HomeMy WebLinkAbout5/14/2003 - STAFF REPORTS DATE: May J Y 2003
TO: City Council
FROM: Public Works Director/City Engineer
APPROVE RESOLUTION OF INTENTION & PRELIMINARY ENGINEERS REPORT FOR
CENTURY HOMES"MOUNTAIN GATE"TRACT 30963 FORMING ASSESSMENT DISTRICT 161
RECOMMENDATION.
It is recommended that the City Council approve a Resolution of Intention and the Preliminary
Engineer's Report for the proposed formation of a 1913 Act Assessment District, using 1915 Act
Bonds for certain eligible public improvements for an area known as "Mountain Gate";Tract 30963
by Century Vintage Homes for an 83 acre development located at the NE corner of N. Palm
Canyon Drive (Hwy. 111) and Gateway Drive. This would be Assessment District No. 161
SUMMARY:
On February 26, 2003 City Council approved a Planned Development District(PDD) and Tentative
Tract Map (TTM 30963) for a 308 lot single-family subdivision to be located on 83.8 acres at the
northeast corner of North Palm Canyon Drive (Hwy. 111) and Gateway Drive in the northwest
entryway to Palm Springs. The developer, Century Crowell Communities, LP, (Century Vintage
Homes) has filed application for the formation of a 1913 Act Assessment District, using 1915 Act
Bonds, to utilize Municipal Bonds to fund certain public improvements associated with the project,
to lowerthe purchase price of the 308 proposed homes in the"Mountain Gate"subdivision. Century
posted a $10,000 deposit with the application in November, 2002 to cover City costs for the
proposed district. Any unspent balance of that deposit is refundable to Century upon completion
of the bond sale. The final PDD and Final Map was approved by the Planning Commission on
March 26, 2003, Century closed escrow on the purchase of the property on April 2, 2003.
A Resolution of Intention is required to form such a 191311915 Act District and a Preliminary
Engineer's Report is part of the Resolution of Intention (ROI) and initial formation process. Albert
A. Webb Associates prepared the Engineer's Report and has a long term role as the City's
Assessment EngineerfSpecial Tax Consultant for the formation of special districts in the City.
BACKGROUND:
On January 22, 1992 City Council adopted Resolution No. 17774 which established written policies
and procedures for the administration of special districts under the State of California 1911, 1913
and 1915 Improvement Acts and the Community Facilities Act of 1982 (Mello-Roos CFDs). A 32-
page "Special District Policy & Procedures" guideline manual was adopted along with the
resolution. These policies and procedures are similar to those adopted by the City and County of
Riverside and since adopted by most cities concerned about special district safeguards in
California. On October 8, 1998 the Grants and Special Districts Manager submitted a Special
Districts Guidelines Manual, at the request of City Council and City Manager, to be used as a
handout for prospective Palm Springs developers.
On April 3, 2002,the City Council adopted Resolution No.20304 which expanded the 1992 Special
Districts Policy&Procedures,providing residential subdivisions ability to be included with qualifying
CFDs. The City also adopted state approved property owner "Disclosure Forms", which must be
distributed by developers to all prospective home buyers to disclose the costs and facts associated
with assessment district costs prior to the purchase of homes within such special districts.
