HomeMy WebLinkAboutBOARD STANDING COMMITTEES - 03272017 - Finance Cte Agenda Pkt
FINANCE COMMITTEE
March 27, 2017
9:00 A.M.
651 Pine Street, Room 101, Martinez
Supervisor Karen Mitchoff, Chair
Supervisor John Gioia, Vice Chair
Agenda
Items:
Items may be taken out of order based on the business of the day and preference
of the Committee
1.Introductions
2.Public comment on any item under the jurisdiction of the Committee and not on this
agenda (speakers may be limited to three minutes).
3. CONSIDER approving the Record of Action for the December 6, 2016, Finance
Committee meeting (Lisa Driscoll, County Finance Director)
4. CONSIDER accepting attached Reissued Single Audit Reports for fiscal year ending
June 30, 2013 and June 30, 2014 (Joanne Bohren, Chief Auditor)
5. CONSIDER attached report on the funding shortfall in the Wildcat/San Pablo Creeks
Levee Remediation project in North Richmond and request for $990,000 from the
County general fund to cover the funding shortfall (Paul Detjens, Senior Civil Engineer)
6. CONSIDER accepting Department of Conservation and Development's attached
recommendations regarding FY 2017/18, FY 2018/19, & FY 2019/20 Community
Development Block Grant - Economic Development & Infrastructure/Public Facilities
Categories (Gabriel Lemus/CDBG Program Manager).
7. CONSIDER accepting a report from the Conservation and Development Department
regarding a recommendation to the Governing Board of the Successor Agency to the
Contra Costa County Redevelopment Agency the approval of an issuance of 2017 Tax
Allocation Revenue Bonds by the Successor Agency (Kara Douglas, Assistant Deputy
Director/Conservation and Development).
8. CONSIDER accepting the Quarterly Capital Projects Report (Brian Balbas, Deputy
Public Works Director)
9.The next meeting is currently scheduled for April 24, 2017.
10.Adjourn
The Finance Committee will provide reasonable accommodations for persons with disabilities
planning to attend Finance Committee meetings. Contact the staff person listed below at least 72
hours before the meeting.
Any disclosable public records related to an open session item on a regular meeting agenda and
distributed by the County to a majority of members of the Finance Committee less than 96 hours
prior to that meeting are available for public inspection at 651 Pine Street, 10th floor, during
normal business hours.
Public comment may be submitted via electronic mail on agenda items at least one full work day
prior to the published meeting time.
For Additional Information Contact:
Lisa Driscoll, Committee Staff
Phone (925) 335-1021, Fax (925) 646-1353
lisa.driscoll@cao.cccounty.us
FINANCE COMMITTEE 3.
Meeting Date:03/27/2017
Subject:Record of Action for December 6, 2016 Finance Committee Meeting
Submitted For: FINANCE COMMITTEE,
Department:County Administrator
Referral No.: N/A
Referral Name: Record of Action
Presenter: Lisa Driscoll, County
Finance Director
Contact: Lisa Driscoll, County Finance Director
925-335-1023
Referral History:
County Ordinance requires that each County body keep a record of its meetings. Though the
record need not be verbatim, it must accurately reflect the agenda and the discussions made in the
meetings.
Referral Update:
Attached for the Committee's consideration is the Record of Action for its December 6, 2016
meeting.
Recommendation(s)/Next Step(s):
Staff recommends approval of the Record of Action for the December 6, 2016 meeting.
Fiscal Impact (if any):
No fiscal impact.
Attachments
Draft Record of Action December 6, 2016
FINANCE COMMITTEE 4.
Meeting Date:03/27/2017
Subject:Reissuance of Fiscal Year Ending June 30, 2013, and June 30, 2014 Single
Audit Reports
Submitted For: Robert Campbell, Auditor-Controller
Department:Auditor-Controller
Referral No.: 11/8/1999
Referral Name: Countywide Single Audit
Presenter: Joanne Bohren, Chief Auditor Contact: Joanne Bohren (925) 335-8640
Referral History:
On November 8, 1999, the Board established a policy and procedure for addressing the annual
findings and recommendations of the County's external auditors. The procedure directs that the
Board refer the annual Single Audit findings to the Finance Committee, and that the County
Administrator make a report to the Finance Committee on the current- and prior-year audit
findings and recommendations that identifies what corrective action has been taken or is planned
to be taken on each recommendation.
