City of Stockton
Community Facilities District No. 2024‐1
(South Stockton Facilities and Services)
City Council Meeting
September 17, 2024
Agenda Item 15.2
Actions for Consideration
• A Resolution of Intention to form a Community Facilities District (“CFD”), establish a future annexation area and to levy a special tax in such district to finance public services and the acquisition and construction of certain public
facilities in and for such district; and
• A Resolution of Intention to incur bonded indebtedness (maximum amount $50 million) to finance the acquisition and construction of certain public facilities in and for proposed Community Facilities District No. 2024 ‐1( S o u t h Stockton Facilities and Services) (the “District”)
2 Proposed Boundary Map
3 Initial Boundary
CFD 2024‐1
(Initial Boundary and Annexation Territory)
The initial boundary of the District will include just the Mariposa Industrial Park which currently houses a Walmart Distribution Center of approximately 900,000 square feet and is expected to develop other industrial buildings up to another 1,224,880 square feet.
In addition to the initial boundary, other undeveloped
commercial and industrial areas within the annexation territory will be asked to annex into the District thereby expanding the boundaries as future development occurs.
4 CFD 2024‐1 (Facilities and Services)
The CFD special taxes will help fund the construction of fire related public capital infrastructure facilities in the project area, including one or more fire stations to reduce service times to this portion of the City. Fire and paramedic related services will also be funded by the special tax.
The maximum annual facilities special tax for each parcel within the CFD will initially be $650 per acre and will grow at a rate of 2% per year while bonds are outstanding.
The maximum annual services special tax for each parcel within the CFD will initially be $1,637 per acre and will grow at a rate of up to 4% per year. The services special tax and escalator will remain in perpetuity.
5 City Council Actions
Required for CFD Formation
• Tonight’s meeting: Resolution of Intention (“ROI”) to Form CFD and Intention to Incur Bonded Indebtedness and Set Date for Public Hearing (Target Date: November 12, 2024)
• After a minimum 30 days: Resolution of Formation (“ROF”) Meeting • Hold Public Hearing
• Adopt Resolution of Formation
• Adopt Resolution of Necessity to Incur Debt
• Conduct Election (usually at the same meeting as the Resolution of Formation)
• Reading of Special Tax Ordinance
• Record Notice of Special Tax Lien
• Special tax becomes effective 30‐days later
6 Questions / Discussion
7