HomeMy WebLinkAboutA8639 - OLD LAS PALMAS NEIGHBORHOOD ORGANIZATION : MEDIAN MAINTENANCE •
FINANCIAL•PARTICIPATION AGREEMENT
OLD LAS PALMS LANDSCAPED MEDIAN MAINTENANCE-
This Financial Participation Agreement, (the "Agreement"), is made and entered into
this 7 day of en, 7 i - , 2020 ("Effective Date"), between the City of Palm
Springs ("City") and the Old Las Palmas Neighborhood Organization, a City of Palm
Springs Recognized Neighborhood Organization and California mutual benefit non-profit
corporation, ("OLPN").
RECITALS
A. OLPN is an officially recognized neighborhood organization of the City of Palm
Springs generally located between Via Monte Vista on the west, Palm Canyon
Drive on the east, Stevens Road on the north, and Tahquitz Canyon Way on the
south.
B. OLPN is also a California mutual benefit non-profit corporation established to
support the;interests of the residents living within the boundaries of OLPN.
C. City owns and maintains certain landscaped medians within the streets located.
within the boundaries of OLPN as identified on Exhibit "A", attached.hereto and
incorporated herein by reference. _
D. Four landscaped medians owned and maintained by the City do not have irrigation -'
service located at: N. Prescott Drive at Prescott Drive SE; N. Prescott Drive at
Merito Place; Merito Place at Cahuilla Road; and Hermosa Place at Mission Road.
OLPN previously requested the City to provide manual watering of these
landscaped medians. -
E. By separate agreement between the City and Jacqueline Autry, the City owns and
Jacqueline Autry maintained a certain landscaped median within Mountain View
Place as identified on Exhibit "B", attached hereto and incorporated herein by
reference.
F. The City's separate agreement with Jacqueline Autry has terminated by virtue of
the sale of Ms. Autry's personal residence.at 328 W. Mountain View Place, and
OLPN. has voluntarily continued to provide_formaintenance of the landscaped
median with its own contractor.
G. On June 30, 2020, the City adopted its Fiscal Year 2020-2021 Comprehensive
Budget imposing significant reductions in City operations, including reduction in
landscape maintenance services.
' 55575.18100\33459744.1
H. OLPN has requested that the City assume maintenance of the Mountain View
Place landscaped median given the termination of the City's separate agreement
with Jacqueline Autry.
I. OLPN has requested that the City continue with.its manual watering operations for
the landscaped medians without irrigation service.
J. In exchange for City continuing with its manual watering and landscape
maintenance services, OLPN has offered to financially participate for the next year
by contributing funds to offset the City's costs related thereto.
The Parties agree:
1. Manual Watering. City agrees to continue providing manual watering of the
landscaped medians without irrigation service for the term of this Agreement.
2. Landscape Maintenance. City agrees to continue providing landscape
maintenance and palm tree trimming services of all the medians,'inclusive of the median
located on Mountain View Place.
3. Financial Participation. OLPN agrees to provide financial participation pursuant to
this Agreement to offset the City's costs associated with continuing the manual watering
(for a period of one year)and the landscape maintenance and palm tree trimming services
identified in this Agreement. OLPN shall pay the City the total of Five Thousand Dollars
($5,000.00) upon execution of this Agreement.
4. Term. This Agreement providing for OLPN's financial participation in the City's
costs to continue the manual watering and landscape maintenance services related to
the landscaped medians located within the boundaries'of OLPN shall terminate one year
following the Effective Date. The. City may, in the City's sole discretion, suspend manual
watering after termination of this Agreement, unless this.Agreement is subsequently
amended (as evidenced by a writing signed by.both Parties) providing for such additional
- financial participation by OLPN to continue with the City's manual watering operations.
