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Auditor-Controller recommending the Board adopt and authorize the Chair to sign Resolution 160-2025, “Resolution of Consideration to Amend the Special Tax Formula, Authorize the Financing of Services and Increase the Indebtedness Limit for Community Facilities District No. 2023-1 (East Ridge)”, setting a public hearing for December 2, 2025, at 10:00 AM.
FUNDING: N/A
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DISCUSSION / BACKGROUND
The Board of Supervisors will recall that on July 25, 2023, with Legistar file 23-1054, the Board adopted Resolution 117-2023 (the “Resolution of Formation”), forming the “County of El Dorado Community Facilities District No. 2023-1 (East Ridge)” (the “CFD”) and designating an improvement area (“Improvement Area No. 1”) and future annexation area (“Future Annexation Area”) within the CFD pursuant to the Mello-Roos Community Facilities Act of 1982. The purpose of the CFD is to fund the construction of certain major infrastructure improvements, and to pay certain impact fees associated with the East Ridge development project.
At the same meeting, the Board held a public hearing and conducted a special election in which the sole landowner voted in favor the levy of a special tax within Improvement Area No. 1 of the CFD and the bonded indebtedness limit for Improvement Area No. 1. The CFD is authorized to issue total indebtedness in an amount not to exceed $150,000,000, initially allocated $105,000,000 to land in Improvement Area No. 1 of the CFD and $45,000,000 to land in the Future Annexation Area of the CFD.
The owners of all of the land within Improvement Area No. 1 and within the Future Annexation Area of the CFD have annexed certain the land within Future Annexation Area into Improvement Area No. 1 of the CFD and requested the County to undertake proceedings to (i) amend the Rate and Method of Apportionment (RMA) for Improvement Area No. 1 in order to revise the maximum special tax rates, (ii) amend the List of Facilities for the CFD to include a services...
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