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Statewide Community Infrastructure Program
A Program of the California Statewide Communities Development Authority
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What is the Statewide Community Infrastructure Program? The Statewide Community Infrastructure Program (“SCIP”) is a financing program offered through the California Statewide Communities Development Authority ("CSCDA") which can be used by developers to finance public infrastructure, facilities and impact fees. SCIP has 130 Local Agency members, including the City of Hercules who joined in 2006. The updated resolution for consideration today is include CFDs in addition to Assessment Districts. SCIP provides two programs:
‒ The SCIP pooled revenue bond program which issues bonds 3 times/year (Spring, Fall & End of Year).
o Once a City has joined, developers may submit applications on-line. o Developers have a choice of CFD or AD Local Obligation as part of a pool. ‒ A stand alone SCIP Community Facilities District (“CFD”) which issues bonds for larger projects as the project schedule dictates.
o SCIP will craft a project specific JCFA and/or SCIP Resolution for board approval for each participating Local Agency
Since, 2003, SCIP has issued over $1.06 billion in bonds for 381 projects across California, nearly $347 million of which have been Community Facilities District (“CFD”) bond financings.
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Program Benefits
SCIP provides Local Agencies a means of offering competitive financing to all developers as a turnkey solution which minimizes local agency staff time.
SCIP has financed projects which range in size from
$500,000 to up and over $35,000,000.
Developers and Local Agencies can select between
assessment districts or CFDs depending on the project.
Developers use SCIP for a variety of reasons:
Can be part of the capital mix of debt, equity, public financing
Provides off balance sheet/land secured non recourse
debt
Can provide competitive advantages with respect to
residential marketing
SCIP provides diversity to investors and economies of scale to its participants which ultimately translates to competitive interest rates and lower costs
Local Agencies Save Time & Effort
Resources Can be Used Elsewhere
Developers Gain Access to Capital
Project Economics are Improved
SCIP Can Now Finance School
Fees
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Who Uses SCIP?
130 Participating Local Agencies across California with a Growing List of Recurring Developer Clients Participating Local Agencies
128 Total
Members with
381 Projects
Financed
• Alameda, City of
• American Canyon
• Anaheim
• Angels Camp
• Antioch
• Bakersfield
• Banning
• Bayshore Sanitary District
• Blythe
• Brentwood
• Butte County
• Calistoga
• Cathedral City
• Chico
• Chula Vista
• Citrus Heights
• Clovis
• Coachella Valley Water Dt.
• Corona
• Cosumnes CSD
• Cotati
• Daly City
• Dana Point
• Davis
• Desert Hot Springs
• Diablo Water Dt.
• Dublin
• Dublin San Ramon Svcs. Dt.
• East Contra Costa RFFA
• East Palo Alto
• Eastern Muni. Water Dt.
• El Dorado, County of
• El Dorado Irrigation District
• El Monte
• Elk Grove
• Fairfield
• Folsom
• Fontana
• Fremont
• Fresno
• Galt
• Gardena
• Grass Valley
• Healdsburg
• Hercules
• Hesperia
• Hollister
• Huntington Beach
• Imperial, County of
• Indian Wells
• Indio
• Ironhouse Sanitary Dt.
• Lancaster
• Lathrop
• Lincoln
• Linda Co. Water Dt.
• Live Oak
• Livermore
• Lodi
• Madera, City of
• Manteca
• Martinez
• Menifee
• Merced, City of
• Millbrae
• Mission Springs Water Dt.
• Morgan Hill
• Morro Bay
• Murrieta
• Napa, City of
• Napa, County of
• Newport Beach
• Norco
• Oakley
• Oxnard
• Palm Springs
• Patterson
• Petaluma
• Placer, County of
• Rainbow Muni Water Dt.
• Rancho Cordova
• Redding
• Redlands
• Rialto
• Richmond
• Rio Vista
• Riverside, County of
• Rocklin
• Roseville
• Sac. Area Sewer Dt.
• Sac. Co. Water Agency
• Sac. MUD
• Sac. Regl. Co. Sanitation Dt.
• Sacramento, City of
• Sacramento, County of
• San Diego, City of
• San Diego, County of
• San Juan Bautista
• San Juan Capistrano
• San Luis Obispo, City of
• San Luis Obispo, County of
• San Marcos
• San Mateo, County of
• Santa Ana
• Santa Rosa
• Santee
• Sonoma, County of
• South Placer MUD
• South Placer RTA
• South Placer Wastewater Authority
• Stockton
• Suisun City
• Sutter County
• Sweetwater Authority
• Thousand Oaks
• Tracy
• Truckee Donner PUD
• Tuolumne, County of
• Ukiah
• Vacaville
• Vallejo
• Victorville
• West Sacramento
• Western Municipal Water District
• Wheatland
• Woodland
• Yuba City
• Yuba, County of
• Yucaipa
• Yucaipa Valley Water Dt.
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SCIP Financing Programs for New Development
There are a number of ways for Developers and Local Agencies to use SCIP to assist is financing impact fee, public improvements and facilities for new residential, commercial and industrial projects There is the SCIP Pool meant to accommodate smaller single phase projects ($500,000 to $5,000,000) SCIP can also be used to finance larger projects on a stand alone basis (greater than $5,000,000) Financing of Impact Fees and Improvements/Facilities
Financing of Impact Fees is a popular option for developers starting to pull building permits and/or construct models
SCIP can also be used to finance public improvements and facilities for any work that is completes and will be dedicated for public use
CSCDA manages the SCIP bond issuance process from district formation through the issuance of bonds and post sale administration which includes:
Holding the public hearing and overseeing the issuance of bonds Managing post sale administration which includes preparing the tax rolls, continuing disclosure, disbursement of funds and rebate
SCIP can accommodate any development by mixing and matching its programs to fit the needs of a specific project to promote development and meet Local Agency goals Formation Issuance Post-Sale
Admin
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SCIP Tasks and Responsibility Schedule
Admin. includes:
Tax Roll
Lot Splits
Rebate
Continuing
Disclosure
Foreclosure
Developers
Local Agencies
Pass SCIP
Resolution &
Approve
Applications
Conduct the
proceedings
Issue Bonds
Administering
the District
Entitlements
Payment of
Fees or
Completion of
Improvements
Bond
Payments
(Investor Risk)
Developers and
Local Agencies
Developers
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Program Mechanics
Program Type Description
Impact Fee Reimbursement
Program
Impact Fee Pre-Funding
Program
Funding of Public
Improvements
Pooled Assessment/Community Facilities
District Issuance
Reimburses property owners for Impact Fees paid at Building Permit but prior to the Issuance of the SCIP bonds.
(Note: Application must be submitted no more than 60 days before the fees are paid)
Pre-pays impact fees which would normally be due at building permit and for which the developer will receive a fee credit when otherwise due
Public improvements can be finance on an acquisition basis when complete pursuant to an acquisition agreement between the developer and the local agency. Prevailing wage applies to the improvements being funded
Combined Funding Program
Reimbursement, Pre-Funding Programs and Acquisition
Funding can be combined
Stand-Alone
AD/CFD Issuance
Assessment Districts /
Community Facilities
Districts (CFDs)
ADs/CFDs can be created and funded through SCIP and CSCDA on a stand alone or pooled basis. The Local Agency will request formation of the AD/CFD and adopt a joint facilities agreement (JCFA) specifying which facilities are eligible, or the option may be included in the updated SCIP resolution. (Note: May include Operations and Maintenance Fees).
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Statewide Community Infrastructure Program
Questions?