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1999-0913_CAPISTRANO UNIFIED SCHOOL DISTRICT_Jt Comm Facilities AgrJCIIN'D CCIMMUN JIY FACILI7IF lL AICIREHMEND among CAPR 'I"NCI UN IFIHI] SCIHOOH 11ISIRIC7 and CAPISTRAINO VAIILEY WAFOR DISIRICI iielal ing to (ICIM MUN I71Y FACILITIF S I]IS'DRICIT NCI.98 -1 CIF 'DHE CIAPIS7RANO UNIFIED SCIECIOL HISTRICIT (PACIIFIC POINT,' DOCI4 (11655161 ).i7 V 2 508.10:5 ]CANT CICIMMUNI] N Fp GILIT13S AGREHMHNT 7 F IS JCIINI CIOMNI UNITY FA(IIIIMHS AGREENi ENT Itl e "Agre emend"' is enierled info efhi ativ( a9 of the day of , 1999, t )l and among 1hr CAPI9 T RANCI VAI LHY WAI ER DISTRI(II, a county watervIbiks district fanned pursuant to Elivisic n 1(I of d e Clalifomia Wal+ a Clods @he "Alaler Disl6cl" , the CIAPIS7 RANO UNIFIHD SCHOCIL DISTRICIT, a public enlity, tllhe "School Elislrict") and SJII AP FITNHRS, L7 D., a California Limi-led Barineiiship (thr "Clan pa ri) I"), a nc I r(ila t( s to the pnoposa d formal ion of COM MUN17 N FP CIILITIH9 LI1SI RICIT NO.98-1 OF THH CAPI9IRAI`CI UNIHIHD SCHCICIL DISIRICI JPACIIFIC PIOINI) (tha "Ll is l ria t") . AEC111 AUS: A. 1 he Company is the owner of 01 alllhe land wiilhin Assessor's Plana I Numbers listed ari Exhibit "P" heie-lo in the inoarpolall ed tanitoryl a the City of San Juan (la pisil ra no, S -la -le oil Clalifamia illhe "Propery": and vrhicl is proposed to aonsli'lule 'Ihe land will in the boundaries althe Distiial. Shah boundaries are st avrri on the map included in Exhibit "A" atlach(id harp to, which is incorljlarated by referenaeherein. H. The Clompany is the developer al 1he Araperty rid I Es ob-lained the nec( scary development apprav�ls to conslruat appioxinilely 771-425 residenlial units, as well as approximate13I 23 acres of commelrcial implovemenls, on the Property and to pra`liclo the rcquirad infraslniature far such uni'ls and inllrovements, including solaals tc ba owned and opeialed by the School District Illhe "9ahaol Aaciiities") and cerain via -lei implovemenlsto to wined end opanted by 'Ihe Wa1Ie1 LlisAcl which ave described in Hxhibit H hereto and incorplorat((l by i afarenae herein 01he "Water District Facilities"). The Water Disllic'I Facilities znd the School F�cilitias are some'limas collectively ralen ed la herein as th( "Fi ailities". Ad&ion� lly, the Company has requasied thr t the Clit)l of San Juan Capistriano (the "City") enlel into a ,joint aammunily fr ailities gra a me nl with the School Distrial with 1 espy e'I la a e rb in roadwi y nd s'lorm di ain fi cilities (joalleativ(ly, the "Clil)l Facilities to be finano(d by -Ihe District. CI. 11 is expected that Ihe cost of the School F, ailitia� will oxaeed Ihe cost of the Water Disci ial Paoilitie! and Clity Facili'lies ancl, thelefora, the School Districil is permitted 10 have p1 imEry responsibility for the fonnation and , <Iministralion of 1l e Disn ict. D. The Clampany h, s requested the HaE rd oil Truitt es oil'Ihe School Di�triat ljilhe "HaErd of Tiustea."; to lorrnr end tEilablish the District puisuant to the provisions of Ihe Mello -Roos Clommunilly Facilitia� Act of 1982, CII ipter 2.1 (loan rnaneiril wi-lh Section 53311 al Pan 1 of Division 2 of Title 5 of tl e Clalifarnia Claiia mment Clode 1 Atha "Act"). E. 1 i e provision of the School Faailities and the Water Distr ici FzcIliti( s is neaessit led 11 the development of the land wi�lhiri the District and 1Ihe par ies herelo find and detarmine ilhal 'Ihe residews of the W� to r Distr ic-1, tl a Sal col Di: tricl and the District will be ben(filed by Ihe aonsliuclion,nd/ar acquisilion of the 'Wi,ler Dislrici Facilities r ncl the School Facilitia: and 1Ihat This Agre emenl is beneficial to -Ihe inle rads al such r(sidenls. 2 DOC: 0C%A55161 W] V AW .a a7 5 F. The parties heneto inlend to I ave the Dis1i iat assi; t in financing the Water Bis rict Fag ilii ies I i l disbur, ing Ellis- ria t bond constr ucl ion pros e e ds in an art aunt which is e: imalt (I at, and I hall not exce t d, 11,672,000 jtl t "Ala er Dish ic�l Faa ilii ies Amo= "I al the wr itte n r eque: t lo IN Dis riot of he Wla ler Disb is to finance t1 a cons ruation and/lor � cquisil ian of 'Ihe Water Disi ria Facilities. G. The Ala ei Disti is is authoi ized by Sect ion 53313.5 of the Paa assis in le frnana inp of the acquisition ant liloi construe ion of the Ala ei Dist i is F� a ilii ie: and i he School Dist i is I is aut hoi ized t o as sist in i he fin a ne inp a l t he School Facilities. T his Agi eement ions itules a Joint communi y facili its a gra emen , within the meaning of Sea ion 53316.2 of he Aa 1, t y and among i he Water L is riot and the Saht c 1 District, pui suanl i o which i he Disti is when formed will be aut hoi ized i o fina ri a e he constr uct ion and, for a a qu is i l is n of he Ala ei Disi ria t Baa i iii ies in I e not to exited amount of $2,672,000 and tt flnanat the Sal ool Baailities in the approximate amount of $7,000,000. As authorized by Section 5331(1.(1 of he Aa , responsibility for oanstruating, pi oviding and openating he Schaal Raaililies is delegated to ',lhe Salatl District and responsibility for a ons rua ting, pro` iding lbs and opt nating the Ala er Dist riot Facilities is cit It ga ed to the Ala en Dis r ict to the a )rte n set forth he rt in, H. Puunrant to Governmen Clode Seel ion ID 14.9, he Boaud t p Taustaes of the School Lisiriat is auihorhed to accapt advances of ilunds fnom any source, including, tut no limited lo, pnivale parsons on private entities, and may provide, by nasolui ion, pon he use of those funds iloi any aulhoriztd purposes, including, bu not limited to, paying any costs inauned by the local agency in creasing a distaicl. the lagislai1ve body may also enlen irrlo an agreement, by rresalution, with the peuson or entity advancing the fund:, to repay all of a portion of the fun(, advanced pr( vidtid thal cer ain aon&it m aj a mat. The aanditions to be salisfled require 'lhall (11; the puoposal Flo repay the funs s musl be inalutlt d in the nesolution of intention for the pnoposad c i:lriot and in the rt solution of formation for tht pnoposed disc riot and (12; than ny 11noposed special lax is approved by Iht qualified eleatons of tl a dislriot pui suant to the Act and lI a l if riot apps a` e d any funds which lave nc t been commitled fan any aulhouiaed purpose by the lime of the election mus'I I t nelurntd to the peuson or entit3 advanaing funds. 1. T he partia s t t n tc in end to have 11 t Dim ict a ssis'I in flnancing t a Wata r Disl1 ie -1 Baoililie; by transferring Io the Wittr Disluia a por ion of Distuic Bond conslnuolion proaeeds, in aacoi dance with the fermis c p d is p gree merit and 11uistu fit 'lo the Act. U n( a 'I he larrrrs set llorh hent in, tht L iMHet will ti ansiler 'Io he Water Dislr icl up to $2,672,000 in DiE1lria t Bond proct a ds ILII e "Disc ic-1 Conluit u ion"). AGRBEN EN'➢ NON, TH BREFORE, in considenal ion of tl a mutual pnomises and covenants set forth he rein, the par it s henato i grt t as ibllow : 1. Recitals. Bach of'Ihe above recitals is incoupanata(I I are in anti is True nd comi at. 7. Puoposed Aor= Iia n of Disilriat. Al ti a nequest of d a Clomllany, the School 17isilria l will under ake to ana lyze i1he appy ops k to nese of ilorrniin g a a a m munit} fi cilities dish io l to finance tht Bao Hit ies. TI e Sal as I Distnicil will netain, at 11 he Clompany's expanse, the naaessary aansullan'ls o analyze the proposed lornialion of tl a Di: tuicl, inaluding an anginaar, spacial lax consullanl, bond aatinsel, aplltaisen and othei con ultants deemed neat scary by the School Distjict. I OCSOCA55AU:121508.00:1 3. Sale of E onds ane I U; e of Piu c eed,,. In the event the Di: tnict is fornit d, t1 a E oaiid oil Truislees of the Sal ool Di! trict acting as -I he legislative t oc131 of the D ktriat ma31, in it! sole di: aration, finando Ito deign, aaw-Iniation and acquisition of ilhe School Faailitie and the Walar Di<lricit Facilitie! 1 y i! suing bonds (tt a "Bonds"). I1 any BonO piioceed, aiie esanowacl, aflen payment of the cost: ai iss uii g the E onds, ilheiie shall firs I t e re serried fra rn the E and constrict ion pra c eed, $7,004,400 to finanaa the School Facilitie;. 'Die Dislilial aitiaipatas that pnoaaeds from ilhe Sale of Dish is l E onds s hall t e available for the Wa ler Dislllia l Facilities !tit silanl ially in acci oildan(I a wi It this Secilion 3, howanar, iielease of Eond lliiocaeds llo the Vblaileii Distriat ion Waters Distiiic-1 Facilities may be subject tc e! arow uelea: a leads to be establis t ed in ilhe t ai d documents whial the Distrlic l will heneafler a n la n into will h ra s pea t to the E c i ds (the `Bond Doa a ma tits"', and the iI ern is of sue 1 o s crow neleale les -1, if aml, shall be as Ike Dislnict shall de-Iemiina, in its sole tliacretion, to be reasonably appnopriate in ondeii to comply with 11 o School Di., Inict's Statement of Local Goals and Boliaias and municipal I (i d industr}l standards for land-seaured financings. the llis 11ial shall maintain iiecouds nelal ing lo 'I it a dis bui isemenl s of piioca a ds of it d salt oll] t ha Miall ria I E onds. 7hc Company aaknowledges if a l the aoquisitic n of the VWaten Diatnict Faciinlies, inaluding -Ihe amounl and timing fou It a (14livar3l of all funding, including the Diatnict tlontribulian, required ioii the Water Di3Act Facilities shall ba in all uaspaats subject 'Io the sole discretion ai d approval of the Water Di: tnicl and IN School Diatnict, a! allllliaabla. In no eiienl will an act, ou an omission on failtine 'Io as 1, by the Waler Ilis-lriot or the Distnicl with me.pect tc the disbursarnart or nondisbursemeni of the Distnic•I Clon-Abulion (P by the L7isilriat with rospaat to the provision of any of er ilunding ion the ', ahool Faailitie: an i1he Walan Districl Facilities subject the Di; tnicl, the School District on the Wa for Dis'Iriat to paouniary liabiliily hereunder. The f an(h shall be issued only if in its sole discuelion 'Ihe Boand of Trusleas determines 1t at all nequiremernls of state and lle61ral law and all 9ahool District policies and any applicable Water Ilistriot policies have been satisfied oii in II o oasa of the poliaios waived by the School Tlisllriat or the Water Diatnict, as applicable. In no event shall the U(mpan3l ha`ia a ilighl to as mpe I t he is s uana a c c t he Honds. 4. Di; bunaemonls. tial Llistriat Bond pnocaods designated for the Wallen Dislnict Facilities shall be hold, togetheu viith all Ilicriat Band proceeds designated fon -Ihe acquisition and/or cans-lruction of 94hool Faailitie!, by the fiaaal agar t Bon the Elisil:iial 11114 "Fiscal Agent") in a special fund iltl a "Acquisition and Consauction Fund"; which shall t e inves led by the Fisaal Agent and darn and accumulate its own inlene! t. The Dimnict shall designate in IN Acquisition and Clonstriclion Fund an amounl equal to the Distaiial Clonlribulion as funds availat la solely fin Waten District Facilities, and all moneys in the Acqui: ition ai d Clonstiiuc,lion Fair d dosignatacl Ilon -Ihe Wataii Diatnict Faoililies shall at all times be available ilou the Alaleu District Faailitie., exoopl to the extent the School Di: tnicl determines intone -I earnings must to uebat ed 1( the LJ nit(d Stall es in accordance wi-1t the Int errial Revenue Code of 1986, as amended. 11) 11he Fisaal Agent shall make disbursements fron -Ihe Aloquisition and Clomilruation Fund in accoudanca with tt a leans of this Agreement and neither the School Dislriat nc n the Dist) is l shall be respow it h Ic the Wa ler Disti is l fon co: v incurred t 21 the Alateu Disluia l as a result (i willhheld or dolayed payments . 4 Docsoc\a:15164, i31215a :1.04: 3 (c; Th( A ater District agree: that prion to rid qu( sting paym(n1 hiom the District i'l shall tieview and approve all costs inaluded in i s iieque: t a d 1ja; will have i lread,I pz id such oos s of Water Distnie Faoililies from its own ilund,i on shall I sve prepared a cheek for disburs(ment vihich will It mailad an hand delivered will in 48 hours of receipt of Ills riot funds or 11b; 'gill hav( already enaumberted he funds tiequested and will tiiace and remit tlo the Distnict all earrings, if aiy, by the Watan Dis nicl in excess of he yield onAt applicable Distnict Bonds accruing hiom tl a investment oil the District Bond proaaeds requesl(d, iltiom the data of receipt of such Digriot Hond pnocaeds by the a c Distric to the dat( of exp( riditune 111 the Waleli District of suaI Distric Bond pnocaeds far as luz l leg itimate azpital aaslls of he Waleii 6islria Facilities. Sual remitlz nae, if any, shall ooaun on the earlier of the date of expenditure of such Elistria Honcl pnoee( cls or eaaf anniversary) daa of the trans1kn of ,tial Dis rift Bond proaaeds from the Dis rict to the M atan Distric . Tie A a'leli Itis ria agrees that in ptiocessing the at aua disburrsamen s it will comply with all lc gal requinements foii the e xpend i u rie all bond pra a a eds u n da r t he Aa t, , s amend( (I, and tf a l nl err al Ra'i is nue Coda all 1986, nd any amendments Iheneto. (Id; The )Nater Dist ria t a i ries s lo maintain adequate internal o a ntni a `ier its payment ilunction and to maint� in aaaounting reconds in aaaordanae vrith generally acaapted aceiaunting pnocedures. the Vi atom E14 rict 411, upon r(qu(st, provide to the Ilistrial i s annual financial nepor certified by an independent Cerifiecl Public Accountant Ion purro!(s of calculating 1 he Distnic 's i rbilrage rebate obliga ion! . 