Title
Adoption of Resolution of Consideration to Alter the Rate and Method of Apportionment of Special Taxes for Community Facilities District No. 17-1 (Alameda Point Public Services District) and Set a Public Hearing for October 16, 2018. (Base Reuse 819099)
Body
To: Honorable Mayor and Members of the City Council
From: David L. Rudat, Interim City Manager
EXECUTIVE SUMMARY
The recommended action will alter the Rate and Method of Apportionment of Special Taxes (RMA) for Community Facilities District (CFD) No. 17-1 to modify the definitions of "Developed Property" and of "Non-Residential Property" in the Rate and Method, so that an unintended error is corrected and the RMA reflects what was intended by the City and property owners at the time of formation of the CFD.
BACKGROUND
On March 21, 2017, the City Council adopted Resolution No. 15249 pursuant to which it formed the City of Alameda CFD No. 17-1, in connection with the development of Alameda Point. The CFD was established in order to finance annual public services and transportation demand services and programs associated with the development of the 68-acre Site A development. Other areas of Alameda Point are included in a "Future Annexation Area" for the CFD and are to be annexed into the CFD prior to their transfer to private property owners. The first such annexation occurred on March 15, 2018, in connection with a transfer of a portion of the Site A land.
The Resolution that formed the CFD approved a RMA for the District, which set forth the manner in which the City Council will levy special taxes on property in the CFD to pay the costs of the services eligible to be financed by the CFD, and to pay the costs of the City to administer the CFD. Following the formation of the CFD, it was discovered that there was an unintended error in the RMA that would prevent the levy of special taxes on property to be included in Zone 2 of the CFD. While the City expected to be able to levy special taxes on...
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