TITLE
Recommendation to adopt resolution authorizing issuance of special tax bonds for Improvement Area A of City of Long Beach Community Facilities District (CFD) No. 2007-1 (Douglas Park - Commercial Area), approving related documents and actions, authorize City Manager or designee to execute all related bond documents and authorize City Manager or designee to enter into an agreement with NBS, Inc., for district administrative services not to exceed $7,200 with annual consumer price index (CPI) adjustments. (District 5)
DISCUSSION
On February 20, 2007, the City Council adopted resolution RES-07-0020 forming the CFD with two improvement areas, relating to City of Long Beach Community Facilities District No. 2007-1 (Douglas Park - Commercial Area) (the "CFD"), RES-07-0021 determining the necessity to incur indebtedness for Improvement Area A of the CFD in the maximum amount of $16,000,000 and for Improvement Area B of the CFD in the maximum amount of $13,500,000. The City Council also adopted RES-07-0022 calling for an election by landowners in the CFD regarding the levy of special taxes, the bonded indebtedness and appropriations limit for each of the two Improvement Areas of the CFD, the conduct and canvass of the election, and the first reading of Ordinance No. ORD-07-0009 levying special taxes in the Improvement Areas of the CFD. The second reading and adoption of Ordinance No. ORD-07 -0009 subsequently occurred at the March 6, 2007 City Council meeting.
The Improvement Areas of the CFD are authorized to finance various public infrastructure improvements in the Douglas Park area of the City, to pay for the facilities, the debt service on bonds to be issued by the City for the Improvement Areas and for certain municipal services, such as roadway maintenance for the streets in the Douglas Park area. The special tax may be levied annually, in a maximum amount of $15,047.00 per acre for facilities, administration and bond debt service, and $1,516.50 for autho...
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