Title:
Title
Redemption of North Natomas Land Acquisition Fee Credits
End
FileID
File ID: 2019-00376
Location
Location: District 1
Recommendation:
Recommendation
Adopt a Resolution 1) approving the redemption of North Natomas land-acquisition-fee credits; 2) appropriating $2,130,511 from the available fund balance in the North Natomas Finance Plan Public Land Acquisition Fee Fund (Fund 3208) and increasing the Debt Service expenditure budget by $2,130,511; and 3) authorizing the City Manager or City Manager's designee to distribute the appropriated funds in accordance with Exhibit A.
Contact: Mary Jean Rodriguez, Program Specialist, (916) 808-1980; Sheri Smith, Special Districts Manager, (916) 808-7204, Department of Finance
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Background
3-Resolution - LAP Redemption
4-Exhibit A (Reimbursement and Reimbursement Priority)
Description/Analysis
Issue Detail: The North Natomas Finance Plan (NNFP) includes a land-acquisition program (LAP) to ensure the timely acquisition of land for rights-of-way and other public purposes as required by the North Natomas Community Plan. Additional information is included in the Background section of the report.
Since 1997, developers who pulled building permits in North Natomas have paid land-acquisition fees, and developers who dedicated public lands have received fee credits as compensation. The developers may use the fee credits to pay land-acquisition fees they owe, may sell the credits to other developers, or may tender the credits to the City for redemption in cash from fee revenues no longer needed to acquire LAP lands.
Most LAP lands have now been acquired. The remaining lands are either subject to development agreements that require dedication or will be acquired as a condition of development. To date, the City Council has authorized the release of $28,184,887 in available funds to redeem LAP fee credits. "Available funds" means the fee revenues...
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