11 a Ilistlriat it all ha)ia the nigh to conduct i s own audit of I e Walen Distric 's records al r( asonable times and during norrr.ial business houns. +1O '➢he Via ar Distnia shall submi a nequesl fon payment to the Fiscal Agent whish shall be in the fomii attached t enelo z s Bxhibit "C", which st a II le sign(d by its Genanal Manager an wnitlen designee and veil is 1 sl all be far the exact amoun paid on encumbe nec I on to bo dist t. n ed as provided in panai raph (Id at ave by the 1A a ar Ai: nice for u aten District Facilities (lost! un da n paragraph (a) above, wl ie 1 o a s s shall in no event exceed the Di: tnicl C la ntnibut ion of 9:,(17. ,000. Upon tea a ipt of � n a ppnoved payment request comp le ed in aaaordanae with tf a terms all his Agraem(n, the Fiscal Agent shall viire ransfer such panion of reques ed flunds as are tf an available for release puns( an to the Llond Documents to the A at er Distria '! tank account, as dine ad bytla V4 al en Dist ria . 5. Clonsinuc iori. 71 a Waler District will complete the d( sign of the Vi a er District Facilities and the plans and sped ifrcations ilor aonstreiC ion aIlhe V1, a District Faciliti( s (1heneinaflen the "Plans and 9 peaifrcalions") in a ilomi and st baance which is sati! gaetoryl o the Watt n Di! taict. If a Company will desij it a d aar struat the Water District Facilities in aanfornuatic e with the Watan Distnict's Plans and Specifications. The (lompany acknowledges tf at none of tf a later District, the School Distnict noir he Distnict has any obligalion o pay any amor ni in exaas: of the Distniot Cle r tnibutiar for 1 he l a en Di: nice Facilities, negandless all the cost to construct the )A ater Distriat Facilities. The Company agrees hereby that it will be solely rte.,parisible to pay my and all Water Ellis rict Facilities aasl s in exaas: aillhe Di, tnicl Conlnibt ion. 6. Owns raf ip a I Faa ilii ie:. Notwith., anding 1 he fact that , a rn e or all of he l ater Dist riot Faoilit ie,i may 1( constructed in dadieatled ; tneet nigh s -of -way or on pnopery which I as been an will to cladieated to the City on z ny other enlity, the Waten Dislnia l Faeilitlies ! f all le and ramEin If c property of if a Wateii Districl. 7. Indemnification. the School Di, tnrcl shE Il a! s ume the da llo m a oil, inda mnify and sada harmless, the laler Distric, its affreers, employees snd agent;, and each and every) one oil DOC30ald1116.1AV 2108.4 011 them, from and against all actions, damage.,, claims, lo: s e! (t expenses oil ever)I I ype and desa t ipl ion t( whin h they ma y be subjected or put, by r ea son oil, ori r esult ing doom, tl is Agrieemenl a n d l I ( de sign, engineeriing a nd aonstr uction of the School Fa cilities . N( priovision a 11 his Agr( emen s hall in any way limit the extent of the School District's iiie sponsibility ilor paymc n oil damages r esull ing from the opera tic m oil d a School Distr is l and its con ra c 10 ii; pi ovide d, however, tt a l the School Disniial shall noel be requir(d to indemnify any peiiiton or entity as to damages resulting fnom negligence or willful misconduct of such parson or entity or their age nes or employees. The Wat(i District stall assuma the defense ail, indemnify and save harmless, the School Disliiiiat, iils offlceris, employees and a g c n s, an(I eaal and avery one cit them, JEom and against all actions, damages, claims, loses or expenses of aiiery type and desciuiption 110 vnt iah they may be subjected or pull, by reason of, or resulting tom, this Agreement, and the design, anginaening and a( nstrt ation all the Watan Distinct Facilities. No provision of this Agrieemenl shall in any way limit the exlenl ail tl a Water District's nesponsibility ibr pallment of damages msulrling lbom rlhe openatiom of the V4larler Ilis lrict and its confiractors; provided, howeitcr, tl a l It a Water District shall not be nequir ed o indemnif} any person on enrlity as to damages riesulting llom negligence or willful misconduc- of such person on entity or thain aganls or employees. 8. Disclosure. the (lompanil shall coopenate with the District and 1Ihe School Disilriat in compliling with d a requhiements of Hule IN 12-12 of the Securilios and Exchange Commission in conneclion with the issuance and sale of the Honds. The Company it all pnoiiida information c the Distniat and the School District ruegarding its operatiom and financial condirion, including, if available, an audited financial statement ibn it., most teacnil21 completed fiscal year, far inclusion in rhe pneliminaryl (ilflaial statement and the final orificial statement ibn the Bonds. The Clompan;l aaknowledgas Ihal, due ilo the extent of its initial property ownerrship in the Distticl, it will be an "obligated pensa n" An purplose s of compliance with Hulc l Jc12 .I] (b; (9, of tl o 9 ocurities and Hxchange Commission and that it will thetieforc be nacessar)I d a l CI(mpan�l erten into a continuing disc k swua undarlaking tl a s( long as it remains an oI ligated per son it will annually, at It a time specific in sual undertaking, provido inibrmation to rlhe Distrial and the 9ahaaI District tegatding the (I(mpany's financial condition, including, it available, audited financial slalemenls, to be ina luda c l in the annual r epor s which 1 he District will file wit h tl a 1` a l is na lly Ra cognized Municipal I a aunit1w Rapo si'lorie s which are identified by tht Secur i l ie s and Hxchange Commission and any slate informalion daposirlorl that may be (lasignated for the State of California, as requited by that rule. '➢he Clompany further ackr oviladges that i1 will I c an obligate(I parson pursuant to sual rule as long as it owns proparly within tt ( Disrlriat that is tiesponsible fa n the payment (l annual spa aia 1 tax installments whin l tepresenl 10 pericent or more of tI c annual debt service on the outs landing Bonds. 9. Allocation oil I paciai Taxa s . Upon salt and del iver� of 1 he Bonds, or s uo l earlier dale as the Mistrial, in its sole di:aralicn, detemiinos appnopriarle, the Board of 11rustees, as tte legislative body oil tht Districl, shall annually laigl a special lax as provided ibiii in tht f( r7nation proceedings olthe Dislriic-. The entire amounrl of any special lax I(viod lil the District to repay the Bonds, or to ilund olhen obligations, shall be allocate (I to tl a Mistrial. 10. Ami ndmt r t. This Agreement may be amended al any lima bu'l only in writing signed by each harry hateto. 11. Hntira Agrcemenl. This Agreement contains lha enrlira agraament between the par ias wi I h r espc ct 1 a t hi matters provided for herein and sup a rs edes all pr ion agr eement s and negol iat ions between the parties with r( spect to tht subjecl matlen of this Agr eemeni. 6 aocsaak(tast&tv>IV 2108.0125 12. Notices. Any notioa, payment ari insir[ment raquined ari permitte d by This Agra emeni to be given an dalivotied to either party shall be deemed to have I aen neaailied when personally delbiare( or sevenq-two hours hollowing deposit of ilhe same in any Uni-led States Pa!i Offiaa in California, negista ne c I on cert ified, pas age prepaid, addressed as fa flows: School District/Dislriat: Capistrano Unified School Dislniat 32972 Calle Penfeclo San Juan Clapistrano, California 9267' Atin: Assistant Superinlendent,Hacililies Planning Clapistrano Valley Water Dhinici: Clapislliano Valley Water Disilric 1 32450 Paseo Adelanto San Juan Capis'lrana, Claliforruia Q675 Attn: GenaralManagar Company: SJLI Parte a rs, Lid. _ IC E. La Halma, Suile D Anaheim, Ca Iifornia 92807 Hach part} may c hange ils addres! Jou delNer3l all noil ice by delivering written notice all suc I change oil addlie: s to 'I he other pa rtie! heral a . 13. Exhibfis. All exhit its attached hereto are incotTloraled inla this Agreement by refe ra n c e. 14. Severability. If any part of this Agra ement is held to be illegal on t nenfarc aable by a c arl a competent _jurisdi( tion, 11 he roma indan of this Agreemer t sI all be given effect to the full( sl ()i to r t reasonably possible. 15. Gwiarning Law. 11his Agreement and any d6pi to arising 1 aro t nder sI a ll be jaiiornod bil and intorpneiled in acc andanc a witl the laws oil lhe Slaileof Caldlornia. 16. Mlaiver. Fla ilure by a part) to insist t pan the strict performance of any of the provisions of d is Agre emenl I y the athen par, ies haneto, on the fails re I y a par y to exelicise its right! upon the default of anolher parly, shall not aanstilule a waiven all such part)'! right to insist and demand strict compliance by such &her pa rties with ti a -lerniis oft[ is Agreement thenea filen. 17. No Thind IL rty lien ' efl4 is ries. No person or entity shall be deemed to be a third part) beneflciar)l I aroat and nothing inthis Agreement Qeithen express ori implic (1) is inlended la c onilen upon any person or entitil, o1heti than the Water Ilislric t, the Sc 1 aal Districil, the Distnict ar ( -Ihe Gampar JI {jai d tftein raspec tive successors and assigns), any rights, remedias, obligations an liabilities under on by reason of-lhis Agreement. 18. Singular and Hlt ral, Genders. As used herc in, the sir gi lar of any wand includes the plural, and lermis in the masculine gendeii shall include the ileminine. 19. Clounlerpartn. this Agra ement rna y be axdcuiled in counlerllar s, each all which :if a 11 be deemed a n original, buil all of wl is I shall constitule but one instnume r t. DOC! a( 1655161,0 \22508 A e i 5 IN WIITNID S WHHRECIF, the par ias have Q)iQculled This Agreement as of the Ball and yaar writs en EN low. Dade: September 13 , 1999 CAPISTRANO UNIFIHD SCIHOOII DIS 11R1C11 President of -1 he Hoafd of Trustee"— AT1H9 '1: By: Clerk of the Hoa id oil 7i mues oil ilhe Clapistiano Unified 9 ehool District CAPIS"f MNO VALL'll✓Y WAT IN DISTRICT T general Manager A'DTHST: By: AzkQ-P.A - - ►j :o.. S-1 DOCS004551CrlvA 2508Aill5 SJD HARTNHRS, LTD., a C-, hibrniiz Himited Harty a rship Hy: 8IJD Dd vo to pmol t Clorp., ,, California C lord o>tal is n, Clenemal Harts or Hy: Ta dd Nlurtin, (shims Financial Officer & Secmelary 9-2 DOCSOQ 16551 dOv! \2,5(1.40-,5 F J4 HIEll'fl A DHSCIRIPTIICIN OF PAOHERTIY Thi heal pnopert� to It included witl in Clommunity Facili-lies Ilistnici No. 98-1 of the Clapisi nano Unifl(d 9 of aa I Ilicriicl (Hacifla Ploinl; : 666-111-01 666-3 fl 1-09 6754 81-04 675-08 1-10 675-081-14 675-361-0 1 675 -361 -fl zI 671-3614 1 AI -1 DOCSOCIB 55164 J U 3 5(i., (7 5 HN F IHI`D B DIISCIRIPII(IN OH AIATHR DISIIRI(II HACIHITIEIS Tl a hollowing impnoveml nts al a eligit la fon acquisition as Wau n Disliicl Hacililie s: DESCRIPTION Pump S tation Undalgnound Piealressad Goncra It Resercoii none Transmission M z ins E or( & lack under I-5 Fwy - will a'leel cs ging M.N DOCSO416551&Iv]\:I2508, Oi:1 E),NIEIII C DISBURSHMHNT RE(JUHST FORM CIAAISMRANO VAIIJIIDY)N1A111HTdDI911RICI11 PACIIFICI PGfMT1 PIIAINNED CICIMMUNITY Clomrnunity Facilities Dislnict No. 98-1 of the Clapi: tnano Unified 9ahool Distnic'I I1Hacifra Poin t) Q"CIFEI No. 98-P) is I e ra t JI reque: to d t o pa)l fnom ti o Aoq uh i I is n and ClonstrC cl is n Run (I asilablhhed by E c ad Inden-luro Il-lhe "Bond Indenture oil the E c and of Tnu: toes of the Claphilrano Unified Sal c c I Di: tuicil in connea tic n with its CIFE] 1` c . 98-1 Senie: 9 pacial 'flax Bonds illi a `Bonds to 11 a Capi; tnano Valle,l VNIa I Q r Di: Inici ('I he "Wates Dirtnict",, a: Aayea, the sum sell for h i e k ver in pa)lmatit c f projec:l co, IE de: cribad i elow. The under: igne c I ce n ifle s Thal the amoun:l nequa::l ed has been expended oil ene umbo ned fon 11 o pur)wlo: es of aarisilrwaling and ac n plating Waton Di: tricil Facilities. The amounil raquosted is due and payable unden, c n is encumbened for the purplo:e of funding, a purchase orden, aontnaat or athis n authori:ia Lion with iiespea I to the puoject cost: dasanibed below and ha: nc t formed the ba: is of prion uoquest or payment. The Waton District agna4E to tuace and remit to CAD N(. 98-1 all earnings, if any, in exce: s c f d a yield c n -I he E c nd; aacnuin8 fnom d o inve; tri ant of -It a amc unt: ueque; tact herein, fnom the data c it raaeip:l 131 the Watoa Di: tniet of : uoh amounts tc the date of vipenditune of uah amc unt; 111 payment thereof to a third pary fon d a ac s 1 s ; el for h below. Such nemitiance, if any, shall be made oach yeali (a ilhe emlian of the expenditune c f such amoun'Is or :Ihe anniNier;ar}ll date c it the wansilen oftha nequesied an ount; t y CLAD No. 98-1 to d a Wateli Distuict. Total payments io the NNIaler Distnict fnom d o p aqui; ilion and G3rv-lruotion Fund have not oxceeded `.17,677,000. De: cuiption of Water Di: tuict Aacililies Closi, : Amounil reque: tact: '11he amount cf S is aulhonized and payable pursuant 1c 'Ile terms of the Rvolulic n and the Joint CIc mmunity Facililias Agreement among CIFEll No. 98-1, SID Hartnens Ilid., and the Claphiiinano Valley Waten M trial dated as oil '1999. Hxeoutad t y an authorized ropraeentative A 1he Clapi.,Wano Valley Water Di: Inial. By: Name: Mile: Hate: Wquesl No. Atto si : C-1 D oa : OCA, 1_11641 i33121 5 d 8.0(l51 AGENDA ITEM AugList 17, 1999 TO: ClaangEi lIlcaiibaiiaugh, GenEinal ManagEin FROM: Clynthia L. Russell, Administrative Services 11inectar SUBJECT: Clans idEinalion all Jaint Community RacililiEis Districl bEilween City of flan duan Capistrana, Capistuano � alley WatEin Districl anc Clarlislnana Unifiec Schaal Uis tnicl an bEihall cif the Raci'lic Raint Ruajact (�IunCal Campanies) RECOMMENDAIION: By matian, aplFlnove a Jaint Communily Racilities I]istnict bEitMIeen the City all San Juan Capistnana, Claplislnana Valley Watell Distnict anc Carlistnana LnIEK EIchaol Distnict with an anticiplatec tax nate not to excEiec 1.7%. Si7L AI'RION : Summary anc Rucammendation "rhEi Caplisilrana UniliEic Schaal Clistnict (CUSD) has rEiquestEic Ihal the Clily anc Wales Distnict enlEin inta a Cammunity Facilities District with CU�IU. -rhis Clammunity Racililies DisWicl (CRD) waulc be ilcmmed unc en the Mella-Rags Act and would use Flublic financing ikir thEi accluis itian all thEi school site an Clamina Las Ramblas anc the cons lnuclion all thEi Kincis hits Elemen'laq School. 