Business View Magazine | December 2019

269 BUSINESS VIEW MAGAZINE DECEMBER 2019 BANNING, CAL I FORNI A the community will be phased in over the next 10-15 years. The second project is called Rancho San Gorgonio. It’s another master-planned community being built on 831 acres in Riverside County that are expected to be annexed by the City of Banning. Plans include 3,385 dwelling units, 188.5 acres of parks and trails, and a 10- acre neighborhood commercial center. “With developments this large, development agreements are typical,” Schulze notes. “And those agreements address the types of mitigation that will be required of the developer. In this case, we’ve negotiated parks, public safety facilities, schools, commercial centers, community centers, water, sewer, and electric infrastructure, etc. In California, it’s not uncommon to have these development agreements, and cities have the ability to sell public facility bonds, which are used to fund the improvements; those bonds are paid back over time with assessments charged to the individual properties once they sell.”