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Auditor-Controller recommending the Board Approve Final Passage (Second Reading) of Ordinance 5179 Levying Special Taxes for CFD 2023-1 (East Ridge). (Cont. 7/25/2023, Item 36)
FUNDING: N/A
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DISCUSSION / BACKGROUND
On July 25, 2023, the Board heard the Introduction (First Reading) of Ordinance 5179 Levying Special Taxes for CFD 2023-1 (East Ridge) and continued the matter to August 15, 2023 for Final Passage (Second Reading).
On June 6, 2023, the Board adopted Resolution 087-2023, a Resolution of Intention setting forth the intention to establish Community Facilities District 2023-1 (East Ridge) and stating the County's intention to levy a special tax to pay for the acquisition, construction, and associated costs of the public facilities, and to issue bonds in an amount not to exceed $150 million for the CFD. The boundary of the CFD showing the area initially to be taxed, the formula for calculation of the special tax and the list of authorized facilities were specified in the Resolution of Intention and are shown on a recorded boundary map. The Resolution also set July 18, 2023 as the date for a hearing on the matters set forth therein, and on that date the CFD formation process is eligible for completion.
On the July 18, 2023 public hearing date the Board has the opportunity to finally form the CFD and create a bond authorization. At the same time an election of the property owners can be completed. We expect that the election results will unanimously favor the District taxes and bonds. The property owners have waived a number of noticing and election procedures, which makes it possible for the proposed district to be formed immediately after the public hearing. Notice of the Public Hearing was published in the same manner as the County's other public hearing notifications at least seven days prior to the hearing date.
At the public hearing on the CFD, protests against the establishment of the CFD, the extent of the CFD, or the furnishing of ...
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