STAFF REPORT
19 Meeting Date:
August 12, 2025
SUBJECT: FINANCING ANALYSIS WORKING GROUP – PROPOSED UNDERGROUND UTILITY ASSESSMENT DISTRICT 2021-1 (WEST STREET)
RECOMMENDATION: It is recommended that the City Council:
1. Designate Council Members Kempf and Whalen, along with Finance Director Bannigan, Treasurer Parisi, and former Citizens’ Audit Review and Investment Advisory Committee Member Brown as designees to a working group to advise the full City Council as to the best way to finance the proposed Underground Utility Assessment District 2021-1 (West Street).
Appropriation: Fund:
Submitted By: Dave Kiff Approved: Dave Kiff
Dave Kiff, City Manager Dave Kiff, City Manager
SUMMARY OF THE MATTER
The West Street Assessment District for utility undergrounding purposes is expected to see its final vote and protest hearing on September 23, 2025. If a majority protest does not exist, the district may be formed. At the Council meeting on July 22, 2025, the City Council discussed alternatives for bond purchase methods, including a Public Offering, a Private Placement, and a City Purchase. Another possibility could be an alternative to bonding, such as an Infrastructure Bank (I-Bank) loan, per the City Treasurer’s information. The Council had hoped that the newly proposed Investment Advisory Committee (IAC) could assist in reviewing and recommending financing options – but the IAC is not yet formed.
As an alternative to review by the IAC, staff proposes the designation of a Working Group consisting of Council Members Kempf and Whalen, past member of the Citizens’ Aduit Review and Investment Advisory Committee Steve Brown, as well as Finance Director Bannigan and Treasurer Parisi. The Working Group would meet as needed between August 12, 2025 and September 23, 2025 in order to help make a recommendation to the City Council as to a financing method. For more information, please see Agenda Item #19 from the Council meeting of July 22, 2025.
FINANCIAL ANALYSIS
Not applicable.
ENVIRONMENTAL ANALYSIS
The formation of a Working Group is exempt from CEQA.
FINANCING ANALYSIS WORKING GROUP – PROPOSED UNDERGROUND UTILITY ASSESSMENT DISTRICT 2021-1 (WEST STREET)
September 9, 2025
ATTACHMENTS
None
Report Prepared By: Coordinated With:
Dave Kiff, City Manager Michelle Bannigan, Finance Director