Resolution to Incur Debt by Resolution No. 2024-280. On September 24, 2024, by Resolution No. 2024-354, Council approved the formation of City of Modesto Community Facilities District No. 2024-1 (Tivoli) (“CFD No. 2024-1”) pursuant to the Mello-Roos Community Facilities Act of 1982 and by Resolution No. 2024-355 Council declared the necessity to incur bonded indebtedness. It is the sole discretion of CFD No. 2024-1 as to if and when Bonds will be issued.
When bonds are determined to be required as the CFD develops, documents relating to the issuance and sale of the bonds will be brought to the Council for approval. The proposed maximum CFD bond authorization is $120 million, and this serves as a “not to exceed” bond amount for the CFD and is based on the cost of financing the associated facilities. The maximum Annual Facilities Special Tax includes a buffer to prevent the possible authorization of bonds from limiting the capacity of the CFD to pay for ongoing services. The CFD is a separate legal entity and the land within the CFD secures the bonds, and any sale of CFD related bonds will not impact the City’s bonding capacity.
DISCUSSION:
A completed CFD application was submitted on June 13, 2025, to annex approximately 19.95 acres of property into CFD No. 2024-1. SB Builders LLC is the current owner of parcel (APN 083-004-057), and their housing development project will result in the construction of one hundred and eighty-six (186) single family homes along with an open space common area to serve the neighborhood.
The property is shown in the proposed annexation map related to Annexation No. 2 to CFD No. 2024-1 (Attachment 4). During the formation of the CFD, this parcel was included in the designated future annexation area of CFD No. 2024-1. Pursuant to California Government Code Section 53339.32, when a parcel is designated for future annexation into a CFD this allows for a streamlined process that only requires the property owner to submit a signed unanimous approval form to annex as opposed to the full election and public hearing process. Following Council’s approval of the annexation, staff will proceed with the recording of the annexation boundary map as well as a notice of special tax lien on the property to secure payment of future CFD special taxes.
FISCAL IMPACT:
The Rate and Method of Apportionment (RMA) identifies the maximum special tax rates as well as how special taxes are calculated and collected for the Parcels participating in improvement area 1 of CFD No. 2024-1, as identified in Attachment 3. SB Builders LLC is requesting to be part of CFD No. 2024-1 and will be levied based on the RMA. This project will result in approximately nine (9) dwelling units per acre which would place it in the medium density residential category per the RMA3. The current tax rates for this level of density are included below.
2https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=GOV&division=2.&title=5.&part=1.&chapter=2.5.&article =3.5.
3 The RMA defines medium density residential projects as all parcels of taxable property that are developed or expected to be developed at an average density range of 7 to 17 dwelling units per gross acre. #14..
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City Council, October 14, 2025
Annexation #2 to City of Modesto Community Facilities District No. 2024-1 (Tivoli)
Maximum Special Tax Rates Fiscal Year 2025-26
Special Tax
Category
Maximum One-Time
Facilities Special Tax
Fiscal Year 2025-26
Maximum Annual
Facilities
Special Tax
Fiscal Year 2025-26
Maximum Annual
Maintenance
Special Tax
Fiscal Year 2025-26
Medium Density
Residential
$104,000 per Net
Taxable Acre
$13,999.50 per Net
Taxable Acre
$5,372.64 per Net
Taxable Acre
On July 1, 2025, and on each July 1 thereafter, all figures shown in the table above shall be increased by the annual Escalation Factor, except the Annual Facilities Special Tax, which shall be increased by two percent (2.0%) per year. In any Fiscal Year, the annual Escalation Factor will be the greater of either, the percentage increase, if any, in the construction cost index for the San Francisco region for the prior twelve (12) month period as published in the Engineering News Record or other comparable source if the Engineering News Record is discontinued or otherwise not available, or four percent (4.0%).
COMMITTEE RECOMMENDATION:
Annexation Map #2 to the City of Modesto CFD No. 2024-1 (Tivoli) was presented to the Economic Development Committee on September 8, 2025, and was recommended to forward to Council for approval.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving Annexation #2 to the City of Modesto Community Facilities District No. 2024-1(Tivoli) and authorizing the levy of special taxes on approximately 19.95 acres of property located within the annexation map boundary.
Approved by:
Jessica Hill, Director of Community
and Economic Development
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. List of Facilities and Services
3. Rate and Method of Apportionment
4. Proposed Annexation Map #2 for CFD No. 2025-1 (Tivoli)
5. Levine Act Disclosure
6. Resolution Exhibit B
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MODESTO CITY COUNCIL
RESOLUTION NO. 2025- XXX
RESOLUTION APPROVING ANNEXATION #2 TO CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1 (TIVOLI) AND AUTHORIZING THE LEVY OF SPECIAL TAXES ON APPROXIMATELY 19.95 ACRES OF
PROPERTY LOCATED WITHIN THE ANNEXATION MAP BOUNDARY
WHEREAS, the Tivoli Specific Plan was approved by City Council in 2008 by Ordinance No. 3479-C.S, as a 454-acre site bounded by the planned Claratina Avenue on the north, Oakdale Road on the west, Sylvan Avenue on the south, and Roselle Avenue on the east; and
WHEREAS, on August 13, 2024, by Resolution No. 2024-279, the City Council declared the Resolution of Intention to Form City of Modesto Community Facilities District (CFD) No. 2024-1 (Tivoli) to establish improvement area No. 1, designate a future annexation area and authorize the levy of a special tax. The formation map was recorded on August 16, 2024; and WHEREAS, on August 13, 2024, the City Council also approved a Resolution to Incur Debt by Resolution No. 2024-280, for CFD No. 2024-1 (Tivoli) to determine if Bonds will be issued to pay for the facilities required for the CFD; and WHEREAS, on September 24, 2024, by Resolution No. 2024-354, the City Council approved the formation of City of Modesto Community Facilities District No. 2024-1 (Tivoli) (“CFD No. 2024-1”) pursuant to the Mello-Roos Community Facilities Act of 1982 and conditionally authorized staff to levy special taxes therein and conditionally establishing annual appropriations limits; and
WHEREAS, on June 13, 2025, SB Builders LLC filed a completed application package requesting that certain parcels by annexed into CFD No. 2024-1 (Tivoli); and WHEREAS, annexation #2 will consist of APN 083-004-057, totaling approximately
19.95 acres. This parcel is within the future annexation area as demonstrated in the initial formation boundary map; and
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WHEREAS, because this parcel to be annexed was included in those designated for future annexation to CFD No. 2024-1 (Tivoli) at the time of initial formation, the parcel can be annexed with the unanimous approval of the owners pursuant to the provisions of section 53328.1 of the Mello-Roos Community Facilities Act of 1982; and WHEREAS, a map entitled “Boundary of Proposed Annexation#2 to the City of Modesto Community Facilities District No 2024-1, City of Modesto, County of Stanislaus, State of California” (Annexation Map No. 2), showing the boundary of the Subject Property, has been filed with the City Clerk of the City of Modesto and a copy thereof was presented to City Council at the October 14, 2025 meeting; and
WHEREAS, pursuant to Section 5339.8 of the Mell-Roos Act, the Unanimous Approval Forms request that the City execute and record a notice of special tax lien and authorizes the incurrence of bonded indebtedness pertaining to the Subject Property in the official records of the County Recorder; and
WHEREAS, annexation #2 to CFD No. 2024-1 (Tivoli) was presented to the Economic Development Committee on September 8, 2025, and was recommended to forward to Council for approval; and
WHEREAS, the City Council wished by this resolution to approve and direct the recordation of Annexation Map No. 2, and to direct as soon as practicable following the recordation of Annexation Map No. 2, the preparation, execution and recordation of the Notice of Special Tax Lien, with provision to cross-reference the recorded Annexation Map No. 2.
NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Modesto hereby finds and determines as follows:
1. The above recitals are true and correct.
2. The City Council hereby approves Annexation Map No. 2 and authorizes and directs the City Clerk to cause the execution and recordation thereof in the official records of the County #14..
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Recorder in accordance with the provisions of Section 3113 of the California Streets and Highways Code.
3. This City Council hereby levies the Special Tax on the property located within Annexation Map No. 2 and directs the City Clerk, following the recordation of Annexation Map No. 2, to cause the preparation, execution and recordation of the Notice in the official records of the County Recorder in accordance with the provisions of Section 53339.8 and Streets and Highways Code section 3114.5(b). Upon recordation of the Notice, the Subject Property shall be subject to the levy of the special tax of CFD No. 2024-1 in accordance with the rate and method of apportionment of special tax for said CFD No. 2024-1, as approved by the Resolution of Formation and attached thereto as Exhibit B thereof.
4. This resolution shall take effect immediately upon its adoption.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 14th day of October, 2025, by Councilmember ____________, who moved its adoption, which motion being duly seconded by Councilmember ___________, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSTAIN: Councilmembers:
ABSENT: Councilmembers:
ATTEST:
DIANE NAYARES-PEREZ, City Clerk
APPROVED AS TO FORM:
By:
JOSE M. SANCHEZ, City Attorney
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Tivoli CFD No. 2024-1, IA No. 1 1 May 31, 2024
IMPROVEMENT AREA NO. 1 OF THE
CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1
(TIVOLI)
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES
Special Taxes applicable to each Assessor’s Parcel in Improvement Area No. 1 of the City of Modesto Community Facilities District No. 2024-1 (Tivoli) shall be levied and collected according to the tax liability determined by the City Council through the application of the appropriate amount or rate for Taxable Property, as described below. All of the property in Improvement Area No. 1, unless exempted by law or by the provisions of Section H below, shall be taxed for the purposes, to the extent, and in the manner herein provided, including property subsequently annexed into Improvement Area No. 1 unless a separate Rate and Method of Apportionment is adopted for the annexation area.
A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
“Acre” or “Acreage” means the land area of an Assessor’s Parcel as shown on an Assessor’s Parcel Map, or if the land area is not shown on an Assessor’s Parcel Map, the land area shown on the applicable Final Map or other Development Plan.
“Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, (commencing with Section 53311), Division 2 of Title 5 of the California Government Code. “Administrative Expenses” means any or all of the following: the fees and expenses of any fiscal agent or trustee (including any fees or expenses of its counsel) employed in connection with any Bonds, and the expenses of the City in carrying out its duties with respect to Improvement Area No. 1, the CFD and the Bonds, including, but not limited to, the levy and collection of Special Taxes, the fees and expenses of its counsel, charges levied by the County in connection with the levy and collection of Special Taxes, costs related to property owner inquiries regarding the Special Taxes, costs associated with appeals or requests for interpretation associated with the Special Taxes and this RMA, amounts needed to pay rebate to the federal government with respect to Bonds, costs associated with complying with continuing disclosure requirements for the City and any major property owners or other obligated parties, costs associated with foreclosure and collection of delinquent Special Taxes, and all other costs and expenses of the City in any way related to the establishment or administration of Improvement Area No. 1 and the CFD. “Administrator” shall mean the person or firm designated by the City to administer the Special Tax according to this RMA.
“Annual Facilities Special Tax” means a special tax levied in any Fiscal Year to pay the Annual Facilities Special Tax Requirement, as defined below.
“Annual Facilities Special Tax Requirement” means the amount necessary in any Fiscal Year to: (i) pay principal and interest on Bonds that are due in the calendar year that begins in such #14..
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Tivoli CFD No. 2024-1, IA No. 1 2 May 31, 2024
Fiscal Year; (ii) pay periodic costs on the Bonds, including but not limited to, credit enhancement, liquidity support, and rebate payments on the Bonds; (iii) replenish reserve funds created for the Bonds under the Indenture to the extent such replenishment has not been included in the computation of the Special Tax Requirement in a previous Fiscal Year; (iv) cure any delinquencies in the payment of principal or interest on Bonds which have occurred in the prior Fiscal Year; (v) pay Administrative Expenses; and (vi) pay directly for Authorized Facilities and Authorized Services, so long as such levy under this clause (vi) does not increase the Special Tax levied on Undeveloped Property. The amounts referred to in clauses (i) and (ii) of the definition of Special Tax Requirement may be reduced in any Fiscal Year by: (a) interest earnings on or surplus balances in funds and accounts for the Bonds to the extent that such earnings or balances are available to apply against such costs pursuant to the Indenture; (b) in the sole and absolute discretion of the City, proceeds received from the collection of penalties associated with delinquent Special Taxes; and (c) any other revenues available to pay such costs, each as determined in the sole discretion of the City.
“Annual Maintenance Special Tax” means a special tax levied in any Fiscal Year to pay the Annual Maintenance Special Tax Requirement, as defined below. “Annual Maintenance Special Tax Requirement” means the amount of revenue needed in any Fiscal Year to pay for: (i) Authorized Services, (ii) establishment of reserves, (iii) Administrative Expenses, and (iv) amounts needed to cure any delinquencies in the payment of Annual Maintenance Special Taxes which have occurred in prior Fiscal Years. “Assessor’s Parcel” or “Parcel” means a lot or parcel shown on an Assessor’s Parcel Map with an assigned Assessor’s Parcel number.
“Assessor’s Parcel Map” means an official map of the County Assessor designating parcels by Assessor’s Parcel Number.
“Assessor’s Parcel Number” means a unique number assigned to an Assessor’s Parcel by the County Assessor for purposes of identifying a property. “Authorized Facilities” means the public facilities authorized to be funded by the CFD as set forth in the documents adopted by the City Council when the CFD was formed. “Authorized Services” means the public services authorized to be funded by the CFD as set forth in the documents adopted by the City Council when the CFD was formed. “Bonds” means bonds or other debt (as defined in the Act), whether in one or more series, secured by the Annual Facilities Special Tax and issued or assumed by the CFD to fund Authorized Facilities.
“Building Permit” means a permit that allows for vertical construction of a building or buildings, which shall not include a separate permit issued for construction of the foundation thereof. “Capitalized Interest” means funds in any capitalized interest account available to pay debt service on Bonds.
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Tivoli CFD No. 2024-1, IA No. 1 3 May 31, 2024
“Certificate of Occupancy” means the first certificate, including any temporary certificate of occupancy, issued by the City to confirm that a building or a portion of a building has met all of the building codes and can be occupied for residential and/or non-residential use. “CFD” means the City of Modesto Community Facilities District No. 2024-1 (Tivoli). “CFD Formation” means the date on which the Resolution of Formation to form the CFD was adopted by the City Council.
“City” means the City of Modesto.
“City Council” means the City Council of the City of Modesto, acting as the legislative body of the CFD.
“County” means the County of Stanislaus.
“Density Category” means, individually, Very Low Density Residential Property, Low Density Residential Property, Medium Density Residential Property, or Medium High Density Residential Property.
“Developed Property” means, in any Fiscal Year, the following:
For purposes of levying the Annual Maintenance Special Tax and Annual Facilities Special Tax:
• for Single Family Detached Property, all Parcels for which a Final Map was recorded prior to June 30 of the preceding Fiscal Year but not prior to June 30, 2023; • for Multi-Family Property, all Parcels for which a Building Permit was issued prior to June 30 of the preceding Fiscal Year but not prior to June 30, 2023; and • for Non-Residential Property, all Parcels for which a Building Permit was issued prior to June 30 of the preceding Fiscal Year but not prior to June 30, 2023.
For purposes of levying the One-Time Facilities Special Tax, all Parcels for which a Certificate of Occupancy was issued prior to June 30 of the preceding Fiscal Year but not prior to June 30, 2023.
“Development Class” means, individually, Developed Property, Taxable Owners Association Property, Taxable Welfare Exemption Property, and Taxable Public Property. “Escalation Factor” means, in any Fiscal Year, the greater of (i) the percentage increase, if any, in the construction cost index for the San Francisco region for the prior twelve (12) month period as published in the Engineering News Record or other comparable source if the Engineering News Record is discontinued or otherwise not available, or (ii) four percent (4.0%). “Expected Land Uses” means the Net Taxable Acreage of each Land Use Class expected on an Original Parcel based on reference to the Land Use Diagram and Attachment 2 hereto, the latter of which will be updated with each annexation of property into Improvement Area No. 1. #14..
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Tivoli CFD No. 2024-1, IA No. 1 4 May 31, 2024
“Final Map” means a final map, or portion thereof, approved by the City pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq) that creates SFD Lots.
The term “Final Map” shall not include any large-lot subdivision map, Assessor’s Parcel Map, or subdivision map or portion thereof, that does not create SFD Lots, including Assessor’s Parcels that are designated as remainder parcels.
“First Bond Sale” means issuance of the first series of Bonds secured, in whole or in part, by Annual Facilities Special Taxes levied and collected from Parcels of Taxable Property in Improvement Area No. 1.
“Fiscal Year” means the period starting July 1 and ending on the following June 30. “Future Annexation Area” means that geographic area that, at the time of CFD Formation, was considered potential annexation area for the CFD and which was, therefore, identified as “future annexation area” on the recorded CFD boundary map. Such designation does not mean that any or all of the Future Annexation Area will annex into the CFD, but should property designated as Future Annexation Area choose to annex, the annexation may be processed pursuant to the streamlined annexation procedures provided in the Act.
“Improvement Area No. 1” means Improvement Area No. 1 of the CFD. “Indenture” means an indenture, fiscal agent agreement, or other agreement authorizing issuance of the Bonds.
“Land Use Class” means one of the five mutually-exclusive land use classes identified in Table 1 and Table 2 in Section C below. The City shall, in its sole discretion, determine the appropriate Land Use Class for a Parcel of Taxable Property.
“Land Use Diagram” means the exhibit in the Tivoli Specific Plan entitled “Tivoli Specific Plan Land Use Diagram”, as may be amended from time to time. The Land Use Diagram at CFD Formation is included as Attachment 1 hereto.
“Low Density Residential Property” means all Parcels of Taxable Property that are developed or expected to be developed at an average density range of 4 to 6 dwelling units per gross acre.
Such Parcels are identified by an LDR designation in the Land Use Diagram. “Maximum Annual Facilities Special Tax” means the greatest amount of Annual Facilities Special Tax that can be levied on an Assessor’s Parcel in any Fiscal Year determined in accordance with Sections C and D below.
“Maximum Annual Facilities Special Tax Revenues” means the aggregate amount that could be generated at any point in time if the Maximum Annual Facilities Special Tax was levied and collected on all Parcels of Taxable Property in Improvement Area No. 1. “Maximum Annual Maintenance Special Tax” means the greatest amount of Annual Maintenance Special Tax that can be levied on an Assessor’s Parcel in any Fiscal Year determined in accordance with Sections C and D below.
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Tivoli CFD No. 2024-1, IA No. 1 5 May 31, 2024
“Maximum One-Time Facilities Special Tax” means the greatest amount of One-Time Facilities Special Tax that can be levied on an Assessor’s Parcel in any Fiscal Year determined in accordance with Sections C and D below.
“Maximum Special Taxes” means, collectively for any Parcel, the Maximum One-Time Facilities Special Tax, Maximum Annual Facilities Special Tax, and Maximum Annual Maintenance Special Tax.
“Medium Density Residential Property” means all Parcels of Taxable Property that are developed or expected to be developed at an average density range of 7 to 17 dwelling units per gross acre. Such Parcels are identified by an MDR designation in the Land Use Diagram. “Medium High Density Residential Property” means all Parcels of Taxable Property that are developed or expected to be developed at an average density range of 18 to 24 dwelling units per gross acre. Such Parcels are identified by an MDHR designation in the Land Use Diagram. For purposes of this RMA, Medium High Density Residential Property shall also include any property that is zoned at an average density range higher than 18 to 24 dwelling units per acre, regardless of the designation that is assigned to such Parcel(s).
“Multi-Family Property” means all Parcels of Developed Property for which Building Permits have been issued for construction of a residential structure consisting of two or more residential units that share common walls, including but not limited to, townhomes, condominiums, duplexes, triplexes, fourplexes, and apartment units. If a Building Permit has not yet been issued on the Parcel, the Administrator shall reference the Tivoli Specific Plan and/or the Parcel’s zoning designation to determine whether the Parcel is Multi-Family Property. “Net Taxable Acreage” or “Net Taxable Acre” means the total acreage within a Final Map or Parcel less arterial road right-of-ways and property that is defined in the Final Map for use as a park site, school site, or City-owned storm drainage basin. If a Subdivision Map is recorded which is not a Final Map for some or all Parcels created by the subdivision, the Administrator shall calculate the Net Taxable Acreage of such unsubdivided Parcels by identifying the Acreage of the Parcel and (i) adding a portion of the acreage of any non-arterial right-of-way that fronts the Parcel determined by drawing lines at right angles to the right-of-way, and (ii) subtracting a portion of the acreage of any arterial right-of-way that fronts the Parcel determined by drawing lines at right angles to the right-of-way. The Net Taxable Acreage of a Parcel or Final Map shall be determined in the sole discretion of the City.
“Non-Residential Property” means any Parcel of Taxable Property in the CFD that does not fit within the definition of Residential Property, Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Property, as determined by the Administrator. “One-Time Facilities Special Tax” means a Special Tax levied and collected in full by the City prior to issuance of a Certificate of Occupancy for a Parcel of Taxable Property. “Original Parcel” means an Assessor’s Parcel in Improvement Area No. 1 at the time of CFD Formation, or added to Improvement Area No. 1 upon annexation, as identified in Attachment 3 (which shall be updated after each annexation). A Successor Parcel that is being further subdivided shall also be considered an Original Parcel for purposes of determining the Maximum Special Taxes pursuant to Section C below.
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Tivoli CFD No. 2024-1, IA No. 1 6 May 31, 2024
“Owners Association” means a homeowners association or property owners association that provides services to, and collects assessments, fees, dues, or charges from, property within Improvement Area No. 1.
“Owners Association Property” means any property within the boundaries of Improvement Area No. 1 that is owned in fee or through easement by the Owners Association, not including any such property that is located directly under a residential structure. “Per-Acre Special Taxes” means the per-acre Special Taxes identified in Table 1 and Table 2 in Section C below.
“Proportionately” means, for each Development Class, that the ratio of the actual Special Tax levied in any Fiscal Year to the Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all parcels assigned to the Development Class. “Public Property” means any property within the boundaries of Improvement Area No. 1 that is owned by the federal government, State of California, County, City, or other public agency. “RMA” means this Rate and Method of Apportionment of Special Taxes. “Required Coverage” means the amount by which the Maximum Annual Facilities Special Tax Revenues must exceed the Bond debt service and priority Administrative Expenses (if any), as set forth in the Indenture, Certificate of Special Tax Consultant, or other formation or bond document that sets forth the minimum required debt service coverage. “Residential Property” in any Fiscal Year means, collectively, all Very Low Density Residential Property, Low Density Residential Property, Medium Density Residential Property, and Medium High Density Residential Property.
“SFD Lot” means an individual residential lot, identified and numbered on a recorded Final Map, on which a Building Permit has been or is permitted to be issued for construction of an SFD Unit without further subdivision of the lot and for which no further subdivision of the lot is anticipated pursuant to an approved Tentative Map.
“SFD Unit” means a residential dwelling unit that does not share a common wall with another residential dwelling unit.
“Special Taxes” means, collectively, the One-Time Facilities Special Tax, the Annual Facilities Special Tax, and the Annual Maintenance Special Tax.
“Special Tax Category” means, individually, the One-Time Facilities Special Tax, the Annual Facilities Special Tax, and the Annual Maintenance Special Tax.
“Subdivision Map” means a Final Map, large lot subdivision map, or other map recorded with the County that results in the subdivision of an Original Parcel into two or more Successor Parcels. #14..
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Tivoli CFD No. 2024-1, IA No. 1 7 May 31, 2024
“Successor Parcel” means an Assessor’s Parcel of Taxable Property created by the subdivision or reconfiguration of an Original Parcel on which construction of a residential or non-residential structure is permitted.
“Taxable Owners Association Property” means, in any Fiscal Year after the First Bond Sale, any Parcel of Owners Association Property that satisfies all three of the following conditions: (i) the Parcel had not been Owners Association Property on the date of the First Bond Sale; (ii) based on reference to Attachments 1 and 2, the Parcel was not anticipated to be Owners Association Property as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Special Tax because it is Owners Association Property, the Maximum Annual Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained. “Taxable Property” means all of the Assessor’s Parcels within the boundaries of Improvement Area No. 1 that are not exempt from the Special Taxes pursuant to law or Section H below. “Taxable Public Property” means in any Fiscal Year after the First Bond Sale, any Parcel of Public Property that satisfies all three of the following conditions: (i) the Parcel had not been Public Property on the date of the First Bond Sale; (ii) based on reference to Attachments 1 and 2, the Parcel was not anticipated to be Public Property as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Special Tax because it is Public Property, the Maximum Annual Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained.
“Taxable Welfare Exemption Property” means in any Fiscal Year after the First Bond Sale, any Parcel of Welfare Exemption Property that satisfies all three of the following conditions: (i) the Parcel had not been Welfare Exemption Property on the date of issuance of the First Bond Sale; (ii) based on reference to Attachments 1 and 2, the Parcel was not anticipated to be Welfare Exemption Property based on the Expected Land Uses, as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Special Tax because it has become Welfare Exemption Property, the Maximum Annual Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained. “Tentative Map” means a tentative map or substantial conformance exhibit for property in the CFD, including any adjustments or amendments thereto.
“Tivoli Specific Plan” means the specific plan for development within the Tivoli project that was originally adopted by the City Council on February 26, 2008, further updated on September 27, 2016, and as may be amended from time to time.
“Transition Event” shall be deemed to have occurred when the Administrator determines that the following events have occurred: (i) all Bonds secured by the levy and collection of Facilities Special Taxes in the CFD have been fully repaid; (ii) all Administrative Expenses from prior Fiscal Years have been paid or reimbursed to the City; and (iii) there are no other Authorized Facilities that the City intends to fund with Bonds or Facilities Special Taxes. “Transition Year” means the first Fiscal Year in which the Administrator determines that the Transition Event occurred in the prior Fiscal Year.
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Tivoli CFD No. 2024-1, IA No. 1 8 May 31, 2024
“Undeveloped Property” means, in any Fiscal Year, all Parcels of Taxable Property that are not Developed Property, Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Property as defined herein.
“Very Low Density Residential Property” means all Parcels of Taxable Property that are developed or expected to be developed as large lot, rural-oriented estate homes with an average density range of 1 to 3 dwelling units per acre. Such Parcels are identified by a VLDR designation in the Land Use Diagram.
“Welfare Exemption Property” means, in any Fiscal Year, any Parcels in Improvement Area No. 1 that have received a welfare exemption under subdivision (g) of Section 214 of the Revenue and Taxation Code and for which such welfare exemption is still in place.
B. DATA FOR ANNUAL ADMINISTRATION
On or about July 1 of each Fiscal Year, the Administrator shall identify the current Assessor’s Parcel Numbers for all Parcels of Taxable Property in Improvement Area No. 1. The Administrator shall also: (i) assign each Parcel of Taxable Property to the appropriate Development Class; (ii) categorize each Parcel of Residential Property into the appropriate Density Category; (iii) determine the Net Taxable Acreage of each Parcel; (iv) determine the Annual Facilities Special Tax Requirement and Annual Maintenance Special Tax Requirement, and (v) determine whether the Transition Event has occurred in a prior Fiscal Year.
In any Fiscal Year, if it is determined that: (i) a Subdivision Map for property in Improvement Area No. 1 was recorded after January 1 of the prior Fiscal Year (or any other date after which the Assessor will not incorporate the newly-created Parcels into the then current tax roll), (ii) because of the date the Subdivision Map was recorded, the Assessor does not yet recognize the new Parcels created by the Subdivision Map, and (iii) one or more of the newly-created Parcels is in a different Development Class than other Parcels created by the subdivision, the Administrator shall calculate the Special Taxes for the property affected by recordation of the Subdivision Map by determining the Special Taxes that apply separately to the property within each Development Class, then applying the sum of the individual Special Taxes to the Parcel that was subdivided by recordation of the Subdivision Map.
C. MAXIMUM SPECIAL TAXES
The Administrator shall use the procedures set forth below to calculate the Maximum Special Taxes for each Parcel in Improvement Area No. 1 in each Fiscal Year. The Per-Acre Special Taxes set forth in Table 1 and Table 2 below shall be used for purposes of Sections C.1 and C.2 below:
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Tivoli CFD No. 2024-1, IA No. 1 9 May 31, 2024
Table 1
Per-Acre Special Taxes Prior to the Transition Year
Fiscal Year 2024-25 *
Land Use Class
Per-Acre Special Tax:
One-Time
Facilities Special Tax
Per-Acre Special Tax:
Annual Facilities
Special Tax
Per-Acre Special Tax:
Annual Maintenance
Special Tax
Very Low Density
Residential Property
$100,000 per
Net Taxable Acre
$5,724 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
Low Density
Residential Property
$100,000 per
Net Taxable Acre
$10,260 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
Medium Density
Residential Property
$100,000 per
Net Taxable Acre
$13,725 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
Medium High Density
Residential Property
$100,000 per
Net Taxable Acre
$13,087 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
Non-Residential
Property
$100,000 per
Net Taxable Acre
$7,375 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
* All Per-Acre Special Taxes shown in Table 1 are subject to the annual adjustments described in Section D below.
Table 2
Per-Acre Special Taxes In and After the Transition Year Fiscal Year 2024-25 *
Land Use Class
Per-Acre Special Tax:
One-Time
Facilities Special Tax
Per-Acre Special Tax:
Annual Facilities
Special Tax
Per-Acre Special Tax:
Annual Maintenance
Special Tax
Very Low Density
Residential Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$6,597 per
Net Taxable Acre
Low Density
Residential Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$7,731 per
Net Taxable Acre
Medium Density
Residential Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$8,597 per
Net Taxable Acre
Medium High Density
Residential Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$8,438 per
Net Taxable Acre
Non-Residential
Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$7,010 per
Net Taxable Acre
* All Per-Acre Special Taxes shown in Table 2 are subject to the annual adjustments described in Section D below.
1. Original Parcels
The Maximum Special Taxes prior to the Transition Year for each Land Use Class expected on the Original Parcels as of CFD Formation are identified in Attachment 2, which will be updated by the Administrator as needed to reflect Original Parcels added to Improvement Area No. 1 due to annexations. Until an Original Parcel is subdivided, the Maximum Special Taxes shown in Attachment 2 (escalated as set forth herein) shall be the Maximum Special Taxes for the Parcel unless the zoning on the Original Parcel changes to a Land Use Class that has higher Per-Acre Special Taxes based on reference to Table 1 and Table 2 above. Upon approval of such a change in zoning by the City Council, the Administrator shall multiply the applicable Per-Acre Special Taxes by the Net Taxable #14..
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Tivoli CFD No. 2024-1, IA No. 1 10 May 31, 2024
Acreage of each Land Use Class that is expected on the Parcel based on the rezone. The Administrator shall then update Attachment 2 to reflect the higher Maximum Special Taxes for the Parcel. If a rezone results in a Land Use Class that has a lower Per-Acre Special Tax than the previous Expected Land Uses, there shall be no corresponding reduction in the Maximum Special Taxes for the Parcel. The potential reduction in Maximum Special Tax revenues must be considered separately for each Special Tax Category. If the rezone would cause a reduction in the Maximum Special Tax revenues in any Special Tax Category, the Maximum Special Tax identified for that Special Tax Category shall remain the same as originally assigned to the Original Parcel.
2. Successor Parcels
a. All Successor Parcels are SFD Lots
If all Parcels created by a recorded Subdivision Map are SFD Lots, the Administrator shall apply the following steps to allocate the Maximum Special Taxes for the Original Parcel to each of the Successor Parcels created by the subdivision:
Step 1. Determine the greater of: (i) the sum of the Maximum Special Taxes assigned to each Expected Land Use for the Original Parcel, or (ii) the sum of the Net Taxable Acreage of each Density Category within the Subdivision Map multiplied by the Per-Acre Special Taxes for each Density Category.
Step 2. Separately for each Density Category created by the Subdivision Map, divide the Maximum Special Taxes from Step 1 by the number of Successor Parcels to determine the Maximum Special Taxes for each SFD Lot. b. No Successor Parcels are SFD Lots
If none of the Successor Parcels created by recordation of a Subdivision Map are SFD Lots, the Administrator shall apply the following steps to allocate the Maximum Special Taxes assigned to the Original Parcel to each of the Successor Parcels:
Step 1. Identify the Expected Land Uses for the Original Parcel.
Step 2. Determine the Net Taxable Acreage within each Land Use Class created by the Subdivision Map.
Step 3. If the Net Taxable Acreage of each Land Use Class from Step 2 is the same as the Expected Land Uses, the Maximum Special Taxes assigned to each of the Expected Land Uses on the Original Parcel shall be allocated to the Successor Parcels based on the Acreage of each Land Use Class that occurs on each Successor Parcel.
Step 4. If the Net Taxable Acreage within each Land Use Class from Step 2 is different than the Expected Land Uses for the Original Parcel, the Administrator shall apply the following steps separately for each Special Tax Category:
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Tivoli CFD No. 2024-1, IA No. 1 11 May 31, 2024
Step 4a. Multiply the applicable Per-Acre Special Tax by the Net Taxable Acreage of each Land Use Class created by the Subdivision Map.
Step 4b. If the amount calculated in Step 4a is greater than the Maximum Special Tax assigned to the Original Parcel, multiply the Net Taxable Acreage of each Land Use Class on each Successor Parcel by the applicable Per-Acre Special Tax from Table 1 (preTransition Year) and Table 2 (in and after Transition Year) above to determine the Maximum Special Tax for each Successor Parcel.
Step 4c. If the amount calculated in Step 4a is less than the Maximum Special Tax assigned to the Original Parcel: (i) identify the Maximum Special Tax that was assigned to each of the Expected Land Uses on the Parcel, (ii) divide the Maximum Special Tax for each Land Use Class by the Net Taxable Acreage of each Land Use Class actually created by the Subdivision Map, and (iii) multiply the per-acre Maximum Special Tax calculated in (ii) by the Net Taxable Acreage of each Land Use Class on each
Successor Parcel to determine the Maximum Special Tax for each Parcel.
If the Land Use Classes on a Successor Parcel or Parcels are different than the Expected Land Uses for that Parcel(s) and such difference would result in a reduction in the Maximum Special Tax assigned to the Original Parcel for any Special Tax Category, the Maximum Special Tax assigned to the Original Parcel shall either be distributed equally on a per-acre basis to the Successor Parcels or, if multiple Land Use Classes are created by the Subdivision Map, the Maximum Special Tax from the Original Parcel shall be distributed to each Land Use Class so that the peracre tax for each Land Use Class has the same proportional relationship as the Per-Acre Special Taxes in Table 1 and Table 2 above.
c. Some, But Not All, Successor Parcels are SFD Lots
If a Subdivision Map divides an Original Parcel into Successor Parcels, of which some are SFD Lots and some are not, the Administrator shall (i) break out the aggregate Net Taxable Acreage of all SFD Lots separately from the Net Taxable Acreage of other Land Use Classes, (ii) for the aggregate Net Taxable Acreage of the SFD Lots, apply the steps in Section C.2a to determine the Maximum Special Taxes for each SFD Lot, and (iii) apply the steps in Section C.2b above to determine the Maximum Special Taxes for the other Land Use Classes on the Parcel.
If, after subdivision of an Original Parcel, a Successor Parcel is further subdivided, the Successor Parcel shall be treated as an Original Parcel for purposes of allocating Maximum Special Taxes pursuant to Section C.2a, C.2b, or C.2c, as appropriate. After each reallocation of the Maximum #14..
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Tivoli CFD No. 2024-1, IA No. 1 12 May 31, 2024
Special Taxes upon subdivision or reconfiguration of Original Parcels, the sum of the Maximum Special Taxes assigned to Successor Parcels shall never be less, but may be more, than the Maximum Special Taxes assigned to the Original Parcels prior to such reallocation.
D. CHANGES TO THE MAXIMUM SPECIAL TAXES
1. Escalation of Special Taxes
1a. One-Time Special Tax
On July 1, 2025 and on each July 1 thereafter, the Maximum One-Time Facilities Special Tax assigned to each Parcel and the Per-Acre Special Tax shown in Table 1 and Table 2 above shall be adjusted annually by the Escalation Factor. 1b. Annual Facilities Special Tax
On July 1, 2025 and on each July 1 thereafter, the Maximum Annual Facilities Special Tax assigned to each Parcel and the Per-Acre Special Tax shown in Table 1 and Table 2 above shall be increased by two percent (2%) of the amount in effect in the prior Fiscal Year.
1c. Annual Maintenance Special Tax
On July 1, 2025 and on each July 1 thereafter, the Maximum Annual Maintenance Special Tax assigned to each Parcel and the Per-Acre Special Tax shown in Table 1 and Table 2 above shall be adjusted annually by the Escalation Factor. Each annual adjustment of the Maximum Annual Maintenance Special Tax shall become effective on the subsequent July 1.
2. Partial Prepayment of Maximum Annual Facilities Special Tax If a Parcel makes a partial prepayment of the Annual Facilities Special Tax pursuant to Section I below, the Administrator shall recalculate the Maximum Annual Facilities Special Tax for the Parcel pursuant to Section I. In addition, the Administrator shall update Attachment 2 to reflect the prepayment and the revised Maximum Annual Facilities Special Tax Revenues for Improvement Area No. 1. Such updates shall be maintained internally by the Administrator and shall not require recordation of an amended RMA. After the prepayment has been received, the application of Sections F and I of this RMA shall be based on the adjusted Expected Maximum Annual Facilities Special Tax Revenues after the prepayment.
3. Conversion of a Parcel of Public Property to Private Use If, in any Fiscal Year, a Parcel of Public Property is converted to private use, such Parcel shall be subject to the levy of the Special Taxes, and the Administrator shall determine the appropriate Maximum Special Taxes for the Parcel based on the Net Taxable Acreage of the Parcel. #14..
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Tivoli CFD No. 2024-1, IA No. 1 13 May 31, 2024
E. ANNEXATIONS
If, in any Fiscal Year, a property owner within the Future Annexation Area wants to annex property into Improvement Area No. 1, the Administrator shall apply the following steps as part of the annexation proceedings:
Step 1. Working with City staff and the landowner, the Administrator shall determine the Land Use Classes that are expected within the area to be annexed.
