Title:
Title
Interpretation of Rate and Method of Apportionment of Special Tax for McKinley Village Community Facilities District No. 2015-04 (Improvements)
End
FileID
File ID: 2019-00184
Location
Location: District 3
Recommendation:
Recommendation
Adopt a Resolution: 1) finding that the Rate and Method of Apportionment of Special Taxes for McKinley Village Community Facilities District (the "RMA") is vague on how the City should classify and tax parcels that are within two tax zones and that RMA ? G.3 authorizes the City Council, by resolution, to interpret the RMA so as to clarify this vagueness; 2) interpreting RMA ? G.3 so that a parcel within two tax zones is classified and taxed by applying to the entire parcel the tax rate of the zone that includes more than half of the parcel; and 3) finding that this interpretation is reasonable because it is fair and equitable to all property owners.
Contact: Brian Wong, Debt Manager, (916) 808-5811; Colin Bettis, Senior Debt Analyst, (916) 808-8292, Office of the City Treasurer
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution
Description/Analysis
Issue Detail: Encore McKinley Village, LLC (the "Developer") proposes to file a new subdivision map that creates 32 new parcels (by dividing 16 existing parcels) and alters the mix of housing it is currently developing within the McKinley Village Community Facilities District (the "CFD"). As part of that proposal, the Developer would like to partially prepay the special taxes on the 32 new parcels so as to align the special tax on those parcels with the taxes on other, similar housing within the CFD.
The RMA approved when the CFD was formed (adopted by Resolution No. 2015-0242) identifies five tax zones that are based on the RMA's original boundary map. Of the 32 new parcels, 16 will fall within-or straddle-two different tax zones. Unfortunately, the RMA does not clearly explain how the City should calculate the special tax for zone...
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