August 23, 2022
1 City Council Meeting
Item 7.1
CMFA CFD 2022-12
Otay Ranch Village 3, Phase II
SURROUNDING USES
Otay Landfill
Sesame Place /
Amphitheatre
Village 3
Quarry
MSCP Preserve Area
Industrial
Otay River Valley / Preserve Area
Industrial / Residential
Otay Landfill
Village 3
Quarry
Sesame Place/
Amphitheater
Main St
Village 8 West
Heritage Road
Properties Included in CFD
CFD 2022-12 Boundary Map
HomeFed requests to form CFD via CMFA BOLD
Program to finance public facilities and development
impact fees
Consistent with City’s CFD Goals and Policies with
certain exceptions
CMFA oversees CFD district formation and
administration, special tax formula, bond sale
City retains approval of developer reimbursements
and right to review of all CFD documentation
CMFA CFD Process
Conduct noticed public hearing to allow
bonds to be issued by CMFA
Authorize the formation of Village 3, Phase
II CFD through CMFA BOLD program and
approve JCFA
Approve form of Acquisition Financing
Agreement
TONIGHT’S ACTIONS
RECOMMENDATION
Approve resolutions:
A. Authorizing formation of CMFA CFD 2022-12, Otay Ranch Village 3, Phase II, through BOLD program; approving Joint Community Facilities Agreement (JCFA)
B. Approving form of Acquisition Financing Agreement