Step 2. The Administrator shall prepare and keep on file an updated Attachment 2 that identifies the Assessor’s Parcel Number(s), Expected Land Use, Expected Net Taxable Acreage, One-Time Facilities Special Tax, Maximum Annual Facilities Special Tax, and Maximum Annual Maintenance Special Tax for the annexed property.
Step 3. The Administrator shall prepare and keep on file an updated Attachment 3 that adds the Assessor’s Parcel(s) in the annexed area to the Original Parcels in Improvement Area No. 1.
Step 4. The Administrator shall ensure that a Notice of Special Tax Lien is recorded against all Parcels that are annexed to Improvement Area No. 1.
Step 5. The Administrator shall recalculate the Public Facilities Requirement used in the prepayment calculation in Section I below to include the estimated net proceeds that can be generated to fund Authorized Facilities based on the Maximum Annual Facilities Special Tax capacity from the annexed area. The adjusted Public Facilities Requirement shall be calculated by (i) dividing the increased Maximum Annual Facilities Special Tax Revenues that can be collected after the annexation by the Maximum Annual Facilities Special Tax Revenues that were in place prior to the annexation, and (ii) multiplying the quotient by the Public Facilities Requirement that was in place prior to the annexation.
F. METHOD OF LEVY OF THE SPECIAL TAXES
1. One-Time Facilities Special Tax
The Maximum One-Time Facilities Special Tax determined pursuant to Sections C and D above shall be levied on all Taxable Property in Improvement Area No. 1 and shall be collected as set forth in Section G below.
2. Annual Facilities Special Tax
Each Fiscal Year until the Transition Year, the Administrator shall determine the Annual Facilities Special Tax Requirement for the Fiscal Year and levy the Annual Facilities Special Tax on all Parcels of Taxable Property as follows:
Step 1: The Annual Facilities Special Tax shall be levied Proportionately on each Parcel of Developed Property within Improvement Area No. 1 up to 100% of #14..
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Tivoli CFD No. 2024-1, IA No. 1 14 May 31, 2024
the Maximum Annual Facilities Special Tax for each Parcel for such Fiscal Year until the amount levied on Developed Property is equal to the Annual Facilities Special Tax Requirement prior to applying any Capitalized Interest that is available in the CFD accounts.
Step 2: If additional revenue is needed after Step 1, the Annual Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Welfare Exemption Property up to 100% of the Maximum Annual Facilities Special Tax for each Parcel of Taxable Welfare Exemption Property for such Fiscal Year until the amount levied is equal to the Annual Facilities Special Tax Requirement.
Step 3: If additional revenue is needed after Step 2, the Annual Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Owners Association Property up to 100% of the Maximum Annual Facilities Special Tax for each Parcel of Taxable Owners Association Property until the amount levied is equal to the Annual Facilities Special Tax Requirement.
Step 4: If additional revenue is needed after Step 3, the Annual Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Public Property up to 100% of the Maximum Annual Facilities Special Tax for each Parcel of Taxable Public Property until the amount levied is equal to the Annual Facilities Special Tax Requirement.
No Annual Facilities Special Tax shall be levied in any Fiscal Year on Parcels of Undeveloped Property.
3. Annual Maintenance Special Tax
Each Fiscal Year, the Administrator shall determine the Annual Maintenance Special Tax Requirement for the Fiscal Year and levy the Annual Maintenance Special Tax on Parcels of Taxable Property as follows:
Step 1: The Annual Maintenance Special Tax shall be levied Proportionately on each Parcel of Developed Property within Improvement Area No. 1 up to 100% of the Maximum Annual Maintenance Special Tax for each Parcel for such Fiscal Year until the amount levied on Developed Property is equal to the Annual Maintenance Special Tax Requirement.
Step 2: If additional revenue is needed after Step 1, the Annual Maintenance Special Tax shall be levied Proportionately on each Parcel of Taxable Welfare Exemption Property up to 100% of the Maximum Annual Maintenance Special Tax for each Parcel of Taxable Welfare Exemption Property for such Fiscal Year until the amount levied is equal to the Annual Maintenance Special Tax Requirement.
Step 3: If additional revenue is needed after Step 2 the Annual Maintenance Special Tax shall be levied Proportionately on each Parcel of Taxable Owners Association Property up to 100% of the Maximum Annual Maintenance #14..
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Tivoli CFD No. 2024-1, IA No. 1 15 May 31, 2024
Special Tax for each Parcel of Taxable Owners Association Property until the amount levied is equal to the Annual Maintenance Special Tax Requirement.
Step 4: If additional revenue is needed after Step 3, the Annual Maintenance Special Tax shall be levied Proportionately on each Parcel of Taxable Public Property up to 100% of the Maximum Annual Maintenance Special Tax for each Parcel of Taxable Public Property until the amount levied is equal to the Annual Maintenance Special Tax Requirement.
No Annual Maintenance Special Tax shall be levied in any Fiscal Year on Parcels of Undeveloped Property.
G. MANNER OF COLLECTION OF SPECIAL TAXES
The Maximum One-Time Facilities Special Tax shall be collected prior to a Certificate of Occupancy being issued for any residential or non-residential structure on Taxable Property within Improvement Area No. 1 and shall be immediately delinquent if not so paid.
The Annual Facilities Special Tax and Annual Maintenance Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that prepayments are permitted as set forth in Section I below and provided further that the City may directly bill, collect at a different time or in a different manner, and/or collect delinquent Annual Facilities Special Taxes and Annual Maintenance Special Taxes through foreclosure or other available methods.
The Annual Facilities Special Tax shall be levied and collected until principal and interest on Bonds have been repaid, costs of constructing or acquiring Authorized Facilities from Annual Facilities Special Tax proceeds have been paid, and all Administrative Expenses have been reimbursed. However, in no event shall Annual Facilities Special Taxes be levied after Fiscal Year 2074-75. The Annual Maintenance Special Tax shall be levied in perpetuity unless and until the City determines that the Annual Maintenance Special Tax is no longer needed to pay for Authorized Services. Under no circumstances may the Annual Facilities Special Tax on a Parcel of Developed Property in residential use be increased in any Fiscal Year as a consequence of delinquency or default in payment of the Annual Facilities Special Tax levied on another Parcel or Parcels by more than ten percent (10%) above the amount that would have been levied in that Fiscal Year had there never been any such delinquencies or defaults.
H. EXEMPTIONS
Notwithstanding any other provision of this RMA, no One-Facilities Special Tax or Annual Facilities Special Tax shall be levied in any Fiscal Year on the following: (i) Public Property, except Taxable Public Property, (ii) Owners Association Property, except Taxable Owners Association Property, (iii) Welfare Exemption Property, except Taxable Welfare Exemption Property, and (iv) Parcels of Undeveloped Property. In addition, no Annual Facilities Special Tax shall be levied on (i) Parcels that are owned by a public utility for an unmanned facility, and (ii) Parcels that are subject to an easement that precludes any other use on the Parcel. #14..
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Tivoli CFD No. 2024-1, IA No. 1 16 May 31, 2024
No Annual Maintenance Special Tax shall be levied on the following: (i) Public Property, including Taxable Public Property, (ii) Owners Association Property, including Taxable Owners Association Property, and (iii) Welfare Exemption Property, including Taxable Welfare Exemption Property.
I. PARTIAL PREPAYMENT OF THE ANNUAL FACILITIES SPECIAL TAX The following definitions apply to this Section I:
“Outstanding Bonds” means all Previously Issued Bonds which remain outstanding, with the following exception: if an Annual Facilities Special Tax has been levied against, or already paid by, an Assessor’s Parcel making a prepayment, and a portion of the Annual Facilities Special Tax will be used to pay a portion of the next principal payment on the Bonds that remain outstanding (as determined by the Administrator), that next principal payment shall be subtracted from the total Bond principal that remains outstanding, and the difference shall be used as the amount of Outstanding Bonds for purposes of this prepayment formula.
“Previously Issued Bonds” means all Bonds that have been issued prior to the date of prepayment.
“Public Facilities Requirement” means either $7.3 million in 2024 dollars, which shall increase on January 1, 2025, and on each January 1 thereafter by two percent (2%) of the amount in effect in the prior year, or such other number as shall be determined by the City as sufficient to fund improvements that are authorized to be funded by the CFD. The Public Facilities Requirements shown above will be adjusted each time there is an annexation of property into Improvement Area No. 1.
“Remaining Facilities Costs” means the Public Facilities Requirement minus public facility costs funded by Previously Issued Bonds, developer equity, and any other source of funding.
A property owner may prepay up to 75% of the Annual Facilities Special Tax obligation applicable to a Parcel, thereby reducing the Maximum Annual Facilities Special Tax applicable to the Parcel, provided that a prepayment may be made only if (i) there are no delinquent Special Taxes with respect to such Parcel at the time of prepayment, and (ii) there has not in any prior Fiscal Year been a partial prepayment of the Annual Facilities Special Tax assigned to the Parcel. The Annual Maintenance Special Tax may not be prepaid. An owner of an Assessor’s Parcel intending to prepay a portion of the Annual Facilities Special Tax obligation shall provide the City with written notice of intent to prepay. Within 30 days of receipt of such written notice, the City or its designee shall notify such owner of the prepayment amount for such Assessor’s Parcel. Prepayment must be made not less than 75 days prior to any redemption date for Bonds to be redeemed with the proceeds of such prepaid Annual Facilities Special Taxes. The Prepayment Amount shall be calculated as follows: (capitalized terms as defined below):
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Tivoli CFD No. 2024-1, IA No. 1 17 May 31, 2024
Bond Redemption Amount
plus Remaining Facilities Amount
plus Redemption Premium
plus Defeasance Requirement
plus Administrative Fees and Expenses
less Reserve Fund Credit
equals Prepayment Amount
As of the proposed date of prepayment, the Prepayment Amount shall be determined by application of the following steps:
Step 1. Compute the amount that could be collected from the Parcel prepaying the Annual Facilities Special Tax in the Fiscal Year in which prepayment would be received by the City.
Step 2. Divide the Maximum Annual Facilities Special Tax from Step 1 by the current Maximum Annual Facilities Special Tax Revenues.
Step 3. Multiply the quotient computed in Step 2 by the percentage of the Maximum Annual Facilities Special Tax that the property owner wants to prepay, which percentage shall not exceed 75%.
Step 4. Multiply the quotient computed pursuant to Step 3 by the Outstanding Bonds to compute the amount of Outstanding Bonds to be retired and prepaid (the “Bond Redemption Amount”).
Step 5. Compute the current Remaining Facilities Costs (if any).
Step 6. Multiply the quotient computed pursuant to Step 3 by the amount determined pursuant to Step 5 to compute the amount of Remaining Facilities Costs to be prepaid (the “Remaining Facilities Amount”).
Step 7. Multiply the Bond Redemption Amount computed pursuant to Step 4 by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the “Redemption Premium”).
Step 8. Compute the amount needed to pay interest on the Bond Redemption Amount starting with the first Bond interest payment date after which the prepayment will be received until the earliest redemption date for the Outstanding Bonds. However, if Bonds are callable at the first interest payment date after the prepayment has been received, Steps 8, 9, and 10 of this prepayment formula will not apply.
Step 9: Compute the amount of interest the City reasonably expects to derive from reinvestment of the Bond Redemption Amount plus the Redemption Premium from the first Bond interest payment date after which the prepayment has been received until the redemption date for the Outstanding Bonds.
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Tivoli CFD No. 2024-1, IA No. 1 18 May 31, 2024
Step 10: Subtract the amount computed pursuant to Step 9 from the amount computed pursuant to Step 8 (the “Defeasance Requirement”).
Step 11. The administrative fees and expenses associated with the prepayment will be determined by the Administrator and include the costs of computing the prepayment, redeeming Bonds, and recording any notices to evidence the prepayment and the redemption (the “Administrative Fees and Expenses”).
Step 12. If and to the extent so provided in the Bond Indenture, a reserve fund credit shall be calculated as a reduction in the applicable reserve fund for the Outstanding Bonds to be redeemed pursuant to the prepayment (the “Reserve Fund Credit”).
Step 13. The Facilities Special Tax prepayment is equal to the sum of the amounts computed pursuant to Steps 4, 6, 7, 10, and 11, less the amount computed pursuant to Step 12 (the “Prepayment Amount”).
Step 14. From the Prepayment Amount, the amounts computed pursuant to Steps 4, 7, and 10 shall be deposited into the appropriate fund as established under the Indenture and be used to retire Outstanding Bonds or make debt service payments. The amount computed pursuant to Step 6 shall be deposited into the Improvement Fund. The amount computed pursuant to Step 11 shall be retained in the account or fund that is established to pay Administrative Expenses.
Once a partial prepayment has been received, an Amendment to Notice of Facilities Special Tax Lien shall be recorded against the Parcel to reflect the reduced Facilities Special Tax lien for the Parcel, which shall be equal to the portion of the Maximum Annual Facilities Special Tax that was not prepaid, and the Administrator shall update Attachment 2 to show the revised Expected Maximum Annual Facilities Special Tax Revenues. However, an Amendment to Notice of Facilities Special Tax Lien shall not be recorded until all Special Taxes levied on the Parcel in the current or prior Fiscal Years have been collected.
If an owner that has partially prepaid the Annual Facilities Special Tax obligation assigned to a Parcel subsequently rezones the Parcel to a Land Use Class that has a higher Per-Acre Annual Facilities Special Tax, the City may, in its sole discretion and as a condition of approval of the rezoning, collect the additional Annual Facilities Special Tax prepayment that would have applied had the Parcel been rezoned at the time of the original partial prepayment for the Parcel.
Notwithstanding the foregoing, if at any point in time the Administrator determines that the Maximum Annual Facilities Special Tax Revenue that can be collected from Taxable Property that remains subject to the Annual Facilities Special Tax after the proposed prepayment is less than the Required Coverage on Bonds that will remain outstanding after defeasance or redemption of Bonds from proceeds of the estimated prepayment, the amount of the prepayment shall be increased until the amount of Bonds defeased or redeemed is sufficient to reduce remaining annual debt service to a point at which Required Coverage is maintained. #14..
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Tivoli CFD No. 2024-1, IA No. 1 19 May 31, 2024
J. INTERPRETATION OF SPECIAL TAX FORMULA
The City reserves the right to make minor administrative and technical changes to this document that does not materially affect the rates or method of apportioning Special Taxes. In addition, the interpretation and application of any section of this document shall be left to the City’s discretion.
Interpretations may be made by the City by ordinance or resolution for purposes of clarifying any vagueness or ambiguity in this RMA.
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ATTACHMENT 1
IMPROVEMENT AREA NO. 1 OF THE
CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1
(TIVOLI)
Tivoli Specific Plan
Land Use Diagram
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ATTACHMENT 2
IMPROVEMENT AREA NO. 1 OF THE
CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1
(TIVOLI)
Maximum Special Taxes Assigned to Expected Land Uses
Within Each Original Parcel
Prior to the Transition Year
Event
Adding
Parcel
to CFD
Assessor’s
Parcel
Number
Expected
Land Use /1
Expected
Net Taxable
Acreage
Maximum
One-Time
Facilities
Special Tax
(FY 2024-25) /2
Maximum
Annual
Facilities
Special Tax
(FY 2024-25) /2
Maximum
Annual
Maintenance
Special Tax
(FY 2024-25) /2
CFD
Formation 083-004-059-000 MDR 4.50 $450,000 $61,761 $23,247 CFD
Formation 083-004-060-000 MDR 4.78 $478,000 $65,604 $24,693 CFD
Formation 083-004-068-000 LDR 35.89 $3,589,000 $368,244 $185,408
1. VLDR = Very Low Density Residential, LDR = Low Density Residential, MDR = Medium Density Residential, MHDR = Medium High Density Residential, and NR = Non-Residential
2. The Maximum Special Taxes set forth above shall be adjusted pursuant to Section D of the RMA.
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ATTACHMENT 3
IMPROVEMENT AREA NO. 1 OF THE
CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1
(TIVOLI)
Original Parcels in Improvement Area No. 1
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MODESTO CITY COUNCIL
RESOLUTION NO. 2024- 354
RESOLUTION DECLARING THE FORMATION OF CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1 (TIVOLI),
CONDITIONALLY AUTHORIZING THE LEVY OF SPECIAL TAXES
THEREIN, AND CONDITIONALLY ESTABLISHING AN ANNUAL
APPROPRIATIONS LIMIT
WHEREAS, on August 13, 2024, pursuant to a petition filed by Dasco Development Company, LLC, a California Limited Partnership, (the “Petitioner”) this City Council adopted Resolution No. 2024-279 (the “Resolution of Intention”), stating its intention to form City of Modesto Community Facilities District No. 2024-1 (Tivoli) (the “Community Facilities District”), with the initial parcels to be designated as Improvement Area No. 1 (the “Improvement Area No. 1”) within the Community Facilities District, and designate certain property within the Tivoli Specific Plan, as amended, as future annexation to the Community Facilities District (the “Future Annexation Area”), all pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”); and
WHEREAS, a copy of the Resolution of Intention, setting forth (a) the description of the proposed boundaries of the Community Facilities District, Improvement Area No. 1 within the Community Facilities District and the Future Annexation Area for the Community Facilities District, (b) the description of the proposed facilities and services to be financed by the Community Facilities District, (c) the rate and method of apportionment of the annual facilities and maintenance special taxes and one-time facilities special tax proposed to be levied within the Community Facilities District, and (d) setting a public hearing to consider this matter, is on file with the City Clerk and is incorporated herein by reference; and
09/24/2024/CED/EGarcia/Item 20 1 2024-354
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WHEREAS, on August 13, 2024, this City Council adopted Resolution No. 2024- 280 (the “Resolution of Intention to Incur Debt”), stating its intention to authorize the Community Facilities District to incur bonded indebtedness in an amount not to exceed $120,000,000, pursuant to the Act, and setting a public hearing to consider this matter, a copy of which is on file with the City Clerk and is incorporated herein by reference; and WHEREAS, the City Clerk has confirmed that a notice was published and mailed as required by law relative to the intention of the City to form the Community Facilities District and the incurrence of debt by the Community Facilities District at a public hearing to be held on September 24, 2024 (the petitioner having waived the 30-day waiting period of holding the public hearing in the petition); and WHEREAS, on September 24, 2024, at the time and place specified in the required noticed, the City Council received public comment and continued the public hearing to September 24, 2024; and
WHEREAS, there has been filed with the City Clerk a report containing a description of the facilities and services necessary to meet the needs of the Community Facilities District and an estimate of the cost of such facilities and services as required by Section 53321.5 of the Government Code (the “Report”); and WHEREAS, the City Council has held a public hearing on this same date as required by law to determine whether it should proceed with the formation of the Community Facilities District, the designation of Improvement Area No. 1 and the Future Annexation Area, the authorization of the rate and method of apportionment of special taxes to be levied within the Community Facilities District for the purposes described in 09/24/2024/CED/EGarcia/Item 20 2 2024-354
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the aforesaid resolutions and the incurrence of bonded indebtedness for the Community Facilities District in an amount not to exceed $120,000,000; and WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the Community Facilities District were heard, and a full and fair hearing was held; and
WHEREAS, at the public hearing evidence was presented to the City Council on the matters before it, and there was not precluded by a majority protest of the type described in Government Code Sections 53324 and 53339.6, and the City Council is sufficiently advised as to all matters relating to the formation of the Community Facilities District, the designation of Improvement Area No. 1 and the Future Annexation Area, the levy of special taxes and the incurrence of bonded indebtedness for the Community Facilities District ; and
WHEREAS, there have been fewer than twelve (12) registered voters residing in the proposed boundaries of Improvement Area No. 1 of the Community Facilities District for the statutory period, and the qualified electors in the Community Facilities District are the landowners within Improvement Area No. 1, being the initial boundaries of the Community Facilities District; and
WHEREAS, on the basis of all of the foregoing, the City Council has determined at this time to proceed with the establishment of the Community Facilities District and to call an election therein to authorize (i) the levy of special taxes pursuant to the rate and method of apportionment of special tax, as set forth in the Rate and Method of Apportionment of Special Tax (the “Rate and Method”) attached hereto as Attachment 09/24/2024/CED/EGarcia/Item 20 3 2024-354
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A, and (ii) the establishment of an appropriations limit for the Community Facilities District; and
WHEREAS, pursuant to Sections 53313.5 and 53314.9 of the Act, there has been submitted to this City Council an Acquisition and Shortfall Agreement, by and between the City, acting on behalf of the District, and developers (the “Acquisition and Shortfall Agreement”), relating to the construction, acquisition, payment and reimbursement of the Facilities (as defined herein), and this City Council, with the aid of its staff, has reviewed said document and found it to be in proper order; and
WHEREAS, pursuant to Sections 53313.5 and 53314.9 of the Act, there has been submitted to this City Council an Acquisition and Credit Agreement, by and between the City, acting on behalf of the District, and developers (the “Acquisition and Credit Agreement”), relating to the construction, acquisition, payment and credit for the Facilities (as defined herein), and this City Council, with the aid of its staff, has reviewed said document and found it to be in proper order.
NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Modesto hereby finds and determines as follows:
SECTION 1. The above recitals are true and correct.
SECTION 2. A community facilities district designated “City of Modesto Community Facilities District No. 2024-1 (Tivoli)” is hereby established pursuant to the Act, with the initial parcels to be further designated as “Improvement Area No. 1.” The City Council hereby finds and determines that all prior proceedings taken with respect to the establishment of the Community Facilities District were valid and in conformity with 09/24/2024/CED/EGarcia/Item 20 4 2024-354
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the requirements of law, including the Act. This finding is made in accordance with the provisions of Section 53325.1(b) of the Act.
SECTION 3. The boundaries of the Community Facilities District, including Improvement Area No. 1, and the Future Annexation Area to the Community Facilities District are established as shown on the map designated “Map of Proposed Boundaries and Future Annexation Area of the City of Modesto Community Facilities District No. 2024-1 (Tivoli),” which map is on file in the office of the City Clerk and, pursuant to Sections 3111 and 3113 of the Streets and Highways Code, was recorded in the Book of Maps of Assessment and Community Facilities Districts in the Office of the County Recorder of Stanislaus County in Book No. 7, at Page 29 as Instrument No. 2024- 0038785.
SECTION 4. The facilities and services authorized to be paid for by each improvement area within the Community Facilities District, including Improvement Area No. 1, are services or facilities, as the case may be, which the City is authorized by law to construct, acquire, own and operate, or to provide, as set forth in Appendix A to the Resolution of Intention (the “Facilities and Services”), including all costs associated with the creation of the Community Facilities District and administering the Community Facilities District and any debt obligations of the Community Facilities District (collectively, the “Incidental Expenses”). The City Council hereby finds that the Facilities and Services are necessary to meet increased demands put upon the City as a result of the new development within the Community Facilities District, including Improvement Area No. 1, and when annexed, the Future Annexation Area. 09/24/2024/CED/EGarcia/Item 20 5 2024-354
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SECTION 5. It is the intention of the City Council, subject to the approval of the qualified electors within Improvement Area No. 1 of the Community Facilities District, to levy the proposed special taxes at the rates set forth in the Rate and Method on all nonexempt property within Improvement Area No. 1 of the Community Facilities District sufficient to pay for all or a portion of (i) the Facilities, (ii) the Services, and (iii) the Incidental Expenses.
The description of the Facilities and Services may be modified upon the annexation of property into the Community Facilities District, provided such modified description shall only apply to such annexed areas. Additional improvement areas may be designated when property is annexed into the Community Facilities District.
The City expects to incur, and in certain cases has already incurred, Incidental Expenses in connection with the creation of the Community Facilities District, the levying and collecting of the facilities special taxes, the provision of the Services, the completion and inspection of the Facilities and the annual administration of the Community Facilities District. The Rate and Method is described in detail on Attachment A hereto and incorporated herein by this reference, and the City Council hereby finds that the Rate and Method contains sufficient detail to allow each landowner within the Community Facilities District, including Improvement Area No. 1, to estimate the maximum amount that may be levied against each parcel. As described in greater detail in the Report, which is incorporated by reference herein, the special taxes are based generally on area of each parcel of real property within the Community Facilities District, including Improvement Area No. 1, (except to the extent that certain single family detached lots may be taxed at the same rate regardless of land area) and, accordingly, is 09/24/2024/CED/EGarcia/Item 20 6 2024-354
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hereby determined to be reasonable. The special taxes are apportioned to each parcel on the foregoing basis pursuant to Section 53325.3 of the Act, and such special taxes are not on or based upon the ownership of real property.
Under no circumstances shall the special taxes against any parcel used for private residential purposes be increased by more than 10% as a consequence of delinquency or default by the owner of any other parcel or parcels within Improvement Area No. 1 of the Community Facilities District, or within each additional improvement area from the Future Annexation Area, when annexed.
The City’s Community Development Manager, located at 1010 Tenth Street, Modesto, California 95353, telephone number (209) 577-5211, will be responsible for preparing annually, or authorizing a designee to prepare, a current roll of special tax levy obligations by assessor’s parcel number and will be responsible for estimating future special tax levies pursuant to Section 53340.2 of the Act.
SECTION 6. In the event that a portion of the property within the Community Facilities District shall become for any reason exempt, wholly or partially, from the levy of the special taxes specified in the Rate and Method, the City Council shall, on behalf of the Community Facilities District, increase the levy (to the extent necessary and permitted by law and these proceedings) upon the remaining property within Improvement Area No. 1 of the Community Facilities District, or within each additional improvement area from the Future Annexation Area, when annexed, if applicable, which is not exempt in order to prevent the Community Facilities District from defaulting on any of its other obligations or liabilities. The amount of the special taxes will be set in accordance with the Rate and Method.
09/24/2024/CED/EGarcia/Item 20 7 2024-354
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Pursuant to Section 53340 of the Act, and except as provided in Section 53317.3 of the Act or in the Rate and Method, properties of entities of the state, federal, and local governments shall be exempt from the levy of the special taxes.
SECTION 7. Upon recordation of a notice of special tax lien pursuant to Section 3114.5 of the Streets and Highways Code, a continuing lien to secure each levy of the special taxes shall attach to all non-exempt real property in Improvement Area No. 1 of the Community Facilities District, and when annexed, the Future Annexation Area, and this lien shall continue in force and effect until the special tax obligation is prepaid and permanently satisfied and the lien canceled in accordance with law or until collection of the special tax by the Community Facilities District ceases.
SECTION 8. The City may accept advances of funds or work-in-kind from any source, including, but not limited to, the Petitioner and other private persons or private entities, for any authorized purpose, including, but not limited to, paying any cost incurred by it in creating the Community Facilities District.
The City may enter into an agreement with the person or entity advancing the funds or work-in-kind, to repay all or a portion of the funds advanced, or to reimburse the person or entity for the value, or cost, whichever is less, of the work-in-kind, as determined by the City, with or without interest.
The form of both the Acquisition and Shortfall Agreement and Acquisition and Credit Agreement presented at this meeting and on file with the City Clerk be and is hereby approved, with such changes as may be approved by the Mayor, City Manager or Finance Director, said officer’s execution thereof to evidence approval of the changes.
The Mayor, City Manager or Finance Director is hereby authorized and directed to 09/24/2024/CED/EGarcia/Item 20 8 2024-354
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execute either the Acquisition and Shortfall Agreement or Acquisition and Credit Agreement, as appropriate, on behalf of the Community Facilities District with such execution to be attested to by the City Clerk.
SECTION 9. Written protests against the establishment of the Community Facilities District or the designation of the Future Annexation Area have not been filed by one-half or more registered voters within the boundaries of Improvement Area No. 1 of the Community Facilities District, or the Future Annexation Area, as applicable, or by the property owners of one-half (1/2) or more of the area of land within Improvement Area No. 1 of the Community Facilities District or the Future Annexation Area, as applicable.
The City Council hereby finds that the proposed special taxes have not been precluded by a majority protest pursuant to Section 53324 of the Act.
SECTION 10. Subject to voter approval required by the Act, the annual appropriations limit (as defined in Section 8(h) of Article XIII B of the California Constitution) of the Community Facilities District is hereby established through the Rate and Method of Apportionment, as adjusted for changes in the cost of living and changes in population.
SECTION 11. An election will be called for the Community Facilities District on the propositions of levying the special taxes on the property within the Community Facilities District and establishing the appropriations limit for the Community Facilities District pursuant to Section 53325.7 of the Act. The City Clerk shall conduct the election.
SECTION 12. Pursuant to and in compliance with the provisions of Government Code Section 50075.1, and the provisions of Article 1.5 (commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code, the City 09/24/2024/CED/EGarcia/Item 20 9 2024-354
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Council hereby establishes the following accountability measures pertaining to the levy by the Community Facilities District of the special taxes:
a. Such special taxes shall be levied for the specific purposes set forth in Section 4 hereof.
b. The proceeds of the levy of such special taxes shall be applied only to the specific purposes set forth in Sections 4 and 5 hereof. c. The District shall establish accounts into which the proceeds of such special taxes shall be deposited.
d. The City Manager or Finance Director will provide for such accounting and reporting for the special taxes as required by law. e. The City Manager, or his or her designee, acting for and on behalf of the Community Facilities District, shall annually file a report with the City Council as required pursuant to Government Code Sections 50075.3 and 53411.
SECTION 13. Pursuant to Section 53339.7(a) of the Act, the City Council provides for the annexation of all or a portion of the Future Annexation Area to the Community Facilities District without additional hearings or further action from the City Council. The Future Annexation Area will be annexed into the Community Facilities District only at such time as the Community Facilities District receives unanimous written approval to be annexed from the owner or owners of each parcel or parcels of the portion of the Future Annexation Area proposed to be annexed at that time. Annexations to the Community Facilities District may include separate and distinct improvement 09/24/2024/CED/EGarcia/Item 20 10 2024-354
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areas, modified descriptions of facilities and services and/or modified special tax rates as set forth in a modified or separate Rate and Method at the time of annexation.
SECTION 14. The preparation of the Report is hereby ratified. The Report, as submitted, is hereby approved and is made a part of the record of the public hearing regarding the formation of the Community Facilities District, and is ordered to be kept on file with the transcript of these proceedings and open for public inspection. This City Council now finds and determines that all proceedings up to and including the adoption of this resolution were and are valid and in conformity with the requirements of the Act. 09/24/2024/CED/EGarcia/Item 20 11 2024-354
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APPENDIX A
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX
IMPROVEMENT AREA NO. 1 OF THE
CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1(TIVOLI)
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES
Special Taxes applicable to each Assessor’s Parcel in Improvement Area No. 1 of the City of Modesto Community Facilities District No. 2024-1 (Tivoli) shall be levied and collected according to the tax liability determined by the City Council through the application of the appropriate amount or rate for Taxable Property, as described below. All of the property in Improvement AreaNo. 1, unless exempted by law or by the provisions of Section H below, shall be taxed for the purposes, to the extent, and in the manner herein provided, including property subsequently annexed into Improvement Area No. 1 unless a separate Rate and Method of Apportionment is adopted for the annexation area.
A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
“Acre” or “Acreage” means the land area of an Assessor’s Parcel as shown on an Assessor’s Parcel Map, or if the land area is not shown on an Assessor’s Parcel Map, the land area shown onthe applicable Final Map or other Development Plan. “Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5,(commencing with Section 53311), Division 2 of Title 5 of the California Government Code.
“AdministrativeExpenses” means any or all of the following: the fees and expenses of any fiscalagent or trustee (including any fees or expenses of its counsel) employed in connection with any Bonds, and the expenses of the City in carrying out its duties with respect to Improvement Area No. 1, the CFD and the Bonds, including, but not limited to, the levy and collection of Special Taxes, the fees and expenses of its counsel, charges levied by the County in connection with the levy and collection of Special Taxes, costs related to property owner inquiries regarding the Special Taxes, costs associated with appeals or requests for interpretation associated with the Tivoli CFD No. 2024-1, IA No. 1 1 May 31, 2024
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Special Taxes and this RMA, amounts needed to pay rebate to the federal government with respect to Bonds, costs associated with complying with continuing disclosure requirements for the City and any major property owners or other obligated parties, costs associated with foreclosure and collection of delinquent Special Taxes, and all other costs and expenses of the City in any way related to the establishment or administration of Improvement Area No. 1 and the CFD. “Administrator” shall mean the person or firm designated by the City to administer the Special Tax according to this RMA.
“Annual Facilities Special Tax” means a special tax levied in any Fiscal Year to pay the Annual Facilities Special Tax Requirement, as defined below.
“Annual Facilities Special Tax Requirement” means the amount necessary in any Fiscal Year to:
(i) pay principal and interest on Bonds that are due in the calendar year that begins in such Tivoli CFD No. 2024-1, IA No. 1 2 May 31, 2024
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Fiscal Year; (ii) pay periodic costs on the Bonds, including but not limited to, credit enhancement,liquidity support, and rebate payments on the Bonds; (iii) replenish reserve funds created for the Bonds under the Indenture to the extent such replenishment has not been included in the computation of the Special Tax Requirement in a previous Fiscal Year; (iv) cure any delinquenciesin the payment of principal or interest on Bonds which have occurred in the prior Fiscal Year; (v)pay Administrative Expenses; and (vi) pay directly for Authorized Facilities and Authorized Services, so long as such levy under this clause (vi) does not increase the Special Tax levied on Undeveloped Property. The amounts referred to in clauses (i) and (ii) of the definition of SpecialTax Requirement may be reduced in any Fiscal Year by: (a) interest earnings on or surplus balancesin funds and accounts for the Bonds to the extent that such earnings or balances are available to apply against such costs pursuant to the Indenture; (b) in the sole and absolute discretion of the City, proceeds received from the collection of penalties associated with delinquent Special Taxes;and (c) any other revenues available to pay such costs, each as determined in the sole discretion ofthe City.
“Annual Maintenance Special Tax” means a special tax levied in any Fiscal Year to pay the Annual Maintenance Special Tax Requirement, as defined below.
“Annual Maintenance Special Tax Requirement” means the amount of revenue needed in any Fiscal Year to pay for: (i) Authorized Services, (ii) establishment of reserves, (iii) AdministrativeExpenses, and (iv) amounts needed to cure any delinquencies in the payment of Annual Maintenance Special Taxes which have occurred in prior Fiscal Years. “Assessor’s Parcel” or “Parcel” means a lot or parcel shown on an Assessor’s Parcel Map with an assigned Assessor’s Parcel number.
“Assessor’s Parcel Map” means an official map of the County Assessor designating parcels by Assessor’s Parcel Number.
“Assessor’s Parcel Number” means a unique number assigned to an Assessor’s Parcel by the County Assessor for purposes of identifying a property. “Authorized Facilities” means the public facilities authorized to be funded by the CFD as set forth in the documents adopted by the City Council when the CFD was formed. “Authorized Services” means the public services authorized to be funded by the CFD as set forthin the documents adopted by the City Council when the CFD was formed.
Tivoli CFD No. 2024-1, IA No. 1 3 May 31, 2024
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“Bonds” means bonds or other debt (as defined in the Act), whether in one or more series, securedby the Annual Facilities Special Tax and issued or assumed by the CFD to fund Authorized Facilities.
“Building Permit” means a permit that allows for vertical construction of a building or buildings,which shall not include a separate permit issued for construction of the foundation thereof.
“Capitalized Interest” means funds in any capitalized interest account available to pay debt service on Bonds.
Tivoli CFD No. 2024-1, IA No. 1 4 May 31, 2024
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“Certificate of Occupancy” means the first certificate, including any temporary certificate of occupancy, issued by the City to confirm that a building or a portion of a building has met all of the building codes and can be occupied for residential and/or non-residential use. “CFD” means the City of Modesto Community Facilities District No. 2024-1 (Tivoli). “CFD Formation” means the date on which the Resolution of Formation to form the CFD was adopted by the City Council.
“City” means the City of Modesto.
“City Council” means the City Council of the City of Modesto, acting as the legislative body of the CFD.
“County” means the County of Stanislaus.
“Density Category” means, individually, Very Low Density Residential Property, Low Density Residential Property, Medium Density Residential Property, or Medium High Density ResidentialProperty.
“Developed Property” means, in any Fiscal Year, the following:
For purposes of levying the Annual Maintenance Special Tax and Annual Facilities Special Tax:
• for Single Family Detached Property, all Parcels for which a Final Map was recorded prior to June 30 of the preceding Fiscal Year but not prior to June 30, 2023; • for Multi-Family Property, all Parcels for which a Building Permit was issued prior to June 30 of the preceding Fiscal Year but not prior to June 30, 2023; and • for Non-Residential Property, all Parcels for which a Building Permit was issued prior to June 30 of the preceding Fiscal Year but not prior to June 30, 2023.
Tivoli CFD No. 2024-1, IA No. 1 5 May 31, 2024
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For purposes of levying the One-Time Facilities Special Tax, all Parcels for which a Certificate of Occupancy was issued prior to June 30 of the preceding Fiscal Year but not prior to June 30, 2023.
“Development Class” means, individually, Developed Property, Taxable Owners Association Property, Taxable Welfare Exemption Property, and Taxable Public Property. “Escalation Factor” means, in any Fiscal Year, the greater of (i) the percentage increase, if any,in the construction cost index for the San Francisco region for the prior twelve (12) month periodas published in the Engineering News Record or other comparable source if the Engineering NewsRecord is discontinued or otherwise not available, or (ii) four percent (4.0%). “Expected Land Uses” means the Net Taxable Acreage of each Land Use Class expected on an Original Parcel based on reference to the Land Use Diagram and Attachment 2 hereto, the latter of which will be updated with each annexation of property into Improvement Area No. 1.
Tivoli CFD No. 2024-1, IA No. 1 6 May 31, 2024
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“Final Map” means a final map, or portion thereof, approved by the City pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq) that creates SFD Lots.
The term “Final Map” shall not include any large-lot subdivision map, Assessor’s Parcel Map, or subdivision map or portion thereof, that does not create SFD Lots, including Assessor’s Parcels that are designated as remainder parcels.
“First Bond Sale” means issuance of the first series of Bonds secured, in whole or in part, by Annual Facilities Special Taxes levied and collected from Parcels of Taxable Property in Improvement Area No. 1.
