TITLE
Recommendation to adopt Resolution of Intention to establish City of Long Beach Community Facilities District No. 2007-1 (Douglas Park-Commercial Area) Improvement Area A and Improvement Area B; initiate proceedings to levy special taxes; approve boundaries, and rate and method of apportionment; establish voting procedures; and set date of public hearing for Tuesday, February 20, 2007, at 5:00 P.M.
(District 5)
DISCUSSION
The City and McDonnell Douglas Corporation (Corporation), a wholly-owned subsidiary of The Boeing Company, are parties to a Development Agreement recorded on June 2,2005, as document number 05-1290603 in the Los Angeles County Recorder's Office relating to the development of the area in the City of Long Beach known as Douglas Park. Section 8.23 of the Development Agreement provides that the Corporation, through its corporate agent Boeing Realty Corporation (BRC), may propose that the City initiate proceedings to form one or more public financing districts to finance costs of public improvement facilities in connection with the development of Douglas Park. The Corporation indicated its desire for the City to consider the formation of a community facilities district (CFD), and on January 16, 2007, the City Council adopted a resolution approving a Deposit/Reimbursement Agreement with the Corporation pursuant to which the Corporation has agreed to advance funds to pay costs incurred by the City in connection with the formation of the CFD.
The City has now received Petitions (including Waivers) from the Corporation and from Douglas Park 1-2, LLC (an entity that recently purchased property in Douglas Park from the Corporation) formally requesting that the City initiate proceedings to form a CFD that would include the land entitled for commercial development in Douglas Park, and that the CFD contain two improvement areas designated as Improvement Area A and Improvement Area B. Improvement Area A includes land on the southeastern side of the ...
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