HomeMy WebLinkAboutStaff Report 3.D 12/01/2008CITY OF PETALUUMA, CALIFORNIA
AGENDA BILL
Agenda Title: Resolution Accepting the Completion of Public
Improvements Required by the Owner Participation Agreement By and
Between Basin Street Properties and the Petaluma Community
Development Commission ("Theatre District Infrastructure Improvements
Project C200703")
&D
December 1, 2008
Meeting Date:
December 1, 2008
Meeting Time: ❑ 3:00 PM
® 7:00 PM
Category: ❑ Presentation ® Consent Calendar ❑ Public Hearing ❑ Unfinished Business ❑ New Business
Department: Director: Contact Person: Phone Number:
Public Works Vince Marengo Vince Marengo 778-4467
Larry Zimmer
Cost of Proposal: $17,108,469 Name of Fund: 3900-C200703
Amount Budgeted: $17,100,665 Account Number: PCDC Merged
Project Area
Recommendation: It is recommended that the City Council take the following action:
Accept completion of Public Improvements required by the Owner Participation Agreement by and between
Basin Street Properties and the Petaluma Community Development Commission ("Theatre District Infrastructure
Improvements Project C200703")
Summary Statement:
Under the Owner Participation Agreement (OPA) with Basin Street Properties the Petaluma Community
Development Commission (PCDC) was to fund the public improvements for their Theatre District Project,
defined in the OPA ("the Public Improvements"), with plans and specifications prepared by the City. Basin
Street was to construct the improvements, which it did through a contract with North Bay Construction, Inc.
("NBCP'). The City/PCDC retained the authority to approve the construction contract and change orders.
PCDC Theatre District Infrastructure Improvement Project C200703 consists of the Public Improvements
required by the OPA. They have been completed in compliance with the OPA with Basin Street Properties and
staff recommends that they be accepted.
Attachments to Agenda Packet Item:
1. Resolution Accepting the Completion of Public Improvements Required by the Owner Participation
Agreement By and Between Basin Street Properties and the Petaluma Community Development
Commission ("Theatre District Infrastructure Improvements Project C200703")
2. Resolution 2005-03 of September 19, 2005
3. Resolution 2005-163 of September 19, 2005
4. Location Map
Re 'ewed by Admin. Svcs. Dir: Reviewed by City Attornev: Approved by City Manager:
XWC 11 te. t 9 o x Date: Date:
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CITY OF PETALUMA, CALIFORNIA
DECEMBER 1, 2008
AGENDA REPORT
FOR
RESOLUTION ACCEPTING THE COMPLETION OF PUBLIC IMPROVEMENTS
REQUIRED BY THE OWNER PARTICIPATION AGREEMENT BY AND BETWEEN
BASIN STREET PROPERTIES AND THE PETALUMA COMMUNITY DEVELOPMENT
COMMISSION ("THEATRE DISTRICT INFRASTRUCTURE IMPROVEMENTS PROJECT
C200703")
1. RECOMMENDATION:
Accept completion of Public Improvements required by the Owner Participation
Agreement by and between Basin Street Properties and the Petaluma Community
Development Commission ("Theatre District Infrastructure Improvements Project
C200703")
2. BACKGROUND:
In May 2003, the City of Petaluma received a development application from Basin
Street Properties to undertake a "Theatre District Project," redeveloping the downtown
area South of B Street, East of Petaluma Boulevard, West of the Petaluma River, and
North of D Street. The application also included the redevelopment of the West side
of lst Street, South of D Street. The proposed development was consistent with the
recently adopted Central Petaluma Specific Plan (CPSP).
After several months of discussion, City officials and Basin Street Properties
determined that without the assistance of the Petaluma Community Development
Commission (PCDC) in funding public infrastructure and improvements, the project
would not be financially feasible. It was further determined that die proposed project
would eliminate a significant amount of blight, consistent with the objectives of the
PCDC's Central Business District (CBD) Redevelopment Plan. The project would
provide a substantial benefit to the CBD Redevelopment Project Area by adding
significant increase in property tax increment, enhancing the retail vitality of the area,
and creating a vibrant 24-hour use of the downtown core.
