Loading...
HomeMy WebLinkAbout2000-04-18; City Council; 15707; Infrastructure Financing Plan Carlsbad RanchCt+ OF CARLSBAD - AGENT-’ AB# 15, 707 TITLE: PROPOSAL TO APPROVE AN INFRASTRUCTURE FINANCING MTG. 4118100 PLAN AND FORM AN INFRASTRUCTURE FINANCING DISTRICT AND DEPT. RM RESOLUTION OF INTENTION TO ISSUE BONDS TO CARRY OUT THE PROPOSED INFRASTRUCTURE FINANCING PLAN RECOMMENDED ACTION: 2000-125 Adopt Resolution No. / proposing approval of an Infrastructure Financing Plan and formation of an Infrastructure Financing District for parcels 17 and 18 of the Carlsbad Ranch Amended Specific Plan Area. 2000-126 Adopt Resolution No. / Resolution of Intention to issue bonds pursuant to the Infrastructure Financing District Act to carry out the proposed infrastructure financing plan for parcels 17 and 18 of the Carlsbad Ranch Amended Specific Plan Area. ITEM EXPLANATION On February 8,2000, Council (1) approved a Resolution of Intention to establish an infrastructure financing district for parcels 17 and 18 of the Carlsbad Ranch Amended Specific Plan Area; and (2) directed the City Manager to prepare an infrastructure financing plan pursuant to California Government Code Section 53395.14 for the proposed infrastructure financing district. INFRASTRUCTURE FINANCING DISTRICT (IFD): An IFD is a tax increment financing tool to fund certain public improvements. The proposed IFD would allow the use of property tax revenues generated from the LEG0 properties, after the formation of the District, to finance a portion of the cost of public works necessary for the expansion of the park on parcel 18 and the future development on parcel 17. The proposed IFD is an outcome of the efforts of “Team California”, a group of state, regional and local agencies which identified incentives to attract LEG0 to Carlsbad. An attempt to form an IFD to fund public improvements that would otherwise be funded directly by LEG0 was a local incentive offered, and included in the 1996 development agreement between the City and LEGO. Unfortunately, uncertainties about the legality of an IFD were not resolved until 1998, and by this time, improvements for which the IFD was originally intended were already in place. However, LEGOLAND expansions and LEGO’s hotel project will result in development impact fees for a variety of public improvements serving the area that remain to be constructed. The proposed IFD will reimburse LEG0 for some of those development fees. INFRASTRUCTURE FINANCING PLAN (IFP): The proposed infrastructure financing plan is shown as “Attachment” to Exhibit 1. The IFP identifies the public facilities for which IFD funds are eligible and addresses the fiscal impact of the Infrastructure Financing District (IFD) on the City. An earlier version of the IFP was presented to Council at the public hearing on March 14,200O. This financing plan contemplated participation by both the City and the County to fund the IFD to a limit of approximately $3 million. The limit was based on the purpose of the proposed IFD - to reimburse LEG0 for some of the public improvement costs required for the establishment of the park and for which the IFD was originally intended. During the development of the park, these costs totaled $3 million. The County was included as a participating taxing agency based on the Board’s support of the City and LEG0 to build a LEGOLAND park in Carlsbad. Using the same ratio of property tax revenue allocated to the City and County for base year property taxes, Carlsbad’s share of the funds to be allocated to the IFD, or the total foregone tax increment to the City, is $1.76 million. The County’s share using the same ratio was identified as $1.44 million. The IFP has been revised since it was presented to Council on March 14,200O. At that meeting, staff shared with Council the notification received from County staff that the IFP would not be taken forward to a Board of Supervisors meeting for consideration. In response, Council made clear their intent to proceed with formation of the IFD, in fultillment of their commitment made to LEG0 as part of the incentive schedule, and to limit the City’s participation to that share originally defined assuming County participation, As a result, the County share of $1.44 million proposed in the original IFP has been subtracted, and the IFP has been revised to delete both County participation and set the limit of the IFD to the City’s tax increment contribution of $1.76 million. The entire IFP is shown as “Attachment” to Exhibit 1. Key points of the IFP are summarized below. Public Facilities Serving the IFD Area & Development Fees: l Eligible public improvements: The public works projects and facilities eligible for financing by an IFD include major roadway improvements, sewage treatment and water reclamation plants, water treatment and collection facilities, flood control projects, parks, solid waste disposal stations, and civic uses such as libraries. These facilities must serve both the IFD area and be of community-wide benefit. The eligible capital projects serving the IFD area and an area greater then the IFD have been identified from the projects listed in the 1999-2000 Capital Improvement Program and are listed in the Appendix of the IFP. l Development fees: The level of development impact fees for the LEGOLAND expansions and hotel project are estimated at $3.1 million (400-room hotel) and $5.4 million (700 room hotel). Proiection of Tax Increment Revenues l Life of IFD and tax increment limit: The life of the IFD is limited to 20 years. The tax increment limit of the IFD is $1.76 million; $200,000 of this total is to cover County costs associated with administering the property tax revenues for the IFD, and $5,000 is to cover the cost of preparing and issuing bonds to carry out the IFP. l Timing of development and tax increment limit: The IFP estimates that the tax increment limit/reimbursement limit will be achieved in 5 years if a 700-room hotel is constructed and in 6 years if a 400-room hotel is built. These estimates are based upon the assumption that the City will contribute 100% of its tax increment. Fiscal imnact of the IFD on the Citv of Carlsbad l The IFP estimates that the City of Carlsbad will forego $1.76 million (future dollars) in property tax increment during the life of the district. l Reimbursement of development fees: The agreement to reimburse development fees is in the form of a bond issued by the IFD. The sole bondholder(s) will be the developer(s). The tax increment revenues from the District will be pledged for the 20-year term of the IFD to pay the principal amount of the bond (equal to the eligible portion of the fees and assessments paid by the developer(s) minus County administrative costs and the cost of preparing and issuing the bond), without interest, not to exceed $1.76 million. Bonds -- l The first step is a Resolution of Intention (Exhibit 2) to issue a bond, which will be in the form of an agreement to reimburse development fees. Following noticing requirements, the proposal to issue the bond must be submitted to the voters of the District in the same manner as the adoption of the Infrastructure Financing District. The date for this election is set for May 1, 2000 in Exhibit 2. If the proposition passes, Council may proceed with the issuance of the bond by adopting a second resolution. This step as well as the other remaining steps in the IFD formation process are outlined below. NEXT STEPS: The remaining steps and tentative schedule for the IFD formation process are: 1. May 1: An election is held on the JPD - the property owner, LEGO, votes on whether the company is in favor of the JPD and the issuance of the bond. Direction to the City Clerk to conduct the election in the manner required in the IPD Act is included in Exhibit 1. 2. June 6: Adoption of the IFP, creation of the JFD by ordinance, and authorization of the issuance of bonds. 3. June 13: Second reading of the ordinance. 4. June 14: A validation action is tiled. 5. July 13: The IFD is effective at the end of a SO-day referendum. ENVIRONMENTALREVIEW: The Planning Director has determined that the environmental effects of this project have already been considered in conjunction with previously certified environmental documents (EIR 91-03, MEIR 93-01 and MEIR 94-O l), and therefore, no additional, or subsequent environmental evaluation wiI1 be required. A notice of determination will be filed. Supporting documentation for this determination is on file in the Planning Department. FISCAL IMPACT The infrastructure financing plan assumes that the City will commit to the JPD 100% of tax increment revenue generated from the park expansions and hotel development. The limit of tax increment funds that can be allocated to the IFD is $1.76 million. The total foregone tax increment to the City is $1.76 million in future dollars. EXHIBITS -2000-125 1. Resolution No./ Proposing approval of an Infrastructure Financing Plan and formation of an Infrastructure Financing District for parcels 17 and 18 of the CarIsbad Ranch Amended Specific Plan Area 2000-126 2. Resolution No./ Resolution of intention to issue bonds pursuant to the Infrastructure Financing District Act to carry out the proposed Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Amended Specific Plan Area library/agenda bill - cover sheet & ifd public hearing proposal to adopt & roi bonds 1 2 3 4 5 6 7 0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 &3 /q-70 7- Y//8/0 0 RESOLUTION NO. 2000-125 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD PROPOSING APPROVAL OF AN