Title
Auditor-Controller recommending the Board:
1) Authorize the Auditor-Controller to negotiate and execute all necessary contracts related to the proposed community facilities district formation and financing requested by Lennar Corporation (the "Developer") for certain subdivisions herein called "Carson Creek II” after each agreement has been approved by County Counsel and Risk Management; specifically, Jones Hall (Bond and Disclosure Counsel); Stifel, Nicolaus & Company (Underwriter); 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.
FUNDING: Bond sale proceeds.
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DISCUSSION / BACKGROUND
In accordance with the Heritage Carson Creek Village II Development Agreement (DA) adopted by the El Dorado County Board of Supervisors on August 10, 2021, the County is required to assist the Developer in obtaining community facilities district (CFD) financing for infrastructure needed for the Carson Creek subdivision. Further, the DA requires the Developer to establish a special tax on each lot in the subdivision for ambulance services and an estimated general fund shortfall of $286 per lot. The County has received a request to consider the formation of Carson Creek II Community Facilities District, along with possible issuance of Mello Roos Bonds.
In the event that bonds are eventually sold by the County, the debt service payments will be exclusively the responsibility of the property owners in the proposed CFD. The only foreseeable circumstance that would make the...
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