Within this context, City of Petaluma entered into a Development Agreement (DA)
and the Petaluma Community Development Commission (PCDC) entered into an
Owner Participation Agreement (OPA) with Basin Street Properties. The agreements
provide for the orderly phased development of the properties in accordance with the
objectives established in the General Plan, the CBD Redevelopment Project Area Plan,
and the CPSP. Moreover, the agreements eliminate uncertainty in planning for and
securing orderly development for the project and provide PCDC financing for public
infrastructure within the project.
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Under the OPA, the PCDC was to fund the public improvements defined in the OPA
("the Public Improvements"), with plans and specifications prepared by the City.
Basin Street was to construct the improvements, which it did through a contract with
North Bay Construction, Inc. ("NBCI"). The City/PCDC retained the authority to
approve the construction contract and change orders. PCDC Theatre District
Infrastructure Improvement Project C200703 consisted of the Public Improvements
required by the OPA. They include upgrading and undergrounding of utilities, storm
drain, sewer and water facilities, reconstructing streets, gutters and sidewalks,
landscaping, street lighting, street furniture, signals and a new traffic control
specialized for the fire station on D Street, and install the improvements outlined in the
City of Petaluma Streetscape Master Plan.
The PCDC was to contribute $4.8 million toward Basin Street's share of the public
infrastructure and also pay the balance of $2.75 million as the City's share of the
original Public Improvements cost estimate of $7.55 million. Although the OPA
provided for a "maximum" PCDC share of $4.8 million (the remainder of the original
estimate was the City's share, also to be paid with PCDC funds), the agreement
provided that Basin Street was not required to pay any amounts arising from City or
PCDC changes to the work, from unforeseen subsurface conditions or in excess of the
maximum amount, if the initial qualified bid exceeded the maximum amount. The
City had no such protection, and PCDC/City's payment of increased amounts was left
to later negotiation, reduction of scope of work or some other course of action.
On September 19, 2005, by Resolution 2005-03, the PCDC approved a First
Amendment to Owner Participation Agreement with Basin Street Properties which
increased the maximum cost of the Public Improvements to $17,100,665 and increased
PCDC/City funding to $16,396,184. The same date, by Resolution 2005-163, the City
Council approved a total project budget for the Public Improvements of $17,100,665,
with a required Basin Street contribution of $704,481 toward the cost of previously
unknown hazardous materials remediation. The only PCDC/City assistance for this
project is financing of the construction and reconstruction of the Public Improvements
in the City rights-of-way.
The original construction contract between Basin Street and NBCI, approved by the
City, was in the ammint of $9,932,390.35. As provided in the OPA, the City had the
right to approve the construction contract and change orders. Value engineering
resulted in Change Order #1, dated July 21, 2004, reducing the contract amount by
$1,403,740.51. Change Order #2, dated April 12, 2005, added $650,481.56 for joint
trench and underground plan revisions and was approved administratively, as
envisioned by the OPA. Change Order #3 covers $3,441,430.60 of requested
modifications to the construction contract, all of which have been agreed to by Basin
Street and NBCI and administratively approved as part of contract closeout, again as
envisioned by the OPA.
The Theatre District Infrastructure Improvements Project C200703 was inspected by
the City and the work is considered complete. Basin Street has provided the City with
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as -built drawings or plans and specifications, has provided full lien releases from
NBCI in the form required by California Civil Code section 3262 and has provided to
the City copies of all maintenance bonds, warranties, guaranties or other evidence of
contingent obligations by NBCI and/or any equipment or material suppliers for the
work or its components, all as required by Section 2.6.6.1 of the OPA. In addition,
Basin Street remained obligated by the OPA during a twelve month period after final
completion to assist the City or the PCDC, if needed, in securing performance of any
warranty responsibilities of NBCI and/or its subcontractors and to review and monitor
any warranty work.
Section 2.6.6.2 of the OPA provides that the City shall accept each Public
Improvement when fully complete, provided that inspection and documentation has
occurred in compliance with the OPA and the Public Improvement(s) are ready for
use, thus transferring responsibility for the Public Improvements to the City.
