B y th a t c e r ta in A s s ig n m e n t o f R ig h ts a n d A s s u m p tio n o f O b lig a tio n s U n d e r D e v e lo p m e n t A g r e e m e n t re c o r d e d F e b ru a ry 3 , 2 0 2 0 , a s D o c u m e n t N o . 2 0 2 0 0 0 0 0 8 9 8 4 ("N e ig h b o r h o o d 3 A A s s ig n m e n t"), D e v e lo p e r a s s ig n e d to T r i P o in te H o m e s , In c . c e rt a in r ig h ts , in te r e s ts , a n d o b lig a tio n s o f D e v e lo p e r u n d e r th e D e v e lo p m e n t A g r e e m e n t w ith re s p e c t to th e A s s ig n e d P ro p e rt y o n ly , a s d e fi n e d a n d s e t fo r th in th e N e ig h b o r h o o d 3 A A s s ig n m e n t.
B y th a t c e r ta in A s s ig n m e n t o f R ig h ts a n d A s s u m p tio n o f O b lig a tio n s U n d e r D e v e lo p m e n t A g r e e m e n t re c o r d e d F e b ru a r y 2 0 , 2 0 2 0 , a s D o c u m e n t N o . 2 0 2 0 0 0 0 1 3 3 77 ("N e ig h b o r h o o d 3 B A s s ig n m e n t II "), D e v e lo p e r a s s ig n e d to L e n n a r H o m e s o f C a lifo rn ia , In c . c e r ta in r ig h ts , in te r e s ts , a n d o b lig a tio n s o f D e v e lo p e r u n d e r th e D e v e lo p m e n t A g r e e m e n t w ith r e s p e c t to th e A s s ig n e d P ro p e rt y o n ly , a s d e fi n e d a n d s e t fo r th in th e N e ig h b o r h o o d 3 B A s s ig n m e n t II .
B y th a t c e r ta in A s s ig n m e n t o f R ig h ts a n d A s s u m p tio n o f O b lig a tio n s U n d e r D e v e lo p m e n t A g r e e m e n t re c o r d e d S e p te m b e r 1 8 , 2 0 2 0 , a s D o c u m e n t N o . 2 0 2 0 0 0 0 8 0 3 2 5 ("N e ig h b o r h o o d 2 a n d N e ig h b o r h o o d 3 C A s s ig n m e n t"), D e v e lo p e r a s s ig n e d to T r i P o in te H o m e s , In c . c e r ta in r ig h ts , in te r e s ts , a n d o b lig a tio n s o f D e v e lo p e r u n d e r th e D e v e lo p m e n t A g r e e m e n t w ith r e s p e c t to th e A s s ig n e d P ro p e r ty o n ly , a s d e fi n e d a n d s e t fo rt h in th e N e ig h b o r h o o d 2 a n d N e ig h b o r h o o d 3 C A s s ig n m e n t.
B y th a t c e r ta in A s s ig n m e n t o f R ig h ts a n d A s s u m p tio n o f O b lig a tio n s U n d e r D e v e lo p m e n t A g r e e m e n t re c o r d e d A p r il 2 , 2 0 2 1 , a s D o c u m e n t N o . 2 0 2 10 0 0 3 7 0 8 0 ("N e ig h b o r h o o d 3 B A s s ig n m e n t II I "), D e v e lo p e r a s s ig n e d to L e nn a r H o m e s o f C a lifo rn ia , In c . c e rt a in r ig h ts , in te r e s ts , a n d o b li g a tio n s o f D e v e lo p e r u n d e r th e D e v e lo p m e n t A g r e e m e n t w ith r e s p e c t to th e A s s ig n e d P ro p e r ty o n ly , a s d e fi n e d a n d s e t fo r th in th e N e ig h b o r h o o d 3 B A s s ig nm e n t III .
B y th a t c e rta in A s s ig n m e n t o f Ri g h ts a n d A s s u m p tio n o f O b lig a tio n s U n d e r D e v e lo p m e n t A g r e e m e n t re c o r d e d A p r il 2 8 , 2 0 2 1 , a s D o c u m e n t N o . 2 0 2 1 0 0 0 4 7 4 4 9 ("N e ig h b or h o o d 4 B A s s ig n m e n t"), D e v e lo p e r a s s ig n e d to L e n n a r H o m e s o f C a lifo rn ia , In c . c e rt a in r ig h ts , in te r e s ts , a n d o b lig a tio n s o f D e v e lo p e r u n d e r th e D e v e lo p m e n t A g r e e m e n t w ith r e s p e c t to th e A s s ig n e d P ro p e r ty o n ly , a s d e fi n e d a n d s e t fo rt h in th e N e ig h b o r h o o d 4 B A s s ig n m e n t.
