For the City Council Meeting of September 10, 2024
TO: Honorable Mayor and City Council
FROM: G. Michael Milhiser, Interim City Manager
AUTHOR: Colby Cataldi, Director of Community Development
Title
Second Reading of Ordinance No. 1695 Ordinance Authorizing the Levy of a Special Tax within the Community Facilities District No. 2024-1 (Renaissance).
Body
RECOMMENDATION
Staff recommends that the City Council:
1) Second Reading of Ordinance No. 1695 Ordinance Authorizing the Levy of a Special Tax within the Community Facilities District No. 2024-1 (Renaissance).
BACKGROUND
The Project and the Development Agreement
In December 2016, the City entered into a Development Agreement ("Development Agreement") with Lewis-Hillwood Rialto Company, LLC ("Lewis") that provides for the development of the Renaissance master planned development in accordance with the objectives set forth in the General Plan and in the Specific Plan. The development consists of approximately 1,450 acres with planned land uses including, but not limited to 1,200 residential units, 17.5 million buildable square feet of industrial and commercial land uses, 2.5 acres of neighborhood parks, 2 acres of paseos and greenbelts, 3 acres of linear open space/recreation land, trails and walkways, public streets and other amenities that are of benefit to the development and the City.
Community Facilities Districts (CFDs) are established pursuant to the provisions of the California Government Code Section 53311 et seq. (commonly known as the "Mello-Roos Community Facilities Act of 1982") (Act) and are a form of financing that can be used by cities, counties, school districts, and special districts. CFDs raise money through special taxes that must be approved by 2/3 of the voters within a CFD. The City Council is the legislative body of any CFD the City forms. Most often, CFDs are formed by the landowner prior to subdivision. A CFD can be formed to finance a wide list of improvements, which i...
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