PHASE 2 REVENUE ANTICIPATION NOTES ISSUED
BY THE RIVER ISLANDS PUBLIC FINANCING
AUTHORITY
November 13, 2023
Item No. 5.5
OVERVIEW
The River Islands Development Project provides funding for construction, maintenance and operation of its infrastructure without City backed financing.
Financing of such projects are managed through the River Islands Public Financing Authority (RIPFA).
RIPFA will be issuing Revenue Anticipation Notes to provide funding for Phase 2 improvements in the River Islands Development Project. As the Local Land Use Authority, the City Council is required to hold a Public Hearing before the notes are issued to ensure certain findings of public benefits are met.
2 OVERVIEW
On September 9, 2019, the City Council held a public hearing with respect to the issuance by the Authority of revenue anticipation notes to finance public capital improvements for Phase 1 of the River Islands at Lathrop development (the “Phase 1 Notes”), and following the public hearing the City Council adopted Resolution No. 19-4629 making findings with respect to and approving the financing of such public capital improvements with proceeds of the Phase 1 Notes.
The City has no obligation whatsoever with respect to the repayment of the Special Tax Bonds, the repayment of the Phase 1 Notes or the administration of the CFDs, and will have no obligation whatsoever with respect to the repayment or administration of the Phase 2 Notes. 3 PHASE 2 REVENUE ANTICIPATION NOTES – ISSUANCE
Before the Phase 2 notes are issued, the City Council, as the Local Land Use Authority, is required to hold a Public Hearing and ensure the notes meet the following findings of public benefit:
Facilitate the construction of infrastructure required for new housing within the City to meet growing demand for freeway-close living and the construction of infrastructure required for new employment opportunities. Provide the opportunity for public infrastructure within the City to be constructed at an earlier point in time than would otherwise occur in the absence of available Phase 2 Note financing.
4 RECOMMENDATION
Tonight, City staff request Council hold a Public Hearing and:
Make Findings with Respect to and Approving the Issuance of Phase 2 Revenue Anticipation Notes by the River Islands Public Financing Authority 5