Therefore, staff recommends final acceptance of the Theatre District Infrastructure
Improvements Project C200703.
Section 2.6.5.2 of the OPA provides that City's acceptance of any or all of the Public
Improvements does not relieve Basin Street of its obligations to fulfill all terms of the
OPA not related to the Public Improvements.
All public improvements, i.e., the Theatre District Infrastructure Improvements Project
C200703, are complete in compliance with the OPA, and staff recommends
acceptance by the City. Because the contractor and Basin Street have furnished the
City with final lien releases, there is no need for the applicant to prepare or the City
Clerk to execute the Notice of Completion of the public improvements, as described in
the OPA.
The Theatre District Infrastructure Improvements Project C200703 has been
completed in compliance with the OPA and staff recommends acceptance.l.
3. DISCUSSION:
Acceptance of the Public Improvements does not constitute acknowledgment by the
City or PCDC that Basin Street has fulfilled its obligations under the OPA and DA
relating to any portion of the Theatre District project other than construction of the
Public Improvements, nor does it waive any requirement of the OPA or DA. The
privately -funded project components are the Cinema complex, the Parking Garage at
149 C Street, the Theatre Square mixed use project, the Waterfront Office Building
and the Riverfront Apartments, with associated landscaping and site improvements for
those components.
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4. FINANCIAL IMPACTS:
The following table represents the project budget, funding sources, and the final
expenditures for this project:
Uses
General Fund Overhead
Design
Legal
Construction Management
Construction
Administration
Contingency
Total
Funding Source
Fund 5510 -CBD
Failed Special Tax District/PCDC
Funds
Waste Water Fund
Water Fund
Storm Drainage Impact Fees
Street Reconstruction Fund
Developer Contributions
Total
Actual
Expenditures
$310,000
$687,154
$89,719
$792,097
$14,663,302
$566,197
$0
$17,108,469
$9,477,665
$2,605,000
$1,654,000
$690,000
$640,000
$1,330,000
$704,000
$17,100,665
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FA ff93 01-i"d 4 k1 k &
CITY OF PETALUMA
ACCEPTING THE COMPLETION OF PUBLIC IMPROVEMENTS REQUIRED BY
THE OWNER PARTICIPATION AGREEMENT BY AND BETWEEN BASIN STREET
PROPERTIES AND THE PETALUMA COMMUNITY DEVELOPMENT
COMMISSION ("THEATRE DISTRICT INFRASTRUCTURE IMPROVEMENTS
PROJECT C200703")
WHEREAS, the Petaluma Community Development Commission ("PCDC") entered
into an Owner Participation Agreement by and Between the Petaluma Community Development
Commission and Basin Street Properties ("Basin Street"), effective February 27, 2004 (the
"OPA"); and
WHEREAS, the OPA required Basin Street to construct and the PCDC to fund certain
public improvements identified in the OPA, including work required to rehabilitate the street
system (streets, curb, gutter, sidewalk), install new underground utility infrastructure where
necessary, and install the improvements outlined in the City of Petaluma Streetscape Master Plan
(the "Public Improvements," also referred to herein as the "Theatre District Infrastructure
Improvements Project 200703"); and
WHEREAS, the OPA required the PCDC to contribute a "maximum amount" of $4.8
million toward Basin Street's share of the Public Improvements required by the development
project and also pay the balance of $2.75 million as the City's share of the original project public
improvement cost estimate of $7.55 mullion; and
WHEREAS, the OPA provided that Basin Street was not required to pay any amounts
arising from City or PCDC changes to the work, from unforeseen subsurface conditions or in
excess of the maximum amount, if the initial qualified bid exceeded the maximum amount, and
the PCDC's payment of increased amounts was left to later negotiation, reduction of scope of
work or some other course of action; and
WHEREAS, on September 19, 2005, by Resolution 2005-03, after reviewing staff's
presentation of increased costs of the Public Improvements, the PCDC approved a First
Amendment to Owner Participation Agreement with Basin Street Properties ("First Amendment
to OPA") which increased the PCDC/City's maximum payment for the Public Improvements to
$17,100,655 and increased PCDC/City funding to $16,396,184; and
WHEREAS, on September 19, 2005, by Resolution 2005-163, the City Council
approved a total project budget for the Public Improvements of $17,100,665; and
WHEREAS, the First Amendment to OPA provided that Basin Street would contribute
$704,481 of the increased construction costs as part of the cost of hazardous materials
remediation related to the Public Improvements; and
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WHEREAS, Basin Street has contributed $704,481 of the increased construction costs as
part of the cost of hazardous materials remediation related to construction of the Public
Improvements; and
WHEREAS, Basin Street initially contracted with North Bay Construction, Inc.