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B y th a t c e rt a in A s s ig n m e n t o f R ig h ts a n d A s s u m p tio n o f O b lig a tio n s U n d e r D e v e lo p m e n t A g r e e m e n t re c o r d e d o n M a y 5 , 2 0 2 1 , a s D o c u m e n t N o . 2 0 2 10 0 0 5 0 1 10 ("N e ig h b o r h o o d 7 A A s s ig n m e n t"), D e v e lo p e r a s s ig n e d to B ro o k fi e ld B a y A r e a H o ld in g s L L C c e rt a in r ig h ts , in te r e s ts , a n d o b lig a tio n s o f D e v e lo p e r u n d e r th e D e v e lo p m e n t A g r e e m e n t w ith r e s p e c t to th e A s s ig n e d P ro p e r ty o n ly , a s d e fi n e d a n d s e t fo r th in th e N e ig h b o r h o o d 7 A A s s ig n m e n t.
B y th a t c e rt a in A s s ig n m e n t o f R ig h ts a n d A s s u m p tio n o f O b lig a tio n s U n d e r D e v e lo p m e n t A g r e e m e n t re c o r d e d O c to b e r 2 9 , 2 0 2 1 , a s D o c u m e n t N o . 2 0 2 1 0 0 1 1 3 1 3 7 ("N e ig h b o r h o o d 7 B a n d N e ig h b o r h o o d 4 C A s s ig n m e n t"), D e v e lo p e r a s s ig n e d to T r i P o in te H o ld in g s , In c . c e rt a in rig h ts , in te r e s ts , a n d o b lig a tio n s o f D e v e lo p e r u n d e r th e D e v e lo p m e n t A g r e e m e n t w ith r e s p e c t to th e A s s ig n e d P ro p e r ty o n ly , a s d e fi n e d a n d se t fo r th in th e N e ig h b o r h o o d 7 B a n d N e ig h b o r h o o d 4 C A s s ig nm e n t.
B y th a t c e r ta in A s s ig n m e n t o f R ig h ts a n d A s s u m p tio n o f O b lig a tio n s U n d e r D e v e lo p m e n t A g r e e m e n t re c o r d e d F e b ru a ry 1 7 , 2 0 2 2 , a s D o c u m e n t N o . 2 0 2 2 0 0 0 1 2 4 9 1 ("N e ig h b o r h o o d 8 A s s ig n m e n t"), D e v e lo p e r a s s ig n e d to C iv ic O n e L a k e , L L C c e r ta in r ig h ts , in te r e s ts , a n d o b li g a tio n s o f D e v e lo p e r u n d e r th e D e v e lo p m e n t A g r e e m e n t w ith re s p e c t to th e A s s ig n e d P ro p e r ty o n ly , a s d e fi n e d a n d s e t fo rt h in th e N e ig h b o r h o o d 8 A s s ig n m e n t.
B y th a t c e r ta in A s s ig n m e n t o f R ig h ts a n d A s s u m p tio n o f O b lig a tio n s U n d e r D e v e lo p m e n t A g r e e m e n t re c o r d e d M a rc h 3 0 , 2 0 2 2 , a s D o c u m e n t N o . 2 0 2 2 0 0 0 2 3 3 3 8 ("N e ig h b o r h o o d SA Assignment"), Developer assigned to Glisten One Lake 75, LLC certain rights, interests, and obligations of Developer under the Development Agreement with respect to the Assigned Property only, as defined and set forth in the Neighborhood 5A Assignment.
By that certain Assignment of Rights and Assumption of Obligations Under Development Agreement recorded July 17, 2024, as Document No. 202400030273 ("Neighborhood R Assignment"), Developer assigned to TPG AG EHC III (LEN) CA 1, L.P. certain rights, interests, and obligations of Developer under the Development Agreement with respect to the Assigned Property only, as defined and set forth in the Neighborhood R Assignment.
