October 15, 2024
TO: City Council
REQUESTED BY: Erika Gomez, Finance Director
APPROVED BY: Robert A. Johnson, City Manager
SUBJECT: CFD 2020-1 Annexation 16 - DR Horton T38339 ROI 4044 RECOMMENDATION:
Staff recommends that the City Council adopt Resolution No. 4044, Resolution of Intention to Annex Territory, commonly known as DR Horton Tract 38339, into Community Facilities District No. 2020-1 and Authorize the Levy of Special Taxes therein.
DISCUSSION:
The City Council and Planning Commission previously identified the need for a financing mechanism to address maintenance and services associated with improvements resulting from new development within the City.
In response, the City Council formed Community Facilities District 2020-1 (the "CFD") and approved the levy of special taxes therein. The CFD provides funding for services including, but not limited to: maintenance of landscaped areas, parkways, and median improvements throughout the CFD, and maintenance and servicing of streetlights, traffic signals, and appurtenant facilities (the "Services"). The City levies taxes on eligible parcels within the CFD to mitigate the added cost of providing the Services to new development.
The property owner(s) have submitted a Petition to annex into the CFD. Adoption of the Resolution of Intention is required to annex the territory into the CFD. The Resolution of Intention approves the annexation boundaries, commonly known as the site of Tract 38339 (76 units) of DR Horton’s Serrano Pointe residential development located southeast of Cottonwood Avenue and South Kirby Street and northwest of Oostam Drive and Ivy Crest Drive, and sets the Public Hearing date for November 19, 2024, during a regularly scheduled meeting of the City Council.
A ballot will be mailed to the property owner(s) within the annexation territory to vote for or against the annexation.
FISCAL IMPACT:
The annexation of this territory into the CFD will assist in mitigating the cost of providing the Services. Based on Fiscal Year 2024/2025 estimates, it is anticipated that the CFD will collect $57,988 in special tax revenue based upon full project buildout. There is no contingent special tax for this project.
ATTACHMENTS:
CFD 2020-1 Annex. No. 16 - Resolution 4044 of Intention CFD 2020-1 Annex 16
ATTACHMENTS:
CFD 2020-1 Annex. No. 16 - Resolution 4044 of Intention CFD 2020-1 Annex 16