City of Rialto
Legislation Details (With Text)
File #: Version: 120-0511 Name:
Status:Type: Resolution Agenda Ready
File created: In control:7/1/2020 City Council
On agenda: Final action:7/14/2020
Title: Request City Council to Conduct a Public Hearing to Adopt (1) Resolution No. 7644, Confirming the Validity of the Prior Proceedings, Establishing CFD 2020-1 and Improvement Areas Nos. 1 and 2, Authorizing the Levy of a Special Tax, Submitting the Levy of Tax to the Qualified Electors and Establishing an Appropriations Limit; (2) Resolution No. 7645, Approving a Joint Community Facilities Agreement and a Funding, Construction and Acquisition Agreement (3) Resolution No. 7646, Determining the Necessity to Incur Bonded Indebtedness and Calling a Special Election on the Bonds, Facilities Special Taxes, Services Special Taxes and Setting an Appropriations Limit (4) Hold A Special Election by Opening Ballots; (5) Following the Election Adopt Resolution No. 7647, Declaring the Results of the Election Relating to the Levy of Special Taxes for each Improvement Area, the Issuance of Bonded Indebtedness and the Establishment of an Appropriations Limit for Each Improvement Area, and (5) Introduce Ordinance No. 1648 Authorizing the Levy of Special Taxes Within Improvement Area No. 1 and Improvement Area No. 2 of CFD 2020-1. (ACTION)
Sponsors:
Indexes:
Code sections:
Attachments: 1. Exhibit A - City Fiscal Policy for New Development Annexations.pdf, 2. Exhibit B - Developer Petition.pdf, 3. Exhibit C - Rialto CFD No. 2020-1 Report.pdf, 4. Exhibit D - CFD 2020-1 - Estimated Pay-Go.pdf, 5. Exhibit E- CFD 2020-1 ETR analysis.pdf, 6. Exhibit F - Letter from San Bernardino ROV for CFD 2020-1.pdf, 7. Exhibit G - Rialto El Rancho Verde Resolution of Formation.pdf, 8.
Exhibit H - Rialto CFD 2020-1 (El Rancho Verde) Resolution Approving Acquisition Agreement and JCFA v2.pdf, 9. Exhibit I - Rialto CFD 2020-1 (El Rancho Verde) Resolution Calling Election.pdf, 10.
Exhibit J - Rialto CFD 2020-1 (El Rancho Verde) Resolution Declaring Results.pdf, 11. Exhibit K - Rialto CFD 2020-1 (El Rancho Verde) Ordinance Levying Tax.pdf Action ByDate Action ResultVer.
For City Council Meeting [July 14, 2020]
TO: Honorable City Council
APPROVAL: Rod Foster, City Manager
FROM: Matthew Schneider, Community Development Director Request City Council to Conduct a Public Hearing to Adopt (1) Resolution No. 7644, Confirming the Validity of the Prior Proceedings, Establishing CFD 2020-1 and Improvement Areas Nos. 1 and 2, Authorizing the Levy of a Special Tax, Submitting the Levy of Tax to the Qualified Electors and Establishing an Appropriations Limit; (2) Resolution No. 7645, Approving a Joint Community Facilities Agreement and a Funding, Construction and Acquisition Agreement (3) Resolution No. 7646, Determining the Necessity to Incur Bonded Indebtedness and Calling a Special Election on the Bonds, Facilities Special Taxes, Services Special Taxes and Setting an Appropriations Limit (4) Hold A Special Election by Opening Ballots; (5) Following the Election Adopt Resolution No. 7647, City of Rialto Printed on 5/16/2022Page 1 of 9
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A Special Election by Opening Ballots; (5) Following the Election Adopt Resolution No. 7647, Declaring the Results of the Election Relating to the Levy of Special Taxes for each Improvement Area, the Issuance of Bonded Indebtedness and the Establishment of an Appropriations Limit for Each Improvement Area, and (5) Introduce Ordinance No. 1648 Authorizing the Levy of Special Taxes Within Improvement Area No. 1 and Improvement Area No. 2 of CFD 2020-1. (ACTION)
BACKGROUND
Mello-Roos Districts
Community facilities district (CFD) financing is a commonly used method of financing public infrastructure costsassociatedwithnewdevelopmentwhenrequestedbyadeveloper.Commonlyreferredtoasa“Mello- Roos District,” this type of land-secured financing permits the City to issue bonds to pay for public infrastructure associated with a development. Debt service on the public infrastructure bonds is paid from special taxes levied on real property within the CFD boundary. The bonds are typically issued on a tax- exempt basis at the federal and state level, providing low cost financing for a portion of the overall project costs, with some or all of this benefit and cost passed along to the future homebuyers or property owners.
