TITLE
Recommendation to receive supporting documentation into the record, hold a public hearing to receive public comment, adopt resolution to form Improvement Areas A and B of Community Facilities District (CFD) No. 2007-1 (Douglas Park-Commercial Area), authorize the levy of Special Tax within the improvement areas, preliminarily establish appropriation limits, submit the special tax levy and establish the appropriations limits of improvement areas to qualified electors of improvement areas;
DISCUSSION
On January 23, 2007, the City Council adopted two resolutions of intention. RES-07-0012 is the resolution of intention to establish CFD No. 2007-1 (Douglas Park-Commercial Area); approve boundaries for the proposed CFD, set the rates and methods of apportionment, and initiate proceedings to levy the special tax in the proposed CFD. RES-07-0013, is the resolution of intention to establish the maximum debt of Improvement Area A at $16 million and Area B at $13.5 million, and call for a public hearing on the necessity to incur bond indebtedness.
The Community Facilities District Report (Attachment A) describes the facilities and services proposed to be funded by the CFD, proposed CFD boundaries and cost estimates. The use of tax-exempt financing will benefit the City, developer and landowners in the CFD by financing public improvements, such as streets, sewer facilities, dry utilities, onsite trench facilities, streetlights and reclaimed and domestic water improvements. The CFD will not be authorized to finance the costs of any land required to be dedicated to any public facilities, school district facilities, storm drain facilities, required impact fees or required public improvements located in the City of Lakewood.
By adopting the Resolution Determining the Necessity to Incur Indebtedness, the City Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $16,000,000 within CFD Improvement Area A, and in the maximum ...
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