Cathedral City Page 1 of 2 Printed on 5/22/2023
Staff Report
City Council
Item No. 4.E
Meeting Date: May 24, 2023
From: Kevin Biersack, Financial Services Director
Title: Establish the Annual Special Tax for Fiscal Year (FY) 2023/2024 (Rio Vista Village)
City Council
RECOMMENDATION:
To adopt a Resolution of the Cathedral City Community Facilities District (CFD) No. 2000- 1 (Rio Vista Village) establishing the annual special tax for FY 2023/2024 BACKGROUND:
When the Rio Vista Village project was approved, the City created CFD No. 2000-1. The District obtained $12,230,000 in bonds to provide the public infrastructure for the project.
The properties within Rio Vista Village became responsible for the payment of the bond debt service, as well as some administrative costs. In the fall of 2000, the property owners (a majority owned by the original developer, Burnett companies) voted to approve this District and the assessments, at a maximum not-to-exceed rate.
DISCUSSION:
The properties are assessed annually through the County Tax Roll to provide funds paying the debt service on the outstanding bonds. Each year, the City Council must authorize a Resolution to establish the levy and placement of the assessment on the County Tax Roll. This resolution must be approved to have the necessary funds required to meet the debt service. The assessments for FY 2023/2024 do not exceed the legally agreed-to maximum rates.
FISCAL IMPACT:
The assessments for FY 2023/2024 do not exceed the legally agreed-to maximum rates and are necessary to meet the debt service obligations of the CFD. Should Council elect not to approve the resolution, the city’s General Fund would be obligated for approximately $328,954 in debt service this upcoming fiscal year.
ATTACHMENTS:
Cathedral City Page 2 of 2 Printed on 5/22/2023
FY2324-CathCity-CFD 2000-1-Reso to Client