HomeMy WebLinkAboutSection 29 Assessment DistrictCITY OF PALM DESERT
OFFICE OF THE CITY MANAGER
STAFF REPORT
REQUEST: Section 29 Assessment District
DATE: February 9, 2006
SUBMITTED BY: Carlos L. Ortega, City Manager
City staff has been working with the property owners in the "Section 29 Assessment District"
which will finance the following public improvements in the area shown on the attached map.
The proposal is that the improvements be done through the formation of an assessment
district. The assessment district may be formed whenever the yes votes exceed the no
votes, with each vote being equal to the assessment amount.
Attached is the current schedule which results in the improvements being started some time
in October of this year. Of particular importance to the City is the right-of-way acquisition
and widening of Monterey north of the Lowe;s Home Improvement Center.
Staff is working with the property owner that is impacted by the Monterey street widening
improvements to see if those can be done sooner than the schedule which means that if the
City wants to finance the improvements for the widening and the developer is willing to
donate the right-of-way at this time, these improvements can be done without waiting for the
assessment district.
If the right-of-way for the Monterey street widening is donated, the cost of widening
Monterey is estimated to be $500,000 if it is constructed as a City project.
CARLOS L. UR. TEGA
City Manager
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CITY OF PALM DESERT
SECTION 29 ASSESSMENT DISTRICT
FINANCING SCHEDULE
April 2000
1
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2 3 4 > 6 8 1
9 10 11 12 13 1-1 1> III
I
116 17 I 19 20 21 22 1
I
73 24 25 26 27 )ti 29
i
30
Jul• 2006
2
3
4
5
6
7
8
9
10
11
12
13
14
15
i 16
17
18
19
20
21
22
23
24
_25
26
27
28
I
29
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1 30
31
Nlav 2006
1 2 3 4 5 6
- 8 9 10 11 12 13
i 14 15 16 17 18 19 20
1 21 22 2.3 24 2 26 27
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II 28 29 30 31
I
August 2006
1 2 3 4 5
6 7 8 `) 10 11 12
13 14 15 16 17 18 19
i
20 21 22 23 24 25 26
27 28 29 30 31 `
I
CITY I City of Palm Desert (Issuer)
BC Richards, Watson & Gershon (Bond
Counsel)
DC Jones Hall (Disclosure Counsel)
DEV I Section 29 Developers
I
June 2006
1
2
3
4
5
6
7
8
9
10 1
11
12
13
14
15
16
1•
18
19
20
21
22
23
24
25
I
I
26
27
28
29
30
I
September 2006
I
1
2
3
4
5
6
7
8
9
I0
11
12
13
14
15
I6
17
18
19
20
21
22
23
I
24
25
76
27
28
29
30
FA Del Rio Advisors, LLC (Financial Advisor)
UW Stinson Securities (Underwriter)
Kinsell, Newcomb & DeDios (Underwriter)
AE MuniFinancial (Assessment Engineer)
AP 1BD (Appraiser)
DATE ACTION PARTIES
January' February and Master Planning / Cost Estimates / Prepare DEV, AE
March 2006 Assessment Engineer's Preliminary Report
Week of April P Prepare Engineer's Initial Report / Prepare Final CITY,AE
Boundary Map / Prepare Final List of Improvements
with Detailed Descriptions / Potential Bidders
Contacted / Prepare Final Bid Package
Monday, April 10'h City Sends Bid Packages to Potential Contractors CITY
Del Rio Advisors, LLC
January 30, 2006
Page 1 of 3
Palm Desert Section 29 AD Financing Schedule 1-30-06 (Bonds After Bid)
CITY OF PALM DESERT
SECTION 29 ASSESSMENT DISTRICT
FINANCING SCHEDULE
Monday, June 12`h Deadline for Bidders to Respond to Bid Package /
Assessment Engineer Updates Engineer's Report
Wednesday, June 101 Agenda Deadline for June 22" d Cite Council Meeting
Thursday, June 22" d City Council Meeting
• Adopt Resolution Approving Engineer's Report
• Adopt Resolution of Intention (ROI)
• Adopt Resolution Hiring the Financing Team
Monday, June 26`' Ballots Mailed to Property Owners
Week of June 26`h Initial Draft Bond Documents and POS Circulated /
Draft Appraisal Circulated
Week of July 10`h Second Draft Bond Documents and POS Circulated
and Finalized,/ Draft Appraisal Finalized
Monday, July 17`h Agenda Deadline for Jule 27`h City Council Meeting
Thursday, July 27`' Deadline
• (Prior to Acoption of Resolution of Formation) City
Council and. Legislative Body of The Coachella
Valley Water District Adopt Respective Resolutions
Approving Joint Facilities Funding Agreement and
Making Declaration of Beneficial Purpose
[Coachella Valley Water- District Meets 2nd and 4th
':Mondays]
• Developers and City Enter Into Improvement
Agreement
Del Rio Advisors, LLC
January 30, 2006
Page 2 of 3
Palm Desert Section 29 AD Financing Schedule 1-30-06 (Bonds After Bid)
CITY
ALL
CITY
BC, AE
BC, DC, AP
BC, DC, AP
ALL
CITY, DEV,
BC
CITY OF PALM DESERT
SECTION 29 ASSESSMENT DISTRICT
FINANCING SCHEDULE
Thursday, July 27`' City Council Meeting CITY, BC,
• Open Hearing DC
• Ballot Count / Close Public Hearing
• City Council Considers Resolution of Formation
(ROF)
• Adopt Resolution Declaring Results of Ballot
Proceeding
• City Council Approves Resolution for the Issuance
of the Bonds
• City Council Approves Bond Financing Documents
as to Form
Friday, July 281" Record Notice of Assessment / Mail and Publish BC
Notice of Assessment
Monday, July 3) I" Begin 30 Day Cash Collection Period DEV, CITY
Friday, September I" End of Cash Collection Period DEV, CITY
Week of September 41h Preliminary Official Statement Sent to Printer / Site CITY, DC,
Tours and Presentations (TBD) FA, UW
Tuesday, September 12`' Pre -Price Bonds U W, FA,
CITY
Wednesday, September Price Bonds U W, FA,
13`" CITY
Week of September 18`" Final Document Comments Due / ALL
Final Official Statement Sent to Printer
Wednesday, September Pre -Closing ALL
27`"
Thursday, September 28'" Closing and Transfer of Funds ALL
Del Rio Advisors, LLC
January 30, 2006
Page 3 of 3
Palm Desert Section 29 AD Financing Schedule 1-30-06 (Bonds After Bid)