TITLE
Recommendation to adopt resolution to declare the results of a special election within the City of Long Beach Community Facilities District No. 2007-2 (Belmont Shore) and to suspend further actions to levy a special tax in the District. (District 3)
DISCUSSION
In 1988, the City Council formed the City of Long Beach Community Facilities District No. 1 (Belmont Shore) (CFD 1) to provide a means to finance parking improvements in the Belmont Shore area of the City.
In 2008, the Parking Commission identified an additional parking lot located at 189 Park Avenue and alleyway improvements that would enhance parking in the area. CFD 1 does not have the clear authority to fund these new improvements. City Staff, working with various financial and legal consultants, determined that the most efficient and economical way to provide funds for the new improvements was for the City to form a new Community Facilities District (CFD) under the authority of the City's Special Tax Financing Improvement Law, with boundaries (that set forth the area to be taxed by the CFD) the same as those for CFD 1 and with maximum tax rates the same as for CFD 1, for the express purpose of financing the purchase of the parking lot, refinancing the 1993 bonds and allowing for possible future financing of additional parking improvements.
On November 13, 2007, the City Council adopted two resolutions of intention to establish the new CFD No. 2007-2 (Belmont Shore), approve the boundaries for the proposed CFD, determine the rate and method of apportionment of special taxes to be levied in the new CFD, and initiate proceedings to levy the special tax in the proposed CFD, including calling for a public hearing on December 11, 2007 regarding the formation of the CFD. RES-07-1309, declared the intention of the City Council for the CFD to have a maximum bonded indebtedness of $5.8 million, and also called for a public hearing on December 11, 2007 regarding the necessity to incur bond indebtedness...
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