Eastern Municipal Water District
California

Action/Info Item
4570

Adopt a Proposed Resolution of the Board of Directors of Eastern Municipal Water District Approving a Joint Community Facilities Agreement as to Form for Moreno Valley Unified School District Community Facilities District No. 2020-1

Information

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

Background

Moreno Valley Unified School District (MVUSD) is forming Community Facilities District (CFD) No. 20201 pursuant to the provisions of the Mello-Roos Community Facilities Act of 1982.  The Governing Board of MVUSD approved the Resolution of Intention to form this CFD on September 8, 2020.  The Public Hearing is scheduled for October 13, 2020.  This project is planned for 96 single family homes within Tract No. 31590.  The CFD is located in the City of Moreno Valley, south of Alessandro Boulevard, west of Moreno Beach Drive, and north of Brodiaea Avenue, as depicted on the attached Boundary Map (Exhibit C).

 

The landowner, Equitable Moreno Valley II Partnership, and MVUSD have requested Eastern Municipal Water District (EMWD) enter into a Joint Community Facilities Agreement (JCFA) relating to MVUSD CFD No. 20201.  D.R. Horton is expected to acquire the property in March 2021.  This CFD 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 CFD will finance school fees and EMWD facilities costs in lieu of fees.  EMWD will own and operate the water and sewer improvements 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 MVUSD CFD No. 2020-1.

 

The Resolution (Exhibit A) approving the Joint Community Facilities Agreement (Exhibit B), as to form, will authorize the President, or General Manager, or Deputy General Manager, or the Chief Financial Officer of EMWD, and the Secretary of the Board of Directors of EMWD to execute and deliver the Joint Community Facilities Agreement.

 

Financial/Strat Plan/Enviro

FINANCIAL IMPACT:

None

 

STRATEGIC PLANNING GOAL/OBJECTIVE:

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

 

ENVIRONMENTAL IMPACT:

None

Recommendation

Adopt the proposed Resolution approving a Joint Community Facilities Agreement as to form between Moreno Valley Unified School District, Eastern Municipal Water District, and Equitable Moreno Valley II Partnership, for Moreno Valley Unified School District Community Facilities District No. 2020-1.

 

Meeting History

Oct 1, 2020 4:00 PM  Board Administrative Committee Regular Meeting
draft Draft
RESULT:RECOMMENDED FOR APPROVAL
Oct 21, 2020 9:00 AM  Board of Directors Regular Meeting
draft Draft

Resolution 2020-136

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