For City Council Meeting [August 10, 2021]
TO: Honorable Mayor and City Council
APPROVAL Marcus Fuller, City Manager
FROM: Bob Chandler, Interim Finance Director
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Request City Council to Adopt Resolution No.7764 Setting the Fiscal Year 2021-2022 Special Tax Levy for Community Facilities District 2019-02 (Foothill/Spruce).
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BACKGROUND
The Mello-Roos Community Facilities Act of 1982 permits cities to establish a Community Facilities District (CFD) that allows for financing the construction of various public improvements and the provision of additional public safety and other City services. On an annual basis, the special tax levy is calculated according to the applicable Rate and Method of Apportionment adopted at the formation of the Community Facilities District. Typically, these special taxes are billed through the County of jurisdiction and appear as separate line-item charges on the property tax billing. This financing mechanism allows new development to pay for significant public infrastructure and augmented public service needs over time.
On December 10, 2019 the City Council conducted a Public Hearing and election on the formation of Community Facilities District No. 2019-02 (CFD 2019-02) to finance the construction of certain public improvements and to pay certain public fees related to a 16-acre residential neighborhood consisting of 66 detached single-family dwelling units and 118 attached townhome dwelling units located on Foothill Boulevard at Spruce Avenue. At that time, the City Council adopted a Resolution of Formation, Resolution No. 7584, and took all other necessary to form CFD 2019-02 (Foothill/Spruce) to finance a portion of the costs to complete the various public improvements and to provide additional public safety and other City services in the new residential development.
The City of Rialto will annually set the special tax rates to be levied within CFD 2019-02, with Fiscal Year 2021-2022 being the first ye...
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