Report Prepared by: Julie Nelson, Associate Planner, Development Services Department
Title
SUBJECT: Petition to Annex into Community Facilities District (CFD) No. 2003-2 (Services) and Approval of a Deposit and Reimbursement Agreement to Cover the Costs of the Annexation for the University Village Merced - Lake Project
REPORT IN BRIEF
Accept Petition to annex into Community Facilities District (CFD) No. 2003-2 (Services) from Fagundes Dairy and CBCP Assets, LLC and approve a Deposit and Reimbursement Agreement to cover the costs of annexing into CFD No. 2003 for a property located on the south side of Yosemite Avenue at Lake Road (University Village Merced - Lake).
RECOMMENDATION
City Council - Adopt a motion:
A. Accepting the Petitions for the Initiation of Proceedings for Establishment of a Community Facilities District from Fagundes Dairy, a General Partnership and CBCP Assets, LLC; and,
B. Approving the Deposit and Reimbursement Agreement submitted and appropriate the funds from the deposit to Fund 150 to reimburse the City for Community Facilities District formation and related expenditures; and,
C. Authorizing the City Manager or Assistant City Manager to execute the Deposit and
Reimbursement Agreement.
Body
ALTERNATIVES
1. Approve the action as recommended by staff; or
2. Request modification or amendment to the documents and provide direction to City staff regarding the same; or
3. Decline to authorize the action; or
4. Continue to a future City Council meeting (time and date to be specified in motion).
AUTHORITY
Annexation of property into the City's existing CFD No. 2003-2 (Services) pursuant to Merced City Charter, Section 200 Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of California Government Code (the "Act"), commonly known as the "Mello-Roos Community Facilities Act of 1982," and the City's Policy on new development.
DISCUSSION
The City approved a policy requiring all new development within the C...
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