TITLE
Recommendation to receive supporting documentation into the record, hold a public hearing to receive public comment, adopt resolution to form City of Long Beach Community Facilities District (CFD) No. 2007-2 (Belmont Shore), authorize the levy of Special Tax within the CFD, preliminarily establish an annual appropriations limit for the CFD, and submit the special tax levy and establishment of the appropriations limit to qualified electors of the CFD;
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 now 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, and would like to raise funds to finance those improvements. The current CFD 1 does not have the clear 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 is for the City to form a new community facilities district (CFD) under the authority of the City's Special Tax Financing Improvement Law. The new CFD will have boundaries (that set forth the area to be taxed by the CFD) the same as those for CFD 1 and will have maximum tax rates the same as for CFD 1, and is being formed for the express purpos...
Click here for full text