Referral Update:
The County's external auditors, Macias Gini & O'Connell, have reissued the County's Single
Auditor reports for the fiscal year ending (FYE) June 30, 2013 and June 30, 2014, due to their
discovery of an unreported grant in the original Single Audit reports for those years. The grant
being added an the related grantor information are as follows: U.S. Department of Health and
Human Services (passed thrugh the California Health Benefit Exchange) - State Planning and
Establishment Grants for the Affordable Care Act's (ACA) Exchanges (CFDA No. 93.525).
Recommendation(s)/Next Step(s):
Adopt reissued reports and provide copies to whomever the original copies of the Single Audit
reports were affected by the change. The revised Single Audit reports are also available on the
Federal Clearinghouse website (https://harvester.census.gov/facdissem/Main.aspx).
Attachments
Reissued June 30, 2013 Report
Reissued June 30, 2014 Report
FINANCE COMMITTEE 5.
Meeting Date:03/27/2017
Subject:Funding Shortfall in the Wildcat/San Pablo Creeks Levee Remediation Project
in North Richmond
Submitted For: Julia R. Bueren, Public Works Director/Chief Engineer
Department:Public Works
Referral No.: 2/9/2015 C.89
Referral Name: Funding Shortfall in the Wildcat/San Pablo Creeks Levee Remediation Project
in North Richmond
Presenter: Paul Detjens, Senior Civil Engineer Contact: Paul Detjens (925) 313-2394
Referral History:
Referral was submitted to the full Board of Supervisors as an action item on February 9, 2016.
The items was originally heard at the February 18, 2016 Committee meeting and continued to
March 2016 with a request for an updated funding/grant submittal plan.
On March 15, 2016, staff presented a report to Finance regarding Flood Control's application for
approximately $500,000 in State the Coastal Conservancy (SCC) Proposition 1 grant program.
The application was to include $250,000 for the Wildcat /San Pablo Levee remediation project
and the remainder was to go to Urban Tilth to create jobs for local youth and provide habitat
assessment and creek restoration in the watershed. The amount was based on a recommendation
from the SCC after the first unsuccessful attempt for the grant.
Referral Update:
The Coastal Conservancy grant was not awarded. Since that time, there has been an increase in
the engineer’s construction cost estimate (due to increased material and labor costs), and the cost
to comply with more stringent environmental permit requirements. The requested funds are now
$990,000.
Recommendation(s)/Next Step(s):
CONSIDER approving request of $990,000 to cover the funding shortfall.
Fiscal Impact (if any):
Requesting of $990,000 in general fund reserves.
Attachments
Request for $990,000
FINANCE COMMITTEE 6.
Meeting Date:03/27/2017
Subject:FY 2017/18, FY 2018/19, & FY 2019/20 Community Development Block
Grant - Economic Development & Infrastructure/Public Facilities Categories
Submitted For: John Kopchik, Director, Conservation & Development Department
Department:Conservation & Development
Referral No.: CDBG Policy
Referral Name: CDBG Funding
Presenter: Gabriel Lemus, CDBG Program
Manager
Contact: Gabriel Lemus (925)
674-7882
Referral History:
It is standard policy that CDBG funding decisions/policies be reviewed by the Finance
Committee prior to scheduling for the full Board of Supervisors.
Referral Update:
See attached staff recommendations regarding projects.
Recommendation(s)/Next Step(s):
CONSIDER accepting Department of Conservation and Development's attached
recommendations regarding FY 2017/18, FY 2018/19, & FY 2019/20 Community Development
Block Grant - Economic Development & Infrastructure/Public Facilities Categories.
Attachments
FY 2017/18, FY 2018/19, & FY 2019/20 Community Development Block Grant - Economic Development &
Infrastructure/Public Facilities Categories Funding Recommendations
2
Available Funding: Contra Costa County, as an entitlement jurisdiction, receives an annual allocation
of CDBG directly from the U.S. Department of Housing and Urban Development (HUD). HUD has a
formula for the CDBG Program to determine the amount of CDBG funds that an entitlement jurisdiction
will receive for the program year. However, the formula is dependent on an approved federal spending
budget, or appropriations, for each federal fiscal year. Currently, HUD and most other federal agencies
are currently being funded by a “Continuing Resolution” that extends through April 28, 2017. Based on
the most current information available regarding the “Continuing Resolution” for the Fiscal Year 2017
federal budget, the County’s CDBG grant amount for FY 2017/18 is estimated to be about the same as it
was in FY 2016/17 with a 0.19 percent reduction, or approximately $4,049,929.
