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2006-01 RESOLUTION NO. 2006-01 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND TERRACE, CALIFORNIA,APPROVING (1) JOINT COMMUNITY FACILITIES AGREEMENT WITH RIVERSIDE UNIFIED SCHOOL DISTRICT (COMMUNITY FACILITIES.DISTRICT NO. 23)AND (2) AGREEMENT PROVIDING FOR REIMBURSEMENT OF" DEVELOPMENT FEES FROM BOND PROCEEDS WHEREAS, SMR Ventures, LLC, the owner and developer of property within Tract Nos.. 29597,..29598,- 2959.9, 29600, 29740, and 29741 in the County of Riverside. (the: . "Developer"), has requested that the City of Grand Terrace, California (the "City"), enter into.a joint community facilities agreement with Riverside Unified School District (the "District") pursuant to Sections 53316.2 through 53316.6 of the California Government Code whereby the-.- Board of Education of the District will initiate and conduct proceedings for the formation of a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1982, Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the California Government Code,to be designated "Community Facilities District No.,23 of Riverside Unified School District," for the purpose of, among other things, financing the construction of public. facilities for the City which would otherwise be paid financed with"certain traffic mitigation fees (the"Traffic Fees"); and WHEREAS;pursuant to said Section 53316.2, a community facilities district may finance facilities to be owned or operated by an entity other than the agency that created the district pursuant to a joint community facilities agreement if the legislative body of each entity adopts a resolution declaring that such a joint agreement would be beneficial to the residents of that entity; and WHEREAS, the City Council has determined that the proposed joint community facilities agreement will be'beneficial to the residents of the City and the proposed community facilities'district; and WHEREAS, .because the development of the project may proceed faster than the issuance 'of the bonds by the District, there is a possibility that the Developer, or,a subsequent property owner, maybe required to pay the .Traffic Fees in order to satisfy the development conditions before the bonds are issued (herein, the "Pre-Issuance Payments"), and in order to finance all of the Traffic Fees, including the Pre-Issuance Payments, an agreement for reimbursement- of the Pre-Issuance Payments must be entered into between the Developer and the City(the"Reimbursement Agreement"); and 20561480 - 1 - NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND :ORDERED BY THE CITY COUNCIL OF THE CITY OF GRAND TERRACE, CALIFORNIA, AS FOLLOWS: Section 1. The joint community facilities agreement entitled "Joint Community Facilities Agreement Between Riverside Unified School District and the City of Grand Terrace .(Spring-Mountain Ranch Community Facilities District)" (the "Agreement") will.be beneficial to the residents of the City and the proposed community facilities-district. Section 2. The :Agreement is approved in the form submitted to the City Council at the:meeting at which this resolution is adopted and the City Manager, or his designee, and the.City Clerk are.authorized to execute, and deliver the Agreement on behalf of the City. The City Manager,or his designee, and the City Clerk are also authorized to execute and deliver any other agreement which is necessary to implement the Agreement or to accomplish any -transaction or matter which-is incidental to,the Agreement.- :Section': 3. .The Reimbursement Agreement entitled ".Agreement Providing For Reimbursement of Development Fees From Bond Proceeds (Tract Nos. 29741, 29597, 29598, 29600, 29740,,and 29599)" is approved in the form submitted to the City Council at the meeting at which.this.resolution is adopted and the City Manager, or his designee, and the City Clerk are authorized to execute and deliver the.Reimbursement Agreement on behalf of the City. The City Manager, or his designee; and the City Clerk are also authorized to execute and deliver any other agreement which is necessary to.implement the Reimbursement Agreement or to accomplish any transaction or matter which is incidental to.the Reimbursement Agreement. Section 4. The City Clerk shall deliver an executed copy of the Agreement to Riverside Unified School District and an executed copy of the Reimbursement Agreement to the. Developer. ADOPTED:by the City Council and signed by the Mayor and.attested by the City Clerk this 23rd day of February,2006. Mayor o e City of Grand Terrace ATTEST: City Clerk of the City of Grand Terrace 20561490 - 2 - CERTIFICATION I,-BRENDA STANFILL., City Clerk of the City of Grand Terrace, California, certify, that the.foregoing resolution was adopted by the City.Council of the City at a regular meeting held on-the 23rd day of February, 2006, by the following vote: AYES: Councilmembers Hilkey, Garcia and Miller; Mayor Pro Tem Cortes and Mayor Ferr.e NOES: None ABSENT: None .ABSTAINED: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Grand Terrace, California, this 23rdday of February , 2006. City Clerk of the City of Grand Terrace 20561480 - 3