HomeMy WebLinkAboutMello-Roos funding agreement
To: Board of Directors
From: Peter Holzmeister
Date: March 27, 2003
Subject: Community Facilities District Funding Agreement
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1. Why this matter is before the board:
This matter involves approving an expense reimbursement agreement between the
District and East West Partners. The expense reimbursement agreement provides
funding for the District to prepare a summary analysis of findings of the feasibility of
forming a Community Facilities District. This is a matter that falls within the jurisdiction
of the board.
2. History:
The board held a workshop on whether to form a Mello-Roos Community Facilities
District. You received input from John Murphy, an attorney who has helped us in the
formation of the Donner Lake Assessment District. You also received a request from
staff of East West Partners, and input from John Faulk, representing the Tahoe Truckee
Board of Realtors.
At the conclusion of the workshop you asked that I work with John Murphy to develop a
cost reimbursement agreement, such that East West partners would pay the cost of
studying the feasibility of such a District.
3. New information:
Attached is the agreement that John Murphy prepared. If you approve this agreement
all you have done is agree to study the matter. You have not committed to forming the
Mello-Roos District.
The agreement provides that East West partners must pay the cost of the feasibility
study, and the cost of District staff time to participate in preparation of the study. It
provides that East West Partners deposit $20,000 for our use in conducting this study,
and as we draw down the $20,000 we are allowed to bill them to replenish it.
4. Recommendation:
I recommend that the board approve the Community Facilities District Study Funding
and Reimbursement Agreement prepared by Attorney John Murphy.