HomeMy WebLinkAbout4.6 Update on Community Facilities District 2015-1 (Dublin Crossings)STAFF REPORT
CITY COUNCIL
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Agenda Item 4.6
DATE:April 6,2021
TO:Honorable Mayor and City Councilmembers
FROM:Linda Smith, City Manager
SUBJECT:Update on Community Facilities District 2015-1 (Dublin Crossings)
Prepared by: Colleen Tribby, Assistant City Manager
EXECUTIVE SUMMARY:
The City Council will receive an update on Community Facilities District 2015-1 (Dublin
Crossings) in preparation for the next bond issuance.
STAFF RECOMMENDATION:
Receive the report.
FINANCIAL IMPACT:
None.
DESCRIPTION:
Background
On June 2, 2015 the City Council adopted a series of resolutions forming the City’s first Community
Facilities District (CFD), in the area now known as Boulevard. The CFD No. 2015-1 (Dublin
Crossing) property is bounded by Dublin Boulevard to the south, Scarlett Drive to the west, Arnold
Road to the east, and Camp Parks property to the north.
At the same meeting, the City Council deemed it necessary for the CFD to incur debt to finance the
construction of certain public capital improvements, secured by the levy of a special tax within the
CFD. The June 2, 2015 Staff Report is included here as Attachment 1.
The financing program is structured to take place in phases related to designated subareas of the
CFD, known as Improvement Areas. Since the CFD formation, as the property has developed and
the infrastructure built, the City has issued two series of bonds on behalf of the CFD; the first on
August 15, 2017 in the amount of $32,740,000 for Improvement Area No. 1, and the second on
June 24, 2019 in the amount of $37,745,000 for Improvement Area No. 2. The total amount of
bonds authorized in the entire CFD is not to exceed $150,000,000. All bonds are secured by and
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repaid from the proceeds of special taxes levied upon only the taxable parcels in the specific
Improvement Areas and are not obligations of the City.
Staff is currently working with the CFD financing team (identified below) to prepare for a third
bond issuance, which will occur in the coming months, and will be brought to the City Council for
authorization.
CFD Team
From 2013 to 2017, Staff assembled, via various Requests for Proposals/Qualifications, a team of
expert consultants to assist in the CFD formation process and subsequent bond sales. This team,
with minor changes noted below, will continue to assist with future bond sales related to the CFD,
via newly executed agreements.
The following is a list of the consultants and advisors selected by the City and a description of their
services.
1. Financial Advisor (FA) – Fieldman, Rolapp and Associates (James Fabian)
Assists with all aspects of the proposed CFD formation and serves as ongoing FA on bond
issuances.
2. Bond Counsel / Disclosure Counsel – Jones Hall (David Fama and James Wawrzyniak)
Prepares associated legal documents, and prepares continuing disclosures to the bond
market regarding any bond issues. Stephanie Downs, from the City Attorney’s office, will
provide issuer’s counsel services.
3. Special Tax Consultant – Goodwin Consulting Group (Susan Goodwin)
Collects various data on the tax base in the CFD and assists in the development of
appropriate special tax calculation and allocation methods.
4. Market Absorption Consultant – RCLCO/Real Estate Advisors (Robert Gardner)
Performs studies of the proposed development within the CFD, and prepares estimates,
based on specified economic and demographic data, of the rates at which the finished
products (lots or completed buildings or units) can be sold, relative to current and future
market conditions.
5. Appraiser – Seevers Jordan Ziegenmeyer (Kevin Ziegenmeyer)
Performs appraisal of the proposed CFD property in order to estimate its market value
subject to the hypothetical condition improvements to be financed by the CFD. The
estimate of value also considers the impact of the lien of the special tax securing the bonds.
6. Underwriter – Hilltop Securities (Craig Bettencourt)
Assists in the structuring of the bond issue; markets and underwrites the bonds. The City
initially selected Craig Bettencourt of Prager & Company for the first two bond sales. Craig
will continue to provide these services through Hilltop Securities.
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STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) June 2, 2015 Staff Report (without attachments)
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