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Department of Transportation recommending the Board consider the following:
1) Approve Final Passage (Second Reading) of Ordinance 5191 to repeal Ordinances 4785 and 4787 and dissolve the Missouri Flat Community Facilities District (CFD) Number 2002-01; and
2) Approve and authorize the Board Chair to sign the Notice of Cessation of Special Tax Lien due to the dissolution of the Missouri Flat CFD. (Cont. 1/9/2024, Item 44)
FUNDING: Missouri Flat Community Facilities District.
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DISCUSSION / BACKGROUND
On January 9, 2024, the Board heard the introduction (First Reading) of Ordinance 5191, to repeal Ordinances 4785 and 4787 and dissolve the Missouri Flat Community Facilities District (CFD) Number 2002-01 and continue this matter to February 27, 2024 for Final Passage (Second Reading).
Consistent with Board Policy A-3, “Ordinances - New or Amended,” the Board provided conceptual approval on September 26, 2023, Item 27, Legistar 23-1379, to repeal Ordinances 4785 and 4787 and dissolve the Missouri Flat Community Facilities District (CFD) Number 2002-01 allowing the Department of Transportation (Transportation) to create a new County-owned Special Revenue Account for depositing funds to complete the Missouri Flat Master Circulation and Funding Plan (MC&FP) improvements in the Missouri Flat area. Known as tax increment financing, this type of funding mechanism allows for the issuance of bonds in order to build infrastructure improvements in a specific area to facilitate development, and then pay back the cost of the improvements bonds through the additional taxes generated due to commercial development and sales. The MC&FP proposed the creation of a Mello-Roos Community Facilities District as a mechanism for issuing bonds and establishing a special tax that would be levied on properties in the Missouri Flat area. The Board adopted Resolution 074-2002 in 2002, establishing the CFD, authorizing the levy of a special tax within the district, and preliminarily ...
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