CFDs can also be formed so a development can contribute to public service costs to help mitigate any public service impacts that might be created by a development. Typically, bonds are not sold to pay for public service costs, rather a special tax is placed on the property and collected on an annual basis to pay for enhanced public services.
City Council Policy
The Mello-Roos Act provides that prior to initiating the CFD proceedings, the City Council must adopt a statement of local goals and policies concerning the use of the Mello-Roos Act. On November 1, 2005, the City Council adopted a policy for new development and annexations, which requires all new residential development to mitigate for all capital and operating costs incurred by the City from the development. The policy also establishes general standards for the establishment of community facilities districts to finance infrastructure and services. Some of these standards are the requirement that the effective tax rate shall notexceed2%oftheexpectedvalueofeachhome;theaggregatespecialtaxesnetofadministrativecosts must equal or exceed 110% of annual bond debt service; and the Developer must provide disclosures to homebuyers acceptable to the City.
On August 8, 2017, the City Council supplemented its policies upon adoption of Resolution No. 7176 establishingaDebtIssuanceandManagementPolicyincompliancewithGovernmentCodeSection8855 (i). For CFDs, this policy requires a minimum value to lien ratio of 3:1 prior to the issuance of bonds among other standards.
The City’scombined statement of policies relating to the formation of CFDs and the issuance of debt are attached hereto as Exhibit A.
WithregardtoaCFDspecialtaxthatcontributestowardstheCity’spublicservicecosts,inaccordancewith theCitypolicy,newresidentialdevelopmentsmustprepareafiscalimpactanalysistoidentifytherevenues that will likely be generated by a development and expenses associated with the City’spublic service obligationsforthedevelopment.Newresidentialdevelopmentgenerallydoesnotgeneratesufficientdirect andindirectrevenuetosupporttheCity’spublicservicecostsatthecurrentservicelevelstandard. Inorder to mitigate the negative fiscal impacts and help ensure the City maintains its current service standard the City conditions residential projects in one of two ways. For projects without an infrastructure CFD component, the City will annex them into the Citywide CFD 2016-1. For projects with an infrastructure component, the City will consider the formation of a distinct CFD with levies for both infrastructure and City of Rialto Printed on 5/16/2022Page 2 of 9
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component, the City will consider the formation of a distinct CFD with levies for both infrastructure and services as is this case with this proposed CFD.
The City has formed several CFDs for residential developments beginning in 1987 for the Las Colinas development in northwest Rialto, and most recently in 2019 for a residential development near Spruce Avenue and Foothill Boulevard. As part of the annual CFD administration, the City Council must adopt Resolutions to levy the special tax and make appropriate annual adjustments for inflation as authorized by the original formation documents.
The Project and the Pre-Annexation and Development Agreement In August 2012, the City entered into a Pre-Annexation and Development Agreement (“Development Agreement”)with Lytle Development Company, El Rancho Verde Golf, LLC and Pharris Sycamore Flats LLC(“LytleCreek”)thatprovidesforamasterplanneddevelopment,knownastheLytleCreekRanch. The development consists of approximately 2,447 acres with planned land uses including, but not limited to, 8,407 residential units, 849,420 square feet of industrial and commercial land uses, 21 acres of neighborhood parks, 23.5 acres of Paseo’sand greenbelts, a 35.7 acre Sports Park, 27.2 acres of linear openspace/recreation land,trailsandwalkways, 900acresofnatural openspacepreservedinperpetuity, publicschools, publicstreets andwalkwaysandotheramenities that areofbenefit tothedevelopment and the City.
Lytle Creek plans to begin the first phase of the master planned development which consists of 776 single family residential units. The proposed CFD 2020-1 (El Rancho Verde) (the “District”)will provide a portion ofthefinancingforthepublicimprovementsassociatedwiththeconstructionofthesingle-familyresidential units. Due to the extraordinary costs for the public improvements for this initial phase of the Lytle Creek Ranch project, use of a CFD was anticipated and included in the Development Agreement beginning with Section 7.
