ITEM 4. 12
CITY MANAGER' S REPORT
NOVEMBER 14, 2022 CITY COUNCIL REGULAR MEETING
ITEM: APPROVE ADJUSTMENTS TO GASB 34 REPORTS
RELATED TO VARIOUS PUBLIC IMPROVEMENT
ACCEPTANCES IN THE CLSP AREA
RECOMMENDATION: Adopt Resolution Approving Adjustments to GASB 34 Reports related to Various Public Improvement
Acceptances in the Central Lathrop Specific Plan
Area
SUMMARY:
The City has been working with Saybrook Fund Investors, LLC and Lathrop Land Acquisition LLC ( collectively referred to as " Saybrook") to complete infrastructure improvements, including roads, utilities, traffic signals, etc., which support and serve the Central Lathrop Specific Plan ( CLSP) community area. Council has accepted numerous public improvements from Saybrook for the CLSP area since 2019, and the GASB 34 Reports associated with the acceptances represented the value of the improvements at that time.
After acceptance, Saybrook has recognized and provided additional costs associated with the improvements not recognized in the original GASB 34 Reports, including engineering, design, change orders, permitting, and other soft costs. The adjusted GASB 34 Reports values need to be approved by City Council to ensure that the City' s asset records are accurate.
Staff recommends that Council adopt a resolution approving adjustments to the GASB 34 Reports related to various public improvement acceptances in CLSP, as detailed in Table 1.
BACKGROU N D:
The City Council adopted the CLSP community area in 2004. The City prepared and certified an Environment Impact Report for the project and adopted a Mitigation Monitoring Program. The City also approved a Development Agreement ( DA) with Richland Planned Communities ( Richland) in 2004. The DA establishes development rights and governs the relationship between the City and Richland. In 2011, Richland relinquished its rights under the DA pursuant to a settlement agreement. In 2016, the City approved the assignment of the DA to Saybrook along with an amendment.
The City has been working with Saybrook to complete infrastructure improvements including, roads, utilities, traffic signals, etc., which support and serve the community. Council has accepted numerous public improvements from Saybrook for CLSP since 2019, and the GASB 34 Reports associated with the acceptances represents the value of the improvements.
CITY MANAGER' S REPORT PAGE 2
NOVEMBER 14, 2022 CITY COUNCIL REGULAR MEETING
APPROVE AD) USTMENTS TO GASB 34 REPORTS RELATED TO VARIOUS
PUBLIC IMPROVEMENT ACCEPTANCES IN THE CLSP AREA
After acceptance, Saybrook has recognized and provided additional costs associated with the improvements that were not provided in the original GASB 34 Reports, including engineering, design, change orders, permitting and other soft costs. The adjusted GASB 34 Reports, values need to be approved by City Council to ensure that the City' s asset records are accurate. The GASB 34 Report adjustments are detailed in Table 1 below.
Table 1 - GASB 34 Report Adjustments
Resolution Approved GASB 34 GASB 34 Report
Resolution Ado tion Date Re ort Value Final Contract Cost Ad' ustment 19- 4636 14- Oct- 19 1 284 418. 00 1 668 218. 67 383 800. 67 19- 4658 9- Dec- 19 1 029 000. 00 1 573 484. 84 544 484. 84 20- 4672 13-] an- 20 1 518 492. 00 2 657 392. 00 1 138 900. 00 20- 4690 9- Mar- 20 9 429 937. 40 15 097 532. 69 5 667 595. 29 20- 4757 13- Ju1- 20 1 502 032. 01 1 631 438. 60 129 406. 59 21- 4867 10- Ma - 21 8 572 136. 50 13 679 118. 76 5 106 982. 26 21- 4896 14- Jun- 21 4 774 309. 77 6 916 394. 30 2 142 084. 53 21- 4948 13- Se - 21 6 136 524. 67 8 980 666. 91 2 844 142. 24 21- 4974 11- Oct- 21 410 000. 00 712 530. 50 302 530. 50 22- 5025 14- Feb- 21 1 085 491. 00 1 777 947. 60 692 456. 60 22- 5109 11- Ju1- 22 5 700 357. 00 8 659 011. 69 2 958 654. 69 REASON FOR RECOMMENDATION:
Staff recommends that Council adopt a resolution approving adjustments to the GASB 34 Reports related to various public improvement acceptances in the CLSP to ensure that the City' s asset records are accurate.
FISCAL IMPACT:
There is no fiscal impact to the City.
