City Council
MEETING DATE: 6/10/2015
TITLE:
Title
Establishing Annual Special Tax for Fiscal Year 2015-2016 (Rio Vista Village)
End
FROM:
Tami Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council adopt a Resolution of the Cathedral City Community Facilities District No. 2000-1 (Rio Vista Village) establishing the annual special tax for Fiscal Year 2015-2016.
Body
BACKGROUND:
When the Rio Vista Village project was approved, the City created a Community Facilities District No. 1. The District obtained $12,230,000 in bonds to provide the public infrastructure for the project. The properties within Rio Vista Village are 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 Rolls to provide funds. The assessments for 2015/2016 do not exceed the legally agreed-to maximum rates. This Resolution establishes the levy and authorizes placement on the County Tax Rolls. This resolution must be approved in order to have the necessary funds to meet debt service of the Community Facility District.
FISCAL IMPACT:
The assessments for 2015/2016 do not exceed the legally agreed-to maximum rates and are necessary to meet the debt service obligations of the CFD.
ATTACHMENTS:
FY 2015/16 Cathedral City CFD 2000-1 Prop 218 Resolution