("NBCI") to construct the Public Improvements (Theatre District Infrastructure Improvements
Project C200703) for the amount of $9,932,390.35; and
WHEREAS, the following Change Orders affecting the final contract amount have been
approved in accordance with the construction contract and the OPA:
Change
Order # Description
Cost
#1 Project Value Engineering
($1,403,740.51)
#2 Joint Trench & Underground Plan Revisions
$650,481.56
#3 Various Design Changes and Field Orders
$3,441,430.60
Total of all Change Orders
$2,688,171.65
WHEREAS, the final construction contract amount, including all approved contract
change orders is $12,620,562.00; and
WHEREAS, the Public Improvements (Theatre District Infrastructure Improvements
Project C200703) have been inspected by the City and the City has determined that the work is
complete and in accordance with the project plans and specifications; and
WHEREAS, Basin Street has provided the City with as -built drawings or plans and
specifications and has provided full lien releases from NBCI in the form required by California
Civil Code section 3262, fulfilling certain requirements of Section 2.6.6 of the OPA; and
WHEREAS, Basin Street has provided to the City copies of all required maintenance
bonds, warranties, guaranties or other evidence of contingent obligations by NBCI and/or any
equipment or material suppliers for the work or its components, fulfilling certain requirements of
Section 2.6.6 of the OPA; and
WHEREAS, as provided in Section 2.6.5.1 of the OPA, Basin Street remains obligated
to assist the City or the PCDC, if needed, in securing performance of any warranty
responsibilities of NBCI and/or its subcontractors and to review and monitor any warranty work
for a twelve month period following final completion of the Public Improvements; and
WHEREAS, Section 2.6.6.2 of the OPA provides that the City shall accept each Public
Improvement when fully complete, provided that inspection and documentation has occurred in
compliance with the OPA and the Public Improvement(s) are ready for use; and
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WHEREAS, pursuant to the provisions of the OPA, including but not limited to Section
2.6.5.2, acceptance of the Public Improvements shall not relieve Basin Street of its obligations to
fulfill all obligations of the OPA as prescribed, and
WHEREAS, based on the foregoing, staff recommends acceptance of the Public
Improvements on behalf of the City of Petaluma;
NOW, THEREFORE, BE IT RESOLVED by the City of Petaluma that
The City of Petaluma accepts the Public Improvements defined in and required by the
Owner Participation Agreement By and Between Basin Street Properties and the
Petaluma Community Development Commission as modified by the First
Amendment to Owner Participation Agreement, which Public Improvements are
contained in Theatre District Infrastructure Improvements Project C200703.
10434920
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RESOLUTION 2005-03
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
APPROVING ADJUSTMENTS TO FY 2004-05 PCDC BUDGET
WHEREAS, on March 21, 2005, the Petaluma Community Development Commission
(PCDC) held a public meeting and considered a mid -year financial report on the FY 2004-05
PCDC Budget; and,
WHEREAS, the PCDC considered various adjustments to the budget and requested that
changes be reflected in certain line -items with the Intention of having the budget reflect current
financial conditions; and,
WHEREAS, the PCDC finds that there is a need for on infer -Fund loan from the fund for the
Petaluma Community Development Project Area to the fund for the Central Business District
Project Area, as reflected in the FY 2004-05 PCDC Mid -Year Budget Adjustments and the
Agency's "Five-Yeor Implementation Plan."
