Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council approves alternative financing plan for Crossroads West mixed‑use project
Summary
City Council approved an operating memorandum enabling MU‑1 (Crossroads West mixed‑use) to satisfy development‑agreement maintenance obligations through an alternative financing mechanism tied to project‑generated sales and property tax revenues; council vote was 5‑0.
The City Council on April 22 adopted a resolution approving an alternative and equivalent financing mechanism to satisfy maintenance and service obligations tied to the MU‑1 mixed‑use parcel in the Crossroads West specific plan.
The development agreement between the city and Western Pacific Holdings, Inc. (the MU‑1 developer) had anticipated three options for financing maintenance of common improvements: annexation to the citywide Community Facilities District (CFD 2016‑1), creation of a new CFD for the development, or an alternative financing mechanism. The developer proposed option 3: use of additional sales and property tax revenue…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
