FROM:
Finance
SUBJECT:
Title
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FONTANA PUBLIC FACILITIES FINANCING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY OF A QUITCLAIM DEED IN FAVOR OF THE CITY OF FONTANA AND APPROVING RELATED ACTIONS
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RECOMMENDATION:
Recommendation
Approve Resolution No. PFFA 2025-001 of the Board of Directors of the Fontana Public Facilities Financing Authority, “RESOLUTION OF THE BOARD OF DIRECTORS OF THE FONTANA PUBLIC FINANCING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY OF A QUITCLAIM DEED IN FAVOR OF THE CITY OF FONTANA AND APPROVING RELATED ACTIONS”
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COUNCIL GOALS:
- Practice sound fiscal management by developing long-term funding and debt management plans.
- Practice sound fiscal management by emphasizing capital formation.
- Invest in the City’s infrastructure (streets, sewers, parks, etc.) by maintaining and improving the city's existing infrastructure.
- Invest in the City’s infrastructure (streets, sewers, parks, etc.) by providing for the development of new infrastructure.
DISCUSSION:
The Fontana Public Financing Authority (the “Authority”) previously assisted the City of Fontana (the “City”) with the execution and delivery of Certificates of Participation (1990 Project) (the “1990 COPs”) to finance capital improvements of the City. To facilitate such financing, the Authority took fee title to certain real property located at 17001 Upland Avenue in the City (the “Property”), which is currently improved with a building occupied by the City and the Fontana Fire Protection District as administrative offices. The 1990 COPs have been paid in full and are no longer outstanding; accordingly, the Authority now desires to convey fee title to the Property to the City.
The City desires to use the Property as a leased asset in connection with the proposed issuance by the Fontana Public Facilities Financing Authority of lease revenue bonds to finance the renovation of City Hall, construction of a new parking garage, and other capital improvements of the City. To facilitate this financing, the Authority wishes at this time to authorize the execution of a quitclaim deed (the “deed”) with respect to the Property conveying the Property to the City. A form of the quitclaim deed is presented with this report.
FISCAL IMPACT:
There is no fiscal impact associated with the approval of this item.
MOTION:
Approve Resolution No. ______ of the Board of Directors of the Fontana Public Facilities Financing Authority, “RESOLUTION OF THE BOARD OF DIRECTORS OF THE FONTANA PUBLIC FINANCING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY OF A QUITCLAIM DEED IN FAVOR OF THE CITY OF FONTANA AND APPROVING RELATED ACTIONS”