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HomeMy WebLinkAboutCC RES 05-088RESOLUTION NO. 05-88 A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT TO INCUR BONDED INDEBTEDNESS WITHIN PROPOSED CITY OF PALM DESERT COMMUNITY FACILITIES DISTRICT NO. 2005-1 (UNIVERSITY PARK) RECITALS: WHEREAS, the City Council (the "City Council") of the City of Palm Desert, (the "City"), upon receipt of a petition as provided in Government Code Section 53318, has heretofore adopted Resolution No. 05-87 (the "Resolution of Intention"), stating the City Council's intention to form City of Palm Desert Community Facilities District No. 2005-1 (University Park) (the "District"), pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, commencing with Section 53311 of the California Government Code (the "Act"), to finance the acquisition, purchase, construction, expansion, improvement, modification, or rehabilitation of certain public facilities (the "Facilities") to serve the District, including incidental expenses to be incurred in financing the Facilities and forming and administering the District, as further provided in the Resolution of Intention and in Exhibit A hereto and incorporated herein by reference; and WHEREAS, the City Council estimates that the amount required to finance the Facilities is $70 million; and WHEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness on behalf of the District in the amount not to exceed $70 million, the repayment of which is to be secured by special taxes levied in accordance with Section 53340 et seq. of the Act on all non-exempt property within the District; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS: Section 1. Bonded Indebtedness. It is necessary to incur bonded indebtedness within the boundaries of the proposed District in an amount not to exceed $70 million to finance the costs of the Facilities, as permitted by the Act. Section 2. Purpose. The bonded indebtedness will be incurred for the purpose of financing the costs of the Facilities, including, but not limited to, the funding of reserve funds for the bonds, any remarketing, credit enhancement and liquidity facility fees (including such fees for instruments which serve as the basis of a reserve fund in lieu of cash), financing of the costs associated with the issuance of the bonds, and all other costs necessary to finance the Facilities which are permitted to be financed pursuant to the Act. Section 3. Terms. It is the intent of the City Council, acting as the legislative body of the District, to authorize the issuance and sale of one or more series of bonds in the maximum aggregate principal amount of $70 million, bearing interest 1 g:RDA\Beth Longman\Staff Reports\Yrigoyen\Reso of Intent to Incur Bonded Indebt (Univ ViII).doc RESOLUTION NO. 05-88 Section 4. payable semi-annually or in such other manner as this City Council shall determine, at a maximum interest rate of twelve (12%) percent per annum or such rate not in excess of the maximum rate permitted by law at the time the bonds are issued. The term of the bonds of each series shall be determined pursuant to a resolution of the City Council authorizing the issuance of such series, but such term shall in no event exceed forty (40) years from the date of issuance of such series of bonds or such longer term as is then permitted by law. Hearing. A public hearing on the proposed debt issues (the "Hearing") shall be held on December 8, 2005, at 4:00 p.m., or as soon thereafter as practicable, at the chambers of the City Council of the City of Palm Desert, 73-510 Fred Waring Drive, California 92260. Any interested persons, including all persons owning land or registered to vote within the proposed District, may appear and be heard at the Hearing. Section 5. Voting. The proposition to incur bonded indebtedness in the maximum aggregate principal amount of $70 million shall be submitted to the qualified electors of the District at a special election. Ballots shall be distributed to the qualified electors by mail with return postage prepaid or by personal service. Section 6. Published Notice. The City Clerk is hereby directed to publish a notice of the Hearing and the special bond election ("Notice") pursuant to Section 6061 of the California Government Code in a newspaper of general circulation circulated within the proposed District. Such Notice shall be substantially in the form specified in Section 53346 of the Act. The publication of the Notice shall be completed at least seven (7) days before the date herein set for the Hearing. Section 7. Mailed Notice. The City Clerk is hereby directed to send a copy of the Notice of the Hearing by first-class mail, postage prepaid, to each registered voter and to each landowner within the proposed District as shown on the last equalized assessment roll. Mailing of the Notice shall be completed at least fifteen (15) days prior to the date of the Hearing. 