TO: LINDA REICH, CITY MANAGER
FROM: NADYNE LOWRY, ACTING DIRECTOR OF FINANCE
SUBJECT
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City of Chino Declaration of Intention to Establish Improvement Area 11 in Community Facilities District 2003-3 and incur Bonded Indebtedness for the Improvement Area.
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RECOMMENDATION
1) Adopt Resolution No. 2024-049, declaring the City of Chino's intention to establish Improvement Area No. 11 in Community Facilities District No. 2003-3; 2) adopt Resolution No. 2024-050 declaring the City of Chino's Intention to Incur Bonded Indebtedness for the proposed Improvement Area 11 of the Community Facilities District No. 2003-3; and 3) authorize the City Manager to execute all necessary documents on behalf of the City.
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FISCAL IMPACT
The City will receive City Services Tax revenue of approximately $139,182 per year upon build out of Improvement Area 11. This revenue is intended to offset the cost of providing City services to the homes within CFD 2003-3.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above furthers the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Financial Stability
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Expenditure:
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BACKGROUND
Lewis Operating Corporation (Lewis) is the primary land developer in The Preserve. Lewis is currently developing their land with residential, commercial and community facilities. As part of the development of The Preserve, the City of Chino is requiring Lewis to build the necessary public infrastructure to serve the residents and businesses of the new project area. In order to help Lewis finance the cost of the required infrastructure improvements, the City has formed Community Facilities District (CFD) No. 2003-3.
CFD No. 2003-03 was formed in 2004 and was designed to utilize Imp...
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