TITLE
Recommendation to authorize Department of Financial Management to process a refund in the amount of $326,262.33 to CREA/PPC PO, LLC Long Beach Towne Center, in accordance with Long Beach Municipal Code Section 3.48.040. (District 5)
DISCUSSION
Vestar Properties, the property management firm for CREA/PPC Long Beach Towne Center PO, LLC, double paid in error the first installment of the 2011-2012 Community Facilities District (CFD) No. 5, Towne Center Special Tax in January 2012. The City received a check in the amount of $326,262.33 on January 24, 2012. The same amount was later transmitted to the City via electronic bank wire on January 31, 2012, for a total of $652,524.66.
Vestar Properties requested a refund on behalf of CREA/PPC Long Beach Towne Center PO, LLC, on February 15, 2012.
The Long Beach Municipal Code (LBMC) Section 3.48.040 requires refunds that exceed $10,000 to be approved by the City Attorney and City Council. City Council authorization to issue this reimbursement is requested.
This matter was reviewed by Deputy City Attorney Richard Anthony on February 21, 2012 and Budget Management Officer Victoria Bell on February 23, 2012.
TIMING CONSIDERATIONS
City Council action on this item is requested on March 13, 2012 to allow the timely processing of the refund.
FISCAL IMPACT
The Department of Financial Management will refund the amount of $326,262.33 from the CFD trust account, where the special tax levy is deposited and the corresponding debt service is paid. There is no impact to the General Fund and no local job impact associated with the recommendation.
SUGGESTED ACTION
Approve recommendation.
Respectfully Submitted,
JOHN GROSS
DIRECTOR OF FINANCIAL MANAGEMENT
APPROVED:
PATRICK H. WEST
CITY MANAGER