RESOLUTION NO. _____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FULLERTON, CALIFORNIA, APPROVING AN IMPROVEMENT AND REIMBURSEMENT AGREEMENT AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO CITY OF FULLERTON Community Facilities District No. 3 (The Pines at Sunrise Village) THE CITY COUNCIL OF THE CITY OF FULLERTON RESOLVES AS FOLLOWS:
1. Community Facilities District. City Council has concluded proceedings to form the "City of Fullerton Community Facilities District No. 3 (The Pines at Sunrise Village)" (the “CFD”) pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5 of the California Government Code, in order to finance the acquisition and construction of certain public facilities (the “Facilities”) as further provided in the resolution adopted this date entitled “Resolution of Formation of Community Facilities District” (the “Resolution of Formation”).
2. Facilities. Under the Resolution of Formation, City, on behalf of the CFD, is authorized to enter into one or more contracts directly with any of the property owners with respect to the construction or acquisition of all or any portion of the Facilities.
3. Improvement Agreement. City staff, working with the City’s consultants, have prepared an Improvement and Reimbursement Agreement (the “Improvement Agreement”), for execution by the City and Sunrise Village Owner, LLC, a Delaware limited liability company (the “Developer”), the current owner and developer of the land within the CFD. The Improvement Agreement concerns: the improvement of a portion of the Facilities by the Developer, or its permitted assignee; the reimbursement of those improvement costs to the Developer, or its permitted assignee, solely from the proceeds of bonds issued on behalf of the CFD and special taxes collected within the CFD and the funding of certain City park fees and sewer fair share payments required by the conditions of approval for the development of the land within the CFD, solely from the proceeds of bonds issued on behalf of the CFD and special taxes collected within the CFD.
4. Approval of Improvement Agreement. City Council hereby approves the form of the Improvement Agreement in substantially the form on file with the City Clerk, together with any changes therein or additions thereto deemed advisable by the Mayor, City Manager, Director of Administrative Services, Director of Public Works or such other official of the City designated by such officer (each, an “Authorized Officer”), upon consultation with counsel. City Council authorizes and directs any Authorized Officer to execute the Improvement Agreement on behalf of the City.
5. No Obligation. This Resolution shall in no way obligate City Council to construct any of the Facilities, or to issue any bonds or incur any other indebtedness for the CFD. The issuance of bonds or incurrence of other indebtedness for the CFD shall be subject to the City Council approval by subsequent resolution.
6. Additional Actions. City Council authorizes and directs each Authorized Officer, City staff and all officers and agents of the City to take all actions necessary or advisable to give effect to the transactions contemplated by this Resolution and to implement and take any actions required under the Improvement Agreement. City Council ratifies and approves all actions taken by City staff in furtherance of this resolution are hereby ratified and approved.
7. Effectiveness. This Resolution shall take effect from and after its adoption.
ADOPTED BY THE FULLERTON CITY COUNCIL on August 15, 2023.
Fred Jung
Mayor
ATTEST:
Lucinda Williams, MMC
City Clerk
Date
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