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Board adopts CFD ordinance for 102-townhome development and approves bonds for Highland improvement area
Summary
The San Marcos Unified School District governing board adopted an ordinance and a bond-authorizing resolution on Aug. 14 that enable special-tax financing for two development projects, including a 102-townhome project by California Pacific Homes.
The San Marcos Unified School District governing board adopted an ordinance and a related bond resolution on Aug. 14 that authorize special-tax financing for two separate development projects.
The board conducted the second reading and then adopted Ordinance No. 03-24/25, establishing Community Facilities District No. 20 and authorizing the levy of a special tax within CFD No. 20. District staff said the developer is California Pacific Homes and the project includes 102 townhomes at the corner of Grand Avenue and Linda Vista. The district advised that the new development will feed La Mirada Academy and San Marcos High School. Member Herrick moved and Member Ahmad seconded the motion to present the second reading by title only; the board then adopted the ordinance on a subsequent motion.
Separately, the board, acting in its capacity as the legislative body for Community Facilities District No. 15, adopted Resolution No. 01-24/25 (title read during the meeting) authorizing issuance and sale of special tax bonds for Improvement Area B (Highland, Lennar Homes). District staff explained the Improvement Area B project consists of 89 single-family homes and that bond proceeds not to exceed $4,000,000 are expected to generate approximately $1,600,000 in net construction proceeds to the district. Staff stated the bond proceeds are planned to fund projects at Paloma Elementary and San Marcos High School. Rachel from municipal advisory firm Feldman was present for questions.
Motions on both the second reading, ordinance adoption and the bond-authorizing resolution were made and carried during the meeting; votes were recorded by voice with "aye" responses and no recorded opposition.
The actions establish the special-tax districts and provide the district the authority to levy the special tax and advance financing as described. Specific bond sale documents, fiscal agent agreements and other implementing papers were referenced in the resolution and will follow standard municipal financing procedures.
