Title
Adoption of Resolution Amending the Alameda Landing Community Facilities District (CFD 13-1) 2021 Bonds Fund (806) and the General Liability Internal Service Fund (611) Budgets for Fiscal Year 2022-23. (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
In September 2021, City Council authorized the issuance of $24.6 million in 2021 Special Tax Subordinate Bonds for the Alameda Landing Public Improvements Community Facilities District 13-1 (CFD). The debt service payments were not included in the Fiscal Year (FY) 2022-23 Mid-Cycle Budget Update. Additionally, the General Liability part-time pay budget was inadvertently reduced by $120,000 in FY 2022-23. Staff identified the need for a budget amendment to address these technical corrections.
BACKGROUND
2021 Special Tax Subordinate Bonds for Alameda Landing
Pursuant to a Disposition and Development Agreement entered into in December of 2006, among the City, the Successor Agency to the Community Improvement Commission of the City ("Successor Agency") and Catellus, in 2014 the City of Alameda (City) formed the CFD and determined that the City could issue up to $20,000,000 in special tax bonds for the CFD to finance public improvements constructed by Catellus in connection with the development of Alameda Landing. At the time of formation of the CFD, the City and Catellus entered into an Acquisition Agreement whereby the City agreed to use the proceeds of special taxes levied on property in the CFD and proceeds of bonds issued by the City for the CFD to acquire public improvements constructed by Catellus and otherwise eligible to be financed by the CFD. In April of 2015, the City Council approved the annexation of 40 acres in Annexation Area Phase 2 of Alameda Landing into the CFD; added to the facilities authorized to be financed by the CFD; and increased the bonded indebtedness limit of the CFD to $40,000,000.
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