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HomeMy WebLinkAboutR-10985 ADOPTING LOCAL GOALS AND POLICIES FOR MELLO-ROOS COMMUNITY FACILITIES DISTRICTSRESOLUTION NO. 10985 (2019 SERIES) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS OBISPO, CALIFORNIA ADOPTING LOCAL GOALS AND POLICIES FOR MELLO-ROOS COMMUNITY FACILITIES DISTRICTS WHEREAS, Section 53312.7(a) of the California Government Code provides that, on and after January 1, 1994, a local agency may initiate proceedings to establish a community facilities district pursuant to the Mello -Roos Community Facilities Act of 1982 (the "Act") only if it has first considered and adopted local goals and policies concerning the use of the Act; and WHEREAS, the City Council of the City of San Luis Obispo (the "City") has determined that there may be a need in the future for the City to initiate proceedings to establish one or more community facilities districts under the Act; and WHEREAS, the City has considered local goals and policies concerning the use of the Act; and WHEREAS, there has been presented to this meeting a compilation of such goals and policies entitled the "City of San Luis Obispo Local Goals and Policies for Mello -Roos Community Facilities Districts" (the "Goals and Policies"), a copy of which is attached to this Resolution as Exhibit A; and WHEREAS, the City Council desires to adopt the Goals and Policies as the City's local goals and policies concerning the use of the Act; and WHEREAS, the City Council desires that the Goals and Policies supersede the existing "Land -Based Financings" policies provided in the City's Budget and Fiscal Policies. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo as follows: SECTION 1. The City Council hereby adopts the Goals and Policies as the City's local goals and policies concerning the use of the Act; which Goals and Policies shall supersede and replace the City's "Land -Based Financings" policies provided in the City's Budget and Fiscal Policies as shown in the adopted 2017-2019 Financial Plan and 2018-2019 Supplemental Budget. SECTION 2. The officers of the City are hereby authorized and directed to take all actions and do all things which they, or any of them, may deem necessary or desirable to accomplish the purposes of this Resolution and not inconsistent with the provisions hereof. SECTION 3. The City Council finds that the Goals and Policies approved by this Resolution contain the matters prescribed by Section 53312.7 of the Act and that adoption of the Goals and Policies enables the City Council to initiate proceedings to establish community facilities districts pursuant to the Act. R 10985 Resolution No. 10985 (2019 Series) Page 2 SECTION 4. This Resolution shall take effect immediately upon its adoption. Upon motion of Vice Mayor Pease, seconded by Council Member Christianson and on the following roll call vote: AYES: Council Members Christianson, Gomez, and Stewart, Vice Mayor Pease, and Mayor Harmon. NOES: None ABSENT: None The foregoing resolution was adopted this 19th day of February 2019. 1 Mayor ATTEST: Teresa Purrington City Clerk APPROVED nn ine Dietrick Attorney IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Luis Obispo, California, this If"W day of 1-k &J/4k , . 2] 1� Teresa Purringtan City Clerk Resolution No. 10985 (2019 Series) Page 3 EXHIBIT A R 10985 CITY OF SAN LUIS OBISPO LOCAL GOALS AND POLICIES FOR MELLO-ROOS COMMUNITY FACILITIES DISTRICTS INTRODUCTION Section 53312.7(a) of the California Government Code provides that a local agency may initiate proceedings to establish a community facilities district (a “Community Facilities District”) pursuant to the Mello-Roos Community Facilities Act of 1982 (the “Act”) only if it has first considered and adopted local goals and policies concerning the use of the Act. The following goals and policies have been considered and adopted by the City of San Luis Obispo (the “City”) and are intended to meet the requirements of the Act. In each and every circumstance, the decision as to whether or not the City will make use of the Act is a decision that will be made solely by the City. Nothing contained herein shall be construed as obligating the City to make use of the Act in any circumstance or as granting to any person any right to have the City make use of the Act in any circumstance. GENERAL POLICY STATEMENT When establishing a Community Facilities District for the purpose of issuing bonds, the City will exercise a fiscally conservative approach to minimize any financing risks to bondholders and maintain the City’s good financial reputation. The individual and cumulative financial impact of the City’s use of the Act will be carefully evaluated. It is the City’s intention to act as lead agency whenever use is made of the Act to finance facilities to be owned or operated by the City. ELIGIBLE PUBLIC FACILITIES AND SERVICES Generally, the improvements eligible to be financed by a Community Facilities District must have a useful life of at least five (5) years and must be owned by the City or another public agency. In some cases, up to five percent of the proceeds of an issue may be used for privately-owned facilities owned and operated by a privately-owned public utility and the funding of facilities to be owned by a public utility shall be considered on a case-by-case basis. The development or redevelopment proposed within a Community Facilities District must be consistent with the City’s General Plan and must have received any required legislative approvals such