“Fiscal Year” means the period starting July 1 and ending on the following June 30. “Future Annexation Area” means that geographic area that, at the time of CFD Formation, was considered potential annexation area for the CFD and which was, therefore, identified as “future annexation area” on the recorded CFD boundary map. Such designation does not mean that any or all of the Future Annexation Area will annex into the CFD, but should property designated as Future Annexation Area choose to annex, the annexation may be processed pursuant to the streamlined annexation procedures provided in the Act. “Improvement Area No. 1” means Improvement Area No. 1 of the CFD. “Indenture” means an indenture, fiscal agent agreement, or other agreement authorizing issuanceof the Bonds.
“Land Use Class” means one of the five mutually-exclusive land use classes identified in Table 1 and Table 2 in Section C below. The City shall, in its sole discretion, determine the appropriateLand Use Class for a Parcel of Taxable Property. “Land Use Diagram” means the exhibit in the Tivoli Specific Plan entitled “Tivoli Specific PlanLand Use Diagram”, as may be amended from time to time. The Land Use Diagram at CFD Formation is included as Attachment 1 hereto.
“Low Density Residential Property” means all Parcels of Taxable Property that are developed or expected to be developed at an average density range of 4 to 6 dwelling units per gross acre. Such Parcels are identified by an LDR designation in the Land Use Diagram.
Tivoli CFD No. 2024-1, IA No. 1 7 May 31, 2024
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“Maximum Annual Facilities Special Tax” means the greatest amount of Annual Facilities Special Tax that can be levied on an Assessor’s Parcel in any Fiscal Year determined in accordancewith Sections C and D below.
“Maximum Annual Facilities Special Tax Revenues” means the aggregate amount that could be generated at any point in time if the Maximum Annual Facilities Special Tax was levied and collected on all Parcels of Taxable Property in Improvement Area No. 1. “Maximum Annual Maintenance Special Tax” means the greatest amount of Annual Maintenance Special Tax that can be levied on an Assessor’s Parcel in any Fiscal Year determined in accordance with Sections C and D below.
Tivoli CFD No. 2024-1, IA No. 1 8 May 31, 2024
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“Maximum One-Time Facilities Special Tax” means the greatest amount of One-Time FacilitiesSpecial Tax that can be levied on an Assessor’s Parcel in any Fiscal Year determined in accordancewith Sections C and D below.
“Maximum Special Taxes” means, collectively for any Parcel, the Maximum One-Time Facilities Special Tax, Maximum Annual Facilities Special Tax, and Maximum Annual Maintenance Special Tax.
“Medium Density Residential Property” means all Parcels of Taxable Property that are developed or expected to be developed at an average density range of 7 to 17 dwelling units per gross acre. Such Parcels are identified by an MDR designation in the Land Use Diagram. “Medium High Density Residential Property” means all Parcels of Taxable Property that are developed or expected to be developed at an average density range of 18 to 24 dwelling units pergross acre. Such Parcels are identified by an MDHR designation in the Land Use Diagram.
For purposes of this RMA, Medium High Density Residential Property shall also include any propertythat is zoned at an average density range higher than 18 to 24 dwelling units per acre, regardless of the designation that is assigned to such Parcel(s). “Multi-Family Property” means all Parcels of Developed Property for which Building Permits have been issued for construction of a residential structure consisting of two or more residential units that share common walls, including but not limited to, townhomes, condominiums, duplexes,triplexes, fourplexes, and apartment units. If a Building Permit has not yet been issued on the Parcel, the Administrator shall reference the Tivoli Specific Plan and/or the Parcel’s zoning designation to determine whether the Parcel is Multi-Family Property. “Net Taxable Acreage” or “Net Taxable Acre” means the total acreage within a Final Map or Parcel less arterial road right-of-ways and property that is defined in the Final Map for use as a park site, school site, or City-owned storm drainage basin. If a Subdivision Map is recorded whichis not a Final Map for some or all Parcels created by the subdivision, the Administrator shall calculate the Net Taxable Acreage of such unsubdivided Parcels by identifying the Acreage of the Parcel and (i) adding a portion of the acreage of any non-arterial right-of-way that fronts the Parcel determined by drawing lines at right angles to the right-of-way, and (ii) subtracting a portion of the acreage of any arterial right-of-way that fronts the Parcel determined by drawing lines at right angles to the right-of-way. The Net Taxable Acreage of a Parcel or Final Map shall be determined in the sole discretion of the City.
Tivoli CFD No. 2024-1, IA No. 1 9 May 31, 2024
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“Non-Residential Property” means any Parcel of Taxable Property in the CFD that does not fit within the definition of Residential Property, Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Property, as determined by the Administrator.
“One-Time Facilities Special Tax” means a Special Tax levied and collected in full by the City prior to issuance of a Certificate of Occupancy for a Parcel of Taxable Property. “Original Parcel” means an Assessor’s Parcel in Improvement Area No. 1 at the time of CFD Formation, or added to Improvement Area No. 1 upon annexation, as identified in Attachment 3 (which shall be updated after each annexation). A Successor Parcel that is being further subdividedshall also be considered an Original Parcel for purposes of determining the Maximum Special Taxes pursuant to Section C below.
Tivoli CFD No. 2024-1, IA No. 1 10 May 31, 2024
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“Owners Association” means a homeowners association or property owners association that provides services to, and collects assessments, fees, dues, or charges from, property within Improvement Area No. 1.
“Owners Association Property” means any property within the boundaries of Improvement AreaNo. 1 that is owned in fee or through easement by the Owners Association, not including any suchproperty that is located directly under a residential structure. “Per-Acre Special Taxes” means the per-acre Special Taxes identified in Table 1 and Table 2 in Section C below.
“Proportionately” means, for each Development Class, that the ratio of the actual Special Tax levied in any Fiscal Year to the Maximum Special Tax authorized to be levied in that Fiscal Yearis equal for all parcels assigned to the Development Class. “Public Property” means any property within the boundaries of Improvement Area No. 1 that isowned by the federal government, State of California, County, City, or other public agency. “RMA” means this Rate and Method of Apportionment of Special Taxes. “Required Coverage” means the amount by which the Maximum Annual Facilities Special TaxRevenues must exceed the Bond debt service and priority Administrative Expenses (if any), as setforth in the Indenture, Certificate of Special Tax Consultant, or other formation or bond documentthat sets forth the minimum required debt service coverage. “Residential Property” in any Fiscal Year means, collectively, all Very Low Density ResidentialProperty, Low Density Residential Property, Medium Density Residential Property, and MediumHigh Density Residential Property.
“SFD Lot” means an individual residential lot, identified and numbered on a recorded Final Map,on which a Building Permit has been or is permitted to be issued for construction of an SFD Unitwithout further subdivision of the lot and for which no further subdivision of the lot is anticipatedpursuant to an approved Tentative Map.
Tivoli CFD No. 2024-1, IA No. 1 11 May 31, 2024
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“SFD Unit” means a residential dwelling unit that does not share a common wall with another residential dwelling unit.
“Special Taxes” means, collectively, the One-Time Facilities Special Tax, the Annual Facilities Special Tax, and the Annual Maintenance Special Tax. “Special Tax Category” means, individually, the One-Time Facilities Special Tax, the Annual Facilities Special Tax, and the Annual Maintenance Special Tax. “Subdivision Map” means a Final Map, large lot subdivision map, or other map recorded with the County that results in the subdivision of an Original Parcel into two or more Successor Parcels.
Tivoli CFD No. 2024-1, IA No. 1 12 May 31, 2024
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“Successor Parcel” means an Assessor’s Parcel of Taxable Property created by the subdivision or reconfiguration of an Original Parcel on which construction of a residential or nonresidential structure is permitted. “Taxable Owners Association Property” means, in any Fiscal Year after the First Bond Sale, any Parcel of Owners Association Property that satisfies all three of the following conditions:
(i) the Parcel had not been Owners Association Property on the date of the First Bond Sale; (ii) based on reference to Attachments 1 and 2, the Parcel was not anticipated to be Owners Association Property as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Special Tax because it is Owners Association Property, the Maximum Annual Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained.
“Taxable Property” means all of the Assessor’s Parcels within the boundaries of Improvement Area No. 1 that are not exempt from the Special Taxes pursuant to law or Section H below.
“Taxable Public Property” means in any Fiscal Year after the First Bond Sale, any Parcel of Public Property that satisfies all three of the following conditions: (i) the Parcel had not been PublicProperty on the date of the First Bond Sale; (ii) based on reference to Attachments 1 and 2, the Parcel was not anticipated to be Public Property as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Special Tax because it is Public Property, the Maximum Annual Facilities Special Tax Revenues would be reduced to a point at which Required Coveragecould not be maintained.
“Taxable Welfare Exemption Property” means in any Fiscal Year after the First Bond Sale, anyParcel of Welfare Exemption Property that satisfies all three of the following conditions:
(i) the Parcel had not been Welfare Exemption Property on the date of issuance of the First Bond Sale;
(ii) based on reference to Attachments 1 and 2, the Parcel was not anticipated to be Welfare Exemption Property based on the Expected Land Uses, as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Special Tax because it has become Welfare Exemption Property, the Maximum Annual Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained. “Tentative Map” means a tentative map or substantial conformance exhibit for property in the CFD, including any adjustments or amendments thereto.
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“Tivoli Specific Plan” means the specific plan for development within the Tivoli project that was originally adopted by the City Council on February 26, 2008, further updated on September 27, 2016, and as may be amended from time to time. “Transition Event” shall be deemed to have occurred when the Administrator determines that thefollowing events have occurred: (i) all Bonds secured by the levy and collection of Facilities Special Taxes in the CFD have been fully repaid; (ii) all Administrative Expenses from prior Fiscal Years have been paid or reimbursed to the City; and (iii) there are no other Authorized Facilities that the City intends to fund with Bonds or Facilities Special Taxes. “Transition Year” means the first Fiscal Year in which the Administrator determines that the Transition Event occurred in the prior Fiscal Year.
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“Undeveloped Property” means, in any Fiscal Year, all Parcels of Taxable Property that are notDeveloped Property, Taxable Owners Association Property, Taxable Public Property, or TaxableWelfare Exemption Property as defined herein.
“Very Low Density Residential Property” means all Parcels of Taxable Property that are developed or expected to be developed as large lot, rural-oriented estate homes with an average density range of 1 to 3 dwelling units per acre. Such Parcels are identified by a VLDR designation in the Land Use Diagram.
“Welfare Exemption Property” means, in any Fiscal Year, any Parcels in Improvement Area No. 1 that have received a welfare exemption under subdivision (g) of Section 214 of the Revenueand Taxation Code and for which such welfare exemption is still in place.
B. DATA FOR ANNUAL ADMINISTRATION
On or about July 1 of each Fiscal Year, the Administrator shall identify the current Assessor’s Parcel Numbers for all Parcels of Taxable Property in Improvement Area No. 1. The Administrator shall also: (i) assign each Parcel of Taxable Property to the appropriate Development Class; (ii) categorize each Parcel of Residential Property into the appropriate Density Category; (iii) determine the Net Taxable Acreage of each Parcel; (iv) determine the Annual Facilities Special Tax Requirement and Annual Maintenance Special Tax Requirement, and (v) determine whether the Transition Event has occurred in a prior Fiscal Year.
In any Fiscal Year, if it is determined that: (i) a Subdivision Map for property in Improvement Area No. 1 was recorded after January 1 of the prior Fiscal Year (or any other date after which theAssessor will not incorporate the newly-created Parcels into the then current tax roll), (ii) becauseof the date the Subdivision Map was recorded, the Assessor does not yet recognize the new Parcelscreated by the Subdivision Map, and (iii) one or more of the newly-created Parcels is in a differentDevelopment Class than other Parcels created by the subdivision, the Administrator shall calculatethe Special Taxes for the property affected by recordation of the Subdivision Map by determiningthe Special Taxes that apply separately to the property within each Development Class, then applying the sum of the individual Special Taxes to the Parcel that was subdivided by recordationof the Subdivision Map.
C. MAXIMUM SPECIAL TAXES
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The Administrator shall use the procedures set forth below to calculate the Maximum Special Taxes for each Parcel in Improvement Area No. 1 in each Fiscal Year. The Per-Acre Special Taxesset forth in Table 1 and Table 2 below shall be used for purposes of Sections C.1 and C.2 below:
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Table 1
Per-Acre Special Taxes Prior to the Transition Year
Fiscal Year 2024-25 *
Land Use Class
Per-Acre Special Tax:
One-Time
Facilities Special Tax
Per-Acre Special Tax:
Annual Facilities
Special Tax
Per-Acre Special Tax:
Annual Maintenance
Special Tax
Very Low Density
Residential Property
$100,000 per
Net Taxable Acre
$5,724 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
Low Density
Residential Property
$100,000 per
Net Taxable Acre
$10,260 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
Medium Density
Residential Property
$100,000 per
Net Taxable Acre
$13,725 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
Medium High Density
Residential Property
$100,000 per
Net Taxable Acre
$13,087 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
Non-Residential
Property
$100,000 per
Net Taxable Acre
$7,375 per
Net Taxable Acre
$5,166 per
Net Taxable Acre
* All Per-Acre Special Taxes shown in Table 1 are subject to the annual adjustments described in Section D below.
Table 2
Per-Acre Special Taxes In and After the Transition Year Fiscal Year 2024-25 *
Land Use Class
Per-Acre Special Tax:
One-Time
Facilities Special Tax
Per-Acre Special Tax:
Annual Facilities
Special Tax
Per-Acre Special Tax:
Annual Maintenance
Special Tax
Very Low Density
Residential Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$6,597 per
Net Taxable Acre
Low Density
Residential Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$7,731 per
Net Taxable Acre
Medium Density
Residential Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$8,597 per
Net Taxable Acre
Medium High Density
Residential Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$8,438 per
Net Taxable Acre
Non-Residential
Property
$100,000 per
Net Taxable Acre
$0 per
Net Taxable Acre
$7,010 per
Net Taxable Acre
* All Per-Acre Special Taxes shown in Table 2 are subject to the annual adjustments described in Section D below.
1. Original Parcels
The Maximum Special Taxes prior to the Transition Year for each Land Use Class expected on the Original Parcels as of CFD Formation are identified in Attachment 2, which will be updated by the Administrator as needed to reflect Original Parcels added to Improvement Area No. 1 due to annexations. Until an Original Parcel is subdivided, the Maximum Special Taxes shown in Attachment 2 (escalated as set forth herein) shall be the Maximum Special Taxes for the Parcel unless the zoning on the Original Parcel changes to Tivoli CFD No. 2024-1, IA No. 1 17 May 31, 2024
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a Land Use Class that has higher Per-Acre Special Taxes based on reference to Table 1and Table 2 above. Upon approval of such a change in zoning by the City Council, the Administrator shall multiply the applicable Per-Acre Special Taxes by the Net Taxable Tivoli CFD No. 2024-1, IA No. 1 18 May 31, 2024
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Acreage of each Land Use Class that is expected on the Parcel based on the rezone.
The Administrator shall then update Attachment 2 to reflect the higher Maximum Special Taxesfor the Parcel. If a rezone results in a Land Use Class that has a lower Per-Acre Special Tax than the previous Expected Land Uses, there shall be no corresponding reduction in the Maximum Special Taxes for the Parcel. The potential reduction in Maximum Special Tax revenues must be considered separately for each Special Tax Category. If the rezonewould cause a reduction in the Maximum Special Tax revenues in any Special Tax Category, the Maximum Special Tax identified for that Special Tax Category shall remainthe same as originally assigned to the Original Parcel.
2. Successor Parcels
a. All Successor Parcels are SFD Lots
If all Parcels created by a recorded Subdivision Map are SFD Lots, the Administrator shallapply the following steps to allocate the Maximum Special Taxes for the Original Parcel to each of the Successor Parcels created by the subdivision:
Step 1. Determine the greater of: (i) the sum of the Maximum Special Taxes assigned to each Expected Land Use for the Original Parcel, or (ii) the sumof the Net Taxable Acreage of each Density Category within the Subdivision Map multiplied by the Per-Acre Special Taxes for each DensityCategory.
Step 2. Separately for each Density Category created by the Subdivision Map, divide the Maximum Special Taxes from Step 1 by the number of SuccessorParcels to determine the Maximum Special Taxes for each SFD Lot. b. No Successor Parcels are SFD Lots
If none of the Successor Parcels created by recordation of a Subdivision Map are SFD Lots,the Administrator shall apply the following steps to allocate the Maximum Special Taxes assigned to the Original Parcel to each of the Successor Parcels:
Step 1. Identify the Expected Land Uses for the Original Parcel.
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Step 2. Determine the Net Taxable Acreage within each Land Use Class created by the Subdivision Map.
Step 3. If the Net Taxable Acreage of each Land Use Class from Step 2 is the sameas the Expected Land Uses, the Maximum Special Taxes assigned to each of the Expected Land Uses on the Original Parcel shall be allocated to the Successor Parcels based on the Acreage of each Land Use Class that occurs on each Successor Parcel.
Step 4. If the Net Taxable Acreage within each Land Use Class from Step 2 is different than the Expected Land Uses for the Original Parcel, the Administrator shall apply the following steps separately for each Special Tax Category:
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Step 4a. Multiply the applicable Per-Acre Special Tax by the Net Taxable Acreage of each Land Use Class created by the Subdivision Map.
Step 4b. If the amount calculated in Step 4a is greater than the Maximum Special Tax assigned to the Original Parcel, multiply the Net Taxable Acreage of each Land Use Class on each Successor Parcel by the applicable Per-Acre Special Tax from Table 1 (preTransition Year) and Table 2 (in and after Transition Year) above to determine the Maximum Special Tax for each Successor Parcel.
Step 4c. If the amount calculated in Step 4a is less than the Maximum Special Tax assigned to the Original Parcel: (i) identify the Maximum Special Tax that was assigned to each of the Expected Land Uses on the Parcel, (ii) divide the Maximum Special Tax for each Land Use Class by the Net Taxable Acreage of each Land Use Class actually created by the Subdivision Map, and (iii) multiply the per-acre Maximum Special Tax calculated in (ii) by the Net Taxable Acreage of each Land Use Class on each
Successor Parcel to determine the Maximum Special Tax for each Parcel.
If the Land Use Classes on a Successor Parcel or Parcels are different than the Expected Land Uses for that Parcel(s) and such difference would result in a reduction in the Maximum Special Tax assigned to the Original Parcel for any Special Tax Category,the Maximum Special Tax assigned to the Original Parcel shall either be distributed equally on a per-acre basis to the SuccessorParcels or, if multiple Land Use Classes are created by the Subdivision Map, the Maximum Special Tax from the
Original Parcel shall be distributed to each Land Use Class so that the per- acre tax for each Land Use Class has the same
proportional relationship as the Per-Acre Special Taxes in Table 1 and Table 2 above.
c. Some, But Not All, Successor Parcels are SFD Lots
If a Subdivision Map divides an Original Parcel into Successor Parcels, of which some areSFD Lots and some are not, the Administrator shall (i) break out the aggregate Net TaxableAcreage of all SFD Lots separately from the Net Taxable Acreage of other Land Tivoli CFD No. 2024-1, IA No. 1 21 May 31, 2024
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Use Classes, (ii) for the aggregate Net Taxable Acreage of the SFD Lots, apply the steps in Section C.2a to determine the Maximum Special Taxes for each SFD Lot, and (iii) apply the steps in Section C.2b above to determine the Maximum Special Taxes for the other Land Use Classes on the Parcel.
If, after subdivision of an Original Parcel, a Successor Parcel is further subdivided, the SuccessorParcel shall be treated as an Original Parcel for purposes of allocating Maximum Special Taxes pursuant to Section C.2a, C.2b, or C.2c, as appropriate. After each reallocation of the Maximum
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Special Taxes upon subdivision or reconfiguration of Original Parcels, the sum of the Maximum Special Taxes assigned to Successor Parcels shall never be less, but may be more, than the Maximum Special Taxes assigned to the Original Parcels prior to such reallocation.
D. CHANGES TO THE MAXIMUM SPECIAL TAXES
1. Escalation of Special Taxes
1a. One-Time Special Tax
On July 1, 2025 and on each July 1 thereafter, the Maximum One-Time Facilities Special Tax assigned to each Parcel and the Per-Acre Special Tax shown in Table 1 and Table 2 above shall be adjusted annually by the Escalation Factor. 1b. Annual Facilities Special Tax
On July 1, 2025 and on each July 1 thereafter, the Maximum Annual Facilities SpecialTax assigned to each Parcel and the Per-Acre Special Tax shown in Table 1 and Table2 above shall be increased by two percent (2%) of the amount in effect in the prior Fiscal Year.
1c. Annual Maintenance Special Tax
On July 1, 2025 and on each July 1 thereafter, the Maximum Annual Maintenance Special Tax assigned to each Parcel and the Per-Acre Special Tax shown in Table 1 and Table 2 above shall be adjusted annually by the Escalation Factor. Each annual adjustment of the Maximum Annual Maintenance Special Tax shall become effective on the subsequent July 1.
2. Partial Prepayment of Maximum Annual Facilities Special Tax If a Parcel makes a partial prepayment of the Annual Facilities Special Tax pursuant to Section I below, the Administrator shall recalculate the Maximum Annual Facilities Special Tax for the Parcel pursuant to Section I. In addition, the Administrator shall update Attachment 2 to reflect the prepayment and the revised Maximum Annual Facilities Special Tax Revenues for Improvement Area No. 1. Such updates shall be maintained internally by the Administrator and shall not require recordation of an amended RMA. After the prepayment has been received, the application of Sections F and I of this RMA shall be based on the adjusted Expected Maximum Annual Facilities Special Tax Revenues after the prepayment.
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3. Conversion of a Parcel of Public Property to Private Use If, in any Fiscal Year, a Parcel of Public Property is converted to private use, such Parcel shall besubject to the levy of the Special Taxes, and the Administrator shall determine the appropriate Maximum Special Taxes for the Parcel based on the Net Taxable Acreage of the Parcel.
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E. ANNEXATIONS
If, in any Fiscal Year, a property owner within the Future Annexation Area wants to annex propertyinto Improvement Area No. 1, the Administrator shall apply the following steps as part of the annexation proceedings:
Step 1. Working with City staff and the landowner, the Administrator shall determine the Land Use Classes that are expected within the area to be annexed.
Step 2. The Administrator shall prepare and keep on file an updated Attachment 2 that identifies the Assessor’s Parcel Number(s), Expected Land Use, Expected Net Taxable Acreage, One-Time Facilities Special Tax, Maximum Annual Facilities Special Tax, and Maximum Annual Maintenance Special Tax for the annexed property.
Step 3. The Administrator shall prepare and keep on file an updated Attachment 3 that adds the Assessor’s Parcel(s) in the annexed area to the Original Parcels in Improvement Area No. 1.
Step 4. The Administrator shall ensure that a Notice of Special Tax Lien is recorded against all Parcels that are annexed to Improvement Area No. 1.
Step 5. The Administrator shall recalculate the Public Facilities Requirement used in the prepayment calculation in Section I below to include the estimated net proceeds that can be generated to fund Authorized Facilities based on the Maximum Annual Facilities Special Tax capacity from the annexed area. The adjusted Public Facilities Requirement shall be calculated by (i) dividing the increased Maximum Annual Facilities Special Tax Revenues that can be collected after the annexation by the Maximum Annual Facilities Special Tax Revenues that were in place prior to the annexation, and (ii) multiplying the quotient by the Public Facilities Requirement that was in place prior to the annexation.
F. METHOD OF LEVY OF THE SPECIAL TAXES
1. One-Time Facilities Special Tax
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The Maximum One-Time Facilities Special Tax determined pursuant to Sections C and D above shall be levied on all Taxable Property in Improvement Area No. 1 and shall be collected as set forth in Section G below.
2. Annual Facilities Special Tax
Each Fiscal Year until the Transition Year, the Administrator shall determine the Annual Facilities Special Tax Requirement for the Fiscal Year and levy the Annual Facilities SpecialTax on all Parcels of Taxable Property as follows:
Step 1: The Annual Facilities Special Tax shall be levied Proportionately on each Parcel of Developed Property within Improvement Area No. 1 up to 100% of Tivoli CFD No. 2024-1, IA No. 1 26 May 31, 2024
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the Maximum Annual Facilities Special Tax for each Parcel for such Fiscal Year until the amount levied on Developed Property is equal to the Annual Facilities Special Tax Requirement prior to applying any Capitalized Interestthat is available in the CFD accounts.
Step 2: If additional revenue is needed after Step 1, the Annual Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Welfare Exemption Property up to 100% of the Maximum Annual Facilities Special Tax for each Parcel of Taxable Welfare Exemption Property for such Fiscal Year until the amount levied is equal to the Annual Facilities Special Tax Requirement.
Step 3: If additional revenue is needed after Step 2, the Annual Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Owners Association Property up to 100% of the Maximum Annual Facilities Special Tax for each Parcel of Taxable Owners Association Property until the amount levied is equal to the Annual Facilities Special Tax Requirement.
Step 4: If additional revenue is needed after Step 3, the Annual Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Public Property up to 100% of the Maximum Annual Facilities Special Tax for each Parcel of Taxable Public Property until the amount levied is equal to the Annual Facilities Special Tax Requirement.
No Annual Facilities Special Tax shall be levied in any Fiscal Year on Parcels of Undeveloped Property.
3. Annual Maintenance Special Tax
Each Fiscal Year, the Administrator shall determine the Annual Maintenance Special TaxRequirement for the Fiscal Year and levy the Annual Maintenance Special Tax on Parcelsof Taxable Property as follows:
Step 1: The Annual Maintenance Special Tax shall be levied Proportionately on each Parcel of Developed Property within Improvement Area No. 1 up to 100% of the Maximum Annual Maintenance Special Tax for each Parcel for such Fiscal Year until the amount levied on Developed Property is equal to the Annual Maintenance Special Tax Requirement.
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Step 2: If additional revenue is needed after Step 1, the Annual Maintenance Special Tax shall be levied Proportionately on each Parcel of Taxable Welfare Exemption Property up to 100% of the Maximum Annual Maintenance Special Tax for each Parcel of Taxable Welfare Exemption Property for such Fiscal Year until the amount levied is equal to the Annual Maintenance Special Tax Requirement.
Step 3: If additional revenue is needed after Step 2 the Annual Maintenance Special Tax shall be levied Proportionately on each Parcel of Taxable OwnersAssociation Property up to 100% of the Maximum Annual Maintenance
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Special Tax for each Parcel of Taxable Owners Association Property until the amount levied is equal to the Annual Maintenance Special Tax Requirement.
Step 4: If additional revenue is needed after Step 3, the Annual Maintenance Special Tax shall be levied Proportionately on each Parcel of Taxable Public Property up to 100% of the Maximum Annual Maintenance Special Tax for each Parcel of Taxable Public Property until the amount levied is equal to the Annual Maintenance Special Tax Requirement.
No Annual Maintenance Special Tax shall be levied in any Fiscal Year on Parcels of Undeveloped Property.
G. MANNER OF COLLECTION OF SPECIAL TAXES
The Maximum One-Time Facilities Special Tax shall be collected prior to a Certificate of Occupancy being issued for any residential or non-residential structure on Taxable Property within Improvement Area No. 1 and shall be immediately delinquent if not so paid.
The Annual Facilities Special Tax and Annual Maintenance Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, thatprepayments are permitted as set forth in Section I below and provided further that the City may directly bill, collect at a different time or in a different manner, and/or collect delinquent Annual Facilities Special Taxes and Annual Maintenance Special Taxes through foreclosure or other available methods.
The Annual Facilities Special Tax shall be levied and collected until principal and interest on Bonds have been repaid, costs of constructing or acquiring Authorized Facilities from Annual Facilities Special Tax proceeds have been paid, and all Administrative Expenses have been reimbursed. However, in no event shall Annual Facilities Special Taxes be levied after Fiscal Year 2074-75. The Annual Maintenance Special Tax shall be levied in perpetuity unless and until the City determines that the Annual Maintenance Special Tax is no longer needed to pay for Authorized Services. Under no circumstances may the Annual Facilities Special Tax on a Parcel of Developed Property in residential use be increased in any Fiscal Year as a consequence of delinquency or default in payment of the Annual Facilities Special Tax levied on another Parcel or Parcels by more than ten percent (10%) above the amount that would have been levied in that Fiscal Year had there never been any such delinquencies or defaults.
H. EXEMPTIONS
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Notwithstanding any other provision of this RMA, no One-Facilities Special Tax or Annual Facilities Special Tax shall be levied in any Fiscal Year on the following: (i) Public Property, except Taxable Public Property, (ii) Owners Association Property, except Taxable Owners Association Property, (iii) Welfare Exemption Property, except Taxable Welfare Exemption Property, and (iv) Parcels of Undeveloped Property. In addition, no Annual Facilities Special Tax shall be levied on (i) Parcels that are owned by a public utility for an unmanned facility, and (ii) Parcels that are subject to an easement that precludes any other use on the Parcel.
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No Annual Maintenance Special Tax shall be levied on the following: (i) Public Property, including Taxable Public Property, (ii) Owners Association Property, including Taxable Owners Association Property, and (iii) Welfare Exemption Property, including Taxable Welfare Exemption Property.
I. PARTIAL PREPAYMENT OF THE ANNUAL FACILITIES SPECIAL TAX The following definitions apply to this Section I:
“Outstanding Bonds” means all Previously Issued Bonds which remain outstanding, withthe following exception: if an Annual Facilities Special Tax has been levied against, or already paid by, an Assessor’s Parcel making a prepayment, and a portion of the Annual Facilities Special Tax will be used to pay a portion of the next principal payment on the Bonds that remain outstanding (as determined by the Administrator), that next principal payment shall be subtracted from the total Bond principal that remains outstanding, and the difference shall be used as the amount of Outstanding Bonds for purposes of this prepayment formula.
“Previously Issued Bonds” means all Bonds that have been issued prior to the date of prepayment.
“Public Facilities Requirement” means either $7.3 million in 2024 dollars, which shall increase on January 1, 2025, and on each January 1 thereafter by two percent (2%) of the amount in effect in the prior year, or such other number as shall be determined by the Cityas sufficient to fund improvements that are authorized to be funded by the CFD. The Public Facilities Requirements shown above will be adjusted each time there is an annexation of property into Improvement Area No. 1.
“Remaining Facilities Costs” means the Public Facilities Requirement minus public facility costs funded by Previously Issued Bonds, developer equity, and any other source of funding.
A property owner may prepay up to 75% of the Annual Facilities Special Tax obligation applicableto a Parcel, thereby reducing the Maximum Annual Facilities Special Tax applicable to the Parcel,provided that a prepayment may be made only if (i) there are no delinquent Special Taxes with respect to such Parcel at the time of prepayment, and (ii) there has not in any prior Fiscal Year been a partial prepayment of the Annual Facilities Special Tax assigned to the Parcel.
The AnnualMaintenance Special Tax may not be prepaid. An owner of an Assessor’s Parcel intending to prepay a portion of the Annual Facilities Special Tax obligation shall provide the City Tivoli CFD No. 2024-1, IA No. 1 31 May 31, 2024
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with writtennotice of intent to prepay. Within 30 days of receipt of such written notice, the City or its designee shall notify such owner of the prepayment amount for such Assessor’s Parcel.
Prepayment must be made not less than 75 days prior to any redemption date for Bonds to be redeemed with the proceeds of such prepaid Annual Facilities Special Taxes. The Prepayment Amount shall be calculated as follows: (capitalized terms as defined below):
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Bond Redemption Amount
plus Remaining Facilities
Amountplus Redemption Premium
plus Defeasance Requirement
plus Administrative Fees and
Expensesless Reserve Fund Credit
equals Prepayment Amount
As of the proposed date of prepayment, the Prepayment Amount shall be determined by applicationof the following steps:
Step 1. Compute the amount that could be collected from the Parcel prepaying the Annual Facilities Special Tax in the Fiscal Year in which prepayment would be received by the City.
Step 2. Divide the Maximum Annual Facilities Special Tax from Step 1 by the current Maximum Annual Facilities Special Tax Revenues.
Step 3. Multiply the quotient computed in Step 2 by the percentage of the Maximum Annual Facilities Special Tax that the property owner wants to prepay, which percentage shall not exceed 75%.
Step 4. Multiply the quotient computed pursuant to Step 3 by the Outstanding Bonds to compute the amount of Outstanding Bonds to be retired and prepaid (the “Bond Redemption Amount”).
Step 5.Compute the current Remaining Facilities Costs (if any).
Step 6. Multiply the quotient computed pursuant to Step 3 by the amount determined pursuant to Step 5 to compute the amount of Remaining Facilities Costs to be prepaid (the “Remaining Facilities Amount”).
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Step 7. Multiply the Bond Redemption Amount computed pursuant to Step 4 by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the “Redemption Premium”).
Step 8. Compute the amount needed to pay interest on the Bond Redemption Amount starting with the first Bond interest payment date after which the prepayment will be received until the earliest redemption date for the Outstanding Bonds. However, if Bonds are callable at the first interest payment date after the prepayment has been received, Steps 8, 9, and 10 of this prepayment formula will not apply.
Step 9: Compute the amount of interest the City reasonably expects to derive from reinvestment of the Bond Redemption Amount plus the Redemption Premium from the first Bond interest payment date after which the prepayment has been received until the redemption date for the Outstanding Bonds.
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Step 10: Subtract the amount computed pursuant to Step 9 from the amount computed pursuant to Step 8 (the “Defeasance Requirement”).
Step 11. The administrative fees and expenses associated with the prepayment will be determined by the Administrator and include the costs of computing the prepayment, redeeming Bonds, and recording any notices to evidence the prepayment and the redemption (the “Administrative Fees and Expenses”).
Step 12. If and to the extent so provided in the Bond Indenture, a reserve fund creditshall be calculated as a reduction in the applicable reserve fund for the Outstanding Bonds to be redeemed pursuant to the prepayment (the “Reserve Fund Credit”).
Step 13. The Facilities Special Tax prepayment is equal to the sum of the amounts computed pursuant to Steps 4, 6, 7, 10, and 11, less the amount computed pursuant to Step 12 (the “Prepayment Amount”).
Step 14. From the Prepayment Amount, the amounts computed pursuant to Steps 4,7, and 10 shall be deposited into the appropriate fund as established under the Indenture and be used to retire Outstanding Bonds or make debt service payments. The amount computed pursuant to Step 6 shall be deposited into the Improvement Fund. The amount computed pursuant to Step 11 shall be retained in the account or fund that is established to pay Administrative Expenses.
Once a partial prepayment has been received, an Amendment to Notice of Facilities Special Tax Lien shall be recorded against the Parcel to reflect the reduced Facilities Special Tax lien for the Parcel, which shall be equal to the portion of the Maximum Annual Facilities Special Tax that wasnot prepaid, and the Administrator shall update Attachment 2 to show the revised Expected Maximum Annual Facilities Special Tax Revenues. However, an Amendment to Notice of Facilities Special Tax Lien shall not be recorded until all Special Taxes levied on the Parcel in the current or prior Fiscal Years have been collected.
If an owner that has partially prepaid the Annual Facilities Special Tax obligation assigned to a Parcel subsequently rezones the Parcel to a Land Use Class that has a higher Per-Acre Annual Facilities Special Tax, the City may, in its sole discretion and as a condition of approval of the rezoning, collect the additional Annual Facilities Special Tax prepayment that would have applied had the Parcel been rezoned at the time of the original partial prepayment for the Parcel.
Tivoli CFD No. 2024-1, IA No. 1 35 May 31, 2024
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Notwithstanding the foregoing, if at any point in time the Administrator determines that the Maximum Annual Facilities Special Tax Revenue that can be collected from Taxable Property that remains subject to the Annual Facilities Special Tax after the proposed prepayment is less than the Required Coverage on Bonds that will remain outstanding after defeasance or redemption of Bonds from proceeds of the estimated prepayment, the amount of the prepayment shall be increased until the amount of Bonds defeased or redeemed is sufficient to reduce remaining annual debt service to a point at which Required Coverage is maintained.
Tivoli CFD No. 2024-1, IA No. 1 36 May 31, 2024
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J. INTERPRETATION OF SPECIAL TAX FORMULA
The City reserves the right to make minor administrative and technical changes to this document that does not materially affect the rates or method of apportioning Special Taxes. In addition, theinterpretation and application of any section of this document shall be left to the City’s discretion.Interpretations may be made by the City by ordinance or resolution for purposes of clarifying anyvagueness or ambiguity in this RMA.
Tivoli CFD No. 2024-1, IA No. 1 37 May 31, 2024
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ATTACHMENT 1
IMPROVEMENT AREA NO. 1 OF THE
CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1(TIVOLI)
Tivoli Specific Plan
Land Use Diagram
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ATTACHMENT 2 IMPROVEMENT AREA
NO. 1 OF THE
CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1(TIVOLI)
Maximum Special Taxes Assigned to Expected Land Uses
Within Each Original Parcel
Prior to the Transition Year
Event
Adding
Parcel
to CFD
Assessor’s
Parcel
Number
Expected
Land Use /1
Expected
Net Taxable
Acreage
Maximum
One-Time
Facilities
Special Tax
(FY 2024-25) /2
Maximum
Annual
Facilities
Special Tax
(FY 2024-25) /2
Maximum
Annual
Maintenance
Special Tax
(FY 2024-25) /2
CFD
Formation 083-004-059-000 MDR 4.50 $450,000 $61,761 $23,247 CFD
Formation 083-004-060-000 MDR 4.78 $478,000 $65,604 $24,693 CFD
Formation 083-004-068-000 LDR 35.89 $3,589,000 $368,244 $185,408
1. VLDR = Very Low Density Residential, LDR = Low Density Residential, MDR = Medium Density Residential, MHDR = Medium High Density Residential, and NR = Non-Residential
2. The Maximum Special Taxes set forth above shall be adjusted pursuant to Section D of the RMA. #14..
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ATTACHMENT 3
IMPROVEMENT AREA NO. 1 OF THE
CITY OF MODESTO
COMMUNITY FACILITIES DISTRICT NO. 2024-1(TIVOLI)
Original Parcels in Improvement Area No. 1
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
October 14, 2025
Date: September 8, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Jessica Hill, Director of Community and Economic Development SUBJECT: First Amendment to the Homeless Housing, Assistance and Prevention (HHAP) funding Agreement for the Jenny’s Place Housing Project CONTACT: Edgar Garcia, Community Development Manager,
[email protected], 209-577-5211
DESCRIPTION:
Consider approving a First Amendment to the Memorandum of Agreement between the County of Stanislaus Community Services Agency (CSA) and the City of Modesto to increase the funding amount by $342,626 from $1,775,077 to a new total award of $2,117,703, for the operations of the Permanent Supportive Housing Units to be passed to Modesto Homekey LP in an amended Grant Agreement located at 710 N. 9th Street, Modesto CA 95350. (Funding Source: Homeless Housing, Assistance and Prevention (HHAP) Grant)
STRATEGIC PLAN ELEMENT:
The recommended action supports the City’s 2025-2026 Strategic Plan, Goal C: Develop a Homelessness and Housing Plan.
