HomeMy WebLinkAbout05.O- Bond Expenditure Agreement with the City of San Bernardino - - I
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RESOLUTION (ID # 4270) DOC ID: 4270 A
CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
Budget
From: Lisa Connor M/CC Meeting Date: 02/01/2016
Prepared by: Lisa Connor, (909) 663-
1044
Dept: Successor Agency Ward(s): All
Subject:
Resolution of the Mayor and Common Council of the City of San Bernardino Acting as
the Successor Agency to the Redevelopment Agency of the City of San Bernardino
Approving a Bond Expenditure Agreement with the City of San Bernardino and
Approving Certain Related Actions. (#4270)
Current Business Registration Certificate: Not Applicable
Financial Impact:
Approval of the Bond Expenditure Agreement will enable the Successor Agency to
ensure that its Excess Bond Proceeds are used for their intended purpose.
Motion: Adopt the Resolution.
BACKGROUND:
Pursuant to Health and Safety Code ("HSC") § 34172 (a)(1), the Redevelopment
Agency of the City of San Bernardino was dissolved on February 1, 2012. Consistent
with the provisions of the HSC, on January 9, 2012 the Mayor and Common Council of
the City of San Bernardino elected to serve in the capacity of the Successor Agency to
the Redevelopment Agency of the City of San Bernardino ("Successor Agency").
Consistent with the provisions of the HSC, the Mayor and Common Council of the City
of San Bernardino previously elected to serve in the capacity of the Successor Housing
Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor
Housing Agency"). The Oversight Board for the Successor Agency ("Oversight Board")
has been established pursuant to HSC § 34179 to assist in the wind-down of the
dissolved redevelopment agency.
HSC § 34191.4 (c) allows a successor agency that has received a Finding of
Completion (the "FOC") to use bond proceeds from bonds issued prior to 2011 for
purposes for which the bonds were sold, provides that such proceeds in excess of
amounts needed to satisfy approved enforceable obligations shall be expended in a
manner consistent with the original bond covenants, and further provides that such
expenditures shall constitute excess bond proceeds (the "Excess Bond Proceeds")
obligations that shall be listed separately on a successor agency's Recognized
Obligation Payment Schedule (the "ROPS").
The HSC provides for a cooperative relationship between cities and their redevelopment
agencies, as well as their successor agencies who have assumed the duties and
Updated: 1/28/2016 by Georgeann "Gigi" Hanna A Packet Pg2,437'
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4270
obligations of the former redevelopment agencies. HSC § 33220 authorizes a city to aid
and cooperate in the planning, undertaking, construction, or operation of redevelopment
projects. HSC § 34178 (c) allows a successor agency and its sponsoring city to enter
into agreements for the purpose of conducting the work of winding-down the former
redevelopment agency as set forth in HSC § 34177.3 (b), subject to the obtaining the
approval of its oversight board.
As a consequence of receiving its FOC on December 22, 2015, the Successor Agency
may now utilize its Excess Bond Proceeds for their intended purposes. The Successor
Agency has Excess Bond Proceeds in the amount of $6,045,230 from its 2010A Tax
Allocation Bonds (the "TABs") and $2,701,558 from its 2010B TABs that together total
$8,746,788 that may be committed to capital projects pursuant to the covenants
applicable to each of the TAB issues. Excerpts from the Official Statements for both
TABs that provide a listing of the projects are included as Exhibit "A" to the Bond
Expenditure Agreement, which is attached to the Resolution. The selection of specific
projects to be funded with Excess Bond Proceeds will occur at a later date.
The Successor Agency does not have the technical capability of causing the
development of capital projects; however, the City of San Bernardino (the "City") does
have the requisite technical capability of causing the development of capital projects.
Consistent with the foregoing, the Successor Agency desires to provide the Excess
Bond Proceeds to the City for the purpose of enabling the City to use such funds in the
manner consistent with the covenants applicable to the TABs.
The transfer of the Excess Bond Proceeds to the City for use in the manner consistent
with the covenants applicable to the TABs is evidenced in the Bond Expenditure
Agreement between the Successor Agency and the City, which is included as Exhibit
"A" to the attached Resolution. The Oversight Board has previously approved the Bond
Expenditure Agreement. Therefore, consistent with the foregoing, the Bond
Expenditure Agreement is recommended for approval.
