HomeMy WebLinkAbout12/1/2004 - STAFF REPORTS (18) DATE: December 1, 2004
TO: City Council
FROM: Director of Public Works/City Engineer
ASSESSMENT DISTRICT 164
RECOMMENDATION:
It is recommended that the City Council approve various Resolutions related to the proposed
formation of a 1913 Act Assessment District, using 1915 Act Bonds for certain eligible public
improvements for the development project known as Mountain Gate II consisting of Tract
No. 32028 and 32028-1, located on the northeast side of State Highway 111 north of
Gateway Drive.
SUMMARY:
On July 28, 2004, the City Council approved an application for further processing of the
formation of Assessment District 164, submitted by Mountain Gate II Palm Springs Ventures,
LLC. The City Council's authorization allowed staff to select and negotiate contracts with
consultants for an assessment engineer's report, appraisal and market absorption study;
and authorized the collection of necessary deposits from the applicant to fund consultant
contracts. On October 6, 2004, the City Council adopted a Resolution of Intention to
consider the formation of Assessment District 164, scheduling a Public Hearing for
consideration of its formation for December 1, 2004. The purpose of this Public Hearing is
to consider all information related to the application forformation of Assessment District 164,
public testimony related thereto, and consideration of adoption of various Resolutions that
will implement formation of Assessment District 164.
BACKGROUND:
Mountain Gate II Palm Springs Ventures, LLC, is the developer for Tentative Tract No.
32028 located on the northeast side of State Highway 111 north of Gateway Drive. The
Tentative Tract Map was approved by City Council on July 7, 2004, and the final maps(Tract
Map No. 32028 and 32028-1)were approved by City Council on November 17, 2004. The
overall development consists of 196 single family residential lots.
Carlos Cueva, of Mountain Gate II Palm Springs Ventures, LLC, has submitted an
application for formation of a 1913 Act Assessment District, identified as Assessment District
164, using 1915 Act Bonds for the public improvements for this development. Following a
review of the application by the City's Special Districts Committee, City Council authorized
further processing of the formation of Assessment District 164 at its July 28, 2004, meeting.
The Council's authorization allowed for City staff to select and award various consultant
contracts necessary to provide information necessary for the formation of Assessment
District 164, as well as scheduled the formal Public Hearing for consideration of the
formation of Assessment District 164 for the December 1, 2004, meeting.
As discussed during Council's consideration of Assessment District 164 at its July 28
meeting, the applicant is proposing that Assessment District 164 fund public sewer
improvements, water improvements, street improvements, sewer fees, water
Assessment District 164
December 1,2004
Page 2
fees, utility undergrounding improvements,engineering costs, and all district formation and
financing costs. The final confirmed engineer's total Assessment District bond amount is
$3,806,000.
As shown on Attachment 2 (the "Financing Summary"), the final confirmed engineer's
estimate for Assessment District 164 results in a per lot annual assessment of$1,784 forthe
larger"El Dorado" units, and a per lot assessment of$1,438 forthe smaller"Ventana"units.
These annual assessments assume a bond term of 25 years at a rate of 6.0% will be
obtained once a sale of the bonds is completed. The final confirmed costs of the
Assessment District and resulting assessments comply with the City's Policy regarding
Special Assessment Districts; and the value to lien ratio will meet or exceed the 4:1
requirement, and the overall tax rates are below the 2% maximum allowed by law, (1.71%
for the "El Dorado" units and 1.67%for the "Ventana" units).
In accordance with the approved appraisal for the property, the required value of the
property necessary to exceed the 4:1 value to lien ratio will not occur until such time that the
development is under construction, and the rough grading of the pads has been completed.
A grading plan for the development is nearing completion and will soon be ready forthe City
Engineer's approval, and it is expected that grading of the development will be completed
within the next few months. Upon completion of the grading of the development and
confirmation that the appraised value of the property has met or exceeded the minimum 4:1
value to lien ratio, staff will schedule the City Council's formal action on the issuance and
sale of limited obligation bonds for the purposes of financing Assessment District 164.
After the formation of Assessment District 164 is complete,the City will be the issuer of the
tax-exempt obligations for the Assessment District. The City does not incur any obligation
for the subject debt, which will be secured and payable solely from assessments on the
properties within Assessment District 164 and will constitute a foreclosable lien on such
properties if unpaid.
Following consideration of public testimony at the Public Hearing, the City Council may
consider approval of various Resolutions that will allow staff to proceed with formation of
Assessment District 164. Resolutions are required to certify the results of the assessment
ballot proceedings, approving the final Engineer's Report, approving joint financing
agreements with Desert Water Agency and Southern California Edison, and ratifying all
actions necessary for the formation of Assessment District 164 as required by state law and
the California Constitution.
The City Council's approval of the various Resolutions in no way commits the City to any
financial contribution or liability to repay the bond indebtedness. Unpaid assessments are
secured through foreclosable liens,and City staff costs to administerthe Assessment District
and are reimbursed through the annual assessments levied to the property owners within the
Assessment District.
SUBMITTE /j� APPROVED:
DAVID J. BARAKIAN a DAVID H. READY--
Director of Public Works/City Engineer City Manager
ATTACHMENTS: \
1. Resolutions (5), 2. Financing Summary, 3. Assessment District Map
Mountain Gate 'DUIlLtiYl
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Phase II
Assessment
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District No. 164
Tract No. 32028
AD will Finance Approx $2.9 Million
to Reimburse Developer for:
Water and Sewer Facilities
Undergrounding Utilities
Exterior Landscape
Development Impact Fees
(Developer Funding $509,000) Acquisition Fund $ 2,940,000
Reserve Fund 301,000
Capitalized Interest 317,000
Underwriting 76,000
Costs 172,000
Total Assessment $3,806,000
Bond Term — 25 Years
Effective Interest Rate — 6.0%
Overall Tax Rates:
Ventana 1.67%
El Dorado 1.71%
Including General, Assessment Bonds Will Not Be Issued Until
and LMD Value to Lien Equals 4 to 1
Par Amount $3,806,000
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Value Needed $15,224,000
Estimated Annual Assessment: ---
Ventana $1,438
El Dorado $1,784
Revised: November 18, 2004
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MOUNTAIN GATE II PALM SPRINGS VENTURES,LLC
C/o CENTURY CROWELL COMMUNITIES
(CENTURY VINTAGE HOMES)
1535 SOUTH"D"STREET,SUITE 200
SAN BERNARDINO,CA 92408
DECEMBER 1,2004
Honorable City Council
City of Palm Springs
3200 East Tahquitz Canyon Way
Palm Springs, CA 92263
Re: Waiver of Notice of Hearing, any and all Time Constraints on the Formation of
Assessment District No. 164 of the City of Pater Springs, the Levy and Collection
of Special Assessments Securing Limited Obligation hnprovement Bonds, the
Issuance and Sale of such Bonds, and the Cash Payment Period
Dear Councilmembers:
The undersigned is a duly authorized representative of Moumtain Gate II Palm Springs
Ventures, LLC, the fee owner of that certain property in the City of Palm Springs designated as
"Tract Nos. 32028 and 32028-1 (Moumtain Gate II)," as described by assessor's parcel numbers
on Exhibit A hereto (the "Property"). The Property has been formed into a special assessment
district pursuant to the Municipal Improvement Act of 1913, Chapter 7 of Division 12 of the
California Streets and Highways Code (the "1913 Act") for the purpose of levying assessments
on all specially benefited property in said Tract Nos. 32028 and 32028-1. Such special
assessments are to secure limited obligation improvement bonds to be issued pursuant to the
hnprovement Bond Act of 1915, Division 10 of said Code (the "1915 Act"). The legal
requirements of both Acts include time constraints for the performance by the City of certain
actions in furtherance of the objectives of both Acts.
In order for the proceedings for Tract Nos. 32028 and 32028-1 to move forward as
expeditiously as possible, the undersigned does hereby waive the following:
I. All published or mailed notices, including notices regarding recording of the
assessment and diagram and the cash collection period.
2. All time and other constraints on the formation of Assessment District No. 164,
the levy of assessments thereunder, and the issuance and sale of bonds.
3. The thirty day cash payment period for payment of assessments.
Please enter this waiver in the appropriate records of the City.
1003/042/25241 vl y
Honorable City Council
December 1, 2004
Page 2
The undersigned hereby declare under penalty of perjury that they are the owners of the
Property and are voluntarily waiving the rights discussed above:
Very Truly Yours
MOUNTAIN GATE II PALM SPRINGS VENTURES, LLC,
a Delaware limited liability company
By: Century Crowell Communities, L.P.,
a California limited partnership,
Its Development Management Company
By: Century Homes Communities,
a California corporation
Its: General Partner
By
Name Carlos Cueva
Title Director of Public Finanace—
Coachella Valley
1 0 0 3/042/2 5 24 1 v1
Honorable City Council
December 1, 2004
Page 3
Exhibit A
The Property
Tract 32028 (Assessor's Parcel Number 669-320-013-8)
Tract 32028-1 (Assessor's Parcel Number 669-320-011-6)
1003/042/25241 vl
a
ACQUISITION AND FUNDING AGREEMENT
BY AND BETWEEN
MOUNTAIN GATE II PALM SPRINGS VENTURES, LLC
AND
CITY OF PALM SPRINGS
ASSESSMENT DISTRICT NO. 164
(MOUNTAIN GATE II)
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ACQUISITION AND FUNDING AGREEMENT
City of Palm Springs
County of Riverside, State of California
Assessment District No. 164
(Mountain Gate II)
This Agreement for Special Assessment District Financing, Constriction and Acquisition
of Improvements ("Agreement") is made and entered into as of November 1, 2004, by and
between the City of Palm Springs, a charter city duly organized under the laws of the State of
California (the "City") and Mountain Gate II Palm Springs Ventures, LLC, a Delaware limited
liability company(the "Developer").
RECITALS :
WHEREAS, the Developer owns and is in the process of developing the property
described on Exhibit A hereto and by this reference incorporated herein (the"Property");
WHEREAS, the City imposed certain conditions on the development of the Property; and
WHEREAS, said conditions include the provision of certain public facilities to be
constructed or caused to be constructed by the Developer and acquired by the City or by another
public entity, as set forth more particularly on Exhibit B, attached hereto and incorporated herein
by reference (the "Project"); and
WHEREAS, the public facilities and all appurtenances and appurtenant work constructed
and installed by the Developer shall, upon acceptance by the City or another public -entity in
accordance with the terms hereof, be maintained by the City or by another public entity; and
WHEREAS the Developer has submitted a petition requesting the City to undertake
proceedings under the Municipal Improvement Act of 1913, Division 12 of the Streets and
Highways Code of California, for the acquisition and construction of the Project and requesting
further that the City issue bonds pursuant to the Improvement Bond Act of 1915, Division 10 of
said Code (the "Bonds") to provide fiords for such acquisition and construction; and
WHEREAS, this Agreement is made and entered into pursuant to provisions of the
Subdivision Map Act, and, more particularly, Section 66462 of the Government Code of
California;
NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions
contained herein, the parties DO HEREBY AGREE as follows:
ARTICLE 1.
DEFINITIONS
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Section 1.1 Definitions. Unless the context of her wise requires, the terms defined in
this Section shall have the meanings defined herein:
"Agreement"means this Acquisition and Funding Agreement.
"Acquisition and Construction Fund" means the fund by that name established in Section
3.04 of the Fiscal Agent Agreement.
"Assessments" means the aggregate special assessment or individual portions thereof, as
the case may be, levied by the City, constituting a first lien and charge upon parcels of the
property co-equal with the latest lien thereon to secure the payment of general (ad valorem) taxes
as confirmed by Resolution No. of the City Council adopted on December 1, 2004.
"Bonds" means the City of Palm Springs 2004 Limited Obligation Improvement Bonds,
Assessment District No. 164 authorized for issuance by the District pursuant to its Resolution
No. adopted on
"City"means the City of Palm Springs.
"City Engine "means a civil engineer or fine of civil engineers selected by the City and
having no interest, direct or indirect, in or with the City, the Developer or the Fiscal Agent and,
in the case of an individual, not being an officer or employee of the City, the Developer or the
Fiscal Agent and, in the case of a firm, not having as an employee a partner, director, owner,
officer or employee of the City, or the Fiscal Agent.
"County'means the County of Riverside, State of California.
"Developer" means Mountain Gate II Palm Springs Ventures, LLC, a Delaware limited
liability company, and any permitted successors and assigns.
"Fiscal Agent"means BNY Western Trust Company, or its successors and assigns.