E. The Development Agreement required the formation of the Train Station Specific Plan CFD (as defined below) to finance various services, and these amendments reflect the formation over the Project Area of both (i) the formation of the City of Fairfield Community Facilities District No. 2018-1 (Train Station Specific Plan) (herein, "CFD No. 2018-1 ") and the recordation of the Amended and Restated Notice of Special Tax Lien on February 14, 2019 as Document Number 201900008212, and (ii) the formation of the City of Fairfield Community Facilities District No. 2023-2 (Train Station Specific Plan II) (herein, "CFD No. 2023-2" and together with CFD No. 2018-1, collectively, the "Train Station Specific Plan CFD") and the recordation of the Notice of Special Tax Lien on October 27, 2023 as Document Number 202300046831. The Train Station Specific Plan CFD satisfies the Development Agreement conditions, including satisfaction in full of Section 4.3, Section 5.2.4 and Section 5.2.5. The Development Agreement also set forth the conditions for the formation of one or more infrastructure CFDs and the conditions for annexing additional property into the infrastructure CFDs, and these amendments reflect the formation of the City of Fairfield Community Facilities Packet Page 626 of 634Attachment 3 Page 6 of 14
D istrict N o. 20 19 -1 (O ne Lake) and the C ity of Fairfield C om m unity Facilities D istrict N o. 2023- 1 (O n e L ake Planning A rea 5) and revise the con ditions fo r annexing additional pro perty over portion s of the Project A rea; and the D evelopm ent A greem ent set fo rth the conditions to fu nd the Fire S tation B uilding and Fire Station S ite, and the am endm ents herein rev ise the conditions in ligh t of the fo rm ation of the infr astru ctur e C FD s and the conditions fo r ann exing additional pro perty over portions of the Project A rea
F. Parties w ish to am end D evelopm ent A greem ent pur suant to G ov ern m ent C ode Sections 65867 and 6586 8.
G . O n , 202 _, the Planning C om m ission, after duly noticed public hearin g, recom m ended appro val of this Fift h A m endm ent by R esolution N o. O n _______ , 202_, after duly noticed public hearin g, the C ity C ouncil intro duced its O rdinance appro v ing this Fift h A m endm ent and authorizing its execution and adopted th at O rdinance on 202 O rdinance becam e effective on ____ ,2 02_
AGREEMENT
N O W , T H E R E F O RE , w ith refe rence to the fo regoing recitals and in considera tion of the m utual pro m ises, obligation s and covenants contain ed herein , Parties consent to this Fift h A m endm ent as follow s:
1. Defined Terms. A ll capitalized term s used herein shall have the m eanin gs given in the D evelopm ent A greem ent, except as expressly otherw ise defi n ed herein .
2. Enumeration of Specific Deletions and Amendments. T he D evelopm ent A greem ent is hereby revised to in corpora te the fo ll ow in g am en dm ents.
2.1 Train Station Specific Plan CFD. The fo ll ow ing Sections are bein g am ended and restated fo r cl arity in light of the fo rm ation of the T ra in Station Specifi c Plan C FD as described above in R ecital E .
2.1.1 S ection 5.2 .6 (and all subpart s) is revised and restated in its entirety to read as fo llow s:
5.2 .6 Infr astru ctur e C FD
1. T he D eveloper and the C ity acknow ledge that the C ity fo rm ed the C ity of F airfi eld C omm unity F acilities D istrict N o . 20 19 -1 (O ne Lake) ("C FD N o. 20 19 -1") pursuant to this S ection 5.2 .6 . In fo rm ing C FD N o. 20 19 -1, the C ity (i) designated Im pro vem ent A rea N o. 1 therein ("C FD N o. 20 19 -1 Im pro vem ent A rea N o. 1 ") and (ii) designated a fu ture annexation area (th e "C FD N o . 20 19 -1 Future A rea"). Subsequent to fo rm ation of C FD N o. 20 19 -1, a port ion of the C FD N o. 20 19 -1 Future A rea w as annexed into C FD N o. 20 19 -1 Im pro vem ent A rea N o. 1.
T he D eveloper and the C ity also acknow ledge that the C ity fo rm ed the C ity of Fairfi eld C o m m unity Facilities D istrict N o. 2023-1 (O ne Lake Planning A rea 5) ("C FD N o . 2023-1" and together w ith C F D N o . 20 19-1, the "Infr astru ctur e C FD s") pur suant to this Section 5.2.6. In fo rm ing C FD N o. 2023-1, the C ity (i) designated Im pro vem ent A rea N o. 1 therein ("C FD N o.