The attached Resolution has been reviewed with respect to applicability of the California
Environmental Quality Act (the "CEQA"), the State CEQA Guidelines (California Code of
Regulations, Title 14, §§ 15000 et seq., hereafter the "Guidelines"), and the City's
environmental guidelines. The approval of the attached Resolution does not constitute
a "project" for purposes of CEQA, as that term is defined by Guidelines § 15378,
because this Resolution is an organizational or administrative activity that will not result
in a direct or indirect physical change in the environment, per § 15378(b)(5) of the
Guidelines.
FISCAL IMPACT:
Approval of the Bond Expenditure Agreement will enable the Successor Agency to
ensure that its Excess Bond Proceeds are used for their intended purpose.
City Attorney Review:
j"'- Supporting Documents:
Updated: 1/28/2016 by Georgeann "Gigi" Hanna A Packet Pg.432
4270
Reso - Bond Expenditure Agreement V1 2 (DOC)
Agrmt 4270 (PDF)
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Updated: 1/28/2016 by Georgeann "Gigi" Hanna A
I RESOLUTION NO.
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO ACTING AS THE SUCCESSOR AGENCY TO THE
3 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING A
4 BOND EXPENDITURE AGREEMENT WITH THE CITY OF SAN BERNARDINO AND
APPROVING CERTAIN RELATED ACTIONS.
5
WHEREAS, pursuant to Health and Safety Code (the "HSC") § 34172 (a)(1), the
6
Redevelopment Agency of the City of San Bernardino was dissolved February 1, 2012; and E
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WHEREAS, consistent with the provisions of the HSC, on January 9, 2012 the Mayor and a
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Common Council of the City of San Bernardino elected to serve in the capacity of the Successor
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Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor Agency"); and Q.
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WHEREAS, the Oversight Board for the Successor Agency (the "Oversight Board") has
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been established pursuant to HSC § 34179 to assist in the wind-down of the dissolved
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redevelopment agency; and
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WHEREAS, HSC § 34191.4 (c) allows a successor agency that has received a Finding of
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Completion (the "FOC") to use bond proceeds from bonds issued prior to 2011 for purposes for
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which the bonds were sold, provides that such proceeds in excess of amounts needed to satisfy P
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approved enforceable obligations shall be expended in a manner consistent with the original bond d
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covenants, and further provides that such expenditures shall constitute excess bond proceeds (the
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"Excess Bond Proceeds") obligations that shall be listed separately on a successor agency's W
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Recognized Obligation Payment Schedule (the "ROPS"); and m
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WHEREAS, the HSC provides for a cooperative relationship between cities and their N
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redevelopment agencies, as well as their successor agencies who have assumed the duties and
22
obligations of the former redevelopment agencies; and E
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WHEREAS, HSC § 33220 authorizes a city to aid and cooperate in the planning, a
24
undertaking, construction, or operation of redevelopment projects; and
25
WHEREAS, HSC § 34178 (c) allows a successor agency and its sponsoring city to enter
26
into agreements for the purpose of conducting the work of winding-down the former redevelopment
27
agency as set forth in HSC § 34177.3 (b), subject to the obtaining the approval of its oversight
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board; and
1 Packet Pg.434
1 WHEREAS, as a consequence of receiving its FOC on December 22, 2015, the Successor
2 Agency may now utilize its Excess Bond Proceeds for their intended purposes; and
3 WHEREAS, the Successor Agency has Excess Bond Proceeds in the amount of$6,045,230
4 from its 2010A Tax Allocation Bonds (the "TABs") and $2,701,558 from its 2010B TABS that
5 together total $8,746,788 that may be committed to capital projects pursuant to the covenants
6 applicable to each of the TAB issues; and
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7 WHEREAS, the Successor Agency does not have the technical capability of causing the 0-
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8 development of capital projects; however, the City of San Bernardino (the "City") does have the L
9 requisite technical capability of causing the development of capital projects; and
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10 WHEREAS, consistent with the foregoing recital, the Successor Agency desires to provide w
11 the Excess Bond Proceeds to the City for the purpose of enabling the City to use such funds in the 0
12 manner consistent with the covenants applicable to the TABs; and
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13 WHEREAS, the transfer of the Excess Bond Proceeds to the City for use in the manner N
14 consistent with the covenants applicable to the TABs is evidenced in the Bond Expenditure
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15 Agreement between the Successor Agency and the City, attached hereto as Exhibit"A"; and d
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16 WHEREAS, the Oversight Board has previously approved the Bond Expenditure a
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17 Agreement; and
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18 WHEREAS, consistent with the foregoing, the Bond Expenditure Agreement is a.
