Title
Adoption of Resolution Designating Consultants and Authorizing and Directing Actions Related to the Issuance of Special Tax Bonds for Community Facilities District No. 13-1 (Alameda Landing Public Improvements). (Finance 362)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
The City Council formed the City of Alameda Community Facilities District No. 13-1 (Alameda Landing Public Improvements) ("CFD") to finance certain public improvements in connection with the Alameda Landing development. In March of 2016, the City of Alameda (City) issued $15,415,000 of special tax bonds ("2016 Bonds") for the CFD, and proceeds of the 2016 Bonds were used to acquire some of the authorized public improvements from Catellus Alameda Development, LLC ("Catellus") pursuant to an Acquisition Agreement between the City and Catellus. The City is authorized to issue an additional $24,585,000 of special tax bonds for the CFD. Catellus has requested that the City issue the additional bonds for the CFD in order to pay costs of public improvements being constructed by Catellus in connection with the continuing development of Alameda Landing. The subject Resolution provides for the engagement of certain consultants necessary to process the proceedings for the issuance of the additional bonds.
BACKGROUND
Pursuant to a Disposition Development Agreement entered into in December of 2006, among the City, the Successor Agency to the Community Improvement Commission of the City ("Successor Agency") and Catellus, in 2014 the City formed the CFD and determined that the City could issue, up to $20,000,000 in special tax bonds for the CFD to finance public improvements constructed by Catellus in connection with the development of Alameda Landing. At the time of formation of the CFD, the City and Catellus entered into an Acquisition Agreement whereby the City agreed to use the proceeds of special taxes levied on property in the CFD and proceeds of bonds issued by...
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