INFRASTRUCTURE FINANCING PLAN AND FORMATION OF AN INFRASTRUCTURE FINANCING DISTRICT FOR PARCELS 17 AND 18 OF THE CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA WHEREAS, the Legislature of the State of California has enacted a comprehensive statutory scheme, the Infrastructure Financing District Act (Government Code Sections 53395-53397.11; the "Act") , authorizing a city, county, or city or county to create an infrastructure financing district as a means of financing the construction of public works and facilities for new development projects through the funding mechanism known as "tax increment financing" under which incremental increases in property taxes are allocated to finance public capital facilities associated with the district; and WHEREAS, in the City of Carlsbad and Team California Incentive Schedule dated May 12, 1993, the City of Carlsbad has offered to investigate the use of infrastructure financing districts to fund basic public improvements in connection with the LEG0 and resort hotel developments on Parcel 17 and Parcel 18 of the Carlsbad Ranch Amended Specific Plan Area (the l'Property") ; and WHEREAS, on February 8, 2000, the City Council of the City of Carlsbad instituted proceedings for the establishment of an infrastructure financing district for the Property by adoption of a Resolution of Intention to Establish an Infrastructure Financing District pursuant to the Act; and - 1 2 3 4 5 6 7 0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, on February 8, 2000, the City Council of the City of Carlsbad designated and directed the City Manager to prepare an infrastructure financing plan for the Property pursuant to the Act; and WHEREAS, the City Manager prepared an infrastructure financing plan for the Property pursuant to the Act (the tlInfrastructure Financing Plan") , sent the Infrastructure Financing Plan to each owner of land within the proposed Infrastructure Financing District, and to the San Diego County Board of Supervisors, together with any report required by the California Environmental Quality Act that pertains to the proposed public facilities or the proposed development project for which the public facilities are needed, and made the Infrastructure Financing Plan available for public inspection, as required by the Act; and WHEREAS, on March 14, 2000, after publishing notice as required by law, the City Council of the City of Carlsbad held an informational public hearing on the proposal to form an Infrastructure Financing District for the Property and adopt the Infrastructure Financing Plan pursuant to the Act; and WHEREAS, as provided in the Act, the City Manager and staff have consulted with and met with representatives of the County of San Diego; and WHEREAS, based on such consultation, the Infrastructure Financing Plan has been modified to propose formation of an Infrastructure Financing District for the , Property without allocation of the tax revenues of the County of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 20 San Diego or any other affected taxing agency (other than the ~ City of Carlsbad); and WHEREAS, prior to the adoption of this Resolution, the City Council has held a public hearing on the proposal to form an Infrastructure Financing District for the Property and to adopt the Infrastructure Financing Plan, as modified, after publishing notice as required by law; and WHEREAS, the City Council has duly considered all terms and conditions of the proposed Infrastructure Financing Plan for the Property, as modified, and believes that the proposal to form an Infrastructure Financing District and adopt the proposed Infrastructure Financing Plan, as modified, will be in the best interests of the City and the health, safety, morals and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local law and requirements. NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of Carlsbad, as follows: 1. The above recitations are true and correct. 2. The City Council recognizes that it has received and heard all written and oral objections and recommendations relating to the approval of the Infrastructure Financing Plan, as modified, and formation of the Infrastructure Financing District for the Property, and that all such oral and written objections are hereby overruled. 3. The City Council hereby proposes the formation of the 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 20 Infrastructure Financing District for the Property and approval of the Infrastructure Financing Plan, as modified, in the form presented to the City Council at this meeting and attached to this Resolution as "Attachment." 4. The City Clerk is hereby directed to conduct a landowner election in the manner required by the Act on May 1, 2000. Any time limit specified in the Act, and any requirement pertaining to the conduct of the election, and any requirement for analysis and arguments may be waived with the unanimous consent of all landowners. 5. This resolution shall be effective immediately upon its approval. PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of Carlsbad on the 18th day of April 2000, by the following vote, to wit: AYES: Lewis, Hall, Finnila, Nygaard, Kulchin NOES: None ABSENT: None ATTEST: L&&A@JE WOOD, City Clerk INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18 OF THE CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA CITY OF CARLSBAD, CALIFORNIA Adopted: - NO. ,200o FINAL REPORT 4/l l/O0 KEYSER MARSTON ASSOCIATES, INC. 4 TABLE OF CONTENTS PAGE SECTION 1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 SECTION 2 THE IFD; MAP AND LEGAL DESCRIPTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 SECTION 3 DESCRIPTION OF PUBLIC FACILITIES REQUIRED TO SERVE THE DEVELOPMENT PROPOSED FOR PARCELS 17 AND 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 3.1 Introduction ............................................................................................. 4 Section 3.2 Identification of Public Facilities and Improvements.. ............................. 4 Section 3.3 Allocation of Costs to IFD Area.. ............................................................. 5 SECTION 4 FINDING THAT THE PUBLIC FACILITIES (TO BE FUNDED FROM THE IFD) ARE OF COMMUNITY-WIDE SIGNIFICANCE AND PROVIDE SIGNIFICANT BENEFITS TO AN AREA LARGER THAN THE AREA OF THE IFD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 SECTION 5 FINANCING SECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Section 5.1 General ................................................................................................... 9 Section 5.2 Maximum Portion of Incremental Tax Revenue Committed.. .................................................................... 10 Section 5.3 Projection of Tax Revenues Received By the IFD ............................................................................................. IO Section 5.4 Plan for Financing Public Facilities.. ..................................................... 11 Section 5.5 Tax Increment Limit.. ............................................................................ 13 Section 5.6 Term of the IFD.. ................................................................................... 11 Section 5.7 Cost/Benefit Analysis.. .......................................................................... 12 Section 5.7.1 Costs to the City.. ...................................................................... 12 Section 5.7.2 Revenues to the City ................................................................. 12 Section 5.8 Projected Fiscal Impact.. ....................................................................... 14 SECTION 6 DISPLACEMENT FROM IFD ,.......................................................................... 16 ii @ LIST OF EXHIBITS EXHIBIT A IFD MAP EXHIBIT B IFD LEGAL DESCRIPTION EXHIBIT C ELIGIBLE CAPITAL PROJECTS AND FUNDING SOURCES EXHIBIT C-l EXHIBIT C-Z EXHIBIT C-3 EXHIBIT C-4 Cost Summary for Capital Projects Serving IFD Area Scenario 1: Legoland Expansion and 400-Room Hotel Cost Summary for Capital Projects Serving IFD Area Scenario 2: Legoland Expansion and 700-Room Hotel Identification of Funding Sources for Capital Projects Serving IFD Area Description and Cost Allocation of Capital Projects Serving IFD Area EXHIBIT D TAX INCREMENT REVENUE PROJECTION EXHIBIT D-l EXHIBIT D-2 EXHIBIT D-3 EXHIBIT D-4 EXHIBIT D-5 EXHIBIT D-6 Estimated Valuation of New Construction Scenario 1: Legoland Expansion and 400-Room Hotel Incremental Property Tax Revenue Scenario 1: Legoland Expansion and 400-Room Hotel City Tax Revenues Scenario 1: Legoland Expansion and 400-Room Hotel Estimated Valuation of New Construction Scenario 2: Legoland Expansion and 700-Room Hotel Incremental Property Tax Revenue Scenario 2: Legoland Expansion and 700-Room Hotel City Tax Revenues Scenario 2: Legoland Expansion and 700-Room Hotel EXHIBIT E COST/BENEFIT ANALYSIS EXHIBIT E-l EXHIBIT E-2 EXHIBIT E-3 City of Carlsbad General Fund Expenditures Scenario 1: 400-Room Hotel City of Carlsbad General Fund Expenditures Scenario 2: 700-Room Hotel City of Carlsbad General Fund Revenues Scenario 1: 400-Room Hotel LIST OF EXHIBITS (CONT’D.) EXHIBIT E-4 City of Carlsbad General Fund Revenues Scenario 2: 700-Room Hotel APPENDIX DESCRIPTIONS OF ELIGIBLE CAPITAL PROJECTS iv ---. INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18 OF THE CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA SECTION 1 INTRODUCTION This is the Infrastructure Financing Plan (the “Plan”) establishing an Infrastructure Financing District (the “IFD”) for Parcels 17 and 18 of the Carlsbad Ranch Amended