For the City Council Meeting of July 23, 2024
TO: Honorable Mayor and City Council
FROM: G. Michael Milhiser, Interim City Manager
AUTHOR: Colby Cataldi, Director of Community Development
Title
Request City Council to: 1) Accept Petition from the Property Owner to Consider Formation of City of Rialto Community Facilities District No. 2024-1 (Renaissance); 2) Adopt Resolution No. 8255 Resolution of Intention to Establish City of Rialto Community Facilities District No. 2024-1 (Renaissance) and Approval of Deposit Agreement; 3) Adopt Resolution No. 8256 Resolution of Intention to Incur Bonded Indebtedness in the Amount Not To Exceed $25,000,000 Within the Proposed City of Rialto Community Facilities District No. 2024-1 (Renaissance); and 4) Set a Public Hearing for August 27, 2024.
Body
RECOMMENDATION
Staff recommends that the City Council:
1) Accept Petition from the Property Owner to Consider Formation of City of Rialto Community Facilities District No. 2024-1 (Renaissance);
2) Adopt Resolution No. 8255 Resolution of Intention to Establish City of Rialto Community Facilities District No. 2024-1 (Renaissance) and Approval of Deposit Agreement;
3) Adopt Resolution No. 8256 Resolution of Intention to Incur Bonded Indebtedness in the Amount Not To Exceed $25,000,000 Within the Proposed City of Rialto Community Facilities District No. 2024-1 (Renaissance); and
4) Set a Public Hearing for August 27, 2024.
BACKGROUND
The Project
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 ne...
Click here for full text