BACKGROUND:
The City established a partnership with Modesto Homekey LP for the rehabilitation of the Jenny’s Place project (formerly known as the Traveler’s Motel) located at 710 N. 9th Street to serve as a 54-unit permanent supportive housing project with one on-site manager unit. The project includes 37 units for youth experiencing homelessness and the remaining 16 units dedicated for the general population that is experiencing homelessness.
On May 2, 2023, by Resolution 2023-212 and 2023-210 the City committed the allocation of $2,274,923 and the commitment of $1,775,077 from Stanislaus County Community Services Agency (CSA), both allocations intended to fill the gap needed to support the development of the project. On September 26, 2023, the City was notified of the Homekey Round 3 award to the City and Modesto Homekey, LP Development in the amount of $16,059,562.
On December 5, 2023, the Board of Supervisors for the County of Stanislaus authorized an allocation of Stanislaus Community System of Care’s (CSOC) Homeless Housing Assistance and Prevention Program (HHAP) funding, in the amount of $1,775,077 in the form of a grant to be managed by the City for this project. On January 23, 2024, by Resolution 2024-030 the City #15..
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City Council, October 14, 2025
First Amendment to the Homeless Housing, Assistance and Prevention (HHAP) funding Agreement for the Jenny’s Place Housing Project
approved an agreement with Stanislaus Community Services Agency (CSA) for the acceptance of the Homeless Housing, Assistance and Prevention (HHAP) funding in the amount of $1,775,077 and approved a grant to Modesto Homekey LP for the development at 710 N. 9th Street.
DISCUSSION:
In partnership with UPholdings and RH Community Builders (Modesto Homekey LP), the City of Modesto utilized the capital funding through Homekey, to begin construction in February 2024.
The original project consisted of an acquisition and rehabilitation project with 54 studio and 1 onebedroom units serving households with incomes at 30 percent of Area Median Income (AMI) and 1 manager's unit. Each studio unit proposed to serve 37 homeless or at risk of homelessness, youth households and 16 households experiencing homelessness. The project was completed in April 2025.
To support housing stabilization the initial Homekey application included operating subsidies through housing vouchers from Stanislaus Regional Housing Authority and Stanislaus County Behavioral Health and Recovery Services (BHRS). Since the initial application, regulatory changes have affected the availability of housing vouchers due to federal budget reductions. The significant reduction of voucher availability created a gap in the operating budget for the project.
Modesto Homekey LP (owner and operator) submitted a formal request to Stanislaus Community System of Care (CSOC) to request funding that will support the affordability of the project. The funding request was in the amount of $342,626 to support tenant subsidy matching, support lease-up expenses, and long-term operating subsidy support. On June 26, 2025, the CSOC approved to increase the HHAP funding allocation by $342,626 from $1,775,077 to $2,117,703, for the provision of funding for the Travelers Motel for the ongoing operating expenses of the permanent supportive housing project.
To allocate the funds, the HHAP grant is required to be approved by the Stanislaus County Board of Supervisors which will authorize the allocation to the City. The City will subsequently allocate the funds to the Modesto Homekey LP to support ongoing operating expenses.
FISCAL IMPACT:
The funding for this program will come from Stanislaus County Community Services Agency (CSA) Homeless Housing, Assistance and Prevention (HHAP) Grant. There is no impact to the General Fund.
COMMITTEE RECOMMENDATION:
This item was presented to the Citizen Housing and Community Development Committee on November 9, 2023, and recommended forwarding to Council for acceptance. Due to time constraints, this amendment was taken directly to council.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving a First Amendment to the Memorandum of Agreement between the County of Stanislaus Community Services Agency (CSA) and the City of Modesto to increase the funding amount by $342,626 from $1,775,077 to a new total award of $2,117,703, for the operations of #15..
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City Council, October 14, 2025
First Amendment to the Homeless Housing, Assistance and Prevention (HHAP) funding Agreement for the Jenny’s Place Housing Project
the Permanent Supportive Housing Units project located at 710 N. 9th Street, Modesto CA 95350 and authorizing the City Manager or his designee to negotiate and execute an Amendment.
Resolution approving a First Amendment to the Grant Agreement with Modesto Homekey, L.P. of Fresno, CA to increase the funding amount by $342,626 from $1,775,077 to a new total award of $2,117,703, for the operations of the Permanent Supportive Housing for the project located at 710 N. 9th Street, Modesto CA 95350 and authorizing the City Manager or his designee to negotiate and execute an Amendment.
Resolution amending project (101575) to increase the Homeless Housing Assistance and Prevention Program (HHAP) budget new total amount of $2,117,703 and authorizing the City Manager, or his designee, to take the necessary steps to implement the provisions of this Resolution.
Approved by:
Jessica Hill, Director of Community and Economic Development Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Resolution – Grant Agreement
3. Budget Resolution
4. First Amendment to MOA between CSA and the City of Modesto
5. Executed Original MOA between CSA and the City of Modesto
6. First Amendment to the Grant Agreement with Modesto Homekey LP
7. Executed Original Grant Agreement with Modesto Homekey LP #15..
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10/14/2025/CED/EGarcia/Item x 1 2025-xx
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION APPROVING A FIRST AMENDMENT TO THE MEMORANDUM OF
AGREEMENT BETWEEN THE COUNTY OF STANISLAUS COMMUNITY SERVICES
AGENCY (CSA) AND THE CITY OF MODESTO TO INCREASE THE FUNDING AMOUNT BY $342,626 FROM $1,775,077 TO A NEW TOTAL AWARD OF $2,117,703,
FOR THE OPERATIONS OF THE PERMANENT SUPPORTIVE HOUSING UNITS PROJECT LOCATED AT 710 N. 9TH STREET, MODESTO CA 95350 AND
AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO NEGOTIATE AND
EXECUTE AN AMENDMENT
WHEREAS, on December 5, 2023, the Board of Supervisors for the County of Stanislaus authorized an allocation of Stanislaus Community System of Care’s (SCOC) Homeless Housing Assistance and Prevention Program (HHAP) funding, in the amount of $1,775,077 in the form of a grant to be managed by the City for this project; and WHEREAS, on January 23, 2024, by Resolution 2024-030 the City approved an agreement with Stanislaus Community Services Agency (CSA) for the acceptance of the Homeless Housing, Assistance and Prevention (HHAP) funding in the amount of $1,775,077 and approved a grant to Modesto Homekey LP for the development at 710 N. 9th Street; and WHEREAS, to support housing stabilization the initial Homekey application included operating subsidies through housing vouchers from local partners; and WHEREAS, since the initial application regulatory changes have affected the availability of housing vouchers due to federal budget uncertainties and shifting priorities; and WHEREAS, the significant reduction of voucher availability created a gap in the operating budget for the project; and
WHEREAS, the City approached the Stanislaus Community System of Care (CSOC) to request support in long term solutions to ensure the placement and affordability of the project; and
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10/14/2025/CED/EGarcia/Item x 2 2025-xx
WHEREAS, on June 26, 2025, the CSOC approved to increase the HHAP funding allocation by $342,626 from $1,775,077 to $2,117,703, for the provision of funding for the Travelers Motel for the rehabilitation and operations of Permanent Supportive Housing Units.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it approves a First Amendment to the Memorandum of Agreement between the County of Stanislaus Community Services Agency (CSA) and the City of Modesto to increase the funding amount by $342,626 from $1,775,077 to a new total award of $2,117,703, for the operations of the Permanent Supportive Housing Units for the project located at 710 N. 9th Street, Modesto CA 95350.
BE IT FURTHER RESOLVED that the City Manager or his designee is authorized to execute the Amendment, in a form approved by the City Attorney.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 14th day of October 2025, by Councilmember _________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ________________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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10/14/2025/CED/EGarcia/Item x 1 2025-xx
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION APPROVING A FIRST AMENDMENT TO THE GRANT AGREEMENT WITH MODESTO HOMEKEY, L.P. OF FRESNO, CA TO INCREASE THE FUNDING AMOUNT BY $342,626 FROM $1,775,077 TO A NEW TOTAL AWARD OF $2,117,703,
FOR THE OPERATIONS OF THE PERMANENT SUPPORTIVE HOUSING FOR THE PROJECT LOCATED AT 710 N. 9TH STREET, MODESTO CA 95350 AND
AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO NEGOTIATE AND
EXECUTE AN AMENDMENT
WHEREAS, on December 5, 2023, the Board of Supervisors for the County of Stanislaus authorized an allocation of Stanislaus Community System of Care’s (SCOC) Homeless Housing Assistance and Prevention Program (HHAP) funding, in the amount of $1,775,077 in the form of a grant to be managed by the City for this project; and WHEREAS, on January 23,2024, by Resolution 2024-030 the City approved an agreement with Stanislaus Community Services Agency (CSA) for the acceptance of the Homeless Housing, Assistance and Prevention (HHAP) funding in the amount of $1,775,077 and approved a grant to Modesto Homekey LP for the development at 710 N. 9th Street; and WHEREAS, to support housing stabilization the initial Homekey application included operating subsidies through housing vouchers from local partners; and WHEREAS, since the initial application regulatory changes have affected the availability of housing vouchers due to federal budget uncertainties and shifting priorities; and WHEREAS, the significant reduction of voucher availability created a gap in the operating budget for the project; and
WHEREAS, the development team presented to the Stanislaus Community System of Care (CSOC) to request support in long term solutions to ensure the placement and affordability of the project; and
WHEREAS, on June 26, 2025 the CSOC approved to increase the HHAP funding #15..
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10/14/2025/CED/EGarcia/Item x 2 2025-xx
allocation by $342,626 from $1,775,077 to $2,117,703, for the provision of funding for the Travelers Motel for the rehabilitation and operations of Permanent Supportive Housing Units.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it approves a First Amendment to the Grant Agreement with Modesto Homekey, L.P. of Fresno, CA to increase the funding amount by $342,626 from $1,775,077 to a new total award of $2,117,703, for the operations of the Permanent Supportive Housing Units for the project located at 710 N. 9th Street, Modesto CA 95350.
BE IT FURTHER RESOLVED that the City Manager or his designee is authorized to execute the Amendment, in a form approved by the City Attorney.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 14th day of October 2025, by Councilmember _________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ________________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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10/14/2025/CED/EGarcia/Item x 1 2025-xx
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION AMENDING PROJECT (101575) TO INCREASE THE
HOMELESS HOUSING ASSISTANCE AND PREVENTION PROGRAM (HHAP) BUDGET NEW TOTAL AMOUNT OF $2,117,703 AND AUTHORIZING THE
CITY MANAGER, OR HIS DESIGNEE, TO TAKE THE NECESSARY STEPS
TO IMPLEMENT THE PROVISIONS OF THIS RESOLUTION
WHEREAS, on January 23, 2024, by Resolution 2024-030 the City approved an agreement with Stanislaus Community Services Agency (CSA) for the acceptance of the Homeless Housing, Assistance and Prevention (HHAP) funding in the amount of $1,775,077 and to issue a grant to Modesto Homekey LP for the development at 710 N. 9th Street; and
WHEREAS, on June 26, 2025, the Stanislaus Community System of Care (CSOC) approved to increase the HHAP funding allocation by $342,626 from $1,775,077 to a new total amount $2,117,703, for the provision of funding for the Travelers Motel for the rehabilitation and operations of Permanent Supportive Housing Units.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it amends project (101575) to increase the Homeless Housing Assistance and Prevention Program (HHAP) by $342,626 for a new total amount of $2,117,703.
BE IT FURTHER RESOLVED that the City Manager or his designee, is hereby authorized to take the necessary steps to implement the provisions of this resolution. #15..
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10/14/2025/CED/EGarcia/Item x 2 2025-xx
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 14th day of October 2025, by Councilmember _________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ____________________________
DIANE NAYARES-PEREZ,
CMC, City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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1 AMENDMENT 1
MEMORANDUM OF AGREEMENT
BETWEEN
COUNTY OF STANISLAUS
COMMUNITY SERVICES AGENCY
AND CITY OF MODESTO
FOR FUNDING OF THE TRAVELERS MOTEL PERMANENT SUPPORTIVE HOUSING PROJECT DECEMBER 6, 2023 THROUGH APRIL 30, 2026
The MEMORANDUM OF AGREEMENT (“MOA”) made and entered into by and between the COUNTY OF STANISLAUS COMMUNITY SERVICES AGENCY ("County") and CITY OF MODESTO (“CITY"), as of December 6, 2023, for the purpose of establishing the responsibilities of both parties for the provision of funding for the Travelers Motel for the building of Permanent Supportive Housing Units is hereby amended:
WHEREAS additional services are needed for operating subsidies of the Permanent Supportive Housing Units; and
WHEREAS the need for additional services requires additional funds and the MOA maximum is being increased by $342,626 from $1,775,077 to $2,117,703; and WHEREAS Paragraph 10. AMENDMENT provides for the amendment of the MOA by mutual written consent of the parties.
FIRST: Paragraph 1.3 is hereby deleted and replaced with the following:
1.3 CITY shall receive HHAP Round 3, Round 4, and Round 5 Grant Program allocation funds for the rehabilitation and operation subsidies of the Travelers Motel to support the permanent housing project, not to exceed $2,117,703.
SECOND: Paragraph 5. COMPENSATION: 5.1 Costs: is hereby deleted and replaced with the following:
5.1 Costs:
5.1.1. The maximum amount of this MOA for the period December 6, 2023, through April 30, 2026, shall not exceed $2,117,703.
5.1.2. CITY shall not expend any funds provided pursuant to this MOA except as expressly authorized in EXHIBIT A-1, or as the budget is thereafter amended or obligated.
THIRD: EXHIBIT A is hereby deleted and replaced with EXHIBIT A-1. Any references to EXHIBIT A are hereby deleted and replaced with EXHIBIT A-1.
FORTH: Any references to fifty-six (56) units are hereby deleted and replaced with fifty-four (54) units. Due to constructions requirements the number of units had to be reduced to fiftythree (53) units to serve as a permanent supportive housing and one (1) unit to serve as the on-site manager unit.
All other terms and conditions of the MOA shall remain in full force and effect. ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// #15..
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2 This AGREEMENT has been signed by the parties or their duly authorized representatives to be effective as of the date referenced on the first page.
COUNTY OF STANISLAUS CITY OF MODESTO
By: By:
Andrew Johnson
Title: GSA Director/Purchasing Agent Title:
Dated: Dated:
APPROVED AS TO CONTENT:
COUNTY OF STANISLAUS APPROVED AS TO FORM:
COMMUNITY SERVICES AGENCY CITY OF MODESTO ATTORNEY
By: By:
Christine Huber, MSW
Title: Director Title: City Attorney
Dated: Dated:
APPROVED AS TO FORM:
COUNTY COUNSEL
By:
Title: Deputy County Counsel
Dated:
COUNTY OF STANISLAUS
Approved BOS Resolution #:
Dated:
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3 EXHIBIT A-1
BUDGET
FOR
FUNDING OF THE TRAVELERS MOTEL FOR PERMANENT SUPPORTIVE HOUSING DECEMBER 6, 2023 THROUGH APRIL 30, 2026
The maximum amount of this Agreement for the period December 6, 2023, through April 30, 2026, shall not exceed $1,775,077.
BUDGET CATEGORY TOTAL
Rehabilitation to the Structure of Travelers Motel $1,775,077 Operating Subsidies $ 342,626
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RISK MANAGEMENT
DEPARTMENT
P.O. Box 642
Modesto, California 95354
209.577.5200
Modestogov.com
City of Modesto Insurance Coverage
This letter is to advise that the City of Modesto, a municipal corporation of the State of California, maintains insurance coverage as listed below.
General and Auto Liability: ACC2324MOD51 (7/1/2023 7/1/2024) The City has a self-insured retention of $1,000,000 per claim with excess liability coverage of $9,000,000 through participation in ACCEL, a public entity insurance pool consisting of thirteen (13) member cities. 3 -04 (7/1/2023 7/1/2024) The City has a
self-insured retention of $750,000 per claim with excess coverage to statutory limits through participation in PRISM, a public entity insurance pool.
Additional Insured: With respect to General and Auto Liability, additional insured status is granted to any person or organization to whom or to which the Member Agency (City of Modesto) is obligated by virtue of a written contract to name such person or organization as an additional covered party. Should you require further information, please contact:
Joe Rodriguez, Risk Manager
[email protected]
209-272-2202
Derick Holt, Risk Analyst II
[email protected]
(209) 577-5481
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HHAP- HHAP AGREEMENT
(Traveler’s Motel – 710 North 9th Street)– First Amendment
FIRST AMENDMENT
TO
HOMELESS, HOUSING, ASSISTANCE AND PREVENTION (HHAP) AGREEMENT (Traveler’s Motel – 710 North 9th Street)
Reference is made to the HOMELESS, HOUSING, ASSISTANCE AND PREVENTION (HHAP) Grant Agreement (the “Agreement”) dated February 8, 2024, by and between the City of Modesto, a California charter city (“City”) and the Modesto Homekey LP, a California limited partnership, hereinafter referred to as (“Recipient”). City and Recipient may be referred to collectively herein as the Parties. The Parties enter this First Amendment to the Agreement as of ___________, 2025.
WHEREAS, the Parties entered into the Agreement pursuant to which Recipient received funding from the HHAP Program to develop a permanent supportive housing development (the “Project”); and
WHEREAS, the Parties desires to change the number of units in the Project to fifty-four (54), of which thirty-seven (37) units will be for youth who are homeless or at risk of homelessness, sixteen (16) units will serve the general population experiencing homelessness, and one (1) will be a manager’s unit; and
WHEREAS, on June 26, 2025, the Stanislaus Community System of Care (CSOC) recommended an HHAP an additional allocation of $342,626 and the Stanislaus County Board of Supervisors approved the allocation on ____________,2025 bringing the total HHAP allocation to $2,117,703.
NOW THEREFORE, the Parties hereby agree to the following revisions:
1. Recital B of the Agreement is hereby amended in its entirety to read as follows: The Recipient intends to rehabilitate a former motel located on the Property, commonly known as Travelers Motel, to serve as permanent supportive housing development consisting of fifty-four (54) units (the “Project”). Thirty-seven (37) units will be for youth who are homeless or at risk of homelessness, and the remaining seventeen (16) units will serve the general population experiencing homelessness, and include one (1) manager unit; and
2. Recital D of the Agreement is hereby amended in its entirety to read as follows: City wishes to give to Recipient a grant of not to exceed Two Million One Hundred Seventeen Thousand Seven Hundred -Three Dollars ($2,117,703) (the “Grant) of HHAP funds to help finance the rehabilitation of the Property and improvements thereon required for the Project and to provide an operating subsidy to cover a portion of ongoing costs of operating the Project, with such subsidy payment(s) having the same effect as rental assistance to bridge the gap between a tenant’s ability to pay and per unit operating costs. In exchange for payment of an operating subsidy, qualified tenants will lease and occupy Assisted Units in alignment #15..
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HHAP- HHAP AGREEMENT
(Traveler’s Motel – 710 North 9th Street)– First Amendment with 100% Fair Market Rent as defined by HUD for Modesto, CA MSA. The Grant must be expended by April 30, 2026.
3. Section 2.2 Use of Grant Funds, is hereby amended as follows: the Recipient shall use the proceeds of the Grant as described in Exhibit B and Exhibit D. The portion of the Grant used to provide an operating subsidy to pay the Recipient an amount no greater than the cumulative Fair Market Rent for the units in the Project as determined by HUD for the Modesto, CA MSA, less the cumulative amount of any rent payments actually received from tenants of the Project by the Recipient.
4. Exhibits B and C of the Agreements are amended to read as shown in the Exhibits attached to this First Amendment and incorporated herein by reference.
5. Except as modified by the First Amendment, all other terms and conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this First Amendment on the day and year first hereinabove written.
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HHAP- HHAP AGREEMENT
(Traveler’s Motel – 710 North 9th Street)– First Amendment
EXHIBIT B
RENTAL RESTRICTIONS
# of Bedrooms Total
Homekey
Units
HomekeyFunded
Manager
Units
HomekeyAssisted
Units
AMI
Income
Limit
Target Population or
Subpopulation
Restriction
0 (Studio) 37 N/A 37 30% Homeless Youth or
Youth at Risk of
Homelessness
0 (Studio) 17 N/A 16 30% Homeless
1-Bedroom 1 1 N/A N/A N/A
Totals: 54 1 53
Rent amounts for each Unit shall not exceed the "affordable rents" under the applicable Homekey Restrictions.
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HHAP- HHAP AGREEMENT
(Traveler’s Motel – 710 North 9th Street)– First Amendment
EXHIBIT C
APPROVED PROJECT BUDGET
MODESTO HOMEKEY, LP CONSTRUCTION BUDGET
CONSTRUCTION USES ·.
•. AMOUNT
Acquisition $6,400,000.00
Hard Costs $12,750,710.67
Soft Costs $2,574,911.42
Developer Fee (Realized) $1,199,000.00
Reserves $561,301.22
Operational Subsidies $342,626
USES DURING CONSTRUCTION SUBTOTAL $23,828,549.31
CONSTRUCTION SOURCE
•.
•.
.• .•. ORIGINAL BUDGET ' ''"'
Homekey Capital $15,700,000.00
, City of Modesto HOME-ARP $2,800,000.00
CSOCHHAP $2,117,703
HPSJ HHIP $2,150,000.00
Homekey COSR $359,562.00
Welfare Tax Exemption $27,572.31
City of Modesto HOME $673,712.00
SOURCES DURING CONSTRUCTION SUBTOTAL $23,828,549.31
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
October 14, 2025
Date: October 3, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Jessica Hill, Director of Community and Economic Development SUBJECT: Operating Agreement with Modesto Hospitality, LLC CONTACT: Taranjot Khehra, Business Analyst, [email protected], 209-577-5239 DESCRIPTION:
Consider approving an Agreement between the City of Modesto and Modesto Hospitality, LLC to operate the Modesto Centre Plaza through December 31, 2026, and continuing thereafter until terminated by one of parties. (Fund Source: Centre Plaza Fund) STRATEGIC PLAN ELEMENT:
This action supports the City of Modesto’s 2025-2026 Strategic Plan Area of Focus Quality of Life, Goal D: by providing safe, efficient, and reliable infrastructure through proactive community investment, maintenance and sustainability efforts.
BACKGROUND:
For over two decades, the City of Modesto (“City”) has partnered with Modesto Hospitality, LLC (doing business as the DoubleTree hotel) to provide catering and concessionaire services to the Modesto Centre Plaza (“MCP”). The DoubleTree hotel provides catering and concessionaire services for events booked or hosted at MCP. Catering services include the preparation and serving of food and non-alcoholic beverages at a per-plate, per-person, or per-order charge.
Concessionaire services include the preparation and sale of food and both alcoholic and nonalcoholic beverages directly to the customer at a per-item charge.
On December 12, 2023, by Resolution No. 2023-543, the Modesto City Council approved a First Amendment extending the Catering and Concessionaire Agreement between the City of Modesto and Modesto Hospitality, LLC to allow MCP to continue operations during ongoing planning for the facility. The First Amendment extended the agreement by six (6) months to June 30, 2024, after which the term continued on a month-to-month basis unless terminated by either party by not less than thirty (30) days written notice prior to the end of an agreement month. Since July 1, 2024, the City of Modesto and Modesto Hospitality, LLC have been operating under this monthto-month arrangement.
For the last ten (10) years, the Modesto Centre Plaza has been operating at approximately a one (1) million-dollar deficit each year. Therefore, the City has had to subsidize the operations #16..
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City Council, October 14, 2025
Operating Agreement with Modesto Hospitality, LLC
with General Fund dollars to address the operating deficit. The City has decided to not continue to subsidize the operations; therefore, the Modesto Centre Plaza is not booking events after December 31, 2025, and the facility is scheduled to close.
DISCUSSION:
Modesto Hospitality LLC (“DoubleTree”) approached the City of Modesto to operate the Modesto Centre Plaza on an interim basis until the facility permanently closes. Staff has worked with the Modesto Hospitality, LLC to draft terms that reflect the evolving needs of MCP while maintaining service continuity.
As part of this new Agreement, the City of Modesto and Modesto Hospitality, LLC agree to the following key provisions:
Term: The term of this Agreement shall commence upon execution, and last until December 31, 2026. Thereafter, the Agreement shall remain in effect until terminated by either Party with 180 days prior notice.
Bookings: Beginning July 1, 2026, no events shall be booked more than 180 days in advance.
Capital Repairs: The City will have no obligation to make any capital repairs or replacements. If damage occurs during the term that creates a threat to health or safety, the City may elect to repair the damage or terminate the Agreement. Maintenance: Modesto Hospitality, LLC is responsible for all routine maintenance, including janitorial services. The City shall continue maintaining all landscaping and pest control management for the Modesto Centre Plaza facility and surrounding property. Utilities: The City will pay for all utilities currently provided to the property. Insurance: The City will maintain property insurance. Modesto Hospitality, LLC shall maintain liability insurance, workers compensation, and insurance for its personal property.
Payment: Modesto Hospitality, LLC shall be responsible for all bookings of future events at Modesto Centre Plaza at their discretion. Modesto Hospitality, LLC shall pay the City 90% of all revenue associated with the room rental fees associated with the bookings.
Existing commission fees shall remain unchanged, as outlined in the Fiscal Impact section below.
City Events: The City may hold ten (10) events per year at the Modesto Centre Plaza without charge or fee of any kind (except for catering, if used). #16..
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City Council, October 14, 2025
Operating Agreement with Modesto Hospitality, LLC
Security: The City will pay for fifty percent (50%) of security costs, up to a maximum of five (5) thousand dollars ($5,000) per month for the length of the contract. Specific hours will be identified within the agreement.
Rental Fees: Modesto Hospitality, LLC shall charge the City’s existing rental fees for entities booking Modesto Centre Plaza. For bookings in 2027, the City shall consider an increase to the amount charged for future bookings.
This new Agreement ensures that Modesto Centre Plaza will continue to offer reliable catering and concessionaire services, while also aligning with the City’s broader strategic planning for the future of the facility.
The proposed Agreement has not been finalized, and the proposed Resolution authorize the City Manager to negotiate the final agreement, subject to the terms identified above.
FISCAL IMPACT:
Under the terms of the new Agreement, all existing commission fees shall remain unchanged, and Modesto Hospitality, LLC shall remit the following to the City:
Gross Revenue Room Rental Fee
All Room Rental 90%
Gross Revenue Catering Fee
$0-$9,999.99 14%
$10,000-$19,999.99 16%
$20,000 or greater 18%
Gross Revenue Concessionaire Fee
$0-$9,999.99 21%
$10,000 or greater 24%
Gross Revenue Audiovisual Commissions
First $70,000 70%
$70,000 or greater 50%
The City will still be responsible for utilities, property insurance, and 50% of the security costs.
Staff anticipates that these expenses will be covered by the room rent we are anticipating during this time. Any future revenue that exceeds costs will be set aside for future projects or initiatives.
COMMITTEE RECOMMENDATION:
Due to the urgent nature of the action needed, this item is being presented directly to Council. #16..
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City Council, October 14, 2025
Operating Agreement with Modesto Hospitality, LLC
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving an Agreement between the City of Modesto and Modesto Hospitality, LLC, to operate the Modesto Centre Plaza through December 31, 2026, and continuing thereafter until terminated by one of the parties, and authorizing the City Manager, or designee, to negotiate and execute the Final Agreement.
Approved by:
Jessica Hill
Director of Community and Economic Development
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
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10/14/2025/CED/TKhehra/Item X 1 2025-XX
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-XX
RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF
MODESTO AND MODESTO HOSPITALITY, LLC, TO OPERATE THE
MODESTO CENTRE PLAZA THROUGH DECEMBER 31, 2026, AND
CONTINUING THEREAFTER UNTIL TERMINATED BY ONE OF THE
PARTIES, AND AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO
NEGOTIATE AND EXECUTE THE FINAL AGREEMENT
WHEREAS, the City of Modesto (“City”) operates and manages the Modesto Centre Plaza (“MCP”) as a destination conference center and community facility; and WHEREAS, in November 2019, by Resolution No. 2019-488, Council approved a new four-year agreement between the City of Modesto and Modesto Hospitality, LLC (“The DoubleTree”), which was set to expire December 31, 2023, to provide catering and concessionaire services for events booked or hosted at MCP; and WHEREAS, the DoubleTree pays the City catering and concessionaire fees as well as commissions for audiovisual services; and
WHEREAS, on December 12, 2023, by Resolution No. 2023-543, the Modesto City Council approved a First Amendment to the Catering and Concessionaire Agreement to allow MCP to continue operations during ongoing planning for the facility; and
WHEREAS, the First Amendment extended the agreement by six (6) months to June 30, 2024, after which the term continued on a month-to-month basis unless terminated by either party by not less than thirty (30) days written notice prior to the end of an agreement month; and
WHEREAS, since July 1, 2024, the City of Modesto and Modesto Hospitality, LLC have been operating under this month-to-month arrangement; and #16..
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10/14/2025/CED/TKhehra/Item X 2 2025-XX
WHEREAS, for the last ten (10) years, the Modesto Centre Plaza has been operating at approximately a one (1) million-dollar deficit each year; and WHEREAS, the City has had to subsidize the operations with General Fund dollars to address the operating deficit; and
WHEREAS, the City has decided to not continue to subsidize the operations; and WHEREAS, the Modesto Centre Plaza is not booking events after December 31, 2025, and the facility is scheduled to close; and
WHEREAS, Modesto Hospitality LLC approached the City of Modesto to operate the Modesto Centre Plaza on an interim until the facility permanently closes; and WHEREAS, staff has worked with the Modesto Hospitality, LLC to draft terms of a new Agreement; and
WHEREAS, this new Agreement between the City of Modesto and Modesto Hospitality, LLC shall commence upon execution, and last until December 31, 2026.
Thereafter, the Agreement shall remain in effect until terminated by either Party with 180 days prior notice; and
WHEREAS, beginning July 1, 2026, no events shall be booked more than 180 days in advance; and
WHEREAS, the City will have no obligation to make any capital repairs or replacements. If damage occurs during the term that creates a threat to health or safety, the City may elect to repair the damage or terminate the Agreement; and WHEREAS, Modesto Hospitality, LLC is responsible for all routine maintenance, including janitorial services;
WHEREAS, the City shall continue maintaining all landscaping and pest control #16..
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10/14/2025/CED/TKhehra/Item X 3 2025-XX
management for the Modesto Centre Plaza facility and surrounding property; and WHEREAS, the City will pay for all utilities currently provided to the property; and
WHEREAS, the City will maintain property insurance; and WHEREAS, Modesto Hospitality, LLC shall maintain liability insurance, workers compensation, and insurance for its personal property; and WHEREAS, Modesto Hospitality, LLC shall be responsible for all bookings of future events at Modesto Centre Plaza at their discretion; and WHEREAS, Modesto Hospitality, LLC shall pay the City 90% of all revenue associated with the room rental fees associated with the bookings; and WHEREAS, all existing commission fees shall remain unchanged, and are follows:
1. Catering:
a. $0-$9,999.99 – 14%
b. $10,000-$19,999.99 -16%
c. $20,000 or greater – 18%
2. Concessionaire:
a. $0-$9,999.99 - 21%
b. $10,000 or greater – 24%
3. AV Commissions (the Doubletree can utilize Statewide Production):
a. $0-$70,000 - 70%
b. $70,000 or greater – 50%
; and
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10/14/2025/CED/TKhehra/Item X 4 2025-XX
WHEREAS, the City may hold 10 (ten) events per year at Modesto Centre Plaza without charge or fee of any kind (except for catering, if used); and WHEREAS, the City will pay for fifty percent (50%) of security costs, up to a maximum of five (5) thousand dollars ($5,000) per month for the length of the contract, and specific hours will be identified within the Agreement; and WHEREAS, Modesto Hospitality, LLC shall charge the City’s existing rental fees for entities booking Modesto Centre Plaza; and
WHEREAS, for bookings in 2027, the City shall consider an increase to the amount charged for future bookings.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves an Agreement between the City of Modesto and Modesto Hospitality, LLC, to operate the Modesto Centre Plaza through December 31, 2026 and shall remain in effect until terminated by either Party with 180 days prior notice.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is authorized to negotiate and execute the final Agreement, in a form approved by the City Attorney.
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10/14/2025/CED/TKhehra/Item X 5 2025-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 14th day of October 2025, by Councilmember _______, who moved its adoption, which motion being duly seconded by Councilmember _________ , was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST:_ ______
DIANE NAYARES-PEREZ,CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: __________________________________________
JOSE M. SANCHEZ, City Attorney
#16..
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
October 14, 2025
Date: September 17, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services/City Engineer SUBJECT: First Amendment to the Agreement with Mark Thomas & Company, Inc. for the Design of the Tuolumne River Regional Park (TRRP) Riverwalk Trail – Gateway to Neece Project
CONTACT: Nathan Houx, Parks Planning and Development Manager, [email protected], 209-571-5526
DESCRIPTION:
Consider approving a First Amendment to the Agreement with Mark Thomas & Company, Inc. for additional tasks related to Construction Documentation and Bidding & Construction Support for the Tuolumne River Regional Park (TRRP) Riverwalk Trail – Gateway to Neece Project, for a new total amount not to exceed $364,941. (Funding Source: Parks Capital Facility Fee Fund, Recreational Trails and Greenways Grant Program – Proposition 68) STRATEGIC PLAN ELEMENT:
This item is consistent with the following 2025-2026 Strategic Plan Area of Focus: Quality of Life.
BACKGROUND:
The Tuolumne River Regional Park (TRRP) consists of 500-acres of riparian land within the City of Modesto and Stanislaus County. The park runs approximately 7-miles along the river’s edge stretching from the Mitchell Road bridge on the eastern boundary to just west of the Carpenter Road bridge on the western boundary.
In 1999, the TRRP Commission updated the original land use plan, which included preparation of a TRRP Master Plan and Master Environmental Impact Report (MEIR). The Master Plan and MEIR were developed over a two-year period and were certified by the TRRP Commission and adopted by Ceres City Council, Modesto City Council and County Board of Supervisors in 2001.
Construction of the Gateway Parcel development (the area on the north side of the river from the confluence of the Tuolumne River and Dry Creek to Highway 99) commenced in 2006.
Riparian habitat restoration activities have included construction of backwater channels, riparian terraces, wildlife areas, and river structure dam removal. Recreational construction activities #17..
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City Council, October 14, 2025
First Amendment to the Agreement with Mark Thomas & Company, Inc. for the Design of the Tuolumne River Regional Park (TRRP) Riverwalk Trail – Gateway to Neece Project
have included an outdoor classroom, river observation deck, multiple Class 1 trails and pedestrian bridge installation.
The TRRP Riverwalk Trail – Gateway to Neece Drive Project will provide a new paved trail connection between the existing trail just below Highway 99 at the Gateway Parcel to the corner of Neece Drive and Rouse Avenue. The project will extend the active recreational use of the river frontage to the Neece Drive Boat Launch and is compatible for commuting uses between City employment centers and neighborhood destinations.
On January 10, 2023, by Resolution No. 2023-18, Council approved an Agreement with Mark Thomas & Company, Inc., for $263,257 plus 10% additional services of $26,326, for a total not to exceed $289,583 for the preparation of construction documentation for the TRRP Riverwalk Trail – Gateway to Neece Project.
DISCUSSION:
The original Agreement amount with Mark Thomas & Company, Inc., is for $289,583. Since the start of design in 2023, there has been one additional service request approved by the Department Director, as allowed in the Agreement, in an amount of $21,100. The additional service request included additional site topographic surveying.
In March of 2025, at the City’s request, Mark Thomas & Company, Inc., submitted a budget augmentation for additional tasks exceeding the $289,583 authorized in the Original Agreement.
The estimated additional tasks resulted in increased costs, totaling $62,584, to the following:
1. Additional Construction Documentation (including Geotechnical Investigation and Reporting).
2. Additional cost for Bidding and Construction Support beyond what was anticipated in the original Agreement.
Staff are recommending increasing the additional services budget to 12%, a total of $39,100, to allow the Department Director to approve any future additional services that are necessary. This will increase the total maximum compensation under this agreement to $364,941.
Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $100,000 for material, equipment, or contractual services to be formally bid. However, exceptions to the formal bidding process are granted in MMC 8-3.204(f), “Where the Purchasing Manager, in his or her discretion, determines that it is appropriate to amend the services or goods provided under an existing agreement to include additional similar goods or services, of limited quantity or scope, in order to increase efficiency and avoid delays or disruptions to City projects or services.”
FISCAL IMPACT:
Funding for this project is budgeted in Capital Improvement Program (CIP) account #101164 (TRRP Riverwalk Gateway to Neece). No additional funding is needed to fund this Amendment #1 to the design agreement.
#17..
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City Council, October 14, 2025
First Amendment to the Agreement with Mark Thomas & Company, Inc. for the Design of the Tuolumne River Regional Park (TRRP) Riverwalk Trail – Gateway to Neece Project
ANTICIPATED AGREEMENT EXPENDITURES WITH PROPOSED AMENDMENT Original Design Agreement – Mark Thomas & Company, Inc. $ 263,257 Proposed First Amendment to Agreement $ 62,584
Revised Contingency for Additional Services (12%) $ 39,100 TOTAL $ 364,941
COMMITTEE RECOMMENDATION:
This item was reviewed by the Safety and Communities Committee on September 16, 2025, and was recommended to forward to Council for approval.
CEQA/NEPA REQUIREMENTS:
No environmental review is needed for this action as it is an administrative action.
