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Meeting Date:
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4/13/2022 - 3:30 PM
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Category:
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Action Items
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Type:
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Action
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Subject:
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14.16 BUSINESS: Resolution No. 30:21-22 - Resolution of the Board of Trustees of the Perris Union High School District Approving the Form of a Joint Community Facilities Agreement by and Among Perris Union HSD, Romoland SD, Lansing Stone Star, LLC and The Enclave at Menifee, LLC (CFD No. 2022-1 of Romoland SD) Authorizing the Execution and Delivery Thereof, and Certain Other Actions Related Thereto (no fiscal impact)
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Strategic Plan:
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Enclosure
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File Attachment:
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Summary:
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In 1992, the Perris Union High School District (the “District”), together with the Romoland School District (“Romoland”) entered into a School Mitigation Agreement (the “1992 Agreement”) and a Joint Community Facilities Agreement (a “JCFA”) with certain developers in the Romoland area to fund school facilities of each school district related to specific parcels to be developed. The mitigation payments due to be paid to the District pursuant to the 1992 Agreement were to come from proceeds of bonds or prepayments due from Community Facilities District No. 91-1 (CFD No. 91-1) formed by Romoland.
Lansing Stone Star, LLC and The Enclave at Menifee, LLC (collectively, the “Developer”) currently owns 91 residential lots near Briggs Road and McLaughlin Road in Homeland that are subject to the CFD No. 91-1 obligation to fund District improvements. Romoland has agreed with the Developer to form a new CFD to fund mitigation payments to Romoland and the District, subject to approval by the Board of Trustees of the District of a new JCFA for the new CFD. The JCFA requires the Developer to fund the portion of prepayments due to the District for CFD No. 91-1 prior to development of the lots. The Developer benefits from the new CFD in that it allows the developer to fund other public improvements besides school facilities.
There is no financial impact to the District related to the new JCFA. The Developer has the same financial obligation to the District that was established under the 1992 Agreement, and the obligation to the District on a per unit basis far exceeds the current school fees due from new development absent a school mitigation agreement. Prepayments are subject to annual escalation until the date paid for a specific parcel. If all 91 units prepaid the CFD No. 91-1 obligation in FY 2022-23, the total amount due would be approximately $466,000 or $5,242 per unit.
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Funding:
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No fiscal impact.
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Recommendation:
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It is recommended that the Board of Trustees adopt Resolution No. 30:21-22 - Resolution of the Board of Trustees of the Perris Union High School District Approving the Form of a Joint Community Facilities Agreement by and among Perris Union HSD, Romoland SD, Lansing Stone Star, LLC and The Enclave at Menifee, LLC (CFD No. 2022-1 of Romoland SD) Authorizing the Execution and Delivery Thereof, and Certain Other Actions Related Thereto.
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Approvals:
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Recommended By:
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Signed By:
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Candace Reines - Deputy Superintendent
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Signed By:
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Grant Bennett - Superintendent
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Vote Results:
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| Original Motion | | Member Anthony T. Stafford, Sr. Moved, Member Dr. Randall Freeman seconded to approve the Original motion 'It is recommended that the Board of Trustees adopt Resolution No. 30:21-22 - Resolution of the Board of Trustees of the Perris Union High School District Approving the Form of a Joint Community Facilities Agreement by and among Perris Union HSD, Romoland SD, Lansing Stone Star, LLC and The Enclave at Menifee, LLC (CFD No. 2022-1 of Romoland SD) Authorizing the Execution and Delivery Thereof, and Certain Other Actions Related Thereto.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 0. | | The motion Carried 4 - 0 | | | | | Dr. Randall Freeman | Yes | | Elizabeth Vallejo | Yes | | Anthony T. Stafford, Sr. | Yes | | David Nelissen | Yes | |
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