FROM:
Finance
SUBJECT:
Title
Adoption of Ordinance No. 1958 (Second Reading), Authorizing the Levy of Special Taxes within Community Facilities District No. 116MEnd
RECOMMENDATION:
Recommendation
Second Reading/Adopt Ordinance No. 1958 Authorizing the Levy of Special Taxes within Community Facilities District No. 116M
End
COUNCIL 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. 1958 was introduced by a vote of 5-0 at the October 22, 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 Rate and Method of Apportionment of Special Tax. The District’s Fiscal Year 2025-26 maximum special tax has been established at $737 per unit for taxable residential property and $8,217 per acre of taxable non-residential property, in the event non-residential property is subsequently developed. The maximum special tax is subject to 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.