Report Prepared by: Scott McBride, City Manager
Title
SUBJECT: City Council input and Direction on Creating a Joint Powers Authority (JPA) with Merced County Office of Education Board (MCOE) to Fund Critical Infrastructure for the Virginia Smith Trust (VST) Development Project
REPORT IN BRIEF
Staff is seeking input and direction from the City of Merced City Council on proposed documents necessary to create a Joint Powers Authority (JPA) between the City of Merced and the Merced County Office of Education Board (MCOE) for the purpose of financing critical infrastructure to serve the Virginia Smith Trust (VST) Development Project.
RECOMMENDATION
City Council: Provide input and direction to staff on proposed documents necessary to implement a Joint Powers Authority (JPA) with the Merced County Office of Education Board (MCOE) for land secured financing to provide infrastructure to the VST project.
Body
ALTERNATIVES
1. Provide input and direction as requested; or,
2. Refer back to staff; or,
3. Continue to a future meeting (date and time to be specified in the motion).
AUTHORITY
Charter of the City of Merced, Article II, Section 200 - Powers.
CITY COUNCIL PRIORITIES
Implementation of the VST project supports long standing priorities in the areas of Housing and Economic Development including supporting housing development and sustainable economic growth.
DISCUSSION
The VST Project is located near the northeast corner of Lake Road and Cardella Road, just south of the UC Merced campus. The project was contemplated in the University Community Plan which also includes the UC Merced campus. The City Council has approved various entitlements and agreements supporting the 650 plus acre project including the annexation into the city. This phased project has development capacity which includes 3,500 plus residential units, 850,000 square feet of commercial uses including office. The project also includes over 100 acres of parks and open space, and a K-8 scho...
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