Title
Department of Transportation recommending the Board direct the Auditor-Controller to:
1) Process a journal entry transferring residual funds from the 2004 General Plan (GP) El Dorado Hills (EDH) Traffic Impact Mitigation (TIM) West Valley Prepayment account to the 2004 GP EDH TIM account; and
2) Close the 2004 GP EDH TIM West Valley Prepayment account after the transfer is processed. (Cont'd. 10/16/12, Item 27)
Body
Fiscal Impact/Change to Net County Cost
There is no fiscal impact and no change to County Cost. The Department of Transportation's addenda budget request included an increase in appropriations within the 2004 GP EDH TIM West Valley Prepayment account and a decrease in appropriations within the 2004 GP EDH TIM account to accommodate this requested transfer of residual funds. There is no change in overall appropriations.
Background
The Conditions of Approval for TM99-1359R, Blackstone Development, required the Developer to provide funding for certain improvements and to enter into a Funding/Reimbursement agreement with the County. On November 8, 2005 the Board Chair executed the "Funding, Credit and Reimbursement Agreement" (Agreement). Section 9 of the Agreement required West Valley, LLC to prepay a portion of the El Dorado Hills Traffic Impact Mitigation (EDH TIM) fees for their development using a portion of the bond proceeds of their Community Facilities District. These prepaid fees were deposited into a separate interest-bearing account (7730506) which was named the "2004 GP EDH TIM West Valley Prepayment" account (Prepayment Account). Pursuant to the Agreement, these prepaid fees were to be applied first to the construction of the Latrobe Road projects in which the Developer had a funding obligation under Condition 25 of TM99-1359R. The prepaid fees were sufficient to fund all the costs of the Condition 25 projects.
On July 22, 2008 the Board Chair executed an "Implementation Agreement Regarding Processing of Pre-Paid El Dorado Hil...
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