RES-2008-057RESOLUTION NO. 2008 -057
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM ESTABLISHING POLICIES OF INTENT
RELATED TO FEE CREDIT, FACILITY
REIMBURSEMENT PROCEDURES AND LEVY ON
APPROVED PROPERTY FOR THE CITY OF ANAHEIM
COMMUNITY FACILITIES DISTRICT NO. 08 -1
(PLATINUM TRIANGLE)
WHEREAS, the City has developed the City of Anaheim Platinum Triangle
Implementation Plan for Public Works Backbone Facilities Improvements dated October, 2007,
prepared by KFM Engineering, Inc. (the "Implementation Plan"), a copy of which is available in
the office of the City Engineer, and which, among other things, depicts the geographic area
within the Platinum Triangle defined therein as the Core (the "Core describes the
improvements required to be constructed as a result of the anticipated development of properties
within the Core that have been approved for such development (the "Core Improvements
including required arterial roadway, streetscape, landscape, sewer system, storm drain, water
system and electrical system improvements, right -of -way acquisition required to construct all
backbone infrastructure improvements, and provides a cost estimate for all Core Improvements;
and
WHEREAS, the City Council (the "City Council of the City of Anaheim (the "City
has initiated proceedings under the Mello -Roos Community Facilities Act of 1982 (the "Act to
establish City of Anaheim Community Facilities District No. 08 -1 (Platinum Triangle) (the
"Community Facilities District to authorize the levy of special taxes (the "Special Taxes
upon the land within the Core and to issue bonds "Bonds secured by such Special Taxes; and
WHEREAS, the boundaries of the Community Facilities District will include all of the
property in the Core; and
WHEREAS, the City Council recognizes the need to issue Bonds in order to build the
Core Improvements in a manner that utilizes economies of scale, minimizes disruption to
existing businesses and provides flexibility to determining the order of construction in concert
with the pace of planned development; and
WHEREAS, the Implementation Plan also depicts properties within the boundaries of
the Platinum Triangle but which lie outside of the Core boundaries, (the "Outer Ring and
describes the improvements required to be constructed as a result of the anticipated development
of properties within the Outer Ring that have been approved for such development (the "Outer
Ring Improvements and
WHEREAS, certain of the owners of property within the Core are obligated, pursuant to
development agreements, to pay development fees which fees have been adopted to pay costs of
constructing the Core Improvements (the "Platinum Triangle Reimbursable Fees and
WHEREAS, certain of such property owners have previously paid Platinum Triangle
Reimbursable Fees and the City anticipates that certain other of such property owners will pay
Platinum Triangle Reimbursable Fees prior to the City Council's certification of the election
approving formation of the Community Facilities District (for purposes of this Resolution,
"District Formation and
WHEREAS, certain of such property owners have previously constructed or caused to be
constructed certain portions of the Core Improvements and the City anticipates that certain other
of such property owners will construct or cause to be constructed certain portions of the Core
Improvements prior to the adoption of the Resolution of Formation for the Community Facilities
District; and
WHEREAS, the City Council desires to adopt policies relating to the return of Platinum
Triangle Reimbursable Fees paid by owners of property within the Core and the acquisition by
the City of Core Improvements constructed by or on behalf of owners of property within the
Core; and
WHEREAS, certain of the owners of property within the Core have expressed concerns
related to the levy of taxes on property approved for development but not yet developed (the
"Approved Property"); and
WHEREAS, the City Council is aware that Special Tax levy on Approved Property
increases the cost of development and desires to mitigate, to the extent feasible and appropriate,
such increased costs; and
WHEREAS, the City Council has determined that it is convenient and desirable to adopt
these policies to serve as guidance to the City Council, City staff and owners of property within
the Core with respect to the Platinum Triangle Reimbursable Fees, the Core Improvements, the
Community Facilities District and the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ANAHEIM AS FOLLOWS:
Section 1. It is the policy of the City that only improvements that constitute Core
Improvements will be financed with Bond proceeds; provided, however, that if Outer Ring
properties are annexed into the Community Facilities District, Bonds may be issued to finance
improvements that constitute Outer Ring Improvements.
Section 2. It is the policy of the City that the Platinum Triangle Reimbursable Fees
previously paid, will be returned to the property owner that paid the same within a reasonable
period of time after the approval by the qualified electors of the Community Facilities District
of a proposition authorizing the Community Facilities District to incur bonded indebtedness
and to levy the Special Taxes, to the extent that it is legally permissible to do so.
Section 3. It is the policy of the City that, to the extent that Bond proceeds are
available therefor, the City will acquire Core Improvements constructed by an owner of
property within the Core for the lesser of the cost estimate therefor set forth in the
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Implementation Plan or the actual reasonable cost thereof, but only if such Core Improvements
are constructed in accordance with law and City policies and approved and accepted by the
City and only to the extent that such acquisition is legally permissible; provided, however, that
any such Core Improvements will be acquired by the City only pursuant to an acquisition
agreement containing terms and provisions reasonably acceptable to the City. It is City's
expectation to fund the Core Improvements that have been constructed by an owner of
property within the Core prior to the issuance of the first series of Bonds with proceeds of such
first series of the Bonds.
Section 4. It is the policy of the City Council that to the extent feasible, taking into
account factors such as the pace of planned development, property owner delinquencies, use of
capitalized interest and interest rates, much of which is dynamic through time and outside the
control of the City, the City will structure and time the issuance of Bonds so as to minimize
the expected Special Tax levy on Approved Property.
Section 5. The officers, employees and agents of the City are hereby authorized and
directed to take all actions and do all things which they, or any of them, may deem necessary
or desirable to accomplish the purposes of this Resolution and not inconsistent with the
provisions hereof
Section 6. This Resolution shall take effect immediately upon its adoption.
THE FOREGOING RESOLUTION is approved and adopted by the City Council of the
City of Anaheim this 22nd day of April 2008 by the following roll call vote:
AYES: Mayor Pringle, Council Members Hernandez, Sidhu, Galloway, Kring
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
AL 4/4 J4 1.!4 411P .A.
CITY CLERK OF THE CIT OF ANAHEIM
67345.3/smann
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BY
CITY OF HEIM
MAYOR OF THE CITY OF ANAHEIM