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HomeMy WebLinkAbout1986-03-25; City Council; 8559; CANNON ROAD ASSESSMENT DISTRICT WORKSHOP3 \o 03 o\ rl rn rl I+ .d M .L 3 2 4-1 0 .ri u a) a) E c a) u 0 a) 3 u FI 0 c) cd 3 &I u a, E d a) E-l 03 I N v) u a C -4 v) 4J cd \o I cr) 2 0 5 1 0 z 3 a 8 ( CFW OF CARLSBAD - AGENe BILL AB# f557 TITLE: DEPT. HD~ MTG.3/25/Rh CANNON ROAD ASSESSMENT DISTRICT CITY ATTYJ DEPT..FNI: CITY MGR.- RECOMMENDED ACTION: WORKSHOP By motion, consider going forward with an assessment district for improvemen of Cannon Road and construction of a sanitary sewer line therein an alternatives available for financing these improvements. ITEM EXPLANATION At the request of several developers, Council authorized the Cannon Roa Assessment District at their November 27, 1984 meeting. The developers pai an $80,000 Report. The report was completed and scheduled for the Council meeting c April 23, 1985. However, due to a number of concerns, several of tt developers requested that the item be removed from the agenda. Through requests from and discussions with property owners and developers j the majority of those involved. Neste, Brudin & Stone has prepared a prelimha1 assessment spread in accordance with the property owner/developer proposal. The assumptions involved in the proposal by the property owners/develope~ includes the following: 1. SDG&E has zero assessment. 2. Carltas (Ecke) has zero assessment. 3. deposit to cover initial costs and the City hired Neste, Brudin Stone (NBS) to do the assessment engineering and prepare the Debt Limi area, a financing method has been developed which appears acceptable to SDG&E in PFF in conjunction with future development. SDG&E will enter into a reimbursement agreement with City for improvemenl constructed adjcent to their property (reimburse City at time t development). will dedicate necessary right-of-way and receive equal value cred: 4. 5. Carltas will enter into a reimbursement agreement with City for improv rnents constructed adjcent to their property (reimburse City at time development). The City of Carlsbad, as property owner (Macario Canyon), will participa in the cost of the sanitary sewer improvement in the district. The City of Carlsbad, as property owner (Macario Canyon), will participa in the cost of Cannon Road improvements between Interstate 5 and t westerly boundary of Kelly Ranch. 6. 7. I J 0 0 Page 2 of Agenda Bill No. 8ssq 8. The cost of the road improvements to be assessed to the City of Carlsbad SDG&E and Carltas will be assessed to others in the district who wil receive a credit against future PFF at the time of building permi issuance. There will be no future credit for sanitary sewer construction. 9. A of City contribution to district): preliminary summary of the assessment spread is as follows (with breakdow SPREAD 10 ASSESSMENTS FOR STREET SEWER TOTAL Developer/Property Owner $ 9,981,279 $ 6,907,866 $16,889,145 City of Carlsbad $ 504,986 $ 655,569" $ 1,160,555 TOTALS : $1 0,486,265 $ 7,563,435 $1 8,049,700 City of Carlsbad Contributions: City share sewer cost PFF Credit to Developer for $ 655,569" City share road Improvement Reach I costs $ 504,986 SUB-TOTAL $1,160,555 PFF Credit to Developer for remaining road improvement Reach I $2,623,803 TOTAL CITY CONTRIBUTION $3,784,358 The property owners/developers put up all of the front money to construct tt improvements for this district (with the exception of the City of Carlsb: property owner share of the sewer improvement) and will receive $3,128,7' reimbursements for construction of Cannon Road between Interstate 5 and t westerly boundary of Kelly Ranch in the form of PFF credits at the time development. FISCAL IMPACT Funds are availabe in the sewer fund to cover the cost of the City proper owner proportionate share of the sewer improvement cost of $655,569. appropriation of $3,128,789 is needed in Public Facilities Fees Fund to cov the street costs for Reach I. This may be reimbursed if Ecke and SDG property eventually develops. * Up front cost to the City of Carlsbad