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Board approves formation and bond-related resolutions for new Riverside CFDs; developers to pay above‑statutory mitigation fees
Summary
The Riverside Unified School District board approved formation of Community Facilities District (CFD) 42 and related resolutions on Sept. 25, including a mitigation agreement requiring the developer to pay above‑statutory school fees and an authorization to incur bonded indebtedness up to $6 million for district facilities.
Riverside Unified’s board on Sept. 25 approved a package of resolutions to form Community Facilities District (CFD) 42, authorize bonded indebtedness up to a stated ceiling for school and city infrastructure, approve a school‑facilities mitigation agreement with the developer and schedule a special election within the CFD. Staff and the district’s financing team told the board the developer has agreed to pay more than the statutory mitigation fee for school facilities.
Why it matters: CFDs (community facilities districts) let local governments and school districts levy special taxes on new development to finance infrastructure and school facilities. Staff and the district’s consultant said CFD 42 would finance elementary, middle and high‑school facilities and city infrastructure tied to a roughly 149‑unit residential project near the 91…
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