TITLE
Recommendation to adopt resolution amending Resolution No. RES-21-0073, which established 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 2022, and authorized the Los Angeles County Auditor-Controller to be included on the 2021-22 Secured Tax Roll, to correct Exhibit A. (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 area of Belmont Shore to allow for bond issuance, property acquisition, and to confirm district boundaries. In December 2009, the City issued bonds under CFD 2007-2, which repaid parking bonds and pledged parking meter revenues to the CFD 2007-2 bond. The City has adopted annual levies since that time, usually at the same cost, for the same affected properties.
On July 13, 2021, the City Council approved Resolution RES-21-0073 authorizing the City to establish the special tax levy for CFD 2007-2 at an assessment rate at $0.14 per square-foot of commercial property for Fiscal Year 2022 (FY 22). On August 11, 2021, NBS, Inc., the City’s consultant for district administrative services, notified the City that it is necessary to re-adopt the Resolution with a corrected Exhibit A due to an inadvertent clerical error. The error has no effect on the overall charges or number of parcels assessed; and, the correct amounts are now assessed to the correct parcels. The Los Angeles County Auditor-Controller requires the corrected Resolution to include the CFD 2007-2 special tax on the 2021-22 Secured Tax Roll.
This matter was reviewed by Deputy City Attorney Amy R. Webber on August 12, 2021 and by Budget Management Officer Rhutu Amin Gharib on August 13, 2021.
TIMING CONSIDERATIONS
City Council action is requested on August 24, 2021, as the Los Angeles County Auditor-Controller requires receipt of the assessment roll expeditiously.
FISCAL IMPACT
The CFD 2007-2 levy is estimated to generate $68,865 in FY 22. Assessment revenue and a transfer of $200,000 in parking revenue generated in CFD 2007-2 are pledged for the payment of CFD 2007-2 debt service and administrative costs. The assessment revenue will be deposited in the Agency Special Assessment Fund Group in the Community Facility District Department. There is no impact to the General Fund Group and no local job impact is associated with this recommendation. This recommendation has no staffing impact beyond the normal budgeted scope of duties and is consistent with existing City Council priorities.
SUGGESTED ACTION
Approve recommendation.
BODY
[Enter Body Here]
Respectfully Submitted,
ERIC LOPEZ
DIRECTOR OF PUBLIC WORKS
APPROVED:
THOMAS B. MODICA
CITY MANAGER