Title
Transportation Department recommending the Board authorize the Chairman to sign Annexation Agreement AGMT 09-52624 with Granite Grado Ventures - Project II, LLC to provide for the future annexation of the Forni Retail Plaza development into the Missouri Flat Area Community Facilities District No. 2002-01.
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Fiscal Impact/Change to Net County Cost:
Execution and recording of this Agreement will provide additional Community Facilities District (CFD) bond financing capacity and security to supplement the funding, if required, for Phase 1 Missouri Flat Master Circulation and Funding Plan (MC&FP) projects. Based on approximately 36,237 square feet of new retail space in the project, and a taxable sales target of $160 per square foot, it is anticipated this development would generate approximately $49,300 annually toward the CFD. This would finance approximately $490,000 in a 20-year bond. There is no net cost to the County's General Fund.
Background:
The Missouri Flat Master Circulation and Funding Plan was adopted by the Board of Supervisors on December 15, 1998 and updated in December 2000. The MC&FP was developed to provide a policy and action framework for El Dorado County to fund major improvements to the Highway 50/Missouri Flat Road Interchange and adjacent arterial and collector roads. Under the MC&FP, which was developed in a cooperative effort with major property owners and developers, funds for the roadway improvements would come from a combination of Traffic Impact Mitigation (TIM) Fees and the sales and property taxes generated from new development within the MC&FP area. The TIM would cover the development’s share of the project costs, and the new tax revenues would pay the cost of the roadway projects associated with existing deficiencies.
The Missouri Flat Area CFD No. 2002-01 was formed on March 19, 2002 per resolution 074-2002. The CFD was formed to effectively capitalize the sales and property tax revenue generated by new develo...
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