Home
Clerk
>
City Council/Agency Reports
>
2000s
>
2004
>
March
>
03-16-2004 CC RPT
>
03-16-2004 CC RPT 26
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
2/4/2009 1:40:56 PM
Creation date
3/11/2004 10:38:37 PM
Metadata
Fields
Template:
General
General - Type
City Council Reports
General 2 - Date
3/16/2004
Number
26
Document Relationships
03-16-2004 CC RA AGENDA
(Agenda)
Path:
\City Council Agendas\2000-2009\2004
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
14
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
People Serving <br />People <br /> <br /> CITY OF RIVERSIDE <br /> <br />CITY COUNCIL MEMORANDUM <br /> <br />Riverside <br /> <br />HONORABLE MAYOR AND CITY COUNCIL <br /> DATE: March t6, 2004 <br /> <br /> ITEM NO: 26 <br />SUBJECT: JOINT COMMUNITY FACILITIES AGREEMENT WITH RIVERSIDE UNIFIED SCHOOL <br /> <br />DISTRICT -- RESOLUTION ADOPTION <br /> <br />BACKGROUND: <br /> <br />A request has been received by the Riverside Unified School District (RUSD) from developers for the creation <br />of a joint Community Facilities District (CFD) between RUSD and the City. The City was contacted by RUSD <br />to have the City Council approve the referenced agreement between the two parties that will allow for the <br />creation of the CFD. The proposed RUSD CFD No. 15 would provide payment of school fees, a portion of <br />certain City development fees and a portion of water/sewer fees for the Western Municipal Water District for <br />tract numbers 30756, 31236, 31361, 31362,31237, 31238, 31360, 29222, 29596, 30755 and 31830 being <br />developed by Mission Ranch East Partners, Mission Ranch West Partners, Centex Homes, Beazer Homes, <br />Century American Development and Tzu Jung Chen and TA Investment, LLC. <br /> <br />it is anticipated that the bonds issued by RUSD will be approximately $40,000,000. The CFD will provide <br />approximately $5,110,750 for City development fees; the Water District will receive approximately <br />$13,321,500 and the balance will be for school fees, bond reserve requirements and issuance expenses. <br />City costs funded by the CFD will include development fees for storm drainage facilities, parks/park facilities <br />and fire protection facilities required for the development. <br /> <br />Per the attached agreement, RUSD will have responsibility for this CFD. They will also have full responsibility <br />for the bonds. In addition, <br /> <br />1- The bonds will be issued and administered by the School district, in the name of the School <br /> district, not in the City's name; <br /> <br />2- The City's credit Is not obligated for this debt; and, <br /> <br />3- The City will not be involved with administering the annual special taxes for the CFD debt service. <br /> <br />Adoption of the resolution approves the execution of the Joint Community Facilities Agreement and other <br />related documents by the City Manager, which will allow formation of the CFD by the School district. <br /> <br />FISCAL IMPACT: <br /> <br />The debt for the bonds of the CFD will be the responsibility of the property owners and is in no way a debt of <br />the City of Riverside. The School district will be responsible for the issuance and administration of the bonds. <br /> <br />26-1 <br /> <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.