Environmental review will be completed as part of the design process for this project.
RECOMMENDED COMMITTEE ACTION:
Staff Recommendations:
Resolution approving a First Amendment to the Agreement with Mark Thomas & Company, Inc. for additional tasks related to Construction Documentation and Bidding & Construction Support for the Tuolumne River Regional Park (TRRP) Riverwalk Trail – Gateway to Neece Project, increasing the Agreement amount by $62,584 to a new total amount not to exceed $325,841, plus $39,100 in additional services, if needed, for a total amount not to exceed $364,941, and authorizing the City Manager, or his designee, to execute the Amendment.
Approved by:
Toby Wells, Director of Engineering Services/City
Engineer
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. First Amendment to the Agreement with Mark Thomas & Company
3. Exhibits A-1 & B-1
4. Original Agreement with Mark Thomas & Company
#17..
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10/14/2025/ENG/NHoux/Item XX 1 2025-XX
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION APPROVING A FIRST AMENDMENT TO THE AGREEMENT WITH MARK THOMAS & COMPANY, INC. FOR ADDITIONAL TASKS
RELATED TO CONSTRUCTION DOCUMENTATION AND BIDDING &
CONSTRUCTION SUPPORT FOR THE TUOLUMNE RIVER REGIONAL PARK (TRRP) RIVERWALK TRAIL – GATEWAY TO NEECE PROJECT,
INCREASING THE AGREEMENT AMOUNT BY $62,584 TO A NEW TOTAL AMOUNT NOT TO EXCEED $325,841, PLUS $39,100 IN ADDITIONAL SERVICES, IF NEEDED, FOR A TOTAL AMOUNT NOT TO EXCEED $364,941,
AND AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO EXECUTE
THE AMENDMENT
WHEREAS, on January 10, 2023, by Resolution No. 2023-18, Council approved an Agreement with Mark Thomas & Company, Inc., for $263,257 plus 10% additional services of $26,326, for a total not to exceed $289,583 for the preparation of construction documentation for the TRRP Riverwalk Trail – Gateway to Neece Project; and WHEREAS, in March of 2025, at the City’s request, Mark Thomas & Company, Inc., submitted a budget augmentation for additional tasks exceeding the $289,583 authorized in the Original Agreement; and
WHEREAS, the estimated additional tasks resulted in increased costs, totaling $62,584, to the following:
1. Additional Construction Documentation (including Geotechnical Investigation and Reporting).
2. Additional cost for Bidding and Construction Support beyond what was anticipated in the original Agreement.; and
WHEREAS, staff are recommending increasing the additional services budget to 12%, a total of $39,100, to allow the Department Director to approve any future #17..
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10/14/2025/ENG/NHoux/Item XX 2 2025-XX
additional services that are necessary; and
WHEREAS, Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $100,000 for material, equipment, or contractual services to be formally bid; however, exceptions to the formal bidding process are granted in MMC 8-3.204(f), “Where the Purchasing Manager, in his or her discretion, determines that it is appropriate to amend the services or goods provided under an existing agreement to include additional similar goods or services, of limited quantity or scope, in order to increase efficiency and avoid delays or disruptions to City projects or services.”
NOW, THEREFORE BE IT RESOLVED, by the Council of the City of Modesto that it hereby approves a First Amendment to the Agreement with Mark Thomas & Company, Inc. for additional tasks related to Construction Documentation and Bidding & Construction Support for the Tuolumne River Regional Park (TRRP) Riverwalk Trail – Gateway to Neece Project, increasing the Agreement amount by $62,584 to a new total amount not to exceed $325,841, plus $39,100 in additional services, if needed, for a total amount not to exceed $364,941.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is authorized to execute the First Amendment to the Agreement, in a form approved by the City Attorney.
#17..
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10/14/2025/ENG/NHoux/Item XX 3 2025-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 14th day of October 2025, by Councilmember , who moved its adoption, which motion being duly seconded by Councilmember , was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ________________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
#17..
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FIRST AMENDMENT TO AGREEMENT FOR CONSULTANT SERVICES WITH MARK THOMAS & COMPANY, INC., FOR THE TUOLUMNE RIVER REGIONAL PARK (TRRP) RIVERWALK TRAIL – GATEWAY TO NEECE PROJECT
This First Amendment to Agreement for Consultant Services (“First Amendment”) is made by and between the CITY OF MODESTO (“City”) and MARK THOMAS & COMPANY, INC., (“Consultant”) on this _____ day of ______________, 2025 (Effective Date).
RECITALS
This First Amendment is made with regard to the following recitals:
a. City and Consultant entered into an Agreement for Consultant Services for the TRRP Riverwalk Trail – Gateway to Neece Project on January 10, 2023, approved via Council Resolution No. 2023-18 (the “Original Agreement”); and
b. Paragraph no. 9 “AMENDMENTS” on page 6-7 of the Original Agreement states “Any material extension or change in the scope of work shall be discussed with City and the change and cost shall be memorialized in a written amendment to the original contract prior to the performance of the additional work”; and
c. Paragraph no. 3 “COMPENSATION” on pages 2-4 of the Original Agreement for Consultant Services specifies the sum of TWO HUNDRED
SIXTY-THREE THOUSAND TWO HUNDRED FIFTY-SEVEN AND
00/100 DOLLARS ($263,257.00) as the total compensation Consultant agrees to accept for performing all services and furnishing all staffing and materials for the project as well as performance by Consultant of all of its #17..
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duties and obligations required in the Original Agreement. Additional Services may be authorized by the Department Director in an amount up to, but not to exceed, 10% of the agreed maximum compensation, or
TWENTY-SIX THOUSAND THREE HUNDRED TWENTY-SIX AND
00/100 DOLLARS ($26,326). In that event, the new total compensation shall not exceed TWO HUNDRED EIGHTY-NINE THOUSAND FIVE
HUNDRED EIGHTY-THREE AND 00/100 DOLLARS ($289,583.00);
and
d. On March 31, 2025, at the City’s request, Consultant submitted to City a budget augmentation for additional tasks in excess of the $289,583.00 authorized in the Original Agreement, attached hereto as Exhibit “A-1” to this First Amendment; and
e. The estimated additional tasks result in increased costs as follows:
1. Additional Construction Documentation (including Geotechnical Investigation and Reporting). (Task 2): To ensure proper design and complete the final bid package - $60,784; and
2. Additional Bidding and Construction Support (Task 3): to ensure appropriate design support during bidding and construction - $1,800.00; and
f. The aforementioned estimated additional tasks increase the amount of the Original Agreement by SIXTY-TWO THOUSAND FIVE HUNDRED
EIGHTY FOUR AND 00/100 DOLLARS ($62,584.00). The amounts listed above are the estimated level of effort for each task. In no case shall the total #17..
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fee exceed the total contract amount under the Original Agreement and this First Amendment to Agreement without memorializing an additional written amendment to the original contract and must be signed by both parties; and g. The parties to the Original Agreement and to this First Amendment now understand and agree that it is necessary to modify paragraph no. 1 entitled “SCOPE OF SERVICES” on page 1 of the Original Agreement; and h. The parties to the Original Agreement and to this First Amendment now understand and agree it is necessary to modify paragraph no. 3 entitled “COMPENSATION” on pages 2-4 of the Original Agreement; and i. The parties to the Original Agreement and to this First Amendment further understand and agree the Original Agreement is modified solely by the modifications contained in this First Amendment and in no other way whatsoever. All other terms and conditions contained in the Original Agreement remain the same; and
NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements contained herein, the parties mutually agree and covenant as follows:
1. The parties agree that each of the recitals set out above is factually true and correct.
2. Exhibits A-1 and B-1, attached hereto, and hereby incorporated and made a part of the Original Agreement by this reference.
3. Paragraph 1 entitled “SCOPE OF SERVICES” on page 1 of the Original Agreement shall be deleted in its entirety and shall read as follows:
SCOPE OF SERVICES.
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Consultant shall undertake and complete the preparation of the scope of work as set forth and described in the documents attached to the Agreement and referred to therein as Exhibit “A” or “Project”. In addition, Consultant shall undertake and complete the preparation of the scope of work as set forth and described in Exhibit “A-1”. The Consultant shall perform the services as described in Exhibit “A” and Exhibit “A-1” in a manner compatible with the standards of its profession and shall produce a complete project as described in Exhibit “A” and Exhibit “A-1” that is acceptable to City.
4. Paragraph no. 3 entitled “COMPENSATION” on pages 2-4 of the Original Agreement between the parties shall be deleted in its entirety and read as follows:
COMPENSATION.
Consultant agrees to accept a sum not to exceed THREE
HUNDRED TWENTY FIVE THOUSAND EIGHT HUNDRED
FORTY ONE AND 00/100 DOLLARS ($325,841.00), (maximum
compensation) as full remuneration for performing all services and furnishing all staffing and materials called for in Exhibit “A” and Exhibit “A-1” attached hereto as well as for performance by Consultant of all of its duties and obligations under the Agreement and the First Amendment, except that additional services may be compensated as described below.
The compensation shall be paid pursuant to and in the manner and at the times set forth below:
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City shall pay Consultant on a time and materials basis for Consultant's actual costs for all work called for in Exhibit "A" and Exhibit “A-1”. All future work to be performed under this Agreement shall be billed at the hourly rates set forth in Exhibit "B-1". State of California Prevailing Wage Rates are required for the work described within the project Scope of Services. Consultant shall submit monthly invoices to City which include detailed tasks, hours worked, and billable rates for all work completed, and detailed receipts for any out-of-pocket costs paid by Consultant in connection with work performed on this project.
No retainage will be withheld by City from progress payments due the Consultant. Retainage by the Consultant or subconsultants is prohibited, and no retainage will be held by the Consultant from progress due subconsultants. Any violation of this provision shall subject the violating Consultant or subconsultants to the penalties, sanctions, and other remedies specified in Section 7108.5 of the California Business and Professions Code. This requirement shall not be construed to limit or impair any contractual, administrative, or judicial remedies, otherwise available to the Consultant or subconsultant in the event of a dispute involving late payment or nonpayment by the Consultant or deficient subconsultant performance, or noncompliance by a subconsultant. This provision applies to both DBE and non-DBE Consultants and subconsultants.
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Reimbursable Expenses including all printing and reproduction, travel, vehicle mileage, delivery and horticultural soils samples expenses will be billed at cost. The total cost for all reimbursable expenses for the Project shall not exceed $4,208 and is included in the not to exceed figure of $325,841. It is the responsibility of the Consultant to manage reimbursable expenses to ensure that they do not exceed this budget.
Reimbursable expenses shall be invoiced to the City by monthly invoices and shall itemize the reimbursable expenses incurred during the preceding month and indicate the amount due.
Additional services may be authorized by the Department Director in an amount up to, but not to exceed 12% of the agreed maximum compensation, or THIRTY NINE THOUSAND ONE HUNDRED AND
00/100 DOLLARS ($39,100.00). In the event that additional services are deemed necessary, the Consultant shall provide a written request to the Department Director, or designee, indicating the reason for additional work, scope and cost of such work. The Department Director, or designee, shall provide a written response to the request, either approving or denying the additional expenditure. If future additional services are requested and approved, they will be billed at the hourly rates set forth in Exhibit “B-1” and may not exceed the amount requested and approved in writing by the Department Director. In that event, the new total compensation shall not exceed THREE HUNDRED SIXTY-FOUR
THOUSAND NINE HUNDRED FOURTY ONE AND 00/100
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DOLLARS ($364,941.00). If additional services in excess of this amount are deemed necessary by City Staff, an amendment to this Agreement will be required and must be approved by the City Council prior to commencing the work, as provided in Paragraph 9 of the Agreement.
5. Paragraph 2 entitled “TERM OF AGREEMENT”, on page 2 of the Original Agreement shall be deleted in its entirety and read as follows:
TERM OF AGREEMENT.
This Agreement is effective as of the Effective Date and will continue in effect until City's acceptance of and payment for all services authorized by City and performed by Consultant, unless terminated earlier in accordance with the provisions of the termination clause in this Agreement.
Consultant shall undertake and complete the scope of work as set forth and described in the documents commonly referred to as “project” attached hereto as Exhibit "A" and Exhibit “A-1” and made a part hereof. City hereby gives Consultant notice to proceed with the project in the manner described in Exhibit "A" and Exhibit “A-1”, as of the Effective Date of this agreement. Consultant shall diligently proceed with the Professional Design Consulting Services of the Project until the completion of items shown in Exhibit “A” and Exhibit “A-1”.
6. Except as herein amended or modified, the provisions of the Original Agreement are expressly reaffirmed and remain in full force and effect to the extent they are not in conflict with this First Amendment. #17..
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IN WITNESS WHEREOF, CITY OF MODESTO, a municipal corporation, has authorized the execution of this First Amendment in duplicate by its City Manager and attestation by its City Clerk under authority of Resolution No. , adopted by the Council of the City of Modesto on the ____ day of ___________, 2025, and MARK THOMAS & COMPANY, INC., has caused this First Amendment to be duly executed as of the Effective date.
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Parks, Recreation and
Neighborhoods Department
Parks Planning and
Development Division
P.O. Box 642
Modesto, California 95354
209.577.5344
EXHIBIT ‘A-1’
SCOPE OF ADDITIONAL WORK FOR AMENDMENT #1
TASK #2 – ADDITIONAL CONSTRUCTION DOCUMENTATION
2.1 Two additional layout drawing submittals.
2.2 Three additional meetings with City staff to discuss the design layout.
2.3 Revision of surface data due to adding additional topographic data.
2.4 Design of three additional alignment and profile alternatives that were not included in the original scope of work due to unforeseen site conditions.
2.5 Geotechnical review of the 90% drawings and specifications which was not included in the original scope of work.
2.6 Geotechnical Investigation and Reporting:
a. Project includes 10 ft of new engineered fill, additional cut and fill slopes along proposed trail, and the need for pavement design for the new pavement along Sunset Avenue between the sidewalk and the existing pavement (about 225 ft. long). The new engineered fill is planned to be located south of the intersection at Neece Drive and Rouse Avenue with slopes of 2:1.
b. Prepare Geotechnical Report addressing the project elements outlined above. c. Subsurface Exploration –
1. Two test borings at the engineered fill location about 30 to 40 ft deep, one 5 ft hand auger within the western shoulder on Sunset Avenue near Rouse Avenue and 4-6 Dynamic Cone Penetrometer (DCP) with hand equipment, located near cross sections C-C’ and E-E’ along the park trail to obtain tube/bulk samples.
2. Engineer/Geologist will direct the sampling and log the borings. At a minimum, we will sample at 5 ft intervals thereafter using a split spoon sampler. The drilling contractor will advance the borings with a trackmounted or rubber-tired truck-mounted drill rig using 6- to 8-inch-diameter hollow- or solid-stem augers. Standard Penetration Testing and Modified California sampling will be performed within the borings with a 140-pound automatic hammer to obtain samples and blow count information. Visual soil classification will be performed on all samples.
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3. The DCP will be driven with hand-operated equipment to a maximum depth of 10 ft or refusal. The DCP will be driven continuously, and samples will be complete at specified intervals. Our Engineer/Geologist will direct the sampling and log the borings. At a minimum, we will obtain bulk samples and drive samples every 5 ft at each test location. We will deliver the samples to the laboratory for testing. Visual soil classification will be performed on all samples. Hand auger locations will be backfilled with clean sand.
d. Laboratory Testing –
1. Crawford expects to perform the following laboratory tests on selected soil samples retrieved from our borings. The final testing schedule will depend on project design and subsurface data.
• Moisture content / unit weight;
• 200 wash analysis;
• Grain size analysis;
• Plasticity index;
• Corrosivity;
• Sand Equivalent;
• Unconfined compressive; and
• R-value.
e. Draft and Final Geotechnical Reports –
1. Crawford will perform engineering analysis and prepare a Geotechnical Report containing the following:
• Project description;
• Summary of subsurface exploration and subsurface conditions; • Laboratory test results;
• Corrosion potential;
• Current Caltrans Seismic Design Criteria to determine the site acceleration response spectrum (ARS) and liquefaction potential; • Foundation recommendations for Caltrans standard retaining structures including minimum depth/width, allowable support, lateral soil resistance, skin friction, and settlement estimates; • Geotechnical recommendations for grading and construction, including ground preparation, slope stability, materials excavation, excavation stability and placement, compaction, and dewatering (if necessary);
• Pavement section recommendations (Sunset Avenue);
• Minimum unreinforced permeable and concrete flatwork sections; • Risk management and limitations;
• Vicinity Map;
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• Site Plan with exploration locations; and
• Exploration logs with laboratory test results
• Moisture
f. Deliverables –
1. Draft Geotechnical Report
2. Final Geotechnical Report
TASK #3 – ADDITIONAL BIDDING AND CONSTRUCTION SUPPORT
3.1 Support the Design team and City of Modesto during bidding and construction by responding to Geotechnical related RFIs and submittals (up to 3 each). Includes time to attend up to one construction meeting.
PROJECT SCHEDULE
Proposed milestones for the project tasks are as follows:
MILESTONE DATE
Approve Amendment #1 Tuesday, October 14, 2025
Geotechnical Report Completed January 2026
Design Completion Approx. February 2026
PROPOSED COMPENSATION
The following additional fees are based on the scope of work described previously in Exhibit ‘A1’. Payments will be made on a monthly basis when portions of the tasks are completed.
The monthly billing at the Hourly Rates included in Exhibit ‘B-1’, and verifiable documentation on any reimbursable expenses incurred.
Task #2 – Additional Construction Documentation (not to exceed) $ 60,784 Task #3 – Bidding and Construction Support (not to exceed) $ 1,800 Total Additional Amount for Amendment #1 $ 62,584
Updated Additional Services Budget (not to exceed 12%) $ 39,100 #17..
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Engineering Services
Department
Parks Planning and
Development Division
P.O. Box 642
Modesto, California 95354
209.577.5344
EXHIBIT ‘B-1’
HOURLY RATES
The following hourly rates will be used for billable hours within this Agreement and for additional work requested and approved. In addition, monthly progress payment invoices shall include the minimum attachments: Detailed description or itemization of work completed for the time period, task billing summary, hourly rates from all consultants.
Mark Thomas
Engineering & Planning
Senior Engineer Manager $430
Engineer Manager $375
Design Engineer II $175
Design Engineer I $150
Sr. Project Coordinator $180
Westwood Professional Services, Inc.
Survey/Outreach/Landscape
Principal $280
Senior Civil Engineer $215
Senior Engineer 2 $200
Senior Engineer 1 $185
Engineer 2 $180
Engineer 1 $170
Assistant Engineer 2 $145
Assistant Engineer 1 $130
Senior Landscape Architect 2 $200
Senior Landscape Architect 1 $180
Landscape Architect 2 $170
Landscape Architect 1 $160
Landscape Designer 3 $155
Landscape Designer 2 $145
Landscape Designer 1 $135
Planner $175
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Assistant Planner $140
Dry Utility Project Manager 2 $170
Dry Utility Project Manager 1 $150
Utility Engineer $135
CADD Operator 2 $115
CADD Operator 1 $95
Surveyor Manager $205
Senior Land Surveyor $195
Senior Surveyor 2 $190
Senior Surveyor 1 $170
Surveyor 2 $150
Surveyor 1 $140
Assistant Surveyor 2 $130
Assistant Surveyor 1 $115
Survey Crew 2-man/1-man $320/$180
Survey Crew 2-man/1-man (Prevailing
Wage) $396/$225
Administrative $96
GEI
Environmental/Permitting
Staff Professional – Grade 1 $ 89
Staff Professional – Grade 2 $ 105
Project Professional – Grade 3 $ 118
Project Professional – Grade 4 $ 143
Senior Professional – Grade 5 $ 164
Senior Professional – Grade 6 $ 188 - $ 205
Senior Professional – Grade 7 $ 243
Senior Consultant – Grade 8 $ 274
Senior Consultant – Grade 9 $ 279
Senior Principal – Grade 10 $ 279
Senior Drafter and Designer $145
Drafter / Designer and Senior
Technician $118
Field Professional $106
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Technician, Word Processor,
Administrative Staff $84
Office Aide $83
Fehr & Peers
Electrical
Principal $240 - $375
Senior Associate $205 - $300
Associate $175 - $225
Senior Engineer/Planner $160 - $215
Engineer/Planner $130 - $175
Senior Engineering Technician $150 - $215
Senior Project Accountant $170 - $190
Senior Project Coordinator $130 - $180
Project Coordinator $120 - $170
Technician $150 - $170
Intern $95 - $140
Crawford
Geotechnical
Principal $275
Senior Project Manager $255
Project Manager II $245
Project Manager I $210
Senior Engineer II $225
Senior Engineer I $205
Senior Geologist $180
Project Engineer III / Geologist III $180
Project Engineer II / Geologist II $160
Project Engineer I / Geologist I $150
Staff Engineer / Geologist $140
Drafter $125
Project Coordinator $135
Administrative Assistant $115
Construction Services Director $255
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Special Inspector $138
Senior Technician $120
Staff Technician $110
Group 1 – Special Inspector I (Masonry) $200
Group 2 – Special Inspector II (Welding) $195
Group 2 and 3 – Labor Technician $145
Group 3 – Soils/Asphalt Technician $185
Group 4 – Concrete Technician $175
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
October 14, 2025
Date: September 12, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services/City Engineer SUBJECT: Fifth Amendment to the Joint Powers Agreement with the City of Modesto and County of Stanislaus for the Acquisition, Development, and Operation of the Tuolumne River Regional Park
CONTACT: Nathan Houx, Parks Planning and Development Manager, [email protected], 209-571-5526
DESCRIPTION:
Consider approving a Fifth Amendment to the Joint Powers Agreement (JPA) between the City of Modesto and County of Stanislaus for the Acquisition, Development, and Operation of the Tuolumne River Regional Park (TRRP). (Funding Source: TRRP Operating Budget) STRATEGIC PLAN ELEMENT:
This item is consistent with the City’s 2025-2026 Strategic Plan Goal D: Provide safe, efficient, and reliable infrastructure through proactive community investment, maintenance, and sustainability efforts.
BACKGROUND:
In the early 1960’s, the community determined the Tuolumne River waterway within Modesto should be restored, preserved, and enhanced as an open space river corridor to provide Stanislaus County residents with conservation and recreation benefits. In addition, it was envisioned that the Tuolumne River could contribute to the economics of the region. This effort resulted in the development of a land use plan and refined Master Plan(s) for specific sections of the river corridor.
These preliminary efforts were the basis for the 1972 formation of the Tuolumne River Regional Park (TRRP) Joint Powers Agreement (JPA), consisting of the City of Ceres, City of Modesto and County of Stanislaus. The City of Modesto is responsible for the management of the Tuolumne River Regional Park, with funds contributed by each of the three agencies.
Over the years, there have been multiple amendments to the JPA for various reasons.
DISCUSSION:
On June 26, 2024, the City of Ceres delivered, via email, a notice of withdrawal and termination from the JPA. Per Section 18 of the Agreement, any party may terminate the agreement by #18..
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City Council, October 14, 2025
Fifth Amendment to the Joint Powers Agreement with the City of Modesto and County of Stanislaus for the Acquisition, Development, and Operation of the Tuolumne River Regional Park Page 2 of 2
giving written notice to the other parties at least one year prior to the close of the fiscal year.
The City of Ceres has withdrawn and terminated their involvement in the JPA on June 30, 2025, and as of July 1st is no longer an active partner of the JPA. For the TRRP JPA to continue, the City of Modesto and Stanislaus County will need to approve a Fifth Amendment to the JPA in which they agree to continue the TRRP JPA as it currently is described in the JPA without City of Ceres involvement.
There are still landownership and other obligations that need to be worked out with the City of Ceres. Discussions have been occurring about these issues over the last year and will continue following this Fifth Amendment. The result of those discussions will be a Sixth Amendment that will detail the terms and conditions of the withdrawal of the City of Ceres from the TRRP JPA.
In addition to these amendments, staff from the City of Modesto and Stanislaus County will be working toward a new and updated JPA for TRRP which is anticipated to take a couple of years to complete.
FISCAL IMPACT:
Nothing in this Fifth Amendment shall modify, eliminate, or otherwise change the duties, rights, and obligations of Ceres under the Agreement which accrued on or before June 30, 2025. As of July 1, 2025, the City of Ceres will no longer be making an annual financial contribution to the TRRP operating budget.
COMMITTEE RECOMMENDATION:
This item was reviewed by the TRRP Commission on August 28, 2025, and was recommended to forward to the legislative bodies of the members of the JPA for approval.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving the Fifth Amendment to the Joint Powers Agreement (JPA) with the City of Modesto and County of Stanislaus for the Acquisition, Development, and Operation of the Tuolumne River Regional Park, and authorizing the City Manager, or his designee, to execute the Amendment.
Approved by:
Toby Wells, Director of Engineering Services/City
Engineer
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Fifth Amendment to the JPA
3. Original Agreement with Previous Amendments
4. Letter of Withdraw from City of Ceres
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10/14/2025/ENG/NHoux/Item XX 1 2025-XX
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-
RESOLUTION APPROVING THE FIFTH AMENDMENT TO THE JOINT
POWERS AGREEMENT (JPA) WITH THE CITY OF MODESTO AND COUNTY
OF STANISLAUS FOR THE ACQUISITION, DEVELOPMENT, AND
OPERATION OF THE TUOLUMNE RIVER REGIONAL PARK, AND
AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE, TO EXECUTE
THE AMENDMENT
WHEREAS, in the early 1960’s, the community determined the Tuolumne River waterway within Modesto should be restored, preserved, and enhanced as an open space river corridor to provide Stanislaus County residents with conservation and recreation benefits; and
WHEREAS, it was envisioned that the Tuolumne River could contribute to the economics of the region; and
WHEREAS, these preliminary efforts were the basis for the 1972 formation of the Tuolumne River Regional Park (TRRP) Joint Powers Agreement (JPA), consisting of the City of Ceres, City of Modesto and County of Stanislaus; and WHEREAS, the City of Modesto is responsible for the management of the Tuolumne River Regional Park, with funds contributed by each of the three agencies; and WHEREAS, on June 26, 2024, the City of Ceres delivered, via email, a notice of withdrawal and termination from the JPA; and
WHEREAS, per Section 18 of the Agreement, any party may terminate the agreement by giving written notice to the other parties at least one year prior to the close of the fiscal year; and
WHEREAS, the City of Ceres has withdrawn and terminated their involvement in #18..
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10/14/2025/ENG/NHoux/Item XX 2 2025-XX
the JPA on June 30, 2025, and as of July 1, 2025, is no longer an active partner of the JPA; and
WHEREAS, in order for the TRRP JPA to continue, the City of Modesto and Stanislaus County will need to approve a Fifth Amendment to the JPA in which they agree to continue the TRRP JPA as it currently is described in the JPA without City of Ceres involvement; and
WHEREAS, nothing in this Fifth Amendment shall modify, eliminate, or otherwise change the duties, rights, and obligations of Ceres under the Agreement which accrued on or before June 30, 2025, and as of July 1, 2025, the City of Ceres will no longer be making an annual financial contribution to the TRRP operating budget.
NOW, THEREFORE BE IT RESOLVED, by the Council of the City of Modesto that it hereby approves a Fifth Amendment to the Joint Powers Agreement (JPA) between the City of Modesto and County of Stanislaus for the Acquisition, Development, and Operation of the Tuolumne River Regional Park (TRRP).
BE IT FURTHER RESOLVED that the City Manager, or his designee, is authorized to execute the Fifth Amendment to the Agreement, in a form approved by the City Attorney.
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10/14/2025/ENG/NHoux/Item XX 3 2025-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 14th day of October 2025, by Councilmember , who moved its adoption, which motion being duly seconded by Councilmember , was upon roll call carried and the resolution adopted by the following votes:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ________________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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1 FIFTH AMENDMENT TO AGREEMENT RELATED TO THE ACQUISITION,
DEVELOPMENT, AND OPERATION OF THE TUOLUMNE RIVER REGIONAL PARK
This Fifth Amendment to the Agreement Related to the Acquisition, Development, and Operation of the Tuolumne River Regional Park (this “Fifth Amendment”) is entered into as of ___________, 2025 (the “Effective Date”), between the CITY OF MODESTO, a charter city (“City”) and COUNTY OF STANISLAUS, a general law county (“County”), each individually referred to as a “Party” and collectively referred to as the “Parties”.
RECITALS
WHEREAS, the City, County, and the City of Ceres (“Ceres”) previously entered into that Agreement Related to the Acquisition, Development, and Operation of the Tuolumne River Regional Park in 1972 (the “Agreement”); and
WHEREAS, the purpose of the agreement was to acquire property for and develop, maintain, and operate a regional park along the Tuolumne River to be known as the “Tuolumne River Regional Park”; and
WHEREAS, the Agreement was previously amended in 1977, 1978, 1983 and 1996; and WHEREAS, on June 26, 2024 Ceres notified the City and County in writing that it was withdrawing and terminating the Agreement pursuant to Section 18 of the Agreement, effective June 30, 2025; and
WHEREAS, the City and County desire for the Agreement to remain in effect until such time as the City and County enter into a new agreement for management and operation of the Tuolumne River Regional Park.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
1. Recitals. The above recitals are true, correct, and incorporated herein by reference.
2. Continuation of Agreement. The City and County agree that the Agreement shall remain in full force and effect, and shall be binding upon both Parties. The Parties acknowledge that Ceres is no longer a party to the Agreement, and has no rights, duties, or obligations under the Agreement after June 30, 2025. All references in the Agreement to “Parties” shall now be references to the City and County only.
3. Obligations of Ceres. Nothing in this Fifth Amendment shall modify, eliminate, or otherwise change the duties, rights, and obligations of Ceres under the Agreement which accrued on or before June 30, 2025.
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2 4. Effect. Except as explicitly provided for otherwise herein, all terms and condition of the Agreement, as previously amended, shall remain in full force and effect.
5. Counterparts. This Fifth Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which together shall constitute one and the same MOU.
IN WITNESS WHEREOF, the Parties hereto have caused this Fifth Amendment to be executed as of the day and year first written above.
COUNTY OF STANISLAUS,
a political subdivision of the State of California
By:
Jody Hayes, Chief Executive Officer
Approved as to Form:
Thomas E. Boze, County Counsel
By:
Shaun Wahid, Deputy County Counsel
CITY OF MODESTO,
a charter city in the State of California
By:
Joseph P. Lopez, City Manager
Attest:
By:
Dianne Nayares-Perez, City Clerk
Approved as to Form:
By:
Jose M. Sanchez, City Attorney
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{CW139503.1}
June 26, 2024
VIA EMAIL AND U.S. MAIL
Nathan Houx
Parks Planning and Development Manager
City of Modesto –Parks, Recreation & Neighborhoods Department P.O. Box 642
Modesto, CA 95353
Email: [email protected]
Stanislaus County Parks and Recreation
3800 Cornucopia Way
Suite D
Modesto, CA 95358
Notice of Withdrawal and Termination
Dear Mr. Houx and the Stanislaus County Parks and Recreation, Please accept this notice that the City of Ceres (“Ceres”) is hereby withdrawing from and terminating the Agreement Between County of Stanislaus, City of Modesto and City of Ceres Relating to the Acquisition, Development and Operation of the Tuolumne River Regional Park (“Agreement”) dated February 22, 1972.
Ceres is withdrawing from and terminating the Agreement pursuant to section 18. Section 18 of the Agreement provides:
Any party may terminate this agreement by giving written notice to the other parties at least one year prior to the close of the fiscal year, and the agreement shall terminate at the close of such fiscal year.
Section 10 of the Agreement specifies that the fiscal year commences on July 1st. Therefore, Ceres is withdrawing from and terminating the Agreement at the end of the fiscal year on June 30, 2025, with the expectation that the remaining commonly owned assets will be disposed of and distributed as outlined in section 19 of the Agreement.
Best regards,
White Brenner LLP
Nubia I. Goldstein
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City of Modesto, County of Stanislaus
September 19, 2025
{CW139503.1}
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
October 14, 2025
Date: September 24, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services Department / City Engineer SUBJECT: Accept the Tuolumne River Regional Park River Pavilion and Learning Theater Project
CONTACT: Peter Kambel, Senior Civil Engineer, [email protected], 209-577-5444 DESCRIPTION:
Consider accepting the Tuolumne River Regional Park River Pavilion and Learning Theater Project as complete, releasing securities, releasing payments totaling $550,754 to Westside Landscape & Concrete, Inc. of Newman, CA, and authorizing the City Clerk to file a Notice of Completion. (Funding Source: Various Funds)
STRATEGIC PLAN ELEMENT:
The recommended action supports the City’s 2025-26 Strategic Plan Area of Focus: Quality of Life and Governance and Service Delivery.
BACKGROUND:
On October 2, 2018, by Resolution No. 2018-427, Council accepted a California Outdoor Environmental Education Facilities (OEEF) grant in the amount of $500,000. This OEEF grant was acquired to fund (in part) the construction of the Tuolumne River Regional Park (TRRP) River Pavilion and Learning Theater. This Pavilion and Learning Theater is located in the Legion Park Area of TRRP. This project created a large group picnic pavilion, outdoor learning classrooms, river educational and safety signage, and additional native landscaping.
DISCUSSION:
The work for this project was advertised for bids on September 23, 2024. Bids were publicly opened on October 15, 2024, and Westside Landscape & Concrete, Inc. of Newman, CA, was the lowest responsible bidder at 23.8% below the engineers estimate.
On December 10, 2024, by Resolution 2024-457, Council awarded a contract to Westside Landscape & Concrete, Inc., in the amount of $552,925. The Contractor received the Notice to Proceed with a start date of February 18, 2025. All contract work was completed on May 28, 2025.
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City Council, October 14, 2025
Accept the Tuolumne River Regional Park River Pavilion and Learning Theater Project
By accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed. The City Clerk is authorized to complete all the necessary steps to file Notice of Completion with the County Recorder, release securities, and authorize payments totaling $550,754. The work is covered by a one-year warranty for any issues that may arise.
Due to change order impacts and several long lead time items, the presentation of this project to City Council was delayed. As such, the Construction Administration and the City Manager’s Office authorized the partial release of retention on August 4, 2025, per the attached memorandum.
Staff recommends the project for acceptance as the contractor has complied with all contract requirements for the project.
FISCAL IMPACT:
The total project costs were $663,290, which included design, construction, and construction administration costs. The total project amount originally budgeted was $699,002 which included $597,159 for the construction contract and contingency with Westside Landscape & Concrete, Inc.
The City’s “Change Order Approval Policy” enacted by Council Resolution No. 94-443 on July 19, 1994, updated by Resolution No. 2019-326 on July 9, 2019, and revised a second time September 12, 2023, by Resolution 2023-405 established a contract change order authority of 10% for construction contracts up to $10,000,000. Due to budgetary constraints, staff requested the Engineering Services Director’s Authority to issue change orders of 8% ($44,234) of the construction contract amount.
There are two (2) change orders resulting in an overall decrease of $2,171 for change order work as listed on the attached change order log. A summary of the expenditures for the overall project is listed below.
101135– PRN. Park Planning and Development
PROJECT EXPENDITURES: % of Contract
Construction Contract (Westside) $552,925
Construction Contingency (Change Orders) -0.4% $(2,171) Construction Administration – City Staff Support 11.9% $65,770 Engineering Design/Admin. – City Staff Support/Misc. 8.5% $46,766 TOTAL CONSTRUCTION EXPENDITURES: $663,290
COMMITTEE RECOMMENDATION:
On November 18, 2024, this project was reviewed by the Safety & Communities Committee and the Committee forwarded the item to Council for approval.
CEQA/NEPA REQUIREMENTS:
City staff prepared a Finding of Conformance (SCH No. 2014042081), Initial Study Environmental Checklist C&ED No. 2021-02; and Notice of Exemption No. EA/PR&N 2024-06 and the project is #19..
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City Council, October 14, 2025
Accept the Tuolumne River Regional Park River Pavilion and Learning Theater Project
categorically exempt from CEQA due to the fact that it is a minor alteration to an existing facility involving a negligible expansion of use beyond the current use.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution accepting Tuolumne River Regional Park River Pavilion and Learning Theater Project as complete, releasing securities, releasing payments totaling $550,754 to Westside Landscape & Concrete, Inc. of Newman, CA, and authorizing the City Clerk to file a Notice of Completion.
Approved by:
_________________________________________
Toby Wells, Director of Engineering Services/
City Engineer
_________________________________________
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Contract Change Order Log
3. Project Suspension Form
4. Notice of Completion
5. Retention Release Memo
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10/14/2025/ESD/PKambel 1 2025-
MODESTO CITY COUNCIL
RESOLUTION NO. 2025-XX
RESOLUTION ACCEPTING TUOLUMNE RIVER REGIONAL PARK RIVER
PAVILION AND LEARNING THEATER PROJECT AS COMPLETE,
RELEASING SECURITIES, RELEASING PAYMENTS TOTALING $550,754 TO WESTSIDE LANDSCAPE & CONCRETE, INC. OF NEWMAN, CA, AND
AUTHORIZING THE CITY CLERK TO FILE A NOTICE OF COMPLETION WHEREAS, on October 2, 2018, by Resolution No. 2018-427, Council accepted a California Outdoor Environmental Education Facilities (OEEF) grant in the amount of $500,000. This OEEF grant was acquired to fund (in part) the construction of the Tuolumne River Regional Park (TRRP) River Pavilion and Learning Theater; and WHEREAS, this project created a large group picnic pavilion, outdoor learning classrooms, river educational and safety signage, and additional native landscaping; and WHEREAS, the project was advertised for bids on September 23, 2024; and WHEREAS, bids were publicly opened on October 15, 2024, and Westside Landscape & Concrete, Inc. of Newman, CA, was the lowest responsible bidder at 23.8% below the engineers estimate; and
WHEREAS, on December 10, 2024, by Resolution 2024-457, Council awarded a contract to Westside Landscape & Concrete, Inc., in the amount of $552,925; and WHEREAS,. the Contractor received the Notice to Proceed with a start date of February 18, 2025. All contract work was completed on May 28, 2025; and WHEREAS, the total project costs were $663,290, which included design, construction, and construction administration costs. The total project amount originally budgeted was $699,002 which included $597,159 for the construction contract and contingency with Westside Landscape & Concrete, Inc; and #19..
