Title:
Title
Amendment to the Updated Railyards Finance Plan Relating to Credits and Reimbursements and Credit Agreement for Construction of Railyards Infrastructure
End
FileID
File ID: 2018-01725
Location
Location: District 3
Recommendation:
Recommendation
1) Adopt a Resolution amending the Updated Railyards Finance Plan relating to credits and reimbursements; and 2) pass a Motion authorizing the City Manager or the City Manager's designee to execute a Credit Agreement for construction of infrastructure in the Railyards Specific Plan Area with Downtown Railyards Venture, LLC.
Contact: Arwen Wacht, Program Specialist, (916) 808-7535; Sheri Smith, Special Districts Manager, (916) 808-7204, Department of Finance
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution
3-Credit Agreement for Construction of Railyards Infrastructure
Description/Analysis
Issue Detail: On September 25, 2018, City Council approved the Updated Railyards Finance Plan (Finance Plan) and established the associated Railyards Impact Fee (RIF) (Resolution 2018-0383). Property owners/developers are required to execute a reimbursement/credit agreement, prior to the release of credits or funds as payment for projects funded by the RIF. However, there was some language in the Finance Plan that required execution of such an agreement prior to construction of related improvements. This conflicts with the underlying intention of the finance plan which was to allow for credits for a limited set of projects that had been constructed prior to adoption of the Finance Plan. The attached resolution clarifies the intention of the Finance Plan to allow for the release of credits for infrastructure constructed prior to approval of the Finance Plan for a limited set of projects.
Downtown Railyards Ventures, LLC (Developer) has completed construction of two public facilities identified as completed facilities in the RIF. The attached Credit Agreement with the Developer (A...
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