City Council

13. Final Acceptance of Public Improvements, Payment Reconciliation & Release Agreement, &\nDevelopment Impact Fee Reimbursement – Site Approval PL16-0719 (Scannell Properties\n#404, LLC). Accept the public improvements for Site Approval PL16-0719 as complete and\napprove a Payment Reconciliation and Release Agreement with Scannell Properties #404, LLC\nfor Equipment Tax for Equipment Tax in the amount of $1,000,000 and County Dedications\neligible for Development Impact Fee Reimbursements, as well as all other eligible DIF\nreimbursements pursuant to Construction Credit and Reimbursement Agreement No. 2020-223.\nStaff Report by: Fred Galante, City Attorney.\nJUNE 6, 2023 5\nRECOMMENDATION: 1) Appropriate from the unappropriated reserves of the following: Storm\nDrain Enterprise Fund in the amount of $3,200,000; Water Enterprise Fund in the amount of\n$485,406, and the Transportation Fund in the amount of $462,300; 2) schedule corresponding\nyear-end transfers from the following Development Impact Fee Funds: The Preserve Storm\nDrainage Collection System Facilities in the amount of $3,200,000 The Preserve Water Source,\nStorage and Distribution in the amount of $485,406, and Citywide Circulation (Streets, Signals\nand Bridges) System in the amount of $462,300; 3) accept the public improvements for Site\nApproval PL16-0719 as complete; 4) authorize release of the performance bond and initiate the\nwarranty bond; 5) approve a Payment Reconciliation and Release Agreement with Scannell\nProperties #404, LLC ("Scannell"), a Delaware limited liability company for Scannell's\nEquipment Tax Commitment in the amount of $1,000,000 and County Dedications eligible for\nDevelopment Impact Fee Reimbursements, as well as all other eligible DIF reimbursements\npursuant to Construction Credit and Reimbursement Agreement No. 2020-223 ("Agreement");\n6) approve an immediate reimbursement in the amount of $4,147,706 to Scannell per the terms\nof the Agreement, thus, fulfilling the City’s obligation to Scannell; and 7) authorize the City\nManager to execute all necessary documents on behalf of the City.\nM _____ S _____ RC _____