"Fiscal Agent Agreement" means the agreement dated as of November 1, 2004 by that
name between the City and the Fiscal Agent.
"Project" means those improvements constructed or to be constructed by the Developer
and acquired by the City or another public entity, as described in Exhibit B attached hereto.
"Propert ' means the property described on Exhibit A hereto and by this reference
incorporated herein.
"Purchase Price" means the amount to be paid by the City for the Project or any portion
thereof as set forth in Section 5.2.
ARTICLE 2.
ASSESSMENT DISTRICT
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Section 2.1 Formation of Assessment District. The Developer has heretofore filed a
petition and consent to the assessment proceedings undertaken by the City for the Project and the
levy of Assessments therefor under the Municipal Improvement Act of 1913, Division 12 of the
California Streets and Highways Code to finance the acquisition and construction of the Project.
Section 2.2 Other Agreements. Nothing contained herein shall be construed as
affecting the Developer's duty to perform its obligations under other agreements, land use
regulations or subdivision requirements relating to the development of the Property, which
obligations are and shall remain independent of the Developer's rights and obligations under this
Agreement; provided, however, that the Developer shall use its best efforts to perform each and
every covenant to be performed by it under any lien or encumbrance, lease, sublease, instrument,
declaration, covenant, condition, restriction, license, order, or other agreement, the non-
performance of which would or may materially and adversely affect the Project or the Property.
ARTICLE 3.
CONSTRUCTION OF PROJECT
Section 3.1 Completion of Project. The Developer shall be responsible for the
completion of the construction of the Project in accordance with the terns and conditions of this
Agreement. The parties recognize and acknowledge that it is the plan of the Developer to
constrict portions of the Project as Final Maps are recorded in connection with development of
each phase. Such construction shall be in accordance with the designs and specifications
approved by the City, in a good, workmanlike and commercially reasonable manner, with the
standard of diligence and care normally employed by duly qualified persons using their best
efforts in the performance of comparable work and in accordance with generally accepted
practices appropriate to the activities undertaken. The Developer reasonably expects that the
construction and acquisition of the Project will be completed no later than three (3) years from
the date of issuance of the Bonds.
Section 3.2 Developer As Independent Contractor; Competitive Bidding; Prevailing
Wages. The parties hereto agree that this Agreement is for the construction of certain public
improvements by the Developer and the sale of the Bonds for the payment of the construction
and acquisition costs of such improvements and such other amounts as are herein provided, and
is not, nor is intended to be, a public works contract. In performing under this Agreement, it is
mutually understood that the Developer is acting as an independent contractor, and not as an
agent of the City. Except as otherwise specifically provided herein, the City shall not have any
responsibility for payment to any contractor, subcontractor or supplier of the Developer.
Notwithstanding the foregoing, all public improvements comprising the Project constricted by
the Developer shall be subject to a competitive bidding process approved by counsel to the City
and all contracts entered into between the Developer and licensed contractors for the
construction and installation of the Project shall provide that such licensed contractors shall be
required to pay the prevailing rate of per diem wages in the amounts and to same extent that such
rates would be paid by the City, if the City were contracting with such licensed contractors. A
list of such contractors shall be filed with the City Engineer for approval.
Section 3.3 Failure of Developer to Complete Improvements. If the Developer fails to
build the Project substantially in accordance with the approved final construction drawings and
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specifications and any amendments and addenda thereto or is late in completing the Project, the
City shall promptly notify the Developer in writing of such default. If the Developer has not,
after a period of thirty (30) days from the date of receipt of such notice either (i) cured such
default or (ii) commenced to cure such default with reasonable diligence, the City shall proceed
to build, complete, or rebuild the Project or a portion thereof, so that when completed it will be
constructed substantially in accordance with the approved final construction drawings and
specifications and any amendments or addenda thereto. (If not then prepared, the City may
proceed to prepare such final construction drawings and specifications. The City may apply the
proceeds of the Bonds together with amounts derived from any performance bond applicable to
those improvements to the costs of such building, completing or rebuilding (and of preparing
constriction drawings and specifications, if necessary). The purchase price to be paid to the
Developer for any improvement which is built, completed or rebuilt, or for which construction
drawings and specifications are prepared under this subsection shall be reduced by the amount of
any proceeds of the Bonds expended on such improvements pursuant to this subsection.
The Developer will be treated as being late in completing a portion of the Project if either
(i) such portion has not been completed within eighteen (18) months (or such longer period to
which the parties hereto agree in writing) after a final subdivision map is recorded for that
portion of the Property to which such map applies, (ii) such portion of the Project has not been
completed by the date on which completion thereof was required in any permit issued by any
govermmental agency to the Developer, or (iii) construction of such portion of the Project has
been abandoned by the Developer for a continuous period of thirty (30) days. Notwithstanding
the foregoing, the Developer shall not be deemed late in completing any improvements included
in such portions of the Project to the extent that construction thereof is delayed as a result of
occurrences beyond the control and without the fault or negligence of the Developer, including
without limitation, fire, earthquake, flood and other out of the ordinary actions of the elements,
inclement weather, enemy invasion, war, insurrection, sabotage, laws or orders of govermment,
civil or military authorities, governmental restrictions and moratoria, strikes, labor difficulties,
materials shortages, riot, civil commotion and unavoidable casualty. In the event the Developer
is delayed by such occurrences, the time within which the Developer must complete such portion
of the Project shall be extended by a reasonable period of time not less than the actual number of
days that the Developer was delayed as a result of such occurrences.
Section 3.4 Security Furnished by Developer. Developer shall provide security with
respect to the Project in compliance with Section 66499 of the Government Code of California.
Section 3.5 Maintenance of Project Refunds and Warranties. The Developer shall
maintain each portion of the Project in good and safe condition until it is accepted by the City in
accordance with Section 5.1 herein. The Developer shall be obligated for a period of twelve (12)
months from the date of such acceptance to repair or replace any defects or failures resulting
from the faulty work of the contractor(s) performing the construction and installation of such
portion or from the use of defective materials in such construction and installation.
Upon acceptance of each portion of the Project, the Developer shall assign to the City all
of such Developer's rights in any warranties, guarantees or other evidence of contingent
obligations of third persons with respect to such portion.
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Section 3.6 Duty to Construct Improvements Not Financed From the Bond Proceeds.
The Developer shall be responsible for the constriction of all improvements reasonably required
by the City in accordance with the approved plans and specifications, the construction and
acquisition of which may not be financed from the proceeds from the sale of the Bonds.
Section 3.7 Duty to Constrict Improvements of Public Utilities and Agencies. The
Developer shall be responsible for the construction or causing the construction of all
improvements reasonably required by Desert Water Agency ("Desert") and Southern California
Edison ("Edison") in connection with the Project more particularly described in Exhibit B hereto.
Developer shall enter into agreements with Desert and Edison describing the work to be
performed on behalf of Desert and by Edison and describing the various responsibilities of each
party in connection therewith. Any portion of the Project to be performed by Property Owner,
Edison or Desert, shall, comply with all public works requirements applicable to that entity, the
City and the State of California.
ARTICLE 4.
INSURANCE
Section 4.1 Insurance Requirement. The Developer shall, prior to construction of the
Project, maintain and deliver to the City and keep in force and effect, or cause to be maintained
and delivered to the City and kept in full force and effect:
(i) Fire insurance, with extended coverage, including vandalism and malicious
mischief insurance, in an amount not less than full replacement cost of the Project
or such portion thereof as is being constructed and installed under a separate
contract with a contractor. Such insurance shall contain an inflation clause, a
standard replacement cost endorsement providing for no deduction for
depreciation, and a stipulated amount endorsement.
(ii) Comprehensive public liability insurance against claims for personal injury,
including, without limitation, bodily injury, death or property darnage occurring
on, in or about the Project or such portion thereof as is being constructed and
installed under a separate contract with a contractor in an amount of not less than
One Million Dollars ($1,000,000) combined single limit coverage for bodily
injury and property damage in a single occurrence; and
(iii) Workers' compensation insurance to the extent required by law.
The Developer may effect such coverage under blanket insurance policies, provided,
however, that (i) such policies are written on a per occurrence basis, (ii) such policies comply in
all other respects with the provisions of this Section 4.1, and (iii) the protection afforded the City
under any such policy shall be no less than that which would be available under a separate policy
relating only to such portion of the Project to which such insurance applies. All policies of
insurance shall be with companies licensed or approved by the State of California Cormnissioner
of Insurance.
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The City shall be furnished, from time to time upon request, with a certificate of
insurance regarding each policy required to be provided by the Developer hereunder, which
policy shall provide that it shall not be modified or cancelled without thirty (30) days' prior
written notice to the City. hi the event the Developer does not deposit with the City evidence of
insurance or a binder letter with evidence of payment of premium thereon at least thirty(30) days
prior to the expiration of any expiring policy, then the City may, but shall not be obligated to,
procure such insurance following at least five (5) days' prior written notice to the Developer of
the City's intention to do so, and the Developer shall not, by the fact of approving, disapproving,
accepting, preventing, obtaining or failing to obtain any such insurance, incur any liability for the
form or legal sufficiency of insurance contracts, solvency of insurers or payment of losses, and
the Developer hereby expressly assumes full responsibility therefor and all liability, if any,
thereunder.
Section 4.2 Casualties; Insurance Proceeds. The Developer shall give prompt written
notice to the City of any material casualty to such portion of the Project as is being constructed
and installed at such time, whether or not covered by insurance. The Developer shall have the
right to make proof of loss, adjust and compromise any claim under the policies of insurance
required hereunder or otherwise in effect with respect to such portion of the Project and appear in
and prosecute any action arising from such insurance policies. The City shall execute and
deliver to the insurers such notices and waivers as may be necessary to permit the Developer to
effect such adjustments.
All proceeds of casualty insurance shall be paid to the City and deposited by it in the
Acquisition and Construction Fund established under the Fiscal Agent Agreement. In the event
of damage to or destruction of such portion of the Project prior to its acquisition by the City, the
Developer shall restore, repair, replace or rebuild that portion of the Project promptly and any
such proceeds of insurance received by the Fiscal Agent shall be used to reimburse the
Developer, or to pay directly for the costs of reconstructing that portion of the Project.
Such portion of the Project shall be promptly and diligently restored by the Developer in
accordance with plans and specifications prepared by the Developer at no cost to the Fiscal
Agent, the City or the owners of the Bonds, in such manner so that the value of such portion of
the Project and the Property is not impaired. The proceeds of the insurance shall be disbursed
from time to time in amounts equal to the costs incurred in connection with such restoration (less
any costs theretofore paid or reimbursed) upon delivery of the Developer's certificate certifying
such costs to be paid or reimbursed and that the funds requested will be used to pay amounts paid
by or invoiced to the Developer in connection with such replacement, restoration and repair and
not theretofore reimbursed.
In the event that after such reconstruction is completed and the Developer is reimbursed
for all sums expended by it to reconstruct such portion of the Project and upon delivery of the
Developer's certificate that all work has been completed and all costs in connection therewith
have been paid, the Fiscal Agent shall transfer any remaining proceeds to the Developer. In the
event that the Developer does not so reconstruct such portion of the Project, the Fiscal Agent
shall apply all of such proceeds to payment of the Bonds.
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ARTICLE 5.
ACQUISITION OF PROJECT
Section 5.1 Acquisition of Proiect. Upon constriction of the Project or portions
thereof in accordance with the plans and specifications previously approved by the City, Desert
or Edison, as applicable, the Developer shall provide the following documents to the following
parties:
(i) a Payment Request Form attached hereto as Exhibit C to the City; and
(ii) with respect to the facilities, to be operated and maintained by the City or another
governmental entity, as-built drawings or other plans and specifications in a form
reasonably acceptable to the City or such other entity; and
(iii) a certificate of the Developer delivered to the City stating that no mechanic's liens
or other encumbrances are attached, or to the best of its knowledge will attach, to
the portion of the Project being acquired; provided, however, that the Developer
shall be required to post a lien release bond in a form acceptable to the City, to the
extent that the Developer certifies that a mechanic's lien or encumbrance is
attached or may attach, and it believes in good faith that it has the right to contest
such lien or encumbrance; and
(iv) evidence to the City of recordation of the final map for the Property.
Upon receipt of the items described in (i) through (iv) of this Section 5.1, the City shall promptly
inspect such facilities (or such certification of Desert or Edison of its inspection of the portion of
the facilities relating to its jurisdiction) as are described therein and notify the Developer of any
corrective or remedial work which is required in order that the Developer may take such
corrective and remedial measures as are required, to the end that the City may accept such
facilities at the earliest time. Upon acceptance of such facilities by the City, in accordance with
the procedure of the City, the Developer shall deliver a certified copy of the resolution accepting
the facilities adopted by the City Council as evidence of such acceptance.
