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03-23-2004 CC RPT 22
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Last modified
2/4/2009 1:41:29 PM
Creation date
3/18/2004 7:47:25 PM
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General
General - Type
City Council Reports
General 2 - Date
3/23/2004
Number
22
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03-23-2004 CC AGENDA
(Agenda)
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\City Council Agendas\2000-2009\2004
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People Serving <br />People <br /> <br /> Riverside <br />CITY OF RIVERSIDE <br /> <br />HONORABLE MAYOR AND CITY COUNCIL <br /> DATE: March 23, 2004 <br /> <br /> ITEM NO: 22 <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 Distdct (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. 18 would provide payment of school fees and a portion <br />of certain City development fees for tract number 28907-1 being developed by Empire homes Riverside 72, <br />LP. <br /> <br />It is anticipated that the bonds issued by RUSD will be approximately $3,000,000. The CFD will provide <br />approximately $940,412 for City development fees and the balance will be for school fees, bond reserve <br />requirements and issuance expenses. City costs funded by the CFD will include development fees for water <br />and sewer system facilities, storm water drainage facilities, street and traffic facilities, transportation facilities <br />and parks/park 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 f~r 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 />22-1 <br /> <br /> <br />
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