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When Century proposed that an assessment district be formed to finance their public
improvements at"Mountain Gate", City staff instituted the City's Special District Team as follows:
• FINANCIAL ADVISOR: Suzanne Harrell (Harrell & Company Advisors)
• ASSESSMENT ENGINEER: Paul Thompson/Merle Schulze (Albert A. Webb Associates)
• BOND COUNSEL: David Aleshire and Tiffany Israel (Aleshire &Wynder, LLP)
• BOND UNDERWRITERS: Sara Oberlies, VP (Stone & Youngberg, LLC)
• CITY STAFF. Tom Kanarr, John Raymond, Dave Barakian, Trisha Sanders, Bob Mohler
On April 2, 2003 City Council approved a consultant contract with Albert A. Webb Associates (at
a cost of $29,000, plus incidentials) to prepare Preliminary and Final Engineer's Reports as the
'Assessment Engineer and Special Tax Consultant" for the project (Minute Order
No.7281/Agreement No. A4680). Webb's Preliminary Engineer's Report determines and verifies
all eligible public improvement costs proposed bythe developer,The improvements include"public"
Grading, Street, Sewer, Storm Drain, Water Mains and Utility Work, as well as Street Lighting and
an off-site perimeter Landscape parkway strip. It listed all eligible engineering design costs and
detailed incidental expenses associated with the proposed 1913 Act District formation will be
financed by this assessment district. A Boundary Map was prepared, indicating the boundary
encompassing the limits of assessable lands (308 lots) within Assessment District 161.
After the City Council's action to approve the formation of Assessment District 161, the City will
proceed with RFD's to hire two more consultants: 1. Real Estate Appraiser and 2. Market
Absorption Analyst. The Real Estate Appraiser(who must be MAI approved and familiar with such
special districts) will analyze the current Real Estate values of the bulk land as well as the
subdivided lot values based on current sales comparables in the area. The Market Absorption
Analyst will determine how quickly the proposed homes will sell (absorb) into the real estate
market, based on current similar sales records in Southern California, as well as Coachella Valley
and Palm Springs area. All of these consultant costs (Assessment Engineer/ Real Estate
Appraiser/Market Absorption Analyst) are being paid for by the developer via deposits to the City.
The City hires the consultants and the subsequent reports are all submitted directly to the City for
approval. There is no cost to the City for staff and consultant costs described above due to
Century's developer contributions.
To conform with the City's adopted Special District Policies & Procedures, the total combined
appraised land and improvement values must be at least 4 times the estimated assessments. The
4:1 "Value to Lien Ratio" is conservative in the industry (which is often 3:1 in other agencies). The
overall tax rate, including assessments, cannot exceed 2% of property values.
KEY TARGET DATES:
May 7- City Council approves Resolution of Intention forming 1913/1915 Act District No.161
May '03- City Engineer approves grading plan. Century commences site grading for Phase-1
June 4- City Council approves Real Estate Appraiser& Market Absorption Analyst contracts
July '03- Century completes model homes within "Mountain Gate" subdivision
Aug. '03- Real Estate Appraiser and Market Analyst submit preliminary draft reports
Oct. '03- Century completes public improvements associated with Phase 1 of on-site
construction (including 60 Homes) in Phase 1 of"Mountain Gate'
Oct. '03- Real Estate Appraiser, Market Analyst, Assessment Engr. complete Final Reports
Oct. '03- City Council approves Final Engineer's Report/ Resolution authorizing Bond Sale
Nov. '03- Proposed 1915 Act Municipal Bond Sale
Dec. '06- Century completes all (14) home-phases of"Mountain Gate" Tract- 308 Units Total
I A;L
City Council Report(5/7/03)-Tract 30963,Assessment District No 161-pg.3
ROBERT L. MOHLER DAVID J. BARAKIAN
Grants and Special Districts Manager Public Works Director/City Engineer
APPROVED
City Manager
ATTACHMENTS:
1. Resolution of Intention (ROI) and Description of Work (8 pgs.)
2. Preliminary Engineer's Report by Albert A. Webb Associates (32 pgs.)
3. Roster of City's Special District Formation Team (Listing of 12 persons/firms)
4. Vicinity Map ("Mountain Gate" Tract No. 30963) N. Palm Canyon (Hwy. 111) & Gateway Dr.
5. Proposed Mountain Gate A.D. No. 161 Cost Summary by City's Financial Advisor
REVIEWED BY DEP1 OF FINANCE
l � r
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RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING A RESOLUTION OF INTENTION TO
FORM A 1913 ACT ASSESSMENT DISTRICT, USING 1915 ACT
BONDS TO MAKE ACQUISITIONS AND CERTAIN ELIGIBLE
PUBLIC IMPROVEMENTS; AND TO APPROVE THE
PRELIMINARY ENGINEER'S REPORT FOR THE "MOUNTAIN
GATE" TRACT 30963 BY CENTURY CROWELL COMMUNITIES,
LP (CENTURY VINTAGE HOMES), LOCATED AT N. PALM
CANYON DRIVE (HWY.111) AND GATEWAY DRIVE;
ASSESSMENT DISTRICT NO. 161.