Developer Petition to form CFD
The business entities consisting of Lytle Development Company and El Rancho Verde Golf, LLC (Owner) made a request to the City to explore formation of a Community Facilities District to finance public infrastructureprojectcosts,developmentimpactfeesandaspecialtaxformitigatingtheproject’simpacton City services. As aresult of the Owner’srequest, onJuly25, 2017the City Council approved aDeposit and ReimbursementAgreementtoinitiateformationofaCommunityFacilitiesDistrictandselectedafinancing team to assist the City and the Owner in this process. The financing team consists of Fieldman, Rolapp & Associates, Inc. (Financial Advisor), Willdan (Special Tax Consulting), and Aleshire & Wynder (Bond Counsel). Any funds that remain in the deposit account after the CFD is formed will be returned to the Owner.
Subsequently, the City received a petition, dated May 19, 2020 (Exhibit B), from the Owner to establish a CFDforthepurposeoffinancingpublicfacilitiesandimpactsonCityservices.ThepetitionrequeststheCity approvealevyofspecialtaxes,authorizetheissuanceofbonds,andestablishanappropriationlimitforthe CFD.
June 9, 2020 City Council Actions
At the City Council meeting of June 9, 2020, the City Council considered two Resolutions relating to the District.
Resolution 7629 was approved and provided for the following:
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· indicated the Council’s intent to establish the District · established the boundary map for both Improvement Areas 1 and 2 within the Lytle Creek Ranch development and the proposed CFD 2020-1,
· described the types of public facilities that are to be financed, · indicatedtheintentiontolevyaFacilitiesSpecialTaxpertheRateandMethodforeachImprovement Area to pay for the costs of financing the construction and acquisition of the public facilities, · indicatedtheintentiontolevyaServicesSpecialTaxpertheRateandMethodforeachImprovement Area to fund police protection services, fire protection and suppression services, ambulance and paramedicservices;maintenance,operationandlightingofparks,parkways,streets,roadsandopen space;floodandstormprotectionservices,includingmaintenanceofstormdrains;andmaintenance andoperationofanyrealpropertyorothertangiblepropertywithanestimatedusefullifeoffiveyears or more that is owned by the City. The services also include operational and maintenance costs associated with providing such services,
· established the method for the special election, and
· set an advertised public hearing for July 14, 2020 in order to receive public testimony regarding the proposed District and Improvement Area Nos. 1 and 2, conduct a special election and to consider additional business items to establish the District following the public hearing.
Resolution 7630 was approved and provided for the following:
· indicatedtheintenttoissuebondedindebtednessinanamountnottoexceed$20,000,000foreach Improvement Area,
· the bond proceeds will be used finance the costs of the public facilities, and · setanadvertisedPublicHearingforJuly14,2020, inordertoreceivepublictestimonyregardingthe proposed debt issuance.
As explained at the June 9, 2020 City Council meeting, adoption of the two Resolutions did not obligate the City Council to establish the proposed District. The two Resolutions indicated the intent to establish CFD 2020-1andtheintenttoincurbondedindebtedness. TheResolutionsalsoidentifiedthevariousparameters of the District and future CFD 2020-1 bonds should the special election be successful, and the Council moves forward with the remaining actions following the public hearing.
It is important to emphasize the bonds that are proposed to be issued are not a debt of the City of Rialto.
Any bonds that are issued will be repaid through the levy of the Facilities special tax on property owners within each Improvement Area in the District. The City’sGeneral Fund is not responsible for the debt service on the bonds.
ANALYSIS/DISCUSSION
Consistent with the Mello Roos legislation, the City Council must hold a public hearing to consider formation of the District; declare if the District serves the public interest, convenience and necessity; consider the levy of taxes; approve the Rate & Method of Apportionment (RMA) for each of the Improvement Areas that identifies the specific tax rate on affected parcels; and, establish the specific tax formula to be applied to each parcel in the District. The City Council will also be asked to adopt a Resolution that approves the Funding, Construction and Acquisition Agreement, and a Joint Community Facilities Agreement between the City, Owner and the West Valley Water District as part of the actions to establish the District. At the conclusion of the public hearing, and after considering any public input and testimony, the City Council may either approve or disapprove the formation of the CFD. The legislative body has complete discretion to form the CFD or abandon the proceedings after the public hearing.
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General Terms of CFD Financing Structure
Each CFD the City has formed is unique to the project and the public improvements which the CFD funds.
For the proposed District, the following is a general summary of the financing structure. It is important to recognize that Lytle Creek Ranch is a large development that will occur over many years and the financial structure included in this initial District may change in future CFDs as more of Lytle Creek Ranch is built out.
