HomeMy WebLinkAbout65 - PH-3 - Attachment 5 - 6/17/2014Attachment 5
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF COSTA MESA RESTRUCTURING THE TERMS OF
REPAYMENT OF THE LOAN FROM THE PARK DEVELOPMENT FEE TO
THE GENERAL FUND
WHEREAS, on or about February 20, 2007, the City Council approved the
acquisition of the property located at 261 Monte Vista Avenue also identified by
Assessor's Parcel Number 439-333-01 ("Property"); and
WHEREAS, on or about February 20, 2007, the City Council authorized the
appropriation of City of Costa Mesa General Fund Reserves ("General Fund
Reserve") in the amount of $3,571,045 to the City of Costa Mesa Park
Development Fees ("Loan" & "Park Development Fees") for the acquisition of the
Property as set forth in Attachment A; and
WHEREAS, the terms of the Loan required repayment to be based upon
the amount of the City's annual operating budget that could be reasonably
accommodated until the Loan is fully repaid; and
WHEREAS, the Loan remains outstanding in the amount of $4,285,268.56
outstanding; and
WHEREAS, the City proposes restructuring the loan based on the
amortization schedule set forth in Attachment B by considering current and future
reserves to ensure consistent repayment of the Loan going forward.
NOW THEREFORE THE CITY COUNCIL OF THE CITY OF COSTA MESA
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Council finds the foregoing is true and correct.
Section 2. The City Council hereby approves a restructuring of the Loan
from the Park Development Fees to the General Fund Reserves. The Park
Development Fees shall make two -hundred twenty-five (225) payments over
twenty (20) years at one-half percent (.005%) rate of interest based on the Local
Agency Investment Fund (LAIF). The payments shall be based upon the
amortization schedule set forth in Attachment B.
PASSED AND ADOPTED this 17th day of June, 2014.
ATTEST:
James M. Righeimer, Mayor
APPROVED AS TO FORM
Brenda Green, City Clerk Thomas Duarte, City Attorney
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, BRENDA GREEN, City Clerk of the City of Costa Mesa, DO HEREBY
CERTIFY that the above and foregoing is the original of Resolution No. 14-xx and
was duly passed and adopted by the City Council of the City of Costa Mesa at a
regular meeting held on the 17th day of June, 2014, by the following roll call vote,
to wit:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
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IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal
of the City of Costa Mesa this 18th day of June, 2014.
BRENDA GREEN, CITY CLERK
PARK DEVELOPMENT LOAN AMORTIZATION SCHEDULE
FY 13/14
INPUT AREA = D1,D2,D3,D4
PRINCIPAL
INTEREST RATE PER
YEAR
TERM (IN YEARS)
TERM/W ADD'L
PRINCIPAL
BALANCE
0.50%
20
0.0
TOTAL PMTS
1/► 1
$4,285,268.56
$225,689.89
0.50% PER YEAR
20 YEARS
0 ADDITIONAL PRINCIPAL
513,797.82
INTEREST PRINCIPAL PAYMENT ADD'L PMT BALANCE
TOTALS-->
228,529.26
4,285,268.56
4,513,797.82
0.00
0
4,285,268.56
1
21,426.34
204,263.55
225,689.89
0.00
4,081,005.01
2
20,405.03
205,284.87
225,689.89
0.00
3,875,720.15
3
19,378.60
206,311.29
225,689.89
0.00
3,669,408.86
4
18,347.04
207,342.85
225,689.89
0.00
3,462,066.01
5
17,310.33
208,379.56
225,689.89
0.00
3,253,686.45
6
16,268.43
209,421.46
225,689.89
0.00
3,044,264.99
7
15,221.32
210,468.57
225,689.89
0.00
2,833,796.42
8
14,168.98
211,520.91
225,689.89
0.00
2,622,275.51
9
13,111.38
212,578.51
225,689.89
0.00
2,409,697.00
10
12,048.48
213,641.41
225,689.89
0.00
2,196,055.59
11
10,980.28
214,709.61
225,689.89
0.00
1,981,345.98
12
9,906.73
215,783.16
225,689.89
0.00
1,765,562.82
13
8,827.81
216,862.08
225,689.89
0.00
1,548,700.74
14
7,743.50
217,946.39
225,689.89
0.00
1,330,754.35
15
6,653.77
219,036.12
225,689.89
0.00
1,111,718.24
16
5,558.59
220,131.30
225,689.89
0.00
891,586.94
17
4,457.93
221,231.96
225,689.89
0.00
670,354.98
18
3,351.77
222,338.12
225,689.89
0.00
448,016.86
19
2,240.08
223,449.81
225,689.89
0.00
224,567.06
20
1,122.84
224,567.06
225,689.89
0.00
0.00