October 15, 2024
TO: City Council
REQUESTED BY: Erika Gomez, Finance Director
APPROVED BY: Robert A. Johnson, City Manager
SUBJECT: CFD 2003-1 Annex 71 - DR Horton T38339 ROI 4045 RECOMMENDATION:
Staff recommends that the City Council adopt Resolution No. 4045, Resolution of Intention to Annex Territory, commonly known as DR Horton Tract 38339, into Community Facilities District No. 2003-1 and Authorize the Levy of Special Taxes therein.
DISCUSSION:
The City Council and Planning Commission previously identified the need for additional funding for police protection and fire protection, and suppression services. This includes funding for increased service levels necessitated by new development within the City. In response, the City Council formed Community Facilities District 2003-1 (the "CFD") and approved the levy of special taxes therein. The City levies a special tax on eligible parcels within the CFD to mitigate the added cost of providing public safety services to new development.
The property owner(s) have submitted a Petition to annex into Community Facilities District No. 2003-1. 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 SFR 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 territory into CFD 2003-1 will assists in mitigating the cost of providing police protection and fire protection, and suppression services. In Fiscal Year 2024/2025, it is anticipated that the CFD will collect approximately $49,554 in special tax revenue based upon full project buildout.
ATTACHMENTS:
CFD 2003-1 Annex. No. 71 - Resolution 4045 of Intention Exhibit A - Annexation Map
Exhibit B - Rate and Method of Apportionment of Special Tax