HomeMy WebLinkAbout07 SUPPLEMENTAL APPROPRIATION FOR CFD 04-1AGENDA REPORT
Agenda Item
Reviewed:
City Manager
Finance Director
7
MEETING DATE: MAY 7, 2013
TO: JEFFREY C. PARKER, CITY MANAGER
FROM: PAMELA ARENDS -KING, FINANCE DIRECTOR
SUBJECT: SUPPLEMENTAL APPROPRIATION FOR TUSTIN RANCH ROAD, VALENCIA
AVENUE, PARK AVENUE AND LEGACY ROAD ROADWAY IMPROVEMENTS
PROJECT
SUMMARY
Staff is requesting a supplemental appropriation from the Community Facilities District 04 -1 (CFD 04 -1)
Acquisition Funds. The Acquisition fund was created as part of the formation of CFD 04 -1 and was to be
used for the construction of various infrastructure improvements at Tustin Legacy. Staff is proposing on
using the fund for various projects that are currently under construction at Tustin Legacy, including Tustin
Ranch Road, Valencia Avenue, Park Avenue, and Legacy roadway improvement projects.
RECOMMENDATION
It is recommended that the City Council approve a supplemental appropriation in the amount of
$1,667,569 from the CFD 04- 1(Fund 433) Acquisition Fund to be used on various projects currently
underway at Tustin Legacy by the City.
FISCAL IMPACT
CFD 04 -1 Acquisition funds must be expended prior to the refunding of the bonds.
DISCUSSION
CFD 04 -1 was formed in 2004 in conjunction with Tract Map 16474 and 16507 (Tustin Legacy /John
Laing Homes) development project for fair -share contribution toward backbone infrastructure fees. Along
with the formation of CFD 04 -1 an acquisition fund was established to be used for various infrastructure
improvements at Tustin Legacy. The City is currently in the process of refunding the CFD 04 -1 bonds
and must expend the remaining acquisition fund amounts prior to the refunding of the bonds. As such,
Staff is recommending the City Council approve a supplemental appropriation to be used on various
projects currently under construction at Tustin Legacy by the City.
Pamela Arends -King c'
Finance Director