Title:
Title
Greenbriar Community Facilities District No. 2018-03 Acquisition and Shortfall Agreement and Agreement to Reimburse Fees
End
FileID
File ID: 2019-01146
Location
Location: District 1
Recommendation:
Recommendation
Pass a Motion: 1) authorizing the City Manager or the City Manager's designee to execute an Acquisition and Shortfall Agreement with the Greenbriar Project Owner LP for improvements to be constructed as part of the Greenbriar Community Facilities District No. 2018-03; and 2) authorizing the City Manager or the City Manager's designee to execute an agreement with the Greenbriar Project Owner LP to reimburse certain development fees from bond and tax proceeds.
Contact: Arwen Wacht, Program Specialist, (916) 808-7535; Sheri Smith, Special Districts Manager, (916) 808-7204, Department of Finance
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Background
3-Acquisition and Shortfall Agreement
4-Fee Reimbursement Agreement
Description/Analysis
Issue Detail: On November 27, 2018, City Council formed the "Greenbriar Community Facilities District No. 2018-03 (Improvements)" (CFD) to issue bonds supported exclusively by the special tax to partially reimburse the developer for the cost of public infrastructure. In connection with the acquisition of facilities, the City and The Greenbriar Project Owner, LLC (Developer) propose to enter into an Acquisition and Shortfall Agreement (A&S Agreement) that prescribes how the Developer is to construct the facilities and specify how the City will reimburse the Developer from special-tax revenues and bond proceeds.
On November 10, 2015, the City Council approved a standard-form A&S Agreement for the acquisition of developer-constructed public improvements (Resolution 2015-0343). The attached A&S Agreement differs from the standard A&S Agreement by allowing the project lender to assume the A&S Agreement automatically in certain circumstances, therefore the City Council's approval is ...
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