WHEREAS, on January 22, 1992, the City Council of the City of Palm Springs adopted
Resolution No. 17774 adopting Policies and Procedures for Special District Municipal Bond
Financing for certain public improvements for City and private development projects, under the
1911, 1913, 1915 Acts and 1972 Community Facilities District Act; and
WHEREAS, on April 3, 2002, the City Council of the City of Palm Springs adopted
Resolution No. 20304, which amends Resolution No. 17774, to allow municipal bond financing
for single family subdivisions; and specifying a 2-percent maximum Special Tax per property,
including the general property tax; requiring a District Application Form; establishing a $10,000
Application Fee, for developers to pay for City staff costs for the district formation process; and
approved a Disclosure Statement form to be signed by each prospective home buyer within the
district to disclose all district costs and declare that a municipal bond would be issued which
would cause an assessment to be placed on each property owners tax bill for a period of years,
including a covenant that runs with the land in all title reports; and
WHEREAS, Century Crowell Communities, LP (Century Vintage Homes), an
experienced land developer, wishes to construct the °Mountain Gate" Tract 30963 and is in
compliance with Resolutions No. 17774 and 20304 and has completed the required District
Application Form and paid the required $10,000 Application Fee with intent to construct a 308
Unit single family home subdivision located at the NE corner of North Palm Canyon Dnve (Hwy.
111) and Gateway Drive in Palm Springs, using Municipal Bond financing for certain eligible
public improvements for Tract 30963 in an effort to lower the purchase costs of the proposed
308 homes; and
WHEREAS, on April 2, 2003, the City Council of the City of Palm Springs approved
Minute Order No. 7281/ Agreement No. A4680 hiring Albert A. Webb Associates as the City's
Assessment Engineer and authorizing a Preliminary and Final Engineer's Report at a cost of
$29,000, plus incidental expenses (all costs paid for by Century); and that the Preliminary
Engineer's Report is attached for City Council's consideration for approval as an element of the
Resolution of Intention. (See Exhibit "B" on file with office of City Clerk)
NOW, THEREFORE, BE IT RESOLVED, As follows:
1. Intention. The public interest, convenience and necessity require, and this City
Council intends to order the making of the construction of certain public improvements, together
with the acquisition of all easements, rights-of-way, and lands necessary therefore described in
Exhibit"A" attached hereto and made a part hereof.
2. Law Applicable. Except as herein otherwise provided for the issuance of bonds, all
of the work shall be done as provided in the Municipal Improvement Act of 1913, Division 12 of
the Streets and Highways Code of California (the "Act").
3. Nature and Location of and Grades for Improvements. All of the work and
improvements are to be constructed at the places and in the particular locations, of the forms,
sizes, dimensions and materials, and at the lines, grades and elevations, as shown and
delineated upon the plans, profiles and specifications to be made therefor, as hereinafter
provided. There is to be excepted from the work above described any of such work already
done to line and grade and marked excepted or shown not to be done on the plans, profiles and
specifications. Whenever any public way is herein referred to as running between two public
ways, or from or to any public way, the intersections of the public ways referred to are included
to the extent that work is shown on the plans to be done therein. The streets and highways are
or will be more particularly shown in the records in the office of the County Recorder of the
County of Riverside, State of California, and shall be shown upon the plans. For a general
description of the area to be included in Assessment District No. 161 of the City of Palm
Springs, reference is hereby made to a map which is on file with the City Clerk.
