Title
Auditor-Controller recommending the Board consider the following:
1) Authorize the Auditor-Controller to negotiate and execute all necessary contracts related to the proposed public services community facilities district formation and financing requested by Lennar Homes of California and Lennar Winncrest, LLC (the "Developer") for certain subdivisions in the recently formed "Bass Lake Hills " facilities CFD after each agreement has been approved by County Counsel and Risk Management; specifically, Jones Hall (CFD Special Counsel), and NBS Government Finance Group (NBS/GFG) (Special Tax Consultant); and other consultants, as needed;
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; and
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 to pay for public services (no bonds).
FUNDING: Initial funding from the developer, to be reimbursed by special tax collections.
Body
DISCUSSION / BACKGROUND
The Developer has requested that the County consider the formation of a public services community facilities district within the Bass Lake Hills Community Facilities District (CFD) to fund ongoing improvements and maintenance within the district. In accordance with the Development Agreement between the County and the Developer that was approved in 1996, the County is required to assist the Developer in obtaining community facilities district or assessment district financing for certain authorized public services needed for the Bass Lake Hills area.
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 ...
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