TITLE
Recommendation to adopt resolution affirming prior Resolutions of Intention relating to the City of Long Beach Community Facilities District No. 2007-2 (Belmont Shore), and calling for a public hearing on the District for Tuesday, August 5, 2008 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 to finance parking improvements in that area. The Parking Commission has 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. CFD 1 does not have the 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 would be for the City to form a new community facilities district (CFD) under the authority of the City's Special Tax Financing Improvement Law to replace CFD 1, for the sole purpose of financing the purchase of the parking lot, refinancing the 1993 bonds and allowing for possible future financing of additional parking improvements. The boundaries (that set forth the area to be taxed by the CFD) and with maximum tax rates would be the same as those for CFD 1.
On November 13, 2007, the City Council adopted two resolutions of intention with respect to the formation of the new CFD. RES-07-1308 expressed the ...
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