Specific Plan Area in the City of Carlsbad, County of San Diego, State of California (referred to in this Plan as “Parcels 17 and 18”). This Plan consists of text, the Infrastructure Financing District Map (Exhibif A), the Infrastructure Financing District Legal Description (Exhibit B), the Eligible Capital Projects and Funding Sources (Exhibit C), the Tax Increment Projection (Exhibit D), the Cost/Benefit Analysis (Exhibit E), and an Appendix containing descriptions of eligible capital projects. This Plan will be implemented by the City of Carlsbad (the “City”) under the authority of and pursuant to the Infrastructure Financing District Act of the State of California. The definitions of general terms which are contained in the Infrastructure Financing District Act govern the structure of this Plan unless more specific terms and definitions are otherwise provided in this Plan. In 1990, the State Legislature enacted Chapter 1575, which adds Chapter 2.8 (commencing with Section 53395) to Part 1 of Title 5 of the Government Code (referred to in this Plan as the “Act”), relating to infrastructure financing districts. In Opinion No. 97-906, issued on January 16, 1998, the State Attorney General determined that the Act was constitutional, and that a city or county may form an infrastructure financing district under which incremental increases in property taxes are allocated to finance public capital facilities associated with the district. On February 8, 2000, the City Council of the City of Carlsbad adopted a resolution of intention to establish an infrastructure financing district for Parcels 17 and 18. The IFD includes all properties within Parcels 17 and 18 shown on the Infrastructure Financing District Map and described in the Infrastructure Financing District Legal Description. The IFD consists of approximately 189 acres, all within the Carlsbad Ranch Amended Specific Plan area. The permitted land uses are set forth in the Carlsbad Ranch Amended Specific Plan, which was approved on January 16, 1996 by Ordinance Number (s) NS 344 SPA #207 (a) and NS 345 SPA # 207 (g) (the “Amended Specific Plan”). In addition, the City and Lego Park Planning, Inc. have entered into a Development Agreement with respect to the development of LEGOLAND CARLSBAD on Parcel 18, recorded March 22, 1996 as Document No. 1996-0141299. This Plan is consistent with the General Plan of the City, the Amended Specific Plan, and the Development Agreement. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 1 - The purpose of this Plan is to provide for the financing of a portion of the cost of public works needed for the development of Parcels 17 and 18 that benefit the broader community, described in the Schedule of Public Facilities and Improvements, with incremental increases in property taxes from Parcels 17 and 18, subject to the limitations set forth in this Plan. The only taxing entity to be affected by this Plan is the City of Carlsbad. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 2 { I;‘> 4 * .i., SECTION 2 THE IFD; MAP AND LEGAL DESCRIPTION The boundaries of the IFD are illustrated on the IFD Map attached to this Plan as Exhibit A. The legal description of the IFD is set forth in the Legal Description attached to this Plan as Exhibit B. No part of the IFD is within a Redevelopment Project Area which is or has been previously created pursuant to Part 1 (commencing with Section 33000) of Division 24 of the Health and Safety Code. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 3 A ” . . , SECTION 3 DESCRIPTION OF PUBLIC FACILITIES REQUIRED TO SERVE THE DEVELOPMENT PROPOSED FOR PARCELS 17 AND 18 Section 3.1 Introduction This section identifies the public facilities and improvements required to serve the development proposed for Parcels 17 and 18, including their respective location, timing, and estimated cost. As background, the IFD consists of two parcels of land, Parcels 17 and 18 of the Carlsbad Ranch Amended Specific Plan Area. Parcel 17 is currently vacant and undeveloped, and Parcel 18 is the site of Legoland Park (“Park”). The Park, in its initial phase, was completed and opened in March 1999. The Park owner, Legoland Development, has identified plans for future expansion of, and additions to, Legoland within Parcel 18. According to Legoland Development, proposed annual expansions will range in value from $2 million to $6.1 million. A major resort hotel is planned for development on Parcel 17. The resort hotel is intended to complement the Park as well as the municipal golf course planned to be constructed by the City of Carlsbad adjacent to Parcel 17. Specific plans regarding the size, operator, or construction schedule for the proposed resort hotel have not yet been identified. The quality and size of the project is anticipated to be comparable to the existing Four Seasons Resort Aviara and La Costa Hotel and Spa resorts located in the City of Carlsbad. City of Carlsbad planning staff have identified the achievable scope of the resort project on Parcel 17 as ranging from 400 to 700 hotel rooms. The financing plan for the IFD considers both hotel scenarios, in combination with the phased expansions planned for Legoland, with respect to the projection of tax increment revenues, the potential cost/benefit to the City of Carlsbad, and fiscal impacts to affected taxing entities. For the balance of this report the two development scenarios are referred to in the following manner: l Scenario 1: Legoland expansion and development of a 400-room resort hotel. l Scenario 2: Legoland expansion and development of a 700-room resort hotel. Section 3.2 Identification of Public Facilities and Improvements The expansion of Legoland and the construction of the resort hotel are likely to cause impacts upon the efficiency of existing public facilities in the IFD area and surrounding community. Additional public works projects necessary to mitigate the impacts of the planned resort hotel, as well as the impacts of future development in the community, have been identified by the City of Carlsbad. A number of these projects are eligible to receive financial support from the IFD. infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/11/00 20046ndh Keyser Marston Associates, Inc. Page 4 .- The Infrastructure Financing District Act identifies the nature of public works projects and facilities that are eligible for financing by the IFD (Government Code Section 53395.3). These include major roadway improvements, sewage treatment and water reclamation plants, water treatment and collection facilities, flood control projects, parks, solid waste disposal stations, and civic uses such as libraries. The Eligible Public Works required to serve the development proposed for Parcels 17 and 18, including their respective location, timing, and estimated cost, are set forth in Exhibit C. The City has determined that these projects are of community-wide benefit. The projects identified in Exhibit C serve not only the IFD area, but also the larger community, by increasing water and sewer capacity, improving traffic circulation and easing traffic congestion, and providing needed public services such as libraries, parks, and public administration offices to better serve the greater community. A complete listing of the capital projects serving the IFD area is presented in Exhibit C-4. Supporting project descriptions from the City of Carlsbad Capital Improvement Budget are included in the Appendix. It should be noted that the total project costs shown in Exhibit C-4 reflect the amount of the project costs remaining to be spent, while the project descriptions in the Appendix reflect the total cost of the project through completion. Section 3.3 Allocation of Costs to IFD Area According to the City of Carlsbad Capital Improvement Budget for Fiscal Year 1999-2000, the total remaining cost to complete the public improvements and facilities serving the IFD area and surrounding community is approximately $122 million. Many California cities utilize a variety of funding sources and mechanisms to finance these types of public works projects, including Special Assessments, Community Facilities Districts, and Development Impact Fees. The burden of funding public works through these funding mechanisms is ultimately borne by developers of new construction. Fees and assessments are apportioned to new projects and paid by developers on a fair-share basis related to the impacts that their development projects will have on existing infrastructure and public facilities. The funding mechanisms currently in place in the IFD area and surrounding community include a Public Facilities Fee, a Community Facilities District Fee, a Traffic Impact Fee, and a Bridge 8 Thoroughfare District Fee, among others (see Exhibit C-3). These districts and fees were initiated by the City Council of the City of Carlsbad in recognition of the fact that present and future development would create adverse impacts upon streets, water and sewer capacities, and other public facilities and services. The City of Carlsbad has apportioned a fair-share of the cost of funding these projects to the Legoland expansions planned on Parcel 18 and to the resort hotel development proposed for Parcel 17. The cost figures are estimates based upon preliminary assumptions regarding Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/? ?