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Page 6 <br />Memo to Mayor and City Councilmembers <br />September 19, 2006 <br />three outstanding loans related to Specific Plan infrastructure improvements; one for sewer and two for <br />water. <br />This draft Financing Plan makes assumptions related for future expenses and revenues that may or may <br />not occur, and as a result, the actual financing and the ability to repay the loans will require additional <br />review as improvement are constructed and development occurs. While the City has the obligation to <br />repay any loan made from its CIP Water and Sewer Fund, it has the ability to determine the term of <br />repayment and the source of funds that will be used. As a result, upon completion of construction work, <br />staff can reassess this draft Financial Plan and recommend loan terms and identify revenue sources. In <br />other words, the pace of reimbursement can be spread out over many years and anassessment ofnon- <br />committed funds, including yeaz end surpluses from the General Fund that has historically been <br />allocated to the CIP, can be revaluated as potential sources if Plan Areas fees are unavailable. <br />If the Council approves the information outlined in the draft Financing Plan, staff recommends approval <br />of the recommendation included in the attached August 15 staff report. <br />Attachment A - lhaft Financing Plan (Financing Plan) <br />Attachment B -Vineyard Avenue Corridor Shared Infrastructure Financing Program (Financing Program) <br />