The City shall, within thirty (30) days of receipt of such documents evidencing
acceptance, direct the Fiscal Agent to pay 90% of the Purchase Price of the portion of the Project
being acquired by the Developer, to the extent not paid pursuant to the provisions of Section
5.2(b)below.
Section 5.2 Purchase Price.
(a) Determination of Amount. Subject to subparagraph (d) of this Section 5.2,
the Purchase Price to be paid by the City for each portion of the Project shall (a) be an amount
equal to the Developer's costs of construction; and (b) include all other costs of construction
reasonably determined by the City to be eligible under the Municipal Improvement Act of 1913,
Division 12 of the Streets and Highways Code as a part of the costs of such portion of the
Project, such as fees and costs incurred in preparing the plans, obtaining permits and licenses, the
cost of change orders, and engineering, legal, fiscal and inspection fees constituting a part of the
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Project. In no event shall the Purchase Price allocable to each zone in the District exceed the
proportion of costs allocable to the improvements in each such zone as established by the
approved and confirmed Engineer's Report, plus a pro rata portion of the contingencies
allowance applicable to such portion of the Project as set forth in the Engineer's Report. Such
pro rata portion of the contingencies allowance shal 1 be equivalent to the ratio that the estimated
cost of such portion of the Project bears to the total estimated cost of the improvements financed
by such Assessment District No. 164.
(b) Progress Payments for Construction Costs. The Developer shall provide
the City Engineer a Payment Request Form, in the form of Exhibit B attached hereto, for work
completed since the prior submission of a Payment Request Form. The time of submission of
the first Payment Request Form shall be in the discretion of the Developer. Attached to such
Payment Request Form shall be invoices, receipts, waivers or conditional or unconditional lien
releases, and any other documents necessary to evidence costs and expenses incurred by the
Developer for constriction of that portion of the Project for which the Developer requests
payment. The Fiscal Agent shall disburse to the Developer the amount approved by the City
Engineer, less the amount retained by the. City pursuant to Section 5.2(c) below, no later than
thirty(30) days after receipt.
(c) Retention of Percentage of Progress Payments. The Fiscal Agent shall
retain ten percent (10%) of the amount requested pursuant to Section 5.2(b) above, which
retained amount the Fiscal Agent shall cause to be disbursed to the Developer upon payment of
the remaining Purchase Price to the Developer in accordance with Section 5.1 upon completion
of the Project.
(d) Reasonable Actual Costs Limitation. The City shall be obligated to pay
the Purchase Price solely from the proceeds of the Bonds and funds representing the prepayment
of assessments, if any, deposited in the Acquisition and Construction Fund as set forth in
subsection (e) of this Section 5.2. In no event shall the aggregate amount paid by the City to the
Developer pursuant to this Agreement exceed the reasonable actual costs to the Developer of the
Project or portion thereof being constructed or acquired, as reasonably determined by the City
with reference to its prior experience with similar types of constriction or otherwise and as set
forth in Exhibit A to this Agreement.
(e) No General Fund Obligation. The payment obligation of the City shall be
met from, and only from, the proceeds of the sale of the Bonds and fiords representing the
prepayment of assessments, if any, and neither the general fund of the City, nor any other fund of
the City shall be liable for payment of such obligation. To the extent the costs of the Project
exceed such proceeds of the Bonds and prepayments so deposited in the Acquisition and
Constriction fund, such costs shall be paid by the Developer.
ARTICLE 6.
REPRESENTATIONS, WARRANTIES AND COVENANTS
Section 6.1 Representations, Covenants and Warranties of the Developer. The
Developer represents and warrants for the benefit of the City as follows:
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(a) Organization. The Developer is a Delaware limited liability company,
duly organized, validly existing and in good standing under the laws of the State of Delaware, is
in compliance with the laws of the State of California and has the power and authority to own its
properties and assets and to carry on its business as now being conducted and as now
contemplated.
(b) Authority. The Developer has the power and authority to enter into this
Agreement, and has taken all action necessary to cause this Agreement to be executed and
delivered, and this Agreement has been duly and validly executed and delivered on behalf of the
Developer.
(c) Binding Obligation. The persons executing this Agreement on behalf of
the Developer are the only persons who must execute this Agreement in order to bind the
Developer. This Agreement is a valid and enforceable obligation of the Developer and is
enforceable against the Developer in accordance with its terms.
(d) Title to Property. The Developer represents and warrants that it is the
lawful owner and lawfully seized of the Property.
(e) Hazardous Waste.
(i) Representations and Warranties Regarding Hazardous Materials.
The Developer represents and warrants that all operations or activities upon, or use or occupancy
of that portion of the Property on which the Developer constructs improvements to be acquired
by the District, by the Developer or any agent or affiliate of Developer, or to the best of
Developer's knowledge, by any prior tenant, occupant or owner of such Property, is in all
material respects in compliance with all state, federal and local laws, ordinances, regulations,
roles, decisions or policy statements governing or in any way relating to the generation,
handling, manufacturing, treatment, storage, use, transportation, release, emission, Spillage,
leakage, dumping, discharge or disposal (whether accidental or intentional) of any toxic or
hazardous substances, materials, or wastes, including, but not limited to, Hazardous Materials.
"Hazardous Material" means any hazardous or toxic substance, material or waste which is or
becomes regulated by any local govermnental authority, the State of California or the United
States Government. The term "Hazardous Material" includes, without limitation, any material or
substance which is (1) designated as a "hazardous substance" pursuant to Section 311 of the
Federal Water Pollution Control Act, 33 U.S.C. §§1251 et seq. (33 U.S.C. §1321), as amended
from time to time, (2) defined as a "hazardous waste" pursuant to Section 1004 of the Federal
Resource Conservation and Recovery Act, 42 U.S.C. §§6901 et seq. (42 U.S.C. §6903), as
amended from time to time, (3) defined as a "hazardous substance" pursuant to Section 101 of
the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended, 42 U.S.C. §§9601 et seq.. as amended from time to time, (4) petroleum, or(5) asbestos.
The Developer represents and warrants that at all times Developers its agents or affiliates, has
had all permits required under applicable laws.
(ii) Covenant Regarding Hazardous Material. The Developer
covenants that neither the Developer, nor any successor, assign, contractor, agent or employee
thereof will use, generate, manufacture, store, release, discharge or dispose of any Hazardous
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Material on, under or about that Property on which the Developer constructs the Project, or
transport any Hazardous Material to or from such Property in violation of any federal, state or
local law, ordinance, regulation, rule, decision or policy statement regulating Hazardous
Material.
The Developer also represents and warrants, to the best of the Developer's knowledge,
there is not present upon the Property, or on any contiguous or adjacent property, any Hazardous
Materials or any structures, fixtures, equipment or other objects or materials containing
Hazardous Materials including but not limited to asbestos. The Developer represents and
warrants that Developer has no notice of any pending or threatened action, claim, proceeding or
inquiry by any governmental authority, body or agency, or any other third party, with respect to
the presence of Hazardous Materials on such Property or the migration thereof from or to other
property.
(iii) Indemnification Regarding Hazardous Material. The Developer
shall indemnify, defend (with counsel acceptable to the other party) protect and hold harmless
the City and its City Council, officers, agents, and employees, an each of them, from and against
any claims (including, without limitation, third-party claims for personal injury, real r personal
property damage, or natural resource damage) losses, liabilities (including sums paid in
settlement of claims), damages, fines, penalties, taxes, costs an expenses, including without
limitation legal, expert and consultant fees and disbursements, arising directly or indirectly in
cormection with the breach of any representation or warranty made by the Developer under
subparagraph (i) above of the covenant under subparagraph (ii) above, so long as said Hazardous
Materials are not solely the result of construction or maintenance activities of, or neglect by, the
City.
(iv) If a dispute arises under this Agreement as to the origin, nature or
extent of Hazardous Materials in, on, under or from the Property, including, but not limited to,
whether or when a release of Hazardous Material occurred at the Property, then Developer shall
have the burden of proving all such matters by a preponderance of the .evidence.
(f) Covenants Under Fiscal Agent rt Agreement. No changes shall be made in
the Project and no actions shall be taken by the Developer while it owns any of the Property and
while there remain outstanding Assessments levied on that Property, which would cause the City
to violate any of its covenants under the Fiscal Agent Agreement.
(g) Completion of Project. The Developer shall use its reasonable and
diligent efforts to do all things which may be lawfully required of it in order to cause the Project
to be completed in accordance with this Agreement.
(h) Compliance with Laws. The Developer shall comply with all laws,
ordinances, riles, regulations and orders of any govennnental authority now or hereafter
affecting the Property or the Project. The Developer shall not with knowledge commit, suffer or
permit any act to be done in, upon or to the Property or the Project in violation of any law or
ordinance, or any covenant, condition or restriction now or hereafter affecting the Property or the
Project.
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(i) Additional Covenants. The Developer represents and warrants that (i) it
will not request payment from the City for the construction and acquisition of any improvements
not included in Exhibit A attached hereto, (ii) it will diligently follow all procedures set forth in
this Agreement and (iii) it will use its best efforts to sell the Property for occupation for
residential purposes by the general public.
ARTICLE 7.
INDEMNITY
The Developer agrees to protect and indemnify and hold the City, and its City Council,
officers or employees and agents and each of them harmless from and against any and all claims,
losses, expenses, suits, actions, decrees, judgments, awards, attorneys' fees, and court costs
which the City, or its City Council, officers, employees or agents or any combination thereof
may stiffer or which may be sought against or recovered or obtained from the City, or its City
Council, officers, employees, or agents or any combination thereof as a result of or by reason of
or arising out of or in consequence of(i) the acquisition, construction, or financing of the Project
or (ii) any act or omission, negligent or otherwise, of the Developer or any of its subcontractors,
agents or anyone who is directly employed by or acting in connection with the Project. It is
further agreed that the indemnity of the Developer to the City shall not extend to any claims that
results from acts or omissions of the City, or its City Council, officers, employees, agents or
contractors in connection with the operation, maintenance and repair of such portion after title to
such portion has been transferred to the City.
The Developer agrees that it shall at its sole cost and expense defend the City and its City
Council, officers, employees and agents and each of them in any suit or action that may he
brought against any of them by reason of the City's involvement in the Project and financing
thereof or any act or omission, negligent or otherwise, against the consequences of which the
Developer has agreed to indemmnify the City and its City Council, officers, employees or agents.
If the Developer fails to do so, the City shall have the right, but not the obligation, to defend the
same and charge all of the direct or incidental costs of such defense, including any attorneys'
fees or court costs, to and recover the same from the Developer.
No indemnification is required to be paid by the Developer for any claim, loss or expense
arising from the willful misconduct or gross negligence of the City, or its City Council, officers
or employees.
The provisions of this section shall survive the termination of this Agreement. It is not
intended by the parties hereto that this indemnification provision revive any claim of, or extend
any statute of limitations which has nun against, any third party.
ARTICLE 8.
CONDITIONS FOR SPECIAL ASSESSMENT FINANCING
Section 8.1 General Public Benefits. The Developer hereby agrees that in correction
with the assessment district financing, the Developer shall provide the following contributions
and assistance to the City; provided, however, that, such contributions shall be paid from
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Developer's own funds and not from AD 164 or any proceeds of bonds issued in connection
therewith:
(a) the sum of$150,000.00 to be used for the rehabilitation and improvement
of the visitor center facility located in close proximity to AD 162. Such funds will supplement
other funding provided by City.
(b) the sum of$50,000.00 to be used to provide improvements to the Desert
Highland Unity Center. Such finds will supplement approximately $160,000.00 in CDBG
finding already available to the City for a budget of$210,000.00.
(c) the sum of$10,000.00 to be used toward a $40,000.00 study of fire safety
costs and needs that will be City-wide but will have a primary focus on fire safety needs in the
developing area of the City, surrounding the Project, and which study is also being funded by
other developers.
(d) the sum of $50,000.00 to a pilot property improvement program in the
Desert-Highland area, to be administered by City, and supplemented with another$100,000.00 in
funding from the Community Redevelopment Agency of the City of Palm Springs.
(e) Developer agrees to support the fonnation of an assessment district or
community facilities district for police protection, criminal justice, fire protection and
suppression, ambulance, paramedic, and other safety services and recreation, library and cultural
services, and shall waive any right of protest, provided that the amount of such assessment shall
be established through appropriate study and shall not exceed $500.00 annually per lot subject to
Consumer Price Index. The district shall be formed prior to sale of any lots or a covenant
agreement shall be recorded against each parcel in a form approved by the City Attorney.
