DATE:
June 20, 2023
TO:
Mayor and City Council Members
FROM:
Rachel Molina, City Manager
BY:
Casey Brooksher, Director of Administrative Services
SUBJECT:
Amend Agreement with NBS Government Finance Group for Community Facilities District Administration and Silverwood/Tapestry Formation Advisory Services
RECOMMENDED ACTION
It is recommended that the City Council authorize the City Manager to amend the current agreement with NBS Government Finance Group (NBS) in the amount of $70,275 for Fiscal Year (FY) 2023-24 Community Facilities District (CFD) administration services and fiscal advisory services related to the Silverwood/Tapestry project, including CFD formation and services related to the Bond Opportunities for Land Development (BOLD) program, for a total revised not-to-exceed amount of $98,275.
BACKGROUND
The City currently contracts with NBS to provide fiscal advisory services related to the Silverwood/Tapestry development project, including fiscal impact analysis services. In addition, through the assistance of NBS in the field of special district formation services, the City Council approved the formation of CFD 2021-1 – Residential Maintenance and Services in March 2022 and CFD 2022-1 – Non-residential Maintenance and Services in May 2022, and annual administration services are required for these districts. The City also has a fiduciary responsibility related to the administration of CFD 2005-1 Belgate, a bonded district, for which NBS provides services including administrative cost recovery, cash flow analysis, calculation of the special tax requirement, application of parcels to the tax roll, and delinquency management services.
ISSUES/ANALYSIS
An amendment to the agreement with NBS is needed for FY 2023-24 CFD administration services and for the next steps of the Silverwood/Tapestry development project including CFD formation services with landowner vote, along with bonded CFD review services related to the BOLD program.
FISCAL IMPACT
Funding for these services has been included in the Fiscal Year 2023-24 proposed Operating Budget.
ALTERNATIVE(S)
Provide alternative direction to staff.
ATTACHMENT(S)
None
City of Hesperia STAFF REPORT City of Hesperia STAFF REPORT City of Hesperia
STAFF REPORT
City of Hesperia
STAFF REPORT
Staff Report to the Mayor and City Council Members
Amendment to Agreement with NBS
June 20, 2023