Background Information
In December 1998, the Board of Supervisors approved Phase I of the Missouri Flat Area Master Circulation and Funding Plan (MC&FP), which authorized a set of transportation improvements and commercial developments, including El Dorado Villages Shopping Center, Wal-Mart, and Sundance Plaza. However, as the County was proceeding with the MC&FP implementation through creation of the Community Facilities District (CFD), the Sundance Plaza Project faced problems with obtaining necessary U.S. Army Corp of Engineers permits related to wetlands (the Sundance Plaza site was designated as habitat for the Red Leg Frog). This ruling left the originally proposed development on the Sundance Plaza property in doubt. The removal of the Sundance project from the MC&FP, which was the largest single project included, rendered the originally conceived MC&FP infeasible, as the anticipated tax revenues and other sources of funding would be insufficient to cover the necessary improvements. As a result, implementation of the MC&FP was delayed.
The County subsequently concluded that implementation of the MC&FP could proceed once a “critical mass” of new retail development was secured, development that would generate tax revenue and provide sufficient security for bond proceeds to finance the transportation improvements needed for the development, including the Missouri Flat over-crossing. Supplemental funding could also assist by lowering the “critical mass” threshold.
Early in 2000 the County staff believed it would be possible to receive a grant from the State Transportation Improvement Program (STIP) sufficient to offset the loss of sales tax revenue from retail development of the Sundance site. Following emergence of the State grant, Fehr & Peers Associates, Inc. was retained to prepare and update the traffic analysis. County Department of Transportation (DOT) staff also prepared an update of road improvement costs and Economic & Planning Systems, Inc. was retained to update its feasibility analysis of the project reflecting the reduced retail development, increased road improvement costs, and new funding source. The feasibility analysis concluded that Wal-Mart and the El Dorado Villages Shopping Center provided the “critical mass” required, when supplemented with a grant from the STIP.
With the “critical mass” determination made, the next step was to create the Missouri Flat CFD No. 2002-01 (CFD). The development projects identified in the “critical mass” evaluation, Wal-Mart and El Dorado Villages Shopping Center, were required to join the CFD as defined in their respective Development Agreements and as a condition of receiving building permits.
The Missouri Flat CFD will serve two vital functions. First, the CFD provides a mechanism through which debt can be issued to fund the share of transportation improvements needed to address existing deficiencies in the Missouri Flat Area. Second, the CFD will provide a backup tax mechanism, supplementing the sales and property tax revenue generated by new development in the Missouri Flat Area that will be the primary source of payment of debt service on the bonds to be issued and related administrative costs.
On May 22, 2012, the Board directed staff to initiate MP&FP Phase II (see 5/22/2012 Agenda Item 43). Phase II would provide a framework to fund any necessary additional major improvements to the U.S. Highway 50/Missouri Flat Road Interchange and adjacent arterial and collector roads that will alleviate forecasted traffic congestion and facilitate additional commercial development in the Missouri Flat Road corridor.
On February 24, 2014, the Board directed staff to issue an RFP to seek consultant assistance for MC&FP Phase II (see 2/24/2014 Agenda Item 1).
On April 8, 2014, the Board selected a 20-year growth forecast as the starting point for the MC&FP Phase II development process (see 4 /8/2014 Agenda Item 12).
On June 20, 2014, a Request for Proposal (RFP) was issued to begin the MC&FP Phase II analysis. Proposals were due on August 1, 2014.
On March 30, 2015, the Board awarded RFP No. 14-918-090 for consulting services related to the MC&FP Phase II to Economic & Planning Services, Inc. of Sacramento to begin the MC&FP Phase II analysis (see 3/30/2015 Agenda Item 2).
The County subsequently concluded that implementation of the MC&FP could proceed once a “critical mass” of new retail development was secured, development that would generate tax revenue and provide sufficient security for bond proceeds to finance the transportation improvements needed for the development, including the Missouri Flat over-crossing. Supplemental funding could also assist by lowering the “critical mass” threshold.
Early in 2000 the County staff believed it would be possible to receive a grant from the State Transportation Improvement Program (STIP) sufficient to offset the loss of sales tax revenue from retail development of the Sundance site. Following emergence of the State grant, Fehr & Peers Associates, Inc. was retained to prepare and update the traffic analysis. County Department of Transportation (DOT) staff also prepared an update of road improvement costs and Economic & Planning Systems, Inc. was retained to update its feasibility analysis of the project reflecting the reduced retail development, increased road improvement costs, and new funding source. The feasibility analysis concluded that Wal-Mart and the El Dorado Villages Shopping Center provided the “critical mass” required, when supplemented with a grant from the STIP.
With the “critical mass” determination made, the next step was to create the Missouri Flat CFD No. 2002-01 (CFD). The development projects identified in the “critical mass” evaluation, Wal-Mart and El Dorado Villages Shopping Center, were required to join the CFD as defined in their respective Development Agreements and as a condition of receiving building permits.
The Missouri Flat CFD will serve two vital functions. First, the CFD provides a mechanism through which debt can be issued to fund the share of transportation improvements needed to address existing deficiencies in the Missouri Flat Area. Second, the CFD will provide a backup tax mechanism, supplementing the sales and property tax revenue generated by new development in the Missouri Flat Area that will be the primary source of payment of debt service on the bonds to be issued and related administrative costs.
On May 22, 2012, the Board directed staff to initiate MP&FP Phase II (see 5/22/2012 Agenda Item 43). Phase II would provide a framework to fund any necessary additional major improvements to the U.S. Highway 50/Missouri Flat Road Interchange and adjacent arterial and collector roads that will alleviate forecasted traffic congestion and facilitate additional commercial development in the Missouri Flat Road corridor.
On February 24, 2014, the Board directed staff to issue an RFP to seek consultant assistance for MC&FP Phase II (see 2/24/2014 Agenda Item 1).
On April 8, 2014, the Board selected a 20-year growth forecast as the starting point for the MC&FP Phase II development process (see 4 /8/2014 Agenda Item 12).
On June 20, 2014, a Request for Proposal (RFP) was issued to begin the MC&FP Phase II analysis. Proposals were due on August 1, 2014.
On March 30, 2015, the Board awarded RFP No. 14-918-090 for consulting services related to the MC&FP Phase II to Economic & Planning Services, Inc. of Sacramento to begin the MC&FP Phase II analysis (see 3/30/2015 Agenda Item 2).
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El Dorado County Community Development Agency, Long Range Planning
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