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19 recommended for approval; and
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20 WHEREAS, this Resolution has been reviewed with respect to applicability of the 00
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21 California Environmental Quality Act (the "CEQA"), the State CEQA Guidelines (California Code m
22 of Regulations, Title 14, §§ 15000 et seq., hereafter the "Guidelines"), and the City's environmental d
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23 guidelines; and
24 WHEREAS, this Resolution is not a "project" for purposes of CEQA, as that term is a
25 defined by Guidelines § 15378, because this Resolution is an organizational or administrative
26 activity that will not result in a direct or indirect physical change in the environment, per §
27 15378(b)(5) of the Guidelines; and
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2 Packet Pg.4 33',`
1 WHEREAS, all of the prerequisites with respect to the approval of this Resolution have
2 been met.
3 NOW, THEREFORE, BE IT RESOLVED BY THE SUCCESSOR AGENCY TO THE
4 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO,AS FOLLOWS:
5 Section 1. The foregoing recitals are true and correct and are a substantive part of this
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6 Resolution.
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7 Section 2. The Bond Expenditure Agreement between the Successor Agency and the
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8 City, which is attached hereto as Exhibit"A", is hereby approved. L
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9 Section 3. The City Manager, as the Successor Agency's Executive Director or =
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10 designee, is authorized to take such actions and execute such documents as are necessary to w
11 effectuate the intent of this Resolution. 0
12 Section 4. This Resolution is not a "project" for purposes of CEQA, as that term is
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13 defined by Guidelines § 15378, because this Resolution is an organizational or administrative N
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14 activity that will not result in a direct or indirect physical change in the environment, per §
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15 15378(b)(5) of the Guidelines. E
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16 Section 5. This Resolution shall take effect upon its adoption and execution in the a
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17 manner as required by the City Charter and the applicable provisions of the HSC shall govern the 3
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18 effectiveness of the Bond Expenditure Agreement. Q.
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3 Packet Pg.436'
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1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
,` SAN BERNARDINO ACTING AS THE SUCCESSOR AGENCY TO THE
2 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING A
3 BOND EXPENDITURE AGREEMENT WITH THE CITY OF SAN BERNARDINO AND
APPROVING CERTAIN RELATED ACTIONS.
4
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Successor
5
Agency to the Redevelopment Agency of the City of San Bernardino, at a meeting thereof, held
6 on the 1St day of February, 2016,by the following vote,to wit: E a)
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8 Council Members Ayes Nays Abstain Absent
9 MARQUEZ
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10 BARRIOS x
11 VALDIVIA c
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12 SHORETT
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Georgeann Hanna, City Clerk 3
18 The foregoing Resolution is hereby approved this 1St day of February 2016. a
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R. Carey Davis, Chairman
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Successor Agency to the
22 Redevelopment Agency of the
City of San Bernardino =
23 Approved as to Form:
24 Gary D. Saenz, City Attorney a
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By:
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4 Packet Pg.437;
1 EXHIBIT "A"
2
3 BOND EXPENDITURE AGREEMENT
BETWEEN THE
4 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
5 AND THE
CITY OF SAN BERNARDINO
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5 Packet Pg.438''
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BOND EXPENDITURE AGREEMENT
r This Bond Expenditure Agreement (the "Agreement") is entered into on February 1,
2016, by and between the City of San Bernardino, a municipal corporation (the "City") and the
Successor Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor
Agency"). The City and the Successor Agency are collectively referred to herein as "Parties" or
individually referred to as a"Party".
