For City Council Meeting [September 13, 2022]
TO: Honorable Mayor and City Council
APPROVAL: Marcus Fuller, City Manager
FROM: Marcus Fuller, City Manager/Acting City Engineer
Title
Request City Council to: (1) Hold a Public Hearing on the Proposed Modifications to City of Rialto Community Facilities District No. 2020-1 (El Rancho Verde); (2) Adopt Resolution No. 7973 Calling a Special Election to Modify the Rate and Method of Apportionment of the Special Tax Relating to said Community Facilities District, Eliminate the Designation of Improvement Areas, Remove Territory from the Boundaries of the Community Facilities District, Increase the Special Tax Rates, Increase the Maximum Bonded Indebtedness, and Revise the Appropriations Limit of Said Community Facilities District; (3) Hold the Special Election; (4) Adopt Resolution No. 7974 Canvassing the Results of the Special Election Held Within Community Facilities District No. 2020-1 (El Rancho Verde) Regarding Certain Modifications to the District; (5) Adopt Resolution No. 7975 Approving Certain Modifications to the City of Rialto Community Facilities District No. 2020-1 (El Rancho Verde), and Approving the Execution and Delivery of an Amended and Restated Funding and Acquisition Agreement in Connection Therewith; (6) Introduce for First Reading Ordinance No. 1670 Repealing Ordinance No. 1648 and Authorizing the Levy of Special Taxes Within the City of Rialto Community Facilities District No. 2020-1 (El Rancho Verde); and (7) Authorize the City Manager to Execute All Documents and Actions Necessary.
(ACTION)
Body
BACKGROUND
The Project and the Pre-Annexation and Development Agreement
In August 2012, the City entered into a Pre-Annexation and Development Agreement ("Development Agreement") with Lytle Development Company, El Rancho Verde Golf, LLC and Pharris Sycamore Flats LLC ("Lytle Creek") that provides for a master planned development, known as the Lytle Creek Ranch. The development consists of approximat...
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