(f) Developer and Agency agree to negotiate in good faith a Disposition and
Development Agreement providing for transfer of five infill lots owned by Agency to Developer
at fair market value to be developed as low or moderate income single family residences.
Developer and Agency have been in negotiations for this program and Developer was seeking a
subsidy in the write down of the land value. Developer will not seek such assistance and will
pay fair market value for the lots not exceeding $25,000.00. Such lots are located at
Section 8.2 City Assistance. City agrees to make such contributions as outlined
above such that the collective contributions of Developer and City hereunder to the general area
where the Project is located would be $500,000.00, not counting enhanced property values from
the Project itself or the development of the in-fill lots, should the projects contemplated above
proceed.
ARTICLE 9.
MISCELLANEOUS
Section 9.1 Binding on Successors and Assigns. This Agreement shall be binding
upon and shall inure the benefit of any assigns, legal representatives and successors-in-interest of
the parties hereto.
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Section 9.2 Governing Law. This Agreement and any dispute arising hereunder shall
be governed by and interpreted in accordance with the laws of the State of California.
Section 9.3 Notices. Any notice, payment or instrument required or permitted by this
Agreement to be given or delivered to either party shall be deemed to have been received when
personally delivered, transmitted by telecopy or facsimile transmission (which shall immediately
be confirmed by telephone and be followed by mailing an original of the same within twenty-
four (24) hours after such transmission) or seventy-two (72) hours following deposit of the same
in any United States Post Office in California, registered or certified, postage prepaid, addressed
as follows:
DEVELOPER: Mountain Gate II Palm Springs Ventures, LLC
c/o Century Crowell Communities
(Century Village Homes)
1535 South "D" Street, Suite 200
San Bernardino, CA 92409
Attention: Carlos H. Cueva
CITY: City of Palm Springs
P.O. Box 2743
Palm Springs, CA 92263-2743
Attention: City Engineer
Section 9.4 Entire Agreement. This Agreement sets forth and contains the entire
understanding and agreement of the parties. There are no oral or written representations,
understandings, undertakings or agreements which are not contained or expressly referred to
herein, and any such representations, understandings or agreements are superseded by this
Agreement. The other agreements referred to in Section 2.2 of this Agreement shall not be
deemed to be modified by this Agreement unless otherwise expressly provided herein. No
evidence of any such representations, understandings, undertakings or agreements shall be
admissible in any proceeding of any kind or nature relating to the terms or conditions of this
Agreement, its interpretation or breach.
Section 9.5 Attorney's Fees. If any action is instituted to interpret or enforce any of
the provisions of this Agreement, the party prevailing in such action shall be entitled to recover
from the other party thereto reasonable attorneys' fees and costs of such suit (including both
prejudgment and post judgment fees and costs) as determined by the court as part of the
judgment.
Section 9.6 Assignment. Permitted. This Agreement shall be assignable by the
Developer, in whole or in part to any purchaser or assignee thereof, subject to the written consent
of the City, which shall not be unreasonably withheld.
Section 9.7 Term. Except as otherwise provided in Articles 6 and 7, this Agreement
shall be in effect from the date and year first mentioned above until all of the Project has been
acquired in accordance with Section 5.1 herein, all payments therefore have been made to the
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Developer, and all periods during which the Developer is required to repair and replace defects
in the Project under Section 3.5 have expired.
Section 9.8 Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original.
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IN WITNESS HEREOF, the parties hereto have executed this Agreement for Special
Assessment District Financing, Construction and Acquisition of Improvements as of the date
first written above.
CITY OF PALM SPRINGS
David H. Ready, City Manager
ATTEST:
City Clerk
MOUNTAIN GATE PALM SPRINGS
VENTURES, LLC
By:
Name:
Title:
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EXHIBIT A
THE PROPERTY
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EXHIBIT B
THE PROJECT
ZONE 1 —"THE VENTANA COLLECTION' TRACT NO. 32028 AND 32028-1
(115 RESIDENTIAL LOTS)
Description of Plans & Specifications Costs
Sewer: Sewer improvements including 8-inch diameter sewer main and 4- 170,836
inch diameter sewer laterals, together with appurtenances and appurtenant
work, all in the interior public rights-of-way to serve each residential lot.
Water: Water improvements including water mains and 1-inch diameter 309,746
water service lines, together with appurtenances and appurtenant work, all in
the interior public rights-of-way to serve each residential lot.
Landscauin2: Landscape improvements including parkway landscaping, 221,426
together with appurtenances and appurtenant work, on the northeasterly side
of Palm Canyon Drive (State Highway 111) located within Tract 32028 and
32028-1 as shown on the Assessment diagram in Section 4, directly adjacent
to the tract boundaries'of Tract 32028 and 32028-1.
Undereround Existing Power Lines: Includes but is not limited to 250,199
undergrounding existing overhead electric power lines (Southern California
Edison) within the public rights-of-way and easements in Tract No. 32028
and 32028-1, appurtenances and appurtenant work.
Water and Sewer Fees: Includes water facility fees for the Desert Water 509,220
Agency and sewer facility fees for the City of Palm Springs.
Construction Cost Contin encies 10% 95,221
Total Costs $1,556,648
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ZONE 2 - :THE EL DORADO COLLECTION", TRACT NO. 32028 AND 32028-1 (81 LOTS)
Description of Plans & Specifications Costs
Sewer: Sewer improvements including 8-inch diameter sewer main and 4- 170,564
inch diameter sewer laterals, together with appurtenances and appurtenant
work, all in the interior public rights-of-way to serve each residential lot.
Water: Water improvements including water mains and 1-inch diameter 309,254
water service lines, together with appurtenances and appurtenant work, all in
the interior public rights-of-way to serve each residential lot.
Landscaping: Landscape improvements including parkway landscaping, 221,074
together with appurtenances and appurtenant work, on the northeasterly side
of Palm Canyon Drive (State Highway 111) located within Tract 32028 and
32028-1 as shown on the Assessment diagram in Section 4, directly adjacent
to the tract boundaries of Tract 32028 and 32028-1.
Underground Existing Power Lines: Includes but is not limited to 249,801
undergrounding existing overhead electric power lines (Southern California
Edison)within the public rights-of-way and easements in Tract No. 32028
and 32028-1, appurtenances and appurtenant work.
Water and Sewer Fees: Includes water facility fees for the Desert Water 358,668
Agency and sewer facility fees for the City of Palm Springs.
Construction Cost Conti n encies 10% 95,069
Total Costs $1,404,430
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EXHIBIT C
Payment Request No.
Pertaining to Payment of Construction Costs-Developer
City of Palm Springs
Assessment District No. 164
(Mountain Gate II)
The undersigned Mountain Gate II Palm Springs Venture, LLC., a Delaware limited
liability company (the "Developer"), hereby requests payment in the total amount of
$ for the costs of construction described in Attachment A attached hereto, incurred
for the period of , to and makes such request pursuant to Section 5.1
of the Acquisition and Funding Agreement (the "Agreement"), dated as of
among the City of Palm Springs, a charter city(the"City"), and the Developer.
In connection with this request for payment, the undersigned hereby represents and
warrants to the City as follows:
1. He (she) is a duly authorized officer of the Developer, qualified to execute this
request for payment on behalf of the Developer, and knowledgeable as to the matters set forth
herein. `
2. The work for the period to described in the contracts
submitted with Attachment B has been completed, or the materials requested and described in
the contracts have been received, all substantially in accordance with the plans and specifications
therefor.
3. There has not been filed with or served upon the City notice of any lien, right to
lien or attaclunent upon, or claim affecting the right to receive the payment requested herein
which has not been released or will not be released simultaneously with the payment of such
obligation, other than materialman's or mechanic's liens accruing by operation of law. Copies of
lien releases for all work for which payment is requested hereunder are attached hereto as
Attachment C.
4. The Developer is in compliance with the terms and provisions of the Agreement
referenced above.
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I hereby declare under penalty of perjury that the above representations and warranties
are true and correct.
DEVELOPER:
MOUNTAIN GATE II PALM SPRINGS
VENTURES, LLC., a Delaware limited liability
company
By:
Carlos H. Cueva,
Public Financing Manager
Date:
CERTIFICATE OF CITY ENGINEER
The undersigned hereby certifies as follows:
1. I am City Engineer and I am familiar with the facts herein certified and am
authorized and qualified to certify same.
2. I have reviewed this payment request of the Developer pertaining to payment of
constriction costs, and I hereby certify that insofar as such payment request related to payment
for work, materials, equipment or supplies, such work was actually performed, or such materials,
equipment or supplies were actually installed or delivered for storage or fabrication at a place
approved by the City.
Date: By:
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CERTIFICATE OF DESERT WATER AGENCY
The undersigned hereby certifies as follows:
1. I am and I am familiar with the facts herein certified and
am authorized and qualified to certify same.
2. I have reviewed this payment request of the Developer pertaining to payment of
construction costs, and I hereby certify that insofar as such payment request related to payment
for work, materials, equipment or supplies, such work was actually performed, or such materials,
equipment or supplies were actually installed or delivered for storage or fabrication at a place
approved by the City.
Date: By.
ACCEPTANCE BY THE CITY
The construction costs set forth in Exhibit A hereto have been approved by the City
Engineer. The amounts remaining in the Acquisition and Construction Fund after payment of
the foregoing will be sufficient (together with investment earnings thereon) to pay remaining
Costs of Issuance and Acquisition and Construction Costs as estimated. BNY Western Trust
Company, as fiscal agent under that certain Fiscal Agent Agreement dated November 1, 2004, by
and between the City and the Fiscal Agent, is hereby authorized to release the amount set forth
above to the Developer.
Date: CITY OF PALM SPRINGS
By:
Title: City Manager
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ATTACHMENT A
PROJECT COSTS
Improvements Contractor Contract No. Costs Incurred
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ATTACHMENT B
AFFIDAVIT OF CONTRACTOR
The undersigned (the "Contractor") hereby certifies as follows:
1. He (she) is a duly authorized officer of knowledgeable as to
the matters set forth herein.
2. The contract quantity sheets attached hereto are true and correct copies of the
contract quantity sheets for the engineering, design, construction and/or installation of certain
public improvements located in the City of Palm Springs.
3. The amounts set forth on such contract quantity sheets represent quantities
completed as described on Attachment A to this Payment Request.
4. The improvements for which payment is requested have been constructed in
accordance with all applicable standards and in accordance with the as-built drawings or plans
and specifications, as applicable, provided to the Contractor by the Developer.
I hereby declare under penalty of perjury that the above representations and warranties
are true and correct.
CONTRACTOR
By:
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ATTACHMENT C
COPIES OF LIEN RELEASES
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TABLE OF CONTENTS
Page
ARTICLE 1. DEFINITIONS......................................................................................................3
Section1.1 Definitions.....................................................................................3
ARTICLE 2. ASSESSMENT DISTRICT..................................................................................4
Section 2.1 Formation of Assessment District.................................................5
Section 2.2 Other Agreements.........................................................................5
Section 3.1 Completion of Project...................................................................5
Section 3.2 Developer As Independent Contractor; Competitive
Bidding; Prevailing Wages...........................................................6
Section 3.3 Failure of Developer to Complete Improvements ........................7
Section 3.4 Security Furnished by Developer..................................................8
Section 3.5 Maintenance of Project, Refunds and Warranties.........................8
Section 3.6 Duty to Constrict Improvements Not Financed From the
BondProceeds ..............................................................................8
Section 3.7 Duty to Construct Improvements of Public Utilities and
Agencies........................................................................................8
ARTICLE4. INSURANCE........................................................................................................8
Section 4.1 Insurance Requirement .................................................................8
Section 4.2 Casualties; Insurance Proceeds.....................................................8
ARTICLE 5. ACQUISITION OF PROJECT.............................................................................8
Section 5.1 Acquisition of Project...................................................................8
Section 5.2 Purchase Price...............................................................................8
ARTICLE 6. REPRESENTATIONS, WARRANTIES AND COVENANTS ..........................8
Section 6.1 Representations, Covenants and Warranties of the
Developer......................................................................................8
ARTICLE7. INDEMNITY........................................................................................................8
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TABLE OF CONTENTS (cont.)
