REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Remon Habib, City Engineer
Date: December 12, 2023
Subject: TUMF Fee Credit/Reimbursement Agreement for Transportation Improvements Constructed by Pulte Home Company, LLC for Alberhill Ranch Tract 28214-9 Single Family Residential Project
Recommendation
Approve and authorize the Mayor to execute an Improvement Credit/Reimbursement Agreement with Western Riverside Council of Governments and Pulte Home Company, LLC in such final form as approved by the City Attorney.
Background
Section 16.83.040.G of the Lake Elsinore Municipal Code titled Transportation Uniform Mitigation Fee (“TUMF”) Program provides that a developer may obtain fee credits by constructing public improvements that are to be otherwise funded by the TUMF Program.
Discussion
Pulte Home Company, LLC (Pulte Homes) is the developer of the Alberhill Ranch project located at the southeast corner of Nichols Road and Alberhill Ranch Road. As a condition for obtaining these entitlements, Pulte Homes is required to construct several traffic improvements.
As part of satisfying those requirements, Pulte Homes requested the City enter into a credit agreement with respect to the TUMF Mitigation Fee, where eligible TUMF public improvements will be constructed by Pulte Homes, on Lake Street and Nichols Road. The project’s total TUMF obligation is currently $3,475,776. Based on the TUMF Program, such improvements are cumulatively eligible for TUMF credits of up to an estimated amount of $4,781,000.
Reimbursement value for difference in total obligation and fee credit may differ depending on final reconciliation.
TUMF Agreement TR 28214-9
Fiscal Impact
There is no fiscal impact to the City. The agreements provide for actual construction of eligible public improvements in lieu of payment of fees.
Attachments
Attachment 1 - Agreement