HomeMy WebLinkAbout20 - BA-051 - CIOSA Reimbursements for Castaways Tract 15012May 22, 2001
CITY COUNCIL AGENDA
ITEM NO. 20
TO: Mayor and Members of the City Council
FROM: Public Works Department
SUBJECT: BUDGET AMENDMENT, CIOSA REIMBURSEMENTS FOR CASTAWAYS
TRACT NO. 15012
RECOMMENDATION:
Authorize an appropriation in the amount of $699,186 for the reimbursement of CIOSA
Improvements for Tract 15012, Taylor Woodrow Castaways in Account Nos. 7431 -
05100605 and 7432- C5100605.
DISCUSSION:
The Irvine Company has requested a reimbursement in the amount of $699,186 for
improvements constructed in conjunction with the Castaways Development (Tract 15012)
and provided for in the Circulation Improvement and Open Space Agreement ( CIOSA).
In 1993, the Irvine Company and the City of Newport Beach entered into the CIOSA. Part
of this agreement provided for $20.6 million to be used to advance the construction of
improvements needed to complete the City's General Plan Circulation Element. The
funding was allocated in three categories: Frontage Improvements (at least $4,806,000),
Fairshare Fee Contribution ($1,398,428) and an Advance /Loan ($14,395,572). The Irvine
Company formed Special Improvement District No. 95 -1 (SID 95 -1) to fund all of the Irvine
Company's obligations. This district includes the following developments: Castaways,
Harbor Cove, Bay Pointe, the Colony, and Corporate Plaza West.
Including the Fairshare Fee contribution to the Circulation and Transportation Fund, a total
of $16,335,989 of the CIOSA funds have been used to build improvements in the City.
$4,678,371 remains in the Advance /Loan fund. The breakdown of expenditures follows:
Fairshare Contribution
Frontage Improvements
Advance /Loan
Total
$1,398,428
$5,220,360
$9.717,201
$16,335,989
The Fairshare Contribution was based on the projected number of trips generated by the
developments covered by the CIOSA. The Frontage Improvements funds were to cover
negotiated improvements adjacent to the CIOSA developments and open space areas.
SUBJECT: Budget Amendment, CIOSA Reimbursements for Castaways Tract No. 15012
May 22, 2001
Page 2
The Advance /Loan funds are to be used on agreed upon improvements that are on or
adjacent to Circulation Element roadways. The loan is to be repaid by 50 percent of the
Fairshare Fees collected each year. If there is an unpaid balance at the end of 20 years
(2015) it will be forgiven.
The reimbursement requested by the Irvine Company is included in the preceding figures.
$395,186 is included as Frontage Improvements and $304,000 is included in the
Advance /Loan figures. This reimbursement covers improvements to widen Dover Drive,
reconstruct portions of the Dover Drive/Westcliff Drive intersection and traffic signal, and
Castaways Lane (16d' Street) improvements.
Bond proceeds from SID -95 -1, bond prepayments and loan repayments have produced
the funds necessary to cover all of the improvements made to date including this
reimbursement. There are also sufficient funds to cover the future projects to be
constructed with the remaining Advance /Loan allocation. The reimbursement is not in the
FY 2000/01 budget and a budget amendment is needed to appropriate $395,186 to
CIOSA Frontage Account No. 7431- C5100605 and $304,000 to CIOSA Loan Account No.
7432- C5100605. The appropriation comes from the SID -95 -1 funds.
Respectfully submitted, Qt
'I:D� PUBLIC WORKS DEPARTMENT
Don Webb, Director
By: G� �Mn1,,✓wK�
Lois Thompson, Administrative Coordinator
City of Newport Beach
BUDGET AMENDMENT
2000 -01
EFFECT ON BUDGETARY FUND BALANCE:
NO. BA- 051
AMOUNT: $sss,lss.00
Increase in Budgetary Fund Balance
AND X Decrease in Budgetary Fund Balance
No effect on Budgetary Fund Balance
This budget amendment is requested to provide for the following:
To increase expenditure appropriations for the reimbursement of CIOSA Improvements for Tract 15012, Taylor
Woodrow Castaways,
ACCOUNTING ENTRY:
BUDGETARY FUND BALANCE
Fund Account
430 3605
REVENUE ESTIMATES (360 1)
Fund /Division Account
EXPENDITURE APPROPRIATIONS (3603)
Description
Fund Balance
Description
Increase Revenue Estimates
X
Increase Expenditure Appropriations
Number
Transfer Budget Appropriations
SOURCE:
Number
C5100605 Castaways Frontage Improvement
from existing budget appropriations
qX
from additional estimated revenues
Account
from unappropriated fund balance
EXPLANATION:
Division
NO. BA- 051
AMOUNT: $sss,lss.00
Increase in Budgetary Fund Balance
AND X Decrease in Budgetary Fund Balance
No effect on Budgetary Fund Balance
This budget amendment is requested to provide for the following:
To increase expenditure appropriations for the reimbursement of CIOSA Improvements for Tract 15012, Taylor
Woodrow Castaways,
ACCOUNTING ENTRY:
BUDGETARY FUND BALANCE
Fund Account
430 3605
REVENUE ESTIMATES (360 1)
Fund /Division Account
EXPENDITURE APPROPRIATIONS (3603)
Description
Fund Balance
Description
Amount
Debit Credit
$699,186.00
AWOo tic
$395,186.00
$304,000.00
Date
Dat
Date
Description
Division
Number
7431 CIOSA Frontage Improvement
Account
Number
C5100605 Castaways Frontage Improvement
Division
Number
7432 CIOSA Loan Expenditures
Account
Number
C5100605 Castaways Frontage Improvement
Division
Number
Account
Number
Division
Number
-
Account
Number
Signed:
c
financial
pproval: Administrativ [*ector
Signed:
Administrative Appro : City Manager
Signed:
City Council Approval: City Clerk
Amount
Debit Credit
$699,186.00
AWOo tic
$395,186.00
$304,000.00
Date
Dat
Date