NOW, THEREFORE, BE IT RESOLVED that the Petaluma Community Development
Commission hereby approves and adopts adjustments to FY 2004-05 PCDC Budget, attached
hereto as Exhibit A and referred to as Attachment II in the FY 2004-05 PCDC Mid -Year Financial
Forecast Staff Report, as amended, and authorizes and approves an inter -fund loan from the
Petolumo Community Development Project Area Fund to the Central Business District Project
Area Fund.
Adopted this 21 st day of March, 2005 by the following vote:
Commissioner Aye No Absent
Canevaro X
Chair Glass X
Vice Chair Harris X
Healy X
I Nou X
I O'Brien X - -
Torliali X
air
Davl:j Siassz.:
PCDC Resolution No. 2005-03
Page
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ATTEST: APPROVED AS TO FORM:
Claire Cooper, Recording S story Rich fd R. Rudnonsky, rol Counsel
PCDC Resolution No. 2005-03 Page 2
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Exhibit A
FY 2004-05 PCDC
Mid -Year Financial Forecast
(Explanation of Adjustments & Line -Item Detail)
PCDC Resolution No. 2005-03 Page 3
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E)CHiBIT A
FY 2004-05 ?CDC Mid -Year Financial Forecast
The following details the proposed changes to the Petaluma Community Development
Commission FY 2004-05 Budget originally adopted on Julyl 9. 2004. The changes are reflected in
the budget detail worksheets in Attachment II.
Central Business District Proiect Area Funds 155101:
• FY 2004-05 Beginning Cash Balance: The FY 2004-05 Beginning Cash Balance remains 0.
• Property Tax Increment: Property Taxes are accruing at slightly higher rate than originally
anticipated by+27,905 or +4.5%.
• Interest Earnings: Earnings forecast remains unchanged.
• Parking Lot Revenue: Revenues are reduced by $159,000 to a total of $8,000 to reflect the
failed Property Related Fee ballot.measure.
• Interfund Loan: A loan of $11.495,802 is required from the PCD Project Area Fund in order to
accomplish the CBD capital projects. This is a reduction of -$1,286.298 from the adopted
budget.
• SB -2557 Collection Fees: Unchanged
• Intergovernmental Chorges: Unchanged
• URM: An additional $50,000 is necessary for the City's Unreinforced Masonry Program. This is
due to higher than anticipated participation in the program by property owners.
• Petaluma Downtown Association: Unchanged
• Street Tree Maintenance: Unchanged
• Depot Rents: Unchanged
• Parking Garage Maintenance & Security: Unchanged
• Storefront Improvement Loan Program: Unchanged
• Interest on Inter -fund Loan: Accrued interest on the interfund loan is deleted due to the
proposed fiscal consolidation of the two project areas. This is a reduction of -$621,100 over
the adopted budget.
• Pass -Through Payments to Other Agencies: $293 less than budgeted for a total of $34,307.
• Transfers Out to Debt Service: Unchanged
CBD Capital Fund (33001
Property Owner Contributions: No change
Assessment District: No change
Transfers In From Other Funds: An additional $1.732,000 is required from other funds as
follows:
WR&CG Prior Year Budgeted Transfer was never mode for Theater District:
$ 450.000
,(Water, $84,000, Sewer: $265,000, Flood Mitigation: $101,000)
WR&C: Additional Utility Work in the Theater District this year:
$ 50D,000
(Storm Drain: $231,000, Sewer $269,000)
W R&C: Prior Year Budgeted Transfer was never made for Downtown Project:
$ 500.000
(Water: $500,000)
WR&C: Additional Utility Work in Downtown Project this year.
$ 282.000
(Sewer. $30,000, Water: 252,000)
PCDC Resolution No. 2005-03
Total Adjustment: $1,732,000
Page 4
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• Transfers In from CBD Admin Fund: A reduction of -$846,000 is mode to account For reduced
costs.
