TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Formation of Improvement Area 12 in Community Facilities District 2003-3.
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RECOMMENDATION
recommendation
1) Conduct a Public Hearing regarding the formation of Improvement Area 12 in Community Facilities District 2003-3; 2) accept tax consultant's report; 3) adopt Resolution No. 2025-043 establishing Improvement Area 12 of CFD No. 2003-3 authorizing the levy of special taxes and calling an election; 4) adopt Resolution No. 2025-044, determining the necessity to incur bonded indebtedness; 5) conduct a special election with the property owners; 6) adopt Resolution No. 2025-045, declaring results of the special election and directing recording of the special tax lien; 7) approve the introduction of Ordinance No. 2025-005, levying a special tax, to be read by number and title and waive further reading of the ordinance; and 8) 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 $292,897 per year upon build out of Improvement Area 12. 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 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
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 f...
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