On November 4, 2014, the Board of Supervisors (Board) adopted funding guidelines for the allocation
of CDBG funds that require the County’s annual grant be allocated to the following CDBG eligible
categories:
Category of Use Allocation
Guidelines
CDBG Program
Available Funding**
Affordable Housing 45% $1,822,468
Public Services *17% $ 688,488
Economic Development 10% $ 404,993
Infrastructure/Public Facility 8% $ 323,994
Administration 20% $ 809,986
Total FY 2017/18 CDBG Grant $4,049,929
*As long as the amount does not go over HUD’s statutory cap for Public Services
**Estimated amounts based on information from the “Continuing Resolution”
The CDBG Consolidated Plan operates under a five-year period. In October 2013, the Board approved
having two separate and distinct funding cycles for the non-housing categories of the CDBG Program to
align with the five-year period of the Consolidated Plan. The first cycle is a two-year funding cycle (FY
2015/16 and FY 2016/17) for programs/projects in the CDBG public service, economic development,
and infrastructure/public facilities categories. The second cycle (FY 2017/18, FY 2018/19, and FY
2019/20) is a three-year funding cycle to conclude the final three years of the five-year Consolidated
Plan period.
Economic Development Category: Pursuant to the Board’s guidelines, a total of $404,993 (10 percent
of the County’s grant amount) is available for ED projects. In addition, there is $4,799 available to be
recaptured from completed projects. Consequently, there is a total of $409,792 available and
recommended to be allocated to eight eligible ED projects as listed in Attachment A.
Given that the ED category operates under a three-year funding cycle to conclude the final three years of
the CDBG Consolidated Plan period, the recommended amounts reflected for each respective
agency/program for FY 2017/18 are the recommended amounts for the same agencies/programs for FY
2018/19 and FY 2019/20, contingent on the satisfactory performance of each respective agency/program
and the County receiving a similar allocation of CDBG funds from HUD.
3
Infrastructure and Public Facility Category: Seven applications were received by the application
deadline requesting a total of $640,670. Staff recommends four projects to be funded for FY 2017/18
and three projects to be funded for FY 2018/19 at the amounts indicated on Attachment B.
Given that only three projects are recommended funding for FY 2018/19 funds and there were no
projects that were recommended funding for FY 2019/20 funds, CDBG staff recommends issuing a
Request for Proposal (RFP) later this year for IPF projects to be carried out in FY 2018/19 and in FY
2019/20 provided that the County receives CDBG funds in FY 2018/19 and FY 2019/20.
Application Process and Evaluation Criteria: Each applicant was required to submit an application
describing the proposed project, need and target population, steps necessary to carry out the project, and
proposed budget. Applications are reviewed by staff for completeness and eligibility and against criteria
listed below. Applicants are also interviewed by staff to respond to or clarify any issues related to the
application. Below are the general criteria used by staff in evaluating applications:
Intended purpose (outcome) - The quantitative and qualitative goals of the project are achievable,
measurable and result in a desirable outcome.
Consistency with Priorities Established in the Consolidated Plan and County Policy – The project meets
goals and strategies of the Consolidated Plan. Secondarily, the project meets goals of other plans such
as Redevelopment Agency Plans, Capital Improvement Plans, community planning documents, etc.
Eligibility in Respect to Federal Regulation – The proposed use of CDBG funds is consistent with
federal regulations and is determined to be an eligible activity. The project meets one of the following
three national objectives: benefit to very-low and low-income persons, preventing blight, or emergency
need.
Target Population and Demonstrated Need – The project fulfills a well-defined need and has supporting
documentation that the need exists. The proposed project is responsive to the community and the target
population, and shows a relationship between the need and the action to be taken. The target population
or area is clearly defined, the project is accessible and outreach is effective.
Financial Analysis - Total project costs are reasonable, and are adequate to carry out the project through
the specified time period. The budget is well thought out with reasonable assumptions for completing
the project with federal funding. A reasonable relationship exists between the cost of the project and
the expected outcome. Sponsor has the capacity to secure all funds necessary to carry out the project
within normal standards. Volunteer or in-kind services are attainable and realistic. The project cost is
within normal range of similar projects. Projects are required to supply matching funds in order to
maximize the use of CDBG funds. Audits or other financial statements demonstrate success in securing
funds through grant proposals or other fund raising efforts.