/OO 20046ndh Keyser Marston Associates, Inc. Page 5 - expansion plans for Legoland and the development concept for the resort hotel (ranging from 400 to 700 hotel rooms). The total burden of fees and assessments allocated to future Legoland expansions is approximately $0.9 million and the fee burden allocated to the hotel is estimated at approximately $2.2 million for the 400-room scenario and $4.5 million for the 700-room scenario ( see Exhibits C-l and C-2). The fees must be paid at the time of issuance of building permits. On a preliminary basis, City staff has determined that new development within the IFD would be eligible for reimbursement of fees and assessments in the range of $2.78 to $4.61 million, depending on the size of the hotel. The maximum amount of eligible fees and assessments that can be reimbursed through the IFD is $1.76 million. Bonds will be issued by the IFD pursuant to Article 4 of the Act (Government Code Sections 53397.1 et seq.) to facilitate the reimbursement. The sole bondholder(s) will be the developer(s). This reimbursement will be subject to the tax increment revenue limit set forth in Section 5.5 below. The following table summarizes the allocation of the costs of public improvements and facilities among the IFD (tax increment revenues); Legoland and the developer of the hotel; and other sources. Other sources include the range of funding mechanisms detailed in Exhibit C. Although these funding sources are controlled by the City of Carlsbad, they originate from fees and assessments collected from other private developers throughout the community. As shown in the table, the proportion of public improvements and facilities to be funded by the IFD is 1.4% of the total costs. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/? f/O0 20046ndh Keyser Marston Associates, Inc. Page 6 Scenario 1: Scenario 2: Costs of Public Improvements Legoland Expansion Legoland Expansion and Facilities (1) and 400-Room Hotel and 700-Room Hotel Reimbursed by IFD (2) $1 .76 million $1 .76 million % of Total 1.4% 1.4% Funded by Legoland $1 .36 million $3.66 million and Hotel Developer % of Total Funded by Other Sources (3) % of Total Total Costs % of Total (1) Allow for rounding error. 1.1% 3.0% $118.83 million $116.53 million 97.4% 95.6% $121.95 million $121.95 million 100.0% 100.0% (2) This amount is limited by: (a) the amount of fees and assessments determined to be eligible for reimbursement by the IFD; and (b) the tax increment limit. (3) Fees and assessments collected from other developers. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/I l/O0 20046ndh Keyser Marston Associates, Inc. Page 7 SECTION 4 FINDING THAT THE PUBLIC FACILITIES (TO BE FUNDED FROM THE IFD) ARE OF COMMUNITY-WIDE SIGNIFICANCE AND PROVIDE SIGNIFICANT BENEFITS TO AN AREA LARGER THAN THE AREA OF THE IFD The City Council of the City of Carlsbad hereby finds that the public facilities and improvements set forth in Exhibit C (collectively, the “Eligible Public Works”), are of community-wide significance and provide significant benefits to an area larger than the area of the IFD. In all cases, the Eligible Public Works: (a) are necessary for the development to be constructed in the IFD, and (b) provide significant benefits to the broader community in the City of Carlsbad. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 8 SECTION 5 FINANCING SECTION Section 5.1 General Incremental property tax revenues from the City of Carlsbad may be used to finance the Eligible Public Works. All taxes, if any, levied upon taxable property included within the District each year by or for the benefit of the State of California and the City (but no other taxing entity) after the effective date of the ordinance adopted pursuant to Government Code Section 53395.23 to create the IFD, shall be divided as follows: (a) That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of the affected taxing entities upon the total sum of the assessed value of the taxable property in the IFD as shown upon the assessment roll used in connection with the entity, last equalized prior to the effective date of the ordinance adopted pursuant to Section 53395.23 to create the IFD, shall be allocated to, and when collected shall be paid to, the respective affected taxing entities as taxes by or for the affected taxing entities on all other property are paid. (b) That portion of the levied taxes each year specified in this Plan for the City in excess of the amount specified in subdivision (a) shall be allocated to, and when collected shall be paid into a special fund of, the IFD for all lawful purposes of the IFD. Unless and until the total assessed valuation of the taxable property in the IFD exceeds the total assessed value of the taxable property in the IFD as shown by the last equalized assessment roll referred to in subdivision (a), all of the taxes levied and collected upon the taxable property in the IFD shall be paid to the respective affected taxing entities. When the IFD ceases to exist pursuant to this Plan, all moneys thereafter received from taxes upon the taxable property in the IFD shall be paid to the respective affected taxing entities as taxes on all other property are paid. The IFD will be effective prior to the August 20, 2000 date of equalization of the assessment roll. On this basis, then, Fiscal Year 1999-2000 will be the base year and the assessed valuation of the properties on the January 1, 1999 lien date will be the base year assessed value. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Repor? 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 9 ,- Section 5.2 Maximum Portion of Incremental Tax Revenue Committed The City of Carlsbad is an affected taxing entity as defined by the Infrastructure Financing District Act (Government Code Section 53395.1). Under the terms of the financing plan for the IFD, the City will commit 100% of incremental tax revenues to the IFD in each year during which the IFD exists. This commitment will be subject to the tax increment revenue limit set forth in Section 5.5 below. Section 5.3 Projection of Tax Revenues Received by the IFD Exhibit D presents a projection of the amount of tax revenue projected to flow to the IFD under the two development scenarios: Scenario 1, Legoland expansion and development of a 400- room hotel; and Scenario 2, Legoland expansion and development of a 700-room hotel. Projections of the tax increment revenues for the IFD for each year of its duration are shown in Exhibits D-3 (Scenario 1) and D-6 (Scenario 2). Projected tax increment revenues are based upon increases in the annual incremental assessed valuation of the IFD which result from: (1) transfers of property ownership; (2) new construction activities; and (3) 2% annual inflationary increases allowable under Article XIIIA of the California Constitution. New development in the IFD area will include phased expansions of Legoland and construction of the resort hotel. According to Legoland Development, expansions to Legoland of varying magnitude ($2.0 million to $6.1 million per year) are planned for at least the next 10 years. Legoland is currently under way with significant improvements to the Park expected to total $29.8 million by the end of 2000. These expansions will add new assessed value, which will, in turn, generate additional tax increment. In addition, Legoland Development has indicated that the target date for completion and opening of the resort hotel is the year 2002. On this basis, the tax increment projection in Exhibit D assumes that tax increment revenues from the hotel development would begin to flow in Fiscal Year 2003-2004. Under either development scenario, the amount of tax increment revenue committed to the IFD by the City will total $1.76 million (future dollars). Under Scenario 1, the IFD is projected to reach the tax increment limit (set forth below in Section 5.5) by Year 9 of its existence. Under Scenario 2, the District is projected to reach the tax increment limit by Year 7. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 10 6 ‘;: : ; _.’ - Section 5.4 Plan for Financing Public Facilities The use of the IFD tax increment revenue is restricted to the reimbursement of one-time Development Impact Fees and assessments related to eligible capital projects serving the area of the IFD, as defined in Exhibit C. Legoland and the developer of the resort hotel shall pay to the City of Carlsbad all required fees and assessments at the time of building permit issuance. The IFD will reimburse the eligible portion of these fees, as tax increment funding becomes available over time, up to a limit of $1.76 million. The sole purpose of the IFD is to facilitate the reimbursement of these fees, The financing plan for the IFD does not provide for the issuance of any form of indebtedness on the part of the IFD, except to document the obligation to reimburse the developer(s) as provided in this Section 5.4. The agreement to reimburse the developer(s) will be in the form of a bond issued by the IFD pursuant to Article 4 of the Act (Government Code Sections 53397.1 et seq.). The sole bondholder(s) will be the developer(s). The tax increment revenues from the District will be pledged for the 20-year term of the IFD to pay the principal amount of the bond (equal to the eligible portion of the fees and assessments paid by the developer(s) minus the costs of bond issuance and certain costs to be paid to the County pursuant to the Act), without interest, not to exceed $1.76 million. Section 5.5 Tax Increment Limit The maximum amount of taxes that may be allocated to the IFD is $1.76 million. Section 5.6 Term of the IFD According to State law (Government Code Section 53395.14), the maximum life of an infrastructure financing district is “to be not more that 30 years from the date on which the ordinance forming the district is adopted.” This IFD will cease to exist on the date that is 20 years from the date of adoption, or upon the allocation to the IFD of $1.76 million, whichever comes first. A projection of tax increment revenues for the IFD was presented in Section 5.3 above. The tax increment revenue projection indicates that the IFD is estimated to achieve the limit of allocated taxes as stated in Section 5.5 $1.76 million), and therefore cease to exist, by the seventh year of its operation for Scenario 2 and by the ninth year for Scenario 1. These projections are subject to the market performance assumptions in Exhibits D-7 through D-6. