SUBJECT: Adoption of a Resolution of Intent Regarding Annexation No. 25 for the Palisades Subdivision Improvement Area No. 50 into Community Facilities District (CFD) No. 2003-2 (Services), Approving a Deposit and Reimbursement Agreement for Annexation No. 25, and Setting a Public Hearing for March 4, 2024; and Annexation No. 25 Consists of Approximately 28.10 Acres of Land Generally Located on the East Side of G Street, Approximately 800 Feet North of Merill Place REPORT IN BRIEF Considers adopting a Resolution of Intent to annex 28.10 acres of land generally located on the east side of G Street, approximately 800 feet north of Merill Place (CFD Annexation No. 25) into the City’s CFD for Services (CFD 2003-2), including the approval of a Deposit and Reimbursement Agreement for the annexation; accept the petition, consent, and waiver for Annexation No. 25; and set a public hearing and election for March 4, 2024. RECOMMENDATION City Council - Adopt a motion: A. Adopting Resolution 2024-23, a Resolution of Intention of the City Council of the City of Merced, Acting as the Legislative Body of the City of Merced Community Facilities District No. 2003-2 (Services), Declaring its Intentions to Annex an Area to Said District and Authorize the Levy of a Special Tax Within Said Annexation and Approving a Certain Agreement Related Thereto; and, B. Setting the Public Hearing for March 4, 2024; and, C. Accepting the Petition, Consent and Waiver from Leeco, LLC, a California Limited Liability Company and Exposition Properties, LLC, a California Limited Liability Company for Annexation No. 25; and, D. Accepting the deposit amount of $25,000 in Fund 4500 (CFD Formation Fund), increasing the revenue and appropriating the same to cover the cost of Community Facilities District formation and related expenditures for Annexation No. 25; and, E. Authorizing the City Manager to execute the Deposit and Reimbursement Agreement; and, F. Authorizing the Finance Officer to make the necessary budget adjustments.

Consent Item Passed Introduced February 5, 2024

What this record is

Read automatically from the title of the official record. The source document below is authoritative.

Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Introduced: February 5, 2024
On agenda: February 20, 2024
Passed: February 20, 2024