RECITALS
WHEREAS, pursuant to Health and Safety Code (the "HSC") § 34172 (a) (1), the
Redevelopment Agency of the City of San Bernardino was dissolved February 1,2012; and
WHEREAS, consistent with the provisions of the HSC, on January 9, 2012 the Mayor
i and Common Council of the City of San Bernardino elected to serve in the capacity of the E
Successor Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor L
Agency"); and Q
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WHEREAS, the Oversight Board for the Successor Agency (the "Oversight Board") w
has been established pursuant to HSC § 34179 to assist in the wind-down of the dissolved
redevelopment agency; and x
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WHEREAS, HSC § 34191.4 (c) allows a successor agency that has received a Finding o
of Completion (the "FOC") to use bond proceeds from bonds issued prior to 2011 for purposes 0°
for which the bonds were sold, provides that such proceeds in excess of amounts needed to °
satisfy approved enforceable obligations shall be expended in a manner consistent with the
original bond covenants, and further provides that such expenditures shall constitute excess bond o
proceeds (the "Excess Bond Proceeds") obligations that shall be listed separately on a successor C4
agency's Recognized Obligation Payment Schedule (the "ROPS"); and
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WHEREAS, the HSC provides for a cooperative relationship between cities and their Q
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redevelopment agencies, as well as their successor agencies who have assumed the duties and
obligations of the former redevelopment agencies; and
WHEREAS, HSC § 33220 authorizes a city to aid and cooperate in the planning, a
undertaking, construction, or operation of redevelopment projects; and
WHEREAS, HSC § 34178 (c) allows a successor agency and its sponsoring city to
enter into agreements for the purpose of conducting the work of winding-down the former
redevelopment agency as set forth in HSC § 34177.3 (b), subject to the obtaining the approval of
its oversight board; and
WHEREAS, as a consequence of receiving its FOC on December 22, 2015, the
Successor Agency may now utilize its Excess Bond Proceeds for their intended purposes; and
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packetPg.439
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WHEREAS, the Successor Agency has Excess Bond Proceeds in the amount of
i $6,045,230 from its 2010A Tax Allocation Bonds (the "TABS") and $2,701,558 from its 2010B
TABS that together total $8,746,788 that may be committed to capital projects pursuant to the
covenants applicable to each of the TAB issues; and
` WHEREAS, the Successor Agency does not have the technical capability of causing the
development of capital projects; however, the City of San Bernardino (the "City") does have the
requisite technical capability of causing the development of capital projects; and
WHEREAS, pursuant to this Agreement, the Successor Agency desires to provide the
Excess Bond Proceeds to the City for the purpose of enabling the City to use such funds in the
manner consistent with the covenants applicable to the TABs; and
WHEREAS, the Parties intend that this Agreement shall constitute an excess bonds
proceeds obligation within the meaning of HSC § 34191.4 (c) (1) (A) to be paid from Excess E
Bond Proceeds; and a
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WHEREAS, the Successor Agency has listed this Agreement inclusive of the 0
requirement to transfer Excess Bond Proceeds to the City on its ROPS 16-17 A & B as an
obligation to be funded with Excess Bond Proceeds.
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NOW, THEREFORE, in consideration of the mutual promises, covenants and LU
conditions set forth hereinafter,the parties agree as follows: o
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1. Incorporation. The foregoing Recitals are true and correct and are a substantive
part of this Agreement.
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2. Successor Agency's Obligations: Subsequent to the Effective Date, as defined N
below, the Successor Agency shall: i) transfer to the City all of the Excess Bond Proceeds from E
the 2010 TABS, plus all interest accrued thereon up to the date of such transfer; and ii) assign to Q
the City all duties and responsibilities with respect to the administration of any capital projects
that are funded with Excess Bond Proceeds, including without limitation, as set forth therefor in
the indenture or indentures of trust under which the TABS were issued.
3. City's Obligations: The City shall have the following obligations under this Q
Agreement:
a) Retention of Excess Bond Proceeds: The City Shall accept, hold, and disburse
Excess Bond Proceeds transferred to the City pursuant to this Agreement, including current
Excess Bond Proceeds and future Excess Bond Proceeds. The City shall retain any Excess Bond
Proceeds that it receives and shall use such funds for uses consistent with applicable bond
covenants.
b) Use of Excess Bond Proceeds: The City may spend Excess Bond Proceeds received
or retained under this Agreement on any project, program, or activity authorized by the Mayor
and the Common Council of the City (the "Selected Projects"). The Selected Projects may
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Packet Pg.440
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include projects that are described in the Official Statement for the TABS, as depicted on Exhibit
"A"hereto, or as otherwise allowable under the tax certificate executed and delivered for all or a
1? portion of the TABs. Further,the City must spend the Excess Bond Proceeds consistent with the
original bond covenants applicable to the particular Excess Bond Proceeds, and must comply
with all requirements of the federal tax law and all applicable requirements of the HSC as to the
use of such funds. The City shall be solely responsible for ensuring that Excess Bond Proceeds
are maintained and spent in accordance with bond covenants and other applicable laws.