1. Bond Term and Type of Bonds to be sold: The term of any bond issue will not exceed 35 years.
While it is expected the bond issues will be tax-exempt, the Owner has also requested the option of sellingtaxablebonds. InnocasewilltheSpecialTaxAtaxrate(describedbelow)thatisusedtopay for the debt service on any bonds sold increase beyond what is allowed by the CFD formation documents.
2.ImprovementAreas1and2:TherearetwoImprovementAreasassociatedwiththeDistrictthatcover approximately204.5acresoftheLytleCreekRanchmasterplannedcommunity. Theboundariesof each of the Improvement Areas will coincide with the Tract Maps that are planned for development.
Improvement Area 1 will include the construction of 364 single family residential units and Improvement Area 2 will include 412 single family residential units. The physical locations of Improvement Areas 1 and 2 can be found on the Boundary and Zone Maps that were included in Resolution 7629 and adopted on June 9, 2020.
3. CFD 2020-1 Report and the Rate and Method of Apportionment: The Rate and Method of Apportionment(RMA)ispartoftheattachedCFD2020-1Report(ExhibitC)andisalsoanexhibitto the Resolution of Formation (Exhibit G) as well as the attached Ordinance (Exhibit K). The RMA explains the methodology for annually apportioning the Facilities and Services Special Taxes on property in both Improvement Areas 1 and 2.
a. Special Tax A (Facilities): This is the tax that will be assessed on properties to pay for the debt service on bonds issued for public facilities. As noted previously, the City’sGeneral Fund is not obligated to pay the debt service on the bonds that are planned to be sold. The Special Tax A varies in amount based on the size of the residential home. The annual tax rate for both Improvement Area 1 and 2 range from $1,557 to $2,325 depending on the size of the single- familyhome. AmorecompletelistofSpecialTaxAratesforbothImprovementAreas1and2can be found in the CFD 2020-1 Report which is part of the Resolution of Formation ( Exhibit G), as well as the Ordinance which authorizes the levy of the Special Taxes (Exhibit K). Special Tax A will annually increase by 2%. Special Tax A is levied on developed property and can remain on a property for up to 50 years. b. Special Tax B (Services) - This tax will be levied on each residential property once it is developed in order to mitigate the impacts on City services created by the Lytle Creek Ranch development. IntheDevelopmentAgreementthetaxwasidentifiedasbeing$104/unit,however Lytle Creek has agreed to increase the per unit tax to equal the amount that is being charged in the Citywide CFD 2016-1. The tax levy for the Citywide CFD 2016-1 is planned to be increased to $311.68 in July 2020 per the formation documents. Because of the timing of this proposed District,LytleCreekhasagreedtohavetheSpecialTaxBsetatthesamerateofwhatisplanned for Citywide CFD for July 2020. Beginning in FY 2021/22 the Special Tax B for the proposed District will increase on an annual basis by the lesser of CPI or 3%. This tax will remain on the property in perpetuity.
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4.EffectiveTaxRate:TheEffectiveTaxRateexpressestherelationshipbetweenahome’svalueandall forms of property taxes (ad valorem and fixed rate) that are levied on a property, excluding charges for services such as sewer and trash. Common examples of property based taxes (ad valorem) is the standard 1% property tax levy as well as taxes for school/college/water bonds. Common types of fixed rate levies include vector, lighting, landscape and City Services. To calculate the Effective Tax Rate you take the total amount of taxes and divide it by the value of the home. Currently, based on the estimated home sale prices identified by the Owner, and the current and proposed property tax/assessment obligations, the effective tax rate is approximately 1.9% which is below the 2% cap that has been set by the Council as part of the approved fiscal policies (Exhibit D). As part of requirements for the proposed District, prior to bonds being sold the CFD Administrator will select a consultanttoprepareanewPricePointanalysistoconfirmtheEffectiveTaxRateremainsbelow2% based on the home sale prices. If the Effective Tax Rate exceeds 2% at the time bonds are ready to be sold for an Improvement Area, Special Tax A will be reduced to the amount needed to achieve a 2% Effective Tax Rate. This calculation is done once at the time bonds are ready to be sold. It is alsoimportant tonote that theOwner hasindicated themajority ofthepublicstreet landscaping and paseos that would traditionally be maintained through a public assessment district will instead be maintained bythe Homeowner’sAssociation (HOA) for Lytle CreekRanch. Because HOA fees are privateassessmentstheywillnotbeapartoftheEffectiveTaxRatecalculation. Ifthischanges,and thepublicimprovementswillbemaintainedinsteadbyalandscapeandlightingassessmentdistrict, this amount will be factored into the Effective Tax Rate calculation.