2 g:RDA\Beth Longman\Staff Reports\Yrigoyen\Reso of Intent to Incur Bonded Indebt (Univ Vill).doc RESOLUTION NO. 05-88 PASSED, APPROVED, and ADOPTED this 13th day of October, 2005, by the following vote to wit: AYES: BENSON, KELLY, SPIEGEL, and FERGUSON NOES: NONE ABSENT: CRITES ABSTAIN: NONE JIM F, MAYOR PRO TEM ATTEST: 40r. /4.11t 'Ade" HELLE D. KLASS,E,1, ITY CLERK CITY OF PALM DESERT, CALIFORNIA 3 g:RDA\Beth Longman\Staff Reports\Yrigoyen\Reso of Intent to Incur Bonded Indebt (Univ VII).doc RESOLUTION NO. 05-88 EXHIBIT A DESCRIPTION OF FACILITIES The public facilities (the "Facilities") described below are proposed to be financed by City of Palm Desert Community Facilities District No. 2005-1 (University Park) (the "District') and include a pedestrian bridge, traffic signals, landscaping, street improvements, water improvements, sewer improvements, storm drain improvements, utility improvements, public art improvements, school facility improvements, park improvements, and park site land acquisition, together with all appurtenances and appurtenant work, such as related clearing and grubbing, grading, and any removal or temporary signage or markings related thereto. The cost of the Facilities shall include incidental expenses, including costs associated with forming the District, issuance of bonds, determination of the amount of the Special Tax, collection of the Special Tax, payment of the Special Tax, costs incurred in order to carry out the authorized purposes of the District, and the costs of engineering, inspecting, coordinating, completing, planning and designing the Facilities, including the costs of environmental evaluations. The Facilities include, but shall not be limited to, the facilities lied below, and other facilities of the same type or types may be substituted in tlje, place -of one or more of the specific facilities listed below. Any of the Facilities to be cor s'tructeff hallI.be constructed, whether or not acquired in their completed states, pursuant to. plans :and specifications approved by the City of Palm Desert (or the Coachella Valley Water District, or Palm Springs Unified School District, as applicable) and the officials thereof, including the City Engineer. The final nature and location of the Facilities will be determined upon the preparation of final plans and specifications for such Facilities. The Facilities may include facilities financed pursuant to public agency development impact fees. I. Cook Street Pedestrian Bridge (including, but not limited to bridge, ADA access ramps, elevator, retaining walls, hand railing, pedestrian lighting, revised sidewalks and minor grading) II. Street Improvements (including, but not limited to, street widening, excavation, signing and striping, access ramps, grading, median and parkway landscaping, curbs and gutters, sidewalks, street lights, dry utility infrastructure, bus stops, fringe toed lizard fee and City fees) A. Frank Sinatra Drive: from West of Cook Street to College Drive B. Cook Street: from Frank Sinatra Drive to Gerald Ford Drive C. Portola Avenue: from College Drive to Gerald Ford Drive D. Southern half of Gerald Ford Drive: from Portola Avenue to Cook Street E. University Park Drive: from College Drive to Cook Street F. Technology Drive: from College Drive to Gerald Ford Drive G. Pacific Avenue: from College Drive to Gerald Ford Drive H. College Drive: from Portola Avenue to Frank Sinatra Drive 4 g:RDA\Beth Longman\Staff Reports\Yrigoyen\Reso of Intent to Incur Bonded Indebt (Univ Vill).doc RESOLUTION NO. 05-88 III. Water Improvements A. University Park Drive: from West intersection College Drive to East intersection College Drive B. Technology Drive: from College Drive to Gerald Ford Drive C. Pacific Avenue: from College Drive to Gerald Ford Drive D. College Drive: from Portola Avenue to Frank Sinatra Drive E. Well Sites (including land acquisition and improvements) to be located at four sites to be determined by the Coachella Valley Water District concurrently with land plan, final tentative map(s), or similar document(s) (as appropriate) to be approved by the City's Planning Commission and City Council. The tentatively approved locations of the well sites are as follows: 1. Adjacent to Gerald Ford Drive between Pacific Avenue and Technology Drive; 2. Northeast corner of College Drive and Portola Avenue; 3. Adjacent to University Park Drive close to the western intersection with College Drive; and 4. Adjacent to College Drive South of University Park Drive IV. Traffic Signals A. The intersection of Cook Street/Gerald Ford (modified) B. The intersection of Cook Street/University Park Drive (modified) C. The intersection of Frank Sinatra Drive/College Drive D. The intersection of Portola Avenue/College Drive E. Signals to be located on the south side of the intersection of Gerald Ford Drive/Pacific