HomeMy WebLinkAboutCC AG PKT 2007-12-10 # G
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AGENDA REPORT
DAlE:
December 10, 2007
TO:
Honorable Mayor and City Council
THRU:
David Carmany, City Manager
FROM:
Robbeyn Bird, Director of Administrative Services
Lee Whittenberg, Director of Development Services
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SUBJECT: ANNUAL REPORT FOR CITY OF SEAL BEACH
COMMUNITY FACILITIES DISTRICT NO_ 2005-1
(PACIFIC GATEWAY BUSINESS CENTER)
PURSUANT TO THE LOCAL AGENCY SPECIAL TAX
AND BOND ACCOUNTABILITY ACT
SUMMARY OF REQUEST:
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Receive and File Report. Under state law, when a Community Facilities District (also
known as Mello-Roos District) is fonned, the Finance Department is required to submit a
report to the City Council reporting on its activity over the past year and its status. This
report meets the criteria of the state law.
BACKGROUND:
The purpose of this report is to comply with the provisions of the Local Agency Special
Tax and Bond Accountability Act (the "Act"). The Act provides that any local special
tax measure that is subject to voter approval on or after January 1, 2001, that would
provide for the imposition of a special tax by a local agency shall require the chief fiscal
officer of the levying local agency to file a report with its governing body no later than
January 1, 2002, and at least once a year thereafter. The annual report shall contain both
of the following:
Q The amount of funds collected and expended, and
Q The status of any project required or authorized to be funded as identified in
subdivision (a) of Section 50075.1 and Article 1.5, Section 53410.
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In compliance with the required report the Finance Department submits the following
infonnation:
Q City of Seal Beach Community Facilities District No. 2005-1 (pacific Gateway
Business Center) - On January 23, 2006, the landowners within Community
Facilities District No. 2005-1 (pacific Gateway Business Center) voted to incur an
indebtedness and issue bonds in the maximum amount of $8,800,000, and for the
levying of a special tax.
Agenda Item G-
~\l2-10-07 Council McetiDg - AgCDda ltemslAS - Slaff Report - Pacific Gateway CFD A1mual Report.docILWIll-28-07
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Receive and File Annual Report re:
Community Facilities District 2005-1 (Pacific Gateway Business Center)
City Council Staff Report
December 10, 2007
[J The City of Seal Beach Community Facility District No. 2005-1 (pacific Gateway
Business Center) bonds in the amount of $8,800,000.00 were issued on May 24,
2006.
[J The amount of funds collected and expended between November 1, 2006 until
October 31, 2007 are shown.on the "City of Seal Beach Community Facilities
District No, 2005-1 (Pacific Gateway Business Center) SB 165 Fund Summary"
attached to this report.
At this time, the following approximate amounts cUwork have been completed within the
CFD boundary:
[J Sanitary Sewer Facilities - 100%
[J Water Facilities -100%
[J Roadway Facilities - 99%
[J Landscape Facilities - 100%
[J Dry Utilities and Joint Trench-100%
[J Grading - 100%
[J Engineering Plan Preparation - 100%
FISCAL IMPACT:
None.
RECOMMENDATION:
Receive and File Report.
~
RO~
Director of Administrative Services
a
e Whittenberg
Director of Development S
NOTED AND APPROVED:
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David Carmany, ity Manager
Attachment: City of Seal Beach Community Facilities District No. 2005-1 (pacific
Gateway Business Center) Special Tax Bonds, Series 2006 Annual Report
Papific Gateway eFD Annual Report.II-28-07
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