Title
Auditor-Controller recommending the Board consider the following:
1) Authorize the Auditor-Controller and CAO to negotiate contracts with Jones Hall (Bond and Disclosure Counsel), Stifel, Nicolaus & Company (Underwriter), Bender Rosenthal (Appraiser), and NBS Government Finance Group (NBS/GFG) (Special Tax Consultant);
2) Authorize the CAO to execute all necessary contracts related to the proposed community facilities district formation and financing requested by Lennar Homes of California, Inc. (the Developer) for a subdivision herein called Carson Creek after each agreement has been reviewed by County Counsel and Risk Management;
3) Authorize the CAO to execute the Deposit and Reimbursement Agreement between El Dorado County and Lennar Homes of California, Inc. upon final approval by County Counsel and Risk Management; and
4) Authorize the CAO and Auditor-Controller to work with the Assessment and Community Facilities District Screening Committee members and contracted consultants to consider Lennar's request to begin the proceedings of forming and financing a new Mello Roos District.
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Fiscal Impact/Change to Net County Cost
This item will have no impact on the County General Fund. The contracts with underwriter and bond counsel will be contingent fee agreements. There will be no cost to the County unless the bonds are refunded, in which case the costs will be paid out of the proceeds from the bond sale. The cost of the pricing consultant and special tax consultant will be advanced by the Developer who would then be reimbursed with proceeds from the bond sale.
Reason for Recommendation
The County has received an application to consider the formation of Carson Creek Community Facilities District (CFD), and possible issuance of Mello Roos Bonds. In accordance with the County's Development Agreement for the Carson Creek Specific Plan Public Facilities Financing Plan, the County is required to assist the Developer in obtaining community facili...
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