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. Approving Resolution 2017-42, a Resolution of the City Council of the City of Merced, California, approving the Deposit and Reimbursement Agreement for Commercial Development between the City of Merced and University Village Merced, LLC, Fagundes Dairy, a General Partnership, and CBCP Assets, LLC; and,
B. 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,
C. Appropriate the funds from the deposit to Fund 150 to reimburse the City for Community Facilities District formation and related expenditures.
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 Ac...
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