Title
Adoption of Resolution Authorizing the Issuance of City of Alameda Community Facilities District (CFD) No. 13-1 (Alameda Landing Public Improvements) 2016 Special Tax Bonds in an Amount not to Exceed $18,000,000; Approve Certain Documents in Connection with the Sale and Issuance of the Bonds; and, Authorize the Interim City Manager or Her Designee to Execute the Documents and Take All Related Actions in Connection With the Sale and Issuance of the Bonds. (Community Development 256)
Body
To: Honorable Mayor and Members of the City Council
From: Elizabeth D. Warmerdam, Interim City Manager
Re: Adopt a Resolution Authorizing the Issuance of Special Tax Bonds in an Amount not to Exceed $18,000,000 for the Community Facilities District ("CFD") at Alameda Landing; Approve Certain Documents in Connection with the Sale and Issuance of the Bonds; and, Authorize the Interim City Manager, the City Manager or Her Designee to Execute the Documents and Take All Related Actions in Connection With the Sale and Issuance of the Bonds
BACKGROUND
Pursuant to the 2006 Alameda Disposition and Development Agreement (DDA), in January 2014, the City Council formed the City of Alameda Community Facilities District ("CFD") No. 13-1 (Alameda Landing Public Improvements), and determined that the City could issue, for the CFD, up to $20,000,000 in bonds to finance certain public facilities that have been constructed by Catellus Alameda Development, LLC ("Catellus") in connection with the development of Phase 1 of Alameda Landing. In April 2015, the City Council approved the annexation of the 40 acres in Phase 2 of Alameda Landing into the CFD; added to the facilities authorized to be financed by the CFD; and increased the bonded indebtedness limit of the CFD to $40,000,000. When Council took its actions in April 2015, it was informed that the initial series of bonds was expected to be issued in late 2015 or early 2016.
DISCUSSION
The City Council is now re...
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