The City may also, in-the City's sole discretion, suspend or otherwise reduce landscape
maintenance and tree trimming services- for the landscaped medians (inclusive of
Mountain View Place) after termination of this Agreement based on the City's available
funding for such services. OLPN shall have no further obligation to provide financial
participation following the termination of this Agreement.
55575.18100\33459744.1
•
IN WITNESS WHEREOF,the City and OLPN have caused this Agreement to be executed
the day and year first above written.
CITY OF PALM SPRINGS, CALIFORNIA .
By --%--- .� •.
David H. Rea
City-Manager
ATTES : ' -
AiLAR- : r APPROVED BY CITY MANAGER
i AW1 ts(00 ,
Anthoi! • / _.
. City •erk
APPROVED AS TO FORM:
By_n
// � ffre allinger;
' City Attorney
' OLD LAS PALMAS NEIGHBORHOOD ORGANIZATION
By V
%eg/ '
Signature
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Printed Name/Title
B (J.JLe .
Y I�'u-
Signature
JoLb aftittA4 s - %e /g 5(0.00/
Printed Name/Title -
55575.18100\33459744.1
EXHIBIT "A"
CITY MAINTAINED
OLD LAS PALMAS LANDSCAPED MEDIANS
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Vista Chino @ N. Palm Canyon Dr.
Landscape Area: 900 square feet, 4 palm trees
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Via Las Palmas (2)
Total Landscape Area: 16,000 square feet; 12 trees
EXHIBIT "A"
• CITY MAINTAINED
- OLD LAS PALMAS LANDSCAPED MEDIANS
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Prescott Drive (2) , '-
Total Landscape Area: 1,200 square feet, 2 trees
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Merrito-Place /Cahuilla Rd. (1)
Total Landscape Area: 200 square:feet, 1 tree
EXHIBIT "A"
CITY MAINTAINED .
OLD LAS PALMAS LANDSCAPED MEDIANS
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Hermosa Place/ Mission Rd. (1)
Total Landscape Area: 200 square feet, 1 tree
•
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EXHIBIT "B"
PRIVATELY MAINTAINED
OLD LAS PALMAS LANDSCAPED MEDIAN
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Mountain View Place (Mission Road to Prescott Drive)
Landscape Area: 6,000 square feet, 16 palm trees
•
•
- Public Funding •
•
• December 2,2020 • .
•
Suzanne Harrell
s.harrellna.harrellco.com • ••
•
Subject: City.of Palm Springs,California • •
. Lease Purchase Agreement(the"Loan")
Dear Suzanne:
This term sheet is presented in connection with our discussions regarding the above-referenced:potential
' Loan,transaction.'Capital One Public Funding,LLC.("COPF")•is•very'interested in.working with City.of • ,
Palm Springs, California,:("Borrower") in connection with the above-described.potential Loan transaction
• and are pleased to present the following summary terms:
Structure: •Equipment lease-purchase between COPF,as lessor,and Borrower,as lessee.
•EstimatedAmbunt ' . : : •: • $900,000 ' . : :
Use of Proceeds • •Finance the purchase of various vehicles and related equipment. . . ..
• Security Provisions./ Security interest in equipment(UCC filing). Lease payments subject to appropriation.
Repayment Sources
Filed Interest Rate . . 1.69% .•
•
Payment Assumptions.••:: Approximately level semi-annual payments of principal.and interest beginning 02/01/22;:final maturity ..
02/01/31.The Loan will:be payable in installments on the dates and in the amounts set forth on the •
payment schedule identifying payment dates,'principal,interest and total:payment due,which shall be.
attached to the lease. ••"
•
- Call Provisions ... Callable beginning 02/01/26 in whole at par on any interest payment date.: -
• Tax Treatment : "" : • :• Tax-exempt ••
Interest Rate.Assumvttons
. The above-quoted interest rate is based upon.the assumptions set forth-above regarding average life and
final-maturity. Any changes from the assumptions:may require an adjustment to the quoted rate. The rate '
may.also be subject to change if the:contemplated Loan is:not closed by January 25;2021. .
