TITLE
Recommendation to adopt resolution establishing an annual special tax of $0.12 per square foot for Community Facilities District No. 2007-2 for commercial properties in Belmont Shore for Fiscal Year 2016 and authorizing Los Angeles County Auditor-Controller to include on the 2015-16 Secured Tax Roll. (District 3)
DISCUSSION
In August 2008, the City Council approved and adopted the formation of Community Facilities District 2007-2 (CFD 2007-2) in Belmont Shore. CFD 2007-2 replaced the Community Facilities District 1 (CFD 1) to allow for bond issuance, property acquisition and to confirm revisions to district boundaries. CFD 1 was initially formed for the purpose of funding additional public parking. In December 2009, the City issued bonds under CFD 2007-2, which repaid the 1993 Belmont Shore Parking Meter Revenue bonds and pledged parking meter revenues to the CFD 2007-2 bond.
Since Fiscal Year 2006 (FY 06), the levy has been set at $0.12 cents per commercial lot square foot. Annually, the Belmont Shore Parking and Business Improvement Area Commission (BSPBIA) recommends to the City Council the annual levy for CFD 2007-2. At its meeting of June 18, 2015, the BSPBIA recommended that the levy again be set at $0.12 per square foot of commercial properties. The attached Resolution authorizes the City to establish the special tax levy.
This matter was reviewed by Assistant City Attorney Michael Mais on June 26, 2015 and by Budget Management Officer Victoria Bell on June 30, 2015.
TIMING CONSIDERATIONS
City Council action on this item is requested on July 14, 2015, as the Los Angeles County Auditor-Controller requires receipt of the assessment roll by July 31, 2015.
FISCAL IMPACT
The District levy is estimated to generate $59,027 in FY 16. This revenue will be included in the FY 16 Budget in the Agency Special Assessment Fund (AS) in the Assessment Districts and Community Facilities Department (XE). There is no impact to the General Fund and no ...
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