4. Change of Grade. Notice is hereby given of the fact that in many cases the work
and improvements will bring the finished work to a grade different from that formerly existing,
and that to the extent the grades are hereby changed, the work will be done to the changed
grades.
5\ Work on Private Property, In cases where there is any disparity in level or size
between the improvements proposed to be made herein and private property and where it is
more economical to eliminate such disparity by work on the private property than by adjustment
of the work on public property, it is hereby determined that it is in the public interest and more
economical to do such work on private property to eliminate such disparity. In such cases, the
work on private property shall, with the written consent of the owner of the property, be done
and the actual cost thereof may be added to the proposed assessment of the lot on which the
work is to be done.
6. Official Grades. This Council does hereby adopt and establish as the official grades
for the work the grades and elevations to be shown upon the plans, profiles and specifications.
All such grades and elevations are to be in feet and decimals thereof with reference to the
datum plane of this City.
7. Descriptions - General. The descriptions of the acquisitions and improvements and
the termini of the work contained in this Resolution are general in nature. All items of work do
not necessarily extend for the full length of the description thereof. The plans and profiles of the
work and maps and descriptions as contained in the Engineer's Report, hereinafter directed to
be made and filed, shall be controlling as to the correct and detailed description thereof.
8. Special Benefit and Boundary Mai The contemplated acquisitions and
improvements, in the opinion of this Council, are of more than local or ordinary public benefit,
and the costs and expenses thereof are made chargeable upon an assessment district, the
exterior boundaries of which are shown on a map thereof on file in the office of the City Clerk, to
which reference is hereby made for further particulars. The map indicates by a boundary line
the extent of the territory included in the proposed district and shall govern for all details as to
the extent of the assessment district.
9. Filing of Boundary Mai The City Clerk is directed to file a copy of the Boundary
Map with the County Recorder not later than 15 days after the adoption by this Board of the
resolution setting a time and place for hearing on the written report of the District Engineer.
10. Engineer's Reoort. Albert A. Webb & Associates is the engineer for this
assessment district (the 'Engineer of Work"), and the Engineer of Work is hereby directed to
make and file with the City Clerk a report in writing, presenting the following:
(a) Maps and descriptions of the lands and easements to be acquired, if any;
(b) Plans and specifications of the proposed improvement if the improvements
are not already installed. The plans and_specifications do not need to be detailed and
are sufficient if they show or describe the general nature, location, and extent of the
improvements. If the assessment district is divided into zones, the plans and
specifications shall indicate the class and the type of improvements to be provided for
each zone. The plans or specifications may be prepared as separate documents, or
either or both may be incorporated in the Engineer's Report as a combined document-
(c) A general description of works or appliances already installed and any other
property necessary or convenient for the operation of the improvements, if the works,
appliances, or property are to be acquired as part of the improvements.
(d) An estimate of the cost of the improvements and of the cost of lands, rights-
of-way, easements, and incidental expenses in connection with the improvements,
including any cost of registering bonds.
(e) A diagram showing, as they existed at the time of the passage of this
Resolution, all of the following.
(1) The exterior boundaries of the assessment district.
(2) The boundaries of any zones within the district.
(3) The lines and dimensions of each parcel of land within the district.
Each subdivision, shall be given a separate number upon the diagram. The
diagram may refer to the county assessor's maps for a detailed description of the lines
and dimensions of any parcels, in which case those maps shall govern for all details
concerning the lines and dimensions of the parcels.
(f) A proposed assessment of the total amount of the cost and expenses of the
proposed improvement upon the several subdivisions of land in the district in proportion
to the estimated benefits to be received by each subdivision, respectively, from the
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improvement. In the case of an assessment for installation of planned local drainage
facilities which are financed, in whole or in part, pursuant to Section 66483 of the
California Government Code, the assessment levied against each parcel of subdivided
land may be levied on the basis of the proportionate storm water runoff from each
parcel. The assessment shall refer to the subdivisions by their respective numbers as
assigned pursuant to subdivision (e).
