Title
Public Hearing to Consider Adoption of Resolution Calling a Special Election Regarding Alteration of the Rate and Method of Apportionment of Special Taxes for Community Facilities District No. 17-1 (Alameda Point Public Services District); and
Adoption of Resolution Amending the Fiscal Year 2018-19 Budget for the Community Facilities District 17-1 Fund by Increasing Estimated Revenue by $174,051 and Increasing the Expenditure Budget by $35,000. (Base Reuse 819099)
Body
To: Honorable Mayor and Members of the City Council
From: David L. Rudat, Interim City Manager
EXECUTIVE SUMMARY
The first recommended action will alter the Rate and Method of Apportionment of Special Taxes (RMA) for Community Facilities District (CFD) 17-1 to modify the definitions of "Developed Property" and of "Non-Residential Property" in the RMA, 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.
The second recommended action will amend the City's Fiscal Year (FY) Budget to appropriate monies in the CFD 17-1 Fund to pay for the proceedings necessary to amend the RMA and various operating costs.
BACKGROUND
On March 21, 2017, the City Council adopted Resolution No. 15249 pursuant to which it formed CFD 17-1 (Alameda Point Public Services District) in connection with the development of Alameda Point. CFD 17-1 was established in order to finance annual public services and transportation demand management 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 the RMA, which sets forth the manner in which the City Council ...
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