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 11 Section 5.7 Cost/Benefit Analysis Section 5.7.1 Costs to the City This section addresses both the one-time capital costs to the City of providing facilities to the IFD area and the recurring annual costs to the City of providing services to the IFD area. As shown in the table at the end of this section, the costs to the City to provide facilities to the IFD area are estimated to range from $3.1 million to $5.4 million. Costs of providing services to the IFD area were estimated based on the City’s General Fund expenditures for Fiscal Year 1999-2000. As shown in Exhibits E-7 and E-2, a correlation between municipal service costs and population/employment factors can be used to project incremental General Fund expenditure impacts on a per-resident and per-resident-equivalent basis. The standard approach involves estimating the relative impacts on municipal service expenditures of new residents and new jobs within the City. A typical assumption in fiscal impact methodology is that three new jobs have the municipal service impacts of one new resident. Build-out of the IFD area is not expected to generate new population. However, the anticipated employment can be expressed as a total of 418 “resident equivalents” under Scenario 1 and 493 “resident equivalents” under Scenario 2. Based on these assumptions, build-out of the IFD area is projected to generate recurring annual General Fund expenditure impacts of $217,000 per year under Scenario 1, and $257,000 under Scenario 2. These estimates are expressed in current (2000) dollars. Section 5.7.2 Revenues to the City This section addresses both one-time capital and recurring annual revenues to the City resulting from expected development in the IFD area. As shown in the table below, the City will receive fees and assessments from new development within the IFD ranging from $3.1 million to $5.4 million. These revenues fully offset the anticipated costs to the City to provide facilities to the IFD area. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 12 y.1 :‘; ,’ ) ‘y? -.’ The City will also receive a range of building permit and plan check fees related to expansions of Legoland and development of the hotel. The amount of building permit and plan check fees that could be received has been estimated by the City to range from between $470,000 to $1,060,000. These revenues can be expected to offset the City’s costs of providing services related to the planning and building approval process. Recurring annual taxes and other revenues resulting from development activity within the IFD area were estimated for both development scenarios, as presented in Exhibits E-3 and E-4. Annual property taxes generated within the IFD area are estimated to total $1.38 million. This estimate is 1% of the combined base year property tax valuation of Parcels 18 (Legoland) and Parcel 17 (hotel). The City of Carlsbad’s share of base year property tax is calculated by applying the City’s 19.3% share to the 1% base year property tax. On this basis, then, base- year property tax revenues from the IFD area to the City of Carlsbad are estimated to total $268,000 annually (all figures represent 2000 dollars). Sales tax generated within the IFD area at Legoland and the proposed hotel were estimated for both scenarios. Based on retail sales estimates provided by Legoland Development, and projections of retail, food, and beverage sales at the proposed hotel, annual sales tax to the City is estimated to total $463,000 under Scenario 1 and $563,000 under Scenario 2. Transient Occupancy Tax (TOT) revenues generated from the proposed resort hotel were determined based on application of the City’s 10.0% TOT rate to projected hotel room revenues. Under Scenario 1, annual TOT revenues are estimated to total $1.7 million. Under Scenario 2, $2.9 million annually from TOT is anticipated. Other recurring annual revenues to the City resulting from development within the IFD area were based on estimated General Fund revenues for Fiscal Year 1999-2000 and application of the per capita approach described above in Section 5.7.1. As indicated in Exhibits E-3 and E-4, total recurring General Fund revenues inclusive of all taxes and other revenue sources, are estimated to total $2.5 million under Scenario 1, and $3.8 million under Scenario 2. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 13 One-Time Capital Impacts costs Revenues Scenario 1: $3.12 million for facilities Legoland and hotel Legoland Expansion serving IFD area. developer will be and 400-Room Hotel ($118.83 million in responsible for payment of additional community-wide $3.12 to $5.42 million in improvements). fees and assessments upon issuance of building permits. IFD will reimburse Scenario 2: $5.42 million for facilities eligible fees and Legoland Expansion serving IFD area. assessments through and 700-Room Hotel ($116.53 million in issuance of bonds, up to a additional community-wide maximum of $1.76 million, improvements). serviced from tax increment revenues. Recurring Annual Impacts Scenario 1 $217,000 $2,470,000 Scenario 2 $257,000 $3,840,000 Section 5.8 Projected Fiscal Impact The total projected fiscal impact of the IFD and associated development on the affected taxing entity (City) is shown in the table below. The fiscal impact can be expressed as the amount of tax revenue that is foregone by the City. During the life of the IFD, the total tax increment foregone by the City of Carlsbad is estimated to have a future value of $1.76 million and a net present value ranging from $1,057,000 under Scenario 1 to $1 ,I 11,000 under Scenario 2. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 14 @ ._. / , Foregone Tax Increment and 400-Room Hotel and 700-Room Hotel Future Value Present Value @ 10% Discount Rate $1,760,000 $1,760,000 $1,057,000 $1,111,000 Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 15 #i -<,, ,I ,qi ii : $’ ,f i. , \,i> ,' __I SECTION 6 DISPLACEMENT FROM IFD No dwelling units occupied by persons or families of low or moderate income are proposed to be removed or destroyed in the course of private development or public works construction within the area of the IFD. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 16 EXHIBIT A IFD MAP Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/7 Ml0 20046ndh Keyser Marston Associates, Inc. Page 17 p\, y\ c& 1 ./’ EXHIBIT B IFD LEGAL DESCRIPTION LEGOLAND PARCEL - Lot 18, Map No. 13408 (CT 94-09) APN: 211-100-09-00 RESORT HOTEL PARCEL - Lot 17, Map No. 13408, (CT 94-09) and a Portion of Lot F, M823 APN: 211-100-14-00 Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l 7/00 20046ndh Keyser Marston Associates, Inc. EXHIBIT C ELIGIBLE CAPITAL PROJECTS AND FUNDING SOURCES EXHIBIT C-l Cost Summary for Capital Projects Serving IFD Area Scenario 1: Legoland Expansion and 400-Room Hotel EXHIBIT C-2 Cost Summary for Capital Projects Serving IFD Area Scenario 2: Legoland Expansion and 700-Room Hotel EXHIBIT C-3 Identification of Funding Sources for Capital Projects Serving IFD Area EXHIBIT C-4 Description and Cost Allocation of Capital Projects Serving IFD Area Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Reporf 4/l 7/00 20046ndh Keyser Marston Associates, Inc. Page 19 5 !’ *Aa “‘\ ‘J b.’ I ._ . . 2 .p E 2 $4 z2 8 I 3 s g 7. 8 --- # $ f2 -L r‘- “? 2;;;; 2 i E 0 f : c i t : 3 g z s - 0 -B 1 .- , p . al E - . 2 !G !g w - i? Dclaeg a=- ol 9.2 E ot Ai;2 c 2 a B 7- d 0” 6 ii 0 S P 5 8 5 -I-- s $ ‘9 b P f - 5 # a 4 gj 6 8 6 f 9 8 ; I.- N B e 1, 0 4 0 5 8 S ## x 1 2 0 P e m d % : 0 S 01 Y 8 z s: d m ai -3 T ; g 8 i i? j z d 5 .$ h EXHIBIT D TAX REVENUE PROJECTION EXHIBIT D-l Estimated Valuation of New Construction Scenario 1: Legoland Expansion and 400-Room Hotel EXHIBIT D-2 Incremental Property Tax Revenue Scenario 1: Legoland Expansion and 400-Room Hotel EXHIBIT D-3 City Tax Revenues Scenario 1: Legoland Expansion and 400-Room Hotel EXHIBIT D-4 Estimated Valuation of New Construction Scenario 2: Legoland Expansion and 700-Room Hotel EXHIBIT D-5 Incremental Property Tax Revenue Scenario 2: Legoland Expansion and 700-Room Hotel EXHIBIT D-6 City Tax Revenues Scenario 2: Legoland Expansion and 700-Room Hotel Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/O0 20046ndh Keyser Marston Associates, Inc. Page 21 8 i z E T 6 i ; 0 Fl Q ; ; ? ; ; :: : 5 s c , 4 , 4 I I ,‘*/* ‘,_, r:i I^. ;;, : y ,, ~.__.,a- - 2- ,8 7. 0’ 88 iii+ .- 08 Sa a P’ iija E”o 2: d i5 2 2 %:6 .- 5 2 5 i;B P DL I ohi FE .- E ‘- XE I! 2 A! a aii c ,,-\ g$ t, j,.,li UJ ‘; E $ s! ii- .- s .