7hEi CIRCI would als a assisil in tho ilunc ing of thEi constructicin afteriain major Clity anc WatEir Distnict iacililies uequinad Icir the PacHic Roint c evelopment. At present, the Flraplasec CRD nEiflects an anticirlatEid tax nate a1 'I.E13'/4 genEinaling a $1'I,769,OCICI bons basad an ilhe Eistimatec ppioplerty values. Hciwever, Juseplh Janczyk, crl 9mplinEi 9canamics, is evaluating the estimates property vaIL16s. li Mn. Janczyk cEilenmines the astimatec Flncirleriy values are unrealistically high than the size of the bons issue, ill may nEiEid ilei be nEiducEid to rEitain the an'licipatec lax nate belcnw 1.7%. District stafl will pncivice an uplc alEid staff iieplori basEic an W. Janczyk's eNialuation ppiior to the August '17 City Council mEieting. FOR CITY COU NCIL AGEN'4-/ y�#, AGENDA ITEM -J- Augusi 17, 19951 Bach gigund During the laden pari of '19W. Cl 9D advisEid the City Cauncil that 1hEi awnen 011he Paci'lic Poini Project il,9unCal CampaniEs) had bEEn in discussions with them Regarding the 'kirmalion of a Camn uni'ly Racilities Clistnicl. this CRU wauld bE ilarmE d undE r the Mclla- Rcias Act. ThE grapasEd District would utilize public flinancing ikm IhEi accluisiticin of a schacl SITE an Camina Las Ramblas and ii wauld'lund canstnuctian al schacl facili'lies al -Ihe Kinoshi'la Ranm 9itE. As pari ofl ilhesE discussians, 9unCal Campanies had nali'lied CUSD 'lhail IhEy would na-1 participate in the Cammuniily Racilities DisAcil unlE ss IN City and WaiE n Dis'lrici E NE red inla a Joint Cammuniily Racilities AgrEE mEnt is fund C:Er'tain majan Ciiy and %Aalen Distnicl 'lacililies that 9unClal was nEcluired 'lo canslnucl 1km ihE Pacific Rainl RnajEcl. ThE Communitll Racili'JE s Distnict would pimmide SunCal wi'lh a M Eans of flinancing the nE quired City and Waiein Dis'Aci facililliE s with tax-exempt public financing by Massing that cast to the future pnopErty owners ilhnough tax assessmenls. In addition, bbl combining the City and "atE n Distnicl impncniemenils with the CUSD financing, the pnajE ct could nealizE a saNiings an its public financing of approximatE ly $3751,CIOCl. Racing severely avE ncrowdEd condiilions wiilhou'l viable allennaliVEs to finance 'lhe school ilacili'ly at Kinoshita Fanm cin acquinE IhE 111ulunE school s HE on Camino Las Ramblas, CIL 9D RequeSIE d ilhe Ci'ly and Waters Distnicl enter into a Joint Community Facili'lies AgreEmen'l as nE quE SIE d by 9unCal. Rallawing lengthy REViE wand considE nai ion of the Cammunity RaciliiiE s Disfi ict proposal, the City Council declined to E ME r inl(i a Joint Clommuni'ly Facilities AgnEiE mE nt. Ins1E ad, in February all 1998, the City Cciuncil adap-led an URgEncy OrdinancE, which nEcluired -1 hail no nE w dE velapmE nt bE allcwed unlE ss a Mella-Raos Clommuni ly Racility Dislnici fon IhE construclicin crl penmanE nt classraom ilacilities was Es'lablished. phis URgenc)l OudinancE insunEd Ihail a dEVE IopEr wauld pravide Mella-Raos funding fan nEw schaul laciliJes E ven it IhE Clity chose noel participate in any proposed jciini 'IacilitiE s agreE M Ents. All the End all last year, the Clalilcinnia 9tailE Legislalune acting ai the bEhEs'l cif IhE dE velapmeni indusilr)I includE d in SBSCI a provision which prohibilE d Califannia cilies iiom HE quining deVE IopE rs to insunEr adE quatE Schaal flacili'lies are pnavidEd to ME t IhE nE eds crl thEi childnE n gE nE rat d 'Tram the in deVE IcipmE nis. TIM leigis laiicin rendenE d invalid -I he City's l agency Ordinance cir any cithE n City eflori 'lo Require deVE IopE ns to addnE ss school avE ncrawding cauSE d by the in deVE IcipmE N. AGENDA MEM -3- August 171, 1999 Continuing to facE1 severe ovencrowdEid conditions and without viable altEinnatives to financE the Schaal ilacilities, CUSD has again nequested thEi Clity and W ateir District enter inta a Joint Cammunity Facilities Agreement with Cl 9D as stipulated by EIunCal. In addition lia funding the canstnucticin al the N inoshita 9choal and acquisition all thea school sitEi all Clamina Las Ramblas, the Jaint Cammunity Facilities Agreement wauld assist the devEdopEM in lundincl the canstrLictian a'lthEi fallowing Cilly and Waters Distnict facilities: The water resEirvoin and appurtenances requirEid 'Ion 'lhe devEdopmenll of Pacific Paint Pinject. ,el Off-site slonm diiain facililiEis. 3. Ofll-sile roadway impno\iemEinls as requinEid under the Racillic Point Rrojecl phasing plan. 'IhE1 oft -s ite roadway iM provEiments include the fallowing: • ImpnavEimenl and signalizatian of Camino Las Ramblas/Via Claliiannia; • Impiiavements along Valle Raad team San Juan Creek Raad to 1-.I aft ramp; - Immavements at Camino Capis lnano,l9an Juan CreEik Raad and 1-9 IntersEictian. Consideralian of the cimalicin arl a Cammunity Facilities Distnict raises a numbEin of quEN tians . Same commonly asked quEistians and thEiir CCIME13 pan ding answers a1E1 identifiec bElloW: Wflail is the ealimatec r1mciplary 11ax rate) Einiliciplailec fram 11hic CIRD? The actUal tax nate will bEi sell basEid on actUal pnoper y values in 1hEi mankEit place. ThEi following scheculEi Shaws a detail cif thEi Banc pnoceecs, cunimnt lax anc special -lax by unit. AGENDA ITEM Augusl 171, 1999 PACIRIC ROINT COM IVIL h ITYI FACIU IVIES DISTRICT PROJECTED PROPERTM TAX COMRARISION 9 Currenil Rraplosall Jull'3,'999 Descnipltian 19x19-00 Estiniailec Rrciperty Value Clurnenil Rrapleirly 'lax Special Tax Rrcipciseid Uy 17ev edar ler Revisec TcHaI'lax Propasec by Develarler Maximum llax Rate 1.10`/ .53% 1.831/6 Cc nattudic n F rc ceeds Gen aratEid $11,7165,000 $11,105,000 (=> 5,5CIa SF) $1'I,'Ia0,0aC1 91'I21,'Ia0 $15,83a $1171,93a (.e,500 - 5,.e 99 9F) 41900,000 $19,900 V,71110 $114,6710 (3,500 - 4,.e 99 9F) $Iaaa,aaci $11,710[1 $13,711 a $11 '1,z 'I a (1,500 - 3,.e 99 9F) $15aa,aaCl $15,5aa $I.'I,E15a $8,150 (< 21,500 9R) 1 41380,000 $13,9610 1 411,900 $5,860 W hal is the tc tal splEieial tax plaid by the he mecwner cwnEir c ver the life c f the be nd is suE11 L nil TypEi (_> 5,OOCI 9R) (4,11 00 - : ,4519 "IR) (3,! aa- 2 ,4519 ,IR) (a,f aa- 3,4519 ,IR) (< ,I,IrCIa SR) Curiient Fropaial 'I E15,,4 761 '15a,145 '117,245 €14,133 E Ia, 378 In adder to geneiiale sufficient lax to suplparl the debt service far a $111,161E,00Cl ®and Is! ue, a lolal tax rale al 'I .EI3°h would nEied lci be established based an the estimated AGENDA ITEM -J- August 17, 1999 pnapEirly �ialues. FowevEin, H properly valuEis ane actually lowers than Eistimates, then the tax nate will incneiase. Comiersely, if actual pnopery values are higher than es'lirn atEid, then the -lax nate will dEicnease. The estimated prapEirly values identified in the CUM ini piioposal have been initially reviewed by JosEiph Janczk, al empinEi acanamics. Mu. ,lanczyk has expnes s ed concerns Thai the estimated pnoperb values are tao high and he is deNielaping nEifinEid prapEiriy value Eistimates . C ity staff beliEIVEIS thal the total tax should nemain bE11CIW 1.7110. 11 Mo. danczPs iievised propEirty values incuease, City stafl will tEl nEiccimmending a neduction cif the size cif the bond issuance to keep ihEi anticipated tax nate below 1.71%. Mn. Janczk is ccimplEiting his refinement of the pnoper y value estimatEis. C ity slafil will pnavide a revised staff rEipart based on Mn. Janczk's relined estimates prion to thEi August '171 C ity Council meEiting. How aiie Flnaplurties aissessec in a CFDiI Basically, a foumula is set when farming the CFIO That pnavidEis foil the maximum dollau amciunt to be paic by developed piioperties ant the maximum amauni to bEi paid by undevelapec properties. I he assessment can never EixceEu the maximum amount. Faii Eixample, shoulc the ceNieloper go bankrupt duiiing dEIVEilapment, the assessments allocaitec to the undevelopec pnoper ies ane nal shifted to dEivelopec pnaperties. This has accurnEid outsic a the "Itale of Clal0lonnia, but aun statutes prohibit this fiam happening"' Whai11 haPlperis if 11hei dcivelorleu goes hrinkrup111 vrillh Flairceds still undciveloGled? The tax is still asses s ed cis ind iaited above. 7 he tax levy fnom any undeveloped pnoper y that may exist is nat shi'lted to c evEilcipEic pnapEiriy. Are &eue flneincial risks Ila the Cliiy air Weiter Distidd? Public distnictfinancing has n contingent liability an the issuer; in this case CU.10 aii the Cily/Waleii Uistnict woulc nal havEi any liability towanc the futune repayment of the bands. Addilianally, the issuEm's ability to issue othEil dEibt is not impacted. AGENDA ITEM -E- August 17, 199 1 How does CIL 911 detenmine whe'lhen or riot a Flnoject is %iatIle Flniorto issuing deb11 within a CH011 CL 9❑ icillaws the CIEliikmnia Debt Advis aril Clamrn issian disclosure guidelines ikir IE nd- based secuaities. In summarA, CIL 9❑ neviews projects lar the icillowing: EvE luate economic viability co' the pnaject including pncifit mE ngins , mankete bility, pnapased sales prices anc avE ilE NEI funding sauncEis, prapoied public iE cilitieis casts, debt to lian ratia, Eitc. to detffmino whathon develapEin assumpiions ane accuaE to and in fact still carnEict pnian i cit cind is s uancei. Analysis col thEi financial whE mwithe l al thea ❑eveilciper End othon pnapEirty ciwneirs responsible fan ?JCI% cin maiie the speciE I tax payments to suppar the band issua shauld the dovelapment not pracood es anticipated. This analysis also exEmineis tho ❑evelciper's c Ertl repaymanl histar�l and commitments'lon cc nveniional finE ncing to support E II expectod ppicct cash -Ilow neieds. Assuic that maximum special tax galas, pncipeu disclasune and othen prolloctians aa(i pncivided icer as Niquired by CUSD. CUSD has estEblishad eight CFOs and sold seven CF❑ band issues to -finance oven 911,21,11 millicin in schaal ilacilities aver tha past tEin years. During this period cif time, CUSD's CF❑ special i1a)i delinquency ratEi has avenged kEdaw 0'/, despite a majon ecanamic recossian, and na dnE ws have oveii Coen mado against any of the CF❑s' nes ernie ilunds. Why a Joint Conirnunity Faciliilies Disllnict as ciplplasec to tvue seFlaraile cisllnicts? By nequesting a Jaint Clammunity FlaciIities Llistaict, the develcipar cEn avoid duplicating costs assaciatod with s epE nE to is s ues such as band counsel, lin ana ial adviscins, sales costs, Eitc. Additianally, with a conscdidated langen issua there would be E likely reduction in the underwniter's discount and pencentE ge crl ccut all issuanae to issuc amount wauld bo rec uceid. StE f1 Eis timates these cast savings 11ci bEi appnaximately $1'9173,00CI. AGENDA ITEM -7- AugList 17, 1999 By enlEining inta ca Joinl Cammunity Facilities Clistnicl, CIL SID would be the issuen. Thenefore, if a EIchool Dislnicl's name would be cm It a bonds. Addilianally, gill issues negeirdincl the bonds including pub lic in'tonmation, public relalians and annual nate sEAting would be tt a School Ustnict's nesponsibilily. WH all is thu cos'l cif 11 he faic Mil ies plrapasec ioii canstiiuctian 'll Cunnent Facilities Rnoposal School Reicilities: Kinoshita ,Ichcial ,IitEi 912, 1(10,(10(1 Las Ramt las ,Ichcial SitEi 4,80CI,aaci %rlut-lotcal - School Facilities 9,90a,aaa N on-Scl' ool Ricililies: W aler Facilities 912,f17'I,(IOCI Roadway 81 E town Onain Impra � ie ments 2, 194 , (IaCI %clutlotcl - Ncin-Schaal Racilities 4,8EIE,(IaCI TOTAL -I 1,78f .acig WHall is tl1e r urritr(iii of u ills beirg built 'll Cunnent Rroposal — 35CI Mail is the pinoplosEid lice crf 11he Banc issue ar d the lerims 'll Cunnent Rraplosal Term of Bonds Intenest Rcate Issuancu Closes 30 year 7.CIC1I/ 23.E 71ti AGENDA ITEM -s - August 17, 199c1l Whail is the City's curve rrl rInople r y flax ralleil Cunienilly, 1hi Clily's tax nate is appiaximalely 11CM, What iii the cosh of the develarlems uritevelorlec land tax JUL 11) au carripaned Ila the Schcial Rees to b e pl;iic ?I Noposal Al of Unit Schcial Fees L L11 ❑iffeiience Cunienil Rraposal 35(1 $1-91,21551,0'217 111,0.18,8321 ($<91-1,205) As you coin see, the developer will pay less in undloveloped land -lax than schaal fees. AdditionEilly, ifl 11ho CIF D is appicived, tho develapor would nal incur the casts al the required pLitlic improvements tataling appnciximallely 914.1 million. The devedopeui repnEis tints that the sales prices cif thEiin pradLict is seduced H euMse the popery is oncumtEmed ty a CFO. Thay iepiesent that by implementing a CFO, the net cast to Iho develapErn is higher than without the CFO. Their pasitian is that they aie iiequesting this financing shiategy -Tram Ei cash flcnnr paint of view. Mince it is impassible 'lo determine whit the loss in sales price might be, Many, this cast to ilhe develciper his nat teen calculated. COMMISSION /BOARD REVIEW AN D R9CIOMIV BIN CIATION 9: IN at Applicat le FINANCIAL CONSIDERAVON;1: ThEr Clily and Wa1Eir Dishicl would incus minimal casts associated with review Lind approval of IhEi appicipdale dC1CUmEin1s. pts pieviaus ly indiaated, the bonds wauld tEi in the namE1 cif IhEi Schoal Distiict, therelcne the Clity and Watei Clislnict wauld havEi na casts assaciaied with I her cos t of dEibl issuance. AGENDA ITEM 41- AugLisl 171, 19C N0111FICATION: SunClal CampaniEis, Ina. Clapistmina Lnified Sahaal 17isliiat U510 W. OrangEitF arpEi 329712 Clalle Reri ea to Placentia, Califanniai 92870 'San Juan Clapistmaria, Claliiarnica 912EI719 Attn : N an L. Mags tadt Atln: Dave ❑aamey ALIE F NATE ACTIONS: 1. ay malign, appiiave a Jaint Qommuniily Ilacilities ❑istnict between the