The City shall indemnify and defend the Successor Agency, and its officers and agents,
against, and shall hold the Successor Agency, and its officers and agents, harmless from, any
claims causes of action, or liabilities arising from any use of Excess Bond Proceeds by the City
that is inconsistent with or unallowable pursuant to the applicable bond covenant or the failure of
the City to ensure that Excess Bond Proceeds are used in accordance with bond covenants,
federal tax law, and the HSC.
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The City assumes all contracts, if any, entered into by the Successor Agency or the a
former redevelopment agency related to activities to be funded by Excess Bonds Proceeds, with a
the exception of those contracts retained by the Successor Agency relating to Enforceable
Obligations. The City shall perform its obligations hereunder, and under such assumed
contracts, in accordance with the applicable provisions of federal, state and local laws, including
the obligation to comply with environmental laws such as CEQA, and shall timely complete the w
work required for each project. LU
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C) Investment of bond proceeds: Until expended, City will cause those proceeds ca
from bonds as to which interest payments are exempt from federal income tax to be invested in N
tax-exempt obligations.
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4. Entire Agreement; Waivers; and Amendments:
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a) This Agreement constitutes the entire understanding and agreement of the Parties
with respect to the transfer and use of Excess Bond Proceeds. This Agreement integrates all of
the terms and conditions mentioned herein or incidental hereto, and supersedes all negotiations E
or previous agreements between the Parties with respect to the subject matter of this Agreement.
b) This agreement is intended solely for the benefit of the City and the Successor a
Agency. Notwithstanding any reference in this Agreement to persons or entities other than the
City and the Successor Agency,there shall be no third party beneficiaries under this agreement.
c) All waivers of the provisions of the Agreement and all amendments to this
Agreement must be in writing and signed by the authorized Representative of the Parties.
5. Severability: If any term, provisions, covenant or condition to this Agreement is
held by a court of competent jurisdiction to be invalid, void of unenforceable, the remainder of
the provisions shall continue in full force and effect unless the rights and obligations of the
Parties have been materially altered or abridged by such invalidation, voiding or
unenforceability. In addition, the Parties shall cooperate in good faith in an effort to amend or
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Packet 1?g 441,,.
modify this Agreement in a manner such that the purpose of any invalidated or voided provision,
„ covenant, or condition can be accomplished to the maximum extent legally permissible.
6. Further Assurances: Each Party agrees to execute, acknowledge and deliver all
additional documents and instruments, and to take such other actions as may be reasonably
° necessary to carry out the intent of this agreement.
7. Effective Date: This Agreement shall only be effective subsequent to its approval
by the Successor Agency's Oversight Board and the California Department of Finance (the
t "DOF").
8. Integration: This instrument constitutes the entire agreement between the Parties
with respect to the subject matter hereof and supersedes all prior offers and negotiations, oral or
written.
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9. Governing Law: This Agreement shall be construed and interpreted according to
the laws of the State of California. rn
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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the dates w
indicated below.
