CC Resolution 1996-075^Mr RESOLUTION NO.96 75
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA,
CALIFORNIA APPROVING THE REVISED POLICY, AND APPLICATION
PROCESS FOR THE FORMATION OF LAND BASED FINANCING DISTRICTS
AND RELATED FEE
WHEREAS, the City of La Quinta on January 1 5, 1991 adopted Resolution No.
91-2 establishing an administrative processing fee; and
WHEREAS, the Mello-Roos Community Facilities Act of 1 982, Improvement
Act of 1911, Municipal Improvement Act of 1913, and the Improvement Bond Act
of 1 915 allows the payment of a fee to accompany a written request or petition
requesting the creation of a Land Based Financing District to compensate the
legislative body for all costs incurred in conducting proceedings to create such a
District.
NOW, THEREFORE, BE IT RESOLVED AND ORDERED BY THE CITY COUNCIL
OF THE CITY OF LA QUINTA, THAT:
SECTION 1: This Resolution hereby revokes Resolution No.91-2 adopted
January15, 1991.
SECTION 2: A fee of fifteen thousand dollars $15,000) is hereby
established to compensate the City Council for all costs incurred in creating Land
Based Financing Districts.
SECTION 3: That the Policy for Formation of Land Based Financing Districts
and Application Process attached as Attachment No.2 be adopted.
PASSED, APPROVED AND ADOPTED at a regular meeting of the La Quinta
City Council, held on this * day of October, 1 996 by the following vote, to wit:
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Holt
NOES: None
ABSENT: None
ABSTAIN: None
GLENDA L. HOLT, Mayor
City of La Quinta, California
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^MrResolution No.96-75
Page 2
UNDRA L. J OLA, City Clerk
City of La Quinta, California
APPROVED AS TO FORM:
DAWN C. HONEYW
City of La Quinta, California
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^Mr ATTACHMENT NO. 2
*jIIjj,)L*PA1**tijiI(AA
*
POLICY FOR FORMATION OF
LAND BASED FINANCING DISTRICTS
INTRODUCTION
The City of La auinta will consider developer or property owner initiated applications
requesting the formation of community facilities or assessment Districts and the
insurance of bonds to finance eligible public facilities necessary to serve newlv
devAloping commercial, industrial andlor residential projects. Generally, only regional
or community serving public facilities such as malor streets and arterials, highway
improvements and freeways, flood or drainage improvements. sewers, telepholie
ducts, electrical conduits, water improvements, libraries, fire stations and transit
improvements including public parking facilities) may be eligible for this financing
program. Facilities will be financed in accordance with the provisions of the
Municipal Improvement Act of 1 913 and the Improvement Bond Act of 1915, or the
Mello-Roos Community Facilities Act of 1 982.
Fxisting neighborhoods may apply to the City for the use of the assessment financing
to fund local or neighborhood serving facilities, such as streets, alleys and sidewalk
improvements, in accordance with the Improvement Act of 1911 or the Municipal
Improvement Act of 1 91 3 and the Improvement Bond Act of 191 5.
The City shall make the determination as to whether a proposed District shall proceed
under the provisions of the Assessment Acts or the Mello-Roos Community Facilities
Act. The City may confer with other District consultants and the applicant to learn
of any unique District requirements such as regional serving facilities or long-term
development phasing, prior to making any final determination.
All City and consultant costs incurred in the evaluation of new development, District
applications and the establishment of Districts will be paid by the applicant(s) by
advance deposits in those instances where a proposed District has been initiated by
a party or parties other than the City. The City may incur expenses for analyzing
proposed assessment or community facilities districts where the City is the principal
proponent of the formation or financing of the District. Expenses not legally
reimbursable by the District shall be borne by the applicant.
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^Mr OVERVIEW OF APPLICATION PROCESS
Early communication with the City is encouraged to assist applicants in evaluating the
feasibility of available financing programs and to discuss program procedures. The
following details a typical District application review and approval process.
1 Pr*applicatlon Conference: Applicant meets with the Assistant City Manager
and Finance Director for Commercial Development; or, the Community
Development Director and Finance Director for residential development to
discuss the proposed project and application procedures.
2. Pre-application Submission: Applicant submits a pre-application.
3. Project Review: The City Staff will meet to discuss the pre.application,
including any issues raised and further information that might be required. If
necessary, applicant submits revised pre-application. Once the District's
application is accepted by City Staff, it will be reviewed by a City assessment
and Mello-Roos financing team consisting of, but not limited to, the City
Manager1 Assistant City Manager, Community Development Director, Finance
Director, and City Attorney, based on the needs of the prolect.
