Report Prepared by: Craig J. Cornwell, City Attorney
Title
SUBJECT: Second Reading and Final Adoption of an Ordinance Amending Chapters 15.08 and 15.40 of the Merced Municipal Code to Extend the Time During Which the City Will Refund Certain Payments for Water and Sewer Lines to the University of California, Merced
REPORT IN BRIEF
Second reading and final adoption of an Ordinance that proposes revisions to Chapters 15.08 and 15.40 of the Merced Municipal Code to Extend the time during which the City will refund certain payments for water and sewer lines to the University of California, Merced.
RECOMMENDATION
City Council - Adopt a motion adopting Ordinance 2580, an Ordinance of the City Council of the City of Merced, California, Amending Chapters 15.08 and 15.40 of the Merced Municipal Code to Extend the Time During Which The City Will Refund Certain Payments for Water and Sewer Lines To The University of California Merced.
Body
ALTERNATIVES
1. Approve second reading and final adoption of the Ordinance as recommended by staff; or,
2. Provide direction on specific revisions to the Ordinance; or,
3. Request additional information; or
4. Continue the matter to a date certain; or
5. Decline to act.
AUTHORITY
Charter of the City of Merced, Section 200.
CITY COUNCIL PRIORITIES
As provided for in the 2025-26 Adopted Budget.
DISCUSSION
On or about October 1, 2003, the City of Merced and the Regents of the University of California entered into the Permanent Financing Capital Facilities Fee Agreement ("Agreement") to facilitate financing for the construction of City water and sewer infrastructure serving the UC Merced campus.
Under the Agreement, the Regents agreed to fund the debt service associated with the Project, with the final payment scheduled for August 2033. In exchange, the City agreed to provide a reimbursement credit to the Regents in the event third-party users connected to the City's water and sewer systems prior to that date. To date, howev...
Click here for full text