Title
Report regarding an ordinance authorizing the special levy of taxes within the City of South San Francisco Community Facilities District No. 2021-01. (Christina Fernandez, Assistant to the City Manager and Sky Woodruff, City Attorney)
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RECOMMENDATION
Recommendation
It is recommended that the City Council waive a second reading and adopt an ordinance authorizing the special levy of taxes within the City of South San Francisco Community Facilities District No. 2021-01.
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BACKGROUND/DISCUSSION
On March 10, 2021, City Council introduced an ordinance authorizing the special levy of taxes within the City of South San Francisco Community Facilities District No. 2021-01. For Fiscal Year 2021-22, the maximum rate for the Special Tax for Municipal Services will be $0.35 per square foot of non-residential floor area. The Special Tax for Municipal Services will be levied in perpetuity as necessary to meet the Special Tax Requirement for Municipal Services, unless no longer required to pay for Authorized Services as determined at the discretion of the City. The tax was calculated based estimated cost of the authorized services and administrative fees and planned development within the CFD. The rate will increase by two percent annually.
The Fiscal Year 2021-22 maximum rate for the Special Tax for Authorized Facilities will be $2.00 per square foot of non-residential floor area. The rate will increase by two percent annually.
The term of the Special Tax for Authorized Facilities shall be for earlier of the maturity of the final series of bonds issued by the CFD or Fiscal Year 2070-71. It is projected that bonds would be issued in one or more series over time. Kilroy has requested that the first series of Bonds be issued later this year.
The City Council voted to introduce this ordinance, as amended, which now requires a second reading.
(Introduced 3/10/21; Vote 5-0)
The ordinance is now ready for adoption.
CONCLUSION
The ordinance is now ready ...
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