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2 0 2 3 -1 Im p ro v e m e n t A r e a N o . l ") a n d (ii) d e s ig n a te d a fu tur e a n n e x a tio n a r e a o v e r th e re m a in d e r o f P la n n in g A r e a 5 (th e "C F D N o . 2 0 2 3 -1 F u tur e A r e a "). 2 . T h e D e v e lo p e r a n d th e C ity a c k n o w le d g e th e fo ll o w in g :
a . T h e in fr a s tru c tur e to b e fu n d e d b y e a c h In fr a s tru c tu r e C F D p ur s u a n t to th is s e c tio n s h a ll b e lo c a te d w ith in th e P roje c t A r e a o r a dja c e n t to th e P ro je c t A r e a a n d s h a ll n o t b e a p u b lic im p ro v e m e n t fu n d e d b y a D e v e lo p m e n t Im p a c t F e e , in cl u d in g th e N o r th e a s t F e e . T h e P a r tie s a g r e e th a t fo r th e p ur p o s e s o f th is S e c tio n 5 .2 .6 .2 (a ), th e F ir e S ta tio n S ite a n d F ir e S ta tio n B u ild in g u n d e r S e c tio n 5 .7 s h a ll b e d e e m e d "a dja c e n t to th e P roje c t Ar e a ."
3 . T h e s p e c ia l ta x ra te s in th e R a te a n d M e th o d o f A p p o r tio n m e n t o f S p e c ia l T a x fo r C F D N o . 2 0 2 3 -1 (th e "C F D N o . 2 0 2 3 -1 R M A ") w e r e b a s e d u p o n a n O v e ra ll T a x R a te (a s d e fi n e d in S e c tio n 4 h e r e in ) o f 1 .6 5 %. In o r d e r to c a r r y o u t th e p ur p o s e s o f th is A g r e e m e n t, th e C ity h a s a g r e e d th a t th e sp e c ia l ta x ra te s m a y re fl e c t a n O v e ra ll T a x R a te o f 1.7 5 %. C o n s e q u e n tl y , th e D e v e lo p e r in te n d s to p e titio n th e C ity C o u n c il to c o n d u c t c h a n g e p ro c e e d in g s p ur s u a n t to .
A r ticl e 3 o f th e M e ll o -R o o s A c t to a m e n d th e s p e c ia l ta x ra te s in th e C F D N o . 2 0 2 3 -1 R M A to r e fl e c t a n O v e ra ll T a x R a te o f 1. 7 5 % o f th e e s tim a te d s a le s p r ic e s o f e a c h r e s id e n tia l u n it c o n s tru c te d o r to b e c o n s tru c te d w ith in C F D N o . 2 0 2 3 -1 Im p ro v e m e n t A r e a N o . 1 (th e "T a x R a te C h a n g e "). T h e 1.7 5 % O v e ra ll T a x R a te fo r C F D N o . 2 0 2 3 -1 Im p ro v e m e n t A r e a N o . 1 s h a ll e x cl u d e H O A d u e s , sp e c ia l ta x e s re la te d to a n y L ig h tin g a n d L a n d s c a p in g M a in te n a n c e C o s ts u n d e r S e c tio n 5 .2 .2 .1 , a n d a n y u tili ty c h a r g e s , u tility u s e r s ta x , p a r c e l ta x , s a le s ta x , o r a n y o th e r s im ila r c h a r g e s , ta x e s o r fe e s th a t c u r r e n tl y e x is t o r m a y b e s u b s e q u e n tl y a d o p te d b y th e C ity o r o t h e r p u b lic a g e n c y . P ro v id e d th e T a x R a te C h a n g e in C F D N o . 2 0 2 3 -1 Im p ro v e m e n t A r e a N o . 1 d o e s n o t c a u s e th e O v e ra ll T a x R a te fo r C F D N o . 2 0 2 3 -1 Im p ro v e m e n t A r e a N o . 1 to e x c e e d th e O v e ra ll T a x R a te o f 1.7 5 %, th e C ity s h a ll c o o p e ra te w ith th e D e v e lo p e r to c o n d u c t th e c h a n g e p ro c e e d in g s a n d c o n d u c t a n y p ro c e e d in g s re q u ir e d b y la w to r e v is e th e C F D N o . 2 0 2 3 -1 RM A ta x ra te s to r e fl e c t th e O v e ra ll T a x R a te o f 1.7 5 % a n d to im p le m e n t th e T a x R a te C h a n g e . 4 . W ith th e fo r m a tio n o f C F D N o . 