• D Street Underground Utilities: No change
• Poultry (North Water Street) Extension: No change
• Downtown Improvements, Phase I: No change
• CPSP Theater Disirict: No change
• Petaluma Railroad Depot Restoration, Phase III Improvements: An additional $886,000 is
requested in order complete interior improvements of the depot and baggage buildings as
well as the utility hook-ups; transformers and garbage enclosures. This project is being
moved forward in time due to the Chamber's request for space for the Visitor's Program. This
adjustment also includes authorization of $67,000 in additional Phase II funding for fire
suppression/sprinklers and PG&E related requirements- (Project C200303, augmenting Phase
II construction budget from existing project fund balance.)
• Water Street/Turning Basin Improvements: No change
Community Develaoment Protect Area Funds (55201:
• Beginning Available Cash Balance: With respect to the beginning cash balance:
The FY 2004-05 Beginning Cash Balance was $16.811.888, a decrease of
$4,826,548 over the adapted budget estimate. This was because of the following
1. At the close of FY 2003-04, an additional $3.6 million more than won
approved mid -year was transferred out of the PCD Project Area
Fund to the Street Reconstruction Fund.
2. The new Pentamation accounting system requires that on entire
capital project be budgeted in the current year rather than the
old method of carrying over and re -appropriating unexpended
funds, accounting For $1.2 million.
• Property Tax Increment: Property Taxes are accruing at slightly higher rate than originally
budgeted by $219,092 for a total of $9.576.092.
• Interest Earnings: A reduction in interest earnings of $327,800 is made to account for
lower than anticipated interest rates.
• Inter -fund Loan Interest Earnings: These earnings hove been deleted because of the
proposed fiscal merger of the CBD and PCD Project Areas -a reduction of $621,100.
• Intergovernmental Revenue: Additional revenue of $200,000 for reimbursement of the
flood control project was received from the Federal Government.
• Transfers -In: An additional transfer -In of $2,000,000 in from the Street Reconstruction fund
was omitted from the FY 2004-05 Budget For PCDC projects.
• Project Administration: No change
• 56-2557 Collection Fee: No change
• AB 1768 ERAF Payment to State or Ca: No change
• PCDC Project Area Merger/Plan Amendment: No change
• URM Project: No change
• Landscape Improvements: No change
• Economic Development Promotion: No change
• Auto Plaza Project: An additional $227,000 is appropriated for site preparation in order to
make the PCDC property on Industrial Avenue ready for development. This project is
being performed in conjunction with improvements to the Denman Peach drainage
improvement project.
• Assessment Credits: No change
• Pass-through Payments to Others: Approximately 40w of Tax Increment is passed through
to other taxing agencies. As the tax increment increases, the amount of pass-through
PCDC Resolution No. 2005-03 Page 5
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also increases. Based on the County's latest property tax figures, on increase of $109.698
is included for a total rine-ftem appropriation of $3,903,148.
• Transfers Out to Debt Service Fund: No change
• Transfers Out to Street Reconstruction Fund: No change
• Transfer Out for D Street Bridge: No change
• Transfer Out to PCD Capital Fund (3400): A reduction in transfers out of $1.5 million is
included in the forecast due to the deletion or reduced scope of projects in the PCD CIP
Fund. However. an additional $44,000 is required to finance additional work in the PCD
Capital Fund for the Caulfield/Southern Crossing Plan Line for a total transfer out of
$2.187,400.
PCD Caoital Fund (34001:
• Transfer -In from PCD Project Area Fund (5520): A reduction In transfers out of
$1.5 million is included in the forecast due to the deletion or reduced scope of
projects mentioned below. However, an additional Ironsfer-in of $44,000 Is
required to finance additional work on the Caulfield/Southern Crossing Plan
Line for a total transfer -in of $2,187,400.
• Transfer -In from Grant Fund: No change
• Brownffeids EPA Study: No change
• Kenllworih/Washington St. Road Improvements: $1 million has been deleted in
anticipation of developer contributions to Iheproject.
• Road/Streeiscope Improvements: $500.000 has been deleted due to a more
current cost estimate for the project.
• Lakeville Highway Improvements: No change
• River Trail Enhancement: No change
• Caulfield Extension/Southern Crossing: An increase in appropriation of
$44.000 is required for additional engineering associated with the
development of a plan -line for a total line -item of $211,000.
