#226842 v3 9218.14
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
BY AND AMONG
CITY OF MURRIETA,
MURRIETA VALLEY UNIFIED SCHOOL DISTRICT AND
CENTURY COMMUNITIES OF CALIFORNIA, LLC
(Community Facilities District No. 2026-1 (Gierson Ranch) of the City of Murrieta)
THIS JOINT COMMUNITY FACILITIES AN D SCHOOL FACILITIES MITIGATION AGREEMENT (“Agreement”) is made and entered into as of the 1st day of June, 2026, by and among THE CITY OF MURRIETA, a general law ci ty organized and existing under the laws and Constitution of the State of California (“City”), the MURRIETA VALLEY UNIFIED SCHOOL DISTRICT, a California public school district organized and operating pursuant to the applicable provisions of the California Education Code (“School District”), and CENTURY COMMUNITIES OF CALIFORNIA, LLC, a Delaware limited liability company (“Developer”).
R E C I T A L S:
A. Developer intends to develop certain real property (the “Property”) located within the boundaries of the City and School District, consisting of approximately 16 gross acres within Tract Map 39271 (the “Project” ) to be developed with approximately 107 dwelling units, as more fully depicted in Exhibit “A” attached hereto.
B. The Project will require the payment to School District of all or a part of Statutory School Fees (defined below) required to finance School Facili ties (defined below).
In lieu of the Statutory School Fees, the Mitigation Amount (as defined below) is expected to be paid to School District, in whole or in part, from Bond Proceeds (defined below) of Community Facilities District No. 2026-1 (Gierson Ranch) of the City of Murrieta (the “CFD”). The City Facilities (defined below) and School Fa cilities are sometimes co llectively referred to herein as the “Facilities.”
C. Pursuant to Developer’s request, the City Council of the City is in the process of forming the CFD pursuant to the Act to finance all or a portion of the Facilities. The City will have responsibility for the formation and administration of the CFD.
D. The City is authorized by Section 53313. 5 of the Act to finance, by means of the CFD, the School Facilities. This Agreement constitutes a “joint community facilities agreement” (“JCFA”) within the meaning of Section 53316.2 of the Act by and among the City, School District and Developer, pursuant to which the CFD will be authorized to finance the School Facilities. Pursuant to Section 53316.2(b) of the Act, a JCFA may be approved by two or more public agencies prior to the adoption of a resolution author izing the issuance of bonds. As provided by Section 53316.6 of the Act, City is responsi ble for constructing, providing, maintaining and operating the City Facilities and the School District is responsible for constructing, providing, maintaining and operating the School Facilities.
#226842 v3 9218.14 P age 2 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
E. The provision of the City Facilities and School Facilities is necessitated by the Project, and the Parties hereto find and dete rmine that the residents of the City, School District and CFD will be benefited by the financing of the City Facilities and School Facilities, and that this Agreement is beneficial to the interests of such residents.
ARTICLE I
GENERAL PROVISIONS
Section 1.1. Recitals
The above recitals are true and correct and are hereby incorporated by this reference.
Section 1.2. Definitions
Unless the context clearly otherwise requires, the terms defined in this Section shall, for all purposes of this Agreement, have the meanings herein specified. (a) “Act” means the Mello-Roos Community Facilities Act of 1982, as amended, commencing with California Government Code Section 53311, et seq. (b) “Agreement” means this Joint Community Facilities and School Facilities Mitigation Agreement.
(c) “Amount per Square Foot” means 125% of the amount per square foot authorized to be used by the School District to calculate the then applicable Statutory School Fees. As of the date of this Agreem ent, that amount is $6.46 (1.25 x $5.17 per square foot).
(d) “Assessable Square Feet” means the square footag e within the perimeter of a residential structure, ex cluding any carport, walkways, garages, overhangs, enclosed patios, detached necessary structures or simi lar areas. For purposes of determining the Assessable Square Feet of a dwelling unit, th e School District may rely on the square footage contained on the building permit issued for the dwelling unit. (e) “Bond Proceeds” shall mean those net funds generated by the sale of the Bonds.
(f) “Bond Resolution” means that Resolution, Reso lution Supplement, Fiscal Agent Agreement, Indenture of Trust or othe r equivalent document(s) providing for the issuance of the Bonds.
