Title
Auditor-Controller's Office recommending the Board:
1) Authorize the Auditor-Controller to negotiate and execute all necessary contracts, including but not limited to contracts for bond counsel, underwriting services and special tax consulting services, related to the proposed public services community facilities district formation and financing requested by Parker Development Company (the Developer) for various subdivisions in the "El Dorado Hills Specific Plan" after each agreement has been approved by County Counsel and Risk Management;
2) Authorize the Auditor-Controller to execute the Deposit and Reimbursement Agreement between El Dorado County and the Developer upon final approval by County Counsel and Risk Management;
3) Authorize the Auditor-Controller to work with the Assessment & Community Facilities District Screening Committee members and contracted consultants to consider the Developer's request to begin the proceedings of forming and financing a new Mello Roos District; and
4) Authorize the Auditor-Controller to take all necessary steps to prepare all documents required to form the CFD, as soon as practical.
FUNDING: Developer-funded.
Body
DISCUSSION / BACKGROUND
The Developer has requested that the County consider the formation of a new community facilities district within the El Dorado Hills Specific Plan to fund ongoing maintenance to meet a condition on the Developer’s approved tentative map.
In order to form a district many legal documents will have to be prepared. The actual amount of special taxes to be levied would be subject to a maximum stated in the CFD documentation and the actual levy would depend on revenue needed, as calculated by the County and the consultants and approved by the County. In order to proceed with these tasks, the County must contract with a special tax counsel and a special tax consultant.
These consulting firms will provide "special services" as described in section 3.12.230 of the County's Purchasi...
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