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Meeting Date:
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6/3/2019 - 5:00 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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6.1 BUSINESS: Consideration of Resolution No. 32:18-19 - Approving the Amended and Restated School Facilities Funding and Mitigation Agreement
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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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On May 20, 2015, the District and Global Investment Pool, LLC (“Developer”) entered into the School Facilities Funding and Mitigation Agreement (the “Mitigation Agreement”). As part of the Mitigation Agreement, Developer agreed to make certain Mitigation Payments, construct certain infrastructure improvements and remain responsible for statutory Commercial/Industrial Development fees, in lieu of the District collecting special taxes of CFD 92-1 otherwise applicable to the Developer.
Due to a change in circumstances, the District agreed to (a) grant school fee credits to the Developer in the amount of $5,950 per Unit, up to a total of $3,040,450, as consideration for the Developer’s continued work on necessary infrastructure improvements; (b) memorialize the District’s contribution of no more than $1,593,758 for planning, design and construction of the Sewer Replacement Project, as defined in the Participation Agreement to Fund the Wickerd Road Sewer Replacement Project, to be planned, designed and constructed by the Eastern Municipal Water District (“EMWD”); (c) memorialize a District contribution of the thirty-three percent (33%) cost-share of the improvements the Developer was otherwise obligated to make at the intersection of Scott Road and Leon Road, which Developer estimates at $366,000; and (d) reaffirm and clarify the Developer’s responsibility to construct certain infrastructure improvements to service the High School Property.
In connection with these proposed modifications, the Developer and the District now wish to enter into an Amended and Restated School Facilities Funding and Mitigation Agreement. Unless modified by the Amended and Restated School Facilities Funding and Mitigation Agreement, all other terms in the Mitigation Agreement will remain the same.
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Funding:
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The cost for this item will be included in the 2019-20 operating budget funded through Various Facilities Funds, not the General Fund.
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Recommendation:
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It is recommended that the Board of Trustees adopt Resolution No. 32:18-19 - Approving the Amended and Restated School Facilities Funding and Mitigation Agreement.
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Approvals:
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Recommended By:
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Signed By:
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Hector Gonzalez - Director of Facilities
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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 David Nelissen Moved, Member Dr. Randall Freeman seconded to approve the Original motion 'It is recommended that the Board of Trustees adopt Resolution No. 32:18-19 - Approving the Amended and Restated School Facilities Funding and Mitigation Agreement.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Dr. Randall Freeman | Yes | | Dr. Jose Luis Araux | Yes | | Edward Garcia, Jr. | Yes | | Anthony T. Stafford, Sr. | Yes | | David Nelissen | Yes | |
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