5. Pay Go - Due to the extraordinary costs of public improvements that are required for this initial phase ofdevelopmentinLytleCreekRanchitisexpectedthatbondrevenueswillnotbesufficienttopayfor the costs of public improvements. In addition to bond issue proceeds, the Owner may receive revenues from any future reimbursement agreements from other developers. However, it is still anticipated that bond and reimbursement revenues will still not be sufficient to pay for the extraordinary public improvement costs for this initial phase of construction. For this reason, the Owner has requested that any excess amounts of Special Tax A that are not used for debt service and administrative costs be paid to Lytle Creek for a period of 30 years, or until all eligible public improvements have been paid for, whichever occurs first. This type of payment to a developer from specialtaxesiscommonlyknownasPay-Go. AlthoughPay-Gohasbeenusedinothercommunities (i.e. Irvine, Fullerton, Calimesa, Chino) this is the first CFD for the City of Rialto that would include thisfinancialcomponent. Forthisreason,staffscheduledadiscussionoftheCFDfinancingproposal with the Economic Development Committee (EDC) in March 2019 and more recently in January 2020. At the most recent meeting the EDC agreed that due to the extraordinary costs of public improvements, as well as the benefits of the Lytle Creek Ranch development to the City, and the existence of a Development Agreement that further demonstrated the uniqueness of the master planned development and community benefits, the Pay-Go financial component to the District was acceptable. AttachedasExhibitEisanestimateofhowmuchrevenuecouldbegeneratedfromthe Pay-Go component in the proposed District. The 30 year time period begins in the first fiscal year in which Special Taxes have been levied in an Improvement Area.
Funding, Construction and Acquisition Agreement between the City and Owner, and the Joint Community Facilities Agreement between the City, West Valley Water District and the Owner for CFD 2020-1 (El Rancho Verde)
TheFunding,ConstructionandAcquisitionAgreementisbetweentheCityandtheOwner. TheAgreement providesadescriptionofthepublicfacilitiesthatwillbeeligibleforfunding,construction,reimbursementand acquisitionbytheCFDaswellasthemethodforreimbursementfrombondand/orSpecialTaxA(Facilities) City of Rialto Printed on 5/16/2022Page 6 of 9
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acquisitionbytheCFDaswellasthemethodforreimbursementfrombondand/orSpecialTaxA(Facilities) revenues.ThisAgreementalsoincludesprovisionsforassigningresponsibilitiesforpublicimprovementsto potential future developers, the ability to finance the public improvements by future developers, and the ability to assign Special Tax A (Facilities) revenue benefits to other developers/entities. The City will approve any future assignment of development responsibilities and revenue benefits to ensure all public improvements required under the Development Agreement are constructed.
The Joint Community Facilities Agreement (JCFA) is between the City, the Owner and the West Valley Water District). The JCFA identifies the eligible water related public funding and acquired by the CFD, as well as the method for reimbursement to the Owner from bond and/or Special Tax A (Facilities) revenues.
The JCFA was approved by the West Valley Water District on April 2, 2020.
Both Agreements are attached to a Resolution (Exhibit H) and will be approved as part of the adoption of the Resolution.
Registered Voter Certification
Because the boundary of the proposed CFD 2020-1 has fewer than 12 registered voters, as verified by the San Bernardino County Registrar of Voters (Exhibit F), the election to form the CFD is voted on by the property owner. The City Clerk has received one ballot from the property owner for each Improvement Area within the CFD.
Public Hearing and CFD Formation Process
Formation of any CFD requires a public hearing at which time the Council will be presented information regarding the District, the special taxes, issuance of bonds, and public facilities and services. The public will also have the opportunity to comment on the CFD. After the conclusion of the public hearing the Council may take the following actions:
1. Adopt a resolution forming the CFD.
2. Adopt a resolution approving the Funding, Construction and Acquisition Agreement (between the City and the Owner) and the Joint Community Facilities District Agreement (between the City, the Owner and the West Valley Water District).
3. Adopt a resolution which calls for a special election.
4. Conduct the special election.
5. Adopt a resolution declaring the results of the election.
6. Introduce for first reading an ordinance authorizing the levy of special taxes.
ENVIRONMENTAL IMPACT
Formation of a CFD is not a “Project”as defined by the California Environmental Quality Act (CEQA).
