| 20250603 |
Orange County |
Tustin |
City Council |
Item |
8.
COMPASS AT RED HILL BY MERITAGE HOMES, INC. – A 73 UNIT
CONDOMINIUM PROJECT The applicant, Meritage Homes, Inc., is
requesting approval to construct a residential development project that
would include 73 condominium units, four of which will be set aside as
affordable units on approximately 3.4 acres site located at 13751 and
13841 Red Hill Avenue. The Planning Commission held a public hearing
on May 13, 2025, and adopted Resolution Nos. 4526 and 4527,
recommending that the City Council approve the proposed project.
Recommendation: That the City Council adopt Resolution 25-43
(Attachment 7) approving Residential Allocation Reservation 2025-0001,
Design Review 2024-0014, Subdivision 2024-0005/Tentative Tract Map
No. 19361, Density Bonus Requests; and adopt Ordinance 1566
(Attachment 8) approving Development Agreement 2024-0004.
RESOLUTION NO. 25-43 A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF TUSTIN, CALIFORNIA, APPROVING RESIDENTIAL
ALLOCATION RESERVATION (RAR) 2025-0001, DESIGN REVIEW (DR)
2024-0014, SUBDIVISION (SUB) 2024-0005/ TENTATIVE TRACT MAP
(TTM) NO. 19361, DENSITY BONUS REQUEST TO CONSTRUCT A
NEW RESIDENTIAL CONDOMINIUM DEVELOPMENT PROJECT THAT
WOULD INCLUDE 73 RESIDENTIAL CONDOMINIUM UNITS IN NINE
BUILDINGS, INCLUDING FOUR AFFORDABLE UNITS, ON
APPROXIMATELY 3.39 ACRES AT 13751 AND 13841 RED HILL
AVENUE Fiscal Impact: There is no fiscal impact associated with this
item. |
June 03, 2025
Orange County
Tustin
City Council
Item
#8
|
| 20250603 |
Orange County |
Tustin |
City Council |
Item |
7.
CONDUCT PUBLIC HEARING TO CONSIDER THE LEVYING OF
ANNUAL ASSESSMENTS FOR THE TUSTIN LANDSCAPE AND
LIGHTING DISTRICT FOR FISCAL YEAR 2025-2026 The Tustin
Landscape and Lighting District Engineer’s Report was completed and
approved by the City Council at their May 6, 2025, meeting. At that
meeting, the City Council declared its intention to levy annual
assessments and set a public hearing for June 3, 2025. To levy the annual
assessments, the City Council is required to conduct a public hearing and,
provided there is no majority protest, adopt Resolution No. 25-35
confirming the annual assessments for Fiscal Year 2025-2026.
Recommendation: 1. Conduct a public hearing to receive testimony on the
proposed levy of annual assessments for the Tustin Landscape and
Lighting District for Fiscal Year 2025-2026; and 2. Adopt Resolution No.
25-35 confirming the annual assessments for Fiscal Year 2025-2026.
