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Home My WebLink About30-Public Works , CITY OF SAN BERN~INO File No. 20.02 _ REQUEST F. COUNCIL ACTION I From: ROGER G. HARDGRAVE Adoption of Verdemont Infrastruc- Subject: ture Fee - 1990/91 Budget - Fund No. 255 Dept: Public Works/Engineering Date: 12-19-90 Synopsis of Previous Council action: 12-04--89 Orc1inil1'lcp. He 690 nrloptec1 ','-,n":.ng an infrastructure fee for i:hA "{1~J7dAm0n~:"~ ]\?:cn. 01.-03,,90 Ordinance HC 695 adop';:ed extending effective date of Ordinance MC-690. 01-03-90 Resolution 90-2 adopted revising the amount of an infrastructure fee to be levied. 06-25-90 Resolution 90-253 adopted revising the amount of the infrastructure fee to be levied, from $7,375 to $6,068, due to deletion of water system. 11-19-90 __ Ordinance adopv'!d relating to the time for payment of the Verdemnni: Infrastructure Fee. Recommended motion: That the Verdemont Infrastructure Fee, 1990/91 Budget (Fund No. 255) be approved. \'-\ , , cc: Shauna Edwins Jim Penman Craig Graves , . Ignature , ,- Ward: 5125 5 Supporting data attached: Gene R. Klatt Staff Report, Budqet Sheets Phone: Contact person: FUNDING REQUIREMENTS: Amount: N/A Source: (Acct. No.) 255-000-41940 & 255-000-41512 (Acct. Descriotion) Verdemont Infrastructure Fees & Verdemont Bond Proceeds #995 Finance: Council Notes: Agenda Item No. . q 0 75-0262 , CiTY OF SAN BERNADINO - REQUEST F. COUNCIL ACTION STAFF REPORT Page 1 At the Council meeting of 12-4-89, the Verdemont Infrastructure Fee was established to accelerate the construction of streets, sewers, street lights, sidewalks and other improvements as fully described in the Engineer's Report. Several developers, most with approved tentative maps, requested an alternate method be provided to finance the fee. This request resulted in the formation of a Mello-Roos Com- munity Facilities District (CDF No. 995). Bonds have been sold on this district and the bond proceeds are being held by a fiscal agent pending expenditure. Listed below is the estimated income and obligations on these bond proceeds: AVAILABLE FROM BONDS: - - - - - - - - $7,440,000.00 156,242.00 34,495.42 $7,318,253.42 BONDS ISSUED Discount Accrued Interest OBLIGATED FUNDS: Bond Service Cost of Issuance Reserve Capitalized Interest School District Fee Escrow Acct. (TR12756 & 13172) Construction Completed by Devel- opers (Mello I) $ 34,495.42 $ 240,000.00 $ 744,000.00 $ 775,529.15 $2,093,000.00 $1,619,964.00 AVAILABLE BALANCE - - - - - - - $1,340,786.00 $ 470,478.85 The available balance of funds can be used for construction of street improvements in the Verdemont Infrastructure Fee Area. The. following projects are proposed to be financed in the 1990/91 Verdemont Infrastructure Fee Budget: Irvington Avenue - (South Side), from pine Avenue to 660 feet West $ 72,600.00 Irvington Avenue between Palm Avenue and Olive Avenue $ 248,000.00 Belmont Avenue, from Palm Avenue to 660 feet West $ Total Basic Bid $ 146,000.00 466,660.00 12-19-90 75-0264 , . CiTY OF SAN BERNADINO - REQUEST F. COUNCIL ACTION STAFF REPORT Page 2 of 2 Additive Alternate Projects: Magnolia Avenue Belmont Avemue to Meyers Rd. $ 104,000.00 Magnolia Avenue Meyers Road to Ohio Avenue $ 175,500.00 Total Additive Alternates $ 279,500.00 In addition to bond funds, additional revenues are anti- cipated from developments that are not part of CFD No. 995, but that must also pay the infrastructure fee. Of course, there will be additional refunds to developers who construct improve- ments in advance of the city program. Anticipated revenue is not known at this time. During preparation of the 1991/92 budget, updated in- formation on fund balance and additional expenditures will be presented for adoption. Staff has met with representatives of the Finance Department and set up the necessary accounts to track income and expense for this program. We recommend adoption of the attached budget, which lists the proposed expenditures from the available balance of the bond sale. Adoption will give authority to begin design of the projects. Experience during the last two months indicates that bidders are submitting very competitive bids at the present time and considerable cost savings could be realized if projects are advertised in time to take advantage of the current competitive bidding climate. 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