TITLE
Recommendation to adopt resolution establishing an annual special tax of $0.12 per square foot for Community Facilities District No. 2007-2 for commercial properties in Belmont Shore for Fiscal Year 2014 and authorizing the Los Angeles County Auditor-Controller to include on the 2013-14 Secured Tax Roll. (District 3)
DISCUSSION
In August 2008, the City Council approved and adopted the formation of Community Facilities District 2007-2 (CFD 2007-2) in Belmont Shore. CFD 2007-2 replaced CFD 1 (District) to allow for bond issuance, acquire property and to confirm revisions to district boundaries. In December 2009, the City issued bonds under CFD 2007-2, which repaid the 1993 Belmont Shore Parking Meter Revenue bonds and pledged parking meter revenues to the Belmont Shore CFD bond.
The District was initially formed in 1988 for the purpose of funding additional public parking. Since Fiscal Year 2006 (FY 06), the levy has been set at $0.12 cents per commercial lot square foot. Annually, the Belmont Shore Parking and Business Improvement Area Commission (BSPBIA) recommends to the City Council the annual levy for the District. At that time, the City Council is asked to adopt a Resolution establishing the special tax levy. At its meeting of June 20, 2013, the BSPBIA recommended that the levy again be set at $0.12 per square foot of commercial properties.
This matter was reviewed by Assistant City Attorney Michael Mais and Budget Management Officer Victoria Bell on June 20, 2013.
TIMING CONSIDERATIONS
City Council action is requested on July 16, 2013, as the Los Angeles County Auditor-Controller requires the assessment roll by July 31, 2013.
FISCAL IMPACT
The District levy is estimated to generate $59,027 in FY 14. This amount will be included in the FY 14 Budget in the Agency Special Assessment Fund (AS) in the Assessment Districts and Community Facilities Department (XE). There is no impact to the General Fund and no local job impact associat...
Click here for full text