Page
ARTICLE 8. CONDITIONS FOR SPECIAL ASSESSMENT FINANCING ..........................8
Section8.2 City Assistance..............................................................................8
ARTICLE 9. MISCELLANEOUS .............................................................................................8
Section 9.1 Binding on Successors and Assigns. ...........................................8
Section 9.2 Governing Law. ..........................................................................8
Section9.3 Notices ..........................................................................................8
Section 9.4 Entire Agreement. ........................................................................8
Section 9.5 Attorney's Fees.............................................................................8
Section 9.6 Assigmnent. Permitted. ...............................................................8
Section9.7 Term. ............................................................................................8
Section9.8 Counterparts. ................................................................................8
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POWER FACILITIES AGREEMENT
Among
CITY OF PALM SPRINGS
and
SOUTHERN CALIFORNIA EDISON
and
MOUNTAIN GATE II PALM SPRINGS VENTURES,LLC
relating to
ASSESSMENT DISTRICT NO. 164
(MOUNTAIN GATE II)
OF THE CITY OF PALM SPRINGS
1003/042/25361 vl ��.
POWER FACILITIES AGREEMENT
THIS POWER FACILITIES AGREEMENT (the "Agreement") is entered into
effective as of the 1st day of December, 2004, by and among the CITY OF PALM
SPRINGS, a municipal corporation (the "City), SOUTHERN CALIFORNIA EDISON, a
public utility ("Edison") and MOUNTAIN GATE II PALM SPRINGS VENTURES, LLC, a
Delaware limited liability company ('Property Owner"), and relates to the formation by the
City of a special assessment district to be known as "Assessment District No. 164 (Mountain
Gate II) of the City of Palm Springs" ("A.D. No. 164") for the purpose of financing certain
public facilities, including the demolition of Edison's existing overhead distribution facilities
and related appurtenances (collectively the "Existing Facilities") and the replacement of such
facilities with underground distribution facilities to be acquired and/or constructed by Edison
from proceeds of bonds issued by the City.
RECITALS:
WHEREAS, the property depicted in Exhibit A hereto (the "Property") which is
located in the City of Palm Springs, State of California constitutes the land within the
boundaries of A.D. No. 164. Property Owner is the owner of the Property.
WHEREAS, he City has primary responsibility for the formation and administration
of A.D. No. 164.
r
WHEREAS, on October 6, 2004, the City Council of the City of Palm Springs (the
"City Council") adopted Resolution No. declaring its intention to form and
establish A.D. No. 164 and to issue bonded indebtedness of A.D. No. 164 (the `Bonds")
pursuant to the provisions of the Municipal Improvement Act of 1913, Chapter 7 of Division
12 of the California Streets and Highways Code and the Improvement Bond Act of 1915,
Division 10 of said Code (commencing with Sections 10,000 and 8000 of said Code,
respectively) (collectively, the "Act").
WHEREAS, the parties hereto find that the residents residing within the boundaries
of the proposed District will be aesthetically benefited by the constriction and/or acquisition
of the underground distribution facilities described on Exhibit B hereto and by this reference
incorporated herein and related appurtenances (collectively the "Facilities") and that this
Agreement is beneficial to the interests of such residents.
WHEREAS, The purpose of this Agreement is to provide a mechanism by which the
City may issue the Bonds to provide a source of funds to finance the construction and/or
acquisition of the Facilities.
WHEREAS, this Agreement constitutes an agreement, within the meaning of
Sections 10109 and 10110 of the Code, by and between Edison and the City, pursuant to
which the City, is authorized to finance the construction and/or acquisition of the Facilities.
hi addition to the Facilities, certain facilities to be owned and operated by the City (the "City
Facilities") are expected to be faded with proceeds of the Bonds. The City Facilities and
Facilities are sometimes referred to collectively herein as the "Total Facilities."
1003/042/25361 v1 1
AGREEMENT
Section 1. Recitals. Each of the above recitals is incorporated herein and is hue
and correct.
Section 2. Formation of the A.D. 164. The City, upon request of the Property
Owner, has undertaken to analyze the appropriateness of forming A.D. No. 164 to finance the
Total Facilities and has retained, at the expense of the Property Owner, the necessary
consultants to analyze the formation of A.D. No. 164.
Section 3. Sale of Bonds and Use of Proceeds. Upon formation of A.D. No. 164,
the City Council may, in its sole discretion, finance the construction and/or acquisition of the
Facilities by issuing the Bonds in one or more series. To the extent that the City Council
determines, in its sole discretion, that Bond proceeds are available to finance the constriction
and/or acquisition of the Facilities, the City Council shall notify Edison of the amount of
such Bond proceeds reserved for the constriction and/or acquisition of the Facilities.
Nothing herein shall supersede the obligation of the Property Owner to pay all costs required
by Edison in connection with the Facilities, including connection fees when due. In the event
that Bond proceeds, including investment earnings thereon, are not available to finance the
construction and/or acquisition of the Facilities, then Property Owner shall remain obligated
to pay any remaining costs of the construction of the Facilities normally due to Edison in
connection with the development of the Property as a condition of receiving power service to
the Property. Notwithstanding anything to the contrary contained herein, In no event shall
City or Property Owner have the right to compel Edison to commence any requested
planning, construction or relocation activities relating to the Facilities until such time that
Edison receives any amounts invoiced to City and/or Property Owner for such request.
The Bonds shall be issued only if, in its sole discretion, the City Council determines
that all requirements of state and federal law and all the City policies have been satisfied or
have been waived by the City. In no event shall Edison or Property Owner have a right to
compel the issuance of the Bonds or the disbursement of Bond proceeds to fund the
construction and/or acquisition of the Facilities.
Section 4. Disbursements.
A. Bond proceeds determined by the City to be available for the Facilities
shall be held by the City in a special fund (the "Power Facilities Account of the Acquisition
and Construction Fund").
B. The City shall make disbursements from the Power Facilities Account
of the Acquisition and Construction Fund upon request of Edison and the Property Owner
made in accordance with the terns of this Agreement.
C. City agrees that in processing the above disbursements it will comply
with all legal requirements for the expenditure of Bond proceeds under the Internal Revenue
Code of 1986 and any amendments thereto.
1 00 3/042/2 53 6 1 vl 3
D. Edison and Property Owner agree to maintain adequate internal
controls over their payment functions and to maintain accounting records in accordance with
generally accepted accounting procedures. Edison and Property Owner will, upon request,
provide the City with access to their records related to the Facilities.
E. Following the funding of the Power Facilities Account of the
Acquisition and Constriction Fund, Edison and Property Owner may submit a request for
payment, in the form attached hereto as Exhibit C (or such other form which may be
mutually agreed upon between representatives of SCE and City following execution of this
agreement), for disbursement to it of Bond proceeds for the Facilities, which shall be signed
by an authorized representative of Edison and Property Owner . Upon receipt of an approved
payment request completed in accordance with the terms of this Agreement, the City shall
wire transfer (or pay in another mutually acceptable manner) to Edison such requested finds
to the extent that Bond proceeds are available for such purpose.
F. The source of funds from the City from which Property Owner and
Edison will be entitled pursuant to this Agreement shall be from the Power Facilities Account
of the Acquisition and Construction Fund. Property Owner shall remain responsible for all
cost overages applicable to the Facilities. Edison shall not be required to construct the
Facilities to the extent that Edison has not been paid its full cost of construction. In the
event that moneys deposited with Edison or Property Owner by the City with respect to the
cost of the Facilities are not used to construct the Facilities such moneys shall be returned to
the City. To the extent moneys deposited with Edison by the City are in excess of the
amounts required to constrict the Facilities, Edison shall return such amounts to the City.
No refunds shall be paid to the Property Owner by Edison from moneys received fi-om the
proceeds of the Bonds pursuant to this Agreement.
Section 5. Ownership of Facilities. The Facilities shall upon completion and
acceptance be and remain the property of Edison. Edison may request a bill of sale from the
City and Property Owner to evidence Edison's ownership of the Facilities.
Section 6. Indemnification. Property Owner shall assume the defense of,
indemnify and save harmless, Edison and City, their officers, employees and agents, and
each and every one of them, from and against all actions, damages, claims, losses or
expenses of every type and description to which they may be subjected or put, by reason of,
or resulting from, any act or omission of the Property Owner, Edison or City with respect to
this Agreement and the issuance of the Bonds; provided, however, that the Property Owner
shall not be required to indemnify any person or entity as to damages resulting from the gross
negligence or willful misconduct of such person or entity or their agents or employees.
Section 7. Levy and Collection of Special Assessments. The City Council shall
annually levy and collect special assessments as provided for in the formation proceedings of
A.D. No. 164. The entire amount of any special assessments levied by the City to repay
Bonds or to fund other obligations, shall be allocated to A.D. No. 164.
Section 8. Amendment. This Agreement may be amended at any time but only in
writing signed by each of the parties hereto.
-� -
DJ I"A
,� I r
1003/042/25361 vl 4 I Lt1,) � R,� J
Section 9. Entire Agreement. This Agreement contains the entire agreement
between the parties with respect to the matters provided for herein and supersedes all prior
agreements and negotiations between the parties with respect to the subject matter of this
Agreement.
Section 10. Notices. Any notice, payment or instrument required or permitted by
this Agreement to be given or delivered to either party shall be deemed to have been received
when personally delivered or seventy-two hours following deposit of the same in any United
States Post Office in California, registered or certified,postage prepaid, addressed as follows:
City: City of Palm Springs
3200 E. Tahquitz Canyon Way
Palm Springs, California 92262
Facsimile: (760) 323-8207
Attention: City Manager
Edison: Southern California Edison
36100 Cathedral Canyon
Cathedral City, California 920334
Facsimile: ( )
Attention:
Owner: Mountain Gate II Palm Springs Ventures, LLC
c/o Century Crowell Communities
1535 South "D" Street, Suite 200
San Bernardino, CA 92408
Facsimile: (909) 381-0041 (FAX)
Attention: Public Finance Manager
Section 11. Exhibits. All exhibits attached hereto are incorporated into this
Agreement by reference.
Section 12. Severability. If any part of this Agreement is held to be illegal or
unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall be
given effect to the fullest extent reasonably possible.
Section 13. Governing Law. This Agreement and any dispute arising hereunder
shall be governed by and interpreted in accordance with the laws of the State of California.
Section 14. Waiver. Failure by a party to insist upon the strict performance of any
of the provisions of this Agreement by the other party hereto, or the failure by a party to
exercise its rights upon the default of another party, shall not constitute a waiver of such
party's right to insist and demand strict compliance by such other party with the terms of this
Agreement thereafter.
of
1003/042/25361 vl 5
Section 15. No Third Party Beneficiaries. No person or entity other than the
Property Owner (and their respective successors and assigns) shall be deemed to be a third
party beneficiary hereof, and nothing in this Agreement (either express or implied) is
intended to confer upon any person or entity, other than Edison, the City, and the Property
Owner (and their respective successors and assigns), any rights, remedies, obligations or
liabilities tinder or by reason of this Agreement.
Section 16. Singular and Plural; Gender. As used herein, the singular of any word
includes the plural, and terms in the masculine gender shall include the feminine.
Section 17. Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original, but all of which shall constitute but one instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year written above.
CITY OF PALM SPRINGS
ATTEST: City Manager
By:
Clerk of the City of Patin Springs
SOUTI3ERN CALIFORNIA EDISON
[Title]
Title]
By:
Secretary of the Board of Directors
MOUNTAIN GATE II PALM SPRINGS VENTURES, LLC,
a Delaware limited liability company
By: Century Crowell Communities, L.P.,
a California limited partnership,
Its Development Management Company
By: Century Homes Communities,
a California corporation
Its: General Partner
By:
-rj- ;1
LP1003/042/25361 vl 6
Name: Carlos H. Cueva
Its: Public Financing Manager
1003/042/25361 vl 7
EXHIBIT A
DESCRIPTION OF PROPERTY
1003/042/25361 vl
EXHIBIT B
DESCRIPTION OF THE FACILITIES
1003/042/25361 vl
Sequence No.
SA#
EXHIBIT C
DISBURSEMENT REQUEST FORM
1. The City of Palm Springs (the "City") is hereby requested to pay from the
Power Facilities Account of the Acquisition and Construction Fund established in
connection with its Series 2004 Limited Obligation Bonds (the `Bonds") to Southern
California Edison("Edison"), as Payee, the sum set forth in 3 below.
2. The undersigned certifies that the amount requested hereunder is the
estimated capital costs related to the construction and completion of the Facilities
incurred on or after The amount requested is due and payable, has
not formed the basis of prior request or payment and is being made with respect to the
connection of the property described in paragraph 3 hereof to the Edison system.
3. Amount requested: $
For Lot Nos.
4. The amount set forth in 3 above is authorized and payable pursuant to the
terms of the Power Facilities Agreement by and between the City and Edison dated as of
December 1„ 2004 (the "Agreement'). Capitalized terns not defined herein shall have
the meaning set forth in the Agreement.
