Title
Adoption of Resolution Determining That Special Taxes Shall Cease to be Levied on Property in the City of Alameda Community Facilities District No. 4 (Demolition and Back Bone Infrastructure - Fleet Industrial Supply Center (FISC) and East Housing Sites) and Directing Recordation of Notice of Cessation of Special Tax. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
The recommended action is to adopt a Resolution Determining That Special Taxes Shall Cease to be Levied on Property in the City of Alameda Community Facilities District No. 4 (Demolition and Back Bone Infrastructure - FISC and East Housing Sites) and Directing Recordation of Notice of Cessation of Special Tax.
BACKGROUND
In June of 2000, the former Community Improvement Commission of the City of Alameda (CIC) and Catellus Development Corporation (Catellus) entered into a Disposition and Development Agreement (DDA), which provided for, among other matters, the financing and installation of backbone infrastructure and the demolition of existing improvements on 87 acres of land for residential purposes and 77 acres of land for a business park constituting portions of the areas in the City then known as the FISC and East Housing, and the purchase of the property by Catellus, all as more particularly set forth in the DDA. At that time, the City and the CIC entered into the Joint Implementation Agreement in order to assure the timely and orderly development of the property, as contemplated by the DDA.
The City agreed to assist the CIC in the financing of the costs of the demolition and backbone infrastructure, and to that end on August 21, 2001, the City Council adopted Resolution No. 13378 forming the City of Alameda Community Facilities District No. 4 (Demolition and Backbone Infrastructure - FISC and East Housing Sites) (District) pursuant to the City of Alameda Special Tax Financing Improvement Code, constituting Section 3-70 (Special Tax Financing...
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