Experience and Capacity to Carry out the Project – Components of the project are fully described and
goals and objectives are attainable. The project sponsor has demonstrated the ability to successfully
carry out the proposed project including providing a project manager, construction manager and/or
qualified licensed contractor. The applicant demonstrates that capacity exists to complete the project
4
and meet all the federal requirements of the CDBG program.
Project Readiness and Timeliness – All components of the project are in place or can be in place within
a specified period of time. Project can be implemented and completed in a timely manner. Particular
attention is given to these criteria due to specific HUD timeliness requirements.
Past Performance - Rate of progress toward completing contractual goals, ability to overcome and avoid
past problems. Inaccurate or incomplete performance reports, unresolved audit findings, delays in or
failure to submit required reports, persistent difficulties with payment request process, failure to correct
significant problems.
Environmental, Historic Preservation, Relocation, and/or Prevailing Wage Issues – Identification of
federal requirements that may be imposed on the project that require specific action to be taken.
Clarity and completeness of application - The application submitted was complete and lacked
inaccuracies and ambiguities.
Public Hearing and Transmittal of Recommendations: The Committee’s recommendations will be
forwarded to the full Board of Supervisors prior to the public hearing that is scheduled for May 9, 2017.
Final recommendations must be forwarded to HUD by May 15, 2017 for review to ensure consistency
with federal regulations.
Attachments
cc: John Kopchik, Conservation and Development Director
Kara Douglas, Assistant Deputy Director – Conservation and Development Department
Community Development Block Grant
Economic Development Category
FY 2017/18, 2018/19 and 2019/20
ATTACHMENT A
Project Name
Amount
Requested
Amount
Received FY
2016/17
County Staff
Rec. for FY
2017/18 Antioch Concord Pittsburg WC
17-01-ED Contra Costa Child
Care Council Road to Success
Microenterprise growth and
assistance for 90 FCCH child
care providers.
$90,000 $81,000 $85,000 $15,000 $15,000 $15,000 $15,000 $145,000 $245,250 59%
17-02-ED Multicultural Institute Lifeskills/Day Labor
Program
Provide job-matching,
individualized assistance with
health, legal, and educational
needs to 300 poverty level
and extremely-low income
day laborers.
$30,000 N/A $26,000 $0 $0 $0 $0 $26,000 $79,273 33%
17-03-ED Open Opportunities,
Inc.
Future Build Pre-
Apprenticeship Training
Program
Train 8 pre-apprentices in
solar, energy, and
construction trades.
$9,640 $9,636 $9,640 $15,000 $4,802 $19,280 $0 $48,722 $481,444 10%
17-04-ED Opportunity Junction Job Training and
Placement Program
Provide 10 participants with
job training, support services
and job placement.
$100,000 $85,000 $100,000 $60,000 $0 $30,000 $0 $190,000 $947,003 20%
17-05-ED Opportunity Junction Bay Point Career
Development Services
Provide intensive,
individualized vocational
services including
assessment and
development of employment
plans, case management and
service referrals to 30 low-
income persons.
$20,000 $20,000 $20,000 $0 $0 $10,000 $0 $30,000 $172,491 17%
17-06-ED
Renaissance
Entrepreneurship
Center
Renaissance Richmond
Intensive small business/
microenterprise training and
technical assistance to 50
unduplicated lower-income
individuals who own or wish
to start a small business/
microenterprise
$50,000 N/A $42,000 $0 $0 $0 $0 $42,000 $295,984 14%
CCC
Application
No.OutcomeApplicant
Economic Development Projects
% Budget
(CDBG)
Total
Budget
Total
CDBG
Requested
Contra Costa County
Amount Requested
(Other CDBG Jurisdictions)
Community Development Block Grant
Economic Development Category
FY 2017/18, 2018/19 and 2019/20
ATTACHMENT A
Project Name
Amount
Requested
Amount
Received FY
2016/17
County Staff
Rec. for FY
2017/18 Antioch Concord Pittsburg WC
CCC
Application
No.OutcomeApplicant
% Budget
(CDBG)
Total
Budget
Total
CDBG
Requested
Contra Costa County
Amount Requested
(Other CDBG Jurisdictions)
17-07-ED
West Contra Costa
Business Dev. Center,
Inc.
