REPORT TO THE CITY COUNCIL
FROM: SCOTT L. MOZIER, PE, Director
Public Works Department
BY: ANDREW J. BENELLI, PE, City Engineer/Assistant Director
Public Works Department, Traffic Operations and Planning
SUBJECT
Title
RESOLUTION - (1) Authorizing the California Statewide Communities Development Authority to form a Community Facilities District within the territorial limits of the City of Fresno to finance certain public improvements and development impact fees; (2) embodying a joint community facilities agreement setting forth the terms and conditions of the community facilities district financing; and (3) authorizing staff to cooperate with the authority and its consultants in connection therewith. (Property located near the intersection of East Belmont Avenue and North Armstrong Avenue, in Council District 5)
Body
RECOMMENDATION
Staff recommends that the City Council adopt a resolution (1) authorizing the California Statewide Communities Development Authority (the "Authority" or "CSCDA") to form a Community Facilities District within the territorial limits of the City of Fresno to finance certain public improvements, development impact fees, and refinance outstanding bonds; (2) embodying a Joint Community Facilities Agreement setting forth the terms and conditions of the Community Facilities District financing; and (3) authorizing staff to cooperate with the Authority and its consultants in connection therewith.
EXECUTIVE SUMMARY
Staff recommends the Council authorize creation of a new Community Facilities District overlaying existing Community Facilities District (CFD) No. 2012-01, by the CSCDA. This CFD was formed in 2012 to finance public infrastructure improvements in the Fancher Creek Business Park, located near the intersection of East Belmont Avenue and North Armstrong Avenue. The new CFD is being formed to facilitate the refinancing of the original CSCDA bonds at lower interest rates.
BACKGROUND
On March 25, 2010, Council adopted R...
Click here for full text