TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Annexation of Territory into Community Facilities District No 2003-3 IA 5 for Municipal Services.
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RECOMMENDATION
1) Adopt Resolution No. 2025-013, declaring the City of Chino's intention to annex Territory to Improvement Area 5 of Community Facilities District No. 2003-3 for municipal services; 2) schedule a public hearing for Tuesday, May 20, 2025; and 3) authorize the City Manager to execute all necessary 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 (IA 5) of Community Facilities District No. 2003-3 (CFD No. 2003-3) to be used for certain municipal services described in the Resolution of Formation for CFD No. 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 is estimated to be $25,338 but 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:
* Financial Stability
* Responsible Long-Range Planning
Revenue: Click or tap here to enter text.
Expenditure: See Attached Schedule
Transfer In: Click or tap here to enter text.
Transfer Out: Click or tap here to enter text.
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 principal has been applied to all new developments in The Preserve.
The City formed CF...
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