If the prolect is denied, a letter will be sent advising the applicant of the denial.
If the prolect is to be considered, an application packet will be sent to the
applicant. When the application is returned for processing, it must include the
initial $15,000.00 processing fee.
4. Application Pvocmlng: Upon City Staff's determination that the application
package is complete, City Staff prepares a report to the City Manager, or the
designee, who will then forward the application for district formation and
prolect financing, along with the City Manager's recommendation of additional
financing tearn members or consultants. to the City Council for further action.
If the City Manager determines that the prolect does not meet the community's
needs, the application fee* less accrued expenses, will be refunded to the
applicant.
6. City Council Consideration: The City Council grants or denies the application.
If approval is granted, the City Council directs the City Manager, or the
designee, to engage additional consultants. which may include, but not be
limited to; a certified appraiser, financial advisor, underwriter, bond counsel,
and assessment engineer. This includes negotiatIon of necessary contracts,
and the collection of additional developer deposits, as necessary.
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^Mr 7. Project Initiation: City Staff submits contracts, reimbursement agreements,
bond documents and other pertinent items for consideration to the City
Council, as required..
B. Project Implementation: Applicant, City Staff and consultants meet to
determine preliminary project schedule and begin work necessary to complete
District formation and financing.
GENERAL REQUIREMENTS
District Cost Deposits and Reimbursements
All City and consultant costs incurred in the evaluation of District applications and the
establishment of Districts shall be paid by the applicant through advance deposits.
The City shall not incur any expenses for processing and administering Assessment
Districts or CFDS. Expenses not chargeable to the District shall be directly borne by
the applicant.
Each application for the formation of an Assessment District or CFD shall be
accompanied by an initial deposit in the amount determined by the City to fund initial
consultant and staff costs associated with district.review and implementation. The
deposit is $15,000.00. If additional funds are needed to off-set costs and expenses
incurred by the District, the City shall make written demand upon the applicant for
such funds and the applicant shall comply with demand within fourteen 14) calendar
days of receipt of such notice. If the applicant fails to make any deposit of additional
funds for the proceedings, the City may, as its sole option, suspend all proceedings
until receipt of such additional deposit.
The deposits shall be used by the City to pay coats and expenses incurred by the City
incident to the proceedings, including, but not limited to, legal. engineering, appraisal,
special tax consultant and financlai advisory fees and expenses; administrative costs
and expenses; required notifications; and printing and publication of legal matters.
The District shall refund any unexpended portion of the deposits upon the following
conditions:
1. The District is not formed;
2. The proceedings for formation of the DIstrIct or issuance of Bonds is
disapproved by the City; or
3. The proceedings for formation of the District or issuance of Bonds is
abandoned in writing by the applicant.
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^MrPursuant to this adoption of a reimbursement resolution, the applicant shall be entitled
to reimbursement from Bond proceeds for all reasonable costs and expenses incident
to the proceedings and* construction of the Public Facilities as provided under the
Mello-Roos Act, the 1911 Act, or the 1 913 Act.
All such costs and expenses will be limited to those District-related consultants hired
by the City and invoices shall be verified by the City as a condition of reimbursement.
The applicant or property owner shall not be entitled to reimbursement from Bond
proceeds for any of the expenses specified as follows:
1. In-house administrative and overhead expenses inourred by the applicant;
2. Interest expense incurred by the applicant on moneys advanced or expended
during the proceedings and construction of public facilities; and
3. Any 6ther costs and expenses incurred by the applicant which are not
otherwise authorized for reimbursement under the Mello-Roos Act, the 1911
Act or the 1913 Act.
Under no circumstances shall the City accrue or pay any interest on any portion of
the deposit. Neither the City nor the District shall be required to reimburse the
applicant or property owner from any funds other than the proceeds of Bonds issued
by the District.
Use Of Consultants
The City shall either select or have the right of refusal over all consultants necessary
for the formation of the District and the issuance of Bonds, including the
underwriter(s)1 bond counsel, financial advisor, assessment engineef, appraiser,
market absorption study consultant, and the special tax consultant. City Staff may
confer with the applicant, but consent of the applicant is not required in the
determination by the City of the consulting and financing team. The need for district
consultants and the ***pe: of their services shall be determined by City Staff on a
case-by-case basis with consideration given to market conditions and the nature of
the District and financing(s).
