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Board petitioned to dissolve Community Facilities District 2014‑1; council briefed on schedule for possible Sept. and Sept. 16 approvals
Summary
Finance staff updated the committee that Microsoft petitioned to dissolve CFD 2014‑1 because original projects are complete and some proposed projects were ruled inappropriate; the CFD board will vote in September and staff requested council approval on Sept. 16 if the board moves forward.
Finance Director Kelly Cochran briefed the committee on the potential dissolution of Community Facilities District (CFD) 2014‑1. She said the CFD board signaled at its last meeting that it intended to move forward with dissolution but that the formal board vote will occur in September and, if that vote occurs, staff will request council approval on the Sept. 16 consent agenda without a prior FAC stop, to allow the CFD action to precede council action.
Cochran said Microsoft petitioned for dissolution, noting that the district’s original projects have been completed and that other projects originally hoped for were later ruled inappropriate for CFD funding. Cochran said the CFD still has a remaining balance of approximately $1,300,000 in CFD 2014‑1 at the time of the board update and that balance sheets were included in meeting attachments.
Council President Kritzer (who is also a supervisor on the CFD board) asked staff to provide written follow‑up on exact balances and explored potential uses; Cochran said the balance sheet was provided at the last CFD meeting and staff will follow up with additional written details. Cochran and Kritzer clarified the schedule: the CFD board will hold a formal vote in early September and, if the board approves dissolution, the city council would be asked to approve the CFD dissolution on Sept. 16.
No committee member objected to placing the item on the Sept. 16 consent agenda, which staff said is tentatively planned to accommodate the CFD board schedule.
