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Report regarding a resolution approving the City of South San Francisco Community Facilities District No. 2021-01 (Public Facilities and Services) levy of special taxes for Fiscal Year 2023-24 (Jason Wong, Deputy Finance Director)
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RECOMMENDATION
Recommendation
It is recommended that the City Council acting in its capacity as the legislative body of the Community Facilities District No. 2021-01 (Public Facilities and Services) within the City of South San Francisco adopt a resolution approving the levy of special taxes for Fiscal Year 2023-24.
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BACKGROUND/DISCUSSION
Kilroy Realty Corporation and its affiliates (collectively "Kilroy") own approximately 44 acres of land within the City located at Oyster Point. Kilroy is in the process of developing the property as a life sciences campus consisting of research and development and office buildings. At completion, the development is planned to include approximately 2.5 million square feet of rentable area, planned to be completed within four phases. Construction of the three buildings for Phase 1 is complete and has been fully leased to two tenants.
Kilroy is the assignee of Oyster Point Ventures, LLC under a Development Agreement entered into as of March 23, 2011 (the "Development Agreement"), with the City. Pursuant to the Development Agreement, the City agreed to cooperate with Kilroy to form a Community Facilities District (CFD) pursuant to the Mello-Roos Community Facilities Act of 1982 (Mello-Roos Act) to finance certain public capital facilities and services benefiting the territory within the CFD. A CFD is a defined geographic area in which the City is authorized to levy annual special taxes to be used to either finance directly the costs of specified public improvements and/or public services, or to pay debt service on bonds issued to finance the public improvements, as well as to pay costs of administering the CFD. The CFD for this development was formed in March 2021. Special tax le...
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