FROM:
Finance
SUBJECT:
Adoption of Ordinance No. 1964 (Second Reading), Authorizing the Levy of a Special Tax within Community Facilities District No. 115M
Title
End
RECOMMENDATION:
Recommendation
Second Reading/Adopt Ordinance No. 1964, Authorizing the Levy of a Special Tax within Community Facilities District No. 115M.
End
COUCIL GOALS:
• Practice sound fiscal management by fully funding liabilities and reserves.
• Practice sound fiscal management by developing long-term funding and debt management plans.
DISCUSSION:
Ordinance No. 1964 was introduced by a vote of 3-0 at the December 10, 2024, Regular City Council Meeting.
FISCAL IMPACT:
This action will establish the District, which will levy each property within its boundaries using special tax formulas outlined in the Amended and Restated Rate and Method of Apportionment of Special Tax. The District’s Fiscal Year 2025-26 maximum special tax has been established at $3,144.29 per taxable acre and allows for a 2% increase per year, effective July 1, 2026. All costs for establishing the District have been paid by the Developer with ongoing yearly maintenance services costs paid by the property owners subject to the special tax
MOTION:
Approve staff recommendation.