City of San Jucan Clapis hcana, Clapistneina Ve lel W cites ❑istnict and Clapis hcana L nilied Schaal District with an anticipated tax nate nail to exceed 1. TA. � I. Dancill appnave the Joint Ccimmunity Facilities Agiieeiment 11. Requesl additicinal inlaiimaition. RECON MENDATION: By motion, appncive a JainI Cammunity Ilaailities ❑istaicl between the Ciily all San Juan Crapis hrana, Clapistncan a Willey "Chen Clislnicl and Carpis tn<ina L nilied 1Ichaol Distinct with an ainlicipatEid laix mile not 11a exceed 1.71%. Respectfully Submitted, -k-?fU Cynthia L. RUSSEIII Administrativa Seniices Directan A:W ELI ON 3.00C 32400 PA E Eo ADELA rno SAN .ILIA M Ca RIs7HA Pia, CA 9 2 979 (949) 493-1 171 (949) 493-1053 (FAX) August 25, - 999 UJ Sao rIE11EEIf QF IRE 0IT' 11CUNI IL �.I aOLLEIIE MPBELL JOIN UREII•IER �i IG(11104AfE1 NIYAT7 RIR7 unnlun I� 11 OIL Al IE2 1171 CAI11 M.IVIER1L111, • A air mwnu CEORGE ICARR9F00011 Mi. Dave I]acime y Clapis-lnana Unified Schaal ❑istnicl 329712 Clalle PEOEICta San Juan Clapis-lnana, Califailnia 92(3715 Fle: Jainl Camrnuniily Racilities Disipict Dear Mn. DciomEiy: At -IhEliu mE10ting cif Augus-I 171, , 999, the CIFIy Council ail thEi Cily cIf San Juan Clapistnana and thEi Capistnana VallEiy WaWn Disilrict Baand oil Dined lns bolh tank aclicin 1ci appicive a Jain'I Clammuni-ly Racili-lie s Agileemeni with the Schoal Dis'Inici in uelaiian is certain impravEIMEints 110q uiiled clfihe Flacifc Rain Piajeci. RluasE1 IEIEII iIIIEle icI cantaci us ill you nE18d addilianal inilanmatian ai ,lhi; lime. Very) I nu ly you ns, CIhElrygl J& n n Clity CIE nk CC' Max Magsiadl San Juan CTapivrano: Preserving thin Y,iisf to 11nk,imce 1,4 F,inum CIS pita) Rnojects and $519,000 in Waten Replaceme nt Rnojects. total autl o{ized expenclitunes � mounted to $27,339,900. The 9nginee int and Building Director provided an onal piie9eniation. Adoption a I Capital Improvement R. ognam: It was moved til C inector ClIneinen, seconded by ❑irec toi Hart that the .following Resolution be adopted: R99OL L TION N C. CIVW1199-8-17-3, ADORTIN G'1999-2006 UIRITPIL IMRROVBN BN7 RRC GRAM FIND AL 11HORI21IN G BXRBNDIIIL R9II - A RB9OLL71ON OF 11H9 BOARD OF C IRBCIIORS OF 11H9 CARISIFIAN O VALLEY WA79R OISIRICT, ADORTIN G ARRRORRIA710N 41 AN 11 PIU_1F ORIZIN G 9XRON DIR REFI R19LA-BED 11C TF B WATER CARIIIAL PIN D WA79R FIBRLACI8MBN7 RROJI]CIT%"I OF THEI 1999-2006 9E� BWY9AR CPIRIIAL IN RROV9M9N T RRC CIRAM The motion c � Hied by the Hollowing vote: All B:I: Ilinectons 9wendlin, Gneiner, F art, Clampt ell and CII ainman Jones N O91I: N one ASSENT: N one 2. PIPFIRC \oAL OF JC IN 11 COMML NITY FPICILIT111I9 DISIIRIC7 BBTVV9BN IF E CII -1Y C F PIAN JLAN CIARIc.ITRPINO IF CIARN19TRPIN0 %ALI BY WAVER DI97RICIT AND TF S CIPIRKYIRPIN C UN IFIBD 9CH OOL 0197RIC7 ON BBH PIL F OF 7F B FIACIFICI ROINII PROJOC7 ,IL NCPIL CION RAN 199 600.51 (CONIIIN LED FROM PILGUSII 3, 1999) 1 Written Clommunic � tions: (1) Report dated Augus-1 17, 1999, Thom the Administnalive Services ❑hector, advising 90 I I e Capis-1 nano L n iHie d School had nequesled a ppnoval 1 he Clommunity Faciliiies Disliici in ondeiito use publia financing folihe acquisition al the school site on Camino Las Ra mblas and 'Ion the constriction oil the F inosl ita Blemeniary School. The Community Faciliiies I islnict would a Is assist in 'It a Hunding of certain majon Clity an sl Waten Distnicl lacilitie s nequired ion the Racitc Roint slevelopmeni. 11he Re por advised chat II a anticipated tax nate oil 1.63`/0 miould genenale an $11,765,000 bond t ased on the estimated properly values; howe�ier, property Values were t eing ilurther e�ialuaied and a supplernenial report would be provided prion io the meetinc . (2) .lupplemeniat Report da -led Plugusi 17, 1999, 'Inom the -liea suaen, advising -1 ha 1 lurtt er evalua lion concluded] t ai the estimated property values should be bag ed on $182 per s quare fool tloi finished conslivation, iatl en I ha a the inii ial est ima to oil 11 200 pet square loo'. Based on shat conclusion, the pnoperty $11,765,000 CIVWD N inutei -3- 8111199 bond would ne9tiit in En estimated total tax rate of 1.7%. The Re por neaommended E ppiimial oil the neque sted ❑istnict. The Tiie� s unen made an onal pre sentation. Appnoval of, oint Community Facilities Plgneeme nt: It mia s moved by Dinecton F ar, , sea onded t y ❑irecton Greiner a nd una nimously cannied to approve the , a int Clommtinity Facilities Agneement with the anticipated total tax nate n of to a xceed 1.7%. 3. (IBR111FICATION OF IV I111GA79D N EGA -RIVET OBCLARATION AND AU111- ORIZATION 110 ARPLY TO 11HB S11A-II8 WA79R FIBSOURCIBS BOARD TO RL MR CIRCA. N DWPIIIBR FROM 7F 8 SPIN JUPIN BASIN ON AN PINNUPII EASIS (CION TINA E ❑ FROM AL GL ST 3, 1999) ('050.60) Written Communications: Repor dated Plugust , 7, 1999, flnom tF a Rlann in g ❑heaton, advising tt a t the Clity and the ❑istriat had submitted an application to tt a State Waten Renounces Board in ondeii to obtain 'bnmal necogn ition of the night to continue to pump tip to 3,325 acre feet o1 gnoun dwater q e n year from the San Juan Elasin, in accordance with its existing, plan ned a nd histonic use. As part o1 the application process, the ❑istiiict I ad pre paned an initial study and isatied a N itigated Negative Declaration. Comments received on the Mitigated N egative ❑ealanation mie ne included ilor aonsideration. 11he Rlan min g Dinecta n made an onal pnesentatia n. Cle M ification oil Initial StUdy and N itigated Negative Declau tion: 11hene being no one +mist ing to aomment, it was moved by Dinecton Campbell and seconded by ❑heaton Greiner that tl a following Resolutia n be adopted: REEICILL MON NO. CVVI ❑ 99-8-17-4, CERTIFYING 9) RAN ❑8D IN I111AL LITU 0Y AN ❑ M1111GA11KIN MBAEIURIg - APRT ICIPITION 110 ARRRORRIAIIE WAVER FROM 11H E SPIN , LAN BASIN - A RE39OLL MON OF 11HE EICIPIRD OF ❑IRECI11ORS OF TF E CIARILITRPINO %ALI BY WATEIR DISTRICIII, C18R111Fti IN G 11-8 ADOP111CIN OF AN 9XRAN DEI❑ INI111AL %I11UDN AN ❑ MITIGA111ON MEIPISL AB RRERARIg❑ FOR ARRI ICIAIIICIN ISO. 34696 TO TF EI CIPII IFOHN IA S7PITO WA19R REISOL RCI9S BOARD TO PIRRRORRIAIIE 3,325 ACIRB FE19T OF WAl1aR AN N UALL) FROM TF B SAN JUPIN EAEUN The motion canried by the follaviing vote: AY ELI: Dinectors Swendlin, Greiner, Hart, CIS mpbeil and CII � inman Jones NOBS: N one AE SEN 11: None CVVVD N inutes -4- 811 WE 9 SUPALEMENTAL AGENDA 171EM AIGEIN DA ITE M Alugu; l 13, 1999 110: GE oige Scarbonough, GenE nal Manager RROM: Cynthia 1. Russell, 7nea; uuE n 91. EIIJE CI11: Con, idenation ofJoini Cornimunit�j Facilities Disinicl betwleE n Clity all San Juan Capis-lnana, Capis-lnano Valley WaIE n Distuicl and Capistnana Unified SO acil Disliict an bE F all of the Flaciilic Paint FlnajE ct (Sun Cal CampaniE s) REICIOMME NOp11110N : By malion, approVE 'IhE attached Jaunt Community Facilities AgnEE MEM betVYEE n 4 a Cily aril San Juan Capistrano, Capistnana Valley WaIE n Disinicl and Capistnana Unified gel as l Disinicl. 14111WATION: In ihE original August 171, '1999, s'lafl nEporl fon this Agenda I'lerni, WE stalled Iha'l, based upon the initial eslimalE fan pnaperty values akin the Pacific Raini devElopmenil, the pnapcised $11,365,000 bond could be 3uppared with a sLipplerriEMal tax WE al .51N ME s uliing in a 'dotal lax ra1E all 1.63°/x. WE alsa stallE d, hawEVE n, Iha'I JasE ph Janczyk crf E mpiMe 9canorrucs was evaluating the E stima'IE d prapE rty values akin 1hE dEvelaprnien'l and his LellnE d EslirnialEis might nE stilt in 11he nEied 'da nEduce 1 a sizEi of ihEi bond issue in ondei to m lain 1the anlicipalEd tax nalEi bEilow '1.7°/3. Mr. ,Ianaayk has complEited his EivaluaJon and his landings ansa aan'lainEid in 18 atiact ed letlen la Mn. David Dciamoy, Assisiani �Iupouin-lendenll of Facilities' Planning lar 1hEi Capislianci School Cistaicll. Mi. Jan czyk cancludEis that the eslimallEul pnaperty valLIUS should bEi based an $182 pai t- quanE foal lar finished cans'Inucl an ralhen Than 1he ini-tial es'lima le of $2 00 pet sq uanEi foal. ElasEid on thEi $'I 8A' PE n square focal conclusion, ihEi pKipasEul $1'1,71E15,000 band will nesult in an Eistirrmted dotal tax nate cil 1.71%. Altharigh an es'Iimalod dotal tax Mite oil ' .3°/a iE significantly grea-len than 11he aniginal esllimale of 1.631/c, 1I remains within -11 a 11hmshold staff had es'lablishEid and ihenefone stafl continues io sLippori the proposed $' 1,7105,000 band. FOR CITY CC UN CIII AGE �' U w0 v �� A ENDA ITEM -2- Augusl 17, '1999 Deaariplticrn 1999-00 Estirr called Rraperty Valuei Curneinil Rrapeirty Tax Spleaicd lax Praplaseic hN Deiveiloplen Reiv iseid lloft I 'lax Rnoploseid h Deivelciplern MaximUrrl Tax Ra1Ei 1.'1011/. A01/0 '1.70% ConslILid ian FraceEids GenEirallEid $1'1,7(15,000 $'1'1,7x5,000 (_> 5,500 SR) $11,0011,000 $ 11,01'1 $x,108 $'17,'119 (',500 - 5,,e 99 9F) $819,000 $92009 $4,998 $-14,007 (3,500 - 4,,e 99 9F) $07,000 $7,007 $3,887 $10,89 (91,500 - 3,z 99 9F) $455,000 $5,005 $21,777 $7,781 {< 21,500 .IR) $3-917,600 1 $3,80' $'1,999 $5,603 RACILIIl89 CION :I -(RUCTION CO9T:1: Clunrernl RacililiEis, F noposal "Ichaal RacililiEIS: Kinost ila 9chacil 9illo $2,100,000 Las Rarriblas School 9i -le 4,800,000 9ublatal - School Rmililies 6,900,000 Nan-Schoal FacililliEis: Wallet Racilillici $2,671,000 Roadmia lI 81 Stoim CJnairr Impra dements 2,194 ,000 Subiolal - N an-�lahacd RaciliJes 4.865.000 IOIIAL $'I 'I , 765-"0 AGENDA ITSM -3- August 17, 1999 COMMISSION 10OARD REVIE W AND ROCIOMMM DATION S: Nal Applicable RINANCIAL CONSIDERATION'S: The City] and Waters ❑is-lnict would incus minimal oasis associaiEid with review and appuival of IM appopiaie clacumeinis. As prEiviously indicalEid, -II a bands would be in -She name of thEi 9chaol Disiricl, Ninakine the City and Wa1Eir Clistnici would have na oasis ass acialEid wish iho cast a-1 debt issuancEi. NOTIFICAMON: SunClal Campanies, Inc. 5109 Rasi La Ralma, Suite ❑ AnahEiim, Califaun is 92807 AN: : Marc L. Magstadt AL'ISRh ATE ACTIONS: Clapisirana l nillkid "Ichool Disiricl 32972 CallEi Rerfecia San Juan Capisiiana, Claliiannia 92E 75' Aitn: Dave DciomEiy 1. By mcftian, appuove ihEi attached Joint ClammuniN Flacilities AgwemEini Nitween the Ciiy cif San Juan Capisiiana, Capisivanci Vallcy Miieu ❑islnici and Capisiiana Unified Schaal CI is l nisi . 2. By maiian, silate the Board a-1 Dineciars' intent to approve a Joini Cammunityj Faciliiieis Clisidal with an anticipaled lax naie nai la Eixaeed 'I.E 3%. 3. Roquosi additional infarmaticin. A IM DA ITEM -4- Augus-1 '17,,1999 RECOMMENDATION: By maiicin, appnave the attached .taint Clammunit�j Flaailiiies Agreement beltmleeln thfi Clity crf Ilan Juan Clapistnana, Clapisirano \ alley "ateu Clisinici and Capisirana l nificd Schoal Dis-lnici. Reispeictfully Submitled, (�� Cynthia L. Russell lneaswei 99/111 /1999 03:17 1, 1aa7 9191 EMPIRE E& MUMIC5 94 0 11 93 . EMPIRE ECONOMICS, CS, LIJC Economiic-heal Estate Clonflu ltants JosegN Von iss Janezyll, Ph.D. 35505 Qanuno Capistrano, Suite 20C Capistrano Beaah, QA 42624 Phone: 11449, 661-7012 Fax, 11949) 661-8763 Augwg l -1, 1999 W. David Doomley Assistant Sul erinitenlden ofllacifitiat Planning Caplist ano Unifled 5ahool Distriat 3297: Ualln Pealfaalo San Juan Capisb arao, QA 9', 675 Re, Czpii Rano Unif a dl 9cN a of Dia ii rich pacific Aoint Community 181aailltiea Distriicil Reaommand ed I Price! for P ortllcomingl %miden-lial Hiioduicils U= MI. Doomit 31: Pwsuant td 31our request, Hmllhie Hoonomics (HE, bas llarfonnod a coanptehensive ana;y6s of tie planned ieaidential plroduets in Pacific Hoini, it ordell 'lo arrive a pricing retlammendatlons for struatuririig the forthcoming Qon muuity Paci iilies District (CFD; . Ill escri pil ion of IR esealar ch Flnap�re Economics' resemr-11 inaluded the coax pilatior and anal) si:i of 111e following inifannallion: ➢ Sid a V, i l : Manning Aa leas, Piopos ed Prod lei ct Types and View Bol a retial U arkat 9urvuys oil Residential llrgjeati Offering New Homes Market for Pesale Uniiis: 60+ Reaerrl Comparable Sales ➢ Prior Project witt Complauabie V iew:i: BCH & Del C7tlispo, Nord easl Corr er ➢ Ctlapmian Univiessi q Econorr is Foy ecaa l Frimaayl Resegirch Finn ings Accon ingly, based ullon a consideration of 0 a research conducted, tie prim" firdings ace now presented. ggj],1qqq 9::] - 9 19E618763 EIPHIRE ECONOMICS PAGE 04 Hefove piloceedingu 11 is worthwhile to no to d a ti' a bllowing analysis utilizes tl•, le pr.'ce llea sq.fU of living areal rath m than the prk a itself, : nee the brtna provides i mode accimal eq reliable in dicator a s to hovwi tb a prici a of a givens size home vw ie: as a remb of location and othe r factors. Finally, eanisidering the lc WBoni of Pacific tains, its Market Area is comprisacl of San Juan C apistl ano, LI ans Pomi -I Qexcli� it 11 Moniarvh Heacli' , ar d San (Ilemenl e. Prapased Huodluilel Mix ofPaciiin Point The currery TToduct mix coulemplales 35(I single-ImAy celarBcd hclmas with 200(-5500 sq.fl. of living area. Bbrwevei, 11 atlould be noted that the property owned is currently seeldi g some clianges Which, ii approved, wou: c inoiiwe the numhen oiuU'Its. Nevertheless, fon purposes of this analysis, EH u1i ices tt.6 currenl:l) appmoved configuration of 310 units. The develofai erlleats tl at the prices of"tt e horr es will err outtl to somr, $200 peal sq.f . Market Sarveyi of lfilei idlentiai Pralects o>f'fltriag New Dams EH m]iarllct field sur`leys identiflec eight cunientlylllrecent.31 Wive projeals, elacludirg view premiums, in the ManU t Arca THe plrices of tha Vomes amounled to some $442-498,(100 fon sore a 2730-3112 sq.ft_ of living area reaulling its -value ratios of 116], on tke a-veralle. Tlie two projects which are the mar comparable to flaciflc