HomeMy WebLinkAboutResolution 2003-170 N.C.S. 08/18/2003resolution No.2003-170 N.C.S.
of the City of Petaluma, California
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PETALUMA
APPROVING THE ISSUANCE BY THE PETALUMA COMMUNITY DEVELOPMENT
COMMISSION OF NOT TO EXCEED $30,000,000 IN TAX ALLOCATION BONDS
FOR THE PURPOSE OF FINANCING AND REFINANCING CERTAIN PUBLIC
IMPROVEMENTS AND MAKING BENEFIT FINDINGS
WHEREAS, the Petaluma Community Development Commission (the
"Commission") is authorized pursuant to Part 1 of Division 24 (commencing with Section
33000) of the California Health and Safety Code (the "Law") to issue bonds for any of its
corporate purposes; and,
WHEREAS, in order finance and refinance the Petaluma Community
Development Project (the "Project"), the Commission has indicated its intention to issue not to
exceed $30,000,000 aggregate principal amount of Petaluma Community Development Project
Tax Allocation Bonds, Series 2003A (the "Bonds"); and,
WHEREAS, in accordance with Section 33445 of the Law and for the reasons
and based on the information set forth in Exhibit A hereto and presented to this City Council at
this meeting, this City Council has determined that the use of the proceeds of the Bonds to
finance the Project, including the capital improvements described in Exhibit A, are of benefit to
the project area for the Project (the "Project Area") or the immediate neighborhood in which
such improvements will be located and no other reasonable means of financing such
improvements are available to the City of Petaluma, the Commission or otherwise, and the
payment of funds for .such improvements will assist in the elimination of one or more of the
blighting conditions inside the Project Area; and,
WHEREAS, pursuant to the Law, the City Council also must authorize the
issuance of the Bonds by'the Commission.
Resolution No. 2003-170 N.C.S.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF PETALUMA AS FOLLOWS:
SECTION 1. Approval of Financing. This City Council hereby approves the
financing and refinancing of the Project and the costs related thereto, by means of the issuance of
not to exceed $30,000,000 aggregate principal amount of the Bonds, pursuant to the provisions
and subject to the requirements of the Law. This approval is intended to satisfy the requirements
of Health and Safety Code Section 33640.
SECTION 2. Benefit Findings. This City Council hereby adopts as findings of
benefit the information contained in Exhibit A, attached hereto and incorporated herein, pursuant
to Section 33445 of the Health and Safety Code.
SECTION 3. Effective Date. This Resolution shall take effect immediately upon
adoption.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of t ~ 8~'ity of Petaluma at Au nst lar) (Adjourned) (Speci~l) meeting form
on the .......................... day of .............~......................................., 20....3.., by the
following vote: ••••~•• ••• •••••••••••
C~y Attorney
AYES: Canevaro, Mayor Glass, Harris, Healy, Moynihan, Vice Mayor O'Brien, Torliatt
NOES: None
0
ABSENT: None
d
ATTEST: ......... ...... ....................................................................... ................................................... .
City Clerk Mayor
Council Filq, .... ....
Res. Nn...... L~~~-~.70.......N.CS.
FXHTT~TT A
Central Business District Projects
Funded by Petaluma Community Development Project Bond Issue
Project 1: Water Street & Turning Basin River Walk ($7.7 Million):
The project will involve constructing abicycle/pedestrian walkway along the river in the historic
downtown area. Water Street will be constructed so that utilities are undergrounded, parking is
pulled back from the river's edge so that a pathway can be built. The pathway will allow people
to walk down the river through the Petaluma Community Development ("PCD") project area.
Project 2: Downtown Streetscape Improvements ($5.75 Million)
The project will involve installing historic-type streetlighting, benches, trees, bike wracks,
sidewalks, and street paving. This will occur as a first phase along Petaluma Blvd and Kentucky
Street -typically called the historic downtown.
Proiect 3: Central Petaluma Specific Plan Implementation/Theater District ($7.4 Million)
The project will involve the development of public infrastructure over a 5-block area resulting in
a mixed use development project of $75 million.
Proiect 4: Parking Structure in CBD Proiect Area ($2.1 Million)
Funds will be contributed for the construction of a public/private parking garage in the Central
Business District. Area
Proiect 5: Railroad Depot ($1.0 Million)
The project involves the rehab of 8,200 square feet of space outside and inside the three Depot
buildings.
Main Benefits to PCD Project Area:
® Traffic Reduction/Circulation Improvements: The projects link PCD Project Area with
the downtown CBC project area (People who normally drive downtown will be able to
walk or ride their bikes. This will relieve traffic congestion in both the PCD project area
and in the CBD downtown.)
Enhanced Economy: With the project improvements, the businesses located on Water
Street will be able to turn their businesses toward the river. Right now, Water Street is an
ugly parking lot. The improvements will allow the businesses to "double load" with
restaurants on Water Street and retail establishments facing Petaluma Blvd. This will
create economic vitality that will benefit businesses located in the PCD project area since
so many are interdependent in serving downtown businesses. The streetscape
improvements in the downtown will attract more residents and visitors alike to a clean
charming district.
Sales Leakage: By creating a vibrant and attractive downtown, the City will prevent
residents from leaving town to spend discretionary recreational funds. In this way, funds
maintained downtown can be recirculated to other businesses in the PCD project area.
Resolution 2003-170 N.C.S. Page 3
a Economic Interdependence of CBD and PCD project areas: Both areas have businesses
that are interdependent. For example, services businesses renting office or commercial
space in the PCD project area depend on successful thriving businesses in the downtown
CBD for their livelihood. These include accountants, plumbers, attorneys, suppliers and
insurance brokers.
• Jobs: The project will bring additional jobs due to the economic expansion resulting
from. the double loading of buildings and from longer store hours.
® Sense of Place: The project will enhance the downtown ambiance and create a vital
center of civic and social life. The PCD Project Area is the gateway to this center and
will thrive in support of the downtown. Many businesses that choose to locate in
Petaluma, do so for its ambiance and sense of identity. This in turn gives them their
corporate identity. This is particularly true among high-tech industries located in the
PCD project area.
® The River is a Key Identifier: Work along the Petaluma River will enhance the River as
an important key attribute that gives the rest of the City its identity. The PCD project
area depends on a strong Petaluma identity.
® Depot is the Gateway: The Depot side is across the street from the PCD project area and
serves as an important gateway to the historic .downtown CBD. It will provide
recreational space to the entire community-both the PCD and CBD through a
conference center located in the freight building. The smaller depot building will likely
house the Petaluma Visitors Bureau-which serves the entire community and is the main
instrument for attracting visitors to the community. People will come to the Bureau for
literature on the community as well as use the public restrooms.
m Tourism: Improvements along the River and downtown will attract residents from the
PCD Project Area and other areas outside the CBD. They will also attract tourists who
will spend money in both the PCD and CBD project areas and will chose to stay in hotels
located in the PCD project area.
Resolution 2003-170 N.C.S. Page 4