Title
Transportation Department recommending Chairman be authorized to sign the Acquisition Agreement with Silver Springs, LLC, related to a bond issuance through the California Statewide Communities Development Authority Statewide Community Infrastructure Program (SCIP) subject to approval and modifications by County Counsel and Risk Management.
RECOMMENDED ACTION: Approve.
Body
FUNDING:
There is a minimal fiscal impact associated with this agreement related to DOT staff time. The developers of the Silver Springs project will submit a claim to the SCIP administrators seeking reimbursement for the construction of improvements to be accepted by the County. DOT staff will review and approve the claims for payment from the SCIP bond proceeds. It is estimated that cost for this staff time will be less than $5,000 and will be reimbursed to DOT from SCIP bond proceeds.
BUDGET SUMMARY: |
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Total Estimated Cost |
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$ 5,000 |
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Funding |
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Budgeted |
$ 5,000 |
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New Funding |
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Savings |
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Other |
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Total Funding Available |
$ 5,000 |
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Change To Net County Cost |
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$0.00 |
Fiscal Impact/Change to Net County Cost:
There is no change to net County cost.
Background:
On December 5, 2006, the Board of Supervisors conducted a public hearing and adopted a resolution, authorizing the County to join the Statewide Community Infrastructure Program ("SCIP") and authorizing the California Statewide Communities Development Authority to accept applications from property owners, conduct special assessment proceedings and levy assessments within the territory of the County of El Dorado and authorizing related actions.
In addition to providing a source of funding for TIM fees, SCIP bond proceeds can also be used to reimburse developers for the costs associated with the construction of roadways that will be accepted into the County maintained system. When SCIP proceeds are used for the reimbursement of improvements, an acquistion agreement is required between the County and developer. In these cases the County must agree to review documents provided by the developer to support expenditures being claimed for reimbursement from SCIP. This process is similar to that employed where County issued Mello Roos bonds are utilized as a funding source. The Mello Roos Acquisition and Disclosure Agreement and CFD guidelines have been modified, with assistance from County Counsel, to accommodate the SCIP requirement and are proposed to be used as a template for future acquisitions utilizing SCIP funding.
Reason for Recommendation:
Silver Springs, LLC the developer of the Silver Springs development has applied for financing of certain public capital improvements through the SCIP to include the Silver Springs Parkway that will be accepted by the County of El Dorado as public infrastructure which results in the need for this agreement. The County's role related to this SCIP bond financing is limited to the review and approval of costs. As such, the Auditor-Controller concurs that it is not necessary for the Bond Screening Committee to be involved related to this agreement as the County will not incur any debt and will not be involved in the bond sale.
Action to be taken following Board approval:
Chairman of the Board will execute the Acquisition Agreement pending County Counsel approval.
Contact:
Scott Wilson x6050
Diana Buckley x 5972