- : iit z EXHIBIT E COST/BENEFIT ANALYSIS EXHIBIT E-l City of Carlsbad General Fund Expenditures Scenario 1: 4001Room Hotel EXHIBIT E-2 City of Carlsbad General Fund Expenditures Scenario 2: 700-Room Hotel EXHIBIT E-3 City of Carlsbad General Fund Revenue Scenario 1: 400-Room Hotel EXHIBIT E-4 City of Carlsbad General Fund Revenues Scenario 2: 7001Room Hotel Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l 7/00 20046ndh Keyser Marston Associates, Inc. Page 23 EXHIBIT E-l CITY OF CARLSBAD GENERAL FUND EXPENDITURES SCENARIO 1: 400-ROOM HOTEL INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18 CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA Baseline Assumptions Population Total Number of Jobs Carlsbad (1999) 77,600 49,680 Number of Hotel Rooms 0.75 Employees Per Room Equivalent Residents Total Resident Equivalents 16,560 3 jobs = 1 resident 94,160 General Fund Revenue Expenditures FY 1999-2000 Expenditures IFD Area (2) Per Resident or Total or Resident Equivalent IFD Area n/a 954 (1) 400 300 418 418 Projected Residents or Resident Equivalents Total Impact Policy Leadership Group $2,485,452 $26 Per Resident Equivalent 418 $11,000 Adminstrative Services $3,760,069 $48 Per Resident 0 $0 Public Safety $21,720,298 $231 Per Resident Equivalent 418 $96,000 Community Development $5,080,862 $54 Per Resident Equivalent 418 $23,000 Community Services $8,921,826 $115 Per Resident 0 $0 Public Works $11,547,782 $123 Per Resident Equivalent 418 $51,000 Non-Departmental $4,125,000 $44 Per Resident Equivalent 418 $18,000 Contingencies $4,000,000 $42 Per Resident Equivalent 418 $18,000 Total General Fund Expenditures $61,641,289 $217,000 (1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and 592 seasonal/part-time positions. (2) Estimates of annual expenditure impacts at project stabilization in 2000 dollars. Excludes impacts of Legoland expansions. Prepared by: Keyser Marston Associates, Inc. Filename I:\clients\new\lego\O4~2OOO\rev_fiscalimpact: 4/10/00; erg EXHIBIT E-2 CITY OF CARLSBAD GENERAL FUND EXPENDITURES SCENARIO 2: 700-ROOM HOTEL INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18 CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA Baseline Assumptions Carlsbad (1999) IFD Area Population 77,600 Total Number of Jobs 49,680 n/a 954 (1) Number of Hotel Rooms 0.75 Employees Per Room 700 525 Equivalent Residents Total Resident Equivalents 16,560 493 3 jobs = 1 resident 94,160 493 General Fund Revenue Expenditures ” FY 1999-2000 Expenditures IFD Area (2) Per Resident or Projected Residents Total or Resident Equivalent or Resident Equivalents Total Impact Policy Leadership Group $2,485,452 $26 Per Resident Equivalent 493 $13.000 Adminstrative Services $3,760,069 $48 Per Resident 0 $0 Public Safety $21,720,298 $231 Per Resident Equivalent 493 $114,000 Community Development $5,080,862 $54 Per Resident Equivalent 493 $27,000 Community Services $8,921,826 $115 Per Resident 0 $0 Public Works $11,547,782 $123 Per Resident Equivalent 493 $60,000 Non-Departmental $4,125,000 $44 Per Resident Equivalent 493 $22,000 Contingencies $4,000,000 $42 Per Resident Equivalent 493 $21,000 Total General Fund Expenditures $61,641,289 $257,000 (1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and 592 seasonal/part-time positions. (2) Estimates of annual expenditure impacts at project stabilization in 2000 dollars. Excludes impacts of Legoland expansions. Prepared by: Keyser Marston Associates, Inc. Filename I:\clients\new\lego\O4~2OOO\rev_fiscalimpact; 4/10/00; erg , i*-- , .y, I f$‘< 1 by&.” EXHIBIT E-3 GIN OF CARLSBAD GENERAL FUND REVENUES SCENARIO 1: 400.ROOM HOTEL INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18 CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA Baseline Assumptions Carlsbad (1999) Area IFD Population 77,600 n/a Total NumberofJobs 49,680 954 (1) Number of Hotel Rooms 0.75 Employees Per Room 400 300 Equivalent Residents Total Resident Equivalents 16,560 418 3 jobs = 1 resident 94,160 418 General Fund Revenue Source FY 1999-2000 Revenues IFD Area (2) Property Tax (3) Sales Tax (3) Transient Occupancy Tax (3) Other Taxes (4) Licenses and Permits $3,087,000 $33 Per Resident Equivalent 418 Vehicle License Fees $3,967,000 $51 Per Resident 0 Charges for Services $6,162,000 $79 Per Resident 0 Fines and Forfeitures $816,000 $11 Per Resident 0 Interest $2,164,000 $23 Per Resident Equivalent 418 Interdepartmental Charges $1,650,000 $18 Per Resident Equivalent 418 Other Revenue Sources $1 ,ooo,ooo $11 Per Resident Equivalent 418 Per Resident or Projected Residents Total or Resident Equivalent or Resident Equivalents $15,808,000 $17.756,000 $7,463,000 $4,511,000 $48 Per Resident Equivalent 418 Total Impact $268,000 $463,000 $1,682,000 $20,000 $14,000 $0 $0 $0 $10,000 $7,000 $4,000 Total General Fund Revenues $64,384,000 $2,468,000 (1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and 592 seasonal/part-time positions. (2) Estimates of annual revenue impacts at project stabitiiation in 2000 dollars. Excludes impacts of Legoland expansions. (3) Confidential worksheet submitted to City under separate cover. (4) Includes Franchise, Business License, and Transfer Tax. Prepared by: Keyser Marston Associates, Inc. Filename I:\clients\new\lego\04~20OO\revJiscalimpact; 4/10100; erg ‘-* r: , \ .\, ,Jh EXHIBIT E-4 CITY OF CARLSBAD GENERAL FUND REVENUES SCENARIO 2: 700-ROOM HOTEL INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18 CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA Baseline Assumptions Carlsbad (1999) Area IFD Population 77.600 Total Number of Jobs 49,680 n/a 954 (1) Number of Hotel Rooms 700 0.75 Employees Per Room 525 Equivalent Residents Total Resident Equivalents 16,560 493 3 jobs = 1 resident 94,160 493 General Fund Revenue Source FY 1999-2000 Revenues IFD Area 12) Property Tax (3) Sales Tax (3) Transient Occupancy Tax (3) Other Taxes (4) Licenses and Permits Vehicle License Fees Charges for Services Fines and Forfeitures Interest Interdepartmental Charges Other Revenue Sources Per Resident or Projected Residents Total or Resident Equivalent or Resident Equivalents $15,808,000 $17,756,000 $7,463,000 $4,511,000 $48 Per Resident Equivalent 493 $3,087,000 $33 Per Resident Equivalent 493 $16,000 $3,967,000 $51 Per Resident 0 $6.162.000 $79 Per Resident 0 $816,000 $11 Per Resident 0 $2,164,000 $23 Per Resident Equivalent 493 $1,650,000 $18 Per Resident Equivalent 493 $1 ,OOO,OOO $11 Per Resident Equivalent 493 Total Impact $268,000 $563,000 $2,943,000 $24,000 $0 $0 $0 $11,000 $9,000 $5,000 $64,384,000 $3,839,000 (1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and 592 seasonal/part-time positions. (2) Estimates of annual revenue impacts at project stabilization in 2000 dollars. Excludes impacts of Legoland expansions. (3) Confidential worksheet submitted to City under separate cover. (4) includes Franchise, Business License, and Transfer Tax. Prepared by: Keyser Marston Associates, Inc. Filename I:\clients\new\lego\O4~2OOO\rev_fiscalimpact; 4/10/00; erg APPENDIX DESCRIPTIONS OF ELIGIBLE CAPITAL PROJECTS Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Final Report 4/l l/U0 20046ndh Keyser Marston Associates, Inc. ia- -., I cn 03 a-J 1 cz z z 0 i= n .- p1: 0 co wp I- O LLI 30 p! e -! I 2” 0 f 4 9 c” .- s E b 5 Y 8 0 2 .E I- .s . u 2 .- 3 iz u C 0 ff L 5” g >a cn., 0 .- - $3 OrL . . .’ -..- .-a . . . c i- 3. ii . . . - kc?’ .- : . . .$ 4! s cn i5. I!! t& I 9 f . . 6 E 2i ii is i 9 2 p B ‘g 2 : . ii lL* a t? 3 :: .I. g6 ‘3 5 Ei =z. c 62 5 ZLL- aaa . .‘j B@g u oco3 iz s 888 D 9 9 9 3 Es8 g $32 Is ES .- .- .- 5‘ii’Ei 222 d-L E2E 000 . . P is 4 Q!yY ‘0’ CCC cntT)rn g 5 .- .- .- fG33 9 P on0 t: . . . . ..< ; - 10-12-m; 8:46nM;Clty of cartsbad m ; lk7<50 434 1987 f! 1 i I B D - i II B I I ‘E u I xi 2s 5 v E 2 B % .Z .E .2 > 5 iii s 03 E .E a . a 3 . 6000 8532% ciigg rc9lnr - cn’; cl’ *MM E 3 g 2% 8 =E & 92 E an L- .E c o.z= f=xiEZ m,aal RJLLI- ,. s t 2 ! 9 IL .’ . i! WI- _... $3 23 H - , E 8 (0 .1 -s . z iki VJ 3 B 4 0 P s P 'i a 3 ki $ k .A t a .- 0 s IL. . tj 6 .g 0 - 0 z 3 E g ‘S B - . \ .2zj .*’ . .- : : . I . I . t F; . I E I - ” “. . . . -.3 . . . . . . . . * . - . B . -.,g $ 53 . $ aI . 3 G > 8 . . 0 5 5 d 5 n z g Q a z oi- 3; 11 zi 8 ‘iij g . . . /- 2 f”,: ’ ‘: 8 !,k]?,’ cd -“ l3 > -.s . . g,, m . 5 . 1. ,-acz. . >r - =gu .Z ysg 3 .$gi 22 ET 0(D= L L 02 .gii& - .E 3%‘” &se+ =cn $2, B wuw ‘2 aJ C” z EZ L, 0 2 z L -0 5 . . v) & E’ .k 3 & L 2 d 2 .v, 6. &! 2 s 6 8 ii 12 2 Eaj k 00s v 5 E ‘Z $ 0: “1 -0 8 5 6 .I. c s I? ?ii 5 ‘0 aI ii E .- z W . . s : 3 d 5 z” P G . . . -. : . . 2 0 iz: Q z 0 cn Lt: . 3 Lu -5 E a 1= .% 0 VI a ‘3 .- 5 IT . 8 .- .Z 2 L; E . i’ 6 . . 0 3 E 5 i= 9’ .a -1; 3 ; 5 m P -tj. I- 9 2 is t: gj 9 ;3 ti .s P’Z E 0 . 1 CL 9 2 . . . . - . . . 13(3 .2 2 - z 0 lc J= sio = CcrJ .2 0 c w 0’ zo- 3 s 3 3 to’ L 2 02 c ,:I .- D 5 ‘. LL z 8 0 Q, z E c l! ii :: i. 3 5 5 u . 0 s 3 ? i t7, .z . I, . .._ 2;: .-. ‘. . . . . . . * . . 52 2% S$ B h \ . L xi’ 3 -0 fi . . h’ 2 2 0 F -g J i t: -d E . . . ; a . *I ,I . . . . ii 2 0 .F . s 2 i 8 2 P . . . . r”,, dJ5 0) s 7 . . _’ :‘.I_, : . . . . : -* IO- 9-99; 9!33AM;Clty Of -, .i lsosci t ; I 7% ;34 1981 e 2/ 5 . 2 - .5 E w m 9 5 k 8 s: ?ii z-3 .= .a 2 lL a 23 s g 0 s p 9 -2 s g 2 i CJ 8’ 3 I 5 yj % I5 (. i i f i ‘ii q . . IQ- a-99; . ..:.:. -_ : . . -.i. .:. . . . . 9:33nM;Clty of’- rlsbad i - ; I 3&Y $34 1987 * 3/ 5 C . . . ti .? 1 , \ 1 si s u; Z .z s p s? .- z . . ii x ru w 2 2 T. s t; g Y E 0 *g a: 3 a I- . I . er 2 2 Ti . = ii s f si 3 5. . . -. . . . . ‘M; c $ z5 2 0 4 i 3 b 70 g ..~. ..zz - .I.. . .*. a.... . . . . . . . . . lr,- 8-99; P:33AM;Clfy Of -'ISbBd M ;1@.75b .4c54 1987 c * u . 4- -I- 7. ac3 gw c3-) s L 2 0 E z 5: w: a . .d 30 Qi .a $ a 0 . . __ r -0 wti Q)C , c . 22 tclx ’ ?Jm cE. a-,2 io wrt . . . . . c . . . . g z 2 3 > w tn 1 n t c 5 Gw 22 -IF 00. EJ zu 8”. f 3 6 “CL p1 r 4 .;aI*:: s s... E ul . . iti .. 8. x .Z : : Q 2 E ., .- = 8 = ?i Sk b g . !ij 0.u E “a= OZ l-0 . . . . . . . cl 6 0 P 2 ” It5 74 R E d ‘S & g , . 