File #: 20-0456    Version: 1 Name:
Type: Agreement Status: Passed
File created: 6/3/2020 In control: City Council
On agenda: 7/1/2020 Final action: 7/1/2020
Title: City Council consideration of an Agreement Providing for Advancement of Funds for Community Facilities District No. 2018-1 (Bedford) of the City of Corona
Attachments: 1. Staff Report, 2. AGREEMENT FOR ADVANCEMENT OF FUNDS FOR CFD TO PAY DEBT SERVICE
AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION





DATE: 07/01/2020

TO: Honorable Mayor and City Council Members

FROM: Administrative Services Department

SUBJECT:
Title
City Council consideration of an Agreement Providing for Advancement of Funds for Community Facilities District No. 2018-1 (Bedford) of the City of Corona

End
RECOMMENDED ACTION:
Recommended action
That the City Council approve and authorize the City Manager to execute an Agreement Providing for Advancement of Funds for Community Facilities District No. 2018-1 (Bedford) of the City of Corona between the City and Arantine Hills Holdings L.P.

Body
ANALYSIS:
On June 20, 2018, the City Council approved Resolution No. 2018-035 establishing Community Facilities District No. 2018-1 (Bedford) ("CFD 2018-1") for the purpose of financing certain public facilities and services which are necessary to meet increased demands placed upon the City as a result of the development of the Arantine Hills project. Resolution No. 2018-035 further designated five improvement areas within CFD 2018-1. Pursuant to Resolution No. 2018-036, the City Council subsequently authorized CFD 2018-1 to issue bonds and incur a bonded indebtedness for the purpose of financing certain public facilities in an amount not to exceed $24,000,000 for Improvement Area No. 1. As authorized by Ordinance No. 3278, special taxes are levied upon all taxable property within Improvement Area No. 1 to pay debt service on any outstanding bonds. The next debt service payment for the Improvement Area No. 1 bonds is due on September 1, 2020.

It has recently come to City staff's attention that there is a shortfall in the proceeds of special taxes received by the City to date as a result of delays in the administration by the County of Riverside. To ensure that the City is able to make the debt service payment on September 1st, the master developer of the Arantine Hills development, Arantine Hills Holdings, L.P. ("Developer"), has ag...

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