Title
Adoption of Resolution of Consideration to Alter the Rate and Method of Apportionment of Special Taxes for Community Facilities District No. 13-1 (Alameda Landing Public Improvements). (Community Development 256)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Adoption of Resolution of Consideration to Alter the Rate and Method of Apportionment of Special Taxes for Community Facilities District No. 13-1
BACKGROUND
On January 7, 2014, the City Council adopted Resolution No. 14880 as part of the formation of the City of Alameda Community Facilities District No. 13-1 (Alameda Landing Public Improvements) (CFD), and adopted Resolution No. 14881 determining that the City could issue, for the CFD, up to $20,000,000 in bonds (Bonds) to finance certain public facilities being constructed by Catellus Alameda Development, LLC (developer) in connection with the development of Phase 1 of Alameda Landing. These facilities included the backbone sanitary sewer, storm and water systems and construction of Mitchell and Stargell Avenues and Fifth Street.
The Resolution that formed the CFD approved a Rate and Method of Apportionment of Special Taxes for the District (RMA), which set forth the manner in which the City Council will levy special taxes on property in the CFD to repay the Bonds and pay the costs of the City to administer the CFD. Subsequently, in connection with proceedings to add Alameda Landing Phase 2 to the CFD, the City Council conducted proceedings to alter the RMA and to increase the bonded debt limit of the CFD to $40,000,000, pursuant to Resolution No. 15015 adopted by the City Council on April 7, 2015. On March 17, 2016, the City issued $15,415,000 principal amount of the Bonds to finance the improvements described above.
The City has received a petition (Exhibit 1) from the developer requesting that it alter the RMA for the CFD to exempt, from the levy of special taxes for the CFD, Conveyance Par...
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