floinl,-based upon tleir proximity, are Mandalay by Jchd Haing Domes and Naples by Gleystcne, and tl6r -value ratios mie 1168 and $1176, rasnectively; bowemai, thein view orientations ane no -1 aomparable 1 o Paaific F oini. F lease ruka to 71at le I and The aerial fors addilional informailia n. Markel for Nsale Units: ! C+1 listen( Com>,ara111e gales HE carripiled inibrmalion on the sa es of ex atfng hoane.i in tl; a -vicinity of Pacific Hoinl, and the results are w follows: ➢ THe resale uniiis in tie irrurediale viainitN of Pacific Point, td the souttem;lt but excluding Conemena, have pric es of $412,000 v itb 2,(124 s�1.ft. of living areal fen a -value ratio of $'158. )> The resale un it s in alit thea corr.q arable sits, tc Ile r. ortheast of Rot to 5 amd. Aico, Have prirA s of $424,750 bit soar a 2,460 sq.fl., Testi ting it a -value ratio of !1174. Please refer to'gable 2 Hai at diiional information. prior Project wltb Comparalllle Views: 11CH &I Del Clbispa Northeasi Corn er The raos-1 sompanable neiigbborhood, with sespeat 10 views, is a priori reridcntial pxvject that is locates tlortheae'lenly of AQH &I Del abisga. This llrojeci inirfally sole glomes in the early 1990's and the mlosl recent resales aacurred in April 1998 and January 1999, and Had value ratios of $155 ane $193, heap(c ively. Rased upon 01apnuan Ur iversilyl, liousing prices in AOAI111999 03:17 949991 8793 EMPIRE [WHOMICS FIAT 99 Orange County from April 1998 and January 1999 la Jul31 1999 increased by some 111/4 and ]%, mspectimely, so the ac.ju:it.ed value natio amounts 10 $187, an the avei age. please ra9e,i 1lo Table 3 fay ad d'tional it forma lion. C'1 Winn Univgpity 1 as laomic llorecast The Chapman U 'versiq Economik Poreaasl, plublishad in June A99, k. as a fonecasled rape of euTloymew galowth foi Change Cour,�j of 42,000 jabs iti 1999 anc antler �0,000,jobs in 2000. While housing priae appreciaton is expected td amourad 10 ll% in 1999 and ar athea 7.61/4 in tke 31em 2000. Althougt the employment glowth and Housing friar appreaiation is expected to tlenefIt tf,,e prise for The faro coming residential para jaats in Hacific Aoint, wf ictl are nol anticipated -lo enter de miasketfl lace unitil rnid-2000, tha ane ly: is 11crein tunic ers only curre[It prices. Price Recommendsiflans tan the hicific Voint CIFD Finarding 9tructnule Based upon a consideration of t1 a above facl ors, the Il unary corclusior.is ragardmi i8 the price stn cture for utl lization in the C FD Aixiw cing Struatmle for Aaciflc Point's residential products ane as follovt s: bor projects offering neva howtinig units, the two most t omlpwable pro'jecta Havre vie ue reitia:i of $172, on d. a amei age; 11c we-im tt e}I do not featurd the sarna views as Pacific lloinl . ➢ Foii resale unils, the most comparable are in the neighborhood of Route :I/Fico- nor Ecast, and these have value i al ios of $17� , on tt a amt raga. A11111ougb ttlese have similar view!, the vialue ratios ajie diminieHed by their age, since theH were built in the mid-] 9 801's. 9 Hinally, foji the miosi comflaral le neighborhaod, northeas arlyl of HCH and Del Obispo, the most reeent relsales ocaurred in April 1998 and Januar} '1999, and their adjust ed r alt a ratios amounn 'lo 9187, on d a amerage. So, based ul axn d a mall rvajoriq of home sales and resales in Me Market An al the va ua aatios for compausb le newt/ and cornpanable iiesalea arnou:M to $172 and $174, 1 a specti vie;171. 11urtherrnore, it is worm while W dote that tht most conVar, tlla recant , ares, in *6 HCH/Del Obisgo neighborhood, have adjusted value naeos of $187. Thevefore, based teflon tf. a CURRMT MARKET GOND] TKINS EXULUDINGr 'VIEW HREMR MS, the i eaommended prices for tl a Hacifia Hoint Financing Stn cture, based upon tl lending oil thtl value ratios, i,i 9182 peel scl.ft., on 11.1a av ereila. 11 310 Nme, arn}l additiorial aornments or aonsiduration s, conitact me as 1 would be p eased to respont to tk em. PWoomYs Janczyk, 11h.11. is Qonisu ltarlt B 911.11 / 1999 03:1 7 r W H 9419991 U V a W w a W a W z z U) m 0 2 LL LL LLO U W 0 lz cu EMPIRE ECiIHIIh VIS PAal ge co M w 14 0 +fl � cia w ar cRl w ti. �N m U_ E cm coNal C4 fA 01 EA d9 4AI w M..1 Gq rig lb u sq 4Cf) Q N -I OGI Ol OJ ci C6 m ci Cqi ao Q A Y Q 4 a m o� aUi n v �/� r`r'• cm a a� V �Y >as a Q S g Cl Q r 1+ mi I- f0 N a I N di 7 ta� d.l La W dg Hc•191 �4 O CqI a a Q � O dl Z to �1 N w7 c ssO t. to � � C EI 0 G u ui � m R +ni cm a cin 4 ON L° PI lu U uca d cl al d d m c a ° m -9 73m m m m 0 0 nm e � co r ao L) 7-5-99 OC99-972 .♦ `� " -Y it ,! � f -/f I *lot, n -ti 1 E 9/10 1 111 ` ` ` 03: 17 949667 8761 EMPIRE ECOND 1149 PAGE 0B TABLE 2 REGO T SAU E S OF 8)i SITING HOMRS IN THE NHIGHBC RHOOO 7tiwnas Sak-OVO Prlo9 Uwhig Area Value Ratio Prloe Linng Area Value Raw 071-,16 OW311199e $5NAO 26ag 7 971 -JO 0810 411 9 96 $578A00 1 1 $179 07146 0727/1896 2,351 5126 971-/6 o6!'z1l1991i .100 2,319 3188 071-A DWW19W SM.000 z 580 6137 971-io owiti scowo 2,817 3174 971.10 OsJba/lil8$ sm,ow 2,231 180 971 -►6 04IM1099 SM.000 2,080 $174 971.16 04/09/100875 000 3 154 971-16 09!2411096 D00 21 193 971.19 03/72/1996 $354,000 262 $127 971-16 02l201i888 18,000 2.M $152 071.16 01!26!1800 70 2 37* slog 071-A 01114(1999 14 000 7,319 Jim $42.1.760 $ --2.50 872-04 06/2/11998 0 OOD s Z99 178 3580 3 178 972-05 0312011098 $X2,000 2 $122 972-05 0812011998 $445 3_g7 5128 0725 972.04 07114/1098 Osimig96 3 000 2223 2wa 162 $171 _ 972-05 06!2711996 sm.sm Z148 $151 972-03 06Ki711999 3300 000 3.190 122 972-06 OSM711999 $350.000 2,139 104 972-05 06/0111998 3545 000 9 480 1167 972-05 0412W1998 W291000 2,a60 139 - 972.05 _ 01127//998 $340.OW 2,950 145 472-05 04!0211099 SW3 000 2,363 4187 97a.Cs 9726 03/11/1006 09I161i090 0 000 $421,000 3,190 350 186 179 -------- 972-CS OWZNI998 5425 000 2,040 5203 072-05 02AOaN00a saw.000 2,340 $140 972 5 a 1 tz917999 5381000 2,360 $404 $195 344 2.171 156 977-C8 Os12011999 338,000 2,223 S1S2 972,08 04/09/1009 77p00 2.006 $134 972-68 01107/1998 $445,OM 2,294 $194 399 2196 160 972-C7 0711719963255 00 2.029 120 972-C707/16/1090 /277 266 SIM 972-C7 06129/1998 3790 000 2.300 2 972-C7 Oa11711999 3261 000 2,151 121 $995.750 2 116 178 972-04 OROW 10% swo000 3269 $171 56v 000 1256 171 972-r)G PT/14119�0 W4 3,460 166 9724135 O&Wjl am $410.WG 3190 129 972 -os 04128!1996 541QAW 3.097 $112 GT2-!]5 03!2911999 000 2 Rft 174 9 5 01115119 77000 3087 122 5448300 3146 $143 00--M-- 072411998 6 D00 2372 160 992-Gt 07102!1099 $725,DDO 4A%? 5171 556 000 3,410 160 "Z -G4 11899 6462 000 2,Q92 215 S4W 000 $210 ___2,092 99241 0512W 5421000 2.203 11W 002-H1 05f2f11998 5361000 2,431 05103/1889 26.0130 2436 173 - M441 0311x11998 tw,ow 2,436 5131 992+11 - 01 711939 s9/7 000 2,203 162 902-t17 011Q511999 16 000 2,436 5170 333 2155 184 - 902-Fi2 061Z4H00e OS 000 2AW 0" 397-t12 08N41199a 5,m0 2,202 167 992-112 0713011998 t35O 000 2.436 144 902442 05123/19/38 tw000 2 248 sm a9z4z 06-0811996 000 2,250 191 99,24+2 oSnW1948 SSOa 060 2,305 209 992-M2 051/311991/ .000 2769 1Z9 905//2 nar1W1998 500 2.245 193 992442 011611999 $4450M 2251 795 18189 2.35s 179 ?OTAL 02 i s4i ■ 429 2,57,9 4164 OU] ] Al 999 M ui Do 03:1-1 W E.._ U) W 2 H a c 7 OL a) 6 0 W 0 T LI ML U- 0 C3 z a 0 m rY W 0 W toW N 0 T UL c LLI V+� 94966:10763 EMPIRE ECONOMICS PAGE 09 O 1� tO M !A d9 e 0 ^ CL EL r a mco rn 0)o� 14ti Q� b o M cnMcn a, cn rn N i a, rnI m o� c�u� 0a oa��Q � OD C0 co$ `o r �. O C7 C7 00 .-�r0008 OA OQO lo 0 CO 1- N to LD N U'3 v CO co C1 cg tD 00 d tn�ti(h r CO r 07 r'- MCO t- -- i 3 T r r �c-- r w t'- �- r t- r N r- r N O O "It cV N M C C•) CD o O CV N N O O to CD n a v Ln cD CV c0 cr 1-- o00 00 c2 - NN (+]m MN NCO) mCIO NV1encn NCvCn Cif 80 S O00 o 04 0800 00$Q 00 O oro ei aCa oe? 0008 gOQo ©0 O •� trs� pro 0w mL ci rnaoo o2LD o ` 9,D ` Q, Wim N I+ u') in m CD 'a t-- f-- to O CQ C7N CV go Q O vV r r r- CD114;r Q �., U3 t- t[] r- �%: N CL7 G ft — .��pj} CJ t0 W.) �`- N t0 N � r N tD C4! U] 1+ C7 to io P -I (V Ln Z v co I Cl CD W aD CO [1d w tap 0�0 CL �� al p a o o �� to KID'Il COM MUN 17Y IPI ELITiES ACIREHM13N 1 "IH 19 JOINT CICIMM UN IlIY FACILI7I139 AIGRE13M BNI (the "Agreement is entered into effla(tMa as oil the day of , 1999, 1:)l and among tt e CAPISTRANO VALLEN WA713R F]IS7R C17, a county watemionks disti iat florrned pursuant to Division 16 of tt c Californ is Waten Code (the "Water ►]istri(t"), the UAIPISTRAINO UNIFIED SCHOOL DISIIRIC171, a public entity, (the "So I a a 1 Clistniet") and S.III PARTNERS, I TD., a Claliflornia I imited Par netuship ild c "(lompan y"), an cl nelate s to tt a propos ed fe rmation of CION 4 M UNITY I ACIIL IVIES DISTRICIT NO. 98-1 OR THU CAPI9 TRA'` CI UN IFIED SCIF CIOI IDS7RICIT 1JPACIFICI PCIIN-I1 (the "Distuict"' . 11 EI U 111 Al L S : A. The Clompany is the owners of all c fl the laricl within Assessotu's Patucel Numbeus listed on Exl ibit "A" I anato in the inaorF orated territory c fl the Clitil oil San Juan (lapistuano, State of California (the "Ptuoper )I") and vrt is 1 is ptuc posed to constitute d a land Witt in the bounda nies of the Distuict. 9 uah boundaries ane it aviri an d a rr ap included in 13xhibit "A" attaa} ed hereto, which is incorplc rated 111 nellerence I aurin, EI. The Clompany is the deva lope n of tt a Propc r1y and intends to c t to iri d a n acessary development appuovals to aonstruat appnoximately 325-429 residential units, as well as appuoxirnate 1}I i I acne s oil commeucia l irnpnoveme rats, on tt a Pnopa rry and to puoiiicla tt c requined irrftrastnuature fon such units and impuouements, in( luding schools to be owned and operated by the School Oistric t (the "Sal ac 1 Facilities") and aerta iri water improvements tc be ovrned and openated by the Waters District which atie descrit ed in Hxhibit H hereto and incorfloratcd by ralb nenaa herein (tt c "Water Distuict Facilities",. TI a 'Wates Clistikt Iacilities and the School Facilities ane sometimes collectively raflarned to heuein as the "Ilacilitias". Additionally, ti c Company has requested tl at tl a Clit)l oil San Juan Capistnano iIthe "Clity") s ratan into a joint comrnurn ity facilities agtueement with the School District witl ns spent to ca rrain roadway and storm duain facilities (collectiNiely, ttc "City Faciliti(s") to be financed by the Clistniat. Cl. it is expects d that the a a st of d a lot ool Faailities will aoiceed the asst of the Wlatetu Distinct Facilities and Clitil Faailities and, tt c refloue, the School District is permitted to have puirnary uc spom it ility for d a Iormatiori and admin intra tie n a I the Distniat. D. 71 a Company has naytic sted the H oared a I'Drus tees a I the School Distuict (ti a "Boa rad of Ttuustc c s") to ft rm and c stablish the Distuict pursuan t to the provisions c 11 the M c I to -Ra a s CIc mmunity Facilities Aat oil 1982, Chapte a 2.5 (commencing with 9 action s 331 1) oil Part 1 a I Divi,t ion 2 oil Title 'I oil the Ca liforn is Clouernrn a n t Clode (ti a "Act"). E. The prariision ofl the School Faailities and tt a Water 0istriet Iacilities is nee( ssitated by the da ria loprnant a i the land within the Distuict and the par ics I a ns to find and deteumine that the residents of ti a Water District, tl a 9c I ool ❑istriat and ti c 0istuiat will be t anefitad t }I tl a e:a.sHAJa25na.00a5 CAM TRANO UNIHIHU SCHOOL 131W KI1 SAN EGUARDS RELAI VID TO CFU BOND ISSUANCES Over the past ten yclars, Oapisti aro Unified School Disco ct Q"OUSD") has fwttabhshed eight Community 1llacihties Distrfcts (I'CBDSP') and salt seven CFD bond issuer wel aefunding issues tel finance ovum $123 million in school faailities_ During this perioc of time, CUSD's CFD spegial tax delinquency ra a has averagod beldw 31/al despite a melon econorn'c mecessk n, and no dnWs ham even bear made against any oil the CFDs' reserme furlds. CUSD hal beer able td achieve this high level cif suacess with its C HU f rumcings by following serol a basic bond sale and homeowner dist Ikew a duo diligence pmocec uam which wi 1 a sa be in plane for the psopogad Bac if Ile Poir I C)BID. 'Mese procadure:r follow flit California Debi Advtsoryl C lona is Sion diselosume guidelines tion land-based weer tles Mud weme ptomulgated based in large par on le: timony oflesed ail put he lu aringy car ducted by the State Tneasurc r_ David Doomey of CUSD was among thcl ! pc aleers ail the foreg*g hearingi preseait'ng evidence tegm ding the nest foe end anted secondary masket disclosure ant othdr safegnard-4I designed to pnoteat the interes& c f M elle-Roos taxpaytem and I ondho dere. Hrior w appxoval of any CAD bonds by the CUSD Botred of Z rus ccs, the OUST s tall ebllow! certain pxocedutes. u cludu g without limitation the fcrllowinjI tasks 1. Req Wire the Developen to pi ovrde a Prdject dent ilopmeant prabrtna which establishes the economic v'at ility of the Project based on the Developer's wsumptions about piiofit, costs, lar d sales and avai rat Is funding sow ices Me the development 2. R.dvtew the pnoforms, including the Projec marl ahng plan, and bine an indoparldeut at sorption cornsultat t to determint muketat ility of Project, to project t bsorption rates and to eN aluale dti i elopex's proposed sa es pnces c f clevelopment within Araject. 3. Review propett7 c wore r financial state ments fox 811 owneas ae;lponsible fox 200ia on moue of the lpat tal tax paments, to determine the finlanaial whemewidW of the De% eloper+ q a' the time of bond issuance to suppor tdle hone iso ue'= annua dab -1 service and other Plrcgect costs to the earl3i years of the Hmilect, slu u d dewalopnxnt not psocced as antiaiga ed, to examine the Developer s de t t repayment history and to determine that Pi oject proponent, have i ufficient ec uity or cammitments for conventiona finer ting available at the time ol'bond issuance to suppor all expectec Pmgiei t (i ashflow needs. 