Title
Adoption of Resolution Authorizing the City Manager to Execute a Supplement No. 2 to Acquisition Agreement Relating to Community Facilities District No. 13-1 (Alameda Landing Public Improvements)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
The recommended action is to adopt a resolution authorizing execution of a Supplement No. 2 to the Acquisition Agreement between the City of Alameda (City), for Community Facilities District No. 13-1, and Catellus Alameda Development, LLC. This Supplement No. 2 modifies the public improvements (and corresponding budgeted costs) to be constructed at Alameda Landing that are eligible to be financed with the proceeds of special tax bonds issued by the City through the Community Facilities District.
BACKGROUND
In connection with the development of Alameda Landing, the City Council established the City Community Facilities District No. 13-1 (Alameda Landing Public Improvements) (CFD) and entered into an Acquisition Agreement, dated November 1, 2013 for the CFD (Acquisition Agreement), between the City and Catellus Alameda Development, LLC (Catellus) (Exhibit 1). The Acquisition Agreement allowed for the use of special taxes levied on property in the CFD, and the proceeds of bonds issued by the City for the CFD, to be used to pay costs of specified public improvements to be constructed by Catellus required by the development of the Alameda Landing project.
In April of 2015, the City Council conducted proceedings to add territory to the CFD, to expand the description of the facilities authorized to be funded by the CFD, and to increase the bonded indebtedness limit of the CFD from $20,000,000 to $40,000,000. The City Council also approved a Supplement No. 1 to Acquisition Agreement ("First Supplement") (Exhibit 2). The First Supplement allowed for construction by Catellus of public improvements required as part of developing Phase 2 of Alameda Landing and the use of CFD special taxes an...
Click here for full text