Eastern Municipal Water District
California

Action/Info Item
3689

Adopt a Proposed Resolution of the Board of Directors of Eastern Municipal Water District Amending a Joint Community Facilities Agreement Between Eastern Municipal Water District, Moreno Valley Unified School District, and RSI Communities-California, LLC for Moreno Valley Unified School District Community Facilities District No. 2015-3

Information

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

Background

Moreno Valley Unified School District (MVUSD) has formed Community Facilities District (CFD) No. 20153 (Athens) pursuant to the provisions of the MelloRoos Community Facilities Act of 1982.  MVUSD and Eastern Municipal Water District (EMWD) entered into a Joint Community Facilities Agreement (JCFA) with WSI Lincoln Property Holdings, LLC dated May 20, 2015, upon adopting Resolution No. 2015045.  Pursuant to its terms, this JCFA would terminate if bonds relating to CFD No. 20153 were not sold within a three year period following the date of the JCFA.  Bonds have not yet been sold.  EMWD has received a request from the current property owner, RSI Communities-California, LLC (a subsidiary of William Lyon Homes, Inc.), to enter into an amended Joint Community Facilities Agreement with MVUSD to extend the termination date of the prior Agreement.  The CFD is located in the City of Moreno Valley, west of Nason Street, south of Fir Avenue and north of Eucalyptus Avenue, as depicted on the attached Boundary Map (Exhibit C).

 

MVUSD CFD No. 20153 will comply with EMWD’s land secured guidelines as they relate to maintaining an overall effective tax rate that does not exceed two percent at the time of bond sale.  The CFDs will finance school facilities, EMWD facilities costs in lieu of fees, and EMWD facility improvements.  EMWD will own and operate the water and sewer improvements constructed and financed through this CFD.  In addition, MVUSD agrees that they will not place EMWD’s name on the property tax roll for any property tax bills within CFD No. 20153.

 

The Resolution (Exhibit A) approving the Amended and Restated Joint Community Facilities Agreement (Exhibit B), and extending the term of the Agreement, will authorize the President of the Board, or the General Manager, or the Deputy General Manager, or the Director of Finance, and the Secretary of the Board of Directors of EMWD to execute and deliver the Amended and Restated Joint Community Facilities Agreement.

 

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 approving the Amended and Restated Joint Community Facilities Agreement between Moreno Valley Unified School District, Eastern Municipal Water District, and RSI Communities-California, LLC for Moreno Valley Unified School District CFD No. 20153.

 

Meeting History

Jan 3, 2019 4:00 PM  Board Administrative Committee Regular Meeting
draft Draft
RESULT:RECOMMENDED FOR APPROVAL
Jan 16, 2019 9:00 AM  Board of Directors Regular Meeting
draft Draft

Resolution 2019-003

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