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Weed council introduces option for one-time CFD buyout for some property owners
Summary
Council introduced Ordinance 480-2024 to amend the municipal code to allow eligible property owners in Community Facilities District No. 2009-1 a one-time lump-sum payment in lieu of ongoing CFD taxes; staff said the option applies to owners whose title reports did not disclose the CFD.
The Weed City Council voted to introduce Ordinance 480-2024, which would amend Chapter 3.32 of the municipal code to offer a one-time lump-sum payment option for certain property owners in Community Facilities District (CFD) No. 2009-1 (Mountain Meadows subdivision).
City staff explained the CFD was formed in 2009 to fund services such as roads, police and fire protection for the subdivision once lots are developed. Only four lots have been developed so far, so the district is not a major revenue source at present. The proposed one-time payment would be calculated as the present value of 40 years of payments, adjusted by the consumer price index, with the city looking back 10 years to identify eligible owners whose title reports did not disclose the CFD.
Staff said the buyout would not apply to undeveloped lots that are not currently paying the CFD charge, and that eligible owners would have up to three years from when the tax was first billed to elect the one-time payment. Council members asked how much current annual payments were; staff said the payment is currently about $700 per year plus CPI adjustments.
On a motion and second, the council introduced the ordinance by title and voted to proceed to first reading.
