Report to Mayor and City Council
Tuesday, January 14, 2020
Consent
SUBJECT:
Title
CONSIDER APPROVAL OF AMENDMENT NO. 3 TO AGREEMENT WITH KOSMONT & ASSOCIATES FOR ENHANCED INFRASTRUCTURE FINANCING DISTRICT CONSULTING SERVICES (CITY COUNCIL)
Body
I. SUMMARY
On September 3, 2019, staff and the City's EIFD Consultant, Kosmont & Associates ("Kosmont"), provided a brief update to the City Council and requested direction regarding the formation of the proposed Carson Enhanced Finance Infrastructure District ("EIFD"). The City Council directed staff to form the Carson EIFD without the initial participation of the other taxing entities, and also continue soliciting the participation of other taxing entities into the Carson EIFD. Pursuant to the direction received, and also in response to new EIFD legislative requirements enacted by the State effective January 1 2020, the City adopted Resolution No. 19-192 on December 3, 2019 to declare its intention to form a Carson EIFD under 2019 EIFD laws. In addition, the December 3, 2019 staff report stated that a contract amendment with Kosmont would be presented early this year to complete the EIFD formation process.
Kosmont Contract Amendment (Amendment No. 3) adds the following tasks to the existing contract: (1) Updates on County discussions and direction on EIFD partnerships, (2) Resolution of Intent and establishment of the Public Financing Authority, (3) Infrastructure Financing Plan completion and distribution, (4) Infrastructure Financing Plan (IFP) approval and EIFD formation hearings, and (5) As-needed real estate and project financing advisory services (Special Projects). The proposed Amendment No. 3 would also extend the term by an additional year, from July 1, 2020 to June 30, 2021. Additionally, the contact sum would be increased by $55,000, from $79,990 to a total a contract amount of $134,990 to accommodate the additional scope of services and extended term.
II. RECOMMENDATION
Recommendation
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