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10/14/2025/ESD/PKambel 2 2025-
WHEREAS, due to change orders delays and several long lead time items, the presentation of this project to City Council was delayed. As such, the Construction Administration and the City Manager’s Office authorized the partial release of retention on August 4, 2025; and
WHEREAS, the City’s “Change Order Approval Policy” enacted by Council Resolution No. 94-443 on July 19, 1994, updated by Resolution No. 2019-326 on July 9, 2019, and revised a second time September 12, 2023 by Resolution 2023-405 established a contract change order authority of 10% for construction contracts up to $10,000,000.
Due to budgetary constraints, staff requested the Engineering Services Director’s Authority to issue change orders of 8% (44,234) of the construction contract amount.; and WHEREAS, there are two (2) change orders resulting in an overall decrease of $2,171 for change order work as listed on the attached change order log; and WHEREAS, by accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Modesto that the Tuolumne River Regional Park River Pavilion and Learning Theater Project as complete, releasing securities, releasing payments totaling $550,754 to Westside Landscape & Concrete, Inc. of Newman, CA, and authorizing the City Clerk to file a Notice of Completion.
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10/14/2025/ESD/PKambel 3 2025-
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 14th day of October, 2025, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ____________________________
DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: ______________________________________
JOSE M. SANCHEZ, City Attorney
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: July 23, 2025
TIME
EXT. Approved
2025/06 - Tuolumne River Regional Park, River Pavilion and Learning Theater Project | KRAZAN PROJECT NUMBER AND NAME:
01 Relocate Sub Up Point of Connection 05/22/25 $600.00 0 W.D. No Yes No Yes 02 Deductive Change Order - Eliminate Bid item #14 07/23/25 -$2,771.00 0 W.D. No No Yes Yes Total Change Orders Processed To Date: -$2,171.00
Original Contract Amount: $552,925.00
IDA To: $552,925.00
Total Working Days Time Extension: 0
Original Director's CCO Authority: $55,292.45
IDA Date: 10/15/2024
Total Executed Change Orders To Date: -$2,171.00
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE
UNFORSEEN
CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE
CONTRACT CHANGE ORDER LOG
Date: July 23, 2025
TIME
EXT. Approved
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Requested by
City of Modesto/City Clerk’s Office
Return to City of Modesto/City Clerk’s Office:
PO Box 642
Modesto CA 95353
NOTICE OF COMPLETION
NOTICE IS HEREBY GIVEN that on December 10, 2024, the City of Modesto, PO Box 642, Modesto, California 95353, a Municipal Corporation in the County of Stanislaus, State of California, awarded the contract to Westside Landscape & Concrete, Inc. of Newman, CA for the project titled “Tuolumne River Regional Park River Pavilion and Learning Theater” located at the Legion Park area of the Tuolumne River Regional Park. On May 28, 2025, said contract, as a whole, was completed by Westside Landscape & Concrete, Inc., and accepted by the Council of the City of Modesto at a regular meeting of the Council held on October 14, 2025.
CITY OF MODESTO
By
Diane Nayares-Perez, City Clerk
I certify under penalty of perjury that the foregoing is true and correct.
Date: By
Modesto, CA Diane Nayares-Perez, City Clerk
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Engineering Services Department
Construction Administration
P.O. Box 642
Modesto, California 95354
209.577.5200
Modestogov.com MEMO
To: Joseph P. Lopez, City Manager
From: Peter Kambel, Senior Civil Engineer
Date: August 4, 2025
Re: 2025-06 River Pavilion & Learning Theater (101135) Subject: Construction Contract Retention Recommended Action
Authorize reducing the amount of construction contract retention from five percent (5%) to two percent (2%).
Background
Westside Landscape & Concrete, Inc. began the project in February 2025, the original scope of work was completed in July 2025. The final project closure and presentation to the City Council for acceptance have been delayed due to staff-requested change orders, as well as several long lead times. The Construction Administration Office will prepare the necessary documents for City Council acceptance once all outstanding issues have been resolved.
Reasons for Recommendation
When the City Council awards a construction contract on a capital improvement project, the specifications require the City to make monthly progress payments at no more than ninety-five percent (95%) of the amount due and payable until thirty-five (35) days after recording the Notice of Completion. This results in the City retaining five percent (5%) of the contract amount until thirty-five (35) days after the Council accepts the project as complete.
Staff believes releasing the retention on this construction project is warranted. Public Contract Code section 7107 requires the City to release the retention within 60 days of certain events occurring. One of those events is work on the project ceasing for more than 100 days for reasons outside the contractors control.
Reviewed By: ________________________________________
Peter Kambel, Senior Civil Engineer
Reviewed By: ________________________________________
Toby Wells, Director of Engineering Services/City Engineer Reviewed By: ________________________________________
Joseph Lopez, City Manager
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
October 14, 2025
Date: September 24, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Monthly Investment Report – July 2025
CONTACT: Calogero Maniscalco, Senior Financial Analyst
[email protected], 209-577-5219
DESCRIPTION:
Consider accepting the Monthly Investment Report for July 2025. (Funding Source: Various Funds)
STRATEGIC PLAN ELEMENT:
This recommended action supports the City’s 2025-2026 Strategic Plan Goal H: Achieve LongTerm Financial Sustainability.
BACKGROUND:
The City’s Finance Department submits a monthly investment report to Council and the City Manager. Attached are the July investment reports (see attachment list below) generated by Public Financial Management, the City’s investment advisor. Investments in the portfolio (attachment 4) are for the City of Modesto, Modesto Public Financing Authority, Community Facilities Districts, Tuolumne River Regional Park, Successor Agency to the Redevelopment Agency, and the Modesto-Ceres Fire Protection Agency Joint Powers Authority.
DISCUSSION:
It is the function of the Finance Department to deposit and invest funds in accordance with sound treasury management and to safeguard the principal and maintain the liquidity needs of the City. The purpose of the Monthly Investment Report is to keep the City Council and City Manager informed of the City’s investment portfolio. As shown in Attachment 2, on July 31, 2025, the City had a closing market value of $507,919,032 in its investment portfolio. #20..
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City Council, October 14, 2025
Monthly Investment Report – July 2025
FISCAL IMPACT:
In July, the approximate yield of the City’s combined investments was 4.14% (see attachment 3) on a weighted average. For the portfolio of securities alone, the yield to maturity on cost was
4.10%. For comparative purposes, the yields (as of July 31, 2025) of other investments commonly used by public agencies are listed below:
Local Agency Investment Fund: 4.26%
1-Year U.S. Treasury Note: 4.22%
2-Year U.S. Treasury Note: 3.95%
The Portfolio maintains sufficient liquidity to meet the City's projected expenditure requirements for at least the next six months.
COMMITTEE RECOMMENDATION:
This item is being presented as informational to share the monthly Investment Report and activity to Council and the public. Therefore, the item is not required to be presented to a Council Committee.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Motion accepting the Monthly Investment Report for July 2025.
Approved by:
DeAnna Christensen, Director of Finance
Joseph P. Lopez, City Manager
Attachments:
1. Monthly Investment Report
2. Account Statement
3. Combined Yields
4. Portfolio Holdings and Earnings Projections
5. Cash with Fiscal Agent
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PORTFOLIO HOLDINGS
Attachment 1
Percentages may not total to 100% due to rounding.
Investment Type No. of Investments Amount Invested
CAMP 1 $59,964,300.41
Federal Agency CMO 28 $84,307,363.12
U.S. Treasury 47 $226,861,233.59
Negotiable CD 1 $3,537,513.00
Corporate Note 38 $87,956,889.33
Asset-Backed 25 $45,291,733.47
Total Invested 140 $507,919,032.92
Sector Allocation
July 31, 2025 versus June 30, 2025
Sector July 31, 2025 June 30, 2025 Change in Allocation Permitted by Policy
U.S. Treasury 44.7% 45.0% -0.4% 100%
Federal Agency CMO 16.6% 16.1% 0.5% 100%
Negotiable CD 0.7% 0.7% 0.0% 30%
Corporate Note 17.3% 15.6% 1.7% 30%
Asset-Backed 8.9% 7.2% 1.7% 20%
Municipal 0.0% 0.3% -0.3% 100%
CAMP 11.8% 15.1% -3.3% 100%
* Total invested includes only the bolded numbers
* * Amount invested are market values excluding accrued interest Additional, detailed information regarding security types and investment activity may be found in Attachment 2 accompanying this memo. Moreover, the addendum data will confirm continued compliance with the investment policy as well as with California Government Code.
RECENT ACTIVITY & CORPORATE EXPOSURE
Trade deals with several key trading partners including Japan and the European Union were announced in advance of the August 1 deadline. As expected, the Federal Reserve (Fed) kept the target range for the overnight rate unchanged at 4.25% to 4.50% for the fifth consecutive time following the Federal Open Market Committee (FOMC) meeting on July 30. Notably, Governors Waller and Bowman both dissented, arguing instead for a 25-basis point (bp) rate cut. During the press conference, Fed Chair Jerome Powell continued to emphasize the importance of making sure the effects of tariffs are short-lived and do not spark a broader reflationary event elsewhere in the economy. He also noted the importance of the incoming data as the Fed attempts to balance downside risks to the labor market and inflation, which remains above its target. During the month, in the Long-Term Portfolio, we bought four 5-year assetbacked securities. We also purchased two 5-year corporate notes and one 5-year U.S. Treasury.
Purchases were made by using the proceeds of two maturing municipal securities while also selling six U.S. Treasuries. In the Short-Term Portfolio, we bought one 1-year U.S. Treasury using the proceeds of one maturing U.S. Treasury.
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Long-Term Portfolio Total Return
July 31, 2025
1 Month Trailing
12 Months
Trailing 36
Months
Trailing 60
Months
Since
Inception5
City of Modesto Investment Portfolio1,2,3 -0.09% 4.84% 3.37% 1.25% 2.24% Modesto Performance Benchmark4 -0.15% 4.37% 2.95% 0.85% 1.93% Average Portfolio Yields
July 31, 2025
Past
Month
Past 3
Months
Past
Year
Past 3
Years
Past 5
Years
City of Modesto Investment Portfolio 4.10% 4.07% 3.82% 2.84% 2.38% City of Modesto Short-Term Portfolio 4.08% 4.23% 4.59% 5.03% - $76.7
$55.1
$71.0
$82.9
$108.4 $113.9
$-
$30.0
$60.0
$90.0
$120.0
$150.0
Under 6
Months
6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years
Millions
Maturity Distribution
July 31, 2025
1. Performance is calculated on trade-date basis, gross (i.e., before fees) in accordance the CFA Institute's Global Investment Performance Standards (GIPS).
2. Performance numbers for periods greater than 1 year are presented on an annualized basis unless otherwise noted.
3. The performance calculation excludes any funds not invested in the 1-5 year strategy.
4. Performance benchmark through December 31, 2018 was the ICE BofA 1-3 Year U.S. Treasury Index, and is now the ICE BofA 1-5 Year U.S. Treasury Index, sourced from Bloomberg Finance L.P.
5. Inception date is 3/31/04.
PERFORMANCE
Yields on 3-month, 2-year, and 10-year U.S. Treasuries ended July at 4.34%, 3.96%, and 4.37%, representing increases of +4 bps, +24 bps, and +14 bps, respectively. Investment-grade (IG) corporate bond spreads narrowed in July, continuing the significant retracement following spread widening around Liberation Day (April 2nd). Asset-backed securities (ABS) also narrowed over the month but seem to have stabilized for the short term. Credit metrics and consumer fundamentals remain strong while credit enhancements are robust.
Agency-backed commercial MBS (CMBS) and Mortgage-backed securities (MBS) both posted positive excess returns in July. As a result of increased interest rates during the month, both the portfolio and its benchmark returned negative performance in July, yet the portfolio still outperformed the benchmark. Since inception, the portfolio continues to produce strong performance and has outperformed the benchmark by 29 basis points each year on average.
Detail may not add to total due to rounding
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INVESTMENT POLICY
The City’s investment policy embraces the following standards: the prudent investor rule, requiring the safety of principal, through prudent and safe investments; sufficient liquidity to meet expected and unforeseen cash flows; generation of an above-market, risk-adjusted rate of return (meaning, returnsexpectations taking safety and liquidity into account). No investments longer than five years are permitted.
Some investments have maturity limits of 270 days or less. The table below details the City’s permitted investments.
Investment Type
Maximum
Maturity
Maximum
Specified
% of Portfolio
Maximum
% per
Issuer
Minimum Quality
Requirements
Local Agency Bonds 5 Years None None None
Treasury Obligations 5 Years None None None
State Obligations 5 Years None None A rating
CA Local Agency Obligations 5 Years None None A rating
Federal Agencies 5 Years None None None
Supranationals 5 Years 30 percent 5 percent AA
Banker’s Acceptances 180 days 40 percent 5 percent Federal Reserve eligible Commercial Paper 270 days 25 percent 5 percent A1/P1 rating Negotiable Certificates of Deposit 5 Years 30 percent 5 percent A rating Certificates of Deposit 1 Year 20 percent 5 percent FDIC insured or collateralized
Repurchase Agreements 90 days None 5 percent None
Reverse Repurchase Agreements 92 days
20 percent of
combined base
value
5 percent None
Medium Term Notes 5 Years 30 percent 5 percent A rating Money Market Mutual Funds N/A 20 percent 10
percent Multiple
Mortgage and Asset-backed
Securities 5 Years 20 percent 5 percent AA Rating
CAMP N/A None None N/A
LAIF N/A N/A None N/A
The City is not required to include a list of investments held by our bond trustees; however, staff believes the City Council should be kept informed of these investments. These investments are identified on Attachment A.
LONG TERM PORTFLIO INCOME RETURN
Monthly Income Return
0.31%
Fiscal Year-to-Date Income Return
0.31%
Prior 12 Months Income Return
3.58%
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Economic Summary
Source: Bloomberg Finance L.P. as of July 2025.
$500
$550
$600
$650
$700
$750
2021 2022 2023 2024 2025
Billions
Retail Sales (Monthly)
1.56%
0.81%
0.78%
0.73%
0.67%
0.60%
0.54%
0.51%
0.40%
0.39%
-0.39%
-0.96%
-1.70%
-3.50% -1.50% 0.50% 2.50%
Motor Vehicles and Parts
Sporting goods, hobby, books
Nonstore Retailers
Clothing and Accessories
Gasoline stations
Furniture and Appliances
Food and beverage stores
Total Retail Sales
General merchandise stores
Health & personal care stores
Food Service and Drinking
Building and Garden Materials
Miscellaneous store retailers
Retail Sales (Month over Month)
July 2025
Retail Sales Increase Month over Month
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Source: Federal Reserve; Bloomberg Finance L.P., Bureau of Economic Analysis, as of July 2025.(top). Federal Reserve, latest economic projections as of July 2025. (bottom).
Economic Summary
U.S. GDP Experiences Growth
2.4%
4.4%
3.2%
1.6%
3.0% 3.1%
2.4%
-0.5%
3.0%
-6%
-4%
-2%
0%
2%
4%
6%
8%
2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 U.S. Real GDP Contributors and Detractors
Personal Consumption Fixed Investment Private Inventories Net Exports Gov't Expenditures
1.4%
1.6%
1.8% 1.8%
0%
1%
2%
3%
2025 2026 2027 Longer
Run
Change in Real GDP
Mar Projections Jun Projections
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Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P., MarketAxess and PFMAM as of 07/31/2025. Spreads on ABS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.
Economic Summary
Credit Spreads Stabilized in July
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Jul-23 Jan-24 Jul-24 Jan-25 Jul-25
Corporate Notes A-AAA Yield Spreads
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
Jul-23 Jan-24 Jul-24 Jan-25 Jul-25
Federal Agency Yield Spread
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Jul-23 Jan-24 Jul-24 Jan-25 Jul-25
Asset-Backed Securities AAA Yield Spreads
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U.S. Treasury Yields
Source: Bloomberg Finance L.P., as of 07/31/2025.
Economic Summary
5.5%
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
07/31/2024
06/30/2025
07/31/2025
3-mo 2-yr 5-yr 10-yr 30-yr
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The views expressed within this material constitute the perspective and judgment of U.S.
Bancorp Asset Management, Inc. at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness.
PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S.
Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc.
For more information regarding PFMAM’s services or entities, please visit www.pfmam.com.
Disclosures
#20..
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For the Month Ending July 31, 2025
Account Statement
Consolidated Summary Statement
CITY OF MODESTO - Combined Portfolio
Investment Allocation
Investment Type Closing Market Value Percent
Asset-Backed Security 45,291,733.47 8.92
Corporate Note 78,194,781.40 15.40
Bank Note 9,762,107.93 1.92
Certificate of Deposit 3,537,513.00 0.70
Federal Agency Commercial Mortgage-Backed Security 84,307,363.12 16.60 U.S. Treasury Bond / Note 226,861,233.59 44.65
CAMP Pool 59,964,300.41 11.81
Total $507,919,032.92 100.00%
Portfolio Summary
and Income
Closing
Portfolio Holdings Market Value
Cash Dividends
PFMAM Managed Account 1,456,344.98 447,954,732.51
CAMP Pool 0.00 59,964,300.41
Total $1,456,344.98 $507,919,032.92
Maturity Distribution (Fixed Income Holdings)
Portfolio Holdings Closing Market Value Percent
59,964,300.41
11,106,752.67
0.00 2,207,037.69
58,507,504.33
70,959,219.34
82,886,746.15
108,425,978.58
113,861,493.75
0.00 11.80
2.19 0.00
0.43 11.52
13.97 16.32
21.35 22.42
0.00 Under 30 days
31 to 60 days
61 to 90 days
91 to 180 days
181 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
Total $507,919,032.92
895
100.00%
Weighted Average Days to Maturity
Sector Allocation
8.92%
ABS
15.40%
Corporate Note
1.92%
Bank Note
0.70%
Cert of Deposit
16.60%
Federal Agency
Commercial
Mortgage-Backed
Security
44.65%
US TSY Bond / Note
11.81%
CAMP Pool
PFM Asset Management Summary Page 1
#20..
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Managed Account Summary Statement For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Total Cash Basis Earnings
Plus Net Realized Gains/Losses
Less Purchased Interest Related to Interest/Coupons
Interest/Dividends/Coupons Received
Earnings Reconciliation (Cash Basis) - Managed Account
Less Beginning Accrued Interest
Less Beginning Amortized Value of Securities
Less Cost of New Purchases
Plus Coupons/Dividends Received
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Proceeds from Sales
Ending Accrued Interest
Ending Amortized Value of Securities
Earnings Reconciliation (Accrual Basis)
$448,234,166.07
(13,537,432.35)
(12,138,976.17)
27,053,210.38
0.00 (1,656,235.42)
$447,954,732.51
1,326,746.69
(37,419.38)
167,017.67
$1,456,344.98
Total
447,166,046.77
3,125,095.73
12,228,119.93
13,537,432.35
1,237,602.93
(27,090,629.76)
(445,566,704.91)
(3,024,873.30)
Total Accrual Basis Earnings $1,612,089.74
Closing Market Value
Change in Current Value
Unsettled Trades
Principal Acquisitions
Principal Dispositions
Maturities/Calls
Opening Market Value
Transaction Summary - Managed Account
_________________
_________________
_______________________________________________ _______________________________________________ Reconciling Transactions Net Cash Contribution
Security Purchases
Principal Payments
Coupon/Interest/Dividend Income
Sale Proceeds
Maturities/Calls
Cash Transactions Summary - Managed Account
12,605,000.00
12,228,119.93
1,237,602.93
932,432.35
(27,090,629.76)
0.02 0.00
Cash Balance
Closing Cash Balance $658,841.94
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 1 U.S. Bancorp Asset Management, Inc.
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Portfolio Summary and Statistics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 229,605,000.00 226,861,233.59 50.64 Federal Agency Commercial
Mortgage-Backed Security
83,450,627.39 84,307,363.12 18.82
Corporate Note 78,599,000.00 78,194,781.40 17.46
Certificate of Deposit 3,500,000.00 3,537,513.00 0.79
Bank Note 9,635,000.00 9,762,107.93 2.18
Asset-Backed Security 45,088,518.40 45,291,733.47 10.11 Managed Account Sub-Total 449,878,145.80 447,954,732.51 100.00% Accrued Interest 3,125,095.73
Total Portfolio 449,878,145.80 451,079,828.24
Unsettled Trades 0.00 0.00
Sector Allocation
10.11%
ABS
2.18%
Bank Note
0.79%
Cert of Deposit
17.46%
Corporate Note
18.82%
Federal Agency
Commercial
Mortgage-Backed
Security
50.64%
US TSY Bond / Note
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years
2.98%
13.06%
15.84%
18.50%
24.20%
25.42%
0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 1014
4.09%
4.17%
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 2 U.S. Bancorp Asset Management, Inc.
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Managed Account Issuer Summary For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Credit Quality (S&P Ratings)
3.98%
A
8.39%
A+
0.47%
A0.79%
A-1
1.31%
AA
71.96%
AA+
1.67%
AA9.38%
AAA
2.05%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
Adobe Inc 2,935,027.13 0.66
American Express Co 5,391,655.73 1.20
Apple Inc 11,170,780.48 2.49
BA Credit Card Trust 3,212,413.65 0.72
Bank of America Corp 9,731,802.99 2.17
Bank of New York Mellon Corp 6,129,774.09 1.37
BlackRock Inc 370,984.54 0.08
Bristol-Myers Squibb Co 2,207,037.69 0.49
Chase Auto Owner Trust 1,134,292.44 0.25
Citigroup Inc 10,713,047.14 2.39
Cooperatieve Rabobank UA 3,537,513.00 0.79
Deere & Co 2,611,904.96 0.58
Eli Lilly & Co 2,948,699.05 0.66
Federal Home Loan Mortgage Corp 80,984,132.82 18.09
Federal National Mortgage Association 3,323,230.30 0.74 Fifth Third Auto Trust 2,106,136.45 0.47
GM Financial Consumer Automobile Receiv 1,046,588.52 0.23 Goldman Sachs Group Inc 3,017,409.00 0.67
Home Depot Inc 3,507,577.08 0.78
Honda Auto Receivables Owner Trust 1,800,517.74 0.40
Hyundai Auto Receivables Trust 4,630,610.56 1.03
JPMorgan Chase & Co 15,527,401.15 3.48
Kenvue Inc 2,346,460.00 0.52
Kubota Credit Owner Trust 2,458,700.83 0.55
Mastercard Inc 2,520,765.44 0.56
Microsoft Corp 5,912,511.00 1.32
Morgan Stanley 4,071,220.00 0.91
PACCAR Inc 1,154,597.84 0.26
PepsiCo Inc 2,696,124.40 0.60
State Street Corp 1,907,793.80 0.43
Target Corp 353,489.00 0.08
Toyota Auto Receivables Owner Trust 3,036,735.93 0.68
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 3 U.S. Bancorp Asset Management, Inc.
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Managed Account Issuer Summary For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Issuer of Holdings Percent
Market Value
Toyota Motor Corp 2,879,542.40 0.64
United States Treasury 226,861,233.59 50.65
USAA Auto Owner Trust 2,149,913.52 0.48
Walmart Inc 5,876,220.32 1.31
Wells Fargo & Co 5,690,887.93 1.27
Total $447,954,732.51 100.00%
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 4 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 09/15/2022 3.500% 09/15/2025
91282CFK2 11,115,000.00 AA+ Aa1 09/16/24 09/16/24 11,061,595.90 4.00 146,941.51 11,108,387.91 11,106,752.67
US TREASURY N/B
DTD 02/28/2019 2.500% 02/28/2026
9128286F2 1,360,000.00 AA+ Aa1 03/01/21 03/01/21 1,479,850.00 0.70 14,228.26 1,373,856.63 1,345,789.36
US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 4,645,000.00 AA+ Aa1 04/06/22 04/07/22 4,259,973.05 2.76 9,719.16 4,587,908.86 4,543,390.63
US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 6,000,000.00 AA+ Aa1 12/03/21 12/07/21 5,838,281.25 1.15 12,554.35 5,977,899.83 5,868,750.00
US TREASURY N/B
DTD 03/31/2021 0.750% 03/31/2026
91282CBT7 2,480,000.00 AA+ Aa1 09/07/21 09/09/21 2,479,031.25 0.76 6,250.82 2,479,859.11 2,423,230.32
US TREASURY N/B
DTD 03/31/2021 0.750% 03/31/2026
91282CBT7 4,925,000.00 AA+ Aa1 04/29/21 04/30/21 4,896,719.73 0.87 12,413.42 4,921,189.41 4,812,261.83
US TREASURY N/B
DTD 05/15/2023 3.625% 05/15/2026
91282CHB0 11,085,000.00 AA+ Aa1 05/14/25 05/15/25 11,029,141.99 4.14 85,170.75 11,040,862.04 11,035,250.52
US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 1,405,000.00 AA+ Aa1 06/23/21 06/25/21 1,396,987.11 0.87 1,785.04 1,403,651.91 1,365,221.64
US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,615,000.00 AA+ Aa1 04/06/22 04/07/22 4,253,551.76 2.76 5,863.32 4,542,710.35 4,484,340.12
US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,800,000.00 AA+ Aa1 06/06/22 06/08/22 4,399,125.00 2.99 6,098.36 4,716,403.91 4,664,102.40
US TREASURY N/B
DTD 07/17/2023 4.500% 07/15/2026
91282CHM6 10,995,000.00 AA+ Aa1 07/30/25 07/31/25 11,037,090.23 4.09 22,856.45 11,036,978.62 11,026,181.82
US TREASURY N/B
DTD 08/31/2021 0.750% 08/31/2026
91282CCW9 4,640,000.00 AA+ Aa1 04/06/22 04/07/22 4,258,106.25 2.75 14,563.04 4,546,130.66 4,473,795.20
US TREASURY N/B
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 4,310,000.00 AA+ Aa1 04/05/22 04/07/22 3,968,398.83 2.77 12,673.87 4,221,313.07 4,151,068.75
US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 4,545,000.00 AA+ Aa1 06/06/22 06/08/22 4,355,920.90 3.01 19,266.85 4,490,060.91 4,424,984.73 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 5 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 9,220,000.00 AA+ Aa1 07/05/22 07/07/22 8,981,576.56 2.85 95,702.07 9,140,289.55 8,976,177.10
US TREASURY N/B
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 6,480,000.00 AA+ Aa1 08/03/22 08/05/22 5,791,500.00 2.92 8,188.04 6,226,342.10 6,102,591.84
US TREASURY N/B
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 5,545,000.00 AA+ Aa1 08/09/22 08/10/22 4,920,754.30 2.99 2,410.87 5,300,897.20 5,195,188.13
US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 1,200,000.00 AA+ Aa1 08/29/22 08/31/22 1,142,625.00 3.30 12,455.80 1,176,416.02 1,160,343.60
US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,985,000.00 AA+ Aa1 09/01/22 09/06/22 2,830,036.52 3.40 30,983.81 2,921,090.45 2,886,354.71
US TREASURY N/B
DTD 09/30/2022 4.125% 09/30/2027
91282CFM8 805,000.00 AA+ Aa1 11/01/22 11/03/22 799,748.63 4.27 11,159.48 802,684.94 808,270.72
US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 2,715,000.00 AA+ Aa1 12/06/22 12/08/22 2,752,755.47 3.81 28,302.77 2,732,336.26 2,726,031.05
US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 3,160,000.00 AA+ Aa1 12/13/22 12/14/22 3,229,495.31 3.63 32,941.71 3,192,017.76 3,172,839.08
US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
91282CAU5 8,775,000.00 AA+ Aa1 01/04/23 01/06/23 7,472,803.71 3.91 11,087.98 8,167,209.69 8,134,697.03
US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 4,250,000.00 AA+ Aa1 06/01/23 06/05/23 4,266,933.59 3.78 14,320.65 4,258,943.37 4,246,017.75
US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 115,000.00 AA+ Aa1 01/31/23 01/31/23 99,825.39 3.66 2.34 107,412.70 106,419.97
US TREASURY N/B
DTD 01/31/2023 3.500% 01/31/2028
91282CGH8 595,000.00 AA+ Aa1 05/16/23 05/18/23 594,535.16 3.52 56.59 594,753.11 589,236.24
US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 1,245,000.00 AA+ Aa1 03/03/23 03/07/23 1,231,188.28 4.25 20,840.22 1,237,851.30 1,247,869.73
US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 2,555,000.00 AA+ Aa1 05/08/23 05/09/23 2,299,400.20 3.49 10,733.09 2,415,906.82 2,384,831.89 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 6 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 03/31/2023 3.625% 03/31/2028
91282CGT2 2,675,000.00 AA+ Aa1 05/01/23 05/02/23 2,672,178.71 3.65 32,587.86 2,673,470.69 2,656,713.70
US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 735,000.00 AA+ Aa1 05/01/23 05/01/23 731,583.40 3.60 6,501.15 733,123.30 727,305.29
US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 6,530,000.00 AA+ Aa1 05/03/23 05/04/23 6,559,844.14 3.40 57,758.56 6,546,420.01 6,461,637.43
US TREASURY N/B
DTD 04/01/2024 4.125% 03/31/2029
91282CKG5 3,450,000.00 AA+ Aa1 04/09/24 04/11/24 3,411,861.33 4.37 47,826.33 3,421,111.93 3,474,122.40
US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2029
91282CKP5 4,430,000.00 AA+ Aa1 10/16/24 10/17/24 4,571,725.39 3.85 51,778.63 4,548,740.69 4,537,635.71
US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2029
91282CKP5 5,190,000.00 AA+ Aa1 05/02/24 05/03/24 5,201,961.33 4.57 60,661.65 5,199,230.28 5,316,101.43
US TREASURY N/B
DTD 07/01/2024 4.250% 06/30/2029
91282CKX8 2,920,000.00 AA+ Aa1 07/01/24 07/02/24 2,896,959.38 4.43 10,791.30 2,901,536.94 2,953,877.84
US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 2,105,000.00 AA+ Aa1 08/01/24 08/02/24 2,119,636.33 3.85 228.80 2,116,936.47 2,110,508.79
US TREASURY N/B
DTD 09/03/2024 3.625% 08/31/2029
91282CLK5 7,550,000.00 AA+ Aa1 09/04/24 09/05/24 7,565,630.86 3.58 114,532.27 7,563,021.33 7,463,590.25
US TREASURY N/B
DTD 09/30/2024 3.500% 09/30/2029
91282CLN9 8,695,000.00 AA+ Aa1 10/02/24 10/03/24 8,670,205.66 3.56 102,273.16 8,674,046.35 8,550,993.41
US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 4,850,000.00 AA+ Aa1 11/01/24 11/04/24 4,838,064.45 4.18 50,559.27 4,839,701.18 4,884,861.80
US TREASURY N/B
DTD 12/02/2024 4.125% 11/30/2029
91282CMA6 6,315,000.00 AA+ Aa1 12/05/24 12/06/24 6,326,347.27 4.08 44,127.36 6,325,005.87 6,361,377.36
US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
91282CMD0 12,365,000.00 AA+ Aa1 01/06/25 01/07/25 12,337,468.55 4.43 47,040.76 12,340,316.92 12,578,011.86
US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 3,470,000.00 AA+ Aa1 02/04/25 02/05/25 3,457,123.04 4.33 400.75 3,458,275.21 3,512,698.35 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 7 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 5,215,000.00 AA+ Aa1 06/04/25 06/05/25 5,274,279.88 3.98 602.28 5,272,459.58 5,279,170.58
US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 8,565,000.00 AA+ Aa1 03/04/25 03/05/25 8,580,724.80 3.96 143,370.65 8,579,580.81 8,586,078.47
US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 10,775,000.00 AA+ Aa1 04/01/25 04/02/25 10,828,875.00 3.89 144,844.26 10,825,649.32 10,796,884.03
US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 5,400,000.00 AA+ Aa1 06/04/25 06/05/25 5,339,039.06 4.00 34,303.28 5,340,799.91 5,349,585.60
US TREASURY N/B
DTD 06/30/2025 3.875% 06/30/2030