as zoning or specific plan approvals prior to the issuance of any bonds. The City Council may approve a Community Facilities District that includes some land without legislative approvals if the improvements are consistent with the City’s General Plan and the City Council finds the improvements are required in the public interest. The list of eligible public facilities include, but are not limited to, the types of facilities specified in Government Code section 53313.5, as it currently exists or may hereafter be amended. The funding of public facilities to be owned and operated by public agencies other than the City shall Resolution No. 10985 (2019 Series) Page 4 EXHIBIT A R 10985 be considered on a case-by-case basis. If the proposed financing is consistent with a public facilities financing plan approved by the City, or the proposed facilities are otherwise consistent with approved land use plans for the property, the City may consider entering into a joint community facilities agreement or joint exercise of powers agreement in order to finance these facilities. A joint agreement with the public agency that will own and operate any such facility must be entered into at the time specified in the Act. The City will consider on a case-by-case basis Community Facilities Districts established for the provision of services eligible to be funded under the Act, including services to be provided by other public agencies. Eligible services include all services specified in the Act, as it currently exists or may hereafter be amended. PRIORITIES FOR FINANCING The priority that various kinds of public facilities and services will have for financing through the City’s use of the Act is as follows: (a) services authorized to be financed pursuant to the Act; (b) backbone infrastructure to be owned and/or operated by the City that is required to serve proposed development and that is identified in an infrastructure master plan, specific plan or other appropriate document approved by the City as a major backbone infrastructure element (including public facilities financed in lieu of the payment of development fees imposed by the City); and (c) other public facilities (including in-tract infrastructure) to be owned and/or operated by the City for which there is a clearly demonstrated public benefit (including public facilities financed in lieu of the payment of development fees imposed by the City). Public facilities to be owned and/or operated by a public agency other than the City, including such public facilities financed in lieu of the payment of development fees imposed by such public agency, will, generally, not be financed through the City’s use of the Act; provided, however, that the City may consider the financing of such facilities on a case by case basis. BOND ISSUE CREDIT QUALITY REQUIREMENTS Project Viability. The viability of the development project within a Community Facilities District is a critical component of the credit quality of a Community Facilities District bond issue. Accordingly, the viability of each such development project will be reviewed and evaluated by the City. Under most circumstances, the viability of a development project is enhanced as the project moves further through the development process. Therefore, generally, a Community Facilities District will be established only if (a) the proposed development within the Community Facilities District is permitted by the zoning or a specific, community or site plan applicable thereto, and (b) tract or parcel maps for the proposed development within the Community Facilities District have been approved by the City Council. Furthermore, bonds of a Community Facilities District will generally not be issued unless final tract maps have been recorded with respect to at least the first phase of the property proposed to be developed within the Community Facilities District. Resolution No. 10985 (2019 Series) Page 5 EXHIBIT A R 10985 Value-to-Lien Ratios. The City will require that the credit quality of any Community Facilities District bond issue be such that the requirements of Section 53345.8 of the California Government Code will be met. If final tract maps have not been recorded with respect to a substantial portion of the property proposed to be developed within the Community Facilities District, the City will generally require that the value of each parcel with respect to which a final tract map has not been recorded be at least three times the sum of (a) the principal amount of the Community Facilities District bonds allocable, on such reasonable basis as the City may determine, to such parcel, plus (b) the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act on property within the Community Facilities District allocable, on such reasonable basis as the City may determine, to such parcel, plus (c) the principal amount of all other bonds outstanding that are secured by a special assessment levied on property within the Community Facilities District allocable, on such reasonable basis as the City may determine, to such parcel. Any determination of value of such parcel shall be based upon the full cash value as shown on the ad valorem assessment roll or upon an appraisal of such parcel made in a manner consistent with these goals and policies. If the property within the boundaries of the Community Facilities District includes parcels to be developed with industrial or commercial buildings, including multi-family rental units, the City generally will require that the value of each such parcel