REQUEST FOR CITY COUNCIL ACTION
DATE: 04/03/2024
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
RESOLUTION NO. 2024-010 APPROVAL OF AMENDMENT TO THE JOINT COMMUNITY FACILITIES AGREEMENT FOR COMMUNITY FACILITIES DISTRICT NO. 2018-1 (BEDFORD)
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EXECUTIVE SUMMARY:
This staff report asks the City Council to adopt the Resolution regarding approval of an amendment to the Joint Community Facilities Agreement (JCFA Amendment) for Community Facilities District No. 2018-1 (Bedford) (CFD) and authorizing the City Manager to execute the JCFA Amendment.
RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2024-010, approving the execution and delivery of the JCFA Amendment.
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BACKGROUND & HISTORY:
On June 20, 2018, the City Council established the CFD, and designated five improvement areas therein, for the purpose of levying special taxes on parcels of taxable property therein to provide the financing of certain public facilities which are necessary to meet increased demands placed upon the City because of the development of said real property. In conjunction with the formation of the CFD, in order to facilitate the construction of certain public improvements therein, the City, for itself and on behalf of the CFD, Riverside County Flood Control and Water Conservation District (County Flood), and Arantine Hills Holdings L.P. (t Owner) entered into that certain Joint Community Facilities Agreement, dated as of July 1, 2018 (the "Original JCFA").
In July 2021, Arantine Hills Holdings LP, the owner of the land within Improvement Area No. 3 and Improvement Area No. 4 of the CFD (the Owner), acquired an additional thirty-one (31) acres of land adjacent to the property, which have now been annexed into the CFD. As a result, the Owner is now requesting that the parties to the Original JCFA consider an amendment thereto to account for additions to the storm drain improvements and the exte...
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