Emerging Entrepreneurs
Program
To provide technical
assistance and support to 50
existing businesses or
persons wishing to open a
business as a way to
create/retain jobs.
$80,800 $65,000 $77,152 $0 $0 $0 $0 $77,152 $244,800 32%
17-08-ED
Workforce
Development Board of
Contra Costa County
Small Business
Development Center
(SBDC)
Small business training for 50
clients.$50,000 $50,000 $50,000 $15,000 $30,000 $15,000 $15,000 $125,000 $325,000 38%
$430,440 $310,636 $409,792 $105,000 $49,802 $89,280 $30,000 $704,522 $2,466,245 29%Total
Community Development Block Grant
Infrastructure/Public Facilities Category
FY 2017/18, 2018/19 and 2019/20
ATTACHMENT B
Project Name Amount Requested
County Staff
Recommendation for
FY 2017/18
County Staff
Recommendation for
FY 2018/19
17-01-IPF City of Oakley Oakley Senior Center
Renovations
Improvements/Renovation of
the Oakley Senior Center
located at 215 2nd Street,
Oakley
$130,500 $98,000 N/A $98,000 $149,000 66%
17-02-IPF
Bethel Island
Municipal
Improvement District
Pump and Drainage Pipe
Replacement Project
Replacement of existing
pump and drainage pipe to
prevent flooding in the Bethel
Island neighborhood.
$110,000 $82,500 N/A $82,500 $110,000 75%
17-03-IPF Contra Costa Family
Justice Alliance
West County Family
Justice Center Roof
Replacement Project
Roof Replacement of the
West County Family Justice
Center located in the City of
Richmond
$191,000 $0 $95,000 $95,000 $191,000 50%
17-04-IPF Harmony Home,
Associated
Wheel Char lift
Installation and Exterior
Stairs Replacement
Project
Install a wheelchair lift and
rebuild the existing stairs to
Harmony Home's office
building in Martinez to
improve accessibility and
allow more space for client
services
$87,000 $78,000 N/A $78,000 $87,000 90%
17-05-IPF Martinez Early
Childhood Center, Inc.
Children's Bathroom
Addition and Floor
Replacement Project
Addition of a new ADA
bathroom for children and
replacement of interior floors
of all the classrooms of the
Martinez Early Childhood
Center
$69,040 $65,494 N/A $65,494 $76,600 86%
CCC
Application
No.OutcomeApplicant
Contra Costa County
Infrastructure/Public Facilities Projects
% Budget
(CDBG)
Total
Budget
Total
CDBG
Community Development Block Grant
Infrastructure/Public Facilities Category
FY 2017/18, 2018/19 and 2019/20
ATTACHMENT B
Project Name Amount Requested
County Staff
Recommendation for
FY 2017/18
County Staff
Recommendation for
FY 2018/19
CCC
Application
No.OutcomeApplicant
Contra Costa County
Infrastructure/Public Facilities Projects
% Budget
(CDBG)
Total
Budget
Total
CDBG
17-06-IPF Martinez Early
Childhood Center, Inc.
Playground Re-Surfacing
Project
Replace the surfacing of an
existing playground within the
Martinez Early Childhood
Center
$27,630 $0 $27,630 $27,630 $30,719 90%
17-07-IPF Pogo Park Harbour-8 Park Shade
Structure Project
Install a new shade structure
for an existing playground
within Harbour-8 Park located
in the City of Richmond
$80,000 $0 $80,000 $80,000 $94,800 84%
$695,170 $323,994 $202,630 $775,170 $739,119 105%TOTALS
FINANCE COMMITTEE 7.
Meeting Date:03/27/2017
Subject:Successor Agency of the Contra Costa County Redvelopment Agency -
Issuance of Tax Allocation Bond (Refunding )
Submitted For: John Kopchik, Director, Conservation & Development Department
Department:Conservation & Development
Referral No.: 2017/110
Referral Name: Debt Policy
Presenter: Kara Douglas, Assistant Deputy
Director
Contact: Kara Douglas (925)
674-7205
Referral History:
Debt Policy (Resolution 2017/110) requires County Finance Committee review of
recommendation prior to issuance.
Referral Update:
See attached staff recommendations regarding a 2017 Tax Allocation Bond Refunding.
