City Council
MEETING DATE: 5/23/2018
TITLE:
Title
Establish the Annual Special Tax for Fiscal Year (FY) 2018-2019 (Rio Vista Village)
End
FROM:
Tami Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends City Council adopt a Resolution of the Cathedral City Community Facilities District (CFD) No. 2000-1 (Rio Vista Village) establishing the annual special tax for FY 2018-2019
Body
BACKGROUND:
When the Rio Vista Village project was approved, the City created CFD No. 2000-1. The District obtained $12,230,000 in bonds to provide the public infrastructure for the project. The properties within Rio Vista Village became responsible for the payment of the debt service on the bonds, as well as some administrative costs. In the fall of 2000, the property owners (a majority owned by the original developer, Burnett companies) voted to approve this District and the assessments, at a maximum not-to-exceed rate.
DISCUSSION:
The properties are assessed annually through the County Tax Roll to provide funds that pay the debt service on the outstanding bonds. The assessments for FY 2018/2019 do not exceed the legally agreed-to maximum rates. This Resolution establishes the levy and authorizes placement on the County Tax Roll. This resolution must be approved to have the necessary funds required to meet the debt service.
FISCAL IMPACT:
The assessments for FY 2018/2019 do not exceed the legally agreed-to maximum rates and are necessary to meet the debt service obligations of the CFD.
ATTACHMENTS:
FY 1819 CFD 2001-1 Resolution