HomeMy WebLinkAboutFW_ [External]TUMF Credit Agreement - Pardee HomesFrom:Remon Habib
To:Jason Simpson
Cc:Yu Tagai
Subject:FW: [External]TUMF Credit Agreement - Pardee Homes
Date:Wednesday, November 17, 2021 1:37:28 PM
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Hi Jason,
Please see below from Cameron Brown. Can we get help from Brendan (or if it was Shane that
reviewed the reconciliation package) to provide?
Thanks
Remon
From: Cameron Brown <cbrown@wrcog.us>
Sent: Wednesday, November 17, 2021 1:35 PM
To: Remon Habib <rhabib@lake-elsinore.org>
Cc: Yu Tagai <ytagai@Lake-Elsinore.org>
Subject: RE: [External]TUMF Credit Agreement - Pardee Homes
Remon,
So I was not aware of this, but back in 2017 when Chris Gray came on board there was a dispute
between WRCOG and the City regarding this project. We ended up making concessions on this and
agreed to let Camino Del Norte be eligible for TUMF credit. From some documents that Chris had
shown me, it looks like there was a significant right-of-way dedication made by the developer on
Camino Del Norte. I believe it was for about $3.7M. There may have been other costs incurred by
the developer which would give them further credit. Also, it looks like there was an additional $3M
in credit for the Railroad Canyon widening. That means there is at least a minimum of $6.7M in
credit for the two improvements.
We need you to give us a sum of the costs incurred on both Railroad Canyon and Camino Del Norte.
That will end up being the total credit. With the estimated TUMF obligation on the development at
about $6.7M, there should be more than enough credit to cover that. I believe that with that
settlement to include Camino Del Norte credits, it was determined that there would not be a
reimbursement requested by the developer. So if we can confirm the credits are greater than their
TUMF obligation we should be able to close this out.
Please give me a call if you have any questions.
Cameron Brown
Program Manager
Western Riverside Council of Governments
3390 University Ave., Suite 200
Riverside, CA 92501-3314
Phone: (951) 405-6712
Mobile: (951) 836-2525 - Please note that my mobile number has recently changed.
www.wrcog.us
"Respect Local Control...Provide Regional Perspective”
From: Remon Habib <rhabib@lake-elsinore.org>
Sent: Tuesday, November 16, 2021 1:14 PM
To: Cameron Brown <cbrown@wrcog.us>
Subject: FW: [External]TUMF Credit Agreement - Pardee Homes
FYI
From: Cameron Brown <cbrown@wrcog.us>
Sent: Friday, November 12, 2021 10:21 AM
To: Yu Tagai <ytagai@Lake-Elsinore.org>
Cc: Remon Habib <rhabib@lake-elsinore.org>; Carlos Castellanos <ccastellanos@wrcog.us>
Subject: [External]TUMF Credit Agreement - Pardee Homes
Message from external sender. Use Caution.
Hi Yu,
Could you let us know what the status of this agreement is? We have an estimated TUMF obligation
of $6,751,391 per the agreement. However, the potential credit is a bit of a mystery as the
improvements listed only specify Camino Del Norte and Railroad Canyon improvements? Therefore,
we can’t estimate a potential liability for WRCOG on this project. Our records are showing that this
development was completed, is there any potential reimbursement to the developer on this
project? Have the improvements been completed, if so, what were those improvements?
Cameron Brown
Program Manager
Western Riverside Council of Governments
3390 University Ave., Suite 200
Riverside, CA 92501-3314
Phone: (951) 405-6712
Mobile: (951) 836-2525 - Please note that my mobile number has recently changed.
www.wrcog.us
"Respect Local Control...Provide Regional Perspective”