Avenue F. Signals to be located on the south side of the intersection of Gerald Ford Drive/Technology Drive G. Signals to be located on the south side of the intersection of Gerald Ford Drive/Portola Avenue (cost participation only) V. Sewer Improvements A. Technology Drive: from College Drive to Gerald Ford Drive B. Pacific Avenue: from College Drive to Gerald Ford Drive C. College Drive: from the West intersection University Park Drive to Technology Drive to North of Frank Sinatra Drive D. University Park Drive: from West intersection College Drive to Southwest of West intersection of College Drive and West of the East intersection College Drive to the East intersection College Drive A-2 g:RDA\Beth Longman\Staff Reports\Yrigoyen\Reso of Intent to Incur Bonded Indebt (Univ Vill).doc RESOLUTION NO. 05-88 VI. Storm Drain Improvements A. Pacific Avenue: Catch basins and interim -condition retention basins on the east and west sides of Pacific, adjacent to Gerald Ford Drive B. College Drive: Catch basins and interim -condition retention basin on the southwest corner of College Drive and University Park Drive (west intersection); catch basins on the east and west sides of the intersection with Technology Drive and a permanent retention basin along Technology Drive; and a catch basin and interim -condition retention basin on the east side of College Drive south of the east intersection with University Park Drive C. University Park Drive: Catch basins on the east and west sides of University Park Drive at the west intersection with College Drive and an interim - condition retention basin in the southwestern corner of the intersection; catch basins on the north and south sides of University Park Drive and an interim - condition retention basin in the northwest quadrant of the east intersection of College Drive and University Park Drive; and, as indicated above under VI.B., a catch basin and interim -condition retention basin on the south side of University Park Drive, west of Cook Street D. Technology Drive: Catch basins on the east and west sides of Technology Drive and an interim -condition retention basin west of Technology Drive and south of Gerald Ford Drive E. Gerald Ford Drive: Catch basin and interim -condition retention basin between Pacific and Technology Drive on the south side of Gerald Ford Drive; as indicated above under VI.A., catch basin and interim -condition retention basin on the south side of Gerald Ford Drive west of Pacific Avenue; and, as indicated above under VI.D., catch basin and interim - condition retention basin west of Technology Drive F. Cook Street: As indicated above under VI.B., catch basin and interim - condition retention basin south of University Park Drive, west side of Cook Street VII. Utilities Improvements A. Frank Sinatra Drive: from West of Cook Street to College Drive B. University Park Drive: from West intersection College Drive to Cook Street C. Technology Drive: from College Drive to Gerald Ford Drive D. Pacific Avenue: from College Drive to Gerald Ford Drive E. College Drive: from Portola Avenue to Frank Sinatra Drive F. Southern half of Gerald Ford Drive: from Technology Drive to Pacific Avenue VII I. Park Improvements and Park Site Land Acquisition (including, but not limited to, site development, lighting and landscaping improvements, restroom facilities, age - appropriate tot Tots, sand volleyball and basketball facilities, picnic pavilions, greenspace (including without limitation greenspace large enough for sports A-3 g:RDA\Beth Longman\Staff Reports\YrigoyenlReso of Intent to Incur Bonded Indebt (Univ Vitt).doc RESOLUTION NO.05-81 activities), shade structures, walking paths, water spray features, dog park improvements, and parking improvements) A. Park A (approximately 2 acres) — Generally surrounded by Portola Avenue, College Drive, Pacific Avenue and Gerald Ford Drive B. Park B (approximately 4.5 acres) — Generally surrounded by Gerald Ford Drive, Pacific Avenue, College Drive and to the west of the intersection of College Drive and University Park Drive C. Park C (approximately 2.3 acres)— Located in the southwest corner of the west intersection of University Park Drive and College Drive D. Park D (approximately 2.8 acres)— Generally surrounded by College Drive and University Park Drive E. Park E (approximately 0.7 acres) — Located in the southwest corner of Pacific Avenue and Gerald Ford Drive F. Park F(approximately 0.6 acres) — Located in the southeast corner of Pacific Avenue and Gerald Ford Drive IX. Landscaping (includes all planting, irrigation, trees, and necessary hardscape/rocking A. All street median areas as well as parkways areas (listed under Section II) between the back of curb and gutter and street right of way (excluding the sidewalk) will be landscaped. A-4 g:RDA\Beth Longman\Staff Reports\Yrigoyen\Reso of Intent to Incur Bonded lndebt (Univ Viil).doc