SOUTHERN CALIFORNIA EDISON MOUNTAIN GATE II PALM
SPRINGS VENTURES, LLC, a
Delaware corporation
By: By:
Name: Name:
Title: Title:
Date: Date:
� 1 ;,0
��. tj
1003/042/25361 v1 B-1
POWER FACILITIES AGREEMENT
Among
CITY OF PALM SPRINGS
and
SOUTHERN CALIFORNIA EDISON
and
MOUNTAIN GATE II PALM SPRINGS VENTURES, LLC
relating to
ASSESSMENT DISTRICT NO. 164
(MOUNTAIN GATE II)
OF THE CITY OF PALM SPRINGS
o,
1003/042/25361 vl
POWER FACILITIES AGREEMENT
THIS POWER FACILITIES AGREEMENT (the "Agreement") is entered into
effective as of the _ day of , 2004, by and among the CITY OF PALM
SPRINGS, a municipal corporation (the "City), SOUTHERN CALIFORNIA EDISON, a
public agency ("Edison") and MOUNTAIN GATE II PALM SPRINGS VENTURES, LLC,
a Delaware limited liability company ("Property Owner"), and relates to the fonnation by the
City of a special assessment district to be known as "Assessment District No. 164 (Mountain
Gate II) of the City of Palm Springs" ("A.D. No. 164") for the purpose of financing certain
public facilities, including the demolition of Edison's existing overhead distribution facilities
and related appurtenances(collectively the "Existing Facilities") and the replacement of such
facilities with underground distribution facilities to be acquired and/or constricted by Edison
from proceeds of bonds issued by the City.
RECITALS:
WHEREAS, the property depicted in Exhibit A hereto (the "Property") which is
located in the City of Palm Springs, State of California constitutes the land within the
boundaries of A.D. No. 164. Property Owner is the owner of the Property.
WHEREAS, he City has primary responsibility for the formation and administration
of A.D. No. 164.
WHEREAS, on October 6, 2004, the City Council of the City of Palm Springs (the
"City Council") adopted Resolution No. declaring its intention to form and
establish A.D. No. 164 and to issue bonded indebtedness of A.D. No. 164 (the `Bonds")
pursuant to the provisions of the Municipal hmprovement Act of 1913, Chapter 7 of Division
12 of the California Streets and Highways Code and the Improvement Bond Act of 1915,
Division 10 of said Code (cormnencing with Sections 10,000 and 8000 of said Code,
respectively) (collectively, the "Act").
WHEREAS, the parties hereto find and determine that the residents residing within
the boundaries of the City will be specially benefited by the constriction and/or acquisition
of the underground distribution facilities described on Exhibit B hereto and by this reference
incorporated herein and related appurtenances (collectively the "Facilities") and that this
Agreement is beneficial to the interests of such residents. The parties agree that the
construction and/or acquisition of the Facilities shall include the demolition of the Existing
Facilities.
WHEREAS, this Agreement constitutes an agreement, within the mearing of
Sections 10109 and 10110 of the Code, by and between Edison and the City, pursuant to
which the City, is authorized to finance the constriction and/or acquisition of the Facilities.
As authorized by Section 10109 and 10110 of the Code, responsibility for constructing,
providing for and operating the Facilities is delegated to City to the extent set forth herein. In
addition to the Facilities, certain facilities to be owned and operated by the City (the "City
Facilities") are expected to be funded with proceeds of the Bonds. The City Facilities and
Facilities are sometimes referred to collectively herein as the "Total Facilities."
ail rl
1003/042/25361 vl ' " �'I
AGREEMENT
Section 1. Recitals. Each of the above recitals is incorporated herein and is true
and correct.
Section 2. Formation of the A.D. 164. The City, upon request of the Property
Owner, has undertaken to analyze the appropriateness of forming A.D. No. 164 to finance the
Total Facilities and has retained, at the expense of the Property Owner, the necessary
consultants to analyze the formation of A.D. No. 164.
Section 3. Sale of Bonds and Use of Proceeds. Upon formation of A.D. No. 164,
the City Council may, in its sole discretion, finance the constriction and/or acquisition of the
Facilities by issuing the Bonds in one or more series. To the extent that the City Council
determines, in its sole discretion, that Bond proceeds are available to finance the construction
and/or acquisition of the Facilities, the City Council shall notify Edison of the amount of
such Bond proceeds reserved for the construction and/or acquisition of the Facilities.
Nothing herein shall supersede the obligation of the Property Owner to pay all costs required
by Edison in connection with the Facilities, including connection fees when due. The
purpose of this Agreement is to provide a mechanism by which the City may issue the Bonds
to provide a source of funds to finance the construction and/or acquisition of the Facilities.
In the event that Bond proceeds, including investment earnings thereon, are not available to
finance the constriction and/or acquisition of the Facilities, then Property Owner shall
remain obligated to pay any remaining costs of the constriction of the Facilities normally due
to Edison in connection with the development of the Property as a condition of receiving
power service to the Property.
The Bonds shall be issued only if, in its sole discretion, the City Council determines
that all requirements of state and federal law and all the City policies have been satisfied or
have been waived by the City. In no event shall Edison or Property Owner have a right to
compel the issuance of the Bonds or the disbursement of Bond proceeds to fund the
construction and/or acquisition of the Facilities.
Section 4. Disbursements.
A. Bond proceeds determined by the City to be available for the Facilities
shall be held by the City in a special fund (the "Power Facilities Account of the Acquisition
and Construction Fund").
B. The City shall make disbursements from the Power Facilities Account
of the Acquisition and Construction Fund upon request of Edison and the Property Owner
made in accordance with the terns of this Agreement.
C. Edison agrees that prior to requesting payment to Edison or
reimbursement to the Owner it shall review and approve all costs included in its request and
will have already paid or incurred by such costs of Facilities from its own funds or Property
Owner's funds subsequent to the date of this Agreement, or will disburse such amounts to
pay the costs of the Facilities following receipt of funds from the City. City agrees that in
processing the above disbursements it will comply with all legal requirements for the
°1
1003/042/25361 vl '.
3
expenditure of Bond proceeds Linder the Internal Revenue Code of 1986 and any
amendments thereto.
D. Edison and Property Owner agree to maintain adequate internal
controls over their payment functions and to maintain accounting records in accordance with
generally accepted accounting procedures. Edison and Properly Owner will, upon request,
provide the City with access to Edison's records related to the Facilities and will provide to
the City its annual financial report certified by an independent certified public accountant for
purposes of assisting the City in calculating any arbitrage rebate obligation.
E. The sole source of funds from which Property Owner or Edison will be
entitled to receive funds shall be the Bond proceeds to be deposited in the Power Facilities
Account of the Acquisition and Construction Fund and earnings thereon.
F. Following the funding of the Power Facilities Account of the
Acquisition and Construction Fund, Edison may submit a request for payment, in the form
attached hereto as Exhibit C, for disbursement to it of Bond proceeds for the Facilities, which
shall be signed by an authorized officer of Edison and Property Owner. Upon receipt of an
approved payment request completed in accordance with the terms of this Agreement, the
City shall wire transfer (or pay in another mutually acceptable manner) to Edison such
requested funds to the extent that Bond proceeds are available for such purpose.
Section 5. Competitive Bidding; Prevailing Wages. The parties hereto agree that
this Agreement is necessary for the constriction of certain public improvements and the sale
of the Bonds for the payment of the constriction and acquisition costs of such improvements
and such other amounts as are herein provided. In performing under this Agreement, it is
mutually understood that Edison and Developer, to the extent Developer contracts any of the
Facilities, shall comply with public works requirements pursuant to the law of the State of
California. Except as otherwise specifically provided herein, the City shall not have any
responsibility for payment to any contractor, subcontractor or supplier of Edison or
Developer.
Section 6. Construction and Acquisition of Facilities. Edison will complete the
design of the Facilities and the plans and specifications for construction of the Facilities or
the oversight, direction and supervision, of Property Owner with respect thereto and will be
responsible for acquiring and constructing the Facilities. The Property Owner will complete
the plans and specifications if requested by Edison and City for the Facilities, which plans
and specifications shall be subject to approval. In such comiection, Property Owner and
Edison shall enter into an agreement specifying the design, construction, inspection and
completion of the Facilities.
Section 7. Inspection of Facilities. Edison will have primary responsibility for
providing inspection and construction of the Facilities to ensure that the construction is
accomplished in accordance with the plans and specifications. Edison's and City's personnel
shall have access to the site of the work at all reasonable times for the purpose of
accomplishing such inspection.
10031042/25361 vl 4 I' I�r0� I �I,
�_�' LIB I Ir-I i.�
Section S. Ownership of Facilities. The Facilities shall upon completion and
acceptance be and remain the property of Edison. Edison may request a bill of sale from the
City and Property Owner to evidence Edison's ownership of the Facilities.
Section 9. Indemnification. Property Owner shall assume the defense of,
indemnify and save harmless, Edison and City, their officers, employees and agents, and
each and every one of them, from and against all actions, damages, claims, losses or
expenses of every type and description to which they may be subjected or put, by reason of,
or resulting from, any act or omission of the Property Owner, Edison or City with respect to
this Agreement and the issuance of the Bonds; provided, however, that the Property Owner
shall not be required to indemnify any person or entity as to damages resulting from the gross
negligence or willful misconduct of such person or entity or their agents or employees.
Section 10. Levy and Collection of Special Assessments. The City Council shall
amivally levy and collect special assessments as provided for in the formation proceedings of
A.D. No. 164. The entire amount of any special assessments levied by the City to repay
Bonds or to fund other obligations, shall be allocated to A.D. No. 164.
Section 11. Amendment. This Agreement may be amended at any time but only in
writing signed by each of the parties hereto.
Section 12. Entire Agreement. This Agreement contains the entire agreement
between the parties with respect to the matters provided for herein and supersedes all prior
agreements and negotiations between the parties with respect to the subject matter of this
Agreement.
Section 13. Notices. Any notice, payment or instrument required or permitted by
this Agreement to be given or delivered to either party shall be deemed to have been received
when personally delivered or seventy-two hours following deposit of the same in any United
States Post Office in California, registered or certified, postage prepaid, addressed as follows:
City: City of Palm Springs
3200 E. Tahquitz Canyon Way
Palm Springs, California 92262
Facsimile: (760) 323-8207
Attention: City Manager
Edison: Southern California Edison
36100 Cathedral Canyon
Cathedral City, California 920334
Facsimile: ( )
Attention:
Owner: Mountain Gate II Palm Springs Ventures, LLC
c/o Century Crowell Communities
1003/042/25361 vl 5 `J Il-
1535 South "D" Street, Suite 200
San Bernardino, CA 92408
Facsimile: (909) 381-0041 (FAX)
Attention: Public Finance Manager
Section 14. Exhibits. All exhibits attached hereto are incorporated into this
Agreement by reference.
Section 15. Severability. If any part of this Agreement is held to be illegal or
unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall be
given effect to the fullest extent reasonably possible.
Section 16. Governing Law. This Agreement and any dispute arising hereunder
shall be governed by and interpreted in accordance with the laws of the State of California.
Section 17. Waiver. Failure by a party to insist upon the strict performance of any
of the provisions of this Agreement by the other party hereto, or the failure by a party to
exercise its rights upon the default of another party, shall not constitute a waiver of such
party's right to insist and demand strict compliance by such other party with the terms of this
Agreement thereafter.
Section 18. No Third Party Beneficiaries. No person or entity other than the
Property Owner (and their respective successors and assigns) shall be deemed to be a third
party beneficiary hereof, and nothing in this Agreement (either express or implied) is
intended to confer upon any person or entity, other than Edison, the City, and the Property
Owner (and their respective successors and assigns), any rights, remedies, obligations or
liabilities under or by reason of this Agreement.
Section 19. Singular and Plural; Gender. As used herein, the singular of any word
includes the plural, and terms in the masculine gender shall include the feminine.
Section 20. Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original, but all of which shall constitute but one instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year written above.
CITY OF PALM SPRINGS
ATTEST: City Manager
By:
Clerk of the City of Palm Springs
SOUTHERN CALIFORNIA EDISON
1 00 3/042/2 53 6 1 v1 6
i i�l
[Title]
ATTEST:
By:
Secretary of the Board of Directors
MOUNTAIN GATE II PALM SPRINGS VENTURES, LLC,
a Delaware limited liability company
By: Century Crowell Communities, L.P.,
a California limited partnership,
Its Development Management Company
By: Century Homes Communities,
a California corporation
Its: General Partner
By:
Name: Carlos H. Cueva
Its: Public Financing Manager
1 00 3/04 2/2 53 6 1 v1
EXHIBIT A
DESCRIPTION OF PROPERTY
1 0 03/0 42/2 5 36 1 v1
EXHIBIT B
DESCRIPTION OF THE FACILITIES
1003/042/25361 vl
Sequence No.