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CITY OF SAN BERNARDINO w
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By: o
R. Carey Davis, Mayor
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Date: r
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SUCCESSOR AGENCY TO THE Q
REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO E
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By:
R. Carey Davis, Chairman
Date:
APPROVED AS TO FORM:
Gary D. Saenz, City Attorney
By:
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i EXHIBIT"A"
EXCERPTS FROM THE OFFICIAL STATEMENTS
FOR THE
2010A AND 2010B TAX ALLOCATION BONDS
DESCRIBING THE PROJECT
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Project Description for the 2010A Tax Allocation Bonds(taken from page 3 from the Official Statement)
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The 4`h Street is designated as the"4th Street Corridor" in Downtown San Bernardino from`B" Street west to `H"
Street and from 2"d street north to 5rh Street. 4`h Street was formerly the major access route to the Interstate-215
Freeway ("1-215"). The California Department of Transportation ("Caltrans") currently has underway 1-215
widening and construction and reconfiguration of on-and off-ramps to the 1-215.Due to the closure of the off-ramps
at this location,the Agency plan for this 3 block areas is to limit 4th Street to 2 travel lanes with pedestrian friendly
walking areas and limited vehicular access. The Agency proposes to alter the width of the streets to remove 2 travel E
lanes plus the current curb-side parking and install decorative paving stones and other amenities that will denote this
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area as the "Theater District." The "Theater District" is anchored by the historic 1,760 seat California Theatre
constructed in 1928 and the Agency owned 20-plex theater facility. Q
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The projects the Agency intends to finance with the proceeds of the Bonds are as follows:
Items Estimated Cost
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` 4`h Street from E Street to H Street — $2,000,000 w
Redesign/construct 4th Street to 2 travel lanes with =
pedestrian friendly walking areas, limited vehicular m
access, restriping, and streetscape including, but not
limited to: landscaping, medians, lighting, signage,
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signalization,public areas,water features. 04
5th Street from E Street to H Street—Freeway gateway $600,000
and streetscape including, but not limited to: N
landscaping, medians, lighting, signage, signalization,
public areas,water features. E
Court Street from E Street to Arrowhead Avenue — $450,000a�
Streetscape including, but not limited to: landscaping, Q
medians, lighting, signage, signalization, public areas, c
water features. E
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E Street from 51h Street to 2 n Street — Streetscape $400,000
including, but not limited to: landscaping, medians,
lighting, signage, signalization, public areas, water Q
features.
F Street — 5th Street to 4th Street — Streetscape $400,000
including, but not limited to: landscaping, medians,
lighting, signage, signalization, public areas, water
features.
Streetscape 2°``Street from I-215 to E Street—Freeway $650,000
gateway and streetscape including, but not limited to:
landscaping, medians, lighting, signage, signalization,
public areas,water features.
Theater Square—public areas, utilities, water features $65000
development pads.
Temporary Bus Facility Infrastructures — streetscape, $400,000
on-site vehicular infrastructure; public building
renovations.
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` Convention Center—streetscape,utilities,public areas. $300,000
Reader Board Sign. $900,000
Various Northwest Redevelopment Project Area $950,000
] infrastructure projects.
Contingency (unused funds to Northwest $550,000
Redevelopment Project Area).
Total: $8,250,000
Project Description for the 20108 Tax Allocation Bonds(taken from page 3 from the Official Statement)
The Project is expected to include various infrastructure improvements throughout the Project Area.The projects the
Agency intends to finance with the proceeds of the Bonds are as follows:
Items Estimated Cost
Various Neighborhood street light and street $1,500,000
construction projects. r
Baseline at California — right-of-way easement, $350,000
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curb/gutter/sidewalk. E
West Highland Corridor Improvements between Macy $800,000 d
Street and California Street—the design/reconstruction Q
of street including storm drains, sewer, streetscapes,
landscaping, upgrade signage and signalization,
utilities, curb and gutter, sidewalk; facade
improvement; demolition of buildings; clearance of 4)
parcels along the south side of West Highland. X
I-210/State Street Corridor Infrastructure $950,000 w
Improvements from State Street exit to Lytle Creek — c
the design/reconstruction of street including storm M
drains, sewer, streetscapes, landscaping, upgrade
signage and signalization, utilities, curb and gutter, N
sidewalk;other development incentives. l
Various land acquisition/assembly projects, demolition $2,300,000 c
of blighted properties,etc. N
Southeast corner of Highland and Medical Center $830,000 w
Drive — sidewalk, curb and gutter; additional street E
lighting; undergrounding of utilities; upgrade to mains Q
sewer connection.
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Medical Center Drive South of the Magnolia at $450,000
Highland Project — sidewalk, curb and gutter; E
additional street lighting; undergrounding of utilities;
upgrade to main sewer connection. ,•1°,
Highland Avenue west of Medical Center Drive—the $1,000,000 Q
design/reconstruction of street including storm drains,
sewer, streetscapes, landscaping, upgrade signage and
signalization,utilities,curb and gutter sidewalk.
Total: $8,180,000
Mote: The total amount of the listed projects exceeds the amount of net bond proceeds for both TABS. Accordingly,
the bond proceeds were not consider the sole source of funding for the sum of the listed projects. The bond
documents do not identify the supplemental funding sources.
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