Recommendation(s)/Next Step(s):
ACCEPT report from the Conservation and Development Department regarding a
recommendation to the Governing Board of the Successor Agency to the Contra Costa County
Redevelopment Agency the approval of an issuance of 2017 Tax Allocation Revenue Bonds by
the Successor Agency and forward to the full Board of Supervisors.
Fiscal Impact (if any):
The proposed refunding will save approximately $14 million net present value in debt service
payments. The $14 million savings will go to the other taxing entities as provided for in the
dissolution of the redevelopment agency.
Attachments
Tax Allocation Bond Refunding
CONTRA COSTA COUNTY
Department of Conservation and Development
Community Development Division
30 Muir Road
Martinez, CA 94553
Telephone: 674-7205 Fax; 674-7257
DATE: March 27, 2017
TO: Finance Committee
FROM: Kara Douglas, Assistant Deputy Director
SUBJECT: Tax Allocation Bond Refunding
The purpose of this memorandum is to request the Finance Committee to recommend to the
Governing Board of the Successor Agency to the Contra Costa County Redevelopment Agency (the
“Successor Agency”) the approval of an issuance of the 2017 Tax Allocation Revenue Bonds (the
“2017 Bonds”) by the Successor Agency.
The Successor Agency has five outstanding series of tax allocation bonds totaling $86 million that will
be callable on August 1, 2017 (2007 Bonds) or are currently callable.
Table 1 – Outstanding Tax Allocation Bonds
Series 1999 2003 2007A 2007AT 2007B 2007 Total Grand Total
Par 7,170,000$ 5,550,000$ 50,725,000$ 22,865,000$ 13,105,000$ 86,695,000$ 99,415,000$
Prepaid (13,315,000) (13,315,000) (13,315,000)
Net Par 7,170,000$ 5,550,000$ 37,410,000$ 22,865,000$ 13,105,000$ 73,380,000$ 86,100,000$
The County of Contra Costa Public Financing Authority (the “Authority”) issued the bonds and they
are backed by 12 underlying tax increment loans from five different project areas (Contra Costa
Centre, Bay Point, North Richmond, Rodeo and Montalvin Manor).
Table 2 – Summary of Loans
Project Area Loans 1999 2003 2007 Non-Hsg 2007 Hsg 2007 Total Grand Total
Contra Costa Centre 6,995,000$ 5,550,000$ 32,645,000$ -$ 32,645,000$ 45,190,000$
Bay Point 175,000 - 19,115,000 4,520,000 23,635,000 23,810,000
North Richmond - - 2,800,000 3,500,000 6,300,000 6,300,000
Rodeo - - 5,265,000 3,465,000 8,730,000 8,730,000
Montalvin Manor - - 1,390,000 680,000 2,070,000 2,070,000
Total 7,170,000$ 5,550,000$ 61,215,000$ 12,165,000$ 73,380,000$ 86,100,000$
The Department of Conservation and Development, which serves as the administrator of the
Successor Agency, completed a competitive bid process for this transaction and selected Stifel,
Nicolaus & Co., Inc. (Stifel) as the underwriter or placement agent for the 2017 Bonds after review of
all proposals received. The proposed refunding will save approximately $14 million in debt
service payments (on a net present value basis) or approximately 14.2% of refunded bonds,
based on current market conditions. The 2017 Bonds may be structured in order to provide debt
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service savings in each year as compared to the refunded bonds, or with the same debt service
shape, but with a shorter final maturity. The table below shows the two potential structures for the
2017 Bonds and the resulting cash flow savings provided under each scenario. It should be noted that
this analysis factors in the $13 million that is currently held in escrow to pay a portion of the 2007A
principal.