ATTACH M ENTS:
A. Resolution Approving Adjustments to GASB 34 Reports related to Various Public Improvement Acceptances in the Central Lathrop Specific Plan Area B. GASB 34 Report Detail
CITY MANAGER' S REPORT PAGE 3
NOVEMBER 14, 2022 CITY COUNCIL REGULAR MEETING
APPROVE AD7USTMENTS TO GASB 34 REPORTS RELATED TO VARIOUS
PUBLIC IMPROVEMENT ACCEPTANCES IN THE CLSP AREA
APPROVALS:
Zo22
Brad aylor Date
City Engineer
aCari Jam Date
Finance ir ctor
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Michael King Date
Assistant City Manager
ll-Y- zo -z. L
Salvador Navarrete Date
City Attorney
1l• 8• 2Z
St en J. Salvatore Date
City Manager
RESOLUTION NO. 22 -
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LATHROP APPROVING AD) USTMENTS TO GASB 34 REPORTS RELATED TO VARIOUS PUBLIC
IMPROVEMENT ACCEPTANCES IN THE CENTRAL LATHROP SPECIFIC PLAN AREA WHEREAS, the City of Lathrop adopted the Central Lathrop Specific Plan CLSP) in 2004; and
WHEREAS, in 2016 the City approved the assignment of the DA to Saybrook CLSP, LLC and Lathrop Land Acquisition LLC (" Saybrook") along with an amendment; and
WHEREAS, the City has been working with Saybrook to complete infrastructure improvements including roads, utilities, traffic signals, etc., which support and serve the community; and
WHEREAS, Council has accepted numerous public improvements from Saybrook for the CLSP area since 2019 and the GASB 34 Reports associated with the acceptances represented the value of the improvements at that time; and WHEREAS, after acceptance, Saybrook has recognized and provided additional costs associated with the improvements that were not recognized in the original GASB 34 Reports including engineering, design, change orders, permitting, and other soft costs; and
WHEREAS, the adjusted GASB 34 Report values need to be approved by City Council to ensure that the City' s asset records are accurate. The GASB 34 Report adjustments are detailed in Table 1 below; and
Table 1 — GASB 34 Report Adjustments
Resolution Approved GASB 34 GA56 34 Report
Resolution Adoption Date Report Value Final Contract Cost Adjustment 19- 4636 14- Oct- 19 $ 1, 284, 418. 00 $ 1, 668, 218. 67 $ 383, 800. 67 19- 4658 9- Dec- 19 1, 029, 000. 00 $ 1, 573, 484. 84 $ 544, 484. 84 20- 4672 13- Jan- 20 $ 1, 518, 492. 00 $ 2, 657, 392. 00 $ 1, 138, 900. 00 20- 4690 9- Mar- 20 $ 9, 429, 937. 40 $ 15, 097, 532. 69 $ 5, 667, 595. 29 20- 4757 13- Ju1- 20 $ 1, 502, 032. 01 $ 1, 631, 438. 60 $ 129, 406. 59 21- 4867 10- May- 21 $ 8, 572, 136. 50 $ 13, 679, 118. 76 $ 5, 106, 982. 26 21- 4896 14- Jun- 21 $ 4, 774, 309. 77 $ 6, 916, 394. 30 $ 2, 142, 084. 53 21- 4948 13- Sep- 21 $ 6, 136, 524. 67 $ 8, 980, 666. 91 $ 2, 844, 142. 24 21- 4974 11- Oct- 21 $ 410, 000. 00 $ 712, 530. 50 $ 302, 530. 50 22- 5025 14- Feb- 21 $ 1, 085, 491. 00 $ 1, 777, 947. 60 $ 692, 456. 60 22- 5109 11- Ju1- 22 5, 700, 357. 00 $ 8, 659, 011. 69 $ 2, 958, 654. 69 WHEREAS, staff recommends that Council adopt a resolution approving adjustments to the GASB 34 Reports related to various public improvement acceptances in CLSP to ensure that the City' s asset records are accurate.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Lathrop does hereby approve the adjustments to GASB 34 Reports related to various public improvement acceptances in the Central Lathrop Specific Plan area.
The foregoing resolution was passed and adopted this 14th day of November 2022, by the following vote of the City Council, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
Sonny Dhaliwal, Mayor
ATTEST: APPROVED AS TO FORM:
Teresa Vargas, City Clerk Salvador Navarrete, City Attorney
ATTACHMENT
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