HomeMy WebLinkAboutCFD 18-01 PRESENTATION - 4.17.18Overview
•Community Facilities Districts
(CFDs) are special taxing districts
used at Tustin Legacy for:
•Major backbone infrastructure
improvements (Tax A)
•Essential ongoing City services (Tax B)
•Police
•Fire & life safety
•Recreation programs
•Park/parkway maintenance
•Flood/storm protection
•Street/sidewalk maintenance
Existing CFD Map
CFD 18-01: Improvement Area(s)
•CFD 18-01 will be broken up into “Improvement Areas”
•Project-specific “Rate and Method of Apportionments” (RMA)
•Improvement Area No. 1: “Levity” (Lot 19/Disposition Package 6B)
•Balance of CFD 18-01 are “Future Annexation Parcels”
… not liened at this time, but may (or may not) be in the future
•Reasoning
•Ensure funding for essential ongoing City services
•CFD formation cost and time savings
•Maximum flexibility in the future
•Future Improvement Areas
•Each project will generate its own RMA and require Council approval
CFD 18-01: Improvement Area No. 1
•Levity at Tustin Legacy –218 units
•Flats
•Single Family Detached
•Townhomes
•Estimated tax burden for each product = 1.40%
Includes basic levy, miscellaneous bonds, and Tax ‘B’
•Annual escalation is 2% to 4% based on CPI
•CFD agreed to in DDA and DA
•Initial assessment year estimated at $429,000
(if 218 units were purchased in year 1)
Recommendations in Order of Actions
•Receive and file the CFD report.
•Conduct a public hearing.
•Adopt Resolution No. 18-20 authorizing the establishment of CFD 2018-1 IA
No. 1 and authorizing the Levy of Special Taxes within the District.
•Adopt Resolution No. 18-22 calling a special election for CFD 2018-1 IA No. 1.
•Vote to approve the proposition authorizing the levying of the special tax and
authorize the Mayor to cast the City’s vote and direct the City clerk to open
ballots and announce the results.
•Adopt Resolution No. 18-23 declaring the results of the election and directing
the recording of Notice of Special Tax Lien.
•Approve the first reading of Ord. No. 1495 levying special taxes within CFD
2018-1 IA No. 1.
CFD 18-01 IA No. 1 -Schedule
•If approved, next steps:
•May 1
•2nd reading of Ordinance No. 1495 authorizing the special tax levy
•May 31
•Ordinance No. 1495 goes into effect