Title
Adoption of Resolution Authorizing the Issuance of City of Alameda Community Facilities District (CFD) No. 13-1 (Alameda Landing Public Improvements) 2021 Special Tax Subordinate Bonds in an Amount Not to Exceed $24,585,000, and Approve Related Documents and Actions. (Finance)
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 ("2021 Bonds") for the CFD in order to pay the costs of public improvements being constructed by Catellus in connection with the continuing development of Alameda Landing. The attached Resolution authorizes the issuance of the 2021 Bonds, payable from annual special taxes levied on property in the CFD, and approves related documents and actions.
BACKGROUND
Pursuant to a Disposition and 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 a...
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