RESOLUTION NO. 25-35 A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF TUSTIN, CALIFORNIA CONFIRMING THE LEVY OF
ANNUAL ASSESSMENTS FOR THE LANDSCAPE MAINTENANCE AND
PUBLIC STREET LIGHTING EXPENSES IN THE TUSTIN RANCH AREA
WITHIN THE BOUNDARIES OF THE TUSTIN LANDSCAPE AND
LIGHTING DISTRICT FOR FISCAL YEAR 2025-2026 Fiscal Impact:
Landscape maintenance and public street lighting expenses within the
Tustin Ranch area are recovered through the levy of the annual
assessments for the Tustin Landscape and Lighting District and a General
Benefit Contribution. The proposed Fiscal Year 2025-2026 budget is
$931,800, with proposed assessments of $841,739, including City-paid
assessments totaling $14,110.85 for parkland and facilities, which will be
paid through the City's General Fund. The Engineer's Report calculates a
General Benefit Contribution of $90,061, which is also paid through the
City's General Fund operating budget. |
June 03, 2025
Orange County
Tustin
City Council
Item
#7
|
| 20250520 |
Orange County |
Tustin |
City Council |
Closed Session Item |
12. PUBLIC HEARING AND APPROVAL BY THE TUSTIN FINANCING
AUTHORITY AND THE CITY OF TUSTIN AS THE LEGISLATIVE BODY
FOR THE COMMUNITY FACILITIES DISTRICTS OF THE ISSUANCE
OF SPECIAL TAX REVENUE REFUNDING BONDS IN AN AMOUNT
NOT TO EXCEED $63 MILLION TO REFUND THE COMMUNITY
FACILITIES DISTRICT NO. 2014-1 (TUSTIN LEGACY/STANDARD
PACIFIC) 2015 SPECIAL TAX BONDS, SERIES 2015A AND
COMMUNITY FACILITIES DISTRICT NO. 06-1 (TUSTIN
LEGACY/COLUMBUS VILLAGES) SPECIAL TAX REFUNDING BONDS,
SERIES 2015A AND SERIES 2015B On April 1, 2025, the City of Tustin
("City") authorized the initiation of proceedings to issue bonds (the "2025
Refunding Bonds") to refund its outstanding City of Tustin Community
Facilities District No. 2014-1 (Tustin Legacy/Standard Pacific) Special Tax
Bonds, Series 2015A, City of Tustin Community Facilities District No. 06-1
(Tustin Legacy/Columbus Village) Special Tax Refunding Bonds, Series
2015A; and the City of Tustin Community Facilities District No. 06-1
(Tustin Legacy/Columbus Villages) Special Tax Bonds Series 2015B
(collectively, the "2015 CFD Bonds") to take advantage of lower interest
rates to reduce the annual debt service payments and lower property
owners’ special tax payments starting in FY 2025-2026. To maximize
savings, the 2025 Refunding Bonds will be issued and publicly sold by the
Tustin Financing Authority ("Authority"), by pooling the underlying
refunding bonds of each community facilities district.
Recommendation: It is recommended that the City Council: 1. CONDUCT
A PUBLIC HEARING TO CONSIDER THE ISSUANCE BY THE TUSTIN
FINANCING AUTHORITY OF ITS SPECIAL TAX REVENUE
REFUNDING BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $63 MILLION TO POOL AND ISSUE DEBT TO FACILITATE
THE REFUNDING OF THE 2015 CFD BONDS; 2. ADOPT RESOLUTION
25-37, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF CITY
OF TUSTIN COMMUNITY FACILITIES DISTRICT NO. 06-1 (TUSTIN
LEGACY/COLUMBUS VILLAGES), AUTHORIZING THE ISSUANCE OF
ITS SPECIAL TAX REFUNDING BONDS, SERIES 2025 IN A PRINCIPAL
AMOUNT NOT TO EXCEED $38 MILLION AND APPROVING CERTAIN
DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH; AND 3. ADOPT RESOLUTION 25-38, A
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF CITY OF
TUSTIN COMMUNITY FACILITIES DISTRICT NO. 2014-1 (TUSTIN
LEGACY/STANDARD PACIFIC), AUTHORIZING THE ISSUANCE OF ITS
SPECIAL TAX REFUNDING BONDS, SERIES 2025 IN A PRINCIPAL
AMOUNT NOT TO EXCEED $25 MILLION AND APPROVING CERTAIN
DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH. It is recommended that the Board of
Directors of the Tustin Financing Authority: 1. ADOPT RESOLUTION NO.
25-01 AUTHORIZING THE ISSUANCE OF ITS SPECIAL TAX REVENUE
REFUNDING BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $63 MILLION AND APPROVING CERTAIN DOCUMENTS
AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH Fiscal Impact: The 2025 Refunding Bonds will have no
financial impact on the City's General Fund, as all payments of principal
and interest on the 2025 Refunding Bonds will be paid solely from the
special tax revenues levied and collected from properties located in the
affected community facilities districts. All bond issuance costs will be paid
from the proceeds of the Bonds. It is estimated that the refunding of the
2015 CFD Bonds will reduce annual debt service payments by
approximately $485,000 per year, totaling over $3.6 million in net present
value saving over the remaining term of the 2015 CFD Bonds based on
market conditions as of April 30, 2025. |
May 20, 2025
Orange County
Tustin
City Council
Closed Session Item
#12
|