Eligible Public Facilities
Facilities to be financed must be Public FacIlities for which the City? or a public
agency as determined appropriate by the City, will be the owner or will have normal
operating and maintenance responsibility. The types of public facilities eligible to be
financed are:
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^Mr* 1. Streets and Roads.
2. Utilities and Drainage. *acilities.
3. Regional Public Facilities as permitted under the Mello-Roos Act). Parks and
library facilities may be financed on a case-by-case basis.
The City has final determination as to any facility's eligibility for financing, as well as
the prioritization of Public Facilities to be included within a District financing. Use of
Bond proceeds for grading and right-of-way acquisition will be reviewed by the City
and bond counsel on a case-by-*ase basis.
Property Owner Support
In the instance of multiple property owners, the applicant shall be required to produce
letters evidencing support by the other property owners for the scope and
establishment of the District as an attachment to the District application. Formation
of the District will require proof of overwhelming support of the other property
owners to be included in the proposed District, unless there is an overriding need for
the Public facilities, or the applicant is willing to separately fund the Public Facilities
on the non-participating property(s).
Land Use Approvals
The City will accept applications for the formation of Assessment Districts andlor
CFDS only when properties to be included within a proposed district have City site
plan and other applicable zoning approval.
VsIue-To-Lien Ratio
The District or improvement area) property value-to-lien ratio should be at least 4.0
to 1 after including in an appraisal the value of the financed Public Facilities to be
installed and including as part of the lien any prior or pending special taxes or
improvement liens. lndtvtdua* properties within the boundaries of the proposed
District muSt also meet a minimum value-to-lien test of 3.0 to. 1 on a parcel-by-parcel
basis.
The value-to-lien ratio shall be determined based upon an independent certified
appraisal bf the proposed Oistrlct. The appraisal shall be coordinated by and under
the direction of the City. All costs associated with the preparation of the appraisal
report shall be paid by the applicant through the advance deposit mechanism. The
appraisal shall be conducted In accordance with criteria established by the City. In
every case, the appraisal shall employ either a discounted cash flow analysis or use
bulk sale comparables.
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^MrUpon receiving an appraisal and determining the value-to-lien ratio, the City shall
apply the following criteria:
1. If the value-to-lien ratio is 4.0 to 1 or greater, the City will not require a letter
of credit or other security to secure payment of the special taxes or
assessments to be levied annually on properties within the District. However,
letters of credit or other security may be required for individual parcels within
the District that have a value-to-lien of less than 3.0 to 1.
2. If the value-to-lien ratib is less than 4.0 to 1, the City shall require letters of
credit or other security to secure payment of the special taxes or assessments
on properties within the District or may elect to abandon the District.
Security
*or new development, the applicant or property owner must demonstrate itS financial
plan and ability to pay all assessments and/or special taxes. before full build-out has
taken place. Additional security such as credit enhancement may be required by the
City in certain instances.
If the City requires letters of credit or other security, the credit enhancement shall be
insured by an institution in a form and upon terms and conditions satisfactory to the
City. All fees payable on the letter of credit or other security shal. be the sole
responsibility of the applicant or developer, not the City or the District. Any security
required to be provided by the applicant shall be dlsch8rged bythe City upon the
opinion of a certified appraiser retained by the City. that a value-to-lien ration of 4.0
to 1 has been attained.
Prior to the City Council's approval of District formation, any property owner that will
be responsible for more than 10 percent of the aggregate special taxes or assessment
installments within* tn* district will, at Cl* Staws requess, provide detailed
* information regarding the following:
1. Legal structure ot the title-holding entity, and the legal structure of the owners
or partneis thereof;.
2. Detail*dl, externally prepared financial statements of the property-owning entity
and, if th* owning entitiirisa subsidiary or affiliate of another entity? detailed
audited ftuiancial statemeints of such parent 0! affillate* Thre* years'
statements are required;
3. A list of bank, credit or' investment references wihir the City m.y contact;
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^Mr 4. A list of other cities or agencies in which the developer or its parent or affiliate
company have participated in financing district formation and bond sales; and
5. A comprehensive property development financial pro forma detailing
development costs and funding sources, whether from equity, bank, investor
or bond proceeds sources. The pro forma must clearly identify timing and
amount of private funds required to develop the project and pay the
installments or taxes pending prolect completion and sale. The developer will
be expected to demonstrate the level of certainty of obtaining and the sources
of such private funds.
