Formation of Carson Enhanced Infrastructure District (EIFD)
Currently represents City of Carson in partnership with the County of Los Angeles in the formation of an Enhanced Infrastructure Financing District to finance affordable housing, remediation and regional public improvements. Together with the, County of Los Angeles and consultant teams, Payam evaluated the EIFD as a means to support / catalyze growth in various areas of Carson the over the next 20 years and beyond. The EIFD is estimated to bring forth a significant positive net fiscal impact to the City General Fund ($75 million over 50 years), approximately 3,200 housing units, and more than 9,400 direct, permanent jobs plus additional indirect and induced job, and environmental mitigation and remediation of brownfields of properties.
Issuance of Carson Pension Obligation Bonds
Served as bond counsel on this transaction. Using Pension Obligation Bonds as a budget management tool, the City of Carson reduced costs it would otherwise be incurring over the next 20 years by $47.3 million. The Bonds are being issued to pay the City’s currently unamortized, unfunded accrued actuarial liability to the California Public Employees’ Retirement System for the benefit of City employees, and pay the costs of issuing the Bonds. Also, assisted with the judicial validation of the proceedings and transactions relating to the issuance of the Bonds.
City of Perris Industrial Policy
Payam assisted with the development of a new industrial financing program in City of Perris to facilitate infrastructure development. Payam consulted the City with the goal of developing appropriate policies for industrial CFDs in an attempt to mitigate the risks associated with industrial CFDs and determine circumstances when industrial CFDs are appropriate for the City to pursue.
Land Secured Financings
Served as bond counsel on various land-secured financings in the City of Perris, City of Carson and City of Fillmore.
[See Link to Representative Financings]
Issuance of Bonds for City of Perris CFD 2018-1 (Green Valley – West Elm)
Served as bond counsel on this transaction. This transaction involved the financing and issuance of approximately $6.5 million in bonds associated with Improvement Areas No. 1 and No. 2 of CFD 2018-1 (Green Valley-West Elm) to fund the acquisition and construction of public facilities and public capital fees for public improvements.
Formation of City of Perris CFD 2021-1 (Avion Pointe/Acacia)
Served as bond counsel in connection with the formation of the residential community facilities district, and the dissolution of an existing CFD that encumbered the proposed CFD. Payam assisted putting together the transaction to authorize a future bonded indebtedness of approximately $5 million. These bonds will be used to pay for the public facilities and infrastructure costs and services of local development and the debt service on the bonds will be paid from special taxes levied on real property within the CFD. The CFD will contain approximately 60 single-family detached homes.
Formation of City of Perris CFD 2022-1 (Willowbend)
Served as bond counsel in connection with the formation of the residential community facilities district, and the dissolution of an existing CFD that encumbered the proposed CFD. Payam assisted putting together the transaction to authorize a future bonded indebtedness of approximately $17.5 million. These bonds will be used to finance City storm drain, basin and street improvements as well as Eastern Municipal Water District water and sewer fees via a Joint Community Facilities Agreement. The CFD will contain approximately 300 single-family detached homes.
Issuance of Bonds related to City of Perris CFD 2007-2 (Pacific Heritage)
Payam served as bond counsel on this transaction which involved the issuance of approximately $7 million in bonds associated with CFD 2007-2 (Pacific Heritage) to fund the acquisition and construction of public improvements. The CFD contains approximately 200 single-family detached homes.
City of Fillmore - Refunding of Water System Bonds
Payam served as bond counsel on this transaction, which involved the refunding of certain outstanding water system bonds for economic savings. Based on municipal bond market conditions, Payam and the team were able to strategize the refinancing, through the issuance of new water refunding revenue bonds, to produce a net present value savings of $948,074, or $977,000 in budgetary savings which will equate to approximately $88,000 in savings each fiscal year through the final maturity of the outstanding bonds.
City of Carson - Tax Allocation Refunding Bonds
Payam served as bond counsel on this transaction. Payam assisted the Carson Successor Agency with the issuance of two sets of bonds “Tax Allocation Housing Refunding Bonds” and “Subordinate Tax Allocation Refunding Bonds” to refinance certain outstanding obligations of the former Carson Redevelopment Agency. The total savings from the bonds are anticipated to be $400,000 to $500,000 per year, based on the reduction in interest payable on the existing debt.
City of Palos Verdes – Financing of Ladera Linda Community Park Improvements
Payam served as bond counsel on this transaction. Payam worked with the City to on a complex deal to provide $8,000,000 in funds to finance improvements to the Ladera Linda Community Park. Payam assisted with the crafting of lease agreements where, initially, the City leased certain real property as collateral to a corporation and then the City subleased the property back from the corporation. Then, to fund an upfront lease payment under the lease agreement and provide funds for the project, the corporation assigned its interests and obligations in the lease agreements to a bank.
REPRESENTATIVE FINANCINGS:
CITY OF CARSON
$35,120,000 - Successor Agency to the Carson Redevelopment Agency-Tax Allocation Housing Refunding Bonds, 2020 Series A and B (September 3, 2020)
$108,020,000 – City of Carson 2020 Taxable Pension Obligation Bonds (June 18, 2020)
CITY OF FILLMORE
$4,070,000 – City of Fillmore Water Refunding Revenue Bonds, Series 2021 (May 20, 2021)
CITY OF PERRIS
$2,705,000 - Perris Joint Powers Authority Local Agency Revenue Bonds (IA 1 of CFD No. 2018-1) (Green Valley-West Elm), 2020 Series (November 5, 2020)
$3,590,000 - Perris Joint Powers Authority Local Agency Revenue Bonds (IA 2 of CFD No. 2018-1) (Green Valley-West Elm), 2021 Series (November 30, 2021)
$3,450,000 - Community Facilities District No. 2007-2 (Pacific Heritage) of the City of Perris Special Tax Bond, 2020 Series (June 25, 2020)
$3,550,000 - Community Facilities District No. 2007-2 (Pacific Heritage) of the City of Perris Special Tax Bond, 2021 Series (December 21, 2021)
