Title
Public Hearing to Consider Alteration of the Rate and Method of Apportionment of Special Taxes for Community Facilities District No. 13-1; and
Adoption of Resolution Calling Special Election Regarding Alteration of 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: Public Hearing Regarding Alteration of the Rate and Method of Apportionment of Special Taxes for Community Facilities District No. 13-1; and
Adoption of Resolution Calling Special Election Regarding Alteration of the Rate and Method of Apportionment of Special Taxes for Community Facilities District No. 13-1 (Alameda Landing Public Improvements)
BACKGROUND
On January 7, 2014, the City Council adopted Resolution No. 14880 forming 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 the process 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. 1501...
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