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HomeMy WebLinkAboutMINUTES - 09282010 - C.62RECOMMENDATION(S): ADOPT Resolution No. 2010/505 allowing the County to reimburse certain expenditures for capital improvements related to the remodel of 30 Muir Road, Martinez for the Department of Conservation and Development. FISCAL IMPACT: No fiscal impact associated with this action. This is a non-binding action that would allow the County to reimburse itself for costs associated with the subject project if the Board decides to issue bonds to finance the project at a future date. It is anticipated that costs for the remodel of 30 Muir Road, Martinez will be booked in the Land Development Fund. BACKGROUND: The Board of Supervisors approved the remodel of 30 and 40 Muir Rd. to support the Department of Conservation and Development's consolidation of multiple office locations in Martinez and to further the Board's goal of streamlining County services following the merger of the former Building Inspection and Community Development Departments. In the months following the Board's APPROVE OTHER RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE Action of Board On: 09/28/2010 APPROVED AS RECOMMENDED OTHER Clerks Notes: VOTE OF SUPERVISORS Contact: Tim Ewell, 925-335-1036 I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown. ATTESTED: September 28, 2010 David J. Twa, County Administrator and Clerk of the Board of Supervisors By: , Deputy cc: C.62 To:Board of Supervisors From:David Twa, County Administrator Date:September 28, 2010 Contra Costa County Subject:REIMBURSEMENT RESOLUTION FOR REMODEL OF 30 MUIR ROAD, MARTINEZ BACKGROUND: (CONT'D) approval of the project, the Department of Conservation and Development has continued to experience declining permit fee revenues resulting from the prolonged economic downturn and depressed conditions in the local construction industry. In response, the Department has implemented corrective actions to achieve a balanced budgetary position resulting in a reduction of scope for the remodel project. On September 20th, 2010, the Departments of Conservation and Development and General Services recommended changes to the scope and financing of the 30/40 Muir Road project to the Finance Committee. The proposed change in scope limits the project to a remodel of 30 Muir Rd. only. This has reduced the estimated project cost by $5 million, from $15 million to $10 million. The revised project cost of $10 million will be divided equally; $5 million from the Land Development Fund and $5 million in bond financing. This resolution would fulfill legal requirements to allow the County to reimburse itself with bond proceeds for certain costs incurred prior to a subsequent bond issuance. CONSEQUENCE OF NEGATIVE ACTION: If this item is not approved by the Board, costs incurred for the remodel project no earlier than July 30, 2010 can not be reimbursed by bond revenue. CHILDREN'S IMPACT STATEMENT: None. CLERK'S ADDENDUM RELISTED to an undetermined date.  ATTACHMENTS Resolution No. 2010/505 Exhibit A THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA and for Special Districts, Agencies and Authorities Governed by the Board Adopted this Resolution on 09/28/2010 by the following vote: AYES: NOES: ABSENT: ABSTAIN: RECUSE: Resolution No. 2010/505 In The Matter Of: RESOLUTION DECLARING THE OFFICIAL INTENT OF THE COUNTY OF CONTRA COSTA TO REIMBURSE CERTAIN EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS      WHEREAS, the County of Contra Costa (the “Issuer”) intends to acquire, construct and improve certain facilities for use by the Issuer as described in Exhibit A hereto (the “Project”);      WHEREAS, the Issuer expects to pay, beginning no earlier than July 30, 2010 and will pay, on and after the date hereof, certain expenditures (the “Reimbursement Expenditures”) in connection with the Project prior to the issuance of indebtedness for the purpose of financing costs associated with the Project on a long term basis;      WHEREAS, the Board of Supervisors of the County (the “Board”) has determined that those moneys previously advanced no more than 60 days prior to the date hereof and to be advanced on and after the date hereof to pay the Reimbursement Expenditures are available only for a temporary period and it is necessary to reimburse the County for the Reimbursement Expenditures from the proceeds of one or more issues of tax-exempt obligations (the “Bonds”).       WHEREAS, the Issuer reasonably expects that Bonds in an amount not expected to exceed $5 million will be issued, in one or more series, and that certain of the proceeds of such debt obligations will be used to reimburse the Reimbursement Expenditures; and      WHEREAS, Section 1.150-2 of the Treasury Regulations requires the Issuer to declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds of a subsequent borrowing; NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa as follows:      Section 1. The Board finds and determines that the foregoing recitals are true and correct.      Section 2. This declaration is made solely for purposes of establishing compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This declaration does not bind the Issuer to make any expenditure, incur any indebtedness, or proceed with the Project.      Section 3. The Issuer hereby declares its official intent to use proceeds of indebtedness to reimburse itself for Reimbursement Expenditures.      Section 4. This declaration shall take effect from and after its adoption.   Contact:   I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.  ATTESTED: September 28, 2010 , County Administrator and Clerk of the Board of Supervisors   By: , Deputy cc: EXHIBIT A REIMBURSEMENT RESOLUTION NO. 2010/505 Description of Project The project will include the remodel of real, personal and intangible property; and the planning, design, financing, regulation, permitting, environmental evaluation, public outreach, construction, operation, and maintenance of a building located at 30 Muir Road, Martinez, CA.