Title
Recommendation to Authorize the City Manager to Execute a 12-Month Service Provider Agreement with Harris & Associates, a California Corporation, for Reimbursement Audit Services for Infrastructure Improvements to be Financed by Community Facilities District No. 13-1 (Alameda Landing Public Improvements) in an Amount Not to Exceed $134,900. (Community Development)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
On January 7, 2014, City Council adopted Resolution No. 14880 forming Community Facilities District No. 13-1 (Alameda Landing Public Improvements) (CFD) and on January 21, 2014 the City Council adopted Ordinance No. 3084 authorizing the City to levy annual special taxes on property in the CFD to be used to finance the costs of specified Alameda Landing public improvements and the costs of administering the CFD.
In connection with the formation of the CFD, the City and Catellus Alameda Development LLC (Catellus) entered into an Acquisition Agreement pursuant to which the City agreed to use proceeds of the special taxes and proceeds of special tax bonds issued for the CFD, to reimburse Catellus for the costs of specified public infrastructure improvements authorized to be financed by the CFD.
In 2015, the City Council conducted proceedings to authorize the issuance of up to $40,000,000 in CFD Special Tax Bonds for the CFD. On March 17, 2016, the City issued Special Tax Bonds in the amount of $15,415,000. In connection with the issuance of the Bonds, Harris & Associates (Harris) was chosen through a Request for Proposals (RFP) process to provide CFD cost reimbursement auditing services.
Catellus, master developer of the Alameda Landing project, has commenced construction of the final phase of backbone infrastructure. It is anticipated that in 2021, pursuant to the Alameda Landing Disposition and Development Agreement (DDA), Catellus will request that the City issue the remaining authorized bonds ($24,585,000) for th...
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