Team Corona SCIP Program Details

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Program: Statewide Community …

Program: Statewide Community
Infrastructure Program “SCIP”
Purpose: Financing of Development Impact Fees
- Building Permit Fee Reimbursement Program
- Impact Fee Pre-Funding Program
- Acquisition Financing Program
Security: 1913/1915 Act Special Assessment Obligations
- Established Statewide, County-by-County
Finance Team: RBC Capital Markets – Bond Underwriter
Orrick, Herrington & Sutcliffe – Legal Counsel
Bond Logistix – Program Administration
MuniFinancial/Willdan – Assessment Engineer
Wells Fargo – Trustee

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  • 1. Statewide Community Infrastructure Program Making Business In Corona, CA Easier, Faster, Better… “SCIP” Prepared For TeamCorona.com
  • 2. SCIP Overview
    • Program: Statewide Community
    • Infrastructure Program “SCIP”
    • Purpose: Financing of Development Impact Fees
      • - Building Permit Fee Reimbursement Program
      • - Impact Fee Pre-Funding Program
      • - Acquisition Financing Program
    • Security: 1913/1915 Act Special Assessment Obligations
    • - Established Statewide, County-by-County
    • Finance Team: RBC Capital Markets – Bond Underwriter
    • Orrick, Herrington & Sutcliffe – Legal Counsel
    • Bond Logistix – Program Administration
    • MuniFinancial/Willdan – Assessment Engineer
    • Wells Fargo – Trustee
  • 3.
    • Impact Fee Reimbursement Program:
    • Impact Fee Pre-Funding Program:
    • Acquisition Funding:
    • CFD Financing:
    SCIP Programs Reimburses property owners for Impact Fees collected when a Building Permit is Issued Provides advance funding of Impact Fees required as a condition of land entitlements Reimbursement, Pre-Funding Programs and Acquisition Funding can be combined. Provides funding of improvements completed by developer. Local agency administers the acquisition agreement CFDs can be funded by SCIP through CSCDA on an issue-by-issue basis
  • 4.
      • Street and Roadways
      • Freeway Interchanges
      • Pedestrian Malls
      • Sidewalks
      • Storm Drainage
      • Flood Control
      • Water Supply
      • Street Lighting
      • Parking
      • Landscaping
      • Sewer and Pipelines
      • Parks and Parkways
      • Bridges and Thoroughfares
      • Bicycle and Pedestrian Trails
      • Opens space and Greenbelts
    Eligible Fees and Improvements - Infrastructure costs to be publicly owned by a governmental agency (except school fees) - Improvements identified in the 1913/1915 Assessment Act, including (but not limited to):
  • 5. Sample Impact Fee Schedule (Residential) Amount that can be Reimbursed from SCIP
  • 6. Sample Assessment Lien (Residential) Total SCIP Eligible Fees 13,798 $ Plus: Debt Service Reserve Fund (7.5%) 1,183 Costs of Issuing Bonds (5.5%) 879 Total Assessment Bond Lien 15,860 $ Amortization Term (Years) 30 Assumed Interest Rate 5.25% Annual Assessment Due* 1,087 $ *Preliminary and Subject to Change
  • 7. Sample Impact Fee Schedule (Commercial) Amount that can be Reimbursed from SCIP
  • 8. Sample Assessment Lien (Commercial)
  • 9.
    • Must be a member of California Communities
    • Adopt resolution consenting to the use of the SCIP program (contained in SCIP Manual)
    • Submit SCIP Applications
    • When tax-exempt bonds are issued, the City executes one bond closing certificate, which confirms that:
      • - the Infrastructure financed through with bond proceeds, is public infrastructure
      • - Property being assessed has valid entitlements
      • - Funds will not be spent in violation of federal tax law
    Local Agency Requirements
  • 10. Application Process
      • Application Form (very general)
      • Landowner Information Form (checklist)
      • Description of Land use and acreage
      • List of assessor parcel numbers
      • Development plan
      • Status of entitlements
      • Purchase price and date of land
      • List of fees to be financed
      • CEQA certification
      • Option agreement (if applicable)
