Complete copies of key documents establishing Modestos Mello-Roos school taxing district in Village I are posted on www.modbee.com.
Here are highlights of some of the key provisions:
School Impact Mitigation Agreement
Signed Nov. 15, 1994 by the city of Modesto, the Building Industry Association of Central California, the Sylvan Union School District and the Modesto High School District.
The plan provides for the development of up to 8,000 residential units in Village
The purpose of this agreement is to completely and finally resolve all school impact fee issues for Village One
The provisions of this agreement shall govern in the event of a conflict between any provision of the Village One financing plan and this agreement.
The districts shall take whatever steps they deem necessary to form a Mello-Roos community facilities financing district (CFD) consistent with the terms and provisions of this school facilities element of the financing plan, to finance construction of the Village One school facilities.
The precise amounts and distribution of the annual special tax have not yet been determined, but the total amount of Village
the CFD shall not materially differ from the provisions outlined herein.
The (Sylvan and Modesto school) districts further agree to use their best efforts to secure funding from the state of California school building program, and any other programs which may hereafter make funds available to local school districts for facilities construction to reduce the annual special tax for properties in Village One. Should funds be received from the state for school facilities construction in Village One, the annual special tax obligation of properties in Village One shall be reduced in proportion to the ratio of the state contributions to the total school facilities construction budget on which the annual special tax was based.
Should the districts receive state funds (the replacement funds) for construction of either or both of those particular schools, the annual special tax obligation for properties in Village One shall be proportionately reduced based on the ratio of the amount of replacement funds received times the Village One share of that school to the total school facilities construction budget on which the annual special tax was based.
The provisions of this agreement shall remain in effect and be binding upon the parties regardless of the provisions of existing and future state law regarding the mitigation of school impacts.
This agreement may be amended only by a writing executed by the parties hereto.
Joint Powers Agreement between the Modesto High School District and the Sylvan Union School District
Signed Oct. 11, 1994 to create the School Infrastructure Financing Agency
the agency shall be a public entity separate from the (school) districts. The debts, liabilities and obligations of the agency shall not constitute debts, liabilities or obligations of the districts.
Exhibit A of this agreement with its cost estimates (including assumptions for cost inflation), shall provide the basis for establishing the budget for each component of the project. To the extent that the number of housing units included within the CFD is increased beyond the numbers shown in Exhibit A, the funding allocated to the appropriate elementary school and to the middle and high schools shall be proportionately increased. To the extent any projects are completed for less that the amount budgeted, or alternate funding is available, the board may budget subsequent projects at higher levels, provided adequate justification of the added costs can be documented.
It is the intent of this financing program that a specific dollar amount, adjusted annually for inflation, be allocated to each project. If any financed facility cannot be completed within its approved share of these budgets:
1) The shortfall shall initially be the responsibility of the district that has charge of that facility.
2) The district that has charge of the facility may request, and the board may grant by unanimous vote of all the members of the board, a reallocation of funds among its own projects. This reallocation may not be approved, however, if it would result in inadequate funds for the construction of a later facility.
3) In any case, the board may allocate additional bond and special tax proceeds to any facility on any lawful terms by the unanimous vote of all the members of the board.
The facilities report with its cost estimates including assumptions for cost inflation, may be referred to for an indication of the intended scope of any facility.
Other Sources of Funding for Project Costs:
Each district agrees to use its best efforts to secure funding from the state of California for the costs of financing this project. If either district receives funds from the state of California, or any other source, for facilities included in the initial project, to the extent that such funds replace amounts originally financed by means of a CFD the district shall make those funds available to the agency to (a) fund shortfalls in the budget for the project and (b) reduce the burden on the owners of properties subject to the special tax levied in the affected CFD.
This list and description of authorized facilities shall constitute the initial project. All costs are shown in 1994 dollars. Amounts shown are allowances and include all costs. The allowances are based on the student enrollment projected to be generated from the initial number of housing units project for Village One: 1,691 multi-family units and 5,340 single-family units.
1) (Freedom Elementary) 800-student year-round elementary Estimated cost to be funded by CFD: $6,600,000
2) (Savage Middle School) 83 percent of a 1,200-student year-round middle school Estimated cost to be funded by CFD: $11,454,000
3) (Sanders Elementary) 800-student year-round elementary Estimated cost to be funded by CFD: $7,600,000
4) (Yet to be build) 800-student year-round elementary 57
Modesto High School District
1) (Enochs High) 2,600-student year-round comprehensive high school 48
High School $22,424,600
Pedestrian Bridge $325,000
CFD Total $52,735,600