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File #: 22-0040    Version: 1 Name:
Type: Resolution Status: Failed
File created: 12/22/2021 In control: City Council
On agenda: 1/19/2022 Final action:
Title: Formation proceedings for proposed Community Facilities District 2022-1 (Skyline Heights) and approval of resolutions.
Attachments: 1. Staff Report, 2. Exhibit 1 - CFD No. 2022-1 Project Map, 3. Exhibit 2 - Resolution No. 2022-003, 4. Exhibit 3 - Resolution No. 2022-004
REQUEST FOR CITY COUNCIL ACTION





DATE: 01/19/2022

TO: Honorable Mayor and City Council Members

FROM: Finance Department

SUBJECT:
Title
Formation proceedings for proposed Community Facilities District 2022-1 (Skyline Heights) and approval of resolutions.

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EXECUTIVE SUMMARY:
The items for City Council consideration are the approval of resolutions declaring intention to establish the proposed Community Facilities District No. 2022-1 (Skyline Heights) of the City of Corona and to incur a bonded indebtedness for financing facilities for a proposed housing development project; and to set a public hearing for March 2, 2022, on the matters. These actions will initiate the formation proceedings for the proposed Community Facilities District No. 2022-1 (Skyline Heights) of the City of Corona.

RECOMMENDED ACTION:
Recommended action
That the City Council:

a. Adopt Resolution No. 2022-003, declaring intention to establish the proposed Community Facilities District No. 2022-1 (Skyline Heights) of the City of Corona.

b. Adopt Resolution No. 2022-004, declaring necessity for proposed Community Facilities District No. 2022-1 (Skyline Heights) of the City of Corona to incur bonded indebtedness.

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BACKGROUND & HISTORY:
Community Facilities Districts ("CFDs"), also known as Mello-Roos Districts, are special tax districts that are created through the Mello-Roos Community Facilities Act of 1982 as a means of obtaining additional public funding and financing for various services and infrastructural improvements in California by imposing special taxes on property.

The City was approached by developers JHB Colony Investments, LLC and American Superior Land, LLC (the "Landowners") regarding the formation of a community facilities district for the purpose of financing certain City facilities and services for a proposed housing development project.

The proposed development, known as the Skyline Heights project (the "Project"), consists of 294 single-fam...

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