July 16, 2024
1 City Council Meeting
Item 7.2
Formation of CFD 2024-1
(Citrus Bay)
Project Location
Sesame Place /
Amphitheatre
Village 3
Quarry
MSCP Preserve Area
Industrial
O River Valley / Preserve Area
Industrial / Residential
Citrus Bay Project
224
Citrus Bay Project
O
Background
• Project required to build one-half
acre public park
• Pay Development Impact Fees
• Developer requested formation of
a CFD to finance park/fees
O
Fees/Facilities Financed
DEVELOPMENT IMPACT FEE/FACILITY COST
Public Facilities Development Impact Fee (PFDIF) $3,028,398 Parkland Acquisition Fee (PAD A) $192,764
Parkland Development Fee (PAD D) $367,952
Sewer Capacity Fees $862,547
Public Park $2,070,336
Total Costs: $6,521,997
CFD Boundary Map
Assigned Special Tax
A
Special Tax Rates
Previous Council Actions
June 11, 2024 - Council Meeting
Actions taken:
Resolution of Intention
Adopt Boundary Map
Levy of Special Tax (Rate and Method
of Apportionment)
Set Public Hearing – July 16, 2024
An election of the qualified electors of
CFD 2024-1 (Citrus Bay) was conducted
regarding the authorization to levy
special taxes within the CFD boundaries
Landowner Election
City Council Action
Conduct a public hearing
Canvass the ballots received
Declare the results of the
election
Place Ordinance on First Reading
Approve Acquisition-Financing
Agreement
Tonight’s Council Action
RECOMMENDATIONS
Approve the following resolutions:
A. Establishing CFD 2024-1 (Citrus Bay)
B. Determining Necessity to Incur Bonded
Indebtedness
C. Calling an Election Relating to the Levy of a
Special Tax, conduct an election
D. Declaring the Results of said Election
RECOMMENDATIONS
(Continued)
E. Place an Ordinance on first reading relating
to the Levy of a Special Tax
F. Approving Acquisition-Financing Agreement