HomeMy WebLinkAbout0017_1_JCFA - SRREPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Grant Yates, City Manager
Prepared by: Jason Simpson, Assistant City Manager
Date:February 28, 2017
Subject: Joint Community Facilities Agreement with Elsinore Valley Municipal Water
District and Far West Industries relating to Community Facilities District
No. 2015-5 (Trieste)
Recommendation
adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, APPROVING A JOINT COMMUNITY FACILITIES AGREEMENT FOR
COMMUNITY FACILITIES DISTRICT NO. 2015-5 OF THE CITY OF LAKE ELSINORE
(TRIESTE) WITH ELSINORE VALLEY MUNICIPAL WATER DISTRICT AND FAR WEST
INDUSTRIES
Background
The City of Lake Elsinore (the “City”) formed Community Facilities District No. 2015-5 of the City
of Lake Elsinore (Trieste) (the “District”) in 2016 pursuant to the Mello-Roos Community
Facilities District Act of 1982 (the “Mello-Roos Act”) for purposes of financing public
improvements benefitting the development within the District. Far West Industries, a California
corporation (the “Developer”) is currently the developer within the District. Pursuant to Section
53316.2 of the Mello-Roos Act, the City may enter into a Joint Community Facilities Agreement
(“JCFA”) with another public entity, allowing the District to finance certain public improvements
of such entity in addition to facilities of the City, which will benefit the residents within the
District. The Developer has requested that the City and Elsinore Valley Municipal Water District
enter a JCFA with the Developer, pursuant to which the District may finance facilities of Elsinore
Valley Municipal Water District.
Documents to be Approved
Approval of the attached resolution authorizes certain officers of the City to execute the JCFA
presented at this meeting.
Fiscal Impact
None.
JCFA – Trieste
Page 2
Exhibits
A - Resolution
B - Agreement