Department of Financial Management
411 West Ocean Boulevard, 6th Floor
Long Beach, CA 90802
(562) 570-6425
December 13, 2022
HONORABL
E MAYOR AND CITY COUNCIL
City of Long Beach
California
RECOMMENDATION:
Receive and file annual reports on Community Facilities Distric t No. 2007-1 – Douglas Park Commercial Area (CFD No. 2007-1); Community Facilities District No. 2007-2 – Belmont Shore (CFD No. 2007-2); Community Facilities D istrict No. 5 – Long Beach Towne Center (CFD No. 5); Community Facilities District No. 6 – Pike Public Improvements (CFD No. 6); and, Community Facilities Dist rict No. 2011-1 Douglas Park – North of Cover Street Area (CFD No. 2011-1), to comply with the Local Agency Special Tax Bond and Accountability Act. (Districts 1, 3, 5)
DISCUSSION
The Local
Agency Special Tax and Bond Accountability Act (Act) was enacted by the California State Legislature through Senate Bill 165 to provide accountability measures for any local special tax and/or bond measure subject to voter approval on or after January 1, 2001. The Act requires annual reporting to the City Council on Community Facilities District (CFD) project funds for Special Tax bonds issued after January 1, 2001. The Act also requires that the annual report c ontain a statement indicating the specific purposes of the Special Tax, a requirement that t he proceeds of the Special Tax be applied for those purposes, that the funds be separately held, and the amount of funds collected and expended. This annual report requirement applies to CFD No. 2007-1 (Attachment A), CFD 2007-2 (Attachment B), CFD No. 5 (Attachment C), CFD No. 6 (Att achment D), and CFD No. 2011-1 (Attachment E). The issued bond amounts include funds for construction and/or improvements due to costs related to issuing the bonds and amou nts required to be held in reserve accounts. Interest ea rned on funds is generally incl uded in balances; see attachments for details.
The CFD No. 2007-1 - Douglas Park Commercial Area A Bonds totaling $15.1 million were issued, of which $12.9 million funded the acquisition and const ruction of various public improvements including sewer, w ater, roadway, and traffic signa lization systems, installation of streetlights, and construction of dry utilities , and landscaping and irrigation improvements. CFD No. 2007-1 assesses Special Tax A for constru ction of infrastructure, debt service payments, and District administration costs. As o f September 30, 2022, the Special Tax A balance is $53,536. The District also assesses Sp ecial Tax B for infrastructure maintenance within the District. As of Septembe r 30, 2022, the Special Tax B balance is $1,677,766.
C-14
HONORABLE MAYOR AND CITY COUNCIL
December 13, 2022
The CFD No. 2007-2 – Belmont Shore 2009 Bonds totaling $3.7 mil lion were issued, of which $3.2 million funded the acqui sition of property for parki ng lot use, alleyway improvements and related costs, r elocation of utilities, landsc aping, signage, and other projects to provide public par king. As of September 30, 2022, t he balance of $34,183 remains for ongoing improvements in this area.
The CFD No. 5 - Long Beach Towne Center 2008 Refunding Bonds to taling $14.6 million were issued, of which $826,219 f unded certain sidewalk and/or d rainage improvements.
The City used $13.8 million of the 2008 bond to refund the outs tanding 2000 bonds previously issued for the District by the City, among other related bond costs and reserves.
The project was completed and no balance remains.
The CFD No. 6 – Pike Public Improvement Bonds totaling $43 million were issued, of which $32.1 million funded the acquisiti on, construction and installa tion of the Pike parking structure and the Catalina Landing parking lot, and ancillary improvements, which included storm drains, metered on-street parking stalls, installation of underground utilities and related improvements. The project was completed and no balance remains.
The CFD No. 2011-1 – Douglas Park - North of Cover Street Area has not issued any bonds. Although no bonds have been issued for this District, an annual report is included to show the assessed funds collected to date, and related expenses. As of September 30, 2022, the balance is $460,848.
This matter was reviewed by Principal Deputy City Attorney Rich ard F. Anthony on November 17, 2022 and by Revenue Management Officer Geraldine A lejo on November 21, 2022.
TIMING CONSIDERATIONS
City Council action is requested on December 13, 2022, as State law requires the reports to be filed by the end of the calendar year.
FISCAL IMPACT
This recommendation has no staffing impact beyond the normal budgeted scope of duties and is consistent with existing City Council priorities. There is no fiscal or local job impact associated with this recommendation.
HONORABLE MAYOR AND CITY COUNCIL
December 13, 2022
SUGGESTED ACTION:
Approve recommendation.
Respectfully submitted,
KEVIN RIPER
DIRECTOR OF FINANCIAL MANAGEMENT
ATTACHMENTS: A – 2007-1 DOUGLAS PARK ANNUAL REPORT
B – 2007-2 BELMONT SHORE ANNUAL REPORT
C – LONG BEACH TOWNE CENTER REFUNDING ANNUAL REPORT
D – PIKE PUBLIC IMPROVEMENTS ANNUAL REPORT
E – 2011-1 DOUGLAS NORTH OF COVER ANNUAL REPORT
APPROVED:
THOMAS B. MODICA
CITY MANAGER