(g) “Bonds” shall mean those bonds, or other se curities, issued by, or on behalf of the CFD, as authorized by the qualified electors within the CFD. (h) “Certificates of Compliance” means those certificates issued by School District pursuant to Education Code Section 17620(b) to Developer certifying that Developer has paid the Deposit in order to obtain a building permit for a dwelling unit. (i) “CFD” means Community Faciliti es District No. 2026-1 (Gierson Ranch) of the City of Murrieta.
#226842 v3 9218.14 P age 3 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
(j) “City Facilities” means storm drainage, library, park, law enforcement, fire, streets and bridges, traffic, administration and community center facilities, and other public facilities of the City, including the foregoing public facilities which are included in the City’s fee programs with respect to such facilities and authorized to be financed under the Act. (k) “Deposits” shall mean all amounts advanced to School District by Developer prior to the issuance and sale of the Bonds, as security for the future payment, with Bond Proceeds, of the Statutory Sch ool Fees due in connection with Certificates of Compliance issued by School District for dw elling units within the Project prior to the issuance and sale of the Bonds and the funding of the School Fee Fund.
(l) “Disbursement Request” means a request for payment relating to School Facilities in the form attached hereto as Exhibit “B.”
(m) “Mitigation Amount” means for each dwelling uni t within the Project, the Amount per Square Foot multiplied by the Assessable Square Feet of the dwelling unit. (n) “Party” or “Parties” shall mean any one or all of the parties to this Agreement and the CFD.
(o) “Rate and Method” means the Rate and Method of Apportionment of the Special Tax authorizing the levy and collection of special taxes within the CFD pursuant to proceedings undertaken for the formation of the CFD pursuant to the Act. (p) “School Facilities” means those TK-12 school si tes, preschool facilities, school facilities, including cla ssrooms, on-site office space at a school, central support and administrative facilities, interim housing, fu rniture, equipment, te chnology, buses, and transportation facilities needed by School District in order to serve the student population to be generated as a result of development of th e property within the CF D, and also includes costs associated with the maintenance and operat ion of school facilities in accordance with the Act.
(q) “School Fee Fund” means the fund(s), account(s) or sub-account(s) of the CFD (regardless of its designation within the Bond Resolution) into which a portion of the Bond Proceeds may be deposited in accordance with the Bond Resolution to finance the School Facilities.
(r) “Statutory School Fees” means the then-current a pplicable fee levied on new residential development (known as “Level 1” Fees) pursuant to Education Code Section 17620 and Government Code Sections 65995 et se q. or as “alternative school fees” pursuant to Government Code Section 65995.5 (also known as “Level 2 Fees”). (s) “State” means the State of California.
(t) “Special Taxes” means the special taxes authorized to be levied and collected pursuant to the Rate and Method.
#226842 v3 9218.14 P age 4 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
ARTICLE II
FORMATION OF THE CFD AND ISSUANCE OF BONDS
Section 2.1. Formation of the CFD
The City, pursuant to the written request of the Developer, initiated proceedings pursuant to the Act for the formation of the CFD, the authorization of the Special Taxes within the CFD and the authorization of Bonds on behalf of the CFD, with the qualified electors approving the levy of the Special Taxes and the sale of the Bonds.
Section 2.2. Statutory School Fee Deposits
Subsequent to the execution of this Agreem ent and prior to School District’s receipt of Bond Proceeds, Developer may obtain Certificates of Compliance for dwelling units within the Project by posting Deposits equivalent to the Statutory School Fees due with respect to such dwelling units.
Deposits posted prior to the issuance of Bonds will be held unexpended by School District and then released to Developer upon the sale of Bonds to the extent the Mitigation Amounts for such dwelling units have been sa tisfied by the deposit of Bond Proceeds in the School Fee Fund. After the issuance of the last series of Bonds (other than Bonds issued for refunding purposes only), to the extent that all Bond Proceeds deposited into the School Fee Fund are not sufficient to satisfy the Mitigation Amounts for such dwelling units, the portion of the Deposits not satisfied with Bo nd Proceeds shall be retained and used by School District to construct School Facilities.
