Resolution Number 08-08-05-06RESOLUTION NO. 08-08-05-06
' RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY
OF SAN JUAN CAPISTRANO TO INCUR BONDED INDEBTEDNESS IN
AN AMOUNT NOT TO EXCEED $7,500,000 WITHIN PROPOSED
COMMUNITY FACILITIES DISTRICT NO. 2008-1 OF THE CITY OF SAN
JUAN CAPISTRANO (VENTANAS BUSINESS CENTER)
WHEREAS, the City Council of the City of San Juan Capistrano (the "City
Council') upon receipt of a petition as provided in Section 53318 of the Government
Code of the State of California instituted proceedings to form Community Facilities
District No. 2008-1 of the City of San Juan Capistrano (Ventanas Business Center) (the
"Community Facilities District No. 2008-1") pursuant to the Mello -Roos Community
Facilities Act of 1982 (the "Act'), as amended, pursuant to Resolution No. 08-08-05-05.
adopted by the City Council on the date hereof to finance (1) the purchase,
construction, expansion, improvement or rehabilitation of certain real or other tangible
property described in Exhibit "A" hereto and incorporated herein by this reference in lieu
of the payment of related impact fees related to the Ventanas Business Center Project
and (2) payment of acquisition costs of certain real or other tangible property described
in Exhibit "A" hereto and incorporated herein by this reference ((1) and (2), collectively,
comprising the "Facilities"), which Facilities have a useful life of five years or longer, and
(3) the incidental expenses to be incurred in connection with financing the Facilities and
' forming and administering the District (the "Incidental Expenses"); and
WHEREAS, the City Council estimates that the amount required to finance the
Facilities and Incidental Expenses is approximately $7,500,000; and
WHEREAS, in order to finance the Facilities and Incidental Expenses, the City
Council intends to authorize the issuance of bonds in the maximum aggregate principal
amount of $7,500,000, the repayment of which is to be secured by special taxes levied
in accordance with Section 53328 of the Act on all property in the proposed Community
Facilities District No. 2008-1, other than those properties exempted from taxation in the
rate and method of apportionment set forth in Exhibit "C" to Resolution No. 08-08-05-05;
THE CITY COUNCIL OF THE CITY OF SAN JUAN CAPISTRANO HEREBY
FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS:
SECTION 1. The above recitals are true and correct.
SECTION 2. It is necessary to incur bonded indebtedness within the boundaries
of proposed Community Facilities District No. 2008-1 in an amount not to exceed
$7,500,000, to finance certain of the costs of the Facilities and Incidental Expenses, as
permitted by the Act and federal tax law.
' SECTION 3. The indebtedness will be incurred for the purpose of financing the
costs of the Facilities and the Incidental Expenses, including, but not limited to, the
Page 1 of 4 08-05-2008
funding of reserve funds for the bonds, the financing of costs associated with the —
issuance of the bonds and all other costs and expenses necessary to finance the
Facilities which are permitted to be financed pursuant to the Act.
SECTION 4. It is the intent of the City Council to authorize the sale of bonds in
one or more series, in the maximum aggregate principal amount of $7,500,000, and at a
maximum interest rate not in excess of 12 percent per annum, or a higher rate not in
excess of the maximum rate permitted by law at the time that the bonds are issued.
The term of the bonds of each series shall be determined pursuant to a resolution of this
City Council authorizing the issuance of the bonds of such series, but such term shall in
no event exceed 30 years from the date of issuance of the bonds of such series, or
such longer term as is then permitted by law.
SECTION 5. A public hearing (the "Hearing") on the proposed debt issue shall
be held at 7:00 p.m. or as soon thereafter as practicable, on September 16, 2008, at the
City Council Chambers, 32400 Paseo Adelanto, San Juan Capistrano, California.
SECTION 6. At the time and place set forth in this Resolution for the Hearing,
any interested persons, including all persons owning land or registered to vote within
proposed Community Facilities District No. 2008-1, may appear and be heard.