The City will use the above information in assessing whether or not to proceed with
formations of the District.
Disclosure
The City shall determine, in its sole judgment after consultation with attorneys and
experts, what financial and development information provided by the developer will
be disclosed in the Official Statement for the bonds. The City intends to*generalIy
follow the procedures and recommendations set forth in the California Debt Advisory
Commission's publication Disclosure Guidelines for Land-Bused Securities. The
developer will be required to review such disclosure, and to sign a certificate that the
disclosure is complete and accurate, and that it does not fail to include material facts.
The City will also determine, in its sole judgement, after consultation with attorneys
and experts, what financial and development information provided by the developer
will be included in annual secondary market disclosure materials required by Securities
and Exchange Commission Rule 1 5c2-1 2. The developer will execute an agreement
with the City pledging to provide the required data according to a given schedule.
Generally, the developer's obligation to provide continuing disclosure data will
terminate when. the developer's share of total debt service revenues falls below a
threshold of 10-25%.
The City will make its best* efforts not to disclose any information in the initial offering
not reviewed and approved by the developer(s). Applicants should be aware that,
absent such review and approval, the City may not issue any bonds.
Terms and Condidons Of BGnds
All terms and conditions of the bonds. shall be established by the City. The City will
control, manage and invest all District insured Bond proceeds, Unless otherwise
authorized by the City, the following shall serve as Bond requirements:
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^Mr 1. A reserve fund equal to approximately 10 percent of the issue's par value will
be established. *
2. The special taxes or annual assessments shall be levied for the first fiscal year
following sale of the Bonds for which they may be levied. Interest shall not be
funded capitalized) beyond the earliest interest payment date for which
sufficient special tax revenues or annual assessment will be available for
payment of interest.
3. The repayment of principal shall begin on the earliest date for which sufficient
special tax revenues or anhual assessments can be made available.
4. Beginning with commencement of the repayment of principal, annual debt
service shall be level.
5. The maximum special tax shall be established to assure that the annual
revenue produced by levy of the maximum special tax shall be equal to at least
110% of the average annual debt service.
6. In instances where multiple series of Bonds are to be issued, the City shall
make a final determination as to which Public *acilities are of the highest
priority and those Public Facilities will be financed first and will be subject to
the earliest or most senior lien.
7. The City may require that each new District bond financing refund any prior
liens, if they exist on properties included in the District in' order to avoid
subordinated Iiens* Instances where prior liens may not require funding are:
1) where refunding prior liens will result in higher interest cost, 2) where
there can be assurance that prior liens may pose no marketing problems for the
new District Bonds, or 3) where refunding prior liens may present future
administrative difficulties to the City or other affected public entities.
Disclosure to Purchasers
The applicant or property owner will be required to disclose this and any other special
tax, assessment or other liens on individual parcels to existing and future property
owners. In addition to all requirements of law, the City shall require the applicant to
provide disclosure of such information to the purchasers of propeTw within the
District and the terms and conditions of Bonds issued on behalf of the District. Such
disclosure requirement shall Include notifications to potential property purchasers, as
* well as methods to notify subsequent property purchasers.
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^MrAcquisition Provisions
The City generally will provide for acquisition Districts. The City shall have final
determination as to whether and to what extent it will allow the financing of Public
Facilities through acquisition.
In the event the acquisition provisions of the 1 91 3 Act or the Mello-Roos Act are
usedf the City and the applicant or property owner shall mutually agree upon Public
Facilities to be acquired and the method of deterniming reasonable acquisition cost.
A funding and acquisition agreement shall be required and approved by the City
Council on or prior to the adoption of the resolution of intention to form the District.
Exceptions to these Policies
The City may find in limited and exceptional instances that a waiver to any of the
above stated policies is warranted given identified special City benefits to be derived
from such waiver. Such waivers are granted only by action of the City Council and
based upon specific public purpose, economic andlor health and safety findings.
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^Mr 0
CITY OF LA QUINTA PRE-APPLICATION
FOR LAND BASED FINANCING DISTRICTS
Official Company Name:
Any DBA's:___________________________________________________
Official Mailing Address:________________________________________________________
Telephone: Fax:__________________________________
Project Location:
must be within City limits)
Types of Public Improvement(s):
Type of Financing: Assessment District D or Mello Roos District D
Amount of Financing Requested:*
Requested Date Funds Available For Construction:____________________________
Will 3 Years of Financial Statements Be Provided D Yes * No
Contact Person: Title:
Telephone: Fax:__________________________________
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^Mr
*44-
Within the constraints of these provisions, the City of La Quinta has developed the
following fee schedule to be used in the program:
1 At the time an application is submitted. a filing fee in the amount of
$1 5,000.00 will be required.