4. Review latus of il roperty tax paymonts by Mmolect puoponents in atmtew years to dete rrnine A any i noperty tax do lit quancie1. have oe a uried. 9.Revitw proposed public #at itit'es Ile.g., school fanilitiet) land acquisition and 41( nstnlaticn costs to ascertain that they are adequate to build these facrlttier. fl Ra -search t-)iistenct of othen non (IFD publin lions on (IFD proper icx (le g , oveurlapping debt). 7 F lime an indal eneient appy wirer w ittun �-ix months p, for t(i t ti nd rale to confirm, bored upon i n E ppraisal made in a manner con! intent with the polimes- ac opted by the Roard ( fl 1'rni s' ce9 ru )44 177 9'27 SON d 07 5 ATTAC HMENT Aa—05- 97 ,3 a7 Frim :5TU IL 11 YCICd 6 714T254I 1-911 a 03IU3 jlr—bH 1994, tha values fds propar�,I within the (IFT1 wlucH am rubleu' to ti a tax will be a1 leaml three tames thi total public lien% ((I)F1D and other ovt rlapj inj I put ha de b- ) on such property. F . Iriclude a N aximum Special 'Max ra to in Spa sial 'Max He rmula to w sure that how eowne r teases will not exaeed a cartain level, m well as maximum term cif tax levy an homeowr er papOrty. 9. Con -rider des, ■ability of inti usion air epayrncqi Option in Specia Tax Formula to provide menchant builder on homeowner option to "pre -pay" thein specjal taxe!i in one lump -sum, to avoid annual special taxes on their property tax bill. 10. Review of (IFD Disalosru e F orm proposes by Developeq to be provided to each hcrneowner at time ad purchase This Disclosnua Ilorm is required bylaw to be exexuled by each home ptulcham r priaa ci close cif escrow. 1 IQUSD raq uiuxl distribution oath a Disc losurei Hann and also the re cording of a Ne Ince of Special I ax I lien in the C lour ty Necoden's Ufflcq before anther safeguard was a statutorM requirement a I CIFD law. Irl u dition to neaenll enhanaetn ents all disc losure td homeawneis unddr the N eIV Roos Act the Ca iibrrua leHislatura has creates a specaf Ic requirement undo in flul Givil (Iod° ilos disslosura of C111 IE taxes to paospeative purchasers by ti. a nealtar conducting tha sale.) IL . Require annual disc osu a to bondowne!n by Devellopes until Pro'ec completion on until the DeJeloper's share of CIFD taxc s is less than 20%. 12. Wquira the MaJcimium 1w on homeownan prcipeM to be set a a level wtuah holds the homeawne0i tots tax burden to less that) 2% of the assessed va ue of their property based on prioterted sa es q nicer. 13. In addition 1 o the fdragoing, UU SD complies with homeowner pnotectiormn which ware added to the Mello -Roos Act fbllowimg the CIDAC hearings, such as: ija; limiting the anna al ei calation oil horneowiier CI1~D tai es to No pea annum; and I1b) pilovidlnf that no herneawnes tax may be increased by more Thai I Vla as a conFequen ae of delinquency or da iau t by Ole owneii of any other pawel on parcels_ conitnui tion an acqui!i ition oft[ a Waters DisUict R cilities and the School Facilities and that this Agreement is I anafic is I to the intenests of such >te!i ident,. F. Tl a parties heneto intend to I aiie the District ass isi in ffnanc ing d a Wlalen District Facilities by dist tensing Ilistric t bond a onstruc tion pinoceacls in an amount which is estimated at, and i I a II not exc eed, $2,672,000 (tt a "Wates Distnict Facilities Amount"' al d a written /nequest to d a Distnict of ti a Wlalen Dislilc I to finance the aonstuuclion and/or aagtiisitian a11lhe Water Mistrial Facililies. CI. Tha Wlater Llistuiet is authorised by Section 93313.9 a111he Ac t to a silt in the financing of the a c quisiil ion and/or as nsirtletion oil the WA to u Ilislnict Facilities a nc1 the Sc I ao Distinct is aulhouized to assist in the financing of the Sal ao I Faaitities. This,4 jnecirnent constitutes a join) a omrn un ity facilil ie s agneemci tit, within the meaning of Sucil ion 93 3 Id.] a l the ,4 at, I }l and among the Waten Distaici and the School Distnict, pursuant to which the Distnict when lbrniad will be authonized to finance the constnuction and)on acquisition of it a Waten Distnicl Facilitie s in the not to excec d 2 mount oil $2,672,000 and to fins nce the School Facilities in the approximate amount of $7,000,000. As atilt onized by Seation 53316.6 of It e Aci, nespom it ility fon aansirtia ling, lluoviding and openaling -Ihe School Facilities is delegated la the Sal sal ❑isiric t a tid nesponsibilily for constructing, pnoiiicling 111on and openating the Wlailen Clistria l pacilities is delegated to tl a Wlalen Dislnicl to It a extend sat Ilor t t aroin. H . Il tiusuant la Cloiieriurne n C ode Section 53 314.9, '11 a Boaud of Tuustea s of Il a School Distnict/ is authonized to acne pt advances of funds loom any soliace, ina Iuding, but not limited to, pninatc peusons on pnirnate entitie s, and may pnovide, by nesoluiion, fon the use of d a se funds 11on any authonized purploses, including, but not limited to, paying any costs incurred by the local agency in cueaiing a district. TI a legislative body may also antcr into an a9neament, t )1 nes ohs ion, vnith the person or entity advancing the funds, to nepay all or a portion oil iI he fronds adw Ti(ed pua 11idad d - t carain conditions ane mel. V e condilia ns to be! a l isfied req tiine that 1111 the pnopo; at to no [Jay ti e funds must be ina Vida d in the nesolution of inlentian lou the pnopa sed di! tnicl and in the tie: a Itition of formation for the llnoposed disiriat a nd (2, that any proposed special lax is appronad t )l t1 a qualified eleatons ofihe distuici punsuant to the Act and that if nol appy( rte d any funds which hana not I aen commilIad fou any authonized purplose t y the time of the elea tion must be nelunned to the pensotl on entity advancing funds. I. 71 a parties heneio intend to I � ve the Distnict assist in financing the Waten Di! tuicl Facililias by tnansleriing to the Wla lar Ell is-lric t a portion of ❑islniat Hond constnuction pnoaeeds, in aaaordanae with 'II a Tern s of this A groament and puusuanl to 11 he Act. U nda n the tern s set forlh henein, the Distnicl will tnansfe r to the Wlater 11 isIric t up to $2,672,000 in District Bond pnoceeck (d a "Ill istnict ( antnibution" ). AGRBaM ar T NOW, 7F ERBFORH, in considelnal ion of ti a rn tltua I pnomise s and cove n a nts so I for t he nein, the paries I anato agree �s fol tovns: Recitals. 11ach of ti a above necilals is inaorponated hanein and is tnua and come ct. 2. Puomed Formalia n oil Distnict. At the nequest oil the ( ompan�l, the Sal c a 1 Clistriat vnill underake to analyze II a appnallnialenass oil forming a c ommunity fa cilities district io finance 455164-342M . W7 5 2 tt a }facilities. The Sal a a I DisInicl will re Iain, at tt a Company's expense, the noaassary aonsultanls to analyze Ihe pnoposad lornsalion oUhe Distnicl, including an engineers, speaial tax con sullant. bond aounsoI, alpnaiser and al en as usultants dearned nacei<ary ty tie School ❑istriat. 3. Sale o1 Bonds and Use of Pnoceeds. Irs the eviont tl a ❑islniat is formed, the Hoard a 1 "Ihnisleas of the Sal as I Distuict acting as the legislative body of the Distnicil may, in its sola (Iiacueticn, finanaa tic design, cons Inuation and aaquisi-An all Ihe School Facilities ancl the Waten Ilistriat Facilities Ill issuing bonds (the "Bonds"). Ilan,I Hond proaceds ane a<cuowed, afileu payrnQnI c fthe aosls of isat ing the Bonds, there it all first be neservacI tlnom tt a Bond con stnuaIion pnocaads $7,000,000110 fin atic e the School Facilities. 7t a ❑istuiat anIiaigate s shat proceeds fnom the sale of Disluiat Bonds shall be available ilou tt a Water ❑istnia l ]aa ilities subatantialI,I in aacoudance viith this Section 3, howa`ier, release of Bond proceeds to the Wlateu ❑istuiat ton Watan Dirtrict Facilities may I a subject to escrow release tests to be asilablishacl in the bond doaurnents which the Clistriat vlilt heneallleu enter into with uespeat to the Bonds (the "Hond Claaumants"), and the leans oil such eacuava release test, A anl1, shall be as d c Disluiat shall delerrrtinc, in its sole discretion, to be reasonably appnopriate in onden to comply Witt the Sal a of Dislnict's Statement of Local Cloals and Policies and muniaillaI t and industry atandauds for land-socuued financings. 7t a Distuiat shall maintain records relating to the disbuusenients of 11nocacds of the sale a ill 1he Clistniot Hands. the Company cal nowledges tha t the acquisition and conitruation of tt a Waten Clistriat Faeililies, including the amount and timing fa n 1he delivery of all funding, including the Ilislriot Clontuibul ion, req wined llor the Alai eu Distuiat Aa a ilities sha 11 ba in all respoos subject to tt e sole disonetion and approval of tt a Wlaleu Distnicil and i1he School Distuict, as appliaable. In na evenil vuill an act, an an a mission or failune to act, by the Wlaten Distuict or the Distnicil with raspeat to the dist t rsemenl on nandisbursement of ti a Disluiat Cornlribution ou ky It a Distuict wilt naspect to the provision of any othen ft nding for the Sal as I Facilities an the Water 1131riat Facilities subject the Ilistriat, the Sahool Diatnict on tt a Wlater District to pecuniary liability hereundett. 'Ilhe Bonds shall be issued only if in its sole diaaration the Board c 1-Irt slew determines tt at all requirements al state and federal law and all School Distnict policies and any applicable Waten Distuict polio ies hada leen satisfied au in the as se of the policies via Mod by the Sal a a I Llistniat or the Water Distnicil, as applicable. In no avenil shall the Clorn llany I ave a night tc aompe I d a isst anae of d a Bonds. 4. Disbursements. (a) ❑istuict Bond puoceeds designated fou the Waters Distuict Facilities at all t e I aId, togoII or viith all Diatnict Hond procea(Is design atad fon the asquisitisn and. on aonstrt ation oil I of aa l Faa ilii iea, I y d a fiscal agent for tha 17istriat (the "Fiscal Agent") in a spaa is I fund (the "Acquisition and (lanstrt ation Fund") which it all I c iniiested by the Fiscal Agent and earn and accumulate its avan inteneat. The Di9tnict stall designate in the Aoquisilia n and Constsuclion Fund an amount equal ilo the Distuict Contribution as funds available solely fon Waten Diatnicl Facilities, and all moneys in the Aogt isitiors and Uonstruction Fund designated fon t1 a Waten Dislnict Facilities shall at all times be availat le fa n 1he Wlatar Clistniat Faa ilities a)iaept to tI a extenl the School Distuict detertninas intenest earnings must be rat aced to ti u Unilad Sta las in aaaorda nae with tf a Internal I levant a ❑ode of 19th, as arnanded. il5510,1 ,21375a�1,00,19 Ib) The FisaaI AlgenI shall make dist unaemenls fila n the Alaquisilic ri and Clo ri spina tic n Fund in acaa rdana a witt the to rm! o fl this Algreti a t nt and ne itt e r the Sa I ool Distnict nor the Distl ict shall be lesga nsible tc d a Wlaten Distl icl foz coats incurs cl b`l thE1 Wlatei C istlliat a s a result oil withheld or dalalicd payments. (c) The Wata n Dhtzicl aglee� it at prior to rtigtie sting payment from the Di! trict it sl a 11 ra ni(1 vii nd appra it a 11 oosls in@luda cl in it! n(i gtie sl and i a) will ha rla alrt ady paid suaI ac sls a WatE1 r Dig tnicl Facil itie s fro m its a vin fund! o r � hall 1 ave pi epaned a ch( a k for disbunsa nr a nt vit is t will be mailed o1 I a n d de lice rt (l within 48 hour s oil i eceipt of C is tria t funds o n I b) will hall( a lra a dy enatimb( reel the funds requested and will trace and Remit to the Distnict all earning: , ill any, by the Water Dim ict in excii s s of the yield on it a applicable Dim ict E ands accruing from the investn ant of d a E islniet Bond pro aaeds neques led, from the date all receipt of such Dig trict Elland pnocet ds by the Wata n Dim ict to t1 a dale of expendilura I 31 d a Wlatel Distnict of : Lich Distnicil Bond proceeds fa r actual legitimate capital costs of it e Wal el Distlicl Faciiitias. Such remittance, if an11, ;hall occur on the ear lien ofl the dat( a fl expE1 nditul a of such C istrict E a n(I procae ds of each ann isle r; ary da it of the tramfei ofl � Lich Distl ia'I Bond pnoaeed! fllom it a Disll ic'I Ia d a Wlaten E isti is 1. The WI it r Uhl ria t agl ees d a I in proces sing the above clic I Lir: emenls it will comply wi it a Il It g a I rt quinemenl! fon the expenditui e of ba i d pnoceElcls under it e Act, a� amended, and the Inilernal Revenue Code of 1486 and any amanclmtino itcrato. (d) 71 a Waters Distnict agree: to maintain adt qua'le inle real eonlnol! a Lie r it! payment func'I is n anal to ma intain accounting neoonds in accoodanca viith gE ne na Illy accepted acaa tinting pnocedunes. The WatE1 a Di' tnlcl will, upon raqua St, provide 'lo it a Disliict its annual fina r a is l rd ll o r1 cert ifia d 111 a n in dt p a ndent Ca ri ifit d Public Alocountant fa a purposes of as Iculatin g it a District's asbitnage neba til a bligations. The Dis'Iriat shall t ave the tiigl t to as riduc 1 its own audit of the Wlatei Elis trio is nee a ri& a'I rd a sonabl( time; and dumin g n( rmal bus ina SJ I a tins. (a) 71 a Walen Distnict shall sut mit a nequ( st fan payment to the Fisaa I Algtnt which sha11 N in the ilormi <ttaahed hencto a! Elxhibi'I "C", vil iol shall be signed t its General Man a g e r a a wnitte n ale signea a n d mihie h shall be ibn tl c exact amount paid on encumbered on to t e disbutised as pnovidad in parag naph (d) above by the Watan Distnict for Wlater E]istriat Faailities costs under! paragrallI (c) above, whial oasts shall in no event exceed d a Dislltla 1 Clontribution of $2,672,000. Lpon receipt of an approved payment rK quast completed in aaaandanae witl d a Ierrals of this Algre a mew, d a Ai; cal Agent 31 a II vliine tnansfk a! tial portion of roque steel funds as age then available for nelease punsuant to the Elond Documents to the Wlate n Dis Inict's bard account, as dirleated by It e Waters Distnic'I. :1. Constnuclion. Tha Wlaten E]istilat will as rupia to d a ale sign of it a Waler Distnicil Facilities and the plans and specifications fon con: tnustion of tl a Walen Distnict Facilities I anainaften the "Plans anal 9 peaifiaations") in a farm and ! Lit stance vil iat is satis fac'lory to the Waten Distoicil. [is 1he Company rmsponsilble feii design or plans and epees'!] 