Introduction of an Ordinance Adding a New Chapter 15.12 Community Facilities District Financing to the Culver City Municipal Code. City of Culver City California Agenda Item Report Item Number: A 1 Meeting Date: 08/06/12 CITY COUNCIL AGENDA ITEM: Introduction of an Ordinance Adding a New Chapter 15.12 Community Facilities District Financing to the Culver City Municipal Code. Contact Person/Dept.: Elaine Gerety Warner CDD Fiscal Impact: Yes General Fund: Yes No X Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Public Notification: (Email) Agenda and Meetings City Council (08/01/12) Phone Number: (310) 253 5777 Date: ________________ No X Department Approval: Sol Blumenfeld (08/01/12) Chief Financial Officer Approval: Jeff Muir (08/01/12) City Attorney Approval: Carol Schwab (by H. Baker) (08/01/12) City Manager Approval: John M. Nachbar (08/01/12) RECOMMENDATION: Staff recommends the City Council introduce an Ordinance adding a new Chapter 15.12 Community Facilities District Financing to the Culver City Municipal Code (Attachment 1). BACKGROUND: With the State s recent actions terminating redevelopment the City has been examining alternative methods to fund necessary economic development activities and public improvements. A Community Facilities District (CFD) provides a useful method for such funding. State law authorizes the creation of CFDs which are an important financing tool available to counties cities school districts and special districts to fund public improvements and services such as streets sewer systems public parking and other basic infrastructure police protection fire protection ambulance services schools parks libraries museums and other cultural facilities. The Culver City Municipal Code (CCMC) provisions related to benefit assessment districts have recently been updated to be consistent with current State Law. While benefit assessment districts are extremely useful for certain types of projects a number of projec...
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