TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
title
Declaration of Intention to Establish Community Facilities District 2026-1 (The Meadows).
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RECOMMENDATION
recommendation
1) Adopt Resolution No. 2026-006, declaring the City of Chino's intention to establish Community Facilities District No. 2026-1 and Improvement Area Nos. 1, 2 and 3 therein; 2) adopt Resolution No. 2026-007 declaring the City of Chino's Intention to Incur Bonded Indebtedness for the proposed Community Facilities District No. 2026-1 and Improvement Area Nos. 1, 2 and 3 therein; 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 $332,962.00 per year upon build out of Community Facilities District No. 2026-1 and Improvement Area Nos. 1, 2 and 3 therein. This revenue is intended to offset the cost of providing City services to the homes within Community Facilities District No. 2026-1 and Improvement Area Nos. 1, 2 and 3 therein
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
Tri Pointe Homes Inc. (Tri Pointe) is developing the property within the proposed boundaries of Community Facilities District No. 2026-1 and Improvement Area Nos. 1, 2 and 3 therein. CFD No. 2026-1 is currently planned to be developed by Tri Pointe into a single family residential development of 516 homes to be known as "The Meadows." Tri Pointe is using a land bank, KL LB BUY 3 LLC, a Delaware limited liability company (Landbank), as a financing vehicle for The Meadows development. The location of the proposed development within the City is located as the southwest corner of ...
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