TITLE
Recommendation to receive and file annual reports on Community Facilities District No. 2007-1 - Douglas Park Commercial Area
(CFD No. 2007-1); Community Facilities District No. 2007-2 - Belmont Shore (CFD No. 2007-2); Community Facilities District No. 5 - Long Beach Towne Center (CFD No. 5); and Community Facilities District No. 6 - Pike Public Improvements (CFD No. 6), to comply with the Local Agency Special Tax Bond and Accountability Act. (Districts 2,3,5)
DISCUSSION
The Local Agency Special Tax Bond and Accountability Act, requires the City to submit an annual report to its City Council on Community Facility Districts Special Tax bonds issued after January 1, 2001. This Act requires that any local special tax bond, issued after 2001 requiring voter approval, contain a statement indicating the specific purposes of the special tax, requires that the proceeds of the Special Tax be used for these purposes, and that the funds be separately held. This annual report requirement applies to CFD No. 2007-1 (Exhibit A), CFD 2007-2 (Exhibit B), CFD No. 5 (Exhibit C), and CFD No. 6 (Exhibit D). Total issued bond amounts will vary from funds used for construction and/or improvements due to costs related to issuing the bonds and amounts required be held in reserve accounts. Interest earned on balances is generally included in balances, see exhibits for details.
The CFD No. 2007-1 - Douglas Park Commercial Area A bonds, totaling $15.1 million were issued, of which $12.9 million funded the acquisition, construction of various public improvements including sewer, water, roadway, and traffic signalization systems, installation of street lights and construction of dry utilities and landscaping and irrigation improvements. As of September 30, 2012, the fund balance of $51,283 remains for administrative service from Department of Public Works for CFD 2007-1 activity oversight.
The CFD No. 2007-2 - Belmont Shore 2009 bonds, totaling $3.7 million were issued, of which $3.2 million fund the acquisition of property for parking lot use, alleyway improvements and related costs, relocation of utilities, landscaping, signage and other projects to provide public parking. As of October 2, 2012, the fund balance of $687,446 remains for ongoing improvements in this area.
The CFD No. 5 - Long Beach Towne Center 2008 refunding bonds, totaling $14.6 million were issued, of which $826,219 funded certain sidewalk and/or drainage improvements. The City used $13.8 million of 2008 bond funds to defease outstanding 2000 bonds previously issued for the District by the City, among other related bond costs and reserves. The project has been completed and no fund balance remains.
The CFD No. 6 - Pike Public Improvement bonds, totaling $43 million were issued, of which $32.1 million funded the acquisition, construction and installation of the Pike parking structure and the Catalina Landing parking lot, and ancillary improvements, which included storm drains, metered on-street parking stalls, installation of underground utilities and related improvements. The project has been completed and no fund balance remains.
This matter was reviewed by Assistant City Attorney Charles Parkin on November 15, 2012 and Budget Management Officer Victoria Bell on November 20, 2012.
TIMING CONSIDERATIONS
City Council action is requested on December 11, 2012, as State law requires this report to be filed by the end of the calendar year.
FISCAL IMPACT
There is no fiscal or local job impact associated with this recommendation.
SUGGESTED ACTION
Approve recommendation.
Respectfully Submitted,
JOHN GROSS
DIRECTOR OF FINANCIAL MANAGEMENT
APPROVED:
PATRICK H. WEST
CITY MANAGER