Section 2.3. Issuance and Sale of Bonds
The City Council of the City, acting as the legislative body of the CFD, may, in its sole discretion, in accordance with its adopted poli cies, adopt the Bond Resolution and issue the Bonds. Prior to the City Council of the City adopting the Bond Resolution, Developer shall notify School District, as soon as practicable, of: i) the estimated issuance date for the Bonds and ii) the estimated amount of proceeds to be deposited in the School Fee Fund. Such initial notification to District shall include a copy of the proposed financing schedule and, when available, information (including pricing information) relating to the sale of the Bonds.
Section 2.4. Bond Proceeds
In the event that the CFD is formed and Bonds are issued, the City, or the CFD (as may be applicable), and Developer shall determine the amount of Bond Proceeds to be deposited into the School Fee Fund or any ap plicable accounts or subaccounts thereof. The Parties hereby acknowledge and agree that, in the event Bonds are issued, Bond Proceeds, to the extent available after the funding of the City Facilities, will be utilized to fund School Facilities in an amount up to the Mitigation Amount for all dwelling units planned for the Project, and prior to and with priority over the funding of fees and facilities of any other public agency participating as a joint communi ty facilities agreement partner with the CFD.
As Bond Proceeds are deposited in the Sch ool Fee Fund, Developer shall receive an Assessable Square Feet credit calculated by di viding the amount deposited into the School Fee Fund by the Amount per Square Foot as of the date of issuance of the Bonds. The purpose of this Agreement is to provide a mechanism by which the CFD may levy Special Taxes and issue Bonds to provide a source of funds to finance School Facilities in lieu of the payment of Statutory School Fees. In the event that Bond Proceeds, in cluding investment earnings
#226842 v3 9218.14 P age 5 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
thereon, are not available or sufficient to satisfy the obligation, then Developer shall remain obligated to satisfy the Mitigation Amount due to School District.
Section 2.5. Assessable Square Feet Credit Account
(a) After being notified by Developer that Bond Proc eeds have been deposited into the School Fee Fund, School District will establish a credit account (“Credit Account”) in the amount of Assessable Square Feet for which the Mitigation Amount is deemed satisfied.
Such determination shall be made by dividing the amount deposited in the School Fee Fund by the Amount per Square Foot as of the date of issuance of the Bonds. (b) Once established, School District sha ll deduct from the Credit Account the Assessable Square Feet of dwel ling units for which Deposits had been made pursuant to Section 2.2 and return the corresponding Deposi ts to Developer. If such deduction would result in a negative balance within the Credit Account, School District shall retain a portion of the Deposits such that when added to the Bond Proceeds deposited in the School Fee Fund would result in a balance of zero (0) Assessable Square Feet within the Credit Account. Such retained Deposits may then be used by School District to fund School Facilities. (c) Developer may obtain Certificates of Compliance for dwelling units within the Project by requesting that School District deduct from the Credit Account the Assessable Square Feet of the dwelling unit for which the Certificate of Compliance is being sought. In the event that there is an insufficient balance in the Cr edit Account to cover a request for a Certificate of Compliance, Developer may only obtain a Certificate of Compliance by paying the remaining Mitigation Amount in cash.
Section 2.6. Disbursements for School Facilities
(a) From time to time following the fund ing of the School Fee Fund, School District may notify the City in writing and request a disbursement from the School Fee Fund to fund School Facilities by executing and submitting an executed Disbursement Request to the City. Upon receipt of such Disbursement Request comple ted in accordance with the terms of this Agreement, the CF D shall wire transfer or otherw ise pay to School District, or the designated payee as identified by the School District, such requested funds to the extent that Bond Proceeds are available in the School Fee Fund for such purpose. (b) School District agrees that prior to submitting a Disbursement Request requesting payment from the CFD, it shall review and approve all costs included in its request and will have already paid or incurred such costs of School Facilities from its own funds subsequent to the date of this Agreemen t or will disburse su ch amounts to pay the costs of School Facilities foll owing receipt of funds from the CFD. In the event that School District does not disburse any Bond Proceeds received by it to third parties within five banking days of receipt, it will trace and report to the CFD all earnings, if any, earned by School District, from the date of receipt of such Bond Proceeds by School District to the date of expenditure by School District for capital costs of the School Facilities. School District agrees that in processing the above disbursements it will comply with all legal requirements for the expenditure of Bond Proceeds under the Internal Revenue Code of 1986 and any amendments thereto.