(g) A proposed maximum annual assessment upon each of the several
subdivisions of land in the district to pay costs incurred by this City and not otherwise
reimbursed which result from the administration and collection of assessments or from
the administration or registration of any associated bonds and reserve or other related
funds.
When any portion or percentage of the costs and expenses of the acquisitions and
improvements is to be paid from sources other than assessments, the amount of such portion or
percentage shall first be deducted from the total estimated cost and expenses of the
acquisitions and improvements, and the assessment shall include only the remainder of the
estimated cost and expenses.
11. Issuance of Bonds. Serial bonds or term bonds, or both, (the "Bonds") bearing
interest at a rate not to exceed twelve percent (12%) per annum shall be issued to represent
each assessment remaining unpaid for thirty (30) days after the date of recordation of the
Notice of Assessment. The last installment of the bonds shall mature a maximum of twenty five
(25) years from the second day of September next succeeding twelve (12) months from their
date. The bonds are as authorized under the Act, and are to be issued pursuant to and as
provided in the Improvement Bond Act of 1915, Division 10 of the Code. The principal amount of
bonds maturing, or subject to mandatory redemption from sinking fund installments in the case
of term bonds, each year shall be such that the amount of principal maturing each year plus the
amount of interest payable in that year will be an aggregate amount that is substantially equal
each year, except for the amounts becoming due on the first series of the bonds of any division
which shall be adjusted to reflect the amounts of interest earned from the date of the bonds to
the date when the first interest is payable on such bonds. The bonds may be issued in divisions
as permitted by Section 8650.1 of the Code.
12. No Obligation to Cure Deficiencies. In the event of any deficiency in the bond
redemption fund to be established hereafter in these proceedings, the District will not be
obligated to advance available funds from the District treasury to cure any such deficiency.
13, Use of Surplus. If any excess shall be realized from the assessment it shall be
used, in such amounts as this Council may determine, in accordance with the provisions of the
Act, for one or more of the following purposes:
(a) Transfer to the general fund of this City, provided that the amount of any
such transfer shall not exceed the lesser of $1,000 or 5% of the total amount expended
from the improvement fund;
(b) As a credit upon the assessment and any supplemental assessment or for
the redemption of bonds, or both; or
(c) For the maintenance of the improvements.
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14. Contact Person. Thomas M. Kanarr, Director of Finance and Treasurer of the City,
is hereby designated as the person to answer inquiries regarding any protest proceedings to be
had herein, and may be contacted during regular office hours at 3200 E. Tahquitz Canyon Way,
Palm Springs, CA 92262, or by calling telephone number (760) 323-8221.
15. Contracts with Others. To the extent that any of the work, rights, improvements and
acquisitions indicated in the Engineer's Report, to be made as provided herein, are shown to be
connected to the facilities, works or systems of, or are to be owned, managed and controlled by,
any public agency other than this City, or of any public utility, it is the intention of this Council to
enter into an agreement with such public agency or public utility pursuant to Chapter 2
(commencing with Section 10100) of the Act, which agreement may provide for, among other
matters, the ownership, operation and maintenance by such agency or utility of the works,
rights, improvements and acquisitions, and may provide for the installation of all or a portion of
such improvements by the agency or utility and for the providing of service to the properties in
the area benefiting from the work, rights, improvements and acquisitions by such agency or
utility in accordance with its rates, rules and regulations, and that such agreement shall become
effective after proceedings have been taken for the, levy of the assessments and sale of bonds
and funds are available to carry out the terms of any such agreement.