6 .:..a.,, : ..,.. :: :_ w - .- ; I'?$0 454 .I987 = 5/ 5 lo- b-99; . ’ . z2 .-. 2;;& ! SW Pa- 0 B : . 2 C 3 .a e!Fz s 4 . s E 9 t: 8 2 v) E .- 2 w 75 > .= z %I m .c z ‘i 0” $ CL e 0. 2 E 0) g . , ; s Wt- -\ pg ii . . It ti ,+ 1 n w n l . 8 0 - s 0’ L; I1 ii s 5 s . . . . SjO s= “G -- dw s;is 55 2 0 F a z 0 3 -P c . iii 30 ix a z ,ii: 4 0 . . 2 .L 9 E 6 3 u :i--. ‘.d . . _,-. . . . ^. . . . . ,- + c- .- , . 0 E ‘Z .Z s! E z u! 3 Q) 5 3 ii E: 3 . .E 2 E .- . . 8.9 .- .S’ 9 3 C !I B h E .- 3 2 a -0 5 - P L i 0 *- cz .11 Q) z* 22 q == Se &E .- .- SB 22 sz 55 g vs? 0 d cc . . s ii UJWJ ‘Z ‘Z G p -I3 I5 2 P ii . . . _. . . 1 . . . . . . . . . P !iib -. g+ & a rC L&-.- . 2 0 5 ‘8 1 J b W 8 u e 9 2 J 8 . p - t s .L c” gx co” ‘S k mu 8% -c l!le x2 ii $# s = I% 6 .- z E. z 0 .- e 0. i IQ -- &! 3 02 -3 :g 0 St5 a% . 8 ccc 000 5 ta -s -;: 0 ..A Gix EEE K . sss 5 LLL :; $gg . . . . - ‘. . i 6 z St;. .._. ii&. 0 . . E. . 8 c .- 2 IJJ . G .- 5 4 9 8 ‘C cl 2 . w 1 9 1 5 ‘E! is m s! 5 2 6 * ‘0 w 2 p 5 m 0 :. . . . . . . . . . . . . * , . . c 2 z 0 F u 1 s 5 5 .O E : . , 2 0 F 91 z 0 ifi -n ’ ‘1 iii ;s tz PI 3 *$ 0 * .: . . . s b i! a . P z s r;ti 3w z+ W= >u aq +=a au= qG 2 W W3 i$$a -, KO- $2 t-m gr CO= za O0 iG . -3 m z l- co -. n K E I :- L u’ ii ‘c. s f5 C ii‘ . v- El ‘g . s 5 tz :I K F 3’ 3; 8 -z z E .- 5 W 2 . . 0 s 4 5 1 e 9 ii . . . s S 0 C2 .PS v)C 88 II -G . t3 * x E : . -. . Z 0 F: a z 0 ‘2 .n - -; .- 0 p1 e 2 IT . 4 0 . . i: :_.’ -. e &a’.-, ; 8 02 0 .- E B iz &! 2 u . %i > E . ‘E . . p 8 % $ . I9 lz 0 e e Y -3 ii 3 u g [I‘. 2 s 5 :: .I ;E . P 5 lL t; 8 x ;;i E %I W 0 . . s s 5 j 2 p 2 ii iis $2 UU .SU 00 68 2 I?. 00 22.8. 88 as . . . . . ” I ‘, b J I , d 9 1 -0 d . . _ ..;. : _ : - - -,. = - c”I r-z 0 r.E = 2 B8. Q+t! s (0 J .E 9 aa’, 0.d -5 .- (D aa m 3 cQ)u ass. a 0’ 0-X ,.gg * z ,, SO% fya 90 L%J ‘G -- Q) N .!!? Q)-- E=L’ muQ) COB Q)c LLom , c .- .I 2 -2 ii s 0 al %i E c I3 si . . 0 s 5 1 j g p 2 . . . . . . . II & 8 . “m 2 . . . Z ‘0 E z 5: ii I- ti i3 111 a 8 - : ..: ! . _ . : . .E bcr) c 8 a.i SE gij c 2 -ii aE zu zc - .EE . 22 L? 5% ’ cou .I. . . . . . . . . s z 0 5 .g b W ij 2 0 2 . 8 $ . . . . . . .’ . . . . . . . .-As ..: . . . . .- . . I d % g’s . . . 8% H *Z 0 E z $ Ei -b > -Ill ;5 &z 0, . c .- s w -8 .- 5 B 0 fi 0 8 . u , . . . E P 5 ii i f3 5 % g.2. . 0 gg r-22 c m .- or. CO -5 .s =E s .- -2 =rr, & -Z E 0 e. f)“. @$ “g . ZT-iJ .Ej s.L- .g -- QQ co)- > @E m=- r8E .- t 0 ‘S tu = B & ..- . .&t-e - .- . . E E d \- z E -z= i3 t; ii 0 ‘a .P % ‘0 s 0 0” - s . . . E 2 0 F e z 0 v) LLI .Q c A ‘3 e n 3 .iz St 0 E Il. d --ii r : g! cc- Z 2 . . k 9 3 .g. . c -. . . . . ‘.,k’Y .- . . . . : ^. . -’ . - , c- .- . m -ii ..b . m 3-O rg .o & -- (U- =o co.5 iz= 2SS 5 8 0 E 3 E .- 2 (II z E . . B k . . 2 . z Q 2 -g u .-A C ii % c . . z- ZJ * 6 .o 0 8 8 m- E g ‘i; Is . . e . . . . I . . % * : r % 0 I= ; .t iii *7 ’ g . ‘I 2 Q) 2 a P\. : ;q,, C’., ‘.,P$ E 8 - . 8 1” :: .,‘.‘, 1 E ‘D 5 . % -* u 6 z b i!i 0 ‘c1 . 1 5 0 ii E E & l s I 4 1. . . Ei ii z 0 ii! t; W ij 2 II 3; s 5 z P E . . s E 9 ii . . . . . +if=z&* i ; . . .- r %%&,’ .,I ’ * i ! i i : -: w ’ I , : ,!. I I* I I+ I I I I I I I i I II -I ! JlUVll I IJU VJJIU -...‘-- “.. ---- #C.. _.....-- . ..a- . . . . ..- . . . . . . . --*’ . .- I 1 . +...... s.- --- _ . . . . . I I f f . _. 1 3 g: I '0 S 3l'JISMlNI . . . . ‘. --e-1. _, --.- --. -. -- - .._. -. --.__. . .‘..... ---------- .I. .--.. .*.--... w. . . . . . .._. ~- .z 0 F .:- 5 ‘5 tz 0 . . . . . . , s ‘G * s i 2 z ,o Iu z 2 2 .- E s iii s al .z Cl &4‘ - -----__I_- I Q !? 2 co 1 c Z 5 IL . . . ..~.. . ..2.: ..:..... . ” 10-12-89; 8:46rM;Clfy of -*Is&d - ; 1 *9r43-4 1981 Y, 5 d I t , -I- ‘90 RI m w. cc43 H . . 8 Fr 4 3 1 G & i2 . % 2 ii E s z m ?ii I9 0 .E E 8 D % z ‘3 8 Y? 0 E f ; f !i :i r . ‘. p 2 I F 2 cc . . -. -.* I i -- . ‘.. -u-o VIU 5)o)Q)a z P *Fe‘ .- 2s 0 ti . . u H 5 ‘S . _m 6 3 0 d i? g . . u z * . .m: . c +.j . . co . . . i . . . - co- * C?i 55 * _T , &.e- .- . v) -Co c . 0) t -e a$ I = 8 ii s‘0-d --co “x ‘0.k “es d 2 $32 g g.5; s u LZ . 2 ,gz 3 % u “S$ $ z e wr 2 2 d Q)c;O w s 000 Q z l 222 888 530, ii B lu *5 0 ‘t f” z cs&$ d a- E cameo ;r -5 53s % 64 Y) . B -E 3 .g fsa 2 W 3 u ‘5 22 52 2 ------------ ----------- ------ ------ .*- . -. . . ..-... . .-em . .-VW - _ *.... -*.. _. - . . - ‘- - -. i . 2 .8 z ii! 3 l.L 0 J 5 Es z 0 G 5 rc W w: 3u ZZ *0 a.a: .n 0. is ;z n r is ;; -.g I- s &. E 2 E E i= 4 2 p? G I .-. . s % ow z- 0 5 $. 0 8 d P $; s .- s L z s 0 2 w .- g a ii L Z. z h -. 1 .F . . si . 5b p+ & a * . . . E 3 m E: z C 0 s u 2 z 5 3 cn .- tl: 0 . : . m . II t; 8 ii E I I I I I 1 1 -. I I ‘.* II ‘1; [I ii I I :! II I I j i: II ‘i i .* * o-+ E E co. z ,G % .z 0 F 2 -. 0 ‘..I: I E 0 odvmnoa 333io3 i --. -- .- -_-- -4 -------~A- .-- .*. - .--. . -. . . . . . . -. -.,, -.-.-.-, IF.... .*+---- - . -_ ‘L’ _.- . -. . ----me---- -------a-- - -----. . -‘\ rc - --L.y.*. ..--e-.- -, . . . . I . ..-.. - -.-.. ..-. m a 52 f 0 F 5 53 G Y 0 % I 1 1 i I I I I 1 t I !* I I . . : I ! I 1 . i 1 .I I 1 I I i4 I t,b; . 0 ii a . .’ * . -. -z> .‘<.,2 . : c. * I I I I I i i 1 ! i : * . . * I 1 ; ; ’ i ! !II . . . . z ‘k t; ‘2 0 5 < 0 tY G ii 0 E K i9 i 0 I- wu :: EECnIE zs! c= - 0 o- ‘C v,u rt E’ij ~amgoo~w -,u=c 0 3 0 w oSS~-, s e s z . I uul.Lu c .- FFFF -0 s IL . B 1 1 I 1 1 I 6 . . . .-. I w ‘k -.. pg 0 FE z 0 E z 0 co w 23 I- ) ill E; tx n z! *I= 2 0 I . . .t2 .. 4 . c3 z B 5 L3 s u t- i PI: ziz UE! ak zO,r $Ys t-l- +no eZw ’ 05 Vw I-UP Ku a! UC2 ez Ii” # ..I- w z t- r- co 5 i= 4 3 2 G .- WC , . I C 2 ii 8 B ln ‘. -0 ii 2 8 . z : a 0 B z 9 c 8 25 x ‘0 . 3g K3 rg OaK .k c 4% “m= ES sz (00 QCJI 3$ q $ .a 20 aQ) EC *- u 55 2”s ‘EZ ns 4% 0 as -gt! ag a0 g2 E0 cup! or‘- ;; XC f .g $f . . ‘33 ii 25s & E Q)WO Es? I- Q&W Ii 07J u >rL 2.z 0 2 .gtig a f?sB $ r5 i= U v I 3 I- v 2 0, i_. _ _.- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 2000-126 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD OF INTENT TO ISSUE BONDS PURSUANT TO THE INFRASTRUCTURE FINANCING DISTRICT ACT TO CARRY OUT THE PROPOSED INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18 OF THE CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA WHEREAS, the Legislature of the State of California has enacted a comprehensive statutory scheme, the Infrastructure Financing District Act (Government Code Sections 53395-53397.11; the "Act"), authorizing a city, county, or city or county to create an infrastructure financing district as a means of financing the construction of public works and facilities for new development projects through the funding mechanism known as "tax increment financing" under which incremental increases in property taxes are allocated to finance public capital facilities associated with the district; and WHEREAS, in the City of Carlsbad and Team California Incentive Schedule dated May 12, 1993, the City of Carlsbad has offered to investigate the use of infrastructure financing districts to fund basic public improvements in connection with the LEG0 and resort hotel developments on Parcel 17 and Parcel 18 of the Carlsbad Ranch Amended Specific Plan Area (the "Property") ; and WHEREAS, the City Council of the City of Carlsbad has adopted, or concurrently with this resolution is adopting, a resolution proposing to approve an Infrastructure Financing Plan and form an Infrastructure Financing District for the Property pursuant to the Act; and 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, the proposed Infrastructure Financing Plan proposes to assist in the financing of a portion of the cost of certain public works needed for the development of the Property by the reimbursement of a portion of one-time Development Impact Fees and assessments (the tlFeeslt) related to eligible capital projects serving the area of the District; and WHEREAS, the proposed Infrastructure Financing Plan contemplates that such fees and assessments will be paid by Lego and/or the developer of the proposed hotel, at the time of building permit issuance, and that the proposed Infrastructure Financing District will reimburse the eligible portion of these fees, as tax increment funding becomes available over time, and that a bond will be issued to Lego to document the obligation of the District to provide such reimbursement, subject to the limitations set forth in the proposed Infrastructure Financing Plan; and WHEREAS, the sole purpose' Of’ the proposed Infrastructure Financing District is to, facilitate the reimbursement of a portion of these fees; and WHEREAS, the City Council is authorized to initiate proceedings to issue bonds pursuant to the Act by adopting a resolution stating its intent to issue the bonds. NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of Carlsbad, as follows: 1. The above recitations are true and correct. 2. The City Council hereby states its intent to issue a bond pursuant to the Act for the purpose of 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 3. 4. documenting the obligation to reimburse Lego for a portion of the Fees, as set forth in the proposed Infrastructure Financing Plan. The boundaries of the District are set forth in the IFD Map attached to this Resolution as Exhibit lNA1'. A legal description of the District is set forth in the IFD Legal Description attached to this Resolution as Exhibit "B". 5. The estimated cost of the facilities and the estimated cost of preparing and issuing the bonds are set forth in Exhibit "C" attached to this Resolution. 6. 7. 