Section 2.7. Responsibility for Mitigation Amounts
(a) The Parties hereto acknowledge and agree that the final responsibility for the payment of the Mitigation Amount for each dwelling unit within the Project lies with Developer.
#226842 v3 9218.14 P age 6 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
(b) If the amounts derived from Bond Proceed s for School Facilities deposited in the School Fee Fund, including investment earnings thereon, if any, are not sufficient to fund the total cost of the Mitigation Amounts, the Parties hereto agree that all responsibility and liability for the amount of such shortfall shall be and remain with Developer, and shall not lie with the CFD, School District, or the City.
(c) School District agrees to utilize or apply funds provided to it by the CFD, in accordance with the Act, the Local Agency Special Tax and Bond Accountability Act (described in Section 4.1 hereof), the requirements of federal tax law compliance with which is necessary in order for interest on the Bonds to be excluded from the gross income of the recipients for federal income tax purposes and other applicable law, and as set forth herein. (d) School District shall indemnify, defend, and hold harmless, the City and the CFD for any act or omission of the School Distri ct with respect to this Agreement; provided, however, that the School District shall not be required to indemnify any person or entity as to damages resulting from negligence or willful misconduct of such person or entity or their officers, agents or employees.
Section 2.8. Mitigation of Statutory School Fee Obligations of Project Developer and School District agree that payment of the Mitigation Amount to School District with respect to any dwelling unit with in the Project, whether with Bond Proceeds or otherwise, shall constitute full mitigation of the obligations due School District in connection with the issuance of a Certificate of Compliance with respect to such dwelling unit.
School District shall have no obligation, re sponsibility, or authority with respect to the issuance and sale of the Bonds, the Bond Proceeds available to finance the construction of School Facilities, the payment of the principal and interest on the Bonds, or for the levy of the Special Taxes to provide for the payment of principal and interest thereon. The City shall have the sole authority and responsibility for all such matters.
The Parties hereto specifically agree that, except as otherwise provided for in Section 2.4, the liabilities of the CFD, including liabilities, if any, of the CFD pursuant to the documents providing for the issuance of Bonds, including the Bond Resolution, shall not be or become liabilities of School District.
Section 2.9. Waiver of State and Local Funding Credits and Right to Protest
In consideration of School District’s agreement with respect to the Project to accept the Mitigation Amounts as full mitigation of the impact of the students generated by the Project upon the School Facilities, and provid ed School District does not breach such agreement, Developer agrees to waive all past, present and future credit against, or fair share reduction in, Mitigation Amounts based upon State matching funding provided to School District or the proceeds from a District-wid e special tax or general obligation bond authorization, or School Fac ilities Improvement Di strict (“SFID”) bond authorization for school facilities. In a ddition, Developer knowin gly waives its right of protest as may be afforded by Government Code Section 66020 or any other provision of law, so long as School District is not in breach of this Agreement.
#226842 v3 9218.14 P age 7 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
Section 2.10. Developer Advance
Within ten (10) business days of execution of this Agreement by School District, if not previously provided, Developer agrees to deposit with School Di strict the amount of Fifteen Thousand Dollars ($15,000) to be used to advance fund School District’s costs in entering into and administerin g the terms of this Agreement. Such advance by Developer may be reimbursed from the proceeds of the sa le of the Bonds, but under no circumstances shall School District or the City be obligated to pay Developer from any other source of funds.
Should this Agreement not be approved for any reason, any remaining balance of the amounts advanced by Developer pursuant to th is Section shall be refunded to Developer upon written notice to School District from Ci ty or Developer that that this Agreement will not be approved and after application of such advance to the payment of District’s costs incident to entry into this Agreement, including without limitation, legal fees associated with the negotiation hereof.
Section 2.11. Administration of the CFD
The City shall have the power and duty to provide for the administration of the CFD, subject to the terms hereof and the Bond Resolution, including employing and compensating all consultants and providing for the various other administration duties set forth in this Agreement. It is understood and agreed by Part ies hereto that School District was not or will not be considered a participant in the pr oceedings relative to formation of the CFD or the issuance of the Bonds, other than as a Party to this Agreement.
ARTICLE III
TERM AND TERMINATION
Section 3.1. Effective Date
This Agreement shall become effective and of full force and effect as of the date (“Effective Date”) it is approved and executed by the last of the Gove rning Board of School District, Developer and the City Council of the City, to be confirmed by the execution hereof by the authorized representatives of the Parties hereto.