6. Ownership of Aaeilities. Notwi'Ihstanding the fact that some an all of d a Wlaten Distnict Facilities may be coni tnuated in clacliaated street vigl is -al -way om on pragarty which has been on will t a dedicated to the Clity on tl c County of Orar ge, 1he Walen Distnict Racilitia s s1 all be and remain tl a pra flarty of tl a Waters Distnict. i 1511164.2\235a 1. 00:15 7. Indemnific alis n. The School Di! tnicl shr II , ssumi the claflenve of, in (It mnily and save h, rmle! s, the W, tan Di: tnicl, its offu on, employee! and agents, and aech and arlary ont a I tht m, hiom � nd against alt ac tion!, damages, claims, los! es on expenses a 11 evi ry type and df scninti1111 to whit 1 tht iIrma `.I 1 a subjee tad on purl, by reason old on ria sulting icom, ti is Agra emew and the design, engineening and constnucl ion of ti a S( hool F, c itities. No provi! is n a Ihis AIgnee merit shall in an,I vv y limit 11 he extent of tl e School ❑islnic is nesponsibility Bon payment of damages nesulting lbiom the aparations of the St hoot District and it! c ontnaatons; pnovided, howeven, that the School Dig Inict shall not be nciquiced to indemnifly iii Ina rson or antity as -lo damages Egg ultina Atom nag Iigenae or vii IIfuI rni!conducl of such pinion an entity on tt ain age rits or amnlollet s. The Waton Distnict it all assurnt tl e defame oil, indemnify z rid cavi I armless, the School Distnio, its officans, a mployea s and agents, and eaa t and everyone oft[ am, ilcom and against all ac tions , damages, claims, lasses oii expenses of every type and description to which they maybe , ubitcled on pul, tit demon ofl, ori nesulling from, 11his Agneement, and the design, engineening and con tnuct ion of Il a Water Dig lnict Facilities. T o provision of Ihh Agneemenl it a 11 in , int via limit the extent of the Watt n Dig lnict's nein an9ibility flor payment of d, magas nesulting from the opt nations aithe NN ater Distnict and its (iontnaatocs; provided, however, that the Watt n District it all 1111 t b11 required to indemnifil any person oii t nIit, I as Vo damages rt suhing from negligence or willflul misaa ndt c a fl sue h pers on oii en l ity ori 1 heili agenll s or employee,. I. Disalasure. Thi Clompany shall a 4op11tata viith the 11istriat and the Sa11111 I Jislriat in complying with II a rt quicements aIRule 19c12-11 aIIhe Securiiil les and Bxchanga Clommission in connection with the issuam t and sala oil 1he a11 ncls. 71 a Company sl all provide information to iIhe Districl and the School District regarding its opera Iia ns and financial condition, including, ill available , i n audited finanaial sllatement for it! mast recently completed fiscal year, for iii alusion in the plielirninary offraial sgatement and the final official 9 l It merit for i1he aonds. Tht Clompany acknowledges that, due to the exit nt of its initial nr11 pt rly owned I ip in 1 he District, it will t e an "obligated pi clan" floc puglcses oil aamplianae will Rule 15c12 -12(b)(5) oil the SecuniIies and Brehange Clommi! cion and thail it will thecefoila be necessary that Clanipaoil anter into a continuing dist losurt t itdertal ing that so long as it liemains an obligate cl 11t rson it viill annually, at the time spacifie cl in such under aking, provide information to the District and the School District iiegacding ilhe Clompaall'! Finan( ial aanclition, including, if aiiailable, audited financial statements, to le included in iIhe annual repor s which the 17i�, Itie t will fila vied the 1` a lianallll Recognized Municipal Secuiiities R11nasitories which ace idenlifiad ty Ito Sacuiiitie! and M ahange Commission and any stats irillorrrwWri depository that mail be designated floc the State of Claliflornia, as requined by that rule. The Clompany furlheil acknowledges that it will bean of liga ltd pelison puiisuant to such rule as long a! it owns properly wilhin It a District tl at is iiesponsit It fon the payment of annual special flax installments vie iah call nesent 10 peiicent oji mane a llilhe annual debt!erviae on tle owstaiiding Hands. q. Allocation of Spacial Taxes. Upon sale and delivery of the Bonds, oc sual eaiiliar date as the Distnict, in its sole disceati(in, determines appiiopriate, the Hoaiid of 7eustees, as the legislative bodil oil the Districl, shall aunt all`I lau`I a spacial ta)1 as provided fan in the forniatiori piieceeding! 11 flthe Disttict. 7l a enllire amount oflan,l special tax lenit d bil the ❑i� lriat to repay the Bond!, or to Hund otheii al ligations, shall be allot tad la tl a Ilistiiiat. 14. Amendment. 71 is Agilaement may be amended at any tirna i tit only in wcitinq signti cl bil t ach pan y heiieto. 41551& .1121501.0015 5 II. Enlix Autiemenil, This AIS naemt nt contains the E ntime agreement between the nzrti( s with raspeat to the matters pnovided fan h( nein and supersedes all prion agneements and ncgoliatialls belwean tl a parties wilt naspecl 10 the sutjaa I rnattan of tt is Agreement. 12. 1` atides . Any notice, pailment on instnument requined on perrmittad 111 this Agreement to ba Bili( n an de livened to eilheu part; shall be deemed to I a)ie been neceived v11 on personally da liii( nod an Stventy-tvla I a LIDS hollowing deposit of the s, rn( in an}l U nit( d 9 tatas Post Off -Lae in California, negistened or cerified, poslzge prepaid, addressed as follows: School Lislaiat/Distriat: Clapislrana Unified School Distnict 32972 C, IN Perfecto San Ju, n Clapistrano, C la 1i11ornia 92679 At1n: Assisilant Superintendt nt, FaailitieS Ph nning Capistrano NaIla 31 Wallen L]isilriat: Capislnana Malley Alaten District 32450 Pasea Aldt lanlo San Juan Clapistrano, California 9209 M n: Clenenal Man a lit r Clompany: SJD Par neiis, 11 td. C,lo Suncal Companies 5109 E. Ila Palma, Suitt E Anaheim, C I, l i11ornia 9: 817 7 Hach par y mzy change iIS z ddrass 11oii delivery all notice by d( liva Ding wsittan a(] tide of such change of addia ss to ti a a ti a r pa h ies I e re to. 11. fUil ibils. All vit ibils a Itached herelo are incorplon tad into this Algr(ement by rete ra n a e. I� . Severability. If any par a 1 this Algna ern(nt is held Io be illogal or urienfacncez ble by a tour of aarnpatenl junis(liation,lhe nemaindei of this Agr(emenl shall be givan aflleat to the dullest extent seasonably possii h . 19. Governing Lav1. Tlhis Algae( rnent and any dispule atiising haneund( n stall tt governed by and inlerrlrated in accoiidance with the laves of d a 9 tate cl Clatillornia. 1(I. Waiven. Failure t iI a part,I to insist upon the strict peiilonTiance a 11 any oil Ihe piia)iisions oil this Aglieement by the otheli par it s hereto, oii It a failure by a party 10 ex( nsise its iiig I is upon tt a default a f a na the a par y, sha 11 nol @onstitut( i Hlaivem of Such par y's right to insis'l and demand slriat oarnplianat by such other par itis with the telims of This Agreement 1hemeaflen. 17. No 7t ind Par y 13eneficiaJ4 s. No p( risen a n a n City st all ba deemed to be a third par Jl beneficiary hereof, and note ing in Ihis Algnealnant (leither expiiess or implied) is intended to oaD1 ti upon any persa ri on entity, &hem th, n the Wateii Dl9triat, ti a lot ca I Ilis'Iriat, the Ilisilriat and tt c Company (and their raspeative successors and assigns), any rights, neme(lies, obligations on liabiliti( s under or 111 nea son of ti is Agit emew. 455164 .1\23501,0015 6 18. 9 ingulan and Plural; [landen. As wed heiain, ti a singulan of an 31 wiord inoIudes the P11.1113 I. and terms in the masculine gendan it all inalucla ti a flu ruin ina. 19. Clounterparts. This A graement maybe exeat tc d in aounterparls, each of which it all be deemed an aniginal, but all of veil is t shall constitute but one instnument. IN WITNHS9 VIII EAHOF, the pari ies hvia executed this A gn a mant as oil the day 311cl ;Id am miritten b lovi. Date: , 1999 CIA I ISTRAINO UNIFIEID SCIHCICIL DISTRICM A T11ES71: (I Id nk of tt a Boamd of 7Lustea s of ti a Capietnano U nified School Distnict President oil the Boand of Tnustaas CIA I ISTRAINO VP LLEIY MIA "IIEIM DI9 "IIRIC111 Its: Pna sident of tt a Boasd of Dina c tons AT'HIISM IM Sec neta ry of ti a Boand of Dineatons 4153164 A \23 K 1.00a 9 7 SJII PARTNERS, 1 "IID., a Ch Mornia Limited Par nership BY: SID Development Corri., a Ch lillornia (Iorponation, Gene iia l Par ner 10 (I 11164.7127:108.007 5 8 Todd Kuri in, Chief Fina na k I Officarl & I watary EXH 13111 AI ❑EISCRIP'1IO1` OF PROPUR1aY The neat poper y tc t a included wi t in Community Facilities ❑islriet T a. 98-1 of tt e Canisilrano Unified SO ool Distnicl (Pacifia Aoinl;: 666-31> 1 -0 1 666-3fl 1-09 6754 81-04 6754 3 1 -10 6754 8 1- 14 675-3 d 1-O l 675-1(11-04 675-3 (11-0'I 15a164.2�:,5aI.00: s A-1 SHEET 1 OF 1 -aoh it tit ITM FAICILITIVI DISTRi- A h 0. 96--1 -N(Zacific- P" Irl THE CIARMTWIN 0 UNIFIED !ICH(30L WITRICIT CIRAINCI9 OWN T7 STAITE OF CML FCIRh lA (1) Pad i h Ab of fbe CMI of 1k Bud of kdm b i —do I of 19— Painr I E*no4 Ed.0 Ck t d ed Bari d iusbm {2) I ho* m* *A it dw map Awn 1k plWm boalhi rs d Camel FoMw Mk Ifo 98-1, %* W4. ft d CailalraJ bat appeared k h Bova of ill M d a no ffmb km0 Id mi Its— dqj of 19— 4 MW 41 tw" MA Gat Of k Boon d Wbe rhe Falowh g Assomw a arm Mune s an ■ thin QUAILD. C.II.D. Ila 96-1: 686-1301-01 666-301-09 675-061-0m1 675-1061-tfl 675-081-14 475-361--0 675 -361 -at 41 7'-V-361-0!1 , {3) Fid di ihj of 19____-, at tk bald a &d `41 is BW d Bops of kmwiM 0 C mmq Fxft MW d pope M ca kI, - - k it ft d5o d 1k Coldy %mfl ed of QW10 Col. * d Ca miL Gary L Qm* OW4 Ileoolda d ft* tall rAAW PREPARED BY DAL D TA l 5514 dl ASSOCIATES. INC. IDH11]11B IIHSCRIPTION OF WA MIR DISTRICT IIA GILITIUS TI a IbIlowing improv manta aiie eligil le fon acquisition as Watan Dimict Facilities: DHSCIRIP711C1N Pumn Station Undeugra un c Pne:i tnessa d Cloncre a Res ervoin AQ no Tnansmi!i s ion N a im Bone & ,lack undeii 1-5 Fwy - will steel casing 11551N.:1 ACII.M5 B -I 37400 PAS 90 ADELA NTO SAFI JUA1ICA PIS TRAINO, CA 92675 (949) 493-1171 (949) 493-1(193 (FAX) August 4, '1999 Mr. Maic L. Magstad-1 uncal Cc rr pan ies, Inc. 5109 Ba: i LEi Flalrr a, Sui-le D Anaheim, Caliik nnia 90807 Rei: JoiW Clcn imunity Facilities ❑istnici Dean Mn. Magsladt: (-..IVB 1I 1 EA I BR! 0f TI IE VTI1 COU ICIL SI OLLEM E 4 AA P9 ELL JOHI GASIFIER WYJ TT HA IT GIL JO NW DAMIG 6I. S WE 111 I� CITY MAI IA 4 E R GRORGB "ARB0101 GI I Ai ihoin moeiling ell Augusi 3, '19991, t he Clity Clouna it c f thea City c f E an Juan Capistnanc and the Clapistnanc Valleiy W ateui ❑isinicl EIeard c11 Dimicic rs tcc N aclic n tc cc niinue cc nsidEmalk n c to .Icint Ccrr muniiy Faciliiieis Oistnicil to the n11GE1ling c f Augusi '17, '1999, al ihEi MquEisi cf 1ha c uncal Cc"ipanieis. A cc py oil the Augusi 17, '1999 agendas and s-lafl uepc rls will bEi forAiandEid is you. RlEiasei 1kiel ilieei to coniaal us if you have any quesiic ns. V6ry iitily you is, f"I { Cheryll John n City Clleik CC' UavEi Dc mEiy DRFISH Is s SIS n Jt air, Ccpisiim nc : Flreserving tlhe histl tc Er h1c nce the Ature main; and tt at $71,000 fnom tt a 1999-2000 Fiscal) eau a a pital improvemen t hunch be app nopnia ted to this project. —� 4. CION III N UA1110N OF1 CICIN SIDEFfA71CIN CIF JOIN11 COVIN l N IT FACIILill ES WE TRIC -1 3HTWQBN CII -111Y CIF cAN A AIN CIAIPIS11lIAN Cl, CIAPIc11RAN Cl ALL81 WA11EFi DIS11HICITANU CIAPIE TAAINO l N IFIE111 SCIF CICIL I]ISIIRIC7 ON HEIF AILF CIF 11HE1 FIAICIIFICI ROIN T RROJEJCIT (E L KCAL CON FIANI9S ) (600.50 t VAritten Clommuniaations: Aepor slated Aluglust 3, 1999, fnom tl a Administrative cervices Dineaton, advis ing that the Claq is Nano U nillied S chool Ili: tnict had uequested that the Clity a Ind Waten Distuict foam a Clommunity Faa ilities Distuict with tt e c at ool CI is tnict. T a Clommunity Facilities ❑istnict would use public 11inanaingl lou tt a acquisition of the sat ool site on Clamino La: Ramblas, the cons tauction of the Kinoshita 9lementary E at ool and also fund aonstuuation of cer ain major Clity and WatE n Cistuict facilities uequined by the Raaific Roint develop ment. Clynthia Russell, Administnative Services GINeaton, made an onal pnesentation advising tt at SunCal had uequested a continuance oltl a item to the August 'I7, 1999 meeting. Clontinuation of Clons Weuation: It was moved by CI ire ctoi Cla mpbell, seconds d by ❑inector Gneine n and un animous ly a s nnied that the consideration of a Joint Clommunity Faa ilities Distuict bE tween tt a ClitJI, tt a Cla pistian o � alley Waten 0 istnict an d tt a Cla q is tnano Unillied .' cl ool CI is tnict on behalf of the Rao ific Roint Rnoject be continued to tt a August 11, 1999 meeting. ADJOURN MET T Theue k eing no fur hE n business k ellolE the Elloaul, the meeting was adjounned at 8:39 p.m., to tt a next aegulan ME eting (late M 11UE slay, August 17, 1999, at 5:30 p.m., in the Clity Clauncil Clhamben. Respeatfully submitted, CII- BRY k JCIF N 90N, CITI CIL 8RK ATISS11: CIIL JON9S, O AIRMAP CIVWD Minutes 4- 913199 AIG9N DA ITEM Augusl 3, 1 999 110: Geioige Scarbaraugh, Genenal Manageir RROM: Cynif is L. Russell, Administnative Services Direclan 1I11. 