Pursuant to Section 15378(a), a “Project”means the whole of an action, which has a potential for resulting ineitheradirectphysicalchangeintheenvironment,orareasonablyforeseeableindirectphysicalchange in the environment. According to Section 15378(b), a Project does not include: (5) Organizational or administrative activities of governments that will not result in direct or indirect physical changes in the environment.
GENERAL PLAN CONSISTENCY
TheCityofRialtohasidentifiedseveralgoalsandobjectiveswithintheCity’srecentlyadoptedGeneralPlan throughwhichtheCitylookstoimprovethecommunity. Theproposedactionisconsistentwiththefollowing goals and objectives contained in the General Plan:
Goal 3-1: Strengthen and diversify the economic base and employment opportunities and maintain a City of Rialto Printed on 5/16/2022Page 7 of 9
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Goal 3-1: Strengthen and diversify the economic base and employment opportunities and maintain a positive business climate.
Policy3-1.2: EncourageavarietyofbusinessestolocateinRialto,includingretail,hightechnology, professionalservices,cleanindustries,logistics-basedbusinesses,andrestaurants/entertainmentusesto promote the development of a diversified local economy.
Goal 3-3: Attract, expand, and retain commercial and industrial businesses to reduce blighted conditions and encourage job growth.
Goal 3-6: Require that all developed areas within Rialto are adequately served with essential public services and infrastructure.
Policy 3-6.1: Coordinate all development proposals with other affected public entities to ensure the provision of adequate public facilities and infrastructure services.
Goal 3-7: Upgrade public infrastructure as an inducement to promote private investment.
LEGAL REVIEW
TheCityAttorney'sofficepreparedtheResolutionsandparticipatedinthepreparationofrelateddocuments by the City’s financing team, including the financial advisor, special tax consultant, and bond counsel.
FINANCIAL IMPACT
Operating Budget Impact
The proposed Special Tax B (Services) levy will provide revenue to the General Fund to help pay for public services in order to maintain, and increase, current service standards. When the Special Tax B levy is combinedwithnormalandcustomaryexpectedrevenuesfromthebuildoutofthisfirstphaseofLytleCreek Ranch,theCityshouldbeabletopayforincreasedcostsofservicesgeneratedfromthedevelopment. The Police Department and Fire Department will receive their pro-rata share budgetarily of 39.6% and 26.4%, respectively as funds are received. If General Fund revenues decline (due to recession or other factors) or General Fund costs exceed revenue growth, then the City may not have the ability to maintain the current servicestandard. Conversely,ifrevenuegrowthexceedsexpendituregrowththentheCitymaymaintainor expand current service standards.
Capital Improvement Budget Impact
ThroughtheDevelopmentAgreementLytleCreekisresponsibleforpayingdevelopmentimpactfeeswhich the City can then use to budget for capital projects in the City. Lytle Creek is also responsible for the initial constructionofallrequiredpublicimprovementsassociatedwithLytleCreekRanchincluding,butnotlimited to, streets, water and storm drain facilities, pedestrian walkways, public parks and paseos. As part of the CFD financing structure, after the 30 year time period for the Owner to receive Pay-Go payments from an ImprovementAreahasexpired,theCityhastheoptionofcontinuingtolevythemaximumSpecialTaxAand use any remaining funds, after paying for debt service and administration, for qualifying public capital repairs and capital maintenance in the Lytle Creek Ranch development.
Business Licensing
There is no business license required because of this action.
RECOMMENDATION
Staff recommends the City Council:
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1. Conduct Public Hearing for CFD 2020-1;
2. Adopt a Resolution Calling for the Formation of CFD 2020-1 (El Rancho Verde) (Exhibit G);
3. Adopt a Resolution Approving the Funding, Construction and Acquisition Agreement and the Joint Community Facilities Agreement (Exhibit H);
4. Adopt a Resolution Calling for the Special Election for CFD 2020-1 (El Rancho Verde) ( Exhibit I);
5. Conduct the CFD 2020-1 (El Rancho Verde) Special Election;
6. Adopt a Resolution Declaring the Results of the Election (Exhibit J); and
7. Adopt for first reading an Ordinance entitled “AN ORDINANCE OF THE CITY COUNCIL OF
THE CITY OF RIALTO ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF CITY OF RIALTO COMMUNITY FACILITIES DISTRICT NO. 2020-1 (EL RANCHO VERDE) AUTHORIZING THE LEVY OF SPECIAL TAXES WITHIN IMPROVEMENT AREA NO. 1 AND IMPROVEMENT AREA NO. 2 OF SAID DISTRICT” reading by title only and waiving further reading thereof (Exhibit K)
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