TITLE
Recommendation to adopt Resolution of Consideration to alter the services authorized to be funded by Improvement Area B of the City of Long Beach Community Facilities District No. 2007-1 (Douglas Park - Commercial Area); and set the date for a public hearing for Tuesday, January 18, 2011 at 5:00 p.m. (District 5)
DISCUSSION
The Long Beach Special Tax Financing Improvement Law, as contained in the Long Beach Municipal Code, Division V, Chapter 3.52, governs the formation of community facilities districts, as approved by City Council. The Special Tax Financing Improvement Law, which is broader than the State of California’s Mello-Roos Law, provides a mechanism to form community facilities districts and to finance public capital facilities and services. Once formed, a community facilities district can finance facilities and provide services through payment of a special tax levied against the owners of land in the community facilities district.
In 2007, under the provisions of the Special Tax Financing Improvement Law, the City Council formed Improvement Area B of the City of Long Beach Community Facilities District No. 2007-1 (Douglas Park - Commercial Area) (Improvement Area B) to provide a means to finance certain public improvements and municipal services in a portion of the Douglas Park area south of Cover Street. The City is authorized to levy a special tax on property located in Improvement Area B (all of which is currently owned by The Boeing Company) to pay costs of the authorized facilities and services.
On May 26, 2010, the City entered into a Douglas Park Amended and Restated Development Agreement (Amended DA) with The Boeing Company, which allows for the services authorized to be funded by the Improvement Area to be altered to increase the area in which the services can be provided and to remove a requirement that services be in addition to those provided in the Improvement Area prior to the formation of the Improvement Area. City staff ...
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