Statewide Community Infrastructure Program A Program of the
- Slides: 12
Statewide Community Infrastructure Program A Program of the California Statewide Communities Development Authority
Post-RDA Economic Development Cities have 5 BASIC TOOLS for Public Private Projects Special Districts (CFDs & Assessment Districts Taxes & Revenue Based Financing Economic Development & Real Estate P 3 + Infrastructure Land Use / Zoning (Higher Density, Parking) Real Estate & Property These tools often work best when used together 2
What is the Statewide Communities Infrastructure Program? • Statewide Communities Infrastructure Program (SCIP) is a pooled tax exempt bond financing program which can finance impact fees and public improvements for private developments • The bonds are issued by the California Statewide Communities Development Authority (CSCDA) which is a JPA sponsored by the League of California Cities (LCC) and California State Association of Counties (CSAC) to promote bond programs of public benefit to its members • Any City/County/Special District can participate in SCIP • SCIP has issued $350 MM in bonds since its inception in 2003 • SCIP has expanded to include stand alone CFD financings 3
Who Uses SCIP? • SCIP currently has 70 local agency members which consist primarily of cities and special districts • SCIP provides local agencies a means of offering competitive financing to all developers as a turn key solution which minimizes local agency staff time • Developers use SCIP for a variety of reasons: 1) Can be part of the capital mix of debt, equity, public financing 2) Provides off balance sheet/land secured non recourse debt 3) Can provide competitive advantages with respect to land acquisition costs • SCIP can finance projects which range in size from $250, 000 up to $20, 000 or higher • SCIP provides diversity to investors and economies of scale to its participants which ultimately translates to competitive interest rates and lower costs 4
Bob Williams SCIP Program - Mechanics Program Type Program Description Impact Fee Reimbursement Program: Reimburses property owners for Impact Fees collected when a Building Permit is Issued Impact Fee Pre-Funding Program: Provides advance funding of Impact Fees requirement as a condition of land entitlements Acquisition Funding: Provides funding of improvements completed by developer. Local agency administers the acquisition agreement. CFD Financing: CFDs can be funded by SCIP through CSCDA on an issue-by-issue basis Reimbursement, Pre-Funding Programs and Acquisition Funding can be combined. 5
What can be financed with SCIP? §Eligible Improvements § Street and Roadways § Street lighting § Freeway Interchanges § Parking § Pedestrian Malls § Landscaping § Sidewalks § Sewer and Pipelines § Storm Drainage § Parks and Parkways § Flood Control § Bridges and Thoroughfares § Water Supply § Bicycle and Pedestrian Trails § Gas Supply § Open Space and Greenbelts
Local Agency Requirements § Must be a member of CSCDA § Adopt resolution consenting to use of the SCIP program - Contained in SCIP manual § Submit and Approve SCIP Applications - Each prospective project will submit an application with a local agency contact for approval § When tax-exempt bonds are issued, the local agency executes a bond closing certificate, which confirms that: - The infrastructure financed through SCIP 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 must approve Requisition of Funds for fees and/or improvements 7
SCIP Tasks and Responsibility SCIP Task and Responsibility Schedule Task Responsibility Pass SCIP Resolution Local Agency Conducting the Proceedings CSCDA Issuing Bonds CSCDA Administering the District • Tax Roll • Lot Splits • Rebate • Continuing Disclosure • Foreclosure CSCDA / BLX / DTA Entitlements Developers in Conjunction with Local Agency Payment of Fees or Completion of Improvements Developers Approve Requisition of Funds Local Agency Bond Payments (Investor Risk) Landowners 8
Case Study: SCIP Series 2014 B $10, 605, 000 CSCDA SCIP Revenue Bonds, Series 2014 B Challenge: Four separate projects located within two jurisdictions were not feasible to finance on a stand alone basis Solution: Pooled Assessment Bonds provided cost effective financing Transaction Summary § Purpose: Finance Impact Fees and Improvements § Total Appraised Value: $63, 430, 000 § Overall Value-to-Lien: 8. 39 § Assessment Distribution by Land Use: 100% Residential § Term: 30 Years § Average Interest Rate: 4. 5% § Bond Ratings: Non-Rated Project Breakdown Local Agency Project Name Land Use Purpose Units Assessment / Unit Bond Amount Annual Debt Service / Unit Total Effective Tax Rate Rocklin Parkview II Residential Fees and Improvements 54 $10, 457 $515, 000 $587 1. 40% Rocklin Two Oaks Residential Fees and Improvements 281 $14, 702 $3, 785, 000 $824 1. 45% Chula Vista Bahia Vista Residential Fees 21 $26, 146 $500, 000 $1, 467 1. 51% San Diego Vista del Sur Residential Fees and Improvements 189 $25, 316 4, 390, 000 $1, 421 1. 58% Manteca Orchard Park II Residential Fees and Improvements 72 $21, 464 1, 415, 000 $1, 204 2. 07% 9
2016 Projects Series 2016 Local Agency SCIP Program Project Est. Amount Rohnert Park University District Stand Alone CFD $10. 7 MM City of Manteca City of Brentwood City of Petaluma El Dorado Irrigation District City of Gardena Milner Terrace – Fees and Improvements Ferro Ronconi – Fees Cader Commerce – Fees The Overlook – Fees Newfield – Fees SCIP Pooled Revenue $18. 6 MM 2016 County of Napa Farallon Capital – Napa Pipe CFD Stand Alone CFD $16. 0 MM 2016 Diablo Water District Iron-House Sanitary District Bethel Island Improvement District Sun. Cal – Delta Cove Project Stand Alone CFD $11. 0 MM City of Fairfield City of Manteca City of Rocklin City of Roseville City of San Diego Green Valley Village– Fees Evan Estates – Improvements The Villages – Fees and Improvements Granite Terrace – Fees Foothills American Dream – Fees & Improvements Vista Del Sur - Fees SCIP Pooled Revenue $12. 1 MM 2016 A 2016 B Total: $68. 4 MM 10
SCIP Local Agencies 11
Contact Information California Statewide Communities Development Authority James Hamill 1700 N. Broadway, Suite 405 Walnut Creek, CA 94596 ph: (925) 476 -5644 jhamill@cscda. org Jon Penkower 1700 N. Broadway, Suite 405 Walnut Creek, CA 94596 ph: (925) 476 -5887 jpenkower@cscda. org RBC Capital Markets Nathan Perez 2250 Hyde Street, 5 th Floor San Francisco, CA 94109 ph: (415) 962 -1480 fax: (415) 213 -5964 nperez@taussig. com John Knox 405 Howard Street San Francisco, CA 94105 ph: (415) 773 -5626 fax: (415) 773 -5759 jnknox@orrick. com Orrick, Herrington & Sutcliffe LLP Bob Williams Two Embarcadero Center Suite 1200 San Francisco, CA 94104 ph: (415) 445 -8674 fax: (415) 445 -8679 bob. williams@rbccm. com David Taussig & Associates Orrick, Herrington & Sutcliffe LLP Patricia L. Eichar 1120 NW Couch Street, Suite 200 Portland, OR 97209 ph: (503) 943 -4860 fax: (503) 943 -4801 peichar@orrick. com David Taussig & Associates David Taussig 5000 Birch Street, Suite 6000 Newport Beach, CA 92660 ph: (949) 955 -1500 fax: (949) 955 -1590 dtadavid@taussig. com Bond Logistix LLC Vo Nguyen 777 S. Figueroa St. , Suite 3200 Los Angeles, CA 90017 ph: (213) 612 -2205 fax: (213) 612 -2499 vnguyen@bondlogistix. com 12
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