12/23/2024
1 RiversideCA.gov1
RiversideCA.gov
COMMUNITY FACILITIES DISTRICT NO. 2021-2 (RIVERPOINTE/PARK PLACE) SPECIAL TAX BONDS SERIES 2025ACity Council MeetingJanuary 7, 2025Finance Department RiversideCA.gov2
1. CFD 2021-2 (Riverpoint Park Place) formed September 7, 20211. Incur Bonded Indebtedness NTE $5,500,0002. Levy Special Tax A Upon Developed Properties for Debt Service3. Levy Special Tax B Upon Developed Properties for Services2. Levied Special Taxes to Start in FY 2025-263. Requested Bond Sale from Developer4. 103 ParcelsBACKGROUND 12/23/2024
2 RiversideCA.gov3
•Special Tax Bonds Secured by Special Tax Revenue levied on the CFD 2021-2 (Riverpoint Park Place)•Principal Not-to-Exceed $4,100,000•30 Year Maturity•Additional Special Reserve Funded with Special Tax Revenue to minimize default risk•Reimburse Developer for Fees associated with Water, Storm Drain, Landscaping/Street Lighting Facilities•Appraised Value of Property - $ 52.4 millionPROPOSED TRANSACTION RiversideCA.gov4
•Total Finance Charge - $200,000•Aggregate Principal - $3,625,000*•Estimated True Interest Cost of Bonds – 4.65%•Amount of Estimated Bond Proceeds - $3,329,482•Total Payment Amount to Final Maturity - $7,042,212*Preliminary and subject to changeGOOD FAITH ESTIMATES 12/23/2024
3 RiversideCA.gov5
This item contributes to Strategic Priority No. 5- High Performing Government and Goal No. 5.3 Enhance communication and collaboration with transparency, build public trust, and encourage shared decision-making.Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
RiversideCA.gov6
That the City Council:1. Adopt a Resolution authorizing the issuance of the Community Facilities District No. 2021-2(Riverpointe/Park Place) Special Tax Bonds, Series 2025A (Tax Exempt) in an aggregate principalamount not to exceed $4,100,000;2. Approve the financing team, as identified herein, for this transaction and authorize the CityTreasurer or any duly authorized designee, to pay the costs of such firms in connection with thisfinancing from CFD 2021-2 Series 2025A bond proceeds;3. Authorize the City Manager and Chief Financial Officer, or designees to execute all documentsrelated to the issuance of the Special Tax Bonds for Community Facilities District No. 2021-2(Riverpointe/Park Place) and the ability to make minor changes to these documents as required tocarry out the financing; and4. With at least five affirmative votes, authorize the Chief Financial Officer, or designee, to recordsupplemental appropriations in the CFD 2021-2 Riverpointe/Park Place Fund related to the issuanceof the Community Facilities District No. 2021-2 (Riverpointe/Park Place) Special Tax Bonds, Series2025A (Tax Exempt).RECOMMENDATIONS