Eastern Municipal Water District
California

Action/Info Item
3804

Adopt a Proposed Resolution of the Board of Directors of Eastern Municipal Water District Declaring its Intention to Conduct Proceedings to Annex Property into EMWD CFD No. 2002-07 Improvement Area C (Pacific Mayfield), and Establish a Public Hearing Date of May 1, 2019, at 9:00 a.m.

Information

Department:FinanceSponsors:
Category:Action/Info ItemMeeting Workflows:Board Admin Committee Workflow

Background

On July 16, 2006, Community Facilities District (CFD) No. 2002-07 was formed with the adoption of Resolution No. 3792.  The CFD was formed for financing Eastern Municipal Water District’s (EMWD) water and sewer facilities cost in lieu of fees and facility improvements.  On May 21, 2014, the Board of Directors conducted a public hearing, and subsequent to the hearing adopted Resolution No. 2014-055, which annexed Improvement Area C into CFD No. 2002-07.  The indebtedness amount for Improvement Area C was authorized to issue bonds in an amount not to exceed $8,000,000.  CFD No. 2002-07 IAC is located in the City of Menifee, east of Evans Road and south of Newport Road.  Zone 1 is planned for 134 single family homes within Tract 28790-1.  Zone 2 is planned for 131 single family homes within Tract Nos. 28789-1, 28789, and 28789-2. 

 

On April 1, 2017, bonds were issued for CFD No. 2002-07 IA C in the amount of $2,125,000 as part of the Western Riverside Water and Wastewater Financing Authority Local Agency Revenue Bonds, 2017 Series A.  Home construction for this improvement area is ongoing and a parity bond issuance is anticipated to commence by the first quarter of 2020. 

 

The District’s Special Financing team has received a Landowner Petition (Exhibit B) from Menifee-La Piedra Road 29, LLC, which is managed by Griffin Residential (Developer). The petition is requesting EMWD conduct proceedings to annex 29 lots within Tract 30812, located at the northeast corner of Murrieta Road and La Piedra Road, into Zone 1 of the existing Improvement Area.  Menifee-La Piedra Road 29, LLC, represents 100 percent of the area requesting annexation.  Approval of the annexation into Zone 1 of CFD No. 2002-07 IA C would be beneficial to the property owners within the existing boundaries of the improvement area by providing additional revenue to be applied towards debt service, which can serve to lower the special taxes in future years on the existing home owners within CFD No. 2002-07 IA C. The proposed annexation area will be assessed special taxes at the same rate in accordance with the Rate and Method of Apportionment of CFD No. 2002-07 IA C.

 

The Resolution of Intention (Exhibit A) states the Board of Directors intention to conduct proceedings to annex territory into Zone 1 of CFD No. 200207 IA C, adopts the Annexation Map as the map of the Proposed Annexation Area, and establishes a public hearing date of May 1, 2019 at 9:00 a.m.

 

Financial/Strat Plan/Enviro

FINANCIAL IMPACT:

None

 

STRATEGIC PLANNING GOAL/OBJECTIVE:

Financial Stability: Enhance and maintain the District’s strong financial position and credit quality by identifying and implementing specific opportunities to improve underlying financial metrics.

 

ENVIRONMENTAL IMPACT:

None

Recommendation

Adopt a proposed Resolution of the Board of Directors of Eastern Municipal Water District stating the Board of Directors intention to conduct proceedings to annex territory into Improvement Area C of CFD No. 2002-07, adopt the Annexation Map as the map of the proposed annexation Area, and establish a public hearing date of May 1, 2019, at 9:00 a.m.

 

Meeting History

Mar 7, 2019 4:00 PM  Board Administrative Committee Regular Meeting
draft Draft
RESULT:RECOMMENDED FOR APPROVAL
Mar 20, 2019 9:00 AM  Board of Directors Regular Meeting
draft Draft

Resolution 2019-024

RESULT:APPROVED [3 TO 0]
MOVER:Philip E. Paule, Vice President
SECONDER:David J. Slawson, Board Member
YES:Ronald W. Sullivan, Philip E. Paule, David J. Slawson
ABSENT:Stephen J. Corona, Randy A. Record