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Agenda Item
ASR
Control 25-000641 |
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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. 2023-1 |
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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 23-1
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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: 10/31/2023 #20, 4/11/2023 #29,
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. 2023-1 of
the County of Orange (Rienda Phase 2B): |
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1. |
Adopt resolution approving the first
amendment to the Series A of 2023 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 the first
amendment to Joint Community Facilities Agreement between the County, RMV PA
3 Development, LLC and Santa Margarita Water District and authorize County
Executive Officer or designee to execute the amendment. |
SUMMARY:
Approval of amendments to the
Acquisition, Funding and Disclosure Agreement and Joint Community Facilities
Agreement 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
2023-1 (CFD 2023-1) located in the unincorporated area of the County of Orange
(County) was established by the Board of Supervisors (Board) on April 11, 2023,
pursuant to Resolution No. 23-043.
Acquisition,
Funding and Disclosure Agreement
The Acquisition, Funding and
Disclosure Agreement (AFDA) for CFD 2023-1 was approved by the Board on October
31, 2023. The AFDA contains an itemized
list of the public facilities to be financed and their budget amounts
(estimated costs). The public facilities financed include roadways and roadways
improvements, tunnels, regional hiking and biking trails, storm drains and
basins, water and wastewater facilities, wet and dry utilities, bridges and
pedestrian bridges, parks, traffic signals, school sites, school facilities and
equipment, facilities and equipment relating to fire protection and
suppression, sheriff’s substations and equipment and library facilities and
equipment, and related infrastructure improvements, both onsite and offsite,
and all appurtenances and appurtenant work. 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 Agreement
The Joint Community Facilities
Agreement (JCFA) for CFD 2023-1 with Santa Margarita Water District (SMWD) and
Orange County Fire Authority were approved by the Board on April 11, 2023.
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
replace the “Zone B Pump Station” project with the “Chiquita Water Reclamation
Plant” project to provide reimbursement for newly eligible projects and to
disburse bond proceeds in a timely manner. The new eligible project will be
funded from moving funds from one project that is not yet ready for
reimbursement. The SMWD Board of Directors approved a resolution to amend to
the JCFA at its August 6, 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 2023-1 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
Attachment B - Resolution for the Legislative Body of the CFD
Attachment C - Amendment No. 1 to AFDA for CFD 2023-1
Attachment D - Original AFDA for CFD 2023-1
Attachment E - Amendment No. 1 to SMWD JCFA for CFD 2023-1
Attachment F - Original SMWD JCFA for CFD 2023-1
Attachment G - Schedule of proposed line item changes