Section 3.2. Termination
If the CFD is unable to complete the sale of the Bonds prior to January 1, 2040, any obligation of the Parties, if any, to finance al l or any portion of the Mitigation Amounts with CFD bond proceeds pursuant to this Agreement shall automatically terminate and be of no further force or effect. In such event, School Di strict shall retain all Deposits related to the dwelling units within the Project for which Certificates of Compliance were issued based upon the posting of such Deposits; th ereafter, in order to obtain an additional Certificate of Compliance for a unit within the Project, Develope r shall be required to pay School District the Mitigation Amount for such unit.
ARTICLE IV
ARTICLE IV ADDITIONAL GENERAL PROVISIONS
Section 4.1. Recordkeeping; Inspection of Records
School District hereby agrees to keep an d maintain full and accurate records of all amounts, if any, paid to School District fo r Deposits, Mitigation Amounts and investment earnings thereon and the City or CFD, or the Fiscal Agent on th eir behalf, hereby agrees to
#226842 v3 9218.14 P age 8 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
keep and maintain full and accurate records of all amounts, and investment earnings, if any, disbursed to School District fr om the School Fee Fund. Each Party further agrees to make such records available to any other Party he reto, including Developer, during normal business hours upon reasonable prior notice. Al l such records shall be kept and maintained by the appropriate Party as provided by applic able law and their respective policies. School District and Developer agree that they will cooperate with the CFD and the City in providing documentation, reports or other data reasonably required and requested by the City or the CFD in meeting the reporting requirements of the CFD under Sections 50075.1, 50075.3, and 50075.5 and Article 1.5 (commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of, the Government Code (collect ively, the “Local Agency Special Tax and Bond Accountability Act”). School District’s reporting obligations pursuant to this Section shall be limited to providing reports or other data de tailing the following: (A) the amount of CFD funds received by School District to fund School Facilities, (B) the amount of such CFD funds deposited in separate funds or accounts of School District re flecting Deposits, Mitigation Amounts and the number of dwelling units for which such amounts apply, and (C) School Facilities that have been acquired or constructed, in whole or in part, with CFD funds.
School District’s reporting obligation shall terminate when all CFD funds have been disbursed from the School Fee Fund, or from any account or subaccount thereof that has been allocated Bond Proceeds to finance Mitigation Amounts, and School District has provided to the City a report for the last disbursement received by School District. If no CFD funds have been received by School District or used to finance School Facilities since the previous report, no report shall be required to be deliv ered by School District and the City may rely upon the previous reports so delivered.
Section 4.2. Partial Invalidity
If any part of this Agreement is held to be illegal or unenforceable by a court of competent jurisdiction, the remain der of this Agreement shall be given effect to the fullest extent reasonably possible.
Section 4.3. Successors and Assigns
Developer may assign its righ ts pursuant to this Agreement to a purchaser of the Property, or any portion thereo f, and such purchaser, assi gnee and property owner shall assume the obligations of Developer pursuant to this Agreement and to be bound thereby.
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Parties hereto.
Section 4.4. Notice
Any notice, payment or instrument required or permitted by this Agreement to be given or delivered to any Party or other person shall be deemed to have been received when personally delivered or upon deposit of the same in the United States Post Office registered or certified, postage prepaid, addressed as follows:
City: City of Murrieta
1 Town Square
Murrieta, CA 92562
Attention: Director of Finance
#226842 v3 9218.14 P age 9 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
With a copy to: Stradlin g Yocca Carlson & Rauth
660 Newport Center Drive, Suite 1600
Newport Beach, CA 92660
Attention: Brian Forbath
School District: Murrieta Valle y Unified School District 41870 McAlby Court
Murrieta CA 92562
Attention: Deputy Superintendent, Business and Operations
With a copy to: Dannis Woliver Kelley
750 B Street, Suite 2600
San Diego, CA 92101
Attention: Meredi th Johnson, Esq.
Developer: Century Communities of California, LLC
4695 MacArthur Court, Suite 300
Newport Beach, CA 92660
Attention: Justin Brewer , Executive Vice President
With a copy to: O’Neil LLP
19800 MacArthur Blvd., Suite 650
Irvine, CA 92612
Attention: John P. Yeager, Esq.