Date
Existing Debt
Service
2017 Bonds
Debt Service
Option 1
Cash Flow
Savings ‐
Option 1
2017 Bonds
Debt Service
Option 2
Cash Flow
Savings ‐
Option 2
08/01/2018 7,860,875 6,106,285 1,754,591 7,857,583 3,292
08/01/2019 7,872,892 6,102,248 1,770,644 7,857,305 15,587
08/01/2020 7,861,383 6,100,980 1,760,403 7,860,333 1,051
08/01/2021 7,866,124 6,103,115 1,763,009 7,858,932 7,192
08/01/2022 8,152,451 6,105,230 2,047,221 7,855,973 296,478
08/01/2023 8,127,300 6,102,241 2,025,059 7,853,250 274,050
08/01/2024 8,138,206 6,105,161 2,033,045 7,855,750 282,456
08/01/2025 8,113,102 6,104,774 2,008,328 7,854,750 258,352
08/01/2026 8,008,210 6,106,250 1,901,960 7,854,750 153,460
08/01/2027 7,967,399 6,103,500 1,863,899 7,855,000 112,399
08/01/2028 7,981,641 6,107,000 1,874,641 7,854,750 126,891
08/01/2029 8,692,867 6,106,000 2,586,867 7,858,250 834,617
08/01/2030 8,692,892 6,105,250 2,587,642 6,814,500 1,878,392
08/01/2031 8,691,980 6,104,250 2,587,730 8,691,980
08/01/2032 8,699,382 6,102,500 2,596,882 8,699,382
08/01/2033 8,698,794 6,104,500 2,594,294 8,698,794
08/01/2034 8,604,648 6,104,500 2,500,148 8,604,648
08/01/2035 8,609,003 6,107,000 2,502,003 8,609,003
08/01/2036 4,846,892 3,401,250 1,445,642 4,846,892
08/01/2037 4,850,606 3,402,000 1,448,606 4,850,606
Total 158,336,647 116,684,034 41,652,613 101,091,125 57,245,521
In addition, the refunding will significantly simplify the Agency’s existing debt structure and will ease
the staff’s tracking and reporting burden. The $14 million savings will go to the other taxing
entities as provided for in the dissolution of the redevelopment agency. Stifel is currently
evaluating proposals for a potential direct placement of the bonds, as well as pursuing a public bond
sale.
The 2017 Bonds will be issued directly by the Successor Agency and will not require issuance through
the Authority. However, the Authority will need to approve the escrow agreement(s) related to the
refunded bonds. The 2017 Bonds will be issued in two series, a tax-exempt and a taxable series.
DCD staff has presented the refunding proposal to the County Debt Affordability Advisory Committee
and has received the Committee’s support. Staff will continue to confer with the County Auditor-
Controller throughout this process to determine the structuring details, including whether to reduce
the annual debt service or to reduce the term.
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The proposed refunding schedule is very aggressive and targets early to mid-July to complete the
refunding. The Governing Board of the Successor Agency will consider adopting a resolution to
authorize the bonds and legal documents at its April 25th meeting. After the State Department of
Finance has reviewed and approved the proposal (a process that can take up to 65 days to
complete), the Governing Board of the Successor Agency will be asked to adopt a resolution
approving the sale of the refunding bonds and the release of the Preliminary Official Statement
(assuming a public sale is pursued).
It is recommended that the Finance Committee approve the proposed financing in order to allow the
Agency to realize debt service savings and to simplify the debt structure.
FINANCE COMMITTEE 8.
Meeting Date:03/27/2017
Subject:QUARTERLY CAPITAL PROJECTS REPORT
Submitted For: FINANCE COMMITTEE,
Department:County Administrator
Referral No.: 1/6/2009 SD.2
Referral Name: Quarterly Capital Projects
Presenter: Ramesh Kanzaria, Capital Projects
Division Manager
Contact: Brian Balbas (925)
313-2284
Referral History:
On January 6, 2009, the Board of Supervisors approved recommendations for Board Member
appointments to local, regional and statewide boards, committees and commissions for the 2009
calendar year. One of the adopted recommendations was to combine the Capital Facilities
Committee with the Finance Committee.
On February 2, 2009, the Finance Committee met and planned committee meetings and schedules
for the coming year. One of the recommendations was for the Finance Committee to receive
regular capital facility update reports. The first report was presented to Finance on March 4, 2009
by the Director of General Services, Mike Lango. The Committee reviewed the initial report and
requested that additional financing and appropriation information be added to make the report
more meaningful. The final report format was accepted at the April 6, 2009 meeting and staff was
directed to include on future Finance Committee agendas. Reports were submitted at each
Finance Committee meeting through December 2010.
Beginning in 2011, the Finance Committee requested that Capital Facility Reports be reviewed
quarterly. Quarterly review of Capital Facility Reports is the current practice.
Referral Update:
Quarterly update.
Recommendation(s)/Next Step(s):
ACCEPT Quarterly Capital Projects update.
Attachments
Capital Projects Update Report