be at least four times the sum of (a) the principal amount of the Community Facilities District bonds allocable, on such reasonable basis as the City may determine, to such parcel, plus (b) the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act on property within the Community Facilities District allocable, on such reasonable basis as the City may determine, to such parcel, plus (c) the principal amount of all other bonds outstanding that are secured by a special assessment levied on property within the Community Facilities District allocable, on such reasonable basis as the City may determine, to such parcel. Any determination of value of such parcel shall be based upon the full cash value as shown on the ad valorem assessment roll or upon an appraisal of such parcel made in a manner consistent with these goals and policies. Reserve Fund. To enhance the credit quality of Community Facilities District bond issues, the City generally will require that each such bond issue be secured by a reserve fund. Generally, each such reserve fund will be required to be funded (with cash or an acceptable reserve surety or other credit facility) in an amount no less than the least of (a) 10% of the initial principal amount of the bonds of such issue, (b) maximum annual debt service on the bonds of such issue, or (c) 125% of the average annual debt service on the bonds of such issue. Notwithstanding the foregoing, bonds issued on a parity basis with other bonds of a Community Facilities District may be secured by a pooled reserve fund sized with respect to all bonds for such Community Facilities District rather than of each issue. Credit Enhancement. If the value-to-lien ratio is less than the amounts specified above, the City will require that each developer of property within a Community Facilities District provide credit enhancement to increase the credit quality of bonds issued by such Community Facilities District; provided, however, that such credit enhancement generally will not be required if a third-party independent absorption consultant estimates that all of the units within such Community Facilities Resolution No. 10985 (2019 Series) Page 6 EXHIBIT A R 10985 District will be purchased, leased or rented by end users no later than three years after the date such bonds are issued. Such credit enhancement will usually be the in form of an irrevocable letter of credit, will be required to be in an amount not less than two times the amount of annual special taxes levied on property owned by such developer for which a certificate of occupancy has not been issued by the City and will be required to remain in effect until no more than 7% of the annual special tax levy is levied on property owned by such developer for which a certificate of occupancy has not been issued by the City. Such letter of credit will generally be required to be issued or guaranteed by an entity, the long-term unsecured obligations of which are rated at least “A” by Moody’s Investors Service or Standard & Poor’s Ratings Service. Capitalized Interest. Generally, the amount of capitalized interest funded for a Community Facilities District bond issue will be limited to the amount necessary to pay debt service on the bonds for 18 months from the date of issuance of the bonds; provided, however, that the amount of such capitalized interest funded may be increased if required to provide the amount necessary to pay debt service on the bonds until the first interest payment date occurring after the levy of the special taxes may be included in the real property tax roll. Bond Structure. The term to maturity of any Community Facilities District bonds will not exceed 30 years from their date of issuance; provided that the City may issue bonds with maturity of greater length at its discretion. The interest payment dates for any Community Facilities District bonds (other than variable rate bonds) will be March 1 and September 1 and the principal payment date for any Community Facilities District bonds will be September 1. Generally, Community Facilities District bonds will be structured such that, once principal amortization thereof has commenced, debt service thereon will be substantially level; provided that the City may issue bonds with debt service escalating by no greater than 2% per year at its discretion. An escrow bond structure for Community Facilities District bonds will not be employed unless such a structure advances an extraordinary City development objective. Generally, Community Facilities District bonds will be issued as fixed rate bonds; provided, however, that, if a Community Facilities District includes only property to be developed with industrial or commercial buildings, including multi-family rental units, bonds for such a Community Facilities District may be issued as variable rate bonds if the landowner causes to be provided appropriate credit enhancement and liquidity for such bonds and causes to be met such other conditions as must be met in order for such bonds to be viably and effectively marketed and remarketed as variable rate bonds. Suitable Investors. The City will require that bond financings be structured so that bonds are purchased and owned by suitable investors. For example, the City may require placement of bonds with a limited number of sophisticated investors, large bond denominations and/or transfer restrictions in situations where there is an insufficient value-to-lien ratio, where a substantial amount of the property within the Community Facilities