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Meeting Date:
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6/17/2020 - 3:00 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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12.8 BUSINESS: Resolution No. 41:19-20 - 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 the Romoland School District, Perris Union High School District, and WSI Land Holdings, LLC, 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.
WSI Land Holdings, LLC (the “Developer”) currently owns 545 residential lots north of Highway 74, between Briggs Road and Sultanas Road in the Romoland area 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 545 units prepaid the CFD No. 91-1 obligation in FY 2020-21, the total amount due would be approximately $2,586,679 or $4,746 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. 41:19-20 - 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 the Romoland School District, Perris Union High School District, and WSI Land Holdings, LLC, 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 Dr. Randall Freeman Moved, Member David Nelissen seconded to approve the Original motion 'It is recommended that the Board of Trustees adopt Resolution No. 41:19-20 - 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 the Romoland School District, Perris Union High School District, and WSI Land Holdings, LLC, 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 Abstain: 1. | | The motion Carried 4 - 0 | | | | | Dr. Jose Luis Araux | Yes | | David Nelissen | Yes | | Edward Garcia, Jr. | Abstain | | Anthony T. Stafford, Sr. | Yes | | Dr. Randall Freeman | Yes | |
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