SA#
EXHIBIT C
DISBURSEMENT REQUEST FORM
1. The City of Palm Springs (the "City") is hereby requested to pay from the
Power Facilities Account of the Acquisition and Construction Fund established in
connection with its Series 2004 Limited Obligation Bonds (the `Bonds") to Southern
California Edison ("Edison"), as Payee, the sum set forth in 3 below.
2. The undersigned certifies that the amount requested hereunder has been
expended or encumbered for capital costs related to the construction and completion of
the Facilities incurred on or after The amount requested is due and
payable, has not formed the basis of prior request or payment and is being made with
respect to the connection of the property described in paragraph 3 hereof to the Edison
system. In the event that Edison does not disburse any Bond proceeds received for
disbursement to third parties within five banking days of receipt, Edison agrees to trace
and report to the City all earnings, if any, accruing from the investment of such Bond
proceeds, from the date of receipt by Edison of such amounts to the date of expenditure
of such amounts for capital costs of the Facilities in accordance with the Agreement.
3. Amount requested: $
For Lot Nos.
4. The amount set forth in 3 above is authorized and payable pursuant to the
terms of the Power Facilities Agreement by and between the City and Edison dated as of
2004 (the "Agreement'). Capitalized terns not defined herein shall
have the meaning set forth in the Agreement.
SOUTHERN CALIFORNIA EDISON MOUNTAIN GATE II PALM
SPRINGS VENTURES, LLC, a
Delaware corporation
By: By.
Name: Name:
Title: Title:
Date: Date:
Ij
1003/042/25361 vl B-1 0 � ,
� 'l. u
RESOLUTION NO. 21151
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING THAT CERTAIN
WATER FACILITIES AGREEMENT BETWEEN THE CITY
OF PALM SPRINGS AND DESERT WATER AGENCY,
THAT CERTAIN POWER FACILITIES AGREEMENT
BETWEEN THE CITY OF PALM SPRINGS AND
SOUTHERN CALIFORNIA EDISON, AND THAT
CERTAIN ACQUISITION AGREEMENT BETWEEN THE
CITY OF PALM SPRINGS AND THE PROPERTY
OWNERS RELATED TO ASSESSMENT DISTRICT NO.
164 (MOUNTAIN GATE II); AUTHORIZING EXECUTION
THEREOF BY APPROPRIATE CITY OFFICIALS; AND
MAKING CERTAIN FINDINGS AND DETERMINATIONS
IN CONNECTION THEREWITH
WHEREAS, the City Council of the City of Palm Springs, California, (the
"Council" and "City"), has taken proceedings pursuant to the Municipal Improvement Act
of 1913 ("1913 Act') Division 12 of the Streets and Highways Code, for the formation of
an assessment district, the levy and collection of assessments, and the issuance and
sale of limited obligation improvement bonds (the 'Bonds") pursuant to the Improvement
Bond Act of 1915, Division 10 of the Streets and Highways Code; and
WHEREAS, the assessment district is identified as Assessment District No. 164
(Mountain Gate II), hereinafter referred to as the "District'; and
WHEREAS, the developer of property within the District is Mountain Gate II Palm
Springs Ventures, LLC, a California limited liability company (the "Developer"); and
WHEREAS, proceeds from the sale of Bonds shall be used, among other things,
to pay for public improvements including to pay for water system improvements,
undergrounding of power lines and connection fees required for the development of land
within the District; and
WHEREAS, the water facilities (and the connection fees relevant to such
facilities) shall become the property of Desert Water Agency ("DWA") and it is required
by said Sections 10109 and 10110 of the 1913 Act that the financing of such facilities be
pursuant to a written agreement between the City and DWA; and
WHEREAS, that certain "Water Facilities Agreement," in the form on file with the
City Clerk, is an agreement which meets the requirements of Sections 10109 and 10110;
WHEREAS, the power facilities shall become the property of Southern California
Edison ("SCE") and it is required by Sections 10109 and 10110 of the 1913 Act that the
financing of such facilities be pursuant to a written agreement between the City and
SCE; and
WHEREAS, that certain "Power Facilities Agreement', in the form on file with the
City Clerk, is an agreement which meets the requirements of Sections 10109 and 10110;
and
Resolution No. 21151
Page 2
WHEREAS, the Developer has requested that an Acquisition and Funding
Agreement be entered into as a means for Developer to pay for or to recover costs
advanced for such public improvements installed by Developer or another agency and
which upon completion are to be turned over to the City and to other public agencies for
operation and maintenance; and
WHEREAS, the City has caused the current Acquisition and Funding Agreement
in the form on file with the City Clerk to be prepared.
NOW THEREFORE BE IT RESOLVED, as follows:
Section 1. That the recitals set forth hereinabove are true and correct in all respects.
Section 2. That said Water Facilities Agreement in substantially the form on file with
the City Clerk is hereby approved and the City Manager or Finance
Director and City Clerk are hereby authorized and directed to execute the
same for and on behalf of the City.
Section 3. That said Power Facilities Agreement in substantially the form on file with
the City Clerk is hereby approved and the City Manager or Finance
Director and City Clerk are hereby authorized and directed to execute the
same for and on behalf of the City.
.Section 4. That said Acquisition Agreement in substantially the form on file with the
City Clerk is hereby approved and the City Manager or Finance Director
and City Clerk are hereby authorized and directed to execute the same
for and on behalf of the City.
ADOPTED this 15t day of December, 2004.
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
Acting City Clerk City Manager
RESOLUTION NO. 21152
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, DECLARING THE RESULTS
OF AN ASSESSMENT BALLOT PROCEEDING
RELATING TO THE LEVY AND COLLECTION OF
SPECIAL ASSESSMENTS WITHIN ASSESSMENT
DISTRICT NO. 164 (MOUNTAIN GATE ll), AND THE
ISSUANCE OF BONDED INDEBTEDNESS
WHEREAS, the City Council of the City of Palm Springs, California, (the
"Council" and "City"), called and duly held a public hearing and majority protest ballot
proceeding of Assessment District No. 164 (Mountain Gate ll), hereinafter referred to as
the "District", on December 1, 2004, for the purpose of presenting to the qualified
electors within the District, a proposition for the levy of special assessments within the
District and the issuance of bonds on the security of such special assessments; and
WHEREAS, notice of the hearing was mailed to the landowners of record within
the District at least 45 days prior to the hearing; and
WHEREAS, the hearing was duly and lawfully held on December 1, 2004; and
WHEREAS, there has been presented to this City Council a certificate of the City
Clerk called the Certificate of the Election Official as to the Results of the Canvass of the
Assessment Ballots (the "Certificate of the Election Official'), a copy of which is attached
hereto as Exhibit "A".
NOW THEREFORE BE IT RESOLVED, as follows:
Section 1. The above recitals are true and correct.
Section 2. The canvass of the votes on the assessment ballots cast in the District at
the assessment proceeding held in the District on December 1, 2004, as
shown in the Certificate of the Election Official, is hereby approved and
confirmed.
Section 3. The Proposition voted on at such proceeding received a unanimous vote
of the qualified electors voting, and has carried. No electors filed written
protests against the assessment. The City Council is hereby authorized
to take the necessary steps to levy the special assessments authorized
by the Proposition, on all non-exempt property within the District, and to
issue, from time to time as it determines appropriate, bonds for the benefit
of the respective parcels of land within the District secured by such
special assessments.
Section 4. The City Clerk is hereby directed to enter the title of this Resolution on the
minutes of the Council and to indicate the official declaration of the result
of such assessment ballot proceeding.
Section 5. This Resolution shall take effect immediately upon its adoption.
Section 6. The City Clerk shall certify to the passage and adoption of this Resolution
and enter it into the book of original resolutions.
Resolution No. 21152
Page 2
ADOPTED this 1"day of December, 2004.
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
Acting City Clerk City Manager
Resolution 21152
Page 3
EXHIBIT A
CITY OF PALM SPRINGS, CALIFORNIA
ASSESSMENT DISTRICT NO. 164 (MOUNTAIN GATE II)
OF THE CITY OF PALM SPRINGS
CERTIFICATE OF THE ELECTION OFFICIAL
AS TO THE RESULTS OF THE CANVASS OF THE ASSESSMENT BALLOT
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF PALM SPRINGS )
I, Kathleen D. Hart, Acting City Clerk in my capacity as Elections Official
in the City of Palm Springs, California, DO HEREBY CERTIFY, that I did canvass the
return of the votes cast at the assessment proceedings on December 1, 2004, held in
ASSESSMENT DISTRICT NO. 164
(MOUNTAIN GATE 11)
OF THE CITY OF PALM SPRINGS
I FURTHER CERTIFY that the Statements of All Votes Cast, to which this
certificate is attached, shows the total number of ballots cast within the territory to be
included within the District and the totals shown for such Proposition are full, true and
correct.
WITNESS my hand and Official Seal this 15t day of December, 2004.
CITY OF PALM SPRINGS, CALIFORNIA,
ASSESSMENT DISTRICT NO. 164
(MOUNTAIN GATE 11)
Acting City Clerk
Resolution 21152
Page 4
ASSESSMENT DISTRICT NO. 164
(MOUNTAIN GATE II)
OF THE CITY OF PALM SPRINGS
STATEMENT OF ALL VOTES CAST
DECEMBER 1, 2004
Qualified
Landowner Votes
Votes Cast YES NO
City of Palm Springs,
Assessment District No. 164
(Mountain Gate II) of the City of
Palm Springs, Assessment
Proceeding, December 1, 2004
PROPOSITION SUBMITTED TO VOTE OF VOTERS:
Shall the City of Palm Springs form
Assessment District No. 164 and
levy assessments for the purpose
of providing funds and selling YES
improvement bonds over a period
not to exceed 25 years from the
next September 2 following 12
months of the date of such bonds in
an amount not to exceed
$3,806,000 to acquire and
construct public and utility
improvements which specially
benefit property in such NO
Assessment District No. 164 (Tract
Numbers 32028 and 32028-1), for
funding a reserve fund, costs of
issuance, and capitalized interest in
connection with such bonds?
RESOLUTION NO.21153
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING THE FINAL
ENGINEER'S REPORT, CONFIRMING AND LEVYING
ASSESSMENTS, ORDERING IMPROVEMENTS, AND
AUTHORIZING AND DIRECTING RELATED ACTIONS
FOR ASSESSMENT DISTRICT NO. 164 (MOUNTAIN
GATE ll)
WHEREAS, the City Council of the City of Palm Springs, California, (the
"Council" and "City"), adopted its Resolution of Intention No. 21115 (the "Resolution of
Intention"), on October 6, 2004, for the acquisition and/or construction of certain public
improvements in a special assessment district designated as Assessment District No.
164 (Mountain Gate II), hereinafter referred to as the "District"; and
WHEREAS, the Council has approved a boundary map and adopted the
boundaries shown on such map as describing the extent of the territory included in the
District; and
WHEREAS, pursuant to the Resolution of Intention, an Engineer's Report, as
therein provided, was presented, considered and approved; and
WHEREAS, prior to the public hearing set for December 1, 2004, the Engineer
of Work filed with the City Clerk a Final Engineer's Report (the "Engineer's Report")
which revised the costs and expenses of the work, improvement, proceedings and
financing, and revised the assessment roll without increasing the amount of any
proposed assessment; and
WHEREAS, the Engineer's Report of Albert A. Webb & Associates, as
preliminarily approved and now presented in final form and on file with the City Clerk
contains all the matters and items called for by law pursuant to the provisions of the
Municipal Improvement Act of 1913 (the "Act"), being Division 12 (commencing with
Section 10000) of the Streets and Highways Code of the State of California and Article
XIII D of the California Constitution, including the following:
1. A general description of the public improvements to be included in the
District;
2. Plans and specifications of the proposed improvements;
3. Estimate of cost;
4. Diagram of the District;
5. An assessment for the improvements according to benefits; and
6. A provision for maximum annual assessments for administration of the
District; and
Resolution No. 21153
Page 2
WHEREAS, the Council fixed 7:00 p.m., or as soon thereafter as the matter may
be heard, on Wednesday, December 1, 2004, at the Council Chambers, 3200 East
Tahquitz Canyon Way, Palm Springs, California, 92262, as the place, date and time for
a public hearing on the proposed improvements; and
WHEREAS, notices of said public hearing were duly and regularly posted and
mailed or waived in the time, form and manner required by law; and
WHEREAS, assessment ballots have been received and all protests have been
heard and considered, and a full hearing has been given, all in the manner provided by
law; and
WHEREAS, a majority of the assessment ballots, weighted by value of
assessment, have been submitted in favor of the proposed assessment and the owners
of more than one-half (1/2) of the area being assessed for the cost of the proposed
improvements did not file written protests against the proposed improvements, and the
Council did, after providing a full hearing and, to the extent such were received, overrule
and deny all protests and objections; and
WHEREAS, the Council is now satisfied with the assessment and all matters
contained in the Engineer's Report as now submitted.