91282CNK3 1,805,000.00 AA+ Aa1 07/01/25 07/01/25 1,810,429.10 3.81 6,082.07 1,810,347.75 1,798,090.46 Security Type Sub-Total 229,605,000.00 224,320,889.05 3.53 1,605,841.01 227,891,139.03 226,861,233.59 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,377,939.97 AA+ Aa1 05/19/23 05/24/23 2,304,744.01 4.29 6,632.47 2,350,426.18 2,339,802.57 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,000,000.00 AA+ Aa1 08/16/23 08/18/23 3,773,125.00 4.94 10,746.67 3,896,095.80 3,930,840.00 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,275,000.00 AA+ Aa1 08/16/23 08/18/23 2,144,987.30 4.93 6,148.19 2,213,863.66 2,233,711.03 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,530,000.00 AA+ Aa1 08/17/23 08/22/23 3,301,101.56 4.97 9,169.18 3,416,792.09 3,456,148.87 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,410,875.15 AA+ Aa1 09/20/23 09/28/23 3,357,348.27 5.19 13,643.50 3,376,757.13 3,440,614.57 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 1,863,227.32 AA+ Aa1 09/07/23 09/14/23 1,835,362.75 5.01 7,220.01 1,845,700.38 1,877,128.86 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 2,767,812.91 AA+ Aa1 07/19/23 07/27/23 2,767,743.71 4.78 11,018.20 2,767,772.05 2,776,606.25 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 3,500,000.00 AA+ Aa1 07/13/23 07/20/23 3,534,958.00 4.59 14,055.42 3,520,561.21 3,540,719.00 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 8 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
3136BQDE6 3,342,624.21 AA+ Aa1 07/18/23 07/31/23 3,285,956.28 4.58 11,647.71 3,308,699.26 3,323,230.30 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 1,936,156.39 AA+ Aa1 09/19/23 09/28/23 1,936,146.70 5.27 8,506.18 1,936,150.88 1,965,477.54 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 3,800,000.00 AA+ Aa1 09/07/23 09/14/23 3,743,786.60 4.99 14,725.00 3,763,470.94 3,834,036.60 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 3,850,000.00 AA+ Aa1 10/11/23 10/19/23 3,765,546.40 5.25 15,207.50 3,794,032.62 3,891,445.25 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 2,890,000.00 AA+ Aa1 10/25/23 10/31/23 2,797,858.13 5.60 11,680.42 2,826,865.65 2,932,774.89 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 3,800,000.00 AA+ Aa1 09/20/23 09/28/23 3,754,578.60 5.07 15,200.00 3,769,512.01 3,847,906.60 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,465,000.00 AA+ Aa1 11/14/23 11/21/23 1,460,764.69 5.14 6,188.40 1,462,098.35 1,494,820.08 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,125,000.00 AA+ Aa1 11/28/23 12/07/23 2,118,894.88 4.93 8,606.25 2,120,789.61 2,155,942.13 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 1,935,000.00 AA+ Aa1 12/11/23 12/21/23 1,953,069.03 4.79 8,062.50 1,947,645.28 1,970,691.08 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,190,000.00 AA+ Aa1 01/10/24 01/18/24 2,211,875.91 4.50 8,621.30 2,205,606.30 2,214,333.09 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,220,000.00 AA+ Aa1 02/01/24 02/08/24 2,242,197.78 4.34 8,458.20 2,235,981.13 2,234,292.36 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 2,715,000.00 AA+ Aa1 03/19/24 03/28/24 2,780,553.68 4.83 12,217.50 2,764,653.51 2,802,751.52 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,355,000.00 AA+ Aa1 03/05/24 03/14/24 3,455,603.03 4.67 14,971.69 3,429,434.99 3,465,617.71 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 3,750,000.00 AA+ Aa1 02/14/24 02/22/24 3,851,025.00 4.79 16,875.00 3,823,978.58 3,863,235.00 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 9 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 3,750,000.00 AA+ Aa1 02/29/24 03/07/24 3,862,488.75 4.79 17,115.63 3,832,998.07 3,872,490.00 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,125,000.00 AA+ Aa1 04/23/24 04/30/24 2,133,625.38 5.09 9,172.92 2,131,732.89 2,181,765.13 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,245,000.00 AA+ Aa1 07/16/24 07/25/24 3,264,927.54 4.58 12,763.67 3,261,366.48 3,286,023.29 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 3,751,991.45 AA+ Aa1 06/05/24 06/13/24 3,751,980.20 4.80 15,017.35 3,751,991.45 3,808,106.24 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 3,500,000.00 AA+ Aa1 08/07/24 08/15/24 3,532,739.00 4.33 13,250.42 3,526,935.81 3,523,901.50 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
3137HHJL6 3,980,000.00 AA+ Aa1 11/19/24 11/27/24 4,000,723.86 4.67 15,893.47 3,998,382.82 4,042,951.66 Security Type Sub-Total 83,450,627.39 82,923,712.04 4.84 322,814.75 83,280,295.13 84,307,363.12 Corporate Note
BRISTOL-MYERS SQUIBB CO (CALLABLE)
DTD 11/13/2020 0.750% 11/13/2025
110122DN5 2,230,000.00 A A2 06/23/21 06/25/21 2,210,888.90 0.95 3,623.75 2,228,764.68 2,207,037.69
BANK OF NY MELLON CORP (CALLABLE)
DTD 01/28/2021 0.750% 01/28/2026
06406RAQ0 3,465,000.00 A Aa3 02/02/21 02/04/21 3,465,831.60 0.75 216.56 3,465,082.04 3,401,472.69
MICROSOFT CORP (CALLABLE)
DTD 08/08/2016 2.400% 08/08/2026
594918BR4 3,000,000.00 AAA Aaa 02/23/22 02/25/22 3,033,150.00 2.14 34,600.00 3,007,589.55 2,945,955.00
BANK OF AMERICA NA (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 3,750,000.00 A+ Aa2 08/15/23 08/18/23 3,749,700.00 5.53 93,826.88 3,749,895.28 3,789,393.75
MASTERCARD INC (CALLABLE)
DTD 11/21/2016 2.950% 11/21/2026
57636QAG9 2,560,000.00 A+ Aa3 12/20/22 12/22/22 2,434,099.20 4.33 14,684.44 2,518,003.28 2,520,765.44
JP MORGAN CHASE BANK NA (CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 850,000.00 AA- Aa2 06/03/24 06/04/24 849,226.50 5.15 6,394.60 849,572.52 857,905.00
JP MORGAN CHASE BANK NA (CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 3,500,000.00 AA- Aa2 12/05/23 12/08/23 3,500,000.00 5.11 26,330.69 3,500,000.00 3,532,550.00 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 10 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note
TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 365,000.00 A A2 01/19/22 01/24/22 364,379.50 1.99 316.33 364,818.46 353,489.00
MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 3,000,000.00 AAA Aaa 12/14/22 12/16/22 2,914,170.00 4.06 48,125.00 2,968,605.80 2,966,556.00
GOLDMAN SACHS BANK USA (CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 3,000,000.00 A+ A1 05/21/25 05/22/25 3,018,870.00 5.08 31,581.67 3,015,287.36 3,017,409.00
HOME DEPOT INC (CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,610,000.00 A A2 01/26/23 01/30/23 3,405,674.00 4.16 38,466.56 3,516,309.65 3,507,577.08
JPMORGAN CHASE & CO (CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,535,000.00 A A1 09/14/23 09/18/23 1,403,557.95 5.13 19,728.12 1,458,984.33 1,498,859.96
KENVUE INC (CALLABLE)
DTD 10/17/2023 5.050% 03/22/2028
49177JAF9 2,300,000.00 A A1 06/27/25 06/30/25 2,354,303.00 4.12 41,620.42 2,352,630.70 2,346,460.00
WALMART INC (CALLABLE)
DTD 04/18/2023 3.900% 04/15/2028
931142FB4 1,220,000.00 AA Aa2 05/16/23 05/18/23 1,217,279.40 3.95 14,009.67 1,218,500.36 1,215,637.28
APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 5,200,000.00 AA+ Aaa 05/16/23 05/18/23 5,216,380.00 3.93 46,800.00 5,209,008.07 5,195,699.60
JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 495,000.00 A A1 07/13/23 07/14/23 501,732.00 4.64 1,157.06 498,975.62 506,024.64
JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 895,000.00 A A1 07/14/23 07/18/23 903,690.45 4.73 2,092.06 900,143.62 914,933.44
JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,165,000.00 A A1 07/11/23 07/14/23 1,163,264.15 4.98 2,723.19 1,163,974.88 1,190,946.88
PACCAR FINANCIAL CORP
DTD 08/10/2023 4.950% 08/10/2028
69371RS64 1,130,000.00 A+ A1 08/17/23 08/21/23 1,122,914.90 5.09 26,569.13 1,125,687.16 1,154,597.84
TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 2,800,000.00 A+ A1 09/06/23 09/11/23 2,795,128.00 5.29 57,166.67 2,796,826.69 2,879,542.40
CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 5,650,000.00 A+ Aa3 09/26/23 09/29/23 5,650,000.00 5.80 111,111.33 5,650,000.00 5,884,186.85 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 11 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note
BANK OF AMERICA CORP (CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
06051GMK2 2,060,000.00 A- A1 04/01/25 04/02/25 2,082,824.80 4.66 1,994.37 2,080,296.98 2,085,187.62
STATE STREET CORP (CALLABLE)
DTD 08/20/2024 4.530% 02/20/2029
857477CN1 1,900,000.00 A Aa3 08/14/24 08/20/24 1,900,000.00 4.53 38,492.42 1,900,000.00 1,907,793.80
BLACKROCK FUNDING INC (CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 365,000.00 AA- Aa3 03/05/24 03/14/24 364,339.35 4.74 6,528.43 364,507.74 370,984.54
ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,295,000.00 A+ A1 04/03/24 04/05/24 1,296,709.40 4.77 20,202.00 1,296,289.55 1,322,038.31
ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,580,000.00 A+ A1 04/01/24 04/04/24 1,577,645.80 4.83 24,648.00 1,578,216.75 1,612,988.82
BANK OF NEW YORK MELLON (CALLABLE)
DTD 04/22/2025 4.729% 04/20/2029
06405LAH4 2,700,000.00 AA- Aa2 05/06/25 05/07/25 2,727,216.00 4.45 35,112.83 2,725,182.89 2,728,301.40
PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
713448FX1 1,935,000.00 A+ A1 07/15/24 07/17/24 1,932,000.75 4.53 3,386.25 1,932,576.71 1,955,805.12
ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 660,000.00 A+ Aa3 08/12/24 08/14/24 658,554.60 4.25 12,859.00 658,812.13 659,708.94
ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,290,000.00 A+ Aa3 08/13/24 08/14/24 2,293,343.40 4.17 44,616.83 2,292,755.37 2,288,990.11
PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
713448GB8 730,000.00 A+ A1 02/05/25 02/07/25 728,773.60 4.64 16,230.33 728,881.26 740,319.28
WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 1,140,000.00 AA Aa2 04/23/25 04/28/25 1,138,027.80 4.39 12,810.75 1,138,120.61 1,145,057.04
WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 3,500,000.00 AA Aa2 05/01/25 05/02/25 3,531,465.00 4.15 39,331.25 3,530,020.89 3,515,526.00
APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
037833DU1 1,834,000.00 AA+ Aaa 07/01/25 07/02/25 1,631,563.08 4.18 6,724.67 1,634,611.95 1,629,729.08
APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
037833DU1 4,890,000.00 AA+ Aaa 07/01/25 07/02/25 4,349,801.70 4.19 17,930.00 4,357,939.03 4,345,351.80 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 12 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Security Type Sub-Total 78,599,000.00 77,486,504.83 4.27 902,011.26 77,776,871.91 78,194,781.40 Certificate of Deposit
COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
21684LGS5 3,500,000.00 A-1 P-1 07/17/23 07/20/23 3,500,000.00 5.08 6,914.44 3,500,000.00 3,537,513.00 Security Type Sub-Total 3,500,000.00 3,500,000.00 5.08 6,914.44 3,500,000.00 3,537,513.00 Bank Note
WELLS FARGO BANK NA (CALLABLE)
DTD 08/09/2023 5.450% 08/07/2026
94988J6D4 5,635,000.00 A+ Aa2 08/15/23 08/17/23 5,621,645.05 5.54 148,435.29 5,630,431.86 5,690,887.93
MORGAN STANLEY BANK NA (CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 1,360,000.00 A+ Aa3 05/28/24 05/30/24 1,360,000.00 5.50 13,515.38 1,360,000.00 1,384,214.80
MORGAN STANLEY BANK NA (CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 2,640,000.00 A+ Aa3 05/30/24 05/31/24 2,645,570.40 5.45 26,235.73 2,643,253.05 2,687,005.20 Security Type Sub-Total 9,635,000.00 9,627,215.45 5.51 188,186.40 9,633,684.91 9,762,107.93 Asset-Backed Security
CCCIT 2023-A1 A1
DTD 12/11/2023 5.230% 12/08/2027
17305EGW9 835,000.00 AAA Aaa 12/04/23 12/11/23 834,895.29 5.23 6,429.27 834,936.11 836,917.16 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 890,000.00 NR Aaa 07/18/23 07/26/23 889,775.19 5.29 2,088.53 889,876.30 895,488.63 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 1,059,428.57 NR Aaa 07/25/23 07/31/23 1,059,388.42 5.53 2,603.84 1,059,406.11 1,065,560.54 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 1,789,971.23 AAA NR 08/15/23 08/22/23 1,789,602.14 5.42 3,496.91 1,789,761.79 1,800,517.74 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 629,573.57 AAA NR 08/08/23 08/15/23 629,431.16 5.17 1,443.82 629,490.94 632,461.43 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 2,138,842.87 AAA Aaa 09/07/23 09/15/23 2,138,468.58 5.58 5,304.33 2,138,611.37 2,149,913.52 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 13 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 2,768,653.57 NR Aaa 11/15/23 11/21/23 2,768,603.46 5.74 7,063.14 2,768,624.31 2,791,661.08 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 765,000.00 AAA NR 11/07/23 11/14/23 764,917.53 5.54 1,883.60 764,946.63 773,317.85 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 2,092,048.59 AAA Aaa 08/15/23 08/23/23 2,091,918.88 5.53 5,141.79 2,091,969.40 2,106,136.45 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,020,000.00 AAA NR 09/07/23 09/15/23 3,019,162.86 5.17 6,925.87 3,019,452.49 3,047,234.36 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,090,000.00 AAA NR 09/12/23 09/19/23 3,089,861.88 5.23 7,182.53 3,089,911.17 3,119,382.81 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 1,130,000.00 AAA NR 11/03/23 11/13/23 1,129,851.41 5.54 2,782.31 1,129,900.57 1,140,103.33 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 1,365,000.00 NR Aaa 12/07/23 12/14/23 1,364,816.68 4.98 3,021.20 1,364,876.01 1,376,105.64 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 365,000.00 NR Aaa 01/09/24 01/17/24 364,926.60 4.85 737.60 364,947.75 366,311.08 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/16/2029
161571HV9 3,390,000.00 AAA NR 01/24/24 01/31/24 3,389,483.70 4.60 6,930.67 3,389,632.16 3,405,400.77 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
50117FAC5 1,550,000.00 NR Aaa 02/11/25 02/19/25 1,549,946.84 4.67 3,217.11 1,549,956.15 1,563,212.20 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
44935CAD3 2,525,000.00 AAA NR 03/04/25 03/12/25 2,524,627.56 4.32 4,848.00 2,524,660.72 2,528,368.35 HART 2025-B A3
DTD 06/11/2025 4.360% 12/17/2029
44935XAD7 960,000.00 AAA NR 06/03/25 06/11/25 959,913.31 4.36 1,860.27 959,915.97 962,138.88 TAOT 2025-C A3
DTD 07/30/2025 4.110% 03/15/2030
89238VAD0 1,635,000.00 AAA Aaa 07/22/25 07/30/25 1,634,827.67 4.11 186.66 1,634,828.20 1,630,956.65 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
362549AD9 680,000.00 AAA Aaa 05/06/25 05/14/25 679,899.90 4.28 1,212.67 679,904.47 680,277.44 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 14 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 1,830,000.00 AAA NR 06/05/25 06/12/25 1,829,993.05 4.31 3,505.47 1,830,000.00 1,836,308.01 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
17305EHA6 3,990,000.00 AAA Aaa 06/18/25 06/26/25 3,988,917.51 4.31 16,680.42 3,988,937.34 3,991,943.13 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
16145NAC5 1,135,000.00 NR Aaa 07/23/25 07/30/25 1,134,889.11 4.29 135.25 1,134,889.83 1,134,292.44 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
02582JKV1 2,265,000.00 AAA NR 07/15/25 07/22/25 2,264,673.61 4.30 2,434.88 2,264,677.05 2,272,272.92 CHAIT 2025-A1 A
DTD 07/25/2025 4.160% 07/15/2030
161571HZ0 3,190,000.00 AAA NR 07/18/25 07/25/25 3,189,935.88 4.16 2,211.73 3,189,942.95 3,185,451.06 Security Type Sub-Total 45,088,518.40 45,082,728.22 4.85 99,327.87 45,084,055.79 45,291,733.47 Managed Account Sub-Total 449,878,145.80 442,941,049.59 4.09 3,125,095.73 447,166,046.77 447,954,732.51 $449,878,145.80 $442,941,049.59 4.09% $3,125,095.73 $447,166,046.77 $447,954,732.51 $451,079,828.24
$3,125,095.73
Total Investments
Accrued Interest
Securities Sub-Total
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 15 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CFK2 11,115,000.00 Nomura 99.93 11,106,752.67 45,156.77 (1,635.24) DTD 09/15/2022 3.500% 09/15/2025
0.12 4.31
US TREASURY N/B 9128286F2 1,360,000.00 GoldmanS 98.96 1,345,789.36 (134,060.64) (28,067.27) DTD 02/28/2019 2.500% 02/28/2026
0.56 4.23
US TREASURY N/B 91282CBQ3 4,645,000.00 Nomura 97.81 4,543,390.63 283,417.58 (44,518.23) DTD 03/01/2021 0.500% 02/28/2026
0.56 4.12
US TREASURY N/B 91282CBQ3 6,000,000.00 WellsFar 97.81 5,868,750.00 30,468.75 (109,149.83) DTD 03/01/2021 0.500% 02/28/2026
0.56 4.12
US TREASURY N/B 91282CBT7 2,480,000.00 WellsFar 97.71 2,423,230.32 (55,800.93) (56,628.79) DTD 03/31/2021 0.750% 03/31/2026
0.65 4.21
US TREASURY N/B 91282CBT7 4,925,000.00 MorganSt 97.71 4,812,261.83 (84,457.90) (108,927.58) DTD 03/31/2021 0.750% 03/31/2026
0.65 4.21
US TREASURY N/B 91282CHB0 11,085,000.00 MorganSt 99.55 11,035,250.52 6,108.53 (5,611.52) DTD 05/15/2023 3.625% 05/15/2026
0.76 4.16
US TREASURY N/B 91282CCF6 1,405,000.00 BOFAML 97.17 1,365,221.64 (31,765.47) (38,430.27) DTD 06/01/2021 0.750% 05/31/2026
0.81 4.18
US TREASURY N/B 91282CCF6 4,615,000.00 Nomura 97.17 4,484,340.12 230,788.36 (58,370.23) DTD 06/01/2021 0.750% 05/31/2026
0.81 4.18
US TREASURY N/B 91282CCF6 4,800,000.00 Citigrou 97.17 4,664,102.40 264,977.40 (52,301.51) DTD 06/01/2021 0.750% 05/31/2026
0.81 4.18
US TREASURY N/B 91282CHM6 10,995,000.00 RBS 100.28 11,026,181.82 (10,908.41) (10,796.80) DTD 07/17/2023 4.500% 07/15/2026
0.92 4.12
US TREASURY N/B 91282CCW9 4,640,000.00 RBC Capi 96.42 4,473,795.20 215,688.95 (72,335.46) DTD 08/31/2021 0.750% 08/31/2026
1.06 4.15
US TREASURY N/B 91282CCZ2 4,310,000.00 RBC Capi 96.31 4,151,068.75 182,669.92 (70,244.32) DTD 09/30/2021 0.875% 09/30/2026
1.14 4.12
US TREASURY N/B 912828U24 4,545,000.00 RBC Capi 97.36 4,424,984.73 69,063.83 (65,076.18) DTD 11/15/2016 2.000% 11/15/2026
1.25 4.09
US TREASURY N/B 912828V98 9,220,000.00 JPMorgan 97.36 8,976,177.10 (5,399.46) (164,112.45) DTD 02/15/2017 2.250% 02/15/2027
1.47 4.02
US TREASURY N/B 912828ZN3 6,480,000.00 Nomura 94.18 6,102,591.84 311,091.84 (123,750.26) DTD 04/30/2020 0.500% 04/30/2027
1.70 3.97
US TREASURY N/B 912828ZV5 5,545,000.00 WellsFar 93.69 5,195,188.13 274,433.83 (105,709.07) DTD 06/30/2020 0.500% 06/30/2027
1.86 3.95
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 16 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 9128282R0 1,200,000.00 BNPPSA 96.70 1,160,343.60 17,718.60 (16,072.42) DTD 08/15/2017 2.250% 08/15/2027
1.94 3.94
US TREASURY N/B 9128282R0 2,985,000.00 HSBC 96.70 2,886,354.71 56,318.19 (34,735.74) DTD 08/15/2017 2.250% 08/15/2027
1.94 3.94
US TREASURY N/B 91282CFM8 805,000.00 BOFAML 100.41 808,270.72 8,522.09 5,585.78 DTD 09/30/2022 4.125% 09/30/2027
2.02 3.92
US TREASURY N/B 91282CFU0 2,715,000.00 Nomura 100.41 2,726,031.05 (26,724.42) (6,305.21) DTD 10/31/2022 4.125% 10/31/2027
2.11 3.92
US TREASURY N/B 91282CFU0 3,160,000.00 JPMorgan 100.41 3,172,839.08 (56,656.23) (19,178.68) DTD 10/31/2022 4.125% 10/31/2027
2.11 3.92
US TREASURY N/B 91282CAU5 8,775,000.00 WellsFar 92.70 8,134,697.03 661,893.32 (32,512.66) DTD 11/02/2020 0.500% 10/31/2027
2.19 3.92
US TREASURY N/B 91282CGC9 4,250,000.00 Nomura 99.91 4,246,017.75 (20,915.84) (12,925.62) DTD 01/03/2023 3.875% 12/31/2027
2.27 3.91
US TREASURY N/B 91282CBJ9 115,000.00 HSBC 92.54 106,419.97 6,594.58 (992.73) DTD 02/01/2021 0.750% 01/31/2028
2.43 3.91
US TREASURY N/B 91282CGH8 595,000.00 BNPPSA 99.03 589,236.24 (5,298.92) (5,516.87) DTD 01/31/2023 3.500% 01/31/2028
2.37 3.91
US TREASURY N/B 91282CGP0 1,245,000.00 TD Secur 100.23 1,247,869.73 16,681.45 10,018.43 DTD 02/28/2023 4.000% 02/29/2028
2.39 3.90
US TREASURY N/B 91282CBS9 2,555,000.00 BNPPSA 93.34 2,384,831.89 85,431.69 (31,074.93) DTD 03/31/2021 1.250% 03/31/2028
2.56 3.90
US TREASURY N/B 91282CGT2 2,675,000.00 RBS 99.32 2,656,713.70 (15,465.01) (16,756.99) DTD 03/31/2023 3.625% 03/31/2028
2.48 3.89
US TREASURY N/B 91282CHA2 735,000.00 Barclays 98.95 727,305.29 (4,278.11) (5,818.01) DTD 05/01/2023 3.500% 04/30/2028
2.57 3.90
US TREASURY N/B 91282CHA2 6,530,000.00 GoldmanS 98.95 6,461,637.43 (98,206.71) (84,782.58) DTD 05/01/2023 3.500% 04/30/2028
2.57 3.90
US TREASURY N/B 91282CKG5 3,450,000.00 BMO 100.70 3,474,122.40 62,261.07 53,010.47 DTD 04/01/2024 4.125% 03/31/2029
3.32 3.91
US TREASURY N/B 91282CKP5 4,430,000.00 JPMorgan 102.43 4,537,635.71 (34,089.68) (11,104.98) DTD 04/30/2024 4.625% 04/30/2029
3.38 3.91
US TREASURY N/B 91282CKP5 5,190,000.00 GoldmanS 102.43 5,316,101.43 114,140.10 116,871.15 DTD 04/30/2024 4.625% 04/30/2029
3.38 3.91
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CKX8 2,920,000.00 Citigrou 101.16 2,953,877.84 56,918.46 52,340.90 DTD 07/01/2024 4.250% 06/30/2029
3.56 3.92
US TREASURY N/B 91282CLC3 2,105,000.00 Citigrou 100.26 2,110,508.79 (9,127.54) (6,427.68) DTD 07/31/2024 4.000% 07/31/2029
3.66 3.92
US TREASURY N/B 91282CLK5 7,550,000.00 Citigrou 98.86 7,463,590.25 (102,040.61) (99,431.08) DTD 09/03/2024 3.625% 08/31/2029
3.70 3.93
US TREASURY N/B 91282CLN9 8,695,000.00 TD Secur 98.34 8,550,993.41 (119,212.25) (123,052.94) DTD 09/30/2024 3.500% 09/30/2029
3.79 3.93
US TREASURY N/B 91282CLR0 4,850,000.00 HSBC 100.72 4,884,861.80 46,797.35 45,160.62 DTD 10/31/2024 4.125% 10/31/2029
3.83 3.94
US TREASURY N/B 91282CMA6 6,315,000.00 WellsFar 100.73 6,361,377.36 35,030.09 36,371.49 DTD 12/02/2024 4.125% 11/30/2029
3.91 3.94
US TREASURY N/B 91282CMD0 12,365,000.00 BNP Sec 101.72 12,578,011.86 240,543.31 237,694.94 DTD 12/31/2024 4.375% 12/31/2029
3.97 3.94
US TREASURY N/B 91282CMG3 3,470,000.00 BNP Sec 101.23 3,512,698.35 55,575.31 54,423.14 DTD 01/31/2025 4.250% 01/31/2030
4.07 3.95
US TREASURY N/B 91282CMG3 5,215,000.00 HSBC 101.23 5,279,170.58 4,890.70 6,711.00 DTD 01/31/2025 4.250% 01/31/2030
4.07 3.95
US TREASURY N/B 91282CGQ8 8,565,000.00 Nomura 100.25 8,586,078.47 5,353.67 6,497.66 DTD 02/28/2023 4.000% 02/28/2030
4.08 3.94
US TREASURY N/B 91282CMU2 10,775,000.00 BNP Sec 100.20 10,796,884.03 (31,990.97) (28,765.29) DTD 03/31/2025 4.000% 03/31/2030
4.16 3.95
US TREASURY N/B 91282CHF1 5,400,000.00 RBS 99.07 5,349,585.60 10,546.54 8,785.69 DTD 05/31/2023 3.750% 05/31/2030
4.35 3.97
US TREASURY N/B 91282CNK3 1,805,000.00 Citigrou 99.62 1,798,090.46 (12,338.64) (12,257.29) DTD 06/30/2025 3.875% 06/30/2030
4.42 3.96
Security Type Sub-Total 229,605,000.00 226,861,233.59 2,540,344.54 (1,029,905.44) 2.37 4.02 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2 3137BTUM1 2,377,939.97 Citigrou 98.40 2,339,802.57 35,058.56 (10,623.61) DTD 01/01/2017 3.347% 11/01/2026
1.18 4.49
FHMS K064 A2 3137BXQY1 4,000,000.00 MorganSt 98.27 3,930,840.00 157,715.00 34,744.20 DTD 05/01/2017 3.224% 03/01/2027
1.42 4.32
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHMS K065 A2 3137F1G44 2,275,000.00 Citigrou 98.19 2,233,711.03 88,723.73 19,847.37 DTD 07/01/2017 3.243% 04/01/2027
1.57 4.28
FHMS K066 A2 3137F2LJ3 3,530,000.00 CantorFi 97.91 3,456,148.87 155,047.31 39,356.78 DTD 08/01/2017 3.117% 06/01/2027
1.66 4.28
FHMS K507 A1 3137HAMR4 3,410,875.15 BOFAML 100.87 3,440,614.57 83,266.30 63,857.44 DTD 09/01/2023 4.800% 04/01/2028
2.21 4.28
FHMS K506 A1 3137HAMG8 1,863,227.32 WellsFar 100.75 1,877,128.86 41,766.11 31,428.48 DTD 09/01/2023 4.650% 05/01/2028
2.32 4.22
FHMS KJ46 A1 3137HAD45 2,767,812.91 JPMorgan 100.32 2,776,606.25 8,862.54 8,834.20 DTD 07/01/2023 4.777% 06/01/2028
1.78 4.44
FHMS K505 A2 3137HACX2 3,500,000.00 JPMorgan 101.16 3,540,719.00 5,761.00 20,157.79 DTD 07/01/2023 4.819% 06/01/2028
2.57 4.27
FNA 2023-M6 A2 3136BQDE6 3,342,624.21 JPMorgan 99.42 3,323,230.30 37,274.02 14,531.04 DTD 07/01/2023 4.182% 07/01/2028
2.70 4.32
FHMS KJ47 A1 3137HAMN3 1,936,156.39 JPMorgan 101.51 1,965,477.54 29,330.84 29,326.66 DTD 09/01/2023 5.272% 08/01/2028
2.10 4.42
FHMS K506 A2 3137HAMH6 3,800,000.00 WellsFar 100.90 3,834,036.60 90,250.00 70,565.66 DTD 09/01/2023 4.650% 08/01/2028
2.71 4.23
FHMS K508 A2 3137HAQ74 3,850,000.00 BMO 101.08 3,891,445.25 125,898.85 97,412.63 DTD 10/01/2023 4.740% 08/01/2028
2.74 4.26
FHMS K509 A2 3137HAST4 2,890,000.00 MorganSt 101.48 2,932,774.89 134,916.76 105,909.24 DTD 10/01/2023 4.850% 09/01/2028
2.82 4.24
FHMS K507 A2 3137HAMS2 3,800,000.00 BOFAML 101.26 3,847,906.60 93,328.00 78,394.59 DTD 09/01/2023 4.800% 09/01/2028
2.77 4.26
FHMS K510 A2 3137HB3D4 1,465,000.00 JPMorgan 102.04 1,494,820.08 34,055.39 32,721.73 DTD 11/01/2023 5.069% 10/01/2028
2.84 4.28
FHMS K511 A2 3137HB3G7 2,125,000.00 BOFAML 101.46 2,155,942.13 37,047.25 35,152.52 DTD 12/01/2023 4.860% 10/01/2028
2.88 4.28
FHMS K512 A2 3137HBCF9 1,935,000.00 JPMorgan 101.84 1,970,691.08 17,622.05 23,045.80 DTD 12/01/2023 5.000% 11/01/2028
2.90 4.29
FHMS K513 A2 3137HBFY5 2,190,000.00 BMO 101.11 2,214,333.09 2,457.18 8,726.79 DTD 01/01/2024 4.724% 12/01/2028
3.01 4.28
FHMS K514 A2 3137HBLV4 2,220,000.00 JPMorgan 100.64 2,234,292.36 (7,905.42) (1,688.77) DTD 02/01/2024 4.572% 12/01/2028
2.97 4.28
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHMS K518 A2 3137HC2L5 2,715,000.00 JPMorgan 103.23 2,802,751.52 22,197.84 38,098.01 DTD 03/01/2024 5.400% 01/01/2029
3.10 4.30
FHMS K517 A2 3137HC2C5 3,355,000.00 BOFAML 103.30 3,465,617.71 10,014.68 36,182.72 DTD 03/01/2024 5.355% 01/01/2029
3.11 4.24
FHMS K515 A2 3137HBPD0 3,750,000.00 WellsFar 103.02 3,863,235.00 12,210.00 39,256.42 DTD 02/01/2024 5.400% 01/01/2029
3.01 4.33
FHMS K516 A2 3137HBPM0 3,750,000.00 MorganSt 103.27 3,872,490.00 10,001.25 39,491.93 DTD 03/01/2024 5.477% 01/01/2029
3.05 4.35
FHMS K520 A2 3137HCKV3 2,125,000.00 BOFAML 102.67 2,181,765.13 48,139.75 50,032.24 DTD 04/01/2024 5.180% 03/01/2029
3.22 4.29
FHMS K524 A2 3137HDV56 3,245,000.00 PIER 101.26 3,286,023.29 21,095.75 24,656.81 DTD 07/01/2024 4.720% 05/01/2029
3.40 4.29
FHMS K522 A2 3137HDJJ0 3,751,991.45 MorganSt 101.50 3,808,106.24 56,126.04 56,114.79 DTD 06/01/2024 4.803% 05/01/2029
3.27 4.29
FHMS K526 A2 3137HDXL9 3,500,000.00 BMO 100.68 3,523,901.50 (8,837.50) (3,034.31) DTD 08/01/2024 4.543% 07/01/2029
3.55 4.30
FHMS K530 A2 3137HHJL6 3,980,000.00 JPMorgan 101.58 4,042,951.66 42,227.80 44,568.84 DTD 11/01/2024 4.792% 09/01/2029
3.67 4.32
Security Type Sub-Total 83,450,627.39 84,307,363.12 1,383,651.08 1,027,067.99 2.69 4.30 Corporate Note
BRISTOL-MYERS SQUIBB CO (CALLABLE) 110122DN5 2,230,000.00 BOFAML 10/13/25 98.97 2,207,037.69 (3,851.21) (21,726.99) DTD 11/13/2020 0.750% 11/13/2025
0.28 4.58
BANK OF NY MELLON CORP (CALLABLE) 06406RAQ0 3,465,000.00 US_BANC 12/28/25 98.17 3,401,472.69 (64,358.91) (63,609.35) DTD 01/28/2021 0.750% 01/28/2026
0.48 4.32
MICROSOFT CORP (CALLABLE) 594918BR4 3,000,000.00 TD Secur 05/08/26 98.20 2,945,955.00 (87,195.00) (61,634.55) DTD 08/08/2016 2.400% 08/08/2026
0.97 4.24
BANK OF AMERICA NA (CALLABLE) 06428CAA2 3,750,000.00 BOFAML 07/17/26 101.05 3,789,393.75 39,693.75 39,498.47 DTD 08/18/2023 5.526% 08/18/2026
0.91 4.50
MASTERCARD INC (CALLABLE) 57636QAG9 2,560,000.00 CSFirstB 08/21/26 98.47 2,520,765.44 86,666.24 2,762.16 DTD 11/21/2016 2.950% 11/21/2026
1.21 4.14
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 850,000.00 Citigrou 11/08/26 100.93 857,905.00 8,678.50 8,332.48 DTD 12/08/2023 5.110% 12/08/2026
1.23 4.38
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 3,500,000.00 JPMorgan 11/08/26 100.93 3,532,550.00 32,550.00 32,550.00 DTD 12/08/2023 5.110% 12/08/2026
1.23 4.38
TARGET CORP (CALLABLE) 87612EBM7 365,000.00 Citigrou 12/15/26 96.85 353,489.00 (10,890.50) (11,329.46) DTD 01/24/2022 1.950% 01/15/2027
1.40 4.19
MICROSOFT CORP (CALLABLE) 594918BY9 3,000,000.00 GoldmanS 11/06/26 98.89 2,966,556.00 52,386.00 (2,049.80) DTD 02/06/2017 3.300% 02/06/2027
1.35 4.09
GOLDMAN SACHS BANK USA (CALLABLE) 38151LAG5 3,000,000.00 GoldmanS 05/21/26 100.58 3,017,409.00 (1,461.00) 2,121.64 DTD 05/21/2024 5.414% 05/21/2027
0.77 4.91
HOME DEPOT INC (CALLABLE) 437076BT8 3,610,000.00 TD Secur 06/14/27 97.16 3,507,577.08 101,903.08 (8,732.57) DTD 09/14/2017 2.800% 09/14/2027
1.96 4.20
JPMORGAN CHASE & CO (CALLABLE) 46647PCW4 1,535,000.00 BOFAML 02/24/27 97.65 1,498,859.96 95,302.01 39,875.63 DTD 02/24/2022 2.947% 02/24/2028
1.49 4.91
KENVUE INC (CALLABLE) 49177JAF9 2,300,000.00 JPMorgan 02/22/28 102.02 2,346,460.00 (7,843.00) (6,170.70) DTD 10/17/2023 5.050% 03/22/2028
2.36 4.22
WALMART INC (CALLABLE) 931142FB4 1,220,000.00 Barclays 03/15/28 99.64 1,215,637.28 (1,642.12) (2,863.08) DTD 04/18/2023 3.900% 04/15/2028
2.47 4.01
APPLE INC (CALLABLE) 037833ET3 5,200,000.00 HSBC 04/10/28 99.92 5,195,699.60 (20,680.40) (13,308.47) DTD 05/10/2023 4.000% 05/10/2028
2.54 4.02
JOHN DEERE CAPITAL CORP 24422EXB0 495,000.00 SBSC 102.23 506,024.64 4,292.64 7,049.02 DTD 07/14/2023 4.950% 07/14/2028
2.72 4.19
JOHN DEERE CAPITAL CORP 24422EXB0 895,000.00 TD Secur 102.23 914,933.44 11,242.99 14,789.82 DTD 07/14/2023 4.950% 07/14/2028
2.72 4.19
JOHN DEERE CAPITAL CORP 24422EXB0 1,165,000.00 Citigrou 102.23 1,190,946.88 27,682.73 26,972.00 DTD 07/14/2023 4.950% 07/14/2028
2.72 4.19
PACCAR FINANCIAL CORP 69371RS64 1,130,000.00 TD Secur 102.18 1,154,597.84 31,682.94 28,910.68 DTD 08/10/2023 4.950% 08/10/2028
2.72 4.19
TOYOTA MOTOR CREDIT CORP 89236TLB9 2,800,000.00 BOFAML 102.84 2,879,542.40 84,414.40 82,715.71 DTD 09/11/2023 5.250% 09/11/2028
2.80 4.25
CITIBANK NA (CALLABLE) 17325FBB3 5,650,000.00 Citigrou 08/29/28 104.14 5,884,186.85 234,186.85 234,186.85 DTD 09/29/2023 5.803% 09/29/2028
2.77 4.38
BANK OF AMERICA CORP (CALLABLE) 06051GMK2 2,060,000.00 Citigrou 01/24/28 101.22 2,085,187.62 2,362.82 4,890.64 DTD 01/24/2025 4.979% 01/24/2029
2.32 4.66
STATE STREET CORP (CALLABLE) 857477CN1 1,900,000.00 HSBC 02/20/28 100.41 1,907,793.80 7,793.80 7,793.80 DTD 08/20/2024 4.530% 02/20/2029
2.34 4.63
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 365,000.00 Citigrou 02/14/29 101.64 370,984.54 6,645.19 6,476.80 DTD 03/14/2024 4.700% 03/14/2029
3.21 4.21
ADOBE INC (CALLABLE) 00724PAF6 1,295,000.00 TD Secur 03/04/29 102.09 1,322,038.31 25,328.91 25,748.76 DTD 04/04/2024 4.800% 04/04/2029
3.25 4.17
ADOBE INC (CALLABLE) 00724PAF6 1,580,000.00 BOFAML 03/04/29 102.09 1,612,988.82 35,343.02 34,772.07 DTD 04/04/2024 4.800% 04/04/2029
3.25 4.17
BANK OF NEW YORK MELLON (CALLABLE) 06405LAH4 2,700,000.00 JPMorgan 04/20/28 101.05 2,728,301.40 1,085.40 3,118.51 DTD 04/22/2025 4.729% 04/20/2029
2.50 4.62
PEPSICO INC (CALLABLE) 713448FX1 1,935,000.00 Citigrou 06/17/29 101.08 1,955,805.12 23,804.37 23,228.41 DTD 07/17/2024 4.500% 07/17/2029
3.55 4.20
ELI LILLY & CO (CALLABLE) 532457CQ9 660,000.00 MorganSt 07/14/29 99.96 659,708.94 1,154.34 896.81 DTD 08/14/2024 4.200% 08/14/2029
3.57 4.22
ELI LILLY & CO (CALLABLE) 532457CQ9 2,290,000.00 JPMorgan 07/14/29 99.96 2,288,990.11 (4,353.29) (3,765.26) DTD 08/14/2024 4.200% 08/14/2029
3.57 4.22
PEPSICO INC (CALLABLE) 713448GB8 730,000.00 MorganSt 01/07/30 101.41 740,319.28 11,545.68 11,438.02 DTD 02/07/2025 4.600% 02/07/2030
3.93 4.25
WALMART INC (CALLABLE) 931142FN8 1,140,000.00 BOFAML 03/28/30 100.44 1,145,057.04 7,029.24 6,936.43 DTD 04/28/2025 4.350% 04/28/2030
4.17 4.24
WALMART INC (CALLABLE) 931142FN8 3,500,000.00 KEYB 03/28/30 100.44 3,515,526.00 (15,939.00) (14,494.89) DTD 04/28/2025 4.350% 04/28/2030
4.17 4.24
APPLE INC (CALLABLE) 037833DU1 1,834,000.00 JPMorgan 02/11/30 88.86 1,629,729.08 (1,834.00) (4,882.87) DTD 05/11/2020 1.650% 05/11/2030
4.47 4.24
APPLE INC (CALLABLE) 037833DU1 4,890,000.00 SUSQ 02/11/30 88.86 4,345,351.80 (4,449.90) (12,587.23) DTD 05/11/2020 1.650% 05/11/2030
4.47 4.24
Security Type Sub-Total 78,599,000.00 78,194,781.40 708,276.57 417,909.49 2.34 4.32 Certificate of Deposit
COOPERAT RABOBANK UA/NY 21684LGS5 3,500,000.00 RABO UA 101.07 3,537,513.00 37,513.00 37,513.00 DTD 07/20/2023 5.080% 07/17/2026
0.93 3.92
Security Type Sub-Total 3,500,000.00 3,537,513.00 37,513.00 37,513.00 0.93 3.92 Bank Note
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Bank Note
WELLS FARGO BANK NA (CALLABLE) 94988J6D4 5,635,000.00 WellsFar 07/07/26 100.99 5,690,887.93 69,242.88 60,456.07 DTD 08/09/2023 5.450% 08/07/2026
0.88 4.41
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 1,360,000.00 MorganSt 05/26/27 101.78 1,384,214.80 24,214.80 24,214.80 DTD 05/30/2024 5.504% 05/26/2028
1.71 4.73
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 2,640,000.00 MorganSt 05/26/27 101.78 2,687,005.20 41,434.80 43,752.15 DTD 05/30/2024 5.504% 05/26/2028
1.71 4.73
Security Type Sub-Total 9,635,000.00 9,762,107.93 134,892.48 128,423.02 1.23 4.54 Asset-Backed Security
CCCIT 2023-A1 A1 17305EGW9 835,000.00 Citigrou 100.23 836,917.16 2,021.87 1,981.05 DTD 12/11/2023 5.230% 12/08/2027
0.35 4.46
