RES 84176 - Laserfiche WebLink

INTRODUCTION The City of Pleasanton ("the City") was incorporated June 18, 1894. The City is located in Alameda County ("the County") appproximately 40 miles east of San Francisco. The City contains about 13 square miles and is situated in the southeast quadrant of the intersection of Interstate Highways 580 and 680. Assessment District No. 1984-1, Hopyard Road ("the District") is comprised of 36 assessed parcels totalling approximately 573 gross acres (492,197 net assessed acres) located in the northern portion of the City, in the southeast quadrant of Interstate 580 and Hopyard Road. The District is bounded by the Arroyo Mocho Canal on the south, a Southern Pacific Transportation Company branch line right of way on the east and Hopyard Road on the west. For more information about the District see the section herein entitled "The District". All of the property in the District is ~eing developed as Phase I of Hacienda Business Park ("Hacienda"), a master-planned mixed-use business park which is being co-developed by The Prudential Insurance Company of America ("Prudential") and Callaban Pentz Properties, Pleasanton, a California general partnership ("CPP-Pleasanton"). For more information about Hacienda, Prudential, and CPP-Pleasanton, see the section herein entitled "Proposed Development and Property Ownership". Bond proceeds will be used to finance the acquisition of off-tract and utility improvements as more fully described in the section herein entitled "The Improvement Project" and Appendix B herein entitled "Description of Work". An appraisal of the property in the District ("the Appraisal") has been prepared by Cushman & Wakefield of California, Inc., Appraisal Division, San Francisco, California. The appraised retail fair market value of the property in the District is predicated on the assumption that all required public improvements have been completed. According to the Appraisal, the estimated retail fair market value of the land in the District is $232,860,000 which is 3.62 times the aggregate assessment of $64,263,000 (which includes $45,775,000 principal amount of bonds previously issued by the City and with respect to which the Bonds described herein are subordinate). A letter from the Appraiser, which certifies the final value conclusion and sets forth certain conditions of the Appraisal is contained in Appendix C herein entitled "Certification of the Appraisal". A complete copy of the Appraisal is available for inspection at the City of Pleasanton. Under the provisions of the Improvement Bond Act of 1915, installments of principal and interest sufficient to meet annual debt service on the Bonds are to be included on the regular county tax bills sent to owners of property against which there are unpaid assessments. These annual installments are to be paid into a redemption fund ("the Redemption Fund"), which will be held by the Director of Finance of the City and used to pay Bond principal and interest as they become due. The installments billed against each property each year represent a pro rata share of the total principal and interest coming due that year, based on the percentage which the unpaid assessment against that property bears to the total of unpaid assessments levied to repay the Bonds. If a delinquency occurs in the pagent of any assessment installment, the City, at the end of the fiscal year of delinquency, has a duty to transfer into the Redemption Fund the amount of the delinquency out of available funds of the City. Available funds consist of the balance in the Reserve Fund -9-