City of Stockton
CFD No. 2025-1
(Cannery Park East)
Resolution of Intention Meeting
August 12, 2025
Agenda Item 16.2
Background
CFD No. 2019-1 (Cannery Park II) formed in May 2019
▪ Fixed annual special tax of $1,600 per year on
single-family residential
City can recover administrative costs as part of the special taxes
A services tax is also paid each year by the property owners ▪ Total bonded indebtedness of $15 million
▪ Issued two series of bonds in 2022 ($9.915 million)
and 2024 (1.525 million)
2 The Proposed Project
The initial boundary of the District will include just the portion of property originally acquired by Jen California 31, LLC (the “Developer”).
The portion acquired is already in CFD No. 2019 -1
(Cannery Park II). The special taxes payable by the
property owners will be in addition to the fixed $1,600 per year of facilities special tax and the services special tax already collected from within CFD No. 2019 -1.
The District will consist of 311 single -family residential units
The Developer sold 64 lots to Richmond American on
October 25, 2024
The Developer sold 267 lots to Century Communities on May 19, 2025. If formed, the District will help fund the acquisition of authorized facilities and the payment of fees.
FY 2026-27 Facilities tax rates ranging from $922 (<1,800 SF) to $2,386 (>3,400 SF) annually
2% escalation of facilities tax
Total tax rate of 1.80% consistent with other CFDs in the region
3 Proposed Boundary 4
Financial Summary
There is no financial impact to the City for the
formation of the proposed District
The cost to form the District is estimated at $39,500 and includes the fees and expenses of the Special Tax
Consultant (Willdan Financial Services), Bond Counsel
(Jones Hall) and the City’s Municipal Advisor (Del Rio
Advisors, LLC). The Developer has deposited with the
City an amount to cover these estimated costs of
formation.
Ultimately, when bonds are issued, the City will receive an administrative fee based on a sliding scale of the
issuance size. The City’s Administration Fee is a
component of the cost of issuance and is paid from
bond proceeds.
If the District is approved and when one or more
series of bonds are issued, they will not be a debt of
the City and will only be paid through the special
taxes levied in the District
5 Items for Consideration
The first resolution before the City Council for
consideration is the Resolution of Intention (the “ROI”) to Form a CFD and Levy a Special Tax within the territory of the proposed District. The resolution includes:
The Rate and Method of Apportionment (the “RMA”)
defines the maximum amount of special taxes
applied to each parcel of land within the boundaries
of the District and the escalation factor to be applied to each year
List of Facilities and Fees proposed to be funded by special taxes
Boundary Map showing the territory that is proposed
to be included in the District, including the boundary
subject to the special tax levy
In addition to the items mentioned above, adoption of
the ROI sets the date, time and place for a public
hearing on the establishment of the District and future issuance of bonds. The date of the public hearing for the proposed District is September 23, 2025, at 5:30 p.m. in the Council Chambers.
6 Items for Consideration (continued)
The second resolution before the City Council for
consideration is the Resolution of Intention to Incur
Bonded Indebtedness
The resolution sets forth an intention to set the
maximum proposed amount of bonded
indebtedness for the District. The District may issue
one or more series of bonds totaling no more than
$15.0 million to fund facilities and fees within the
District
Actual approval of each series of bonds will require
future Council consideration and action
These resolutions are simply an expression of intent,
the Council is not bound to form the CFD, which will
be decided on September 23rd.
7 Questions ?
8