DATE: March 12, 2025
TO: Honorable Mayor and City Councilmembers
FROM: Financial Services Department
TITLE: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OCEANSIDE, ACTING AS THE LEGISLATIVE BODY OF CITY OF OCEANSIDE COMMUNITY FACILITIES DISTRICT NO. 2023-1 (NORTH RIVER FARMS PUBLIC FACILITIES), DECLARING ITS INTENTION TO CONSIDER AN AMENDMENT TO THE AMENDED AND RESTATED RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX AND DECREASING THE AMOUNT OF BONDED INDEBTEDNESS
RECOMMENDATION
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Staff recommends that the City Council adopt the Resolution of the City Council of the City of Oceanside Acting as the Legislative Body of the City of Oceanside Community Facilities District No. 2023-1 (North River Farms Public Facilities), Declaring its Intention to Consider an Amendment to the Amended and Restated Rate and Method of Apportionment of Special Tax and Decreasing the Amount of Bonded Indebtedness.
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BACKGROUND AND ANALYSIS
In November 2019, the City Council approved the North River Farms project, a mixed-use housing development located along North River Road (the "North River Farms Project"). When the North River Farms Project was initially approved, the City Council adopted a general plan amendment, a zone change, and other entitlements for a project consisting of up to 585 homes, a 24.9-acre village, 85.1 acres of agriculture and open space (68.1 acres of agriculture and 17 acres of open space), a permanent onsite fire station, and other amenities situated in Oceanside's South Morro Hills neighborhood area. Following the settlement of various litigation among the developer of the North River Farms Project, the City and certain citizen groups, the North River Farms Project was reduced to its current planned size of 395 homes.
The developer of the North River Farms Project is The NRF Project Owner, LLC, which is a joint venture between Lennar Homes ("Lennar") and Integral Communities. NRF AIV LLC, as the land-banking affiliate of the developer (the...
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