2 0 23 -1 , a n d fo ll o w in g th e T a x R a te C h a n g e , th e D e v e lo p e r d o e s n o t in te n d to a n n e x a n y a d d itio n a l p ro p e rt y to C F D N o . 2 0 1 9 -1. H o w e v e r , th e D e v e lo p e r d o e s in te n d to a n n e x o n e o r m o r e p a r c e ls o f th e C F D N o . 2 0 2 3 -1 F u tu r e A r e a in to C F D N o . 2 0 2 3 -1 , fr o m tim e to tim e , to (i) C F D N o . 2 0 2 3 -1 Im p ro v e m e n t A r e a N o . 1 (h e r e in , th e "E x is tin g IA A n n e x a tio n "), a n d /o r (ii) o n e o r m o r e n e w ly -c r e a te d im p ro v e m e n t a r e a s (h e r e in , th e "F u tur e Im p ro v e m e n t A r e a s ") w ith in C F D N o . 2 0 2 3 -1 (h e r e in , th e "F u tu r e IA A n n e x a tio n "). W ith re s p e c t to a n y E x is tin g IA A nn e x a tio n , th e a nn e x a tio n o f th e C F D N o . 2 0 2 3 -1 F u tur e A r e a in to C F D N o . 2 0 2 3 -1 Im p ro v e m e n t A r e a N o . 1 w ill n o t re s u lt in a n in c r e a s e in th e s p e c ia l ta x e s fo r C F D N o . 2 0 2 3 -1 Im p ro v e m e n t A r e a N o . 1 a b o v e th e s p e c ia l ta x ra te s re v is e d b y th e T a x R a te C h a n g e , a n d fo r th a t r e a s o n , th e C ity s h a ll c o o p e ra te w ith th e D e v e lo p e r to a nn e x p ro p e rt y in to C F D N o . 2 0 2 3 -1 Im p ro v e m e n t A r e a N o . 1 a n d c o n d u c t a n y p ro c e e d in g s re q u ir e d b y la w to le v y th e s p e c ia l ta x e s o n th e a nn e x e d p ro p e rt y p ur s u a n t to th e C F D N o . 2 0 2 3 -1 RM A fo r Im p ro v e m e n t A r e a N o . 1 fo ll o w in g th e T a x R a te C h a n g e . W ith re s p e c t to a n y F u tur e IA A n n e x a tio n , th e p ro v is io n s o f s u b s e c tio n 5 b e lo w s h a ll a p p ly . 5 . T h e C ity s h a ll n o t a p p ro v e a F u tur e IA A n n e x a tio n if th e s p e c ia l ta x ra te s in th e F u tur e Im p r o v e m e n t Ar e a w o u ld c a u s e th e c o m b in e d to ta l o f th e 1 % a d v a lo r e m p ro p e r ty Packet Page 628 of 634Attachment 3 Page 8 of 14
tax and all CFD special taxes for the property in the proposed Future Improvement Area ("Overall Tax Rate") to exceed 1. 75% of the estimated sales prices of each residential unit constructed or to be constructed in the Future Improvement Area. The estimated sales prices of each residential unit constructed or to be constructed within the Future Improvement Area shall be determined by the City at the time of annexation to the Future Improvement Area. The Overall Tax Rate for the Future Improvement Area shall exclude HOA dues, special taxes related to any Lighting and Landscaping Maintenance Costs under Section 5.2.2.1, and any utility charges, utility users tax, parcel tax, sales tax, or any other similar charges, taxes or fees that currently exist or may be subsequently adopted by the City or other public agency. Provided the special tax rates in the Future Improvement Area do not cause the Overall Tax Rate for such Future Improvement Area to exceed the 1.75% Overall Tax Rate limit described above, the City shall cooperate with the Developer to annex property into the Future Improvement Areas and conduct any proceedings required by law to create a Future Improvement Area with special tax rates determined by the Developer in its unanimous consent to annex the CFD No. 2023-1 Future Area into the Future Improvement Area.