NOW THEREFORE BE IT RESOLVED, as follows:
Section 1. The above recitals are all true and correct.
Section 2. The Council has received no written or oral protests and hereby finds,
based upon all of the information known to the Council and presented in
the record of these proceedings, that the recommendations set forth in
the Engineer's Report are in conformity with legal standards and
requirements and that the recommended assessment has been
established in a fair and equitable manner reflecting the estimated benefit
to the respective parcels in proportion to such estimated benefits.
Section 3. The Engineer's Report, including the assessment and diagram for the
improvements, together with appurtenances and appurtenant work in
connection therewith, is hereby approved and the assessment contained
therein is hereby confirmed as filed. The total assessment to be levied
therein is $3,806,000.
Section 4. The public interest and convenience require the proposed improvements
to be completed, and therefore it is hereby ordered that the work be done
and the improvements constructed and/or acquired in the District, as set
forth in the Resolution of Intention previously adopted and as set forth in
the Engineer's Report presented and considered.
Section 5. The assessment contained in the Engineer's Report is hereby levied upon
the respective subdivisions of land in the District as set forth in the
Engineer's Report.
Resolution No. 21153
Page 3
Section 6. The Engineer of Work shall forthwith deliver to the Superintendent of
Streets said assessment, together with the diagram attached thereto and
made a part thereof, as confirmed, with his certificate of such confirmation
attached and the date thereof; the Superintendent of Streets shall then
immediately record said diagram and assessment in his office in a
suitable book to be kept for that purpose and attach thereto his certificate
of the date of such recording.
Section 7. Upon confirmation of the assessment and recordation of the assessment
diagram, a certified copy of the assessment diagram shall be immediately
filed by the City Clerk in the office of the County Recorder of the County
of Riverside. Immediately thereafter, a copy of the Notice of Assessment
shall be completed and executed by the City Clerk and recorded in the
office of the County Recorder in the County of Riverside in the manner
and form as set forth by law and specifically Section 3114 of the Streets
and Highways Code of the State of California (the "Code'), whereupon
said assessment shall become a lien upon the land on which it is levied,
pursuant to the Code.
Section 8. The Finance Director, upon the recording of the assessment diagram and
assessment, is hereby directed to mail to each owner of real property
within the District at the last known address, as the same appears on the
tax rolls of the County of Riverside or as on file with the City Clerk, or to
both addresses if said address is not the same, or to General Delivery
when no address so appears, a statement containing a designation by
street number or other description of the property assessed sufficient to
enable the owner to identify the same, the amount of the assessment
securing the series of bonds to be sold secured by such assessment, the
date of recordation of the assessment, the time and place of payment
thereof, the waiver of such payment period, if any, the effect of failure to
pay within such time, and a statement of the fact that bonds will be issued
on unpaid assessments pursuant to the Improvement Bond Act of 1915.
The Finance Director shall provide notice by publication pursuant to
Section 10404 of the Act. Such notice shall not be required following
receipt by the Finance Director of any waiver of the cash payment period
or notice requirements by the property owner.
Section 9. There will be no cash payments from property owners on account of the
assessments levied, since the record owners of all property assessed
have waived the 30 day cash payment period and notice thereof, and a
copy of such waiver is on file with the City Clerk, and there has been filed
with the City Clerk a list, showing payments received and assessment
amounts remaining unpaid (the "Unpaid List'). The City Council hereby
finds and determines that authorized representatives of each of the
owners of the parcels assessed in these proceedings has filed such a
waiver to pay the assessments in cash within the 30-day cash payment
period. Accordingly, the Council orders the Finance Director to proceed
forthwith without the necessity of the 30 day cash payment period
otherwise required to provide for the issuance, sale and delivery of limited
obligation improvement bonds in a principal amount equal to the
assessments levied.
Resolution No.21153
Page 4
Section 10. The Finance Director is hereby directed to submit to the City Clerk the
Unpaid List. Following receipt of the Unpaid List from the Finance
Director, the Council intends to proceed with the issuance and sale of
limited obligation improvement bonds (the "Bonds") pursuant to the 1915
Act upon the security of unpaid assessments, bearing interest at a rate
not to exceed 12% per annum, with the last installment of the bonds to
mature not to exceed twenty-five (25) years from the second day of
September next succeeding twelve months (12) from their date.
Section 11. The Council hereby authorizes the Treasurer of the County of Riverside
(the "Treasurer") to collect installments each fiscal year until paid of the
assessment, as herein confirmed and remaining unpaid (following the
waiver of the thirty day period), in the amounts provided by the Treasurer
and remit such amounts received to the Finance Director, and confirms to
the Treasurer that the requirements of State Proposition 218, approved in
November 1996, have been met in the proceedings for the District.
Section 12. This resolution shall take effect immediately upon its adoption.
ADOPTED this 1st day of December, 2004.
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
Acting City Clerk City Manager
RESOLUTION NO. 21154
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING AND RATIFYING
ALL ACTIONS HERETOFORE TAKEN IN CONNECTION
WITH THE FORMATION OF ASSESSMENT DISTRICT
NO. 164 (MOUNTAIN GATE ll), THE ASSESSMENT
BALLOT PROCEDURE, PUBLIC HEARINGS, NOTICES
OF HEARING, LEVY OF AND COLLECTION OF
ASSESSMENTS, ISSUANCE OF BONDS, AND THE
REQUIRED ACTS UNDER DIVISION 4 OF THE
STREETS AND HIGHWAYS CODE, DIVISION 4.5 OF
SUCH CODE, DIVISION 12 OF SUCH CODE, AND
ARTICLE XIIID OF THE CALIFORNIA CONSTITUTION;
AND CERTAIN OTHER FINDINGS AND
DETERMINATIONS IN CONNECTION THEREWITH
WHEREAS, the City Council of the City of Palm Springs, California, (the
"Council" and "City"), has taken proceedings pursuant to the Municipal Improvement Act
of 1913, Division 12 of the Streets and Highways Code (the "1913 Act") for the formation
of an assessment district, the levy and collection of assessments, the acquisition of
public improvements, and the issuance of limited obligation bonds; and
WHEREAS, the assessment district is identified as Assessment District No. 164
(Mountain Gate ll), hereinafter referred to as the "District"; and
WHEREAS, such proceedings are authorized under and pursuant to Division 4,
4.5, 10 and 12 of the Streets and Highways Code of California and Article XIII D of the
California Constitution; and
WHEREAS, the Council decides to approve and ratify all actions heretofore
taken in the manner set forth herein.
NOW THEREFORE BE IT RESOLVED, as follows:
Section 1. That the recitals set forth hereinabove are true and correct in all respects.
Section 2. That all of the actions relative to the following are hereby approved and
ratified:
(a) Formation of the District;
(b) The ballot procedure;
(c) The conduct of public hearings;
(d) The giving of notice of public hearings;
(e) The confirmation, levy and collection of assessments; and
(f) The compliance with the statutes and the Constitutional provision
cited in the recital hereof.
Resolution No. 21154
Page 2
Section 3. That the City Clerk is hereby authorized and directed to file this
Resolution with the minutes of this meeting.
ADOPTED this 1st day of December, 2004.
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
Acting City Clerk City Manager
RESOLUTION NO. 21155
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, DETERMINING UNPAID
ASSESSMENTS IN ASSESSMENT DISTRICT NO. 164
(MOUNTAIN GATE II)
WHEREAS, the Finance Director (the "Finance Director') of the City of Palm
Springs (the "City') has filed with the City Clerk a list of paid and unpaid assessments for
Assessment District No. 164 (Mountain Gate ll) ("List of Unpaid Assessments"), a copy
of which list is attached to this resolution as Exhibit A and by this reference incorporated
herein, certifying that 30-day period during which to pay such assessment has been
waived by unanimous consent of the owners of property in Assessment District No. 164
(Mountain Gate ll) and that no cash payments were received, and that the amount of
assessments remaining unpaid is equal to the amount of assessments levied; and
WHEREAS, the City Council of the City (the "Council") wishes to establish said
amount as the amount of unpaid assessments and to ratify the amount of not to exceed
$3,806,000 as the principal amount of limited obligation improvement bonds authorized
and issued in these proceedings upon the security of said unpaid assessments.
NOW THEREFORE BE IT RESOLVED, as follows:
Section 1. Assessments Unpaid. This Council hereby finds and determines that, as
set forth in the attached List of Unpaid Assessments, and there being no
information to the contrary, the amount of assessments remaining unpaid
in Assessment District No. 164 (Mountain Gate II) is the amount set forth
in said List of Unpaid Assessments, and by separate resolution, this
Council has authorized the issuance of limited obligation improvement
bonds of the City in a principal amount to be established on the basis of
said unpaid assessments. The principal amount of bonds to be issued
shall be equal to the amount of assessments levied, rounded down, if
necessary, to the nearest $5,000.
Section 2. Transmittal to County Auditor. The City Clerk is hereby directed to
transmit a copy of this resolution to the County Auditor-Controller of the
County of Riverside, and said County Auditor is requested to proceed in
accordance with Section 8682 of the California Streets and Highways
Code in the collection of installments of these assessments and the
interest thereon on the secured property tax assessment roll of the
County, commencing with the 2005-06 tax roll.
Section 3. Effective Date. This Resolution shall take effect immediately upon
adoption.
Resolution No. 21155
Page 2
ADOPTED this 1st day of December, 2004.
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
Acting City Clerk City Manager
Resolution 21155
Page 3
EXHIBIT A
CITY OF PALM SPRINGS
ASSESSMENT DISTRICT NO. 164
(MOUNTAIN GATE II)
CERTIFICATE OF
PAID AND UNPAID ASSESSMENTS
I HEREBY CERTIFY that (1) the 30-day cash collection period during which
assessments may be paid in cash has been waived by unanimous consent of property owners
in Assessment District No. 164 (Mountain Gate II) ("AD 164"), and no cash payments have been
received in AD 164 in the City of Palm Springs, California, and (2) that the amount of
assessments remaining unpaid in AD 164 is therefore equal to the principal amount of
assessments levied, as indicated on the List of Unpaid Assessments
attached hereto.
Executed at Palm Springs, California, on December 15t, 2004.
Tom Kanarr
Finance Director
City of Palm Springs
Resolution 21155
Page 4
CITY OF PALM SPRINGS
ASSESSMENT DISTRICT NO. 164
(MOUNTAIN GATE II)
LIST OF PAID AND UNPAID ASSESSMENTS
[See Attached List of Unpaid Assessments]
PAID ASSESSMENT: $0
UNPAID ASSESSMENTS: $3,806,000
� (
P A L M S P R I N G S A D N O 1 6 4 ( M O II N T A I N G A T E 2 ) O)
fD
Date: 09/20/04 02:01 pm Page. 1 (D NO
A S S E S S M E N T R 0 L L
U1 �
A.V. LAND O
ASSESSMENT NO. A.V. IMPROVEMENTS ASSESSMENTS ASSESSMENT ASSESSMENT
ASSR'S PARCEL NO. ASSESSEE'S NAME 4 ADDRESS A.V. PARCEL LEVIED/PENDING AS FILED AS CONFIRMED N
_--==0010001------==MOUNTAIN GATE 2 PALM SPRINGS VENTURES $234,000 $0.00----___--$3,295,600 00-3-----_______
669320011-6 ATT: CARLOS CUEVA 1535 S D ST STE 200 $0
SAN BERNARDINO CA 92408 -----------
$234,000
0010002 MOUNTAIN GATE 2 PALM SPRINGS VENTURES $13,000 $0.00 $510,400.00
669320013-8 ATT: CARLOS CUEVA 1535 S ➢ ST STE 200 $0
SAN BERNARDINO CA 92408 ___________
$13,000
TOTAL LAND: = ==$247,000 $0 00
$3,806,000 00
TOTAL IMPROVEMENT $0
------------
TOTAL PARCEL: $247,000