For City Council Meeting [July 23, 2019]
TO: Honorable Mayor and City Council
APPROVAL: Rod Foster, City Administrator
FROM: Jessica Brown, Finance Director
Title
Request City Council to Adopt the Following Resolutions Setting the Fiscal Year 2019-20 Special Tax Levy for Community Facilities District 2006-1, 2016-1, 87-1, and 87-2:
* Adopt Resolution No.7542 Establishing the Special Tax Rate for Community Facilities District 2006-1 (Elm Park).
* Adopt Resolution No.7543 Establishing the Special Tax Rate for Community Facilities District 2016-1 (Public Services).
* Adopt Resolution No.7544 Establishing the Special Tax Rate for Community Facilities District 87-1 (Las Colinas).
* Adopt Resolution No.7545 Establishing the Special Tax Rate for Community Facilities District 87-2 (Las Colinas).
Body
BACKGROUND:
The City sets the special tax rates levied on the Community Facilities Districts (CFD) 2016-1 (Public Services), 2006-1 (Elm Park), 87-1, and 87-2 (Las Colinas) annually. Property owners established these districts through ballot procedure when the districts were formed, to complete various public improvements and provide additional public safety services in the subject areas.
ANALYSIS/DISCUSSION:
The levy for CFD 2006-1 is required to pay annual principal and interest on the Mello-Roos bonds issued in 2006 and refinanced in 2016, plus administration costs associated with the district. The original proceeds of the bonds paid for development impact fees, the acquisition and construction of necessary street improvements, water facilities, sanitary sewer and storm drain improvements, and landscaping. The City levies annual special tax rates per gross acre for undeveloped land, and per dwelling unit for developed parcels. This year's special tax rates range from $3,433.83 to $3,906.35 per dwelling unit. The City bases these calculations upon the costs involved with administering the district, including: debt service payments, debt service fees, collecti...
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