District is undeveloped, where tax delinquencies are present in parcels within the Community Facilities District, and in any other situation identified by the City where such restrictions would be necessary. Resolution No. 10985 (2019 Series) Page 7 EXHIBIT A R 10985 DISCLOSURE TO PROSPECTIVE PROPERTY PURCHASERS In order to ensure that prospective property purchasers are fully informed about their taxpaying obligations imposed under the Act, the City will require that the requirements of disclosure to prospective property purchasers contained in the Act, including, but not limited to, Sections 53328.3, 53328.5 (including the referenced sections of the California Streets and Highways Code), 53340.2 and 53341.5 of the California Government Code, be met. The City shall provide a notice of special taxes to sellers of property (other than developers) that will enable them to comply with their notice requirements under Section 1102.6 of the California Civil Code. This notice shall be provided by the City (or a special tax consultant contracted by the City for such purpose) within five working days of receiving a written request for the notice. A reasonable fee may be charged for providing the notice, not to exceed any maximum fee specified in the Act. EQUITY OF SPECIAL TAX FORMULAS AND MAXIMUM SPECIAL TAXES Reasonable Basis of Apportionment. Special taxes must be allocated and apportioned on a reasonable basis to all categories and classes of property (other than exempt property) within the Community Facilities District. Exemptions from the special tax may be given to parcels which are publicly-owned, are held by property owners associations, are dedicated for use for a public purpose or are affected by public utility easements making impractical their utilization for other than the purposes set forth in the easement. Special taxes will only be levied on an entire county assessor’s parcel, and any allocation of special tax liability of a county assessor’s parcel to leasehold or possessory interest in fee ownership of such county assessor’s parcel shall be the responsibility of the fee owner of such parcel and the City shall have no responsibility therefore and has no interest therein. Failure of the owner of any county assessor’s parcel to pay or cause to be paid any special taxes in full when due shall subject the entire parcel to foreclosure in accordance with the Act. Feasibility Analysis. The City may retain a special tax consultant to prepare a report which: (a) recommends a special tax for the proposed Community Facilities District, and (b) evaluates the special tax proposed to determine its ability to adequately fund identified public facilities, City administrative costs, services (if applicable) and other related expenditures. Such analysis shall also address the resulting aggregate tax burden of all proposed special taxes plus existing special taxes, ad valorem taxes and assessments on the properties within the Community Facilities District. Total Tax and Fee Burden. Tax Burden. The total tax burden (consisting of the anticipated annual Community Facilities District special tax, together with ad valorem property taxes, special assessments, special taxes for any overlapping community facilities district, and any other governmental taxes, fees and charges payable from and secured by the property, based on expected rates and not including any “back- up” special taxes) (the “Total Tax Burden”) on any parcel in a Community Facilities District on which a for-sale residential unit has been, is being or is to be constructed shall not exceed 1.95% Resolution No. 10985 (2019 Series) Page 8 EXHIBIT A R 10985 of the estimated base sales price of such parcel upon completion of the public and private improvements relating thereto. Detached Unit Tax and Fee Burden. The sum of (a) the Total Tax Burden, plus (b) the anticipated annual property owners’ association fee or charge on or with respect to any parcel in a Community Facilities District on which a for-sale detached residential unit has been, is being or is to be constructed (the amount of which anticipated fee or charge shall be demonstrated to the reasonable satisfaction of the City) shall not exceed 2.15% of the estimated base sales price of such parcel upon completion of the public and private improvements relating thereto. Attached Unit Tax and Fee Burden. The sum of (a) the Total Tax Burden, plus (b) the anticipated annual property owners’ association fee or charge on or with respect to any parcel in a Community Facilities District on which a for-sale attached residential unit has been, is being or is to be constructed (the amount of which anticipated fee or charge shall be demonstrated to the reasonable satisfaction of the City) shall not exceed 2.55% of the estimated base sales price of such parcel upon completion of the public and private improvements relating thereto. Rate and Method of Apportionment. The rate and method of apportionment for Community Facilities District special taxes must be structured so as to produce special tax revenues sufficient to pay (a) the costs of services authorized to be financed by the Community Facilities District, (b) reasonable and necessary annual administrative expenses of the Community Facilities District, and (c) debt service on all Community Facilities District bonds. Additionally, the rate and method of apportionment may be structured so as to produce amounts sufficient to fund (a) any amounts required to establish or replenish any reserve fund established