FOR OFFICE USE ONLY
ApplicatiQn No*
Date Received
CITY OF LA QUINTA
LAND BASED FINANCING
PROJECT ELIGIBILITY REVIEW
Q ASSESSMENT DISTRICT Q MELLO ROOS
The information requested on this form is necessary to process or a request for
financial assistance from the City of La Quinta Assessment District and Mel!o Roos
Program. Fill in all the blanks using WNONEN or *NOT APPLlCABLE* where necessary
If the figure given is an estimate, put NEST.n after the figure. If more space is needed
for any specific answer to a questiQn, us* a separate sheet. The information
submitted in this form will not be made public without prior notice to the applicant.
Please enclose the last three 3* fiscal year-end financial statements plus any interim
statements available. Return two signed copies of this application to:
City of La Quinta, Finance Department
POBoxlS04
78-495 CaIle *ampico
La Quinta, California 92253
Signature Title Date
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^Mr PETITION/PROPOSED OWNER OF THE PROJECT
A. Official Company Name:_______________________________________________
Any DBA's:______________________________________________
Official Mailing Address:__________________________________________________
Telephone:( Fax:(
Company Headquarters and address of each operating location in
California:_______________________________________________________________
B. Business Organization: Corporation
Partnership__________________ Sole Proprietorship
Other describe)
Is the proposed owner a subsidiary or aflillated directly or indirectly with. any
other organization?_____________ If so, indicate relationship 8nd name of
related organization:
If corporation, indicate state of incorporation: and date
qualified to do business in California if incorpQrated elsewhere):
C. Offi*Ar* Nnme & Hnme Addr*a *uinnan Affil*tinni
President
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^Mr Vice President
Finance)
Secretary
Directors
D. List name and home address of equity owners of 10% or more. If publicly
held, indicate stock exchange traded on. If partnership, list General a*id
Limited Partners and interest owned bV each. If trust, list beneficiaries.
$ of Equity
NAmA Home AddrA*n Interest Owned
E. Name, business address, and phone number of officer to whom all notices and
communications concerning the project should be sent:
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^MrF. Counsel to Applicant:
Name:
Address:______________________________________________________________
TeI*phnne: I
G. Bond Counsel on proposed project if known):*
Name:__________________________________________________
Address:______________________________________________________________
TAl*nhonA:
H. Principal Bank(s) of Account with name and phone of contact person:
Name: *pnt*ct:
Address:___________________________________________________________
TAlephonA I
Name: CnntAct.*
Address:___________________________________________________________
Tnlanhnne'. I I
Investment Bank* for proposed project if known):e
Name: Cpntact.*
Addrm.*
TAlAnh*ne.* I 1
*NOTE: Bond COUflI.' and Investment benkei afe subject to the appfOVal of City of La culuita
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^MrJ. Company History.
1. Description. of Development Projects completed.
2. List all tax exempt financing prolects
Have any of these projects ever been in default? Yes No
If yes, please provide project name and locatiQn
K. A description, if applicable, of the statewide size and locat*on of the
development projects of th* Applicant includinG related person and principal
users.
L. Attach copies of the year-end Financial Statements for each of the last three
3) years, or for as many years as are available.
1. For public corporations, Form 1 OK's plus most recent form 1 OQ.
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^MrII. PROPOSED PROJECT:
A. Development concept: Narratve Description, including renderings if available).
B. Proposed Facilities off-site) to be constructed with Bond Proceeds describe).
C. Off-site Cost Breakdown.
D. Does applicant now own the site of the proposed facility? If not,
has applicant entered into an option or commitment or other agreement to
purchase the land? If so, please attach a copy of such
agreement.
E. If project is located within the City, please identify prior contact with City
officials regarding the facility certification of prior contact required).
F. Estimated useful life of buildings, equipment or off-site improvements.
G. Give brief narrative explaining why project is being undertaken.
H. Does the proposed prolect involve, in whole or in part, any of the following:
residential real property; sports facilities: commercial property or industrial land
development activities? Yes_______ No_______ If yes, please explain.