6. The City has acquired the Fire Station Site and will construct the Fire Station Building using its own fu nds and desires to have the Infrastructure CFDs reimburse the City fo r such costs from the proceeds of the Infrastructure CFDs. To accommodate this desire, the Developer and the City have agreed as follows:
a. The Fire Station Building and the Fire Station Site are not public improvements funded by a Development Impact Fee, and therefore are eligible for financing by the Infrastructure CFDs, provided that the maximum cost of the Fire Station Site and the construction of the Fire Station Building that may be financed from the Infrastructure CFDs is limited to $12,500,000 in the aggregate. b. Subject to subparagraphs ( c) and ( d) below, the Infrastructure CFDs are each authorized to finance the Fire Station Site and the Fire Station Building and to reimburse the City for the costs of the Fire Station Site and the Fire Station Building. c. The City received reimbursement for the costs of the Fire Station Site in the amount of $1,200,000 from the proceeds of the second series of bonds issued by the City fo r CFD No. 2019-1 Improvement Area No. 1, leaving the costs of construction of the Fire Station Building in the amount of up to $11,300,000 remaining to be funded. d. The City shall seek reimbursement for the costs of the Fire Station Building from one of the fo llowing potential sources or a combination of sources, which are listed in order of seeking reimbursement from (i) the proceeds of any bonds issued by the City for a Future IA Annexation in CFD No. 2023-1 and/or other financing mechanisms identified by the City, and (ii) the proceeds of any bonds issued by the City for CFD No. 2023-1 and/or other financing mechanisms identified by the City, provided in each case all of the fo llowing shall occur :
(1) The Fire Station Building shall not be financed with the proceeds of special taxes levied in CFD No. 2019-1 Improvement Area No. 1 or from bonds secured by special taxes levied in CFD No. 2019-1 Improvement Area No. 1.
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(2) The total costs that may be reimbursed to the City from (i) bonds issued in CFD No. 2019-1 Impro vement Area No. 1 for the Fire Station Site in the amount of $1,200,000, which amount has been received by the City, (ii) special taxes and bonds issued in the Futur e IA Annexation of CFD No. 2023-1 for the Fire Station Building, or special taxes and bonds issued in CFD No. 2023-1 for the Fire Station Building shall not, in the aggregate, exceed $11,300,000.
3. Interpretation. The Development Agreement shall be construed as having been modified by this Fifth Amendment. Except as expressly modified by this Fifth Amendment, the Development Agreement remains in full force and effect. In the case of conflict between the provisions hereof and the terms of the Development Agreement, the provisions of this Fifth Amendment shall control.
IN WITNESS WHEREOF, the Parties have executed this Fifth Amendment on the day and year first written above.
[Signatures to follow on next pages J
CITY:
CITY OF FAIRFIELD, a municipal corporation
By:-----------
David Gassaway, City Manager
ATTEST APPROVED AS TO FORM:
By: _
Karen L. Rees
City Clerk
By: ------------- David Lim
City Attorney
Signatures follow on next page
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DEVELOPER:
ONE LAKE HOLDING LLC,
a Delaware limited liability company
Name: -----------
Title: ------------
And
By: _
Name: -----------
Title: ------------
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S T A F F R E P O R T
M e e tin g
D a te :
T o :
Fro m :
Su b je ct:
Ju ly 24 , 20 24
C h a irp e rso n an d M e m be rs of th e Plann ing C om m issio n C o m m u n ity D e ve lo p m e n t Dep a rt m e nt
ITEM C: CANON STATION DEVELOPM ENT AGREEMENT 5TH AMENDMENT R e so lu tio n N o . PC 2 0 2 4 -0 6
D e v elop m e n t A g re e m e n t A m e n dm e n t (D A 2024 -0 0 1 ) Lo catio n : N o rth e ast Fa irfie ld
A p p lica n t: C a n o n Statio n LLC
O w n e r: C an o n Statio n LLC
Pu b lic he arin g o n re qu e st by C an o n Station LLC, for a Fift h A m e nd m e nt to th e existin g A m end e d an d Re state d D e v elop m e nt A gree m e nt betw ee n th e C ity of Fa irfi e ld an d C an o n Statio n LLC. T he prev io u sly ad op te d Enviro n m e ntal Im p act R e p o rt fo r th e T rain Statio n Sp e ci fi c Plan satisfie s th e requ ire m e nts of th e C a lifo rn ia En viro n m e n ta l Q ua lity A ct fo r th is pro je ct. (P lanne r: M e ily M .