for a Community Facilities District bond issue, (b) amounts to pay directly the costs of public facilities authorized to be financed by the Community Facilities District, (c) the accumulation of funds reasonably required for future debt service on Community Facilities District bonds, (d) amounts equal to projected delinquencies in special tax payments, (e) remarketing, credit enhancement or liquidity fees, and (f) any other costs or payments permitted by law. In any case, the Community Facilities District special tax rate and method of apportionment must be structured such that the projected maximum special tax that could be levied in any fiscal year would produce special tax revenues at least equal to (a) the projected costs of services to be financed by the Community Facilities District in such fiscal year, plus (b) the projected administrative expenses of the Community Facilities District for the calendar year commencing in such fiscal year, plus (c) 110% of the projected annual debt service on all Community Facilities District bonds for the calendar year commencing in such fiscal year. Generally, the rate and method of apportionment for Community Facilities District special taxes will be required to include a back- up tax so that changes in development within the Community Facilities District would not result in the inability to levy special taxes that would produce special tax revenues in such amounts. Increases in Special Tax. The annual increase, if any, in the maximum special tax for any parcel within a Community Facilities District may not exceed any maximum specified in the Act. The increase in the special tax levied on any parcel within a Community Facilities District as a consequence of delinquency or default by the owner on any other parcel may not exceed any maximum specified in the Act. Resolution No. 10985 (2019 Series) Page 9 EXHIBIT A R 10985 Prepayment of Special Tax. Generally, the special tax rate and method of apportionment for a Community Facilities District will be structured so as to allow the prepayment by property owners of special taxes levied to finance facilities. APPRAISALS Except as provided below, the definitions, standards and assumptions to be used in appraisals required in connection with the City’s use of the Act for Community Facilities Districts are as set forth in the Appraisal Standards for Land Secured Financings published by the California Debt and Investment Advisory Commission and dated May 1994 (the “CDIAC Guidelines”), with the following modifications: (a) the independent review appraiser is an option, and not a requirement; (b) the comparable sales method may be used whenever there is sufficient data available; (c) the appraiser should assume the presence of the public infrastructure to be financed with the bonds in connection with which the appraisal is being prepared; and (d) the special tax lien need not be computed as the present value of the future tax payments if there is a prepayment mechanism or other appropriate measure. Notwithstanding the foregoing, if there is a conflict between the definitions, standards or assumptions in the CDIAC Guidelines and the corresponding definitions, standards or assumptions in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (“USPAP”), USPAP shall govern. Appraisals must be dated within three months of the date the bonds are priced, unless the City Council determines a longer time is appropriate. All costs associated with the preparation of the appraisal report shall be paid by the entity requesting establishment of the Community Facilities District, if applicable, through the deposit mechanism described below. ABSORPTION STUDY Generally, for all new residential development, and in such other cases as may be appropriate, the City will select and employ an independent market absorption consultant to perform a market absorption study of the proposed development within the Community Facilities District. Such market absorption study shall provide the market absorption consultant’s estimates, based on specified economic and demographic data, of the rates at which the finished products (lots or completed buildings or units) will be sold to final users and, generally, shall include an analysis of competitive prices for the product types proposed to be developed within the Community Facilities District. ACQUISITION OF FACILITIES Public facilities that are financed through a Community Facilities District will, generally, be constructed by or on behalf of the landowners and, upon completion, be acquired by the City with proceeds of the Community Facilities District bonds in accordance with the provisions of an Resolution No. 10985 (2019 Series) Page 10 EXHIBIT A R 10985 acquisition agreement by and among the Community Facilities District, the City and such landowners (or their designee) entered into at or prior to the time such bonds are issued. Such acquisition agreement will, generally, provide (a) that the acquisition price to be paid for an improvement shall not include costs for professional services related to the construction of such improvement, including, engineering, legal, accounting, inspection, construction staking, materials testing and similar professional services, in excess of 15% of the actual, reasonable cost of constructing such improvement, (b) that the acquisition price to be paid for an improvement shall not include costs for the contractor’s construction management, bid administration and contract administration services in excess of 5% of the