TITLE
Recommendation to adopt Resolution of Intention to establish the City of Long Beach Community Facilities District No. 2007-2 (Belmont Shore); initiate proceedings to levy special taxes; approve boundaries and rate and method of apportionment of special taxes; establish voting procedure; and set date of public hearing for Tuesday, December 11, 2007 at 5:00 p.m. (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. CFD 1 was authorized to levy a special tax on commercial property located within CFD 1, and the revenues from that special tax, along with revenues derived from parking meters in the Belmont Shore area, have been used to finance various parking and related improvements, as well as to pay debt service on parking meter revenue bonds issued by the City in 1993. The Parking Commission has now identified an additional parking lot located at 189 Park Avenue that it would like the City to acquire and improve in the Belmont Shore area, and alley way improvements that need to be made to enhance parking in the area, and would like to raise funds to finance those improvements. The current CFD 1 does not have the clear authority to fund these new improvements. City Staff, working with various financial and legal consultants, have determined that the most efficient and economical way to provide funds for the new improvements is 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 and maximum tax rates the same as for CFD 1, for the purpose of financing the identified improvements, refinancing the 1993 bonds and allowing for possible future financing of additional parking improvements.
The refinancing of the 1993 bonds, which bear interest at a rate above current market rates, will allow f...
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