TITLE
Recommendation to receive supporting documentation into the record; conclude the public hearing; and adopt a resolution approving a substitution of facilities in Community Facilities District No. 1,
Belmont Shore. (District 3)
DISCUSSION
In 1988, the City Council approved the formation of a Community Facilities District under the guidelines of the Mello-Roos Community Facilities Act. Community Facilities District #1 (CFD #I) provided for a levy against the commercial properties along Second Street in Belmont Shore for the purpose of funding public parking improvements within the District.
The CFD #1 levy amount is set each year by the Belmont Shore Parking and Business Improvement Area Parking Advisory Commission (BSPAC). The levy was set at $.06
per square foot from 1993 through 2002. There was no levy from 2003 through 2005.
For 2006, the assessment rate is $0.12 per square foot, which will result in revenue of $58,312 for the year. At its regular meeting on June 16,2005, the BSPAC recommended that CFD #1 Map of Facilities and Description of Facilities be modified to include all parking lots, alley access and appurtenant work to improve parking access and availability to the commercial properties located within the district. Exhibit A shows the boundaries of the assessment district and Belmont Shore Parking Meter Revenue Area. This change would allow use of District funds for public parking improvements anywhere within the boundaries of the Belmont Shore Parking Meter Revenue Area. If the Council approves this item, Exhibit A will be substituted for the original Map of Facilities approved in 1988
and amended in 1994.
The resolution was published in the Press Telegram on August 22, 2005. Commercial property owners in CFD #I were mailed a copy of this resolution on August 15, 2005.
At the public hearing, if more than 50 percent of the property owners object to the proposed substitution, the substitution will fail. If a majority does not object, th...
Click here for full text