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Resolution No AC TRANSIT DISTRICT GC Memo No. 08-213 Board of Directors Executive Summary Meeting Date: September 10, 2008 Committees: Planning Committee Finance and Audit Committee External Affairs Committee Operations Committee Rider Complaint Committee Paratransit Committee Board of Directors Financing Corporation SUBJECT: Consider the Adoption of AC Transit Resolution No. 08-055 Authorizing the Execution and Delivery of Various Documents and a Preliminary Official Statement in Connection With the Sale of the Alameda-Contra Costa Transit District Certificates of Participation (Land Acquisition Project) Series 2008a and Certain Other Actions in Connection Therewith and Repealing Resolution No. 08-031 RECOMMENDED ACTION: Information Only Briefing Item Recommended Motion Staff recommends the adoption of Resolution No. 08-055 and authorization to proceed with the sale of tax-exempt Certificates of Participation (COPs) to obtain financing to reimburse the District for its cost of acquiring approximately 8.0 acres of property located on 66th Avenue, in Oakland, CA (the District’s Property) and to finance certain improvements (the Improvements) to the Property. The District previously purchased approximately 16.26 acres of property located at 66th Avenue with its own funds and will be partially reimbursed from the sale of the COPs for those costs, as well as a portion of its acquisition costs and potential improvement costs. Fiscal Impact: Not to exceed $15 million, including reimbursement for a portion of the costs incurred in acquiring the property. BOARD ACTION: Approved as Recommended [ ] Other [ ] Approved with Modification(s) [ ] The above order was passed on: . Linda A. Nemeroff, District Secretary By GC Memo No. 08-213 Meeting Date: September 10, 2008 Page 2 of 4 Background/Discussion: The Special Meeting This is a special joint meeting of the AC Transit Board of Directors and the Finance Corporation Board of Directors. The joint meeting is necessary because each entity must adopt separate resolutions in conjunction with the consummation of the transactions related to the Project. The Property On January 23, 2008, the District Board authorized staff in closed session to begin negotiations with the property owner (Kavped) for the acquisition of approximately 16.26 acres of industrial/warehouse land adjacent to the Seminary Bus Division (D4) off of 66th Avenue, Oakland (the Acquired Property). Based on that direction the District staff undertook negotiations for the purchase of the Acquired Property, had the Acquired Property surveyed, had a Phase I and II environmental review performed and obtained additional information in order to determine whether to proceed with the purchase. As noted in GC Memo No. 08-139, the reports do not contain any information which would indicate the District should not proceed with the purchase of the Acquired Property. The District closed on the Acquired Property on July 25, 2008. Subsequent to closing on the Acquired Property the District has been approached by the City of Oakland, indicating an interest in purchasing a portion of the Acquired Property that the District would be willing to sell. Those negotiations are still in progress, but it has been determined that approximately one-half of the Acquired Property (or approximately 8.5 acres) could be sold to the City of Oakland, leaving a little less than 8 acres for District use (the District’s Property). Given the potential sale of a portion of the Acquired Property to the City of Oakland the size of the Certificate of Purchase (COP) financing may be reduced from a not to exceed $27 million to not to exceed $15 million. The Financing Since the District’s initial determination to proceed to purchase the Property staff has been coordinating with Kutak Rock LLP (bond counsel and disclosure counsel), Public Financial Management, Inc. (the financial advisor), the Gibbs Law Group, P.C. (underwriter counsel) and M.R. Beal & Company (underwriter) on the content of the various documents necessary to proceed with the sale of the Certificates of Participation (COPs). Representatives of these entities are expected to be present at the joint meeting to address any questions the Board may have regarding the financial transaction. In order to generate the funds needed to reimburse the District for the purchase of the District’s Property, to secure the Improvements (expanded parking for the Seminary Bus GC Memo No. 08-213 Meeting Date: September 10, 2008 Page 3 of 4 Division (D4) and improvements related to the Property) and reimbursement for a portion of the expenses associated with the acquisition of the District’s Property, the District will lease the District’s Property to the Corporation and sell to the Corporation buses (the Equipment) to meet State Law