HomeMy WebLinkAboutR-10603 Infrastructure Investment Capital FundRESOLUTION NO. 10603 (2015 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, ESTABLISHING THE INFRASTRUCTURE
INVESTMENT CAPITAL FUND AND THE CRITERIA FOR
EVALUATING USE OF THE FUNDS
WHEREAS, the City Council adopted the Economic Development Strategic Plan to
create head of household jobs and breakdown barriers to job creation; and
WHEREAS, on March 17, 2015, the City Council of the City of San Luis Obispo held a
public hearing to consider the creation of the Infrastructure Investment Capital Fund; and
WHEREAS, the City of San Luis Obispo has updated its Land Use and Circulation
Element and planned for significant development to meet General Plan objectives for housing
and new job centers close to housing; and
WHEREAS, there are many potential development sites that exist in locations that
currently have little or no infrastructure, including roads, utilities, storm drains, and other key
facilities to support planned growth; and
WHEREAS, the intent of the Infrastructure Investment Capital Fund is to help the City
realize the benefits of growth that is well - planned, and that would not occur in a timely manner
without City participation in the financing of supporting infrastructure; and
WHEREAS, these funds could be used to leverage additional grant funding, as loans or
for direct City participation in priority infrastructure that will enhance the quality of life and
improve economic development; and
WHEREAS, there are a number of potential uses of an Infrastructure Investment Capital
Fund throughout the City, including as may be needed to support the City's infill development
objectives, to expand community access to broadband, or other projects that have a demonstrated
community -wide benefit and positive economic impact on the City's economy.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. Infrastructure Investment Fund Award Guidelines. The City Council
establishes that all of the following guidelines shall be met for use of the Infrastructure
Investment Fund:
1. The use of City funds shall not offset any cost that would be legally required to be
paid to meet the fair share obligation of the developer requesting City investment
in an infrastructure project.
R 10603
Resolution No. 10603 (2015 Series)
Page 2
2. The use of City funds shall not offset a private project's specific mitigation cost
identified through the environmental review process or under existing regulations
or policies.
3. The use of City funds shall support a project that would not otherwise be feasible
in a timely manner due to the economic environment, the timing of the project, or
other constraints outside the control of the project proponents or the City.
4. The project proponents shall demonstrate a significant public benefit associated
with construction of the project that merits City participation.
5. Approved projects will have a measurable outcome that will be monitored and
reported to the Council and the public.
SECTION 2. Evaluation Criteria. The application submitted by any member of the
public, a private developer or City staff shall be evaluated and ranked by City staff based on each
of the following criteria:
1. Significant public benefit, demonstrated by compliance with and furtherance of
General Plan goals, policies, and programs; and
2. Alignment with the Major City Goals and other important objectives in place at
the time of the application; and
3. Head of Household Job Creation; and
4. Housing Creation; and
5. Circulation/Connectivity Improvements; and
6. Net General Fund fiscal impact.
SECTION 3. Review Process and Ongoing Monitoring. All proposed uses of the Fund
shall be presented to City Council for final approval. Once approved, investments will be
monitored and the results reported to the Council and the Public.
Upon motion of Vice Mayor Ashbaugh, seconded by Council Member Christianson, and on the
following roll call vote:
AYES: Council Members Carpenter, Christianson and Rivoire,
Vice Mayor Ashbaugh and Mayor Marx
NOES: None
ABSENT: None
Resolution No. 10603 (2015 Series)
Page 3
The foregoing resolution was adopted this 17th day of March, 2015.
/ V16A-A
May tJ l Marx
ATTEST:
ony J. M y
City Clerk
I
K Christine Dietrick
City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of San Luis Obispo, California, this 23"3 day of 1�--t a , cv,. -Z.
nnlnony ,r,
City Clerk