1990 AGN AUG 21 I19 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT For Council Meeting of August 21, 1990 TO: Honorable Mayor and City Council FROM: Edmund F. Sotelo, City Manager SUBJECT: Resolution Establishing Fiscal Year 1990-91 Date: 8/15/90 Budget and Tax Rate for 89-1 Background During 1989, the City Council completed proceedings for the formation of a Mello - Roos Community Facilities District (89-1) in a portion of the Cooley Ranch area. This action was validated by the San Bernardino Superior Court in December 1988. On December 19, 1989, the City authorized the sale of $2.9 million in bonds to fi- nance the costs of the acquisition of school and park sites, street improvements and utility improvements. CFD 89-1 was formed to provide funding for: 1. Park facilities, including the acquisition of land for a public park, right of way, and the construction of certain park improvements, consisting of design, grading, landscaping, irrigation and appurtenant work within the boundaries of the District. 2. Street improvements, including the construction of necessary street paving and resurfacing to streets and acquisition of right-of-way where necessary, land- scaping, irrigation of street medians within the boundaries of the District. 3. School facilities, including the acquisition of land for an elementary school and installation of erosion control measures on any land acquired by the Dis- trict. 4. Utilities, including water, sewer, electrical and gas. 5. Police protection services, school crossing guard services, drug abust educa- tion and crime prevention services. Statement of the Problem: Each year the City Council is required to set the actual tax for the district and to adopt a budget for the expenditure of funds collected. The first obligation of the district is to collect sufficient funds to meet debt service requirements. Only after this obligation is met can funds be spent on other facilities and serv- ices. Your initial actions forming this district specified a first year base tax of $1,100 per residential lot and $4,800 per acre, depending on the stage of each parcel's develqjrent. - Assessments on property within Colton may be increased by 2% each year, if required, to support district activities. Attachments: 1 Page 1 of 2 ORIGINAL Item No.� FILE NO.90.�.:..'La ................ 4.�r