Title:
Title
Agreement: Silverleaf Development Project Acquisition Agreement for Statewide Community Infrastructure Program Facilities (Two-Thirds Vote Required)
End
FileID
File ID: 2018-01532
Location
Location: District 8
Recommendation:
Recommendation
Pass a Motion: 1) suspending the competitive-bidding requirement in an agreement with Elk Grove - Silverleaf, LLC for the City's acquisition of public improvements financed through the Statewide Community Infrastructure Program; and 2) authorizing the City Manager or the City Manager's designee to execute that agreement on the City's behalf.
Contact: Sheri Smith, Special Districts Manager, (916) 808-7204, Department of Finance
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Background
3-Acquisition Agreement
Description/Analysis
Issue Detail: On April 18, 2017, the City Council passed Resolution No. 2017-0136 authorizing the City of Sacramento (the City) to join the Statewide Community Infrastructure Program (SCIP) and approving a form acquisition agreement for use as part of the SCIP process. SCIP is a pooled tax-exempt bond-financing program used for development impact fees and public infrastructure. It is administered by the California Statewide Communities Development Authority (CSCDA), which issues bonds secured by property assessments in participating jurisdictions. By pooling the projects, SCIP provides the ability for smaller development projects to take advantage of tax-exempt financing for a portion of the fee and infrastructure requirements.
The Silverleaf project is a small 4.4-acre, 31-unit single-family infill development on Shasta Avenue, south of Cosumnes River Boulevard. Silverleaf will be the first project within the City to utilize SCIP to construct public facilities the City will acquire. In connection with the acquisition of facilities, the City and the Elk Grove - Silverleaf, LLC (the Developer) will enter into a form acquisition agreement that prescri...
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