CFD. A Community Facilities District (CFD) for the maintenance of the Park, as described in Section 5.3.1.3 of the Agreement, has been created.
CFD. Owner/Applicant shall defend, indemnify and hold harmless City, its officers, directors, employees and agents, from and against any and all claims, losses, liabilities, damages, including court costs and reasonable attorneys' fees by reason of, or resulting from, or arising out of the CFD proceedings as described in Recital A hereto, the authorization of the levy of special taxes and the issuance of bonds by the CFD to finance the City Facilities, the administration of the CFD and the bonds issued by the CFD, the levy of special taxes by the CFD and the issuance of bonds by the CFD, and initial and continuing disclosure related to such bonds and all expenses of investigating and defending against same.
CFD. 3.2.1. The CFD mechanics are available only on Demo Accounts.
CFD. The Project is located within the boundaries of the CFD. The CFD was established pursuant to the Act for the purpose of financing public improvements and facilities as including those described in Exhibit E. The parties have previously entered into that certain Construction and Transfer of Water, Sewer and Recycled Water Infrastructure Agreement dated as of March 3, 2012 (the “2012 Agreement”), which constitutes a joint community facilities agreement with the District in accordance with Section 53316.2 of the Act. To the extent of any inconsistency between the 2012 Agreement and this Agreement with respect to elements of this Agreement dealing with the CFD, this Agreement shall be deemed supplemental to the 2012 Agreement. The CFD Improvements may be fully or partially financed with the CFD special tax bonds or special tax revenues.
CFD. Buyer agrees that Seller shall have the right, either before or after the Closing, to cause a new community facilities district or similar assessment district to be formed which encumbers the Land along with other property, or to cause the issuance of new bonds and/or the placement of new assessments under any existing assessment or improvement district. If the formation of such community facilities district or assessment district, or the issuance of new bonds and/or the placement of new assessments under any existing assessment or improvement district, occurs after the Closing, then Buyer shall execute (and cause its lenders, if any, to execute) any documents reasonably required in connection with the formation of such district and/or the sale of bonds by such district. Seller agrees that any new community facilities district or assessment district which Seller is instrumental in forming will apply to all, or substantially all, of the approximately four hundred (400) acres commonly referred to as Ocean Ranch. The provisions of this paragraph shall be binding on Buyer, and on any successor purchaser of the Land or any part thereof. Buyer shall notify any such successor purchaser of the obligations of this paragraph and obtain such successor purchaser's written agreement to be bound by the same with Seller being a third party beneficiary to such agreement. Notwithstanding any provision contained in this subsection (h) to the contrary, Buyer shall not be obligated to execute any documents as provided above if, as a result thereof, it is contemplated that the special tax assessment levied against the Land as a result of the creation of the aforesaid community facilities district or assessment district will cause the overall tax rate (regular and special assessments combined) imposed upon the Land immediately following the sale of bonds by such community facilities or assessment district to exceed two percent (2%) of the value of the Land and any improvements thereon.
CFD. 3.1 The Client acknowledges and agrees that:
CFD. CFD means the community facilities district described in Article III hereof.
CFD. Developer may elect to petition the City to finance all or portions of the costs of any of the Project’s development impact fees or any public improvements to be constructed by Developer in lieu of the payment of such fees using a Community Facilities District (“CFD”). Upon the receipt of such a petition, the City agrees to use reasonable, good faith efforts to promptly proceed with all the actions required to authorize such financing subject to all applicable laws, including Government Code Sections 53311 to 53368.3, inclusive, and all public hearing and validation requirements. Developer agrees that the Property shall be included in a CFD to be formed by the City with other properties that benefit from the Bio-Retention Basin, including the Bayfront Project, to fund the on-going operation and maintenance of the Bio-Retention Basin after construction of the entire Bio-Retention Basin is completed.
CFD. Developer shall be required to pay an annual fee contribution in the amount of $160,000 per year to the City as a partial payment of the otherwise required City-Wide Community Facilities District (CFD No. 2018-01) (the “CFD”); provided, however, in the event Developer does not ultimately construct the infrastructure improvements required under the FEIR (including the mitigation measures specified therein), Developer shall be required to pay the full annual payments of $300,000 required under the CFD. The first such payment shall be made on or before the Completion Date, and therefter, in annual installments on the anniversary of such date. Any failure of payment by Developer, shall bear interest at a rate of ten percent (10%) per annum commencing on the date of such payment failure until fully paid.
CFD
