AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 7/18/2018
TO: Honorable Mayor and City Council Members
FROM: Administrative Services Department
SUBJECT:
Title
City Council consideration to adopt Resolution No. 2018-069 levying special taxes to be collected during Fiscal Year 2018-19 for Community Facilities District No. 2017-2 (Valencia/Seville) Special Tax A.
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RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2018-069 levying special taxes to be collected during Fiscal Year 2018-19 for Community Facilities District No. 2017-2 (Valencia/Seville) Special Tax A.
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ANALYSIS:
It is necessary that the City Council levy special taxes for the payment of certain public facilities within Community Facilities District No. 2017-2 Special Tax A (the "District"), pursuant to Section 53340 of the Government Code. These public facilities include street and traffic signals, park facilities, and certain public facilities of the Corona Norco Unified School District that are direct benefit to the District. Special taxes within the District are levied in an amount necessary to satisfy the Special Tax Requirement, as defined in the District's Rate and Method of Apportionment (RMA). Any necessary replenishment or expenditure of the reserve funds and an amount estimated for administrative expenses during the year are included in the levy. The special taxes levied will not exceed the authorized amounts as provided in the RMA.
A summary of the special tax levy for the District is shown below:
CFD Issue
No. of Parcels
FY 18-19 Total Levy
Percentage of Maximum Tax
Average Change Over Prior Year
CFD 2017-2 Tax A|1010|$65,775
100%
Not Applicable*
*Fiscal Year 2018-19 is the first year of levying.
COMMITTEE ACTION:
Not Applicable.
STRATEGIC PLAN:
This item supports the City's Strategic Plan Goal 6: Improve Communications with Our Community; Objective a: Commit to transparency in all City actions. The recommended action will...
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