Excerpt:

Exhibit:

1. Boundary Map for CFD 17-1

...

BACKGROUND

On June 16, 2015, the City Council approved the Development Plan, and Disposition and Development Agreement (DDA) between the City of Alameda and the developer, Alameda Point Partners, LLC (APP), for the 68-acre Site A development, which is the first major public/private development at Alameda Point since the base closed in 1997. The DDA for the Site A development requires APP to invest over $103 million in public infrastructure and amenities and provide annual financing of public services and transportation services and programs consistent with the approved Development Plan, Fiscal Neutrality Policy for Alameda Point, and Site A Transportation Demand Management (TDM) Compliance Strategy in compliance with the Alameda Point TDM Plan. In addition to Site A, all other properties at Alameda Point are required to comply with the Alameda Point TDM Plan and Fiscal Neutrality Policy for Alameda Point and provide annual financing of public services and transportation services and programs.

City staff and APP are proposing the formation of a Community Facilities District (CFD) under the City of Alameda’s Special Tax Financing Improvement Code [Alameda Municipal Code (AMC) Section 3-70] to finance annual public services and TDM services and programs associated with: (1) Phase 1 of the Site A project in order to implement Section 3.1(c) of the DDA, and (2) all property within the adaptive reuse area currently owned by the City of Alameda and outside of State Lands jurisdiction. As a result, the transferring of parcels within the adaptive reuse areas will be conveyed to private property owners subject to the special tax obligations for public services (Exhibit 1). Other areas at Alameda Point are included in the “Future Annexation Area” and will be annexed into the CFD prior to transfer to private property owners.

The City has established several CFDs in the past to finance various public improvements and public services, most recently for the Alameda Landing Area. A CFD allows for the annual levy of a special tax on property in a designated area to pay costs of administering the CFD, and the payment of costs of services or public facilities the CFD is authorized to finance (as well as the payment of debt service on bonds issued for the CFD to finance public facilities). There is no impact on the General Fund or on owners of property outside of the CFD boundaries as a consequence of the establishment of a CFD.

A Resolution of Intention to Establish the CFD is attached. Adoption of the Resolution will commence the proceedings necessary to establish a CFD to provide funding for the required public services.