16. Refunding of Bonds. The bonds may be refunded pursuant to the provisions of
Division 11.6 of the California Streets and Highways Code upon the determination of the
Council of the City that the public interest or necessity requires such refunding. Such refunding
may be undertaken by the Council when, in its opinion, lower prevailing interest rates may allow
reduction in amount of the installments of principal and interest upon the assessments given to
owners of property assessed for the works herein described. The refunding bonds shall bear
interest at a rate not to exceed that which is stated in the resolution of the Council expressing its
intention to issue the refunding bonds, which resolution of intention shall also set forth the
maximum term of years of the refunding bonds. Any adjustment to assessments resulting from
the refunding will be done on a pro-rata basis. The refunding shall be accomplished pursuant to
Division 11.5 (commencing with Section 9500) of the California Streets and Highways Code,
except that, if, following the filing of the Engineer's Report specified in Section 9523 and any
subsequent modifications of the Engineer's Report, the Council finds that each of the conditions
specified in the resolution of intention to issue the refunding bonds is satisfied and that
adjustments to the assessments are on a pro-rata basis, the Council may approve and confirm
the Engineer's Report and may, without further proceedings, authorize, issue and sell the
refunding bonds pursuant to Chapter 3 (commencing with Section 9600) of Division 11.5 of the
California Streets and Highways Code.
17. No Private Contract. Notice is hereby given that, in the opinion of this Council, the
public interest will not be served by allowing the property owners to take the contract for the
construction of the improvements and therefore that, pursuant to Section 20487 of the California
Public Contract Code, no notice of award of contract shall be published.
18. Collection and Advance Payments of Assessments. It is the intention of this Council
that collection of assessments, advance retirement of the bonds, and advance payment of
assessments shall be conducted and accomplished in accordance with the alternative
procedure specified by Streets and Highways Code Sections 8760, at. seq.
19. Penalty for Delinquent Payments of Assessments. A penalty of two percent (2%)
per month of the total amont of any delinquent Installment shall be added to the delinquent
installment after the close of business on the delinquency date and an additional penalty of two
percent (2%) of the amount of the delinquency shall be added at the beginning of business on
the tenth (10t') day of each succeeding month until that delinquent installment and all penalties
thereon are fully paid. This penalty shall be in lieu of all other penalties assessed by other
provisions of the law. The County Treasurer and Tax Collector, as the collection agent for the
district, shall collect the penalties with, as the part of, the delinquent installments. All penalties
collected shall be paid over to the bank appointed by the City as trustee, registrar, paying agent
and transfer agent, and upon such payment being made, all such payments shall be deposited
in the redemption fund for the bonds.
20. Annual Assessment for Administrative Costs. This Council hereby makes the
following costs incurred by the City, and not otherwise reimbursed, chargeable on each parcel
in Assessment District No. 161 in an annual amount not to exceed two percent (2%) of the
annual assessment due on each said parcels, referred to more particularly in the report of the
Engineer of Work:
(a) Costs resulting from the administration and collection of assessments;
(b) Costs resulting from the administration and registration of the bonds; and
(c) Costs resulting from the administration of the reserve fund and other related funds
established in connection with bonds, including without limitation the costs and expenses
associated with complying with federal arbitrage requirements.
Adopted this day of 2003.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
by
City Clerk City Manager
REVIEWED AS TO FORM
Attachments:
1. Exhibit "A"- Description of Work (2 pgs.)
2. Exhibit"B"- Preliminary Engineer's Report by Albert A. Webb Associates (32 pgs.) 1,64
EXHIBIT A
CITY OF PALM SPRINGS
ASSESSMENT DISTtuCT No.161
(Mountain Gate)
DESCRIPTION OF WORK
Within the City of Palm Springs, (the "City") County of Riverside, State of California, the
construction and acquisition of the following public improvements, including the acquisition of all lands,
easements, rights-of-way, licenses, franchises, and permits and the construction of all auxiliary work
necessary and/or convenient to the accomplishment thereof in accordance with plans and specifications to
be approved by the City;
Zone 1:
1. Street improvements including grading, paving, striping, signage, curb and gutter, and
sidewalks, together with appurtenances and appurtenant work, on East Gate Road from the
southerly tract boundary to Tramview Road, and Tramview Road from the easterly tract boundary
to East Gate Road.
