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Council forms Cannery Park East community facilities district to fund infrastructure in new subdivision
Summary
After a public hearing and ballots from qualified electors, Stockton adopted resolutions and an ordinance creating Community Facilities District (CFD) 2025‑1 Cannery Park East. The CFD would levy a special tax on new residential lots (roughly $922–$2,386/year with a 2% escalator) and developer paid formation costs.
The council approved formation of Community Facilities District (CFD) 2025‑1 Cannery Park East at a public hearing on Sept. 23, clearing the way for special taxes on a newly acquired subdivision to fund infrastructure and future bond issuance.
Municipal finance staff and the city’s municipal advisor described the district as a smaller boundary within the existing Cannery Park 2 CFD. Ken Deaker of Del Rio Advisors explained the new district will cover 311 single‑family lots, of which 64 are sold to Richmond American and 267 to Century Communities, and would fund acquisition of authorized facilities and related fees.
Special tax rates presented ranged from about $922 to $2,386 per year for properties within the new boundary, with a 2% annual escalator. Staff noted the developer deposited $39,500 to cover formation costs; when bonds are issued in the future the city will be paid an administrative fee from bond proceeds and the debt would be repaid by the special‑tax levy—not the city’s general fund.
There were no public objections during the hearing. Ballots cast by qualified electors were reported in the affirmative and Council adopted the four resolutions and the ordinance adopting the special tax and appropriation limit as a single grouped action.
Next steps: bond issuance was not approved at the hearing; any future issuance of bonds backed by the special tax would require additional council action.