Documentation
•
Loan documentation shall be prepared .by COPF counsel subject to review .by,Borrower's counsel.
Borrower shall provide, at its:expense, an opinion of legal counsel (acceptable:to'COPF) attesting to the
legal,valid, and-binding nature of the transaction and the tax- figu
re ure of the interest component ot.
. the Loan payments:'Upon selection of COPP, the Borrower shall provide COPF the draft authorizing -•
and ..
document for its reviewnd comment. .
Costs of Issuance '
The Borrower shall:be responsible for normal borrower costs of issuance including a financial advisor,
placement;agent and bond counsel. No fees will be due to COPF,which shall,be responsible for the costs
of its own.legal review.
21
Closing
Closing is anticipated to take place on January 25,2021. This is not'a'commitment,rather,.the funding of
the Loan will occur only after,among other things, COPF,the Borrower, and their respective counsels are
fully satisfied with the terms of the Loan documents and all of the terms and conditions contained herein
and in the Loan documents have been met.
Term Sheet Expiration
This tern sheet shall expire if not.accepted by the Borrower by December 11,2020. Once accepted,this
Term Sheet shall expire if the transaction has not closed by January 25,2021 unless:extended by COPF at
its sole discretion.
Subject to Final Credit Approval
Specifically, but without'limitation, this Term Sheet has not yet received all necessary internal and
committee approvals of COPF. Any obligation of COPF to provide financing or otherwise shall arise only
upon the execution of final Loan documents signed by authorized:signatories of COPF and.not from
statements(oral or written)made during the course of discussions among the parties(whether or not prior
to or after:the date hereof).
Should the above-stated terms be acceptable to you,formal approval through COPF's internal credit
process_will be pursued as quickly as possible.
•
Thank you for the opportunity to offer this term sheet. Should you have any questions,please do not
hesitate to contact me at 505.503.7629'or jeffrey.sharp@capitalone.coin_
Sincerely,
Jeffrey D.Sharp:
Senior Vice President,Director of Business Development
Capital One Public Funding,LLC
cc: Jonathan Lewis,Capital One Public Funding,LLC
Brenda Barnes,Capital One Public Funding,LLC:
ACCEPTED BY: City of Palm Springs,California
By �a✓:a 8EST:
Name n^
C�x f , [ nqs(/
Title ty Cler
APPROVED BY CRY COUNCIL
'4,55 Sir
City of Palm Springs,California December 2,2020
Lease Purchase Agreement • . Page 3
23
Attachment 1
REPRESENTATION LETTER
January 25, 2021
Capital One Public Funding, LLC
1307 Walt Whitman Road, 3rd Floor
Melville, New York 11747
Attention: Maryann Santos
Re: Independent Registered Municipal Advisor Representation
Dear Ms. Santos:
We are writing to provide you with certain representations pursuant to Rule 15Ba1-1
(the "Municipal Advisor Rule") of the Securities and Exchange Commission (the "SEC") under
the Securities Exchange Act of 1934, as amended (the "Act"), regarding our independent
registered municipal advisor.
Pursuant to paragraph (d)(3)(vi)(B) of the Municipal Advisor Rule, we hereby represent
to you that we are represented by, and will rely on the advice of, Harrell & Company Advisors,
LLC (the "Advisor") on all matters relating to issuances of municipal securities and municipal
financial products (as such terms are defined in the Municipal Advisor Rule and the Act). As
used in the ,preceding sentence, "rely on" means that we will seek and consider, though not
necessarily follow, the advice, analysis, and perspective of the Advisor.
You may rely on this representation letter until such time as you receive notice from us.
Sincerely,
CITY OF PALM SPRINGS, CALIFO
fr TFEST:
By 17c..:4) 1?ea. J :/
City=NW Its C ;4 J ('1�n a5
PROVED BY CliY COUNCIL
1O55