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Council approves community facilities financing for two small housing projects
Summary
The council approved a resolution authorizing a joint community facilities agreement with the California Municipal Finance Authority to form community facilities districts for two small developments (Countryside, 31 homes; Las Palmas, 36 homes). No public testimony was taken; the vote was recorded as four-zero.
The Jurupa Valley City Council approved a resolution authorizing the execution and delivery of a joint community facilities agreement with the California Municipal Finance Authority (CMFA) to enable formation of community facilities districts for two small residential developments.
Lynn Gruber of Koppel & Gruber Public Finance told the council the request came from the developer, R.C. Hobbs, proposing Countryside (31 homes) and Las Palmas (36 homes) subdivisions. She said the CMFA-financed CFD would fund park fees and the city's circulation development impact fee for the projects.
"Before you tonight is the request of R.C. Hobbs to have their Countryside Development, which is 31 homes ... and their Las Palmas development, which is 36 homes ... to be able to have CMFA form a community facilities district," Gruber said.
No members of the public spoke on the item, and the council approved the resolution by voice vote; the clerk recorded the item as passing four-zero.
Council indicated this action advances the developer's ability to finance required public improvements and fee obligations through a CMFA-formed CFD; the matter will proceed following CMFA and city procedures for formation and final approvals.
Next steps: CMFA and the developer will complete formation paperwork and the city will monitor compliance with required development impact fee arrangements and any associated mitigation commitments.
