Title
Discuss and consider action regarding Acknowledgment and Consent to Sale and Assignment of Reimbursements in connection to that certain Purchase, Sale and Assignment Agreement between Lakeside Meadows LLC and Orix Public Finance LLC related to the Lakeside Meadows Public Improvement District Project and approval of other documents in connection therewith.
Summary
The City entered into a reimbursement agreement with the developer of Lakeside Meadows on June 14, 2022. This reimbursement agreement allowed for an assignment by the developer its rights and obligations contained in the reimbursement agreement. The First Amendment to the Reimbursement Agreement outlines the specific amount being assigned out of Future Assessment Revenue.
Prior City Council Action
June 14, 2022 - City Council approved the Lakeside Meadows Public Improvement District Reimbursement Agreement
Deadline for City Council Action
This action is required on June 9, 2026 to meet the deadline for the assignment with Orix.
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X__
Amount: _N/A_
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required _X_ Date Completed: 5/19/2026
Supporting documents attached:
Acknowledgment and Consent to Assignment of Reimbursements
Recommended Action
Staff recommends approval as presented.