HomeMy WebLinkAboutRes 91-136 and 91-137 CFD 91-1 Indian Ridge INTEROFFICE MEMORANDUM
CITY OF PALM DESERT
DATE: DECEMBER 12, 1991
TO: CITY MANAGER, HONORABLE MAYOR AND MEMBERS OF CITY
COUNCIL
FROM: EXECUTIVE DIRECTOR, REDEVELOPMENT AGENCY
SUBJECT: CONSIDERATION OF CERTAIN RESOLUTIONS FOR INDIAN
RIDGE CFD 91-1
Recommendations:
1 . Waive further reading and adopt Resolution No. 91-13i
indicating the City' s intention to establish a Community
Facilities District and authorize the levy of special taxes.
2. Waive further reading and adopt Resolution No. 91-137
indicating the City' s intention to incur bonded indebtedness
of the proposed Community Facilities District No. 91-1 .
3 . By Minute Motion, authorize the proposed budget of $100, 000
for the purpose of obtaining consultants as outlined and
authorized by Resolution No. 91-116 to be paid for by Sunrise
Desert Partners.
Background:
Staff has held several meetings with all parties to the proposed
Indian Ridge Community Facilities District ( Indian Ridge CFD) .
The Indian Ridge CFD is being proposed to provide financing for
costs as outlined in Exhibit A of the resolution of intention to
establish the District. This cost will be spread to the project
and advance financing will be provided by a bond issue using the
spread as debt service.
To begin the establishment of the District a resolution of
intention must be adopted. In accordance with Government Code
53321, the resolution of intention must:
1 . State that the CFD is proposed to be established and
describe the boundaries of the territory proposed.
2. State the name proposed for the District.
3 . State the type of public facility proposed to be financed.
4. State that. . . a special tax sufficient to pay for all
facilities will be annually levied within the area.
Specify the rate and method of apportionment of the
special tax in sufficient detail to allow each
landowner. . .within the District to estimate the probable
annual amount and the maximum amount that he or she will
have to pay.
5. Fix a time and place for a public hearing on the
establishment of the District.
6 . Describe any adjustment in property taxation to pay prior
indebtedness.
7. Describe the proposed voting procedure.
Additionally, if the CFD will issue bonds in conjunction with this
district, the resolution of intention to incur bonded indebtedness
must be considered separately.
Staff has worked to put together the team which will accomplish
this process. The current team consists of:
Developer - Sunrise Company
Bond Counsel - Nossaman, Guthnet, Knox and Eliott
Special Tax Consultant - Webb Associates
Appraiser - Metzger and Associates
Underwriter - Stone and Youngberg
District Counsel - Best, Best and Krieger
The Sunrise Company, which has requested the establishment of the
District, has agreed to advance the cost of retaining the
consultants. The amount agreed upon is $100,000. This amount
will cover the cost of several consultants identified above as
well as a fee to the City for staff time involved.
REVIEWED AND CONCUR:
(1X C
/C7'.) ,„
CARLOS L. ORTEGA BRUCE A. ALTMAN
EXECUTIVE DIRECTOR CITY MANAGER
• CLO:DY: ss
CITY COUNCIL ACTION:
_____ __
APPROVE�� OTER
RECEIVED — —
MEETING L i` l_
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ENT: 1( \C- ----
FIED BY: Clerk' s Offic
�;1 glna on File wit Ci y
SHEET I OF I SHEET
PROPOSED BOUNDARIES
COMMUNITY FACILITIES DISTRICT NO. 91 - 1
( INDIAN RIDGE PUBLIC IMPROVEMENTS )
CITY OF PALM DESERT
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
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