requirements for financing the improvements. The Corporation will lease the District’s Property and the Equipment back to the District. The lease payments to be paid by the District to the Corporation will be sufficient to pay the principal and interest owed on the COPs. The proposed transaction is identical to the COPs financing that was approved on June 4, 2008 when the Board adopted Resolution No. 08-031, except for the size of the transaction and the tax-exempt status of the bonds. The documents listed below are substantially the same as the documents the Board considered in June, with necessary modifications to reflect the changes to the transaction. The documents, identified in Resolution No. 08-055 and attached for the Board’s review, include: a. Site Lease b. Purchase and Sale Agreement c. Lease Agreement d. Trust Agreement e. Certificate Purchase Contract f. Continuing Disclosure Agreement g. Tax Compliance Certificate h. Preliminary Official Statement Resolution No. 08-055 authorizes the issuance of up to $15 million in COPs. The exact amount of financing will be determined by the General Manager and Chief Financial Officer prior to the sale of the COPs. The exact amount of Equipment to be sold and leased back will be determined by the General Manager prior to the sale of the COPs. The General Manager and General Counsel will confirm the title description relating to the District’s Property which will be leased to the Corporation and leased back to the District. ADVANTAGES OF TAX-EXEMPT FINANCING Staff recommends utilizing tax-exempt cop financing for the following reasons: x Tax exempt financing represents the lowest possible cost of financing; x The district is able to utilize tax-exempt financing and continue to receive rental income for a specified period of time; x Annual debt service will be offset by annual rental income; x A tax-exempt structure should lead to more aggressive pricing by the underwriter GC Memo No. 08-213 Meeting Date: September 10, 2008 Page 4 of 4 Assuming the Board approves proceeding with the COP issuance, the Official Statement would be printed, marketing could be underway and then pricing would occur during the third or fourth week of September, barring any unforeseen circumstances. Once the pricing has been established, then a Certificate Purchase Contract can be executed with the Underwriter and the COPs financing will close shortly thereafter. Questions and Answers As previously noted, representatives of the various entities involved in this transaction will be present in person or by phone to answer any questions the District Board may have regarding the COPs transaction. Prior Relevant Board Actions/Policies: GC Memo No. 08-083 adopting Resolution Nos. 08-024 and 08-027 on April 9, 2008. GC Memo No. 08-109, adopting Resolution No. 08-031, June 4, 2008 Attachments: a. Resolution No. 08-055 b. Site Lease c. Purchase and Sale Agreement d. Lease Agreement e. Trust Agreement f. Certificate Purchase Contract g. Continuing Disclosure Agreement h. Tax Compliance Certificate i. Preliminary Official Statement Approved by: Kenneth C. Scheidig, General Counsel Reviewed by: Rick Fernandez, General Manager Deborah McClain, Chief Financial Officer Prepared by: Kenneth C. Scheidig, General Counsel Date Prepared: September 4, 2008 Att. a to GC Memo No. 08-213 RESOLUTION NO. 08-055 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE ALAMEDA- CONTRA COSTA TRANSIT DISTRICT AUTHORIZING THE EXECUTION AND DELIVERY OF A SITE LEASE, A PURCHASE AND SALE AGREEMENT, A LEASE AGREEMENT, A TRUST AGREEMENT, A CERTIFICATE PURCHASE CONTRACT, A CONTINUING DISCLOSURE AGREEMENT, A TAX COMPLIANCE CERTIFICATE AND A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE SALE OF ALAMEDA-CONTRA COSTA TRANSIT DISTRICT CERTIFICATES OF PARTICIPATION (LAND ACQUISITION PROJECT) SERIES 2008A, REPEALING RESOLUTION NO. 08-031 AND CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH. WHEREAS, the Alameda-Contra Costa Transit District (the “District”) is authorized pursuant to the laws of the State of California to purchase, sell and lease real and personal property which is necessary and proper for public purposes; and WHEREAS, the AC Transit Financing Corporation (the “Corporation”) was formed to assist the District, among other things, in the acquisition and purchase of real and personal property and improvements to such property; and WHEREAS, the District has financed the acquisition and purchase of the AC Transit 66th Avenue location (the “Property”) from moneys on deposit in its general fund; and WHEREAS, the District desires to obtain financing in order to be reimbursed for a portion of the acquisition costs of the Property, and also to finance various improvements (the “Improvements”) to be made to the Property; and WHEREAS,
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