Low 8 Moderate Income Housino Fund 121301:
• FY 2002-03 Beginning Fund Cosh Balance: Subsequent to the annual audit,
the Beginning Cash Balance was $1,635,476, an Increase of $586.014.
• Property Tax Increment: An increase of $82,199 is projected as per County
remittances.
• Interest Revenue: No change
• Charges for Services: No change
• Other Revenue: No change
• Transitional Housing Projects: No change
• Family Rental Projects: No change
• Senior [Special Needs) Projects: A $95,000 decrease in Senior Housing Property
Acquisition (PEP) is recommended, as the funds are not required this year.
• Buckelew/(he Boulevard: An additional $100,000 is required to complete the
project.
• An additional $26,000 is necessary for Senior Housing Rehab (PEP)-
• Homeowner/Rehab Programs: A decrease of $500,000 in funding for
workforce housing is recommended as these funds are more appropriately
expended from other housing funds.
Debt Service Funds (4510.4610. 4620 4630. 46501:
• The only change in the debt service funds is an increased beginning
balance of $21,000 for a total oF$185,722.
PCDC Resolution No. 2005-03 Page 6
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ATTACHMENT 3
Resolution No. 2005-163 N.C.S.
of the City of Petaluma, Califon -iia
A RESOLUTION OF THE CITY COUNCIL AUTHORIZING
ADDITIONAL PROJECT FUNDING FOR THE
THEATER DISTRICT PROJECT
WHEREAS, the Petaluma City Council has reviewed and considered the First
Amendment to the Owner Participation Agreement (OPA) between die Petaluma Community
Development Commission and Basin Street Properties, Inc., and
WHEREAS, completion of die project described in the agreement is in the public
interest and is consistent with the Petaluma General Plan, the Central Petaluma Specific Plan, the
Central Business District Redevelopment Plan, and is in compliance with Article 19.3 of the
Petaluma Zoning Ordinance; and
WHEREAS, the Petaluma City Council further confirms the findings of the Petaluma
Community Development Commission, with respect to Amendment and the public
improvements described therein:
It is compatible with the land uses authorized in, and the regulations prescribed for,
die zone in which the real property is located.
e It will be of benefit to die public health, safety and general welfare.
• It will promote the orderly development of property or the preservation of property
values in accordance with good land use practice.
• It will eliminate blight in the Central Business District Redevelopment Project Area.
a It will substantially benefit the Central Business District Redevelopment Project
Area, increasing property tax increment and property values, enhancing the economic
vitality of the area and creating a vibrant 24-hour use of the downtown core.
o Without the amendment, the project would be financially infeasible; and
WHEREAS, additional funding from Water Resources & Conservation Funds is necessary
to complete the public improvement components of the project.
Rcsululian No ME -163 N C.S.
Page t
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NOW, THEREFORE, BE IT RESOLVED that the Petaluma City Council hereby
authorizes the City Manager to transfer 5583,536 from Water Resources & Conservation Funds
to pay the City's share for handling and removing contaminated materials in die Theater District
Project (C200703) and approves the reallocation and expenditure of funds set forth in PCDC
Resolution 2005-13 adopted on September 19, 2005.
Rcsalaian No. 2005-163 PLC S.
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Bills\PINAL AB Accept of TD PI's\171NAL I henue District Public hnprmcnicnts Acceptance DOC' 16
Under the power and authority conferred upon this Council by the Claner orsaid City.
REFERENCE:
1 hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council ofthe City of Petaluma at a Regular reeling on the 191' day ofSeptembar, form:
2005, by the billowing vote: I? `. s,
City Aanrney
AYES:
Canevaro, Mayor Glass, Vice Mayor Harris, Italy, Nan, O'Brien
NOES:
Torliatl
ABSENT:
None
ABSTAIN:
ATTEST:
(N/ol�ne� /y
l.iC1,A✓v/ ( f� % �
City Clark Mayor U—
Rcsalaian No. 2005-163 PLC S.
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