TITLE
Recommendation to adopt Resolution of Intention to incur bonded indebtedness of the proposed City of Long Beach Community Facilities District No. 2007-1 (Douglas Park-Commercial Area) Improvement
Area A not to exceed $16 million and Improvement Area B not to exceed $13.5 million; and set date of public hearing for Tuesday, February 20, 2007, at 5:00 P.M. (District 5)
DISCUSSION
The City of Long Beach and McDonnell Douglas 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 of the City known as Douglas Park. Section 8.23 of the Development Agreement provides that McDonnell Douglas Corporation, through its corporate agent, Boeing Realty Corporation, may propose that the City initiate proceedings to form one or more public financing districts to finance costs of public improvements and facilities in connection with the development of Douglas Park.
The City has now received Petitions (including Waivers) from McDonnell Douglas Corporation and from Douglas Park 1-2, LLC (an entity that recently purchased property in Douglas Park) formally requesting that the City initiate proceedings to form a community facilities district (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. Under a separate City Council letter, a resolution of intention to form the CFD is being submitted. The resolution of intention to form the CFD precedes this action.
Adoption of the attached Resolution declares the intention of the City Council to incur debt on behalf of the proposed CFD.
The Long Beach Municipal Code (LBMC), Division V, in Chapter 3.52, Long Beach Special Tax Financing Improvement Law, provides a mechanism to finance public and private capital fac...
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