TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Annexation No. 9 of Territory into Existing Community Facilities District No. 2003-03 Improvement Area 5.
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RECOMMENDATION
recommendation
1) Conduct a Public Hearing; 2) adopt Resolution No. 2025-017 calling a special election for the purpose of approving an annexation into Improvement Area 5 of the Community Facilities District No. 2003-3; 3) adopt Resolution No. 2025-018, declaring results of the special election; and 4) authorize the City Manager to execute all documents on behalf of the City.
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FISCAL IMPACT
Annexation of the property will initially add an additional $2,102.50 of Special Taxes annually, to be levied within Improvement Area 5 of CFD 2003-3 to be used for certain municipal services described in the Resolution of Formation for CFD 2003-3. As the balance of the property develops, additional revenues from the planned multi-family development will be levied annually for the same purpose. The projected revenue from the planned multi-family development will be between $108 and $138, per developed unit. The aggregate projected annual revenue will vary based upon the final number and size of multi-family units constructed.
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:
* Positive City Image
* Superior Customer Service
* Financial Stability
Revenue: 1001000-51200
Expenditure:
Transfer In:
Transfer Out:
BACKGROUND
The City's General Plan requires the City to ensure that new development within the City has a fiscally neutral effect on the General Fund. That principle has been applied to all new developments in The Preserve.
The City formed CFD 2003-3 in The Preserve to pay for certain public facilities and necessary ongoing municipal services authorized...
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