9J9C 11: Cans ideralian of Joint Cammunily Flacilities DIsWGI betwlEmn Clity ail plan Juan Clapisil rano, Capisl nano Valley Water District and Clapis-lnano Laitled School Dislnict an behall of lha Flacific Paint Flnoject ilSunCal Ccimpaniers) RBC 0MM9N 0fi11110N : Ely rnolion, approve the attached Joint Community Flacilities Agna meml between It a City oil San Juan Capisirana, Capistnana Valleiy Water Dislnict and Capistnana L niiled ,"EIchocil Dislilel. 1-1111UATION: Elummary and Recorrimeindajon -91 a Clapis'lnana L nilied School Distnicl QCUSD) has noquas led 1hal thea City and Water Disiuicl einler in'la a Community Racili'lieis Disilrict wiilh CUSD. This Clammunity Facililieis Distnicl (CIRD) would bei foamed unden the Mello-.Rcios Acl and would uses public Inancing kir lhei acquisition ail 'Ihei school s iter on Camina Las F arriblas and ilhe cansllruellicin of thei Kinoshi-la 9lerrieinlaryl %cIchool. Me CR❑ would also fund cons tnuclion cif car ain rniajon Clit�j and "a -lei Clistnicil facilitieis nequinad ikir the Flacific Raint develapmeml. "Ilaff necammends That ilhe Waten Distnicl Boand of DiNEICtols appnave the abaci ed Joint Carnirniunity Racilillies Agnuamenl. Backgnatind During 1l a laden pari of 1997, CL SD advised -It a Ci4 Cauncil that the awnen ail -If a Racific Paint Rncijacl IjSunClal Companies) had been in discussions with Them regarding the ilormatian of a Ccimmuni4 Faciliiieis Distnicl. This CIRD would be 'lonrnied unden'J a Mello- Raos Act. The proposed Dislnict wauld utilize public financing fon the acquisiilicin o1 a school s ite cin Caminci Las Ramblas and it would ilund conslruclicin of school 'Lacilities at the Kim hila Ranm Elite. MR cm couNaL A6EN6 C' if IGEN DA ITEM -2- Augusl 3, 1999 Pis part cif lhesei di; cussicins, SunClal Campanieis had nallificd CUSD Thal It eiyl would ncrl participate in 1hEi Clammunily Facililies C1lislnicl unless IhEi Cit�l and VYa1IEin Dislftl EinlEined inla a Jaint Clammunit71 Facililies Agreamen-1 to fund aer ain major Clity and Water Clisinicl facilities Thal SunCal was requined tci aans-Inucl tar ihEi Flacific Rciinl Rrajecl. ThEi Clarrimunit�j FacililiEis Distniel would pravidEi SunCal wilh a mEians cif financing it a requined Clity and Water Disinict ikicilities wish tax-exEimpi public financing by passing chat eclat ici ihEi iluture pnciper y awnens thiiough lax assEissmEints. In addillicin, by combining -It a Cit71 and Wateir Disiricl impravEimEints wilh the CU:10 financing, the pncijEiet could realizEi a savings cin its public financing a1 appiiaximately 112715,000. Faaing somenEily civEincrawdEid candilicros wilhoul viable alteimalivEis lci finance -It a schmil facility Ed k in ash'rla Farre aii acquiiie 1hEi fulune schaal silEi an Camino Las Ramblas, CIL .10 raquEislEid the Ciiy and Wa1Ein Disilrict entail info a Jaini C(immuniN FacililiEis Agiieemeni as requeis-led by :IunCal. Fallawing IEingihy rEiview and cansidetation cif thEi Clarrimunity Facilities Disirici propasal, ihEi City Cauncil declined 'lo Einteii inici a Joint Commun ity Facililies AgreiEimEini. InsllEiad, in Flebruar) all 11998, ihEi Clity Claunail adapted an Uiigencyl OndinancEi, which nEiquired thal nci naw dEivelapment bEi allawEid unless a Mello-Rcias Ccimmunity Facilit71 Distiiicl fail thEi canstnuc icin cif pEirmanani alassnaom 'kicilities was eslablishEid. This L rgEin cy OndinaneE1 insured Thal a dEivelapEiri wciuld pncivide Mella-Boas finding skin new schaal facilities even if the Ciiy chasEi ncit pailicipale in any piopcised joint ilaailiiles agilEm iEiMs. Pit ihEi and all las] year, thEi Califainia %Itaic Lagishituie aching al 11he bEihesl of thEi dEivelapniiani induslry included in .IE150 a picivisicin which pncihibited Clalitcirnia cities tram nEiquiiing devEdopEins 110 insurlEi adequale schacil facilities aro puniidEid lei meE11 the needs a-1 thEi childnein gEineralEid sham thEiir dEnielcipmEints. This Iegislatian nandEired invalid Ni City's Uigency OndinancEi all any crlt all Clint eflari lo mquiie dEnielcipaiis to address schcicd avEirciowding causEid by it eii deWilaprmeni. Continuing 11ci facEi aevEire civeiicrawdEid ccindiiicina and wilhout viablEi allEirnatives 11ci finan ce iha schacil-kicilities, CL SD has again nequesied ihei Cit51 and Wa1Ein Disirict EiniEir inici a jainl communi-IN facililics agreEiment with CUSD as slipulalEid by SunCal. In additicin lci-landing 1hEi cansiruciicin aflhe k inashiia Schacil and acquisilian Who schciol silEi al Camino Las Rarriblas, the Joint Clammunity flacilities Agiieumeni wauld fund consilluclicin allthEi fallawing City and Mitai Olatiiicil facilities: 1. ilhe waiei resEIMOii and appurlenancEls nequineid fail the devEilaprrlEini cif Raciflc Flaini Rrajeict. 2. Off-silEi ataim dnain facililiEis AGENDA ITUM -3- Augusil 3, 1999 3. Ofl-site roadway impncivemEinls as requineid tandem 11he Racific Raint Rrajec phasing plan. V a afl-side uiadway impncivemeinis includes lhei lcillawing: • Impnaveimeint and signaiizcrlion cif Carmina Las RambiasNia Califannia; • ImprovEIments alang Vallee Road Bion" San Juan Creek Road to 1-5 ofl namp; • ImpravEiments al Clarnina Capisinana,l9an Juan Creek Road and 1-5 InIlEmsEictian. Clonsideiralion cri thea cnEiation at a Clarnmunit�j Facilities Disilrict imises a numbein of quesilions. 9ornei commonly askEid quesilicros and Thein canneisponding answens a11E1 ideiniified bEdow: F aw are pnaplarticis ausesiseid in a CRD :l Basically, a ikmmula is seiil whEin 'kmming the CIFD thal pravideis 'km the maximum dollar amauni la be paid by clewilapEul pucipertieis and thEi maximum armauni la bei paid by undevE110ped pnopeirtieis. The assessment can nevEir excEied he maximum amount. Fan example, sl auld the developer ga bankiupi during devEdoprrien'l, the assessrmenis allocated la ilhe undevEdcipeid proper ies aye no'l shifted la developed pimpeirties. phis has accunned ouilside ilhe Slate of Claliikmnia, bu-1 our sla'VEis pnahibiil this ,Irarri happein ing? Whall Happlunsi ifVc ceveilaper goes banknup�l wiilh plancehi still urdevalciplcid :, TIF a lax is still assessed as indicated above. llhe lax lavy skim any undEivEdapeid pnapert� Thal may exist is nal shifted la deivEilopEid propeirty. Ane ilheirei finiancial nicks ice Mei City cin Watein Divirict? Rublic distnicl financing has no canJngent liability on -IF ei issueu; in ilhis casei CU.IO ar ihEi CitylWlaien Disilrict would not have any liabilily iowand the fuiunei repaymEini all ilhe bonds. Additionally, 1hEi issuEm's ability ilci issuEi aihEin debil is no'l impaclEid. Haw c aus CUSD deitermiinei whE ithen ar niail a pnojeict is v iab le ppiior ice isisu inig c eb t within a CIRD? Alla& ed to this nepori is a m0morandurn pnoviding a deiaiiled dEisceip'lion fnorm ih(i School Disilricl neganding lhE1 s alkiguands nelalEid to CFQ Band issuancei. CIL,913 -Iollaws the Cali,kinnia Debt AdvisarM Cammission disclosure guidelines lion land-based sEicuuFliEis. In summar)4, CIL 911 nEiviews prajEicls kir ihEi lalkwing: AGEN DA ITEM -le - August 3, 1999 Bvaluarle eicanarnic viability cif thea R ncije u t including prafit rniangins , rrianketaibilit�j, prapcos eid s aleis pniceis and aivailablEi funding sciunceis, praposeid public Ilaic ili'lies costs, deibt to Win na-lico, edc. -la Meirrniine whethEin dEivelopEln assumptions arEi accurate and in fact still ccirnEic'I prison ilo band iss uance. Analysis cif the financial whenEiwi-It all oil 'It a Clevelcipen aind citheir pnapert} awnems nEisponsiblEi icon 201/ an mcinei -It a special tax payments to suppari thea band issue shauld thEi deiveilcipmani not procEiEid as anticipa-lEid. This analysis also Eixarriines the DevEllcopEir's debt nEipayrnieni his-loryl wind commitmEinis lcir c onWintiamil financing to suppart all eixpEicted projecil cash flaw neEids . Assure that rniaxirriuim special tax nailes, prapEin disclosure and othEin protEictians ane piiovidEid Ikon as nequiiied by CL X117. CIL SICI has Eos tablished Hight CFOs and scild seven GIRD bund issues la finaince civEin $'125 millian in schcial ticilitiEis oven thEi past Hein years. Duning this pemiad coitirrm, CUSD's CRO spEiciaii tax dEilinquency ralei has avEiragEid bEdciw 31/a, despillEi a maijon Eiconcimic nEicessian, and na draws haves ever bEien made agains-1 any oil the CROs' nEiserMEi funds. WhI a , aiinll Clarnimu niiq Raiailitiat Oial Wall as cipinleis ed to to o a Eopla imitei diE tniata 11 9y requesting v Jaint Cammunity Racilillkis Disinict, ilhe devEdopEir can avoid duplicating casts assaciated with sEiparatEi issuEis such as band counsel, financial adviscins, sales casils, etc. Additianally, with ai conscilidatEid larger issuEi thEine would be a likely reduction in the underwniter's discount and percenilaige crf cost of issuance tco issue amaunt wciuld bEi rEiducEid. EItafl estirniatEis 1hEise-cc13t savings ilco bEi appnoximailEily $'9175,000. Ely eintEining in'lo a .taint Cammun ity FacilitiEis Uis tnicil, CIL E -IO would be the issuen. It ereilkinEi, ilhe %"-'-Ichool Disilrict's name would bEi cin the bconds. Addilicinailly, all issuEis nEiganding the bonds including public in-kinmatian, public nEdaticons aind annual mite sEitling wciuld bEi the richcial Disirict's responsibility. What is 11heo ca; t of thEi ihiailitiei: plrciplaseic kim cans,Uallieini? Flacilities Schual HacilitiEls: CurnEint Hnopasal Kinost ita 1Ichacil Siile $2,100,000 Las Rairniblais �Ichool "Sli-le 4,800,000 Sublotal - I---I(hciol Racilities 6,900,000 IGEN DA ITEM -5- Augusil 3, 1999 N an -Schaal Hacililies: WaIE n Hacililies $2,671,000 Roadway 81 Storm Main Improvements 2,194,000 Sublcrlal - N on-9cl aal RacililiE s 4,865.000 -90-HAL $111,765,900 Whait ki Me numtler cif units living buill,l Cluue nt Flnapasal — 350 What is 11He pnoplaaet lillei of 11He Hand issues ainc 11he termia? Term al Elands ln'leiE st Railu Issuance Costs Clume nt Flnapasal 30 yeas 7.00% 23.871/a What is Me City'v au aren4 puoplarty tax nate, Cluinently, llhe Ciily's lax WE is appnaximailely '1.110'/a. What iv the esilimaiteic pinapleirty blx ratle and spIcaiail talx ainlliciiiplatcld fiorri Nis CFDiI The icilal pnojecll valuailicin is maintained basad an new valualian assumplians in ihEi marked place. The killawing schedule shaws a detail crf the cansiuiclicin pnaceeds, cumen-1 tax and speicial lax by unil and summarized as ilcillciws: Desicui tion (Ionsftrucilion Rrocgeds 9s1. Special Tax Cluiinent Deivelapein Piopasal Rale {'1.93`/0} $11,795,000 $'1,900-$5,8100 AGENDA ITS M -6- Augusil 3, 1999 RAICIIRICI ROIN7 CIOMMUNITY HACIL ITIE%S DISIIRICT FIROJ EC1130 RROR13RTY IIAX COMPARI.IONS (lu nreint Puagasial July 13, 191191 Miscrigllion 191(191-00 Rncipjcirt V alue Clumcnt Rncipleit Ilaix Rev isiec Maxirriurni Splecial Tax Rrapaseic bN Devela; ler Maximum Tax Railer '1.10°/a 1.63`/( Cansilrucilicm PIICICeEIds Geneina-led $11,365,000 5,500 SF) $1,100,000 $12,100 $5,830 (4,500 - 5,499 IcIF) $900,000 $9,900 $4,1710 (3,500 - 4,499 ,IF) $700,000 $71,100 $3,1,10 (2,500 - 3,499 rIF) $500,000 $5,500 $2,650 (< <,500 SF) 1 $360,000 $3,960 $11,900 Wha-1 is thea talal special lax paid by i he hclMEI(wnell ownEir avoir 1hEi life a-1 the bond issues? Hill :[ypd (_> 5,000 SF) (e,500 — 5,4 99 SF) (3,500 •. 4,4 99 SF) (-9,500 — 3,4 99 SF) (� 2,500 rIF; Cluurent Rnopasal 185,,e 71CI 150,145 1171,E 45 84,133 6(1,3716 AGENDA ITHM -1- Augusil 3, 1999 Wh2it isi the acia11 a# 11hei c evc1apeirs undeyalapeid lanc tdx (l. L7) am corripaineid +la thel Schaal Retest 11a he F aic 1 Rroposal AI of Unil cichool Fees ULT Difienence Clunnent Rnoposal 350 $2,259,8371 $1,838,032 ($421,205) As you can SEM, -It a dEivEilopEin will pay less in undeveloped land 11ax 11han school fees. Additionally, illho CIFD is appnoved,11he developEin would not incun the coslls of thea neiquinEid public irnipnoveirnieints lo-laling appnoxirmailed)l $41 million. ThEi deivelopen nEpnElsenils that 1hEi sales p1icE1 of thein pnoduct is neiduced bEicausei 'I he pnaperty is encumbE ned by a CFEL they repneseinl -It all by implemeniling a CIFD, the net cosi lo IN dEivelapen is highen Ihan wilhoul the CIFD. Thein position is -It all thEiy ana mquEialing This financing stnalegy fnam a cast flaw paini of vim. Mince ill is irnpassiblei to dErlenrniine wha-1 1hEi lass in sales price aright be, if any, This casl -lo the deivelapen t as nai been calculated. COMMISS10h J9OARD RE% 19W N 0 RHCIOMM9h EIAT10h S: Ncrl Applicable F IfN AIIN CIIAII CIONSIDERA111M 9: I t e City and Walen Disilrict would incun minimal costs asscicialEid wi'lh neiview and appncn►al of IhEi appnapniate documents. As pneviausly indicalEid, ilhe bonds wauld bei in ilhe name cd the Schoal Disinicl, theretlore ihEi City and Wa1Eu Dislnict wauld have na costs associalEid wilh thEi cos'1 al deb -1 is suance. NOTIRKIAl110h "IunClal Campanies, Inc. Capisiiana L nifieid School Dislnicl 550 W . OnangE thanpEi 32912 Caller Rerl octa Placeinlia, Caliionnia 9218710 San Juan Capistnana, Clalikirnia 921EI75 At n: Maic L. Magslad-1 At n: Dave Docimey AQU DA ITEM 8- Augus11 3, 1999 AIL TURNAi E ACTIONS: 'I. By motion, appiovethEi atiact ed Jaint Clammunibl Aacilities AgWeITIOW beltweEln thea Citi cif Elan Juan Capisliana, Capisiiano Valleiy Water Dislnici and Capistrano Unified School Dis-lnict. 2. Do nat appnavEI thea Joint Community Aacilities Agna0ment 3. ReigUEISI additional inilonmalian. RECOMMENDATIQN: Ely motion, appncivEI thEi atlact ed Joint CommLinHy FacililiEis AIgiEiemeni betrnleien thei Clity cif Elan Juan Clapis•lnano, Capisiiano Valley Walim Disdrici and Capistrano L nifieid %cIchciol Dist iict. Respect Lilly flubmitlEid, Cyn is L. RussEdl Administna-live Services Direcion Atlachmant: 'I) .lainI Clommunity Racilities Agreement 2) MEimonandurni bam CUSD AAMEI LWIIR.QOC