Sh ee han , 70 7 -4 2 8-7 4 7 4 , m sh e e h an@ fa irfi eld.ca.go v)
BA CK G R O UN D IN F O R M A T IO N
O n A ug u st 16 , 20 11 , th e C ity C o un ci l en te re d in to a D ev elo p m e nt Ag reem e nt (D A ) w ith C an on S tatio n LLC reg ard in g app ro xim ately 1,5 7 0 acre s w ith in th e T rain Station Sp e cifi c Plan (TSSP) A rea . C ano n Statio n LLC is th e m a ste r d e velope r of th e O ne Lake neig h b orho o d , kn ow n as P la n n ing A rea 4 an d P la nn in g A rea 5 in th e T SSP. T h e DA w as su b sequ ently am e n de d in 2012 . Key p ro v isio n s o f th e D A , w ith am e n d m e n ts, in cl u de th e fo llo w in g:
1. G u a ran te e s fo r th e rig ht to de v elo p up to 3,1 01 dw e llin g un its an d 4.6 m illion sq u a re feet of off ice an d in d u stria l bu ild in g fl oor area; an d
2. T ran sfer of app ro xim ately 10 0 acre s of C ity -o w ne d land to C an on Station LLC in exch an g e fo r th e 20 4 -acre Ke lle y Pro pe rt y fo r pu blic park an d o pe n sp ace uses, m one tary co m p en satio n , an d othe r co n side ration s; an d
3. C o n stru ctio n o f vario u s pu b lic im pro ve m e n ts by C an o n Statio n LLC , in cl u din g a ne w fire statio n , pa rk im p ro v e m e n ts, an d ro ad im pro ve m en ts; an d 4 . Esta b lish m e n t o f vario u s Co m m u nity Fa ci litie s D istricts (C FD s) to pay fo r in fr astructu re an d m un icip a l se rvice s, in cl ud in g pu blic safety (p olice an d fire ), park m a inten an ce , an d o p e n sp ace ma in ten a n ce ; an d
C ity of Fairfield
C om m unity D evelopm ent Departm en t
Prepared by: }J.J_
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5. Re qu ire m e nt th at C an on Station LLC preserve m ore than 1,00 0 acres in op en spaces w ith in and in th e vicin ity of th e TSS P Area . Prese rvation is to be achieved by establishing a co n se rvatio n ease m e nt on the se lan ds.
O n De ce m b e r 16 , 20 14 , th e C ity an d C an o n Station LLC am en ded an d restated the DA . The key pro v isio n s ab o v e, how eve r, w ere no t m odifi e d . Sin ce the n, the co un cil has ap pro ved fo ur am en d m e n ts to th e 2015 Am e n d e d an d Re state d DA . The am e nd m e nts m od ified a co llection of to p ics in th e DA , in cl u ding con se rvatio n ease m ent recordation tim ing, C FO lang uage, a biological m itig atio n exh ibit, in fr astructu re im pro ve m e n t tim in g, an d pro cedu ral com p one nts. C anon Statio n LLC is now see king a Fift h Am e n dm e n t.
P R O P O SE D A M E ND M EN T
C a n o n Station LLC se e ks to am en d on e se ction of the DA ad dressin g Infr astructure Com m unity Fa cilitie s D istricts (C FO ). An In fr astructu re C FO is a sp ecial taxing district created to fin an ce public in fr astru ctu re an d com m u nity fa cilitie s to be n efit the reside nts w ithin a specific area.
Im p ro v e m e n ts may in cl ud e ro ad s, utilitie s, parks, fire stations, etc. C FD s finan ce such pro jects th ro u g h th e issua n ce of m un icip al bo nd s, w h ich are rep aid over tim e thro ug h the sp ecial taxes le v ie d o n pro p e rtie s w ith in th e district. The se taxes are in ad dition to regular pro pe rty taxes and are use d excl u sively fo r th e pu rposes o utline d in the CFD 's fo rm ation docu m ents. Pro pert y o w ne rs m ay pe titio n an d vo te to fo rm o r adju st a CFO . In th is in stance, Canon Station LLC is se e kin g a D A am end m e nt to raise th e m axim um co m bin ed tax rate, w hich in cl u des the State's 1% pro pe rt y tax base an d all C FO sp e cial taxes. C anon Station LLC see ks to raise the com bined tax rate fr om 1.65 % to 1. 75 %.
