Title
Conduct a Public Hearing, Adopt Four Resolutions and Approve the First Reading of an Ordinance:
1) Resolution of Formation establishing the City of San Leandro Community Facilities District (CFD) No. 2022-1 (Monarch Bay Shoreline Facilities & Services) (the "CFD");
2) Resolution Deeming it Necessary to Incur Bonded Indebtedness to Finance the Acquisition and Construction of Public Facilities for the Proposed CFD;
3) Resolution Calling Special Mailed-ballot Election Within the Proposed CFD;
4) Resolution Declaring Results of Special Mailed-ballot Election within the Proposed CFD; and
5) Ordinance Levying a Special Tax for 2023-2024 and Following Fiscal Years Solely Within and Relating to the Proposed CFD
Staffreport
COUNCIL PRIORITY
* Infrastructure
* Sustainability & Resiliency
* Fiscal Sustainability and Transparency
SUMMARY
To meet the City's policy goal of fiscal neutrality for the Monarch Bay Shoreline Development public-private partnership project, a Community Facilities District (CFD) is proposed under the Mello-Roos Communities Facilities Act of 1982 (Mello-Roos Act). Special taxes levied on taxable property within the CFD will provide a funding source for public services and public infrastructure (facilities) in the Shoreline area, payable solely by property owners or lessees of City-owned property located within the boundaries of the CFD / new development. Exhibits B and C to Attachment A provide an overview of potential services and facilities.
The first steps in the process of forming the CFD were approval of the two Resolutions of Intention on July 18, 2022, which provided notice of intention to form the CFD, but did not commit the City Council to establish the CFD nor authorize the levy of special taxes or the issuance of bonds. The formation of the CFD will occur after tonight's public hearing. At the hearing, the Council will be able to complete the formation process and authorize a bonded indebtedness limit.
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