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File Number: 22-272 City. To ensure the CFD special taxes do not materially adversely impact the project, City staff has been in communication with the Developer on the terms of the proposed CFD. On July 18, 2022, the Council adopted two Resolutions of Intention, which provided notice of intention to form the CFD. Analysis The proposed CFD special taxes will be used to fund ongoing services and can also provide financing for infrastructure, including future sea level rise adaptation efforts, through the issuance of bonds or pay-as-you-go funding. In accordance with the Mello -Roos Act, the proposed CFD will be authorized to finance the purchase, construction, expansion, improvement or rehabilitation of Facilities with an estimated useful life of five years or longer, together with the planning, design and permitting of work related to the same . Facilities authorized to be funded include, but are not limited to: o Transportation facilities, o Water, sewer and storm drain facilities, o Sea walls and sea-level-rise facilities, and o Parks, parkways, trails, paths and open space. The proposed CFD will also be authorized to finance Services related to the operations and maintenance of improvements and Facilities, to be performed by City employees or contractors, including but not limited to: o Furnishing, operating and maintaining equipment, o Apparatus or facilities related to providing the service and equipment, o Salaries and benefits of personnel or consultants to provide the Services and administer the CFD, o Payment of insurance costs and other related expenses, and o Reserves for repairs, replacements and the future provision of Services. All property located in the CFD boundaries will be subject to the special tax that will be levied and collected with the County of Alameda secured property -tax bills. Funds may be used in areas outside of the CFD, as deemed appropriate by the City through its annual budgeting process. Based on the proposed Shoreline development timeline, it is estimated that the special tax will be levied no sooner than FY 2023-2024 for “Developed Property” located in the boundaries of the proposed CFD. A property is classified as Developed Property once a building permit is pulled. The exact timing of a future CFD bond sale secured by special tax revenues will be determined based upon the build -out of the project and the need for bond -financed facilities and will be subject to City Council approval at a future meeting. The administration of the CFD may be 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 below: Estimated Special Taxes 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 Page 3 City of San Leandro Printed on 8/31/2022