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Agenda Item
ASR
Control 25-000631 |
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MEETING
DATE: |
09/23/25 |
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legal entity taking action: |
Board
of Supervisors and Community Facilities District No. 2021-1 |
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board of supervisors district(s): |
5 |
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SUBMITTING Agency/Department: |
County
Executive Office (Approved) |
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Department contact person(s): |
Louis
McClure (714) 834-5999 |
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Christine
Gardea (714) 834-3014 |
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Subject: Amendment to Agreements for
Community Facilities District 21-1
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ceo CONCUR |
County Counsel Review |
Clerk of the Board |
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Concur |
Approved
Agreement to Form |
Discussion |
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3
Votes Board Majority |
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Budgeted: Yes |
Current Year
Cost: See Financial
Impact Section |
Annual Cost: N/A |
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Staffing Impact: |
No |
# of Positions: |
Sole Source: N/A |
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Current Fiscal Year Revenue: N/A
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Prior Board Action: 9/19/2022 #28, 11/23/2021 #1,
11/8/2004 #1 |
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RECOMMENDED
ACTION(S):
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Acting as the Board of Supervisors and
as the legislative body of the Community Facilities District No. 2021-1 of
the County of Orange (Rienda): |
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1. |
Adopt resolution approving the first
amendment to the Series A of 2022 Special Tax Bonds Acquisition, Funding and
Disclosure Agreement and authorize County Executive Officer or designee to
execute the amendment. |
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Acting as the Board of Supervisors: |
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2. |
Adopt resolution approving first
amendment to Joint Community Facilities Agreement between the County, RMV PA
3 Development, LLC and Santa Margarita Water District and the first amendment
to the Joint Community Facilities Agreement between the County, RMV PA 3
Development, LLC and Orange County Fire Authority and authorize County
Executive Officer or designee to execute the amendments. |
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SUMMARY:
Approval of amendments to the
Acquisition, Funding and Disclosure Agreement and Joint Community Facilities
Agreements will reallocate funds available for the purpose of financing
projects and improvements within the Community Facilities District.
BACKGROUND
INFORMATION:
On November 8, 2004, the Board of
Supervisors (Board) approved the Ranch Plan Development Agreement (Development
Agreement) between the County of Orange and RMV PA3 Development, LLC
(Developer) allowing up to 14,000 dwelling units, as well as retail, office,
and recreational uses within a development area of approximately 7,700 acres
with approximately 15,000 acres retained in open space. The Developer proposed the formation of one
or more community facilities districts (CFD) and financing of the public facilities
and projects that are required pursuant to the Development Agreement, to be
completed in phases, as development occurs.
Community Facilities District
2021-1 (CFD 2021-1) located in the unincorporated area of the County of Orange
(County) was established by the Board on November 23, 2021, pursuant to
Resolution No. 21-135.
Acquisition,
Funding and Disclosure Agreement
The Acquisition, Funding and
Disclosure Agreement (AFDA) for CFD 2021-1 was approved by the Board on July
19, 2022. The AFDA contains an itemized list of the public facilities to be
financed and their estimated costs. The public facilities financed include
roadways and traffic improvements, storm drains, water and sewer facilities,
school facilities, and fire equipment and facilities and any related
appurtenant work. The cost estimates are prepared at the time of bond issuance
and certain project costs have since changed. The County Executive Office (CEO)
is requesting that the AFDA be amended to include language to allow interest
earnings realized in one account of the Acquisition and Construction Fund be reallocated to another account within the
Acquisition and Construction Fund upon mutual consent of the County and the
Developer. The reallocation will provide for the reimbursement of project
facilities and the timely drawdown of bond proceeds as required by the Internal
Revenue Service.
Joint
Community Facilities Agreements
The Joint Community Facilities
Agreements (JCFA) for CFD 2021-1 with Santa Margarita Water District (SMWD) and
Orange County Fire Authority (OCFA) were approved by the Board on November 23,
2021.
The JCFA with SMWD was established
for financing certain water facilities required under the Development
Agreement. CEO is requesting that the JCFA with SMWD be amended to update the
eligible water facilities listed on Exhibit A of the original JCFA with SMWD to
add the “Chiquita Water Reclamation Plant” project to provide reimbursement for
newly eligible projects and to disburse bond proceeds in a timely manner. The
reclamation plant project will be funded from interest earnings and the savings
from other projects that cost less than estimated. The SMWD Board of Directors
approved a resolution to amend to the JCFA at its August 6, 2025, meeting.
The JCFA with OCFA was established
for financing certain fire facilities required under the Development Agreement.
CEO is requesting that the JCFA with OCFA be amended to update the eligible
fire facilities listed on Exhibit A of the original JCFA with OCFA to replace
“Ladder Truck #1” and “Ladder Truck #2” with “Rienda Fire Station and related
equipment and facilities” to provide flexibility in the reimbursement for other
fire facilities costs and to disburse bond proceeds in a timely manner. The
OCFA Board of Directors approved a resolution to amend to the JCFA at its May
22, 2025, meeting.
FINANCIAL
IMPACT:
Approval of the amendments will
allow for the reallocation of interest earnings for projects which provides
flexibility for the reimbursement for CFD 2021-1 projects and the timely
drawdown of bond proceeds required by the Internal Revenue Service. There are
no additional costs related to this item.
STAFFING
IMPACT:
N/A
ATTACHMENT(S):
Attachment
A – Resolution for the Board of Supervisors
Attachment B – Resolution for the Legislative Body of the CFD
Attachment C - Amendment No. 1 to AFDA for CFD 2021-1
Attachment D - Original AFDA for CFD 2021-1
Attachment E - Amendment No. 1 to SMWD JCFA for CFD 2021-1
Attachment F - Original SMWD JCFA for CFD 2021-1
Attachment G - Amendment No. 1 to OCFA JCFA for CFD 2021-1
Attachment H - Original OCFA JCFA for CFD 2021-1
Attachment I - Schedule of proposed line item changes