I. Proposed commencement date of acquisition or construction of the public
facilities:
J. Estimated date on which facilities will:
Start construction: Completion date:_________________
K. Attach an initial study for purposes of environmental impact. Will the facilities
meet zoning requirements at the proposed location? Has Specific
Plan or Tract Map received approval by the City Council?
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^Mr L. Please list the date; purpose and amount of any of the costs proposed to be
financed in connection with the proposed project which have been incurred
prior to the date cf this application:
Date Purpose Amount
M. Please summarize any capital expenditures paid or incurred in La Quinta within
the last three 3) years.
Ill. COST OF THE PROJECT
State the costs reasonably necessary to the acquisition of the site andlor construction
of the propsed project together with any m*chinery and equipment necessary or
convenient in connection therewith, and including any utlities. access roads or
apportionment facilities,
A. Land and Facilities
1. Contract Price $________________
2. Legal, Fiiin* Misc. $________________
3. Fees, Permits, andlor Taxes $________________
Subtct* $________________
B. Architectural and Engineering
C. Construction *o8ts.*
1. Sit* Preparation $_________________
2. Materials $________________
3. Construction Contracts $,
4. Labor $_________________
5. UtihUes Connect.o*
Subtotal $_________________
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^MrD. Interest during construction $_________________
E. Financing, legal, Miscellaneous
From To* $_______________
Please specify)
F. Contingency if appropriate) $__________________
TOTAL $_____________
NOTE: Project costs may not include working capital, other than construction
loans. Generally, only costS paid or incurred after application is
accepted can be reimbursed out of bond proceeds.
IV. PL*ASE OUTLINE YOUR DETERMINATION OF VALUE OF THE PROPOSED
PROJECT TO BE FINANCED. Att**h re*9nt *nprAi**lRI
V. PUBLIC BENEFITS OF PROJECT
A description of the public benefits which would occur from undertaking the
project. If applicable, information in this section is to be given for both the
applicant and all other entities that will be principal users of the facilities).
A. Resource Conservation
1. Explanation and documentation of estimated conservation of
energy, mineral or natural, cultivated resources arising out of the
project.
2. Explanation and documentation of th* reduction of waste,
improvement of recovery or intensification of utilization of
resources that otherwise would be 1e58 intensively utilized1
wasted or not recovered.
B. Other Benefits
1. Will project contribute to the improvement of detrimental
environmental factors?
2. Will project contribute to the revitalization of a deteriorated area,
or will it increase economic usefulness of an area?
B
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^Mr 3. Estimate of increased local and state taxes, fees and other
revenues due to the completion of the project. Attach proposed
Special Tax Spread, if available).
4. Estimate of decreases of public service costs by virtue of
completion of the project such as decreased welfare or
unemployment costs*.
VI. PUBLIC DETRIMENT
A description of any public detriment from issuance of bonds in the maximum
amount proposed in the application.
A. Employment displacement will the completion of the project contribute
to job displacements.
B. Energy, mineral or natural or cultivated resource conservation will the
completion of the project lead to increased utilization of resources?
1. Estimate of increased utilization of resources.
2. Estimate of increases in cost to th. public due to increased
utilization.
C. Does construction of the project* or completion of the project, have any
adverse environmental impacts, including additional waste disposal?
1. Estimate of the environmental impacts.
2. Include copies of any required Environmental Impact Reports.
PURLICLY HELD COMPANIES
Copies of the annual report to stockholders for each of the last three 3) years. If
applicable, include copies of any registration statements, prospectuses and 1 *K's
filed with the Securities and Exchange Commission within each of the last three 3)
years, and copies of the applicant's last 1 *Q and most recent 8-K.
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^Mr lMPOi*TANT NOTICE TO APPLICANT
Approval for financial assistance by City of La Quinta Is determined by the
information presented In this application. Any changes in the status of the
proposed project from the facts presented herein and the Exhibits attached
hereto, could disqualify the project and cause it to be ineligible for financial
assistance. In general, commencement of construction or any award of
contract for the final acquisition. of the proposed project, prior to formal
approval by the City where such construction or acquisition is to be financed
by a tax-exempt issue, is likely to resuft in the appilcation being considered
ineligible for approval.
The following information and schedule must be attached as Exhibits to the
application:
SCHEDULE A
Housing Classification
SCHEDULE B
Debt Service by Housing Types
SCHEDULEC
Types of Public Facilities to be Constmctud
SCHEDULE D
Housing Charactedatics
SCHEDULE E
Appraisal/Market Value
SCHEDULE F
Proposed Debt Service Schedule
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