Title
Report regarding establishment of City of South San Francisco Community Facilities District No. 2021-01 (Public Facilities and Services). (Christina Fernandez, Assistant to the City Manager and Sky Woodruff, City Attorney)
label
RECOMMENDATION
Recommendation
Staff recommends that the City Council 1) Hold a public hearing on the establishment of City of South San Francisco Community Facilities District No. 2021-01 (Public Facilities and Services) (the "CFD"); 2) adopt Resolution Establishing the CFD, authorizing the levy of the Special Taxes therein and calling an election related thereto; 3) Adopt Resolution determining the necessity to incur bonded indebtedness in an amount not to exceed $105,000,000 within the CFD and calling an election therein; 4) Conduct election; 5) Adopt Resolution certifying the election results; and 6) Introduce Ordinance authorizing the levy of special taxes within the CFD.
Body
BACKGROUND/DISCUSSION
Kilroy Realty and its affiliates (collectively "Kilroy") own approximately 54.32 acres of land within the City located at Oyster Point. Kilroy is the assignee of Oyster Point Ventures, LLC pursuant to that certain 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 in good faith with Kilroy to form a 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. An affiliate of Kilroy filed a petition requesting the formation of the CFD and staff is recommending the formation of City of South San Francisco Community Facilities District No. 2021-01. 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 fina...
Click here for full text