HomeMy WebLinkAbout0012_6_Makenna - Exhibit C - Property Owner PetitionPETITION TO THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE REQUESTING INSTITUTION OF CHANGE
PROCEEDINGS FOR CITY OF LAKE ELSINORE COMMUNITY
FACILITIES DISTRICT NO. 2007-4 (MAKENNA COURT)
1. The undersigned (the "Owner") is the owner of more than 10% of the land described
in Exhibit A hereto (the "Property"), which land is all of the land included within the boundaries of
City of Lake Elsinore Community Facilities District No. 2007-4 (MaKenna Court) (the "District").
The Property is located within the City of Lake Elsinore (the "City") in the County of Riverside.
2. The Owner requests, pursuant to Chapter 2.5 (commencing with Section 53311),
Part 1, Division 2, Title 5, of the Government Code of the State of California, commonly known as
the "Mello -Roos Community Facilities Act of 1982" (the "Act"), that the City Council of the City
(the "City Council") institute proceedings to (i) approve the new rate and method of apportionment
for the District, attached hereto as Exhibit B (the "First Amended Rate and Method"); (ii) increase
the amount of bonded indebtedness authorized to be incurred by the District from $4,000,000 to
$6,000,000, to finance certain improvements and incidental expenses (the "Facilities") of the District
previously authorized in connection with the formation of the District and (iii) to revise the services
(the "Services") to be provided by the District to include the services described in the definition
"Service Area" in the First Amended Rate and Method, which services shall be in addition to all
services previously authorized to be provided by the District.
3. The Owner further requests that the City Council authorize the levy of special taxes
in accordance with the First Amended Rate and Method in the District to pay the costs of the
Facilities and the Services and the incidental costs described in paragraph 2 above and to pay
principal of, interest and premium, if any, on the bonds in order to contribute to the financing of the
Facilities and costs described in paragraph 2 above.
4. The Owner further requests that, upon the sale of bonds, the City Council, as
legislative body of the District, annually levy special taxes for the Facilities on the property within
the District for the construction, acquisition and rehabilitation of the Facilities, for the payment of the
aggregate amount of principal of and interest owing on the bonds in each fiscal year, including the
maintenance of reserves therefor, and for the payment of administrative expenses of the District.
5. The Owner has advanced to the City the amounts necessary to pay for the costs
related to the change proceedings for the District, which amounts will be reimbursed, without
interest, from the proceeds of the first sale of the bonds, if any. The reimbursement of such amounts
is expected to be governed by the terms of that certain Reimbursement Agreement to be entered into
by and between the City and the Owner relating to the District. If bonds are not sold, the City will
have no obligation to reimburse amounts expended for costs incurred, but will reimburse any
unexpended amounts advanced by the Owner as set forth in the Reimbursement Agreement.
Dated: September 30, 2016
2
SAM-MCKENNA, LLC,
an Oregon limited liability co
e:
Title:
1W:4:� :
LEGAL DESCRIPTION
Real property in the City of Lake Elsinore, County of Riverside, State of California, described as
follows:
Assessor's Parcel Nos:
379-150-048-5
379-150-002-3
379-150-041-8
379-150-042-9
379-150-043-0
379-150-050-6
A-1
PROPOSED FIRST AMENDED AND RESTATED
RATE AND METHOD OF APPORTIONMENT OF
CITY OF LAKE i •
COMMUNITY FACILITIES DIST
•