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HomeMy WebLinkAbout1989-02-21; City Council; 9874; GROWTH MANAGEMENT FINANCING/MAJOR CIRCULATION IMPROVEMENTSI AB# 9 s f4 TITLE- GROWTH MANAGEMENT F I NANC I NG/ MTG. 2/21/88 MAJOR CIRCULATION IMPROVEMENTS DEPT. GM DEF cir CIP * P. --.a !! E % .. z 0 6 a d 0 5 0 0 urn up CARLSBAD - AGENB)! BILL / 1 RECOMMENDED ACTION: Council approve the following actions: 1. Authorize staff to incorporate the construction of Alga Road, College Boulevard and Poinsettia Lane as an overlay zone to tl Growth Management Financing Program. Approve construction of Alga Road-Poinsettia Lane by Hillman Properties as an acquisition district included in the Growth Management Financing Program and direct staff to prepare the necessary agreement. Authorize staff to incorporate the construction of Rancho San. Road as an overlay zone to the Growth Management Financing Program. Refer coordination of the Growth Management Financing Program between the City and Carlsbad Unified School District to the ( School Coordinating Committee to review district formation mechanisms and develop a property owner's disclosure program. 2. 3. 4. ITEM EXPLANATION: On January 10, 1989, Council authorized staff to investigate the use 0' Community Facilities District to finance major public facilities requii to ensure conformance with Growth Management Performance Standards. Included in the proposed programs was $120 million of school facilitie be coordinated with the Carlsbad Unified School District. Although, the Growth Management Financing Program will include the ent undeveloped area of the City, it is anticipated that the Program will include the formation of four to six Community Facilities Districts. ' areas can be described generally as follows: 1. Northeast Quadrant (LFM Zones 7, 14, 15, 16 and 25) 2. Southwest Quadrant (east of El Camino Real to 1-5 -- LFM Zone! 20, 21 and 23) 3. Southwest Quadrant (west of 1-5 to the Ocean -- LFM Zones 9 ar 4. Southeast Quadrant (LFM Zones 6, 10, 11 and 12) 5. Southeast Quadrant (LFM Zones 17 and 18) 6. Industrial Corridor (LFM Zone 5) 22) In each area there may be the potential to overlay or include major circulation roads within the Community Facilities District as opposed i utilizing a conventional assessment district. Because there is a limii amount of debt which can be placed upon the undeveloped land in the Cii it is important to ensure that public debt financing is used to guarani the construction Major Public Facilities required by the Growth Manager Program first. These facilities were defined in the Growth Management e (I .. \ a I Page 2 of Agenda Bill No. yf?’4 Financing Program presented on January 10, 1989 to the City Council. second priority for public financing of facilities could be given to m circulation element roads provided the ability to levy the debt agains avai 1 ab1 e 1 and does not exceed an acceptable percentage. The final boundaries of the proposed Community Facilities District are may be modified as additional information is analyzed. The Carlsbad Unified School Board, at its January 25, 1989 meeting, reviewed the proposed Growth Management Financing Program and approved concept of proceeding in a cooperative effort with the City. The Dist further expressed concern about the timing for implementation of the program in relationship to construction of the Alga Road School. The directed staff to proceed with formation of an Aviara-only Mello-Roos District to fund the Alga School and to initiate the process at the ne meet i ng . As a result of the City Council’s direction to pursue the use of a Community Facilities District, staff has identified an issue which nee be considered. This issue deals with including major circulation road: improvements into the Community Facilities District which would have previously been publicly financed through the use of a conventional assessment district. Two areas of the City where Local Facilities Management Plans have beer adopted and Master Plans have been approved or are being revised and a) currently finalizing their appropriate financing plans are: Southwest Quadrant - Hillman (east of El Camino Real to 1-5) 1 Road , Col 1 ege Boul evard and Poi nsett i a Lane. Southeast Quadrant - Fieldstone (LFM Zones 11 and 12) R.S.F. In the Southwest Quadrant, Hillman Properties has been pursuing a conventional Assessment District to fund the Alga Road/Poinsettia Lane extension. In order to ensure coordination of all construction activil Hillman has requested that they be allowed to construct the roads undei Acquisition District. Under this type of program, the Assessment Disti would not be formally adopted and bonds sold until the roads are fully completed and all costs audited. It is highly likely under this appro; that properties will have been exchanged and escrows opened on homes si Staff is concerned that within the Aviara community, three separate uncoordinated efforts are being pursued, the last element being the Al! Road Assessment District. Under this approach, we feel that an extremc confused program will evolve that could jeopardize the integrity of al‘ financing programs. In reviewing the options, it appears all interests are best served by incorporating Alga Road, Poinsettia lane and other appropriate circulat links into the Growth Management Financing Program and to proceed as rapidly as possible to form a Community Facilities District in a portic the southwest quadrant. This approach allows district formation early accommodate school and road construction without the burden and confusi of three separate uncoordinated financing districts. 1. 2. y- m a Page 3 of Agenda Bill No. yffd In the Southeast Quadrant, the Fieldstone Company along with several ot property owners have been working to resolve the facility financing ne€ established in the Local Facilities Management Plans for Zones 11 and 1 The same type of question arises dealing with the financing of Rancho : Fe Road and concurrently trying to work within the framework the Growtt Management Financing Program. The purpose of the Growth Management Financing Program is to ensure thi public debt financing is to be utilized, that it should first go towarc major public facilities. Following a more detailed analysis of the impact of including this fac outlining the overall Growth Management Financing Program, staff will 1 recommending whether or not to include this overlay facility into the proposed Community Facilities District.