ADMINISTRATIVE REPORT
MEETING DATE: March 26, 2025 AGENDA CATEGORY: Consent - Agreements TO: Honorable Mayor and City Council
FROM: Zachary Meyer, Public Works Director
DATE: March 3, 2025
SUBJECT: Amendment No. 1 to Transportation Impact Fee Credit Agreement No. 2022-253 with MG3 Partners, LLC to transfer the credit ($224,770.79) from Urban Land Advisors, LLC to Lennar Homes of California, LLC. (Ward 7)
RECOMMENDATION:
Staff recommends approval of the amended agreement.
BACKGROUND:
On November 16, 2022, the City of Bakersfield and MG3 Partners, LLC entered into Transportation Impact Fee Credit Agreement No. 2022 -253 in the amount of $224,770.79. Per the agreement, the credit of $224,770.79 was transferred from MG3 Partners, LLC to Urban Land Advisors, LLC. Amendment No. 1 to this agreement will transfer the credit of $224,770.79 from Urban Land Advisors, LLC to Lennar Homes of California, LLC.
FISCAL IMPACT:
The credit is given to cover future transportation impact fees in exchange for work completed by the developer that is on the Regional Transportation List. There is no impact to the City’s General Fund.
COUNCIL GOAL:
Reliable Infrastructure
ATTACHMENTS:
TIF CREDIT AGR NO 2022-253 AMENDMENT 1 - SIGNED