Title
Auditor-Controller recommending the Board consider the following:
1) Authorize the Auditor-Controller to negotiate and execute necessary contracts, including but not limited to contracts for bond counsel, underwriting services and special tax consulting services, that are needed in relation to the proposed new community facilities district (CFD) and financing requested by AKT (the Developer) for a subdivision in the "Promontory Specific Plan" after each agreement has been approved by County Counsel and Risk Management;
2) Authorize the Auditor-Controller to execute the Deposit and Reimbursement Agreement between El Dorado County and the Developer upon final approval by County Counsel and Risk Management; and
3) Authorize the Auditor-Controller to take all necessary steps to prepare all documents required to form the CFD, as soon as practical.
FUNDING: Developer-funded.
Body
DISCUSSION / BACKGROUND
The Developer has requested that the County consider the formation of a public services community facilities district within the Promontory Specific Plan to fund certain infrastructure.
In order to form a district and issue bonds, an offering statement, in addition to many other legal documents, will have to be prepared. The actual amount of special taxes to be levied would be subject to a maximum stated in the CFD documentation and the actual levy would depend on revenue needed, as calculated by the County. In order to proceed with these tasks, the County must contract with a special tax counsel and other consultants. All agreements will be subject to review and approval by County Counsel and Risk Management. None of the contracts will exceed the threshold for competitive bidding.
The first step in processing this Developer's request is to contract with consultants and authorize a Deposit and Reimbursement Agreement between the County and the Developer. Pursuant to the Deposit and Reimbursement Agreement, the County will receive advances from the Developer to pay third party invoices from consultants retained by the County to assist in the formation of the district.
ALTERNATIVES
N/A
PRIOR BOARD ACTION
N/A
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
This item will have no impact on the County General Fund. All the costs will be paid from the money advanced by the Developer.
CLERK OF THE BOARD FOLLOW UP ACTIONS
N/A
STRATEGIC PLAN COMPONENT
N/A
CONTACT
Joe Harn