C an o n Station LLC is re q u e stin g th e am e n dm e n t to ensu re there are enoug h fund ing sources to su p p o rt th e in fr astructu re requ ired fo r th e O n e Lake neighborhood s. The actual costs of co n stru ctio n fo r th e re qu ired infr astructu re have sig nifican tly in creased since the DA w as estab lishe d , an d th e cu rre nt 1.6 5% to tal tax m axim u m is no longer suffi cient. Canon Station LLC, w o rking w ith th e ir bo nd co u n sel, th e C ity's bon d coun sel, and th e C ity's Fin an ce Director, has de te rm ine d th at an in crease of 0.1 % to a m axim um tax of 1.7 5% w ill provid e both the funding ca p a b ilitie s to su pp o rt th e requ ired in fr astructu re an d preserve cap aci ty fo r futu re potential ele ctive tax es. Striking th is ba lan ce is key to en su ring that future reside nts of the O ne Lake ne ig h b o rh oo d s are not ove rbu rdene d by taxes. A n exam ple illustration of how m u ch a resident ca n expe ct to pay is as fo llow s: Fo r eve ry $10 0 ,00 0 of assessed prope rt y value, the hom eow ner cu rren tly pay s $1 ,650 (1.6 5%). W ith th e in crease, th e hom eo w ne r w ould pay $1,750 (1. 75%). For co m p a riso n pu rp ose s, it sh o u ld be no te d th at the re are othe r areas w ith in th e C ity of Fairfield th a t hav e to tal tax pe rce ntag es ap p ro ved by th e co u n ci l fo r over 2%.
PC ITEM NO.:C
PC FILE NO.: DA2024-001
S:\PLANNING\PC MEETINGS\PC-2024\24-07-24\ITEM C- CANON STATION 5TH DA AMENDMENT\1. PC REPORT.DOCX PC DATE: 07/24/24
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A N A LYS IS FO R P LA N N IN G C O MM ISS IO N
A. G en e ral Plan an d Spe cific Plan C on sisten cy: Go vern m e nt Cod e Section 6586 8.5 requires th at a DA be consiste nt w ith th e G e n e ral Plan and any Sp ecific Plan . The Ge neral Plan de sign ates la n d w ith in th e T SSP as th e Train Station Specifi c Plan "Special Study A rea." T h e Spe cifi c P lan ide n tifi es th e lan d sub je ct to the DA as Planning Areas 4, 5, 6, 7, and 8.
O f th e Plan nin g Areas listed , 4 an d 5 are slated fo r reside ntial develop m e nt and are su b je ct to th e pro p ose d 1. 75 % tax m axim um . The coun cil previously fo un d the existing DA to be co n sistent w ith th e G e n e ral Plan an d Spe cifi c Plan . The Ge neral Plan incl udes po licie s th at requ ire new re side ntial de velop m ent to fun d the co st of its infr astructure ne ed s. Policy 14 -4 5 of th e T SSP au th orize s the use of C FD s to fun d infr astructure that is no t oth e rw ise funde d by a D e velo p m e nt Im p act Fee . The am end m e nt in creases the ma xim u m asse ssm e n t to 1.75% of com bin ed ad valorum pro pe rt y tax an d C FD costs.
En su rin g th at th e ne w de velo p m e nt w ith in the district w ill be ab le to pay the anticipated in fr astru ctu re co sts.
B. En viro n m e ntal Revie w : An En viro n m en tal Im pact Re port (EIR) w as previously prepared an d ce rt ifi e d by th e C ity fo r th e T SSP in 2011 . The C ity previously fo un d that the im pacts o f de v e lop m ent un de r th e existin g DA are w ithin the scop e of the EIR certifi ed by the C o un cil in 20 11 fo r th e TSSP . T h e pro p ose d changes are consistent w ith the TSSP and do no t pose environ m e ntal im pacts greate r tha n those fo un d to be w ithin the scop e of the TS SP 's EIR .
RE C O M M EN D A T IO N
Staff re co m m en d s th e Plan nin g Com m issio n ad op t Resolution PC 20 24 -0 6, reco mm e nding the ap p ro v al o f th e pro p osed Fift h Am e n dm e nt to the Can on Station Am e nd ed and Restated D e v elo p m ent A gree m ent to th e cou n cil.
A ttach m e n ts:
1. Pla nn ing Comm issio n Re solu tion PC 2 0 24 -0 6, w ith att ached :
• Exh ib it A - P ro po se d D raft O rd in an ce and Canon Station Develop m e nt Agree m ent Fift h A m e n d m e n t
PC ITEM NO.:C
PC FILE NO.: DA2024-001
S:\PLANNING\PC MEETINGS\PC-2024\24-07-24\ITEM C- CANON STATION 5TH DA AMENDMENT\!. PC REPORT.DOCX PC DATE: 07/24/24
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