-1 (Bighorn) B-2 RESOLUTION NO. 2018-59 ATTACHMENT B - cont'd (a) water system improvements and facilities which have been constructed by and acquired from Desert Communities, Inc. (the "Developer") and transferred to Coachella Valley Water District; (b) roadway widening improvements to State Highway 74 which have been constructed by and acquired from the Developer and transferred to the State of California; and (c) roadway widening improvements to State Highway 74 constructed by the City pursuant to cooperative agreements between the City and the Department of Transportation of the State of California. VII. Assessment District No. 94-2 (Sunterrace) Public street, water, sewer, and drainage improvements of benefit to property in AD 94-2. Street Improvements. All of street improvements in Eldorado Drive, Hovley Lane and Sandcastle Lane including curb, gutter, base material, paving, sidewalks, handicap ramps, and the necessary striping and signing. Water System Improvements. Includes 12" and 18" diameter pipes, valves and air relief valves in Hovley Lane, Eldorado Drive, and Sandcastle Lane. Sanitary Sewer System. Sanitary sewer system consisting of 8" diameter pipes and manholes in existing Hovley Lane. B-3