      • Development experience
      • Construction financing
      • $1500 Application Fee
      • Additional Deposit May be Required for Appraisal
      • Available Online at www.cacommunities.org
  • 11. Conducting the Proceedings
    • SCIP Prepares the Engineer’s Report(s)
      • MuniFinancial/Willdan engaged by California Communities for the SCIP Program
      • Benefit Findings based on payment of fees for project
    • Assessment Districts are established by SCIP on County-by-County basis
    • Assessment Proceedings Conducted by California Communities
    • Statewide Hearing and Landowner Vote conducted by California Communities
    • California Communities Authorizes the Sale of Bonds
    • City or County does not issue Bonds or levy assessments
  • 12. Community Facilities Districts (CFDs)
    • CFD financings are for specific projects and districts
    • May include one or more developers
    • SCIP team will review local agency CFD guidelines (if available)
    • CSCDA requires a minimum 4x value to lien ratio
    • The maximum tax rate cannot exceed 2%
    • Local Agency can establish more stringent guidelines
    • Local Agency must identify funding priorities (infrastructure, fees, etc)
    • CSCDA is authorized to proceed by a Resolution
    • SCIP Team can Manage Local Agency CFDs
    • CFDs will be Financed on a Stand Alone Basis
  • 13. Participating SCIP Agencies
    • City of Alameda
    • City of Arroyo Grande
    • City of Brentwood
    • County of Butte
    • City of Dublin
    • Dublin San Ramon Services District
    • City of East Palo Alto
    • County of El Dorado
    • City of Elk Grove 
    • City of Galt 
    • City of Healdsburg 
    • City of Hercules 
    • City of Lincoln 
    • City of Livermore 
    • City of Millbrae 
    • City of Morro Bay 
    • City of Murrieta 
    • City of Napa 
    • Napa Sanitation District
    • City of Oxnard 
    • City of Petaluma 
    • City of Richmond 
    • County of Riverside 
    • City of Rocklin 
    • City of Roseville
    • County of San Mateo 
    • City of San Diego
  • 14.
    • Series 2005 Bond Issue -- $10,645,000
    • Series 2006 Bond Issue -- $19,015,000
  • 15.
    • Series 2003 Bond Issue -- $6,270,000
    • Series 2004 Bond Issue -- $3,500,000
  • 16. SCIP Conclusion
    • Well Suited for Commercial, Industrial and Residential Projects
    • Alternative to Fee Deferral Programs
    • Simple Application and Administration Process
    • Long Term Fixed Rate Financing at Competitive Tax Exempt Rates
  • 17. SCIP Contact Information RBC Capital Markets Robert L. Williams, Jr. 345 California Street, Suite 2800 San Francisco, CA 94104 (415) 445-8674 voice (415) 445-8679 fax [email_address] Bond Logistix LLC Daniel Chang 777 S. Figueroa St., Suite 3200 Los Angeles, Ca 90017 (213) 612-2205 voice (213) 612-2499 fax [email_address] Orrick, Herrington & Sutcliffe LLP John H. Knox 405 Howard St. San Francisco, California 94105-2669 (415) 773-5626 voice (415) 773-5759 fax [email_address] League of California Cities Daniel B. Harrison 1400 K Street Sacramento, CA 95814 (916) 658-8267 (916) 658-8240 fax [email_address] California State Association of Counties Norma Lammers 1100 K Street, Suite 101 Sacramento, CA 95814 (916) 327-7500 ext. 554 (916) 441-5507 fax [email_address] California Statewide Communities Development Authority James F. Hamill 2033 N. Main Street, Suite 700 Walnut Creek, California 94596 (925) 933-9229 ext. 216 (925) 933-8457 fax [email_address]
  • 18. Credit Entitlement Requirements High Risk Raw Acreage Does not Qualify $30,000 (Land Costs) General Plan and Zoned Entitlements SCIP Program Amount Invested Lien-to-Value Coverage 2:1 Land Development Stage Moderate Risk Entitled Acreage Final Subdivision Map Impact Fee Prefunding Program (Typical Bond Project) $45,000 $60,000 (Land and Offsites) (Onsites) Tentative Map/Development Agreement 3:1 4:1 Finished Lot Building Complete Building Certificate of Permit Occupancy $90,000 $275,000 (Building Permit) (Finished Home) 18:1 (Investment Grade) Safe Impact Fee Reimbursement Program 6:1 Approved