Each Party can change its address for delivery of notice by delivering written notice of such change or address to the other Parties within ten (10) calendar days prior to such change.
Section 4.5. Captions
The captions to Sections used herein are for convenience purposes only and are not part of this Agreement.
Section 4.6. Governing Law
This Agreement shall be governed by, and construed in accordance with, the laws of the State of California applicable to contracts made and performed in said State.
Section 4.7. Entire Agreement
This Agreement contains the entire agreem ent between the Parties with respect to the matters provided for herein and supersed es all prior agreements and negotiations between the Parties with respect to the subject matter of this Agreement.
Section 4.8. Amendments
This Agreement may be amended or modifi ed only in writin g executed by the authorized representative(s) of each of the Parties hereto.
#226842 v3 9218.14 P age 10 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
Section 4.9. Section 4.9 Waiver
The failure of any Party hereto to insist on compliance within any of the terms, covenants or conditions of this Agreement by any other Party hereto, shall not be deemed a waiver of such terms, covenants or conditions of this Agreement by such other Party, nor shall any waiver constitute a relinquishment of any other right or power for all or any other times.
Section 4.10. Cooperation and Execution of Documents
The Parties hereto agree to complete and execute any further or additional documents which may be necessary to complete or further the terms of this Agreement.
Section 4.11. Attorneys’ Fees
In the event of the bringing of any action or suit by any Party against any other Party arising out of this Agreement, the Party in whose favor final judgment shall be entered shall be entitled to recover from the losing Party all costs and expenses of suit, including reasonable attorneys’ fees.
Section 4.12. Section 4.12 Exhibits
The following exhibits attached hereto ar e incorporated into this Agreement by reference.
Exhibit Description
“A” Property Depiction
“B” Disbursement Request Form
Section 4.13. Signatories
The signatories hereto represent that they have been appropriately authorized to enter into this Agreement on behalf of the Party for whom they sign.
Section 4.14. Execution in Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed an original.
[Signatures on following page]
#226842 v3 9218.14 P age 11 of 10
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
IN WITNESS WHEREOF, the Parties hereto have executed this Joint Community Facilities and School Facilities Mitigation Agreement as of the day and year written above.
MURRIETA VALLEY UNIFIED SCHOOL
DISTRICT
By:
Dr. Ward Andrus, Superintendent
ATTEST:
By:
Christine Schmidt, Clerk of the Board of Education
of the Murrieta Valley Unified School District
Developer:
CENTURY COMMUNITIES OF CALIFORNIA, LLC,
a Delaware limited liability company
By:
Name:
Its:
CITY OF MURRIETA
By:
Justin Clifton, City Manager
ATTEST:
By
Cristal McDonald, City Clerk
#226842 v3 9218.14 Exhibit “A”
EXHIBIT “A”
PROPERTY DEPICTION
#226842 v3 9218.14 Exhibit “B”
EXHIBIT “B”
DISBURSEMENT REQUEST FORM
1. Community Facilities Di strict No. 2026-1 (Gierson Ranch) of the City of Murrieta (“CFD No. 2026-1”) is hereby requested to pay from the School Fee Fund, or any applicable account or subaccount thereof, established by CFD No. 2026-1 in connection with its Special Tax Bonds (the “Bonds”) to Murrieta Valley Unified School District (“MVUSD”), as payee, the sum set forth below:
$ (the “Requested Amount”)
2. The Requested Amount is due and paya ble, has not formed the basis of any prior request or disbursement and is being made with respect to the obligation of the Property to pay Mitigation Amounts to __________ (“Payee”) as detailed below:
Payment Instructions:
3. The Requested Amount is authorized and payable pursuant to the terms of that certain Joint Community Facilities and Sch ool Facilities Mitigation Agreement, dated as of __________, 2026, by and among Murrieta Va lley Unified School District, Century Communities of California, LLC, a Delaware limited liability company, and the City of Murrieta (the “JCFA”). By requisitioning Bond proceeds as described above, MVUSD is not passing upon, determining or assuming the tax-exempt st atus of the Bonds for federal or California income tax purposes.
4. Capitalized undefined terms used herein shall have the meanings ascribed to them in the JCFA.
Date: Murrieta Valley Unified School District
By: