| | | | | | | | CITY OF PEORIA, ARIZONA
COUNCIL COMMUNICATION | Agenda Item: 15C. |
| Date Prepared: 5/4/2023 | Council Meeting Date: 5/16/2023 |
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| | | | | | | | | TO: | Mike Faust, City Manager
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| | | | | | | | | FROM:
| Kevin Burke, Deputy City Manager
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| | | | | | | | SUBJECT:
| First Amendment to the District Development, Financing Participation and Intergovernmental Agreement, Mystic at Lake Pleasant Heights Community Facilities District |
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| | | | | | | | Purpose:
Discussion and possible action to adopt RES. 2023-67 amending the District Development, Financing Participation and Intergovernmental Agreement with Mystic at Lake Pleasant Heights Community Facility District. This resolution amends an infrastructure project in Exhibit B that is eligible for Community Facility District reimbursement. |
| | | | | | | | Summary:
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.
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| | | | | | | | Previous Actions/Background:
The Financing Agreement was adopted by the City Council and District Board on June 16, 2020.
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| | | | | | | | Staff Recommendation:
Move to adopt RES. 2023-67 approving the first Amendment to the District Development, Financing Participation and Intergovernmental Agreement (Mystic at Lake Pleasent Heights Community Facility District).
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| | | | | | | | Fiscal Analysis:
This amendment has no fiscal impact to the City.
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| | | | | | | | Contact Name and Number:
Kevin Burke, 623.773.7395 |
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