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:
Total Estimated Cost $ 5,000
Funding
Budgeted $ 5,000
New Funding
Savings
Other
Total Funding Available $ 5,000
Change To Net County Cost $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 agre...
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