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CltVOF SAN BERNARC)lO - REQUEST FOROOUtiCiL &'ACTiO-..o
:rom:
ROGER G. HARDGRAVE
Setting Public Meeting - Establish-
Subject: ment of a Development Fee of
$0.02/Sq. Ft. - Construction of
Box Culvert &. Traffic Signals
on Palm Avenue
)ept:
Public Works
)ate: 9-10-91
>ynopsis of Previous Council action:
06-20-88 -- Action of 5-23-88 clarified to show Director of
Community Development instructed to coordinate
development of a financing plan.
02-06-89 Financing strategies adopted for Verdemont Area
infrastructure.
07-19-91 Resolutions No. 91-332 to 335 adopted establishing
Assessment District No. 987 and awarding a contract
for construction to Riverside Construction Co.
08-19-91 -- Resolution No. 91-380 adopted making a finding of
benefit to State College Redevelopment Project Area
for infrastructure in Verdemont Area.
Recommended motion:
That a public meeting be set for the regular scheduled Council
meeting of 10-21-91, for considering the establishment of a
development fee of $0.02/sq. ft. to finance 50% of the cost for
constructing a box culvert on Palm Avenue at Cable Creek Channel,
and traffic signals at Palm Avenue and Kendall Drive.
cc: Shauna Clark
Supporting data attached:
Gene Klatt
Staff Report & Map
Phone:
5125
Contact person:
Ward:
5
FUNDING REQUIREMENTS:
Amount:
N/A
Source: (Acct. No.)
(Acct. DescriPtion)
Finance:
Council Notes:
75-0262
Agenda Item No
q
I
CITY OF SAN BERNAR.o.O - REQUEST FOR ()oUNCIL ACTION
STAFF REPORT
A directive was issued in 1988 to the effect that develop-
ment in the Verdemont Area be deferred until a financing plan for
infrastructure could be developed and adopted. After the basics
of this plan had been worked out, developments were approved,
with the condition that the project participate in the approved
financing plan.
The approved financing plan was that an assessment
district was to be formed. Developments approved in this period
were required to pay a fee of $0.04 per square foot of the lot
area, as their fair share of the cost for construction of a box
culvert on Palm Avenue at Cable Creek Channel, and traffic
signals at the intersection of Palm Avenue and Kendall Drive.
This fee would not be applied after the assessment district was
formed, since the property owners would then be paying their fair
share through the assessments on their lots.
At the special Council meeting of 7-19-91, l\sses'::nent
District No. 987, as modified, was established. The district
will finance 1/2 of the cost of the box culvert and traffic
signals, less the development fees collected, with the remaining
1/2 financed with a loan from the Economic Development Agency.
It will, therefore, be required to retain this fee in
order to provide a revenue source to repay the loan. Since the
loan is for 1/2 of the cost, the fee can be-reduced from $0.04 to
$0.02.
Direction was given at the Council meeting of 7-19-91 for
this fee to be formalized. It is proposed that a fee of $ 0.02
per square foot be established over the area shown on the
attached map, for Zone I, Projects No. II & IV, of Assessment
District No. 987.
We recommend that a meeting be scheduled at the regular
Council meeting of 10-21-91, to consider the recommended fee of
$0.02 per square foot, for 1/2 of the cost for the box culvert
and traffic signals.
Revised 9/30/91
75-0264
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