TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Intention to Establish Improvement Area 12 in CFD 2003-3 and Incur Bonded Indebtedness.
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RECOMMENDATION
recommendation
1) Adopt Resolution No. 2025-022, declaring the City of Chino's intention to establish Improvement Area No. 12 in Community Facilities District (CFD) No. 2003-3; 2) adopt Resolution No. 2025-023 declaring the City of Chino's Intention to Incur Bonded Indebtedness for the proposed Improvement Area (IA) 12 of the CFD 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
Upon full build-out of Improvement Area 12, the City will receive approximately $292,897 per year in CFD special tax revenue. These funds are designated to offset the cost of providing municipal services to homes within CFD No. 2003-03, ensuring the continued delivery of essential public services.
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
* Responsible Long-Range Planning
Revenue:
Expenditure:
Transfer In:
Transfer Out:
BACKGROUND
Lewis Operating Corporation (Lewis) is the primary land developer in The Preserve, actively constructing residential, commercial, and community facilities. As part of this development, the City of Chino requires Lewis to build the necessary public infrastructure to support residents and businesses within the new project area. To assist in financing these required improvements, the City formed Community Facilities District (CFD) No. 2003-03.
CFD No. 2003-03 was established in 2004 with five initial Improvement Areas (IA) designated at the time of its formation. These Improvement Areas were designed to facilitate bond issuance as The Preserve developed, enabling th...
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