Discussion and possible action to amend the District Development, Financing Participation and Intergovernmental Agreement with Mystic at Lake Pleasant Heights. RES. MCFD 2023-03 amends an infrastructure project in Exhibit B that is eligible for Community Facility District reimbursement. 

The Financing Agreement was approved between the Developer (Lake Pleasant (Phoenix) ASLI VIII) the District, and the City in July of 2020.  Exhibit B of the agreement outlines five infrastructure projects that shall be eligible for reimbursement under the CFD.  One of those projects is a collector street that was deleted and relocated to another part of the development through an approved PCD Amendment in later 2020 (see redline amendment to Exhibit B attached).  This resolution amends the Financing Agreement to eliminate the original collector street and replace it with Forest Pleasant Place collector street.

Move to adopt Resolution MCFD 2023-03 approving the first Amendment to the District Development, Financing Participation and Intergovernmental Agreement (Mystic at Lake Pleasant Heights Community Facility District).

This amendment has no fiscal impact to the District.  Proceeds from the CFD secondary property tax are capped at $65 million regardless of the amendment.