TITLE
Recommendation to adopt resolution establishing an annual special tax of $0.14 per square-foot for Community Facilities District No. 2007-2 for commercial properties in Belmont Shore for Fiscal Year 2023, and authorizing the Los Angeles County Auditor-Controller to be included on the 2022-2023 Secured Tax Roll. (District 3)
DISCUSSION
On August 5, 2008, the City Council approved and adopted the formation of Community Facilities District 2007-2 (CFD 2007-2) in the Belmont Shore area to allow for bond issuance, property acquisition, and to confirm district boundaries. In December 2009, the City of Long Beach (City) issued bonds under CFD 2007-2, which repaid parking bonds and pledged parking meter revenues to the CFD 2007-2 bond.
It is recommended that the CFD 2007-2 assessment rate be set at $0.14 per square-foot of commercial property in the Fiscal Year 2023 (FY 23), unchanged from Fiscal Year 2022. From Fiscal Year 2006 to Fiscal Year 2018, the levy had been set at $0.12 per square-foot of commercial property. In Fiscal Year 2019, the levy was increased to $0.15, an increase of $0.03 per commercial property square-foot to cover projected operating costs, and consultant and trustee fees. In Fiscal Year 2020, updated projections showed an assessment rate of $0.14, a decrease of $0.01 per commercial square-foot, would suffice to cover operating costs, and consultant and trustee fees. The attached Resolution authorizes the City to establish the special tax levy.
This matter was reviewed by Deputy City Attorney Vanessa Ibarra on June 10, 2022 and by Budget Management Officer Nader Kaamoush on June 16, 2022.
TIMING CONSIDERATIONS
City Council action is requested on July 12, 2022, as the Los Angeles County Auditor-Controller requires receipt of the assessment roll by July 31, 2022
FISCAL IMPACT
The CFD 2007-2 levy is estimated to generate $68,865 in FY 23. Assessment revenue and a transfer of $200,000 in parking revenue generated in CFD 2007-2 are ...
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