8. The amount of tax revenues estimated to be available for the payment of the principal of the bonds is set forth in Appendix "D" attached to this Resolution. The‘facilities to be f,inanced with the proceeds of the proposed bond issue are set forth in Exhibit "El' attached.to this Resolution. The principal amount of the proposed bond issuance shall be an amount equal to that portion of the Fees actually paid in connection with the development of the Property allocable to eligible public facilities, not to exceed $1,760,000 or the tax revenues available during the term of the proposed Infrastructure Financing District, whichever is less. 9. The bonds shall be interest-free and without discount. 10. The City Clerk is hereby directed to conduct a landowner election on the proposed bond issuance in the manner required by the Act on May 1, 2000. Any time limit specified in the Act, and any requirement pertaining to the conduct of the election, and any requirement for analysis and arguments may be waived with the unanimous consent of all landowners. 11. The City Council hereby finds that the amount necessary to pay the principal of, and interest on, the proposed bond issuance will be less than, or equal to, the amount determined pursuant to Section 6 of this Resolution. 12. The City Clerk is hereby directed to publish this resolution once a day for at least seven successive days in a newspaper published in the City of Carlsbad or the County of San Diego at least six days a week, or at least once a week for two successive weeks in a newspaper published in the City of Carlsbad or County of San Diego less than six days a week. 13. This resolution shall be effective immediately upon its approval. i,“e\ (I,, I*? ‘. .I‘ . 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of Carlsbad on the 18th day of April 2000, by the following vote, to wit: AYES: Council Members Lewis, Hall, Finnila, Nygaard, and Kulchin NOES: None ABSENT: None ATTEST: w WOOD, City Clerk Exhibits B, C, D and E, which are referenced in the Resolution, are on file in the City Clerk's Office for public inspection Monday through Friday, 8:00 a.m. to 5:00 p.m. EXHIBIT "A" MAP SHOWING PARCELS 17 AND 18 [BEHIND THIS PAGE] EXHIBIT A IFD MAP Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Revised Final Draff Z/4/00 20009ndh Keyser Marston Associates, Inc. Page 17 EXHIBIT "B" IFD LEGAL DESCRIPTION [BEHIND THIS PAGE] EXHIBIT B IFD LEGAL DESCRIPTION LEGOLAND PARCEL - Lot 18, Map No. 13408 (CT 94-09) APN: 211-100-09-00 RESORT HOTEL PARCEL - Lot 17, Map No. 13408, (CT 94-09) and a Portion of Lot F, M823 APN: 211-100-14-00 Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Revised Final Draft 2/4/00 20009ndh Keyser Marston Associates, Inc. Page 18 a + EXHIBIT "C" ESTIMATED COST OF THE FACILITIES AND ESTIMATED COST OF PREPARING AND ISSUING THE BONDS [BEHIND THIS PAGE] al z -a 1- != % . f Y) a E i i% z Y ‘ii 0 yt r2 f 3 8 f;: 5 g * - 9 5 $ 8 I- 5 -b- - f ;; P ff 0’ e 3 . t? 5 e d 5 .% B 4 % E 4 5 s 2 0 wo3 is; pa : 1 ‘; : ! : : : ‘Z C ‘E i t E E B !t ale u .- z fm a,= c +i x0 PLL 7Jo ‘ii& $J .v, z “S If ‘5 1 P z 8 d r; Y B T 3 .-- r.- :: ‘” 8 ‘z P 9 f N 3 i; y $2 I? T p E 2 )I,, ,, ,,#,, g 5 E z I 3 f Y E i g 2 ! 0 P i - 8 0‘ 3 I g 6 9 I -?. P :. P .- % B g .1 eo 2 0, sr 3 h 8. 28 66 zr - m .” Bag ;ig 0 en* ‘iiy I ,536 u rrhi Lggg =%5 $pLC - EXHIBIT "D" AMOUNT OF TAX REVENUES ESTIMATED TO BE AVAILABLE FOR THE PAYMENT OF THE PRINCIPAL OF THE BONDS [BEHIND THIS PAGE] (,Q?) .__ _/’ g WI t g WI t & bl t $ WI t g WI 1; g PI k g c-w t 8 hll t g 4 iz 8 01 t ‘El 3 0 a ii i 5 2 h ti L 5 .- H z .E E 2 E is F al 4 ti$ + ‘5 -w 80 xsb ‘5 0 08 2-J a t’ E-6 $4 ss 2i $ E E $5.6 ‘a ul q zb i; OG 2 ,G FE .4 E g.E ‘- I? 22 a nu. s cv @I : .- E E ii 3 s .- s F + 00 63L 00 t9L 00 e&9 00 t9Jt9 gg it- Ms+ FT cf) 00 f&9 00 69L 00 69Jtf) E is 5 85 B 00 Tili8 ‘j ti =E te - , , ; i i I ! C i i j i s 8 ii u B 8 = a s 6 .z 0 8 LL 8 ‘3 E tj .- .E E % 2 i5 Q 8 d jg .m 0 8cu 08 2 vi ai -5 c% E 23% .- 5 $5 F g$ E .- E 8 .f z -5 e! i;-r: a a, ual E S?E g..E 2s ali ,--\ (\\\ ,# .-_A EXHIBIT "E" LIST OF FACILITIES TO BE FINANCED WITH PROCEEDS OF PROPOSED BOND ISSUE [BEHIND THIS PAGE] ,- ‘l ‘J‘ \ . ../ ;\- . --.. ‘W J I- .z I 21 . - . gg . -. ;sJ ui b9 c: 5 .- i3 &4 zs 8 2 $ 08.0 .- - H no, . . .- . L . - --’ . 1 1 I I B 1 il II I I I 1 II 1 1 I’ I i I 6 B c 0 5 s 2 c 8 8 .- . . L 1 5 0 3 12 2 * 5 G Ei B = % g ,r” ti 2 5: 4 .E z I? % 00 3 z E E Ill 8. ! s a g W LE .5 E zw ey 0’8 Up: ZLL n$s L;Gs 000 000 9 9 9 a300 s:%e aD‘-; CIP m ccc 000 .- - --'3 000 pg CEE 000 000 '22'2 cmcJJ.gJ jg-g9% non 1p12-59; g:GAM;cl~y of --rtsmd ;I 7~0 434 1987 t z I’ c 0 !? a tz 4 *lL kYoLL aclc94 z I 1 I I I I 1 1 I L * 1 5 3 $1 1 .. . !?I !’ I II 9 61. i a, 8 d *.. )( ' ‘ w !,L : I’. is?-- &.g -d J I-LLL’.I I( -. . 2 0 E z 0 2 P I- Y 8 E c= a” ii r P 3 b d B .- .Z 5 lf . s Z I I t -I I .I I I 0 1B P ?I II 31 II 1. 1 1 1 J I I I j - ,1(3 2 ,o - .z 0 = zzz uJtQ .- 0 c u ci 3FJv s;,r 3 3 It5 .e . ‘$ :i Q) n-c = .-, 0 ? EN .= E Q)aalal O)QQ)P) LLLLLL mmom rCrr ti ti ui u-i sofa 0000 NNNN 0. 14 0 i 5 s 6 & .O n . . g--x. L $$a 5 ’ : ‘, fj - II : . . d&-+- 3 * d D A 2 0 i F . -9 Q / 5 B i‘ / / ;_. . . . . ot ,/ ..- %T&$+& I_, _ * 4 . . B 0 7-& \’ . . . . % ZE z 0 .F . 9 3 b ij % . 2 I 83 tc 1 1 I I I I I .I .I . I I I -1 i I J . . 4 t 9, \,‘J ““;’ __-y’ s $ . . 2J \ w ii 0 s u. 0 $ (D’ E w ij s a i ii P . . % z 23 I= 3 3 t; w 5 if’ / ‘3, . iy - cb .E v 15 \-l to- s-99; 9:33AM;Clry Of . .is0a6 : ;I 76~ 434 1987 b ‘4 d( 0 d E 0 1 = w - ;: 1 s 2 . . g g 4 3 3 .P t H 0 ti - lo- 6-95 ; 5!33AM;Clty of \ I SbJC ;I 760 434 1987 f c/ 5 .i LL g J . 3 # .ij . 3 3 ‘1 cz n i E 3 - ii . (c, w ii ‘ii . t . z 0 3 P I- O w a PL e a k e a 0 Z ii z 2 $ g 2 5 3 Q) 5 E ., 4 8 E = g .& 0 p. g ozz $-C a z 8s g 4 3 .- 9 E z 12 I ;i U 8 -I d 9 4 t h h - It al z P =. = 1 .I I i I 1 c *I a 6 II I I -I c@ 1 .> p” # a lO- a-99 ; 9:33AM;Clry of L I soad ;r 760 434 1987 I 5,’ 5 .- i?$ o QB- smg! f ~~(0 ’ mar5 E .c ; h ::g 2 l- tv 1W .i ZJ Q z a xi M a” t Ii a P P P $ m I mi - II m -- I = s $ . EG 3Q d% i% es K3 Q 5 s c s $ $ g a l QQ 8 0 . . L 88, Q q 0’ z 1 I I 1 I I I I I I I 1 1 I 1 I - 1 - 1 . . i’ -p ! E F ;z 3 g s .5 .,o ; E 7 8 tu a P a’ 5 .- E E u, aD ii 3 z! .- aI *5 UJ .g S v) E E ii! 2 e .- 2 0 E - CXI t: ul n al . . .-z P z 1 a’ -3 a h; t: m -- E zz elf: OE -3 3 :g Q UL 2% LLL a’a’m u-w .SE$ ggg d d d moo rrua 0 Y) ; * s .- .C .E Ek 5 2 gg U--v) gI5 a a .o II ti; 8 ‘iii s I- --- . . t- A I c W 0 . 8 .- 2 W 4! .- 5 P s P 5 co ii 5 5 e’ 9 2? a m -8 n E 3 al E s v) ! .E z LL 8 0 $ .*! I It Q . . E 5 z il i! z II ti 00 5 3 I- . I 1 -I I I I I I I I I$? I E 8 I 8 ‘f ’ 7 I z 0 i= e i2 :: iti I- O Ill is ct.! co .- E s ii 2’ s 8 ? -t : 7 I I I 1 I I 1 I I‘ I I 1. I I I - - *0 .- 0’ &:s . ‘S t% “Z ii!% 75s zz . gii? B p .& g 2 -g 4aJ- 2ru -10 U&O COL Q d B * - 2 0 Fr . e E z n I- z: .- 0 E -r ii I aI F CL I I I 1 1 I I I I . I I I I I I iY 1 psx ,,?7) ” ,\y/’ iE 0” d I .” g . : ‘C n 0) B = -- > U ?I = s ‘B U 8 K % .E a . . P ;;b SW 07 0 E d 8 K r x .k a E ,o a” $ S a u) 76 2 t” .- E 0” .E E B .s .s ii tUU - . .% E z ii w n I- ti ;5 E a k . % - 0 P WI- @ E -- _ _ _ . . . . 4 4 ! 3 a e $- 0 g:$ r-“3 C Q .- eJ)b gg 2 5 2 .- -z pJ *i? E 0 2s DZ Hs >r =C z 0 -5 #$ rd 4.-c’ v) “2. $rS 5 2 $’ E CU= g 522 L,ca c8E .- . n ,/’ \’ (3 : \.J-/’ z g ; 8 I 1 i I I 1 1 I I- I I 1 I I i - . . $ . p 3 2 ‘6 4 0 E I 1 I I 1 I I I I I I I I I 1 I I I I - . %? to b 0 $ 8 a ,o B E e U 5 2 e 2 In lgq9 psz mcQ)= $2 E -E 3’ ov GZ,E =sj,p 2 ; g - I a: 3g:os c=.s3 00 -0 -gg p) (0 zgK” c= sz $2 OE.3 03s; ai*:E g ig-pg 0 x,2 tE*r: 8fJ f?9gg u .- =av z=lYJ 2 al--c< s i’ O”rcB Sm ,ms? 2 0 05 &qJz;c ii f E 3E 88 : ‘E .a @.o,c- z ,=El.Q . . op .y e Id i B pw -%Sq,tD w O l- 0 K gu+ :+FJe-,, 5 7 Ti: 0 z 6gmJ g ‘p.C no2 P s .% $SE‘PCO & I-0.bZ.E P . 8 iii z 8 E E 8 2 5” f 6 II r s . = s I- . . -. - __ .-- . . .. ,.._S.’ c __....... __ . ..- __.._.. .“’ ,,.._.... ..- __-- . UON 130 03SVd S 3lVlSr132NI I- t 3 2 8 5. I 5 c;r ,& s! W$ t;% Y z 5 ua tj 5 F 4 3 . x zi . CJ \q 4 P 3 E 8 i;I -_ - 1~-12--08; i3:46CM;ClTy of .ISbsd ;1 760 434 1267 * 5/ 4 e-02, ‘; ‘0,32 ifhug. . cg 3 E : .u, au c @C s 0 c ‘5 p0- aaBE’ I o&3$ : . . W E / ff ! CL i I I t I R R i B 1. I R R R I 1 1 I I I 1. I I I I I I I I I I I , Z 0 F= e E en Ill -P I- O w 0’ E e z! t 8 0 - Z’ (0 ti .L 7ii E w = lu E E .b ii I -‘E 3 G ,o (v . z:E ‘22 .E n ug Wa iGa .- VI fg $ dii g$ $ g zs. pns ‘$ .g mz $2 . \ -q&c:: _ a&$..# . . . . . *. . . I . I I \ , jt\iEC’ lOW13 x I 5 ; ! ,z.i 5 :c ----A \---pj= ‘\ i- z: . 9 5 ----- -a-- n ‘3lB . @tqs;~v3 Z 0 E PI 0 iii P I- Y ;5 E 2 b e u - 0 . 3 5 0 .i C .- 2 3 ‘;; 8 i 2 ;;i E ';; w E . . 0 P L 3 d A s uuu -mm k-h--t- 888 9 9 9 000 x:% Y) 2 5 $2 c sr c ‘Z c” 2~8 ‘1; ,.ii .: ----------_- -----------_ .- -. . . .-- .- __..-...--___ _. ,,/.- _..- .----, __--------- 1 I I I 1 I I'38 ONIWVZ 13 i .-L-_ a.. _ ----------- k----------- I- /,,..... -.----. -----v----v- ---------t-- _. - .-- _ -- .-- _ ._ ..-.. . I . I i j 1 . i . / ! t i 0 y) i u E t" 1 Is I I 1E I I 0 L I I 1 I I I I f I I I I Z 0 C .- B E Z 3 0 ii Gii 6 z iFi E Ef g’h Ele c! d s 02 LI (3- 0 !! 2 v) .I t .- 0 5 u irl s -0 3 E tz 8 8 . . 0 1 2 P c a. 5 d c r;5; nnu LULL oon 000 00008 d d a’ 3s: *is* .E 2 z .a c SW mt;g Egcu ooc $h l-. / 6 U E I.? ;’ i 2 0 i= e z 0 2 P i- :: 5 E 2 s 3 :: J c .- z I? t;i s 3 ‘;i; E s s Q d c II z s . , 2 I I f I 1 B I I I I 5 I I II . I I I i gP : I I I I - i . 6 -.T i:.- \..* Ii Ii1 -. . . i; . :I E i * I ; i5 8 I E / , ; I . i : ) i i ! 8 I I i i‘) I z 0 s x Jz .S 3 0” ‘5 s i2 C .- 2 ?ii 0000 z 2 r x .L u I I I I 1 I I I I I I I 1. x g$ji .o co5 e u) c0.u) 3 =--.?5 Q, m 5 m-0 0 OO’ztj . . 0% z.- & Z o)QO EJZZ ,oz 2 00 p )rL L .z 0 -- 0 ‘co% irQm K U”S % z p ‘. 9 s ii w ij if