actual, reasonable cost of constructing such improvement, and (c) that the acquisition price to be paid for an improvement shall not include an amount for the overhead of the landowners (or their designee). DISCLOSURE FOR BOND ISSUES Initial Disclosure. Each owner of property within a Community Facilities District that has not reached its planned development stage and that will be responsible for 10% or more of annual debt service on an issue of Community Facilities District bonds will be required to provide for inclusion in the official statement or other offering materials distributed in connection with the offering and sale of such bonds such information as may be required for the City to comply with, satisfy any requirements of, or avoid any liability under, any applicable federal or state securities laws. Continuing Disclosure. Each owner of property within a Community Facilities District, and each subsequent owner of property therein, that has not reached its planned development stage and that will be responsible for 20% or more of annual debt service on an issue of Community Facilities District bonds will be required to provide such information, on an ongoing basis, as may be required for the underwriter of such bonds to satisfy the requirements imposed on it pursuant to Rule 15c2-12 promulgated under the Securities Exchange Act of 1934. APPLICATION AND DEPOSITS The application form for a proposed Community Facilities District may be obtained from the Finance Director. Completed applications shall be returned to the Finance Director and must be accompanied by the required deposit described below. A Staff Review Committee, consisting of the City Manager (or designated representative), Community Development Director, Finance Director, City Engineer, and such other staff members or outside consultants as the City deems appropriate, will review the application for compliance with these goals and policies and will make a recommendation to the City Council as to whether or not to proceed with the proposed Community Facilities District. The costs of the proceedings for a Community Facilities District financing initiated by petition of landowners will be borne by the petitioners. No action will be taken on any petition unless and until a deposit of funds is made by the petitioners with the City. The deposit must be sufficient to cover the expense of City staff time, the costs of non-contingent outside consultants retained for the financing and the costs of recordings, filings, duplication, mailings and deliveries. In general, the deposit will not be less than $30,000, and may be more, as required by the City. The deposit must be increased upon demand of the City if at any time the City determines that the Resolution No. 10985 (2019 Series) Page 11 EXHIBIT A R 10985 remaining amount is not sufficient to cover anticipated remaining expenses and costs. If the additional amount is not paid within ten business days of the mailing of a written demand by the City to the petitioners, the City will cease all activities with respect to the Community Facilities District financing until the additional amount is paid. The initial deposit and any additional amounts will be held by the City and used only for the expenses and costs incurred in connection with the Community Facilities District proceedings. Any balance of such deposit remaining upon completion of the Community Facilities District proceedings, or the abandonment thereof, and not needed to pay expenses and costs relating thereto will be returned to the petitioner. The use of the deposit shall in no way be construed as requiring the City to issue Community Facilities District bonds or to provide reimbursement from the proceeds thereof for portions of the deposit that are expended. If bonds are issued by a Community Facilities District, the petitioners will be reimbursed from bond proceeds for the portion of such deposit that has been expended or encumbered. In connection with the making of such deposit by the petitioner, the City and the petitioner will enter into a Deposit and Reimbursement Agreement providing for the use, application, expenditure and reimbursement of such deposit. CONSULTANTS The City will select all consultants to be retained by the City for a Community Facilities District financing, including, but not limited to, the financial advisor, special tax consultant, bond counsel, disclosure counsel, underwriter, market absorption consultant, appraiser and trustee. Providers of letters of credit, bond insurance policies, surety bonds or other credit enhancements are also subject to City approval. Consultants, including legal counsel and developer special tax consultant, to the applicant or other property owner within the Community Facilities District will be selected, retained and paid by the applicant or such property owner; such consultants will not be paid from the proceeds of the financing. MINIMUM STANDARDS; WAIVERS AND AMENDMENT The policies set forth herein reflect the minimum standards under which the City will make use of the Act to finance public facilities. The City may, in its discretion, require additional measures and procedures, enhanced security and higher standards in particular cases. The City may, in its discretion and to the extent permitted by law, waive any of the policies set forth herein in particular cases. Such waivers will be granted only by action of the City Council. The goals and policies set forth herein may be amended at any time and from time to time by the City.