The URL can be used to link to this page

Home My WebLink About87-55 - Surplus Funds in Assessment District 82-1, Sterling AvenueRESOLUTION NO. 87-55 A RESOLUTION OF THE CITY COUNCIL CF THE CITY OF COSTA MESA, CALIFORNIA, MAKING A DECLARATION REGARDING SURPL[B IN THE IMPROVEMENT FUND FOR ASSES,9IENT DISTRICT NO. 82-1/STERLING AVENUE. WHEREAS, the City Council of the City of Costa Mesa has conducted proceedings and conpleted construction of certain public improvements in a special assessment district, pursuant to the terms and provisions of the "Municipal Improvement Act of 1913" ( the "Act") , being Division 12 of the Streets and Highways Code of the State of California, said special assess- ment district known arra designated as ASSESSMENT DISTRICT NO. 82-1/STERLING AVENUE (hereinafter referred tb as the "Assessment District"); and WHEREAS, City staff has prepared a Summary of Expenditures for the Assessment District, attached hereto as Exhibit "A", which summary gives a breakdown of each class and type of expense, including construction items arra incidentals, together with the totals thereof, arra a reconciliation with the final Engineer's Report fior the Assessment District; and WiEREAS, this City Council desires to make certain findings and declarations concernirg the construction status of the improvements and payment therefor under the Assessment District proceedings, all pursuant to the requirements of the Act and specifically Section 10427 thereof; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COSTA MESA does hereby resolve as follows: SDCTION 1. The above recitals and each of them are true and correct. SECTION 2. The public improvements, as set forth and described in the Resolution of Intention for these proceedings, have been completed to the satisfaction of this Council, and all payment has either been made or set aside for all existing or potential claims, costs, arra expenses. SECTION 3. The Summary of Expenditures, as herein referenced, is hereby accepted by this City Council as the final tabulation of costs and resources of payment thereof. SECTION 4. The Treasurer is hereby directed to pay all claims arra to transfer such noneys as may be needed to make up any deficit in the Improvement Fund from the General Fund of the City, and to thereafter close and terminate the Improvement Fund for the Assessment District. PASSED AND ADOPTED this 15th day of June, 1987. ATTEST: L i y Clerk of the City of Costa sa a the Cfty of Costa STATE CF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY CF COSTA MESA ) I, EILEEN P. PHINNEY City Clerk arra ex -officio Clerk of the City Council of the City of Costa Mesa, hereby certify that the above and fore- going Resolution No. 87-55 was duly arra regularly passed and adopted by the said City Council at a regular meeting thereof held on the 15th day of June, 1987. IN WITNESS WHERECF, I have hereunto set my hart] and affixed the Seal of the City of Costa Mesa this 16th day of June, 1987. City Clerk and ex -officio Clerk o the City Council of the City of Cost esa At this time, approximately 2 1/2 years following construction, it has been determined that the preceeding can be finalized as follows: Actual Construction Costs As per the 6th and Final Progress Payment of September 11, 1984, a total cost of $111,905.00 was paid to Porter Construction. . . . Continued Re: Summary of Expenditures for Assessment District No. 82-1(S erling Avenue) The following is a detailed summary of expenditures and a sequence of actions relating to the Assessment District in an attempt to determine the surplus, if any, remaining in the Improvement Fund accounts. City Contribution: The original estimated contribution of $99,790 as stated Resolution of Intent No. 83-42 on May 16, 1983 was changed to $104,692 per City Resolution No. 83-76. The final contribution of ' $104,692 was set forth in the final engineer's report dated July 1983. o rt rn Assessment Total: C Following the bid opening the Assessment Engineer established a confirmed cost for Sterling Avenue of $114,506.50 with 108 contingencies amounting to $11,450.50 totaling to $125,957 for construction. With the confirmed incidental expenses amounting to $111,473 it was determined that the total project cost would amount to $237,430. Less the City contribution the total amount to assess was $132,738. Review of Final Report A.) Construction Costs for Sterling Avenue $125,957.00 B.) Incidental Expenses 111,473.00 Total Project Costs $237,430.00 C.) Less Contribution by City (104,692.00) Total to Assessment $132,738.00 Note: Part III - Project Cost Estimate from Final Report of July 1983 attached for reference. At this time, approximately 2 1/2 years following construction, it has been determined that the preceeding can be finalized as follows: Actual Construction Costs As per the 6th and Final Progress Payment of September 11, 1984, a total cost of $111,905.00 was paid to Porter Construction. . . . Continued Page Two Actual Engineering and Inspection Costs Reviewing Account No. 1710000005, a total of $61,290.04 was paid to BSI, of this amount $5,731.54 was for the overlay of Palace Avenue. Corrections establish a total of $55,558.50 was for Sterling Avenue. Actual Soils Engineering LaBelle performed the testing for a total amount of $1,630.00 Ln tn r Actual Property Appraisal Costs o MacMillin and Associates performed all appraisals for a total amount of $12,100. Actual Litigation Expenses Nazarek, Harper and Hopkins has supplied legal expertise on an hourly cost basis with a total to date amount of $3,277.50. Actual Land Value At the present time a total of $20,345 has been paid for settlements and title insurance. In the immediate future a $2,170.00 credit will be sent from the County Clerk, establishing a final cost of $18,175.00 Actual Bond Counsel Expenses The legal expertise for the bond sale was furnished by Brown and Nazarek for a total cost of $2,654.75. Actual Bond Printing Costs Jefferies Banknotes Corporation was paid $1,646.72 for printing costs. A credit of $353.82 should apply, since the 10/17/83 payment to the City of $2,000.00 was in excess of actual costs. Actual Bond Discount A review of the payment record for the Assessment District indicates only 15 owners elected to pay their assessed costs by September 1, 1984. The total prepaid amount of $35,458.92 designates a credit of only $1,595.65 to the $5,973 Bond discount leaving an expenditure of $4,377. Actual Miscellaneous Expenses These costs consisted of petty cash payments and blueprinting amount to $254.11. Closer investigation indicates the Xeroxing costs for the specifications have not been included, it's estimated that $250 will cover this item. A projected cost of $504.11 is appropriate. . . . Continued Page Three Actual Contract Administration A review of Labor distribution costs for this period indicate � a total of $2,719.59. m ro Actual City Administration m s'� The projected costs of $2,289 is for the service of the bonds rt as stated in the June 12, 1986 memo from the Revenue Division. O _ rn J Ln Un Page Four Sunvery Confirmed Actual A) Construction $125,957 $111,795* B) Incidentals - Design Engineering 18,462 19,305 Design Survey 7,930 7,930 Soils Engineering 1,630 1,630 Assessment Engineer 11,421 11,421 R/W Engineering 6,003 6,003 Property Appriasal 7,500 12,100 Litigation Expense 12,000 3,278 Land Value 18,300 18,175 City Administration 51000 2,289 Bond Counsel 2,519 3,655** Contract Administration 720 2,720 Construction Survey -0- -0- Construction Inspection 10,900 101900 Bond 6 Misc. Printing 2,000 1,647 Bond Discount 5,973 4,377 Miscellaneous Expenses 1,115 504 Total Incidentals $111,473 $105,934 Total Project Cost 237,430 $?17,729 Less City Contribution (104,692) (81,332) $132,738 $136,397 Amount Assessed $132,738 Amount charged to Assessed ($136,397) Final Balance after close ($ 3,689) Note: * Reflects a $110 credit form MCWD for adjusting W.V's to grade ** Includes estimated expenditures not paid to date of $1000.00