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Council approves Compass Point community facilities district and related financing measures
Summary
The Ontario City Council unanimously approved formation of Community Facilities District No. 76 (Compass Point), authorized bonded indebtedness and called/recorded a special election; the clerk reported the official ballots were all in favor and the council passed associated resolutions and an acquisition/funding agreement authorization for KR Home Cal Management Services LLC.
The City Council voted unanimously to form Community Facilities District (CFD) No. 76, Compass Point, and to approve related measures to levy special taxes and to enable bonded indebtedness.
Staff presented the public hearing materials and confirmed notice and compliance. Council approved action items a, b and c to form the CFD, propose the levy of a special tax and call a special election. After the council’s actions the city clerk announced that the official ballot review showed all votes in favor and that all propositions passed.
Council then approved action items d, e, f and g — including recording election results, introducing an ordinance levying special taxes for CFD No. 76, authorizing an acquisition and funding agreement with KR Home Cal Management Services LLC, and declaring official intent to reimburse eligible expenditures with bond proceeds — each by recorded unanimous vote.
Why it matters: Formation of a CFD authorizes a special tax for financing infrastructure and facilities in the Compass Point project area and allows the district to incur bonded indebtedness; it has ongoing budget and tax consequences for the affected development area. City staff confirmed there are no registered voters in the immediate CFD territory per the Registrar of Voters.
What’s next: Staff will proceed with final documentation and recordation steps for the CFD, execute the acquisition/funding agreement with KR Home Cal Management Services LLC, and implement the tax levy and bond financing steps described in the council motions.
