TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Issuance of Bonds for Community Facilities District 2003-3 Improvement Area 11.
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RECOMMENDATION
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Adopt Resolution No. 2025-081 of the City Council of the City of Chino, acting as the legislative body for Community Facilities District No. 2003-3 of the City of Chino (the "District"), on behalf of Improvement Area No. 11 therein ("Improvement area No. 11"), approving the issuance of the bonds and the substantially final forms of the Preliminary Official Statement, Fiscal Agent Agreement, Bond Purchase Agreement, Continuing Disclosure Agreement, and Appraisal Report (collectively, the "Bond Documents").
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FISCAL IMPACT
1) The Preliminary Official Statement relates to limited obligation special tax bonds (the "Bonds") of the District. The Bonds will be special obligations of the District, payable solely from special taxes levied on the taxable property within Improvement Area No. 11, and amounts held by the Fiscal Agent under the Fiscal Agent Agreement. There are no City of Chino funds pledged to the repayment of the Bonds; and 2) there is no financial impact to the City in the approval of the Bond Counsel Agreement as the cost is paid from the Bond proceeds of the District contingent upon the Bonds being issued.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further 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
Revenue:
Expenditure:
Transfer In:
Transfer Out:
BACKGROUND
After receiving a petition from TH The Preserve Chino LLC ("Trumark") and TPG AG EHC Ill (CCS) CA 4, LP ("Century" and, together with Trumark, the "Merchant Builders"), the City Council initiated proceedings to form Improvement Area No. 11 on October 1, 2024 with the adoption of Resolution Nos. 2024-049 and 2024-0...
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