2. Sewer improvements including 8-inch diameter sewer main and 4-inch diameter sewer
laterals, together with appurtenances and appurtenant work, all in the interior public rights-of-
way to serve each individual residential lot.
3. Water improvements including water mains and 1-inch diameter water service lines, together
with appurtenances and appurtenant work, all in the interior public rights-of-way to serve each
individual residential lot.
4. Landscape improvements including parkway landscaping, together with appurtenances and
appurtenant work, on East Gate Road from the southerly tract boundary to Tramview Road, and
on Tramview Road from the easterly tract boundary to East Gate Road.
5. Underground existing power lines, which includes but is not limited to undergrotiuding
existing overhead power lines (Southern California Edison) within the public rights-of-way and
easements in Tract No. 30963, appurtenances and appurtenant work.
6. Water, sewer and cabling and connection fees, which includes water facility fees for the
Desert Water Agency, sewer facility fees for the City of Palm Springs, and cabling and
connection fees for Southern California Edison,
Zone 2:
1. Street improvements including grading, paving, striping, signage, curb and gutter, and
sidewalks, together with appurtenances and appurtenant work, on the northeasterly side of State
Highway 111 (Palm Canyon Drive) directly adjacent to the tract boundary and on the northerly
side of Gateway Drive from State Highway 1 l I (Palm Canyon Drive)to Pamela Drive.
Fxhib4t,4-1 IA7
2. Sewer improvements including 8-inch diameter sewer main and 4-inch diameter sewer
laterals, together with appurtenances and appurtenant work, all in the interior public rights-of-
way to serve each individual residential lot.
3. Water improvements including water mains and 1-inch diameter water service lines, together
with appurtenances and appurtenant work, all in the interior public rights-of-way to serve each
individual residential lot.
4. Landscape improvements including parkway landscaping, together with appurtenances and
appurtenant work, on the northeasterly side of State Highway 1 11 (Palm Carryon Drive) directly
adjacent to the tract boundary and on the northerly side of Gateway Drive from State Highway
111 (Palm Canyon Drive)to Pamela Drive.
5. Underground existing power lines, which includes but is not limited to u ndergrounding
existing overhead power lines (Southern California Edison) within the public rights-of-way and
easements in Tract No. 30963, appurtenances and appurtenant work.
6_ Water, sewer and cabling and connection fees, which includes water facility fees for the
Desert Water Agency, sewer facility fees for the City of Palm Springs, and cabling and
connection fees for Southern California Edison.
-Exhibid A-2
ENHIBIT"E"
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CITY OF PALM SPRINGS
CASE NO, 15.031 PD-279 DESCRIPTION
APPLICANT YrM 30903 App.for a Tenfativo Tract Map and
Century Vintage L10mes Prdminary Planned Development
to subdivldo 83.83 acres into 308
single family lots,Zone PD-264, Sec. 34
H:\USERSkBobM\Webb.Assess.Engr.Tr.30963.Contr,Ser.Agr.3-21-03.wpd
March 21,2003 _19_ 1139
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Tract No 30963PPI
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AD will Finance Approx $4 Million
to Reimburse Developer for:
Water and Sewer Facilities
Undergrounding Utilities
Gateway Drive & Hwy 111
Improvements, Exterior Landscape,
Development Impact Fees
(Developer Funding $898,600) Acquisition Fund $ 4,030,000
Reserve Fund 435,000
Capitalized Interest 550,000
Underwriting 110,000
Costs 220 000
Total Assessment $5,345,000
Bond Term — 30 Years
Effective Interest Rate — 7.0%
overall Tax Rates:
Ventana (1,200 SgFt) 2.00%
Ventana (1,800 SgFt) 1.85%
El Dorado (1,500 SgFt) 1.88% Bonds Will Not Be Issued Until
El Dorado (3,000 SgFt) 1.68% Value to Lien Equals 4 to 1 ,
Finished Lots $15,300,000
55 Homes Built 6,080 000
Value Needed $21,380,000
Resolution of Intention May 7
Bond Issuance November 2003