KCOT 2023-2A A3 500945AC4 890,000.00 JPMorgan 100.62 895,488.63 5,713.44 5,612.33 DTD 07/26/2023 5.280% 01/18/2028
0.79 4.54
BAAT 2023-1A A3 06428AAC2 1,059,428.57 BOFAML 100.58 1,065,560.54 6,172.12 6,154.43 DTD 07/31/2023 5.530% 02/15/2028
0.65 4.66
HAROT 2023-3 A3 43815QAC1 1,789,971.23 BOFAML 100.59 1,800,517.74 10,915.60 10,755.95 DTD 08/22/2023 5.410% 02/18/2028
0.67 4.56
TAOT 2023-C A3 89231FAD2 629,573.57 BNPPSA 100.46 632,461.43 3,030.27 2,970.49 DTD 08/15/2023 5.160% 04/17/2028
0.69 4.52
USAOT 2023-A A3 90291VAC4 2,138,842.87 JPMorgan 100.52 2,149,913.52 11,444.94 11,302.15 DTD 09/15/2023 5.580% 05/15/2028
0.58 4.70
BAAT 2023-2A A3 06054YAC1 2,768,653.57 BOFAML 100.83 2,791,661.08 23,057.62 23,036.77 DTD 11/21/2023 5.740% 06/15/2028
0.70 4.59
TAOT 2023-D A3 89239FAD4 765,000.00 JPMorgan 101.09 773,317.85 8,400.32 8,371.22 DTD 11/14/2023 5.540% 08/15/2028
0.89 4.43
FITAT 2023-1 A3 31680EAD3 2,092,048.59 JPMorgan 100.67 2,106,136.45 14,217.57 14,167.05 DTD 08/23/2023 5.530% 08/15/2028
0.74 4.65
CHAIT 2023-A1 A 161571HT4 3,020,000.00 JPMorgan 100.90 3,047,234.36 28,071.50 27,781.87 DTD 09/15/2023 5.160% 09/15/2028
1.07 4.36
AMXCA 2023-3 A 02582JKD1 3,090,000.00 Citigrou 100.95 3,119,382.81 29,520.93 29,471.64 DTD 09/19/2023 5.230% 09/15/2028
1.07 4.42
HART 2023-C A3 44918CAD4 1,130,000.00 BNPPSA 100.89 1,140,103.33 10,251.92 10,202.76 DTD 11/13/2023 5.540% 10/16/2028
0.90 4.60
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
BACCT 2023-A2 A2 05522RDH8 1,365,000.00 BOFAML 100.81 1,376,105.64 11,288.96 11,229.63 DTD 12/14/2023 4.980% 11/15/2028
1.22 4.36
GMCAR 2024-1 A3 36268GAD7 365,000.00 Barclays 100.36 366,311.08 1,384.48 1,363.33 DTD 01/17/2024 4.850% 12/18/2028
0.93 4.49
CHAIT 2024-A1 A 161571HV9 3,390,000.00 JPMorgan 100.45 3,405,400.77 15,917.07 15,768.61 DTD 01/31/2024 4.600% 01/16/2029
1.38 4.30
KCOT 2025-1A A3 50117FAC5 1,550,000.00 JPMorgan 100.85 1,563,212.20 13,265.36 13,256.05 DTD 02/19/2025 4.670% 06/15/2029
2.24 4.31
HART 2025-A A3 44935CAD3 2,525,000.00 Barclays 100.13 2,528,368.35 3,740.79 3,707.63 DTD 03/12/2025 4.320% 10/15/2029
1.82 4.26
HART 2025-B A3 44935XAD7 960,000.00 JPMorgan 100.22 962,138.88 2,225.57 2,222.91 DTD 06/11/2025 4.360% 12/17/2029
2.00 4.26
TAOT 2025-C A3 89238VAD0 1,635,000.00 RBC Capi 99.75 1,630,956.65 (3,871.02) (3,871.55) DTD 07/30/2025 4.110% 03/15/2030
2.30 4.24
GMCAR 2025-2 A3 362549AD9 680,000.00 TD Secur 100.04 680,277.44 377.54 372.97 DTD 05/14/2025 4.280% 04/16/2030
2.06 4.27
BACCT 2025-A1 A 05522RDK1 1,830,000.00 BOFAML 100.34 1,836,308.01 6,314.96 6,308.01 DTD 06/12/2025 4.310% 05/15/2030
2.57 4.20
CCCIT 2025-A1 A 17305EHA6 3,990,000.00 Citigrou 100.05 3,991,943.13 3,025.62 3,005.79 DTD 06/26/2025 4.300% 06/21/2030
2.68 4.26
CHAOT 2025-1A A3 16145NAC5 1,135,000.00 JPMorgan 99.94 1,134,292.44 (596.67) (597.39) DTD 07/30/2025 4.290% 06/25/2030
2.20 4.33
AMXCA 2025-4 A 02582JKV1 2,265,000.00 Barclays 100.32 2,272,272.92 7,599.31 7,595.87 DTD 07/22/2025 4.300% 07/15/2030
2.72 4.20
CHAIT 2025-A1 A 161571HZ0 3,190,000.00 JPMorgan 99.86 3,185,451.06 (4,484.82) (4,491.89) DTD 07/25/2025 4.160% 07/15/2030
2.75 4.23
Security Type Sub-Total 45,088,518.40 45,291,733.47 209,005.25 207,677.68 1.57 4.39 Managed Account Sub-Total 449,878,145.80 447,954,732.51 5,013,682.92 788,685.74 2.31 4.17 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 24 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Total Investments $451,079,828.24
$3,125,095.73
$447,954,732.51
Accrued Interest
Securities Sub-Total $449,878,145.80 $5,013,682.92 $788,685.74 2.31 4.17% PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 25 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
07/01/25 US TREASURY N/B
DTD 06/30/2025 3.875% 06/30/2030
07/01/25 91282CNK3 1,805,000.00 (1,810,429.10) (190.06) (1,810,619.16) 07/02/25 APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
07/01/25 037833DU1 1,834,000.00 (1,631,563.08) (4,286.98) (1,635,850.06) 07/02/25 APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
07/01/25 037833DU1 4,890,000.00 (4,349,801.70) (11,430.38) (4,361,232.08) 07/22/25 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
07/15/25 02582JKV1 2,265,000.00 (2,264,673.61) 0.00 (2,264,673.61) 07/25/25 CHAIT 2025-A1 A
DTD 07/25/2025 4.160% 07/15/2030
07/18/25 161571HZ0 3,190,000.00 (3,189,935.88) 0.00 (3,189,935.88) 07/30/25 TAOT 2025-C A3
DTD 07/30/2025 4.110% 03/15/2030
07/22/25 89238VAD0 1,635,000.00 (1,634,827.67) 0.00 (1,634,827.67) 07/30/25 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
07/23/25 16145NAC5 1,135,000.00 (1,134,889.11) 0.00 (1,134,889.11) 07/31/25 US TREASURY N/B
DTD 07/17/2023 4.500% 07/15/2026
07/30/25 91282CHM6 10,995,000.00 (11,037,090.23) (21,511.96) (11,058,602.19) Transaction Type Sub-Total 27,749,000.00 (27,053,210.38) (37,419.38) (27,090,629.76)
INTEREST
07/01/25 MONEY MARKET FUND
DTD 01/01/2010 0.000% --
07/01/25 MONEY0002 0.00 4,782.72 4,782.72
07/01/25 FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
07/01/25 341271AD6 0.00 11,322.00 11,322.00
07/25/25 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
07/01/25 3137HAQ74 0.00 15,207.50 15,207.50
07/25/25 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
07/01/25 3137F1G44 0.00 6,148.19 6,148.19
07/25/25 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
07/01/25 3137HHJL6 0.00 15,893.47 15,893.47
07/25/25 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
07/01/25 3137HDXL9 0.00 13,250.42 13,250.42
07/25/25 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
07/01/25 3137HBCF9 0.00 8,062.50 8,062.50
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Managed Account Security Transactions & Interest For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
07/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
07/01/25 3137HAMG8 0.00 7,229.26 7,229.26
07/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
07/01/25 3136BQDE6 0.00 11,648.93 11,648.93
07/25/25 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
07/01/25 3137HDV56 0.00 12,763.67 12,763.67
07/25/25 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
07/01/25 3137HB3G7 0.00 8,606.25 8,606.25
07/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
07/01/25 3137HDJJ0 0.00 15,409.63 15,409.63
07/25/25 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
07/01/25 3137HACX2 0.00 14,055.42 14,055.42
07/25/25 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
07/01/25 3137HBLV4 0.00 8,458.20 8,458.20
07/25/25 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
07/01/25 3137HBPD0 0.00 16,875.00 16,875.00
07/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
07/01/25 3137BTUM1 0.00 6,646.88 6,646.88
07/25/25 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
07/01/25 3137F2LJ3 0.00 9,169.18 9,169.18
07/25/25 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
07/01/25 3137HBFY5 0.00 8,621.30 8,621.30
07/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
07/01/25 3137HAMN3 0.00 9,140.74 9,140.74
07/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
07/01/25 3137HAD45 0.00 11,031.13 11,031.13
07/25/25 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
07/01/25 3137HC2L5 0.00 12,217.50 12,217.50
07/25/25 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
07/01/25 3137BXQY1 0.00 10,746.67 10,746.67
07/25/25 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
07/01/25 3137HAMS2 0.00 15,200.00 15,200.00
07/25/25 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
07/01/25 3137HAST4 0.00 11,680.42 11,680.42
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Managed Account Security Transactions & Interest For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
07/25/25 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
07/01/25 3137HBPM0 0.00 17,115.63 17,115.63
07/25/25 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
07/01/25 3137HC2C5 0.00 14,971.69 14,971.69
07/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
07/01/25 3137HAMR4 0.00 13,721.84 13,721.84
07/25/25 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
07/01/25 3137HB3D4 0.00 6,188.40 6,188.40
07/25/25 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
07/01/25 3137HAMH6 0.00 14,725.00 14,725.00
07/25/25 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
07/01/25 3137HCKV3 0.00 9,172.92 9,172.92
07/14/25 JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
07/14/25 24422EXB0 0.00 63,236.25 63,236.25
07/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
07/15/25 06054YAC1 0.00 13,991.25 13,991.25
07/15/25 TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
07/15/25 87612EBM7 0.00 3,558.75 3,558.75
07/15/25 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
07/15/25 05522RDK1 0.00 7,230.03 7,230.03
07/15/25 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
07/15/25 44918CAD4 0.00 5,216.83 5,216.83
07/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
07/15/25 31680EAD3 0.00 10,295.55 10,295.55
07/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
07/15/25 89239FAD4 0.00 3,531.75 3,531.75
07/15/25 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
07/15/25 500945AC4 0.00 3,916.00 3,916.00
07/15/25 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
07/15/25 02582JKD1 0.00 13,467.25 13,467.25
07/15/25 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
07/15/25 44935CAD3 0.00 9,090.00 9,090.00
07/15/25 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
07/15/25 50117FAC5 0.00 6,032.08 6,032.08
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Managed Account Security Transactions & Interest For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
07/15/25 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/16/2029
07/15/25 161571HV9 0.00 12,995.00 12,995.00
07/15/25 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
07/15/25 06428AAC2 0.00 5,255.08 5,255.08
07/15/25 HART 2025-B A3
DTD 06/11/2025 4.360% 12/17/2029
07/15/25 44935XAD7 0.00 3,953.07 3,953.07
07/15/25 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
07/15/25 05522RDH8 0.00 5,664.75 5,664.75
07/15/25 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
07/15/25 161571HT4 0.00 12,986.00 12,986.00
07/15/25 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
07/15/25 89231FAD2 0.00 2,890.03 2,890.03
07/15/25 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
07/15/25 90291VAC4 0.00 10,807.12 10,807.12
07/16/25 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
07/16/25 362549AD9 0.00 2,425.33 2,425.33
07/16/25 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
07/16/25 36268GAD7 0.00 1,475.21 1,475.21
07/17/25 COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
07/17/25 21684LGS5 0.00 88,900.00 88,900.00
07/17/25 PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
07/17/25 713448FX1 0.00 43,537.50 43,537.50
07/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
07/18/25 43815QAC1 0.00 8,689.44 8,689.44
07/24/25 BANK OF AMERICA CORP (CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
07/24/25 06051GMK2 0.00 51,283.70 51,283.70
07/28/25 BANK OF NY MELLON CORP
(CALLABLE)
DTD 01/28/2021 0.750% 01/28/2026
07/28/25 06406RAQ0 0.00 12,993.75 12,993.75
07/31/25 US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
07/31/25 91282CLC3 0.00 42,100.00 42,100.00
07/31/25 US TREASURY N/B
DTD 07/31/2023 4.750% 07/31/2025
07/31/25 91282CHN4 0.00 256,618.75 256,618.75
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Managed Account Security Transactions & Interest For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
07/31/25 US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
07/31/25 91282CMG3 0.00 184,556.25 184,556.25
07/31/25 US TREASURY N/B
DTD 01/31/2023 3.500% 01/31/2028
07/31/25 91282CGH8 0.00 10,412.50 10,412.50
07/31/25 US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
07/31/25 91282CBJ9 0.00 431.25 431.25
Transaction Type Sub-Total 0.00 1,237,602.93 1,237,602.93
MATURITY
07/01/25 FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
07/01/25 341271AD6 1,295,000.00 1,295,000.00 0.00 1,295,000.00 0.00 0.00 07/01/25 FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
07/01/25 341271AD6 505,000.00 505,000.00 0.00 505,000.00 (3,570.35) 0.00 07/31/25 US TREASURY N/B
DTD 07/31/2023 4.750% 07/31/2025
07/31/25 91282CHN4 10,805,000.00 10,805,000.00 0.00 10,805,000.00 5,908.98 0.00 Transaction Type Sub-Total 12,605,000.00 12,605,000.00 0.00 12,605,000.00 2,338.63 0.00
PAYDOWNS
07/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
07/01/25 3137HAMG8 2,389.41 2,389.41 0.00 2,389.41 35.74 23.09 07/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
07/01/25 3137HAMR4 19,585.98 19,585.98 0.00 19,585.98 307.36 201.43 07/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
07/01/25 3137BTUM1 5,167.71 5,167.71 0.00 5,167.71 159.07 63.58 07/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
07/01/25 3136BQDE6 351.15 351.15 0.00 351.15 5.95 3.66
07/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
07/01/25 3137HAD45 3,248.18 3,248.18 0.00 3,248.18 0.09 0.05 07/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
07/01/25 3137HAMN3 59,112.82 59,112.82 0.00 59,112.82 0.30 0.17 07/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
07/01/25 3137HDJJ0 98,008.55 98,008.55 0.00 98,008.55 0.30 0.00 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 30 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending July 31, 2025 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
PAYDOWNS
07/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
07/15/25 31680EAD3 142,066.10 142,066.10 0.00 142,066.10 8.80 5.45 07/15/25 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
07/15/25 90291VAC4 185,268.63 185,268.63 0.00 185,268.63 32.42 20.35 07/15/25 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
07/15/25 89231FAD2 42,525.28 42,525.28 0.00 42,525.28 9.62 5.67 07/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
07/15/25 06054YAC1 156,346.43 156,346.43 0.00 156,346.43 2.83 1.68 07/15/25 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
07/15/25 06428AAC2 80,915.11 80,915.11 0.00 80,915.11 3.07 1.75 07/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
07/18/25 43815QAC1 137,447.00 137,447.00 0.00 137,447.00 28.34 16.31 Transaction Type Sub-Total 932,432.35 932,432.35 0.00 932,432.35 593.89 343.19 SELL
07/02/25 US TREASURY N/B
DTD 05/31/2024 4.500% 05/31/2029
07/01/25 91282CKT7 4,190,000.00 4,295,404.69 16,485.25 4,311,889.94 70,706.25 77,551.14 FIFO 07/02/25 US TREASURY N/B
DTD 05/31/2024 4.500% 05/31/2029
07/01/25 91282CKT7 1,430,000.00 1,465,973.44 5,626.23 1,471,599.67 23,014.06 25,566.38 FIFO 07/16/25 US TREASURY N/B
DTD 09/30/2022 4.125% 09/30/2027
07/15/25 91282CFM8 1,565,000.00 1,571,663.48 18,873.00 1,590,536.48 16,872.66 11,255.33 FIFO 07/22/25 US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
07/18/25 91282CHA2 2,075,000.00 2,056,924.80 16,380.10 2,073,304.90 (8,429.69) (12,724.21) FIFO 07/24/25 US TREASURY N/B
DTD 01/31/2023 3.500% 01/31/2028
07/22/25 91282CGH8 1,625,000.00 1,614,018.55 27,337.71 1,641,356.26 (9,711.92) (10,301.27) FIFO 07/25/25 US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
07/23/25 91282CBJ9 1,225,000.00 1,134,991.21 4,441.47 1,139,432.68 71,633.79 (8,567.84) FIFO Transaction Type Sub-Total 12,110,000.00 12,138,976.17 89,143.76 12,228,119.93 164,085.15 82,779.53 Managed Account Sub-Total (1,376,801.86) 1,289,327.31 (87,474.55) 167,017.67 83,122.72 Total Security Transactions ($1,376,801.86) $1,289,327.31 ($87,474.55) $167,017.67 $83,122.72 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 31 U.S. Bancorp Asset Management, Inc.
#20..
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Attachment 3
City of Modesto Combined Yields
Month
Ending
Combined
Yield
CAMP
Balance
CAMP Monthly
Distribution Yields
Long Term
Amortized Cost
Balance
Long Term Portfolio
Yield
Short Term
Amortized Cost
Balance
Short Term
Portfolio Yield
6/30/2023 2.75% 47,969,832.62 5.24% 360,251,679.25 2.14% 41,289,235.20 5.21% 7/31/2023 2.94% 48,186,346.94 5.31% 360,659,807.46 2.35% 41,419,189.81 5.28% 8/31/2023 3.14% 48,412,208.12 5.52% 392,278,686.76 2.60% 41,598,139.19 5.44% 9/30/2023 3.36% 48,632,969.13 5.55% 392,056,693.34 2.85% 41,767,569.64 5.55% 10/31/2023 3.40% 48,862,493.00 5.56% 393,319,562.86 2.89% 41,829,190.02 5.63% 11/30/2023 3.46% 49,086,612.73 5.58% 396,095,890.19 2.97% 41,987,235.92 5.60% 12/31/2023 3.51% 49,318,080.86 5.55% 393,872,751.60 3.03% 42,137,084.04 5.60% 1/31/2024 3.54% 49,549,288.20 5.54% 395,563,681.33 3.07% 42,286,932.15 5.60% 2/29/2024 3.57% 49,765,331.51 5.50% 400,022,027.47 3.13% 42,269,831.92 5.45% 3/31/2024 3.59% 49,996,308.29 5.48% 397,576,602.33 3.16% 42,372,823.25 5.35% 4/30/2024 3.61% 50,219,345.80 5.44% 398,650,446.11 3.19% 42,473,217.00 5.35% 5/31/2024 3.68% 50,450,429.25 5.43% 399,100,250.21 3.29% 42,706,970.79 5.27% 6/30/2024 3.76% 50,674,988.39 5.43% 399,326,031.56 3.39% 42,808,365.69 5.27% 7/31/2024 3.79% 50,908,210.76 5.43% 400,074,642.53 3.44% 43,066,591.51 5.14% 8/31/2024 3.65% 36,112,852.04 5.41% 400,899,946.42 3.34% 43,149,544.75 5.10% 9/30/2024 3.73% 21,244,197.28 5.29% 401,135,133.05 3.54% 43,205,826.11 4.78% 10/31/2024 3.80% 35,394,422.01 5.03% 403,285,397.15 3.62% 32,709,563.98 4.65% 11/30/2024 3.83% 36,072,860.08 4.87% 404,702,479.08 3.67% 32,740,820.12 4.65% 12/31/2024 3.84% 28,695,113.02 4.73% 405,389,405.62 3.71% 32,773,649.87 4.65% 1/31/2025 3.92% 28,806,032.00 4.55% 405,929,868.49 3.82% 32,806,480.28 4.65% 2/28/2025 3.96% 28,905,743.58 4.51% 407,804,449.58 3.87% 32,836,151.16 4.65% 3/31/2025 4.09% 44,039,271.43 4.47% 408,339,752.77 4.00% 32,869,009.39 4.65% 4/30/2025 4.09% 44,200,320.85 4.45% 409,488,391.09 4.01% 32,900,814.33 4.65% 5/31/2025 4.11% 79,438,306.43 4.42% 410,441,768.77 4.04% 32,935,133.33 4.31% 6/30/2025 4.14% 79,725,922.37 4.40% 412,622,161.85 4.08% 32,944,543.05 4.31% 7/31/2025 4.14% 59,964,300.41 4.41% 413,979,818.20 4.10% 33,186,228.57 4.08% Notes:
1. Long and Short Term Portfolio AC Balance is the amortized cost value of the separately managed portfolios.
2. Long and Short Term Portfolio Yields are the separately managed portfolios yield at costs. #20..
Attachment 4
City of Modesto - Portfolio Holdings and Earnings Projections Issuer Par Maturity Date Current Yield
Years to
Maturity
Expected
Earnings
Rate to June
30, 2026
Expected
Earnings to
June 30,
2026
Main Portfolio
Federal Agency CMBS
FHLMC 2,377,940 11/1/2026 4.490% 1 128,030 4.29% 93,367 FHLMC 4,000,000 3/1/2027 4.320% 2 312,810 4.94% 180,759 FHLMC 2,275,000 4/1/2027 4.280% 2 187,316 4.93% 102,732 FHLMC 3,530,000 6/1/2027 4.280% 2 321,861 4.97% 160,450 FHLMC 3,410,875 4/1/2028 4.280% 3 472,974 5.19% 162,024 FHLMC 1,863,227 5/1/2028 4.220% 3 256,857 5.01% 85,363
FHLMC 3,500,000 6/1/2028 4.270% 3 456,260 4.59% 147,095 FHLMC 2,767,813 6/1/2028 4.440% 3 375,322 4.78% 121,002 FNMA 3,342,624 7/1/2028 4.320% 3 446,693 4.58% 139,958
FHLMC 3,800,000 8/1/2028 4.230% 3 569,545 4.99% 173,407 FHLMC 1,936,156 8/1/2028 4.420% 3 306,782 5.27% 93,405
FHLMC 3,850,000 8/1/2028 4.260% 3 607,679 5.25% 185,018 FHLMC 3,800,000 9/1/2028 4.260% 3 595,951 5.07% 176,461 FHLMC 2,890,000 9/1/2028 4.240% 3 500,554 5.60% 148,214 FHLMC 1,465,000 10/1/2028 4.280% 3 238,677 5.14% 68,841 FHLMC 2,125,000 10/1/2028 4.280% 3 332,100 4.93% 95,787 FHLMC 1,935,000 11/1/2028 4.290% 3 301,766 4.79% 84,768 FHLMC 2,190,000 12/1/2028 4.280% 3 329,020 4.50% 90,150 FHLMC 2,220,000 12/1/2028 4.280% 3 322,139 4.34% 88,265 FHLMC 3,750,000 1/1/2029 4.330% 3 614,717 4.79% 164,253 FHLMC 3,750,000 1/1/2029 4.350% 3 615,013 4.79% 164,331 FHLMC 3,355,000 1/1/2029 4.240% 3 536,191 4.67% 143,270 FHLMC 2,715,000 1/1/2029 4.300% 3 449,174 4.83% 120,019 FHLMC 2,125,000 3/1/2029 4.290% 4 387,530 5.09% 98,881
FHLMC 3,751,991 5/1/2029 4.290% 4 676,398 4.80% 164,903 FHLMC 3,245,000 5/1/2029 4.290% 4 557,387 4.58% 135,889 FHLMC 3,500,000 7/1/2029 4.300% 4 594,571 4.33% 138,775 FHLMC 3,980,000 9/1/2029 4.320% 4 760,219 4.67% 170,069 U.S. Treasury
U.S. Treasury 11,115,000 9/15/2025 4.308% 0 55,977 3.61% 367,618 U.S. Treasury 1,360,000 2/28/2026 4.233% 1 5,548 1.73% 21,551 U.S. Treasury 6,000,000 2/28/2026 4.121% 1 40,241 2.02% 110,843 U.S. Treasury 4,645,000 2/28/2026 4.121% 1 74,409 3.04% 129,067 U.S. Treasury 4,925,000 3/31/2026 4.207% 1 28,509 1.59% 71,721 U.S. Treasury 2,480,000 3/31/2026 4.207% 1 12,527 1.51% 34,286 U.S. Treasury 11,085,000 5/15/2026 4.160% 1 362,508 4.06% 411,648 U.S. Treasury 1,405,000 5/31/2026 4.179% 1 10,161 1.11% 14,222 U.S. Treasury 4,615,000 5/31/2026 4.179% 1 106,125 2.83% 119,464 U.S. Treasury 4,800,000 5/31/2026 4.179% 1 119,630 3.04% 133,504 U.S. Treasury 10,995,000 7/15/2026 4.116% 1 429,552 4.09% 411,090 U.S. Treasury 4,640,000 8/31/2026 4.150% 1 138,442 2.75% 116,767 U.S. Treasury 4,310,000 9/30/2026 4.120% 1 139,234 2.77% 109,164 U.S. Treasury 4,545,000 11/15/2026 4.090% 1 176,838 3.01% 125,136 U.S. Treasury 9,220,000 2/15/2027 4.020% 2 406,390 2.85% 240,663 U.S. Treasury 6,480,000 4/30/2027 3.970% 2 330,513 2.92% 173,027 U.S. Treasury 5,545,000 6/30/2027 3.950% 2 317,775 2.99% 151,841 U.S. Treasury 1,200,000 8/15/2027 3.940% 2 80,913 3.30% 36,275 U.S. Treasury 2,985,000 8/15/2027 3.940% 2 207,163 3.40% 92,876 U.S. Treasury 805,000 9/30/2027 3.920% 2 74,544 4.27% 31,476 U.S. Treasury 8,775,000 10/31/2027 3.920% 2 772,903 3.91% 314,051 U.S. Treasury 2,715,000 10/31/2027 3.920% 2 232,962 3.81% 94,659 U.S. Treasury 3,160,000 10/31/2027 3.920% 2 258,201 3.63% 104,914 U.S. Treasury 4,250,000 12/31/2027 3.910% 2 388,507 3.78% 146,955 U.S. Treasury 115,000 1/31/2028 3.910% 3 10,546 3.66% 3,854 U.S. Treasury 595,000 1/31/2028 3.910% 3 52,406 3.52% 19,150 U.S. Treasury 1,245,000 2/29/2028 3.900% 3 136,680 4.25% 48,411 U.S. Treasury 2,555,000 3/31/2028 3.900% 3 238,050 3.49% 81,631 U.S. Treasury 2,675,000 3/31/2028 3.890% 3 260,409 3.65% 89,298 U.S. Treasury 735,000 4/30/2028 3.900% 3 72,832 3.60% 24,229 U.S. Treasury 6,530,000 4/30/2028 3.900% 3 610,617 3.40% 203,134 U.S. Treasury 3,450,000 3/31/2029 3.910% 4 553,663 4.37% 138,106 U.S. Treasury 5,190,000 4/30/2029 3.910% 4 890,124 4.57% 217,167 U.S. Treasury 4,430,000 4/30/2029 3.910% 4 639,615 3.85% 156,049 U.S. Treasury 2,920,000 6/30/2029 3.920% 4 506,529 4.43% 118,308 U.S. Treasury 2,105,000 7/31/2029 3.920% 4 324,021 3.85% 74,075 U.S. Treasury 7,550,000 8/31/2029 3.930% 4 1,104,579 3.58% 247,272 U.S. Treasury 8,695,000 9/30/2029 3.930% 4 1,291,763 3.56% 283,475 U.S. Treasury 4,850,000 10/31/2029 3.940% 4 862,574 4.18% 185,512 U.S. Treasury 6,315,000 11/30/2029 3.940% 4 1,118,693 4.08% 236,035 U.S. Treasury 12,365,000 12/31/2029 3.940% 4 2,419,513 4.43% 500,692 U.S. Treasury 3,470,000 1/31/2030 3.950% 5 677,690 4.33% 137,598 U.S. Treasury 5,215,000 1/31/2030 3.950% 5 935,193 3.98% 189,881 U.S. Treasury 8,565,000 2/28/2030 3.940% 5 1,554,193 3.96% 310,281 U.S. Treasury 10,775,000 3/31/2030 3.950% 5 1,956,184 3.89% 383,430 U.S. Treasury 5,400,000 5/31/2030 3.970% 5 1,044,963 4.00% 197,744 U.S. Treasury 1,805,000 6/30/2030 3.960% 5 338,049 3.81% 62,902 Earnings to
Maturity
July 31, 2025
#20..
Attachment 4
City of Modesto - Portfolio Holdings and Earnings Projections Issuer Par Maturity Date Current Yield
Years to
Maturity
Expected
Earnings
Rate to June
30, 2026
Expected
Earnings to
June 30,
2026
Earnings to
Maturity
July 31, 2025
Negotiable CD
Rabobank Nederland 3,500,000 7/17/2026 3.920% 1 170,980 5.08% 162,699 Corporate Note
Bristol-Myers Squibb Co 2,230,000 11/13/2025 4.580% 0 6,094 2.72% 55,565 The Bank Of New York Mellon Corporation 3,465,000 1/28/2026 4.323% 0 12,801 2.02% 63,959 Wells Fargo & Company 5,635,000 8/7/2026 4.410% 1 317,999 5.54% 285,516 Microsoft Corp 3,000,000 8/8/2026 4.240% 1 65,555 2.14% 58,701 Bank Of America Co 3,750,000 8/18/2026 4.500% 1 217,558 5.53% 189,725 Mastercard Inc 2,560,000 11/21/2026 4.140% 1 145,125 4.33% 101,405 JPMorgan Chase & Co 3,500,000 12/8/2026 4.380% 1 242,550 5.11% 163,660 JPMorgan Chase & Co 850,000 12/8/2026 4.380% 1 59,351 5.15% 40,047 Target Corp 365,000 1/15/2027 4.190% 1 10,586 1.99% 6,634 Microsoft Corp 3,000,000 2/6/2027 4.090% 2 185,061 4.06% 111,370 Goldman Sachs Group Inc 3,000,000 5/21/2027 4.910% 2 275,085 5.08% 139,421 Home Depot Inc 3,610,000 9/14/2027 4.200% 2 318,706 4.16% 137,352 JPMorgan Chase & Co 1,535,000 2/24/2028 4.910% 3 202,385 5.13% 72,065 Kenvue Inc. 2,300,000 3/22/2028 4.220% 3 250,737 4.12% 86,783 Wal-Mart Stores Inc 1,220,000 4/15/2028 4.010% 3 130,568 3.95% 44,095 Apple Inc 5,200,000 5/10/2028 4.020% 3 567,657 3.93% 186,980 Morgan Stanley 1,360,000 5/26/2028 4.730% 3 211,233 5.50% 68,497 Morgan Stanley 2,640,000 5/26/2028 4.730% 3 405,928 5.45% 131,631 Deere & Company 1,165,000 7/14/2028 4.190% 3 171,646 4.98% 53,132 Deere & Company 495,000 7/14/2028 4.190% 3 67,926 4.64% 21,026 Deere & Company 895,000 7/14/2028 4.190% 3 125,118 4.73% 38,730 Paccar Financial Corp 1,130,000 8/10/2028 4.190% 3 174,418 5.09% 52,672 Toyota Motor Corp 2,800,000 9/11/2028 4.250% 3 461,810 5.29% 135,540 Citigroup Inc 5,650,000 9/29/2028 4.380% 3 1,038,403 5.80% 300,023 Bank Of America Co 2,060,000 1/24/2029 4.660% 3 334,544 4.66% 87,775 State Street Corporation 1,900,000 2/20/2029 4.630% 4 306,551 4.53% 78,760 Blackrock Inc. 365,000 3/14/2029 4.210% 4 62,676 4.74% 15,835 Adobe 1,580,000 4/4/2029 4.170% 4 281,020 4.83% 69,889
Adobe 1,295,000 4/4/2029 4.170% 4 227,281 4.77% 56,524
The Bank Of New York Mellon Corporation 2,700,000 4/20/2029 4.620% 4 447,112 4.45% 109,886 Pepsico Inc 1,935,000 7/17/2029 4.200% 4 347,876 4.53% 80,298 Eli Lilly & Co 660,000 8/14/2029 4.220% 4 113,326 4.25% 25,662 Eli Lilly & Co 2,290,000 8/14/2029 4.220% 4 385,647 4.17% 87,326 Pepsico Inc 730,000 2/7/2030 4.250% 5 153,240 4.64% 30,982 Wal-Mart Stores Inc 1,140,000 4/28/2030 4.240% 5 237,419 4.39% 45,784 Wal-Mart Stores Inc 3,500,000 4/28/2030 4.240% 5 688,992 4.15% 132,866 Apple Inc 1,834,000 5/11/2030 4.240% 5 366,845 4.18% 70,216 Apple Inc 4,890,000 5/11/2030 4.240% 5 978,636 4.19% 187,315 Asset-Backed Securities
Citigroup Inc 835,000 12/8/2027 4.460% 2 102,966 5.23% 39,989 Kubota Credit Owners Trust 890,000 1/18/2028 4.540% 2 116,138 5.29% 43,052 Bank of America Auto Trust 1,059,429 2/15/2028 4.660% 3 149,141 5.53% 53,620 Honda Auto Receivables 1,789,971 2/18/2028 4.560% 3 247,505 5.42% 88,698 Toyota Motor Corp 629,574 4/17/2028 4.520% 3 88,294 5.17% 29,758 USAA Owners Trust 2,138,843 5/15/2028 4.700% 3 333,443 5.58% 109,293 Bank of America Auto Trust 2,768,654 6/15/2028 4.590% 3 457,201 5.74% 145,433 Fifth Third Auto Trust 2,092,049 8/15/2028 4.650% 3 352,231 5.53% 105,891 Toyota Motor Corp 765,000 8/15/2028 4.430% 3 129,059 5.54% 38,799 American Express Co 3,090,000 9/15/2028 4.420% 3 505,727 5.23% 147,910 Chase Issurance 3,020,000 9/15/2028 4.360% 3 488,157 5.17% 142,771 Hyundai Auto Receivables 1,130,000 10/16/2028 4.600% 3 201,293 5.54% 57,316 Bank Of America Co 1,365,000 11/15/2028 4.360% 3 224,180 4.98% 62,241 Gm Financial Securitized Term 365,000 12/18/2028 4.490% 3 60,002 4.85% 16,214 Chase Issurance 3,390,000 1/16/2029 4.300% 3 540,849 4.60% 142,801 Kubota Credit Owners Trust 1,550,000 6/15/2029 4.310% 4 280,670 4.67% 66,250 Hyundai Auto Receivables 2,525,000 10/15/2029 4.260% 4 459,704 4.32% 99,897 Hyundai Auto Receivables 960,000 12/17/2029 4.260% 4 183,567 4.36% 38,320 Toyota Motor Corp 1,635,000 3/15/2030 4.240% 5 310,959 4.11% 61,529 Gm Financial Securitized Term 680,000 4/16/2030 4.270% 5 137,253 4.28% 26,653 Bank Of America Co 1,830,000 5/15/2030 4.200% 5 377,942 4.31% 72,174 Citigroup Inc 3,990,000 6/21/2030 4.260% 5 840,728 4.31% 157,225 Chase Auto Owner Trust 1,135,000 6/25/2030 4.330% 5 238,911 4.29% 44,579 American Express Co 2,265,000 7/15/2030 4.200% 5 483,332 4.30% 89,189 Chase Issurance 3,190,000 7/15/2030 4.230% 5 658,130 4.16% 121,445 Overnight Investments 59,964,300 Varies Varies 3.45% 1,894,363 Totals (Main Portfolio) 509,842,446 53,355,821 4.04% 18,850,260 Notes:
1. Earnings projections are based on stated par value, future market expectations and current investment positions.
2. Earnings on overnight investments are based on the investment balances and the Fed Funds Futures rates.
3. Callable securities priced above par are considered to be called on their next call date. #20..
Attachment 5
Issue Name / Type Trustee Bank Investment Total Amount
Instl Res Tre and Agny Cash Adv6541 $274,424.38
Financial Guaranty Insurance Pol $1.00
CAMP $2,230,658.03
Total $2,505,083.41
Instl Res Tre and Agny Cash Adv6541 $310,226.26
CAMP $5,518,369.92
Total $5,828,597.18
2018 Wastewater Refunding Bank of New York Fidelity Inv MM Trsy Only $196.62 Fairview Village Refunding US Bank First American Government $445,299.72 Blackrock Federal Fund Instl 30 $186.72
CAMP $3,159,433.76
Total $3,159,620.48
Other Post Employment Benefits Section 115
Trust PARS HighMark Plus Moderate $1,953,886.23
Pension Section 115 Trust PARS HighMark Plus Moderately Conservative $3,150,147.86 Athens Administrators (New Third Party
Administrator - Worker's Compensation) Wells Fargo Bank Business Checking Account $397,922.73 George Hills Company - General Liability Claims
Administration Services California Bank & Trust Business Checking Account $31,065.69 Kemper Sports Management Inc. BMO Harris Bank Business Money Market $109,870.41 Stanislaus Community Foundation Modesto Commerce Bank Charles Schwab $836,245.55 Third-Party Construction Contract Retention Umpqua Bank $998,891.65 Village One #2 Refunding Bank of New York
Cash with Fiscal Agent Investments
As of July 31, 2025
2008 Water Refunding COP Bank of New York
2008 Lease Revenue Bonds Bank of New York
#20..
- 516 -
CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
October 14, 2025
Date: September 23, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: July and August 2025 Grant Application and Awards CONTACT: Maria Garnica, Accounting Manager, [email protected] 209-577-5249
DESCRIPTION:
Consider accepting an Informational Report on the July and August 2025 Grant Applications and Awards. (Funding Source: Not Applicable)
STRATEGIC PLAN ELEMENT:
This item supports the City of Modesto 2025-2026 Strategic Plan focus of Governance and Service Delivery under Goal H: Develop a Strategy for Long-Term Financial Sustainability.
BACKGROUND:
The Finance Department coordinated with California Consulting to update the Administrative Directive 7.2, “Grant Management.” The revised directive was updated on July 26, 2023, to streamline the grant management process and to establish better controls on local match requirements, including potential future costs which could be required as part of a grant agreement.
This directive has eliminated the requirement to go to Council for the application and acceptance of grant awards if the grant does not require local match contributions exceeding $100,000. Grant applications and awards that require a local match contribution which exceeds $100,000 must be approved by City Council after the Director of Finance and City Manager’s approval. City Manager is authorized to approve all grant applications and awards which exceed $25,000 and those which require local match contribution under $100,000. The Director of Finance is authorized to approve grant applications and awards under $25,000 with no local funding requirements. All grant applications and awards require the approval of the Director of Finance. Departments may be required to obtain Council’s approval for grant applications and awards with no local match at the discretion of the City Manager.
Due to the need for quick turnaround on grant application and award acceptance required by the granting agencies, this directive allows for City departments to apply for more grants within the grant application periods and provide quick response to award acceptance deadlines. #21..
- 517 -
City Council, October 14, 2025
July and August 2025, Grant Application and Awards