SECTION 7. The City Clerk is hereby directed to publish a notice (the "Notice")
of the Hearing pursuant to Section 6061 of the Government Code in a newspaper of
general circulation published in the area of the proposed Community Facilities District
No. 2008-1. Such publication shall be completed at least seven days prior to the date of
the Hearing. The City Clerk is further directed to mail a copy of the Notice to each of
the landowners within the boundaries of proposed Community Facilities District No.
2008-1 at least 15 days prior to the Hearing.
Page 2 of 4 08-05-2008
STATE OF CALIFORNIA )
' COUNTY OF ORANGE ) ss.
CITY OF SAN JUAN CAPISTRANO )
I, MARGARET R. MONAHAN, appointed City Clerk of the City of San Juan Capistrano,
do hereby certify that the foregoing Resolution No. 08-08-05-06 was duly adopted by
the City Council of the City of San Juan Capistrano at a Regular meeting thereof, held
the P ' day of August 2008, by the following vote:
AYES:I q /ICOUNCIL MEMBERS: Allevato, Hribar, Uso and Mayor Soto
NOES: COUNCIL MEMBER: Mayor pro tem Nielsen
AOSE T COUNCIL MEMBER: None
ity
J
Page 3 of 4 08-05-2008
EXHIBIT A
Types of Facilities and Incidental Expenses'
to Be Financed by Community
Facilities District No. 2008-1
[August 5, 20081
Phase I Phase 2
Description of Fees and Improvements (a) Tota[ 102,100 SF 123,400 SF
Offsite Improvements
Calle Arroyo Street Improvements
$ 40,329
$ 40,329
$
Multi Purpose Trail
121,168
121,168
Estimated Soft Costs & Contingency
52.865
52.865
Total Offsite Improvements
$ 214,362
$ 214,362
$ -
On -Site Improvements:
8" Well Fill Line
$ 71,906
$ 71,906
$ -
12" Water Line
26,123
26,123
-
18" Sewer Line
173,072
173,072
-
Estimated Soft Costs & Contingency
88,749
88,749
Total On -Site Improvements
$ 359.850
$ 359,850
$ -
Water and Sewer Fees:
Sewer Capacity Fee & Connection Fee
$ 625,086
S 283,021
$ 342,065
Water Capital Improvement Charge
108,240
48,974
59,266
Water Storage Fee
162,360
73,461
88,899
Water Capacity Charge
142,065
64,278
77,787
Meter Installation Fee
3,615
2,169
1,446
Non -Domestic Water Fee
172.011
172,011
Total Water and Sewer Fees
$ 1,213,377
$ 643,914
$ 569,463
City Impact Fees:
Capistrano Circulation Fee
$ 1,443,200
$ 653,440
$ 789,760
Estimated Traffic Fairshare Fees
360,000
360,000
-
Agricultural Preservation Fee
20,000
20,000
Drainage Area Fee
23,751
23,751
-
Total Impact Fees
$ 1.846.951
$ 1,057,191
$ 789,760
Project Management (10% of Hard Costs)
$ 43.260
$ 43.260
$ -
Subtotal Fees and Improvements
$ 3,677,800
$ 2,318,577
$ 1,359.223
10% Proposed Community Wide Facilities Charge
$ 367.780
$ 231.858
$ 135,922
Total CFD Fees and Improvements
$ 4.045.580
$ 2.550.435
$ 1.495.145
Footnotes:
(a) Amounts represent estimates only and are subject to change.
Additionally, the proposed phasing of development
described
herein is conditioned upon approval by the City Council of a
modification to Condition 474b of Architectural Control 07-01.
If modification is not approved, or is approved at a level
different than described herein, the phasing
of the estimated
Facilities costs will be adjusted to conform to Condition 474b, or the approved modification, as applicable.
A-1
DOC SOC/ 1285380v7/022658-0023