HomeMy WebLinkAboutMaterials Distributed at MeetingCity of Arcadia
Grade Separation
Project for the Gold
Line Extension
February 2, 2010
Project Overview
❑ Grade Separation for Gold Line Extension
LJ Projected Costs: $13 million
❑ $8 million in General Obligation Bond
Proceeds based on voters approval in
April of 2006
D $6.1 million in Transportation funds
available for the project
FIELDMAN I ROLAPP
& ASSOCIATES February 2, 2010
Page 1
c
Additional Assumptions
❑ MTA owns and operates the facility
Gold Line Construction Authority will be responsible
for construction
❑
$13
million
estimate includes 35% soft costs
0
2011
Start
date / 2013 Completion date
HELDMAN I ROLAPP
& ASSOCIATES
February 2, 2010 Page 2
c
Bond Financing Assumptions
❑ General Obligation (Go's) based on a levy of 6.97
per $100,000 of Assessed Value.
❑ $8 million in Net Bond Proceeds
U 30 Year Final Maturity
J Assumes AA rating from S &P
❑ Cost of Issuance: $290,000
❑ Current Rates (Composite GO scale as of 1/ 12/10)
+.50%
❑ Levy will be placed on FY 2011/12 Property Tax Roll
FIELDMAN I ROLAPP
& ASSOCIATES
February 2, 2010
Page 3
� r
Proposed General Obligation
Bond Sizing:
Sources:
Par Amount $8,000,000
Premium
Total
Uses:
2901470
$8,290,470
Const. Fd. $8,000,000
Delivery Ex. 290,470
Total $8,290,470
FIELDMAN I ROLAPP
& ASSOCIATES
LJTotal Debt Service
$152376)277
L]Average Annual Debt
Service $513,208
❑ 1St Principal payment
July 2012
LJ Last Principal
payment July 2041
February 2, 2010
A
Page 4
Bond Issuance Timing
❑ It takes approximately 90 to 120 days to issue General
Obligation Bonds.
❑ The key step is to secure the highest underlying ratings
for the City of Arcadia and the Bonds.
❑ In order to levy the debt service on the FY 2011/12
Property Tax Roll it is recommended that the bond
issuance begin in March of 2011.
FIELDMAN I ROLAPP
& ASSOCIATES
February 2, 2010
Page 5
Proposed Annual Assessment Based on a Single - Family Property
Citywide District
Total Annual Budget
$1,032,725
City /District Budget
50/50 Distribution
$516,363
City /District Budget
60/40 Distribution
$619,635/$413,090
ZONE 1 $319,111 $19 $17
Arterial Lights *($4) *($3)
ZONE 2 $713,614 $35 $27
Non - Arterial Lights *($7) *($6)
* Annual Assessment Rate for properties in Zones 1 and 2 that have sparse lighting
02/02/2010
CITYWIDE LIGHTING ASSESSMENT TENTATIVE TIMELINE - FY 2010 -11
2009 2010
Item
No. Key Project Tasks Nov Feb Mar Apr May Jun Jul Au
Council Study SessiW]
1 Present method of assessment and rates 11/17
Council Meeting
Approve revised method of assessment
2 and rates 2/2
Council Meeting
3 Award RFP for Public Outreach strategy 3/2
Council Reorganization
4 Newly elected officials to be sworn in 4/20
5 Public Outreach Efforts
Council Meeting
Review Engineer's Report & approve
6 notice and ballot
Council Meeting
Adoption of resolutions: 1) Initiate
Proceedings; 2) Approve Engineer's
Report; 3) Set Public Hearing dates &
7 authorize ballotina Drocess
8 1 Mail Notices and Ballots
Public Hearing
9 Ballot process closes
Public Hearing
Declare ballot result, adopt resolutions
10 and levv and collect assessments
11 Submittal of Levy to County
5/4
5/3-6/18
6/1
6/4
7/20
8/3
8/10
02/02/10
Arcadia Citywide Streetlight District
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Financial Services
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