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File Number: 22-271 the City’s existing special tax consultant, NBS, and paid for by special tax revenues. Per the Rate and Method of Apportionment (“RMA”) prepared by the City ’s Special Tax Consultant, NBS, all property located within the boundaries of the CFD will have a special tax levied against it. The estimated special taxes are provided in the table below: Land Use Class Land Use Type Assigned Special Tax 1 Single Family Residential Property $5,500 per Dwelling Unit 2 Townhome Property $4,500 per Dwelling Unit $1,900 per Below Market Rate Unit 3 Apartment Property $877.25 per Dwelling Unit 4 Hotel Property $2.48 per square Foot of Non-Residential Floor Area 5 Non-Residential Property $2.18 per Square Foot of Non-Residential Floor Area Based upon input from the Developer and prevailing special tax rates for other Bay Area cities ’ CFDs, Staff recommends the Effective Tax Rate for Residential Property within the CFD be set at 1.70% of the estimated sales price of the residential unit. The table below illustrates the Total Property Taxes for residential units: Tax Burden and Sample Tax Rates Category Price Point Base Property Taxes Existing Fixed Charges Proposed CFD Special Tax Rates Total Property Tax Rate Single Family Residential $1,311,243 $16,056.54 $756.10 $5,500.00 1.702% Townhome $1,103,300 $13,495.55 $756.10 $4,500.00 1.700% Townhome BMR $547,900 $6,659.02 $756.10 $1,900.00 1.700% CFD Formation Process The proposed CFD will meet all requirements of the City ’s existing local goals and policies for CFDs. The proceedings to consider the establishment of the CFD will be initiated by the adoption of the two resolutions discussed below. 1.Resolution of Intention to establish CFD No. 2022-1 and to authorize the levy of a special tax within CFD No. 2022-1 (Attachment No. 1). This resolution does the following: (a) describes the territory of the boundaries of the CFD; (b) describes the types of facilities and services that will be financed with the special taxes and proceeds of bonds; (c) describes the rate and method of apportionment of the special taxes to be levied in the CFD; (d) calls a public hearing to be held on September 6, 2022; and (e) describes the proposed voting procedures for the CFD, which would be for the landowners within the CFD to vote. 2.Resolution of Intention to Incur Bonded Indebtedness of the Community Facilities District (Attachment No. 2). This resolution states the not -to-exceed amounts for bonds to be issued by the CFD and declares that the special taxes to be levied within the CFD are to be used for direct payment of facilities, as well as the payment of the debt service on the Page 3 City of San Leandro Printed on 7/13/2022