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^ ��^"�:t�lt"��: <br />(e� ,f�t�� , City Council Memorandum <br />ity <br />TO: HONORABLE MAYOR AND CITY COUNCIL DATE: October 11, 2011 <br />FROM: CITY MANAGER - FINANCE ITEM NO: 7 <br />WARD: 5 <br />SUBJECT: PUBLIC HEARING - RIVERWALK VISTA COMMUNITY FACILITIES <br />DISTRICT 2006 -1 ( "CFD 2006 -1 ") — SPECIAL ELECTION REGARDING <br />CHANGE PROCEEDINGS TO REDUCE THE RATES OF SPECIAL TAXES <br />TO BE LEVIED FOR IMPROVEMENT AREA NO. 1 - RESOLUTIONS <br />ISSUE: <br />The current owners /developers of the property in Improvement Area No. 1 of CFD 2006 -1 wish to <br />reduce the level of special taxes associated with these properties from the level previously <br />approved with the original formation of CFD 2006 -1. To change the formula for calculation of the <br />special taxes, adjustment of the Rate and Method of Apportionment of Special Tax for Improvement <br />Area No. 1 ( "RMA ") is required. This change involves a specific sequence of steps culminating in <br />today's Public Hearing and the related vote of the property owners affirming the proposed changes. <br />RECOMMENDATIONS <br />That the City Council: <br />1 - Conduct a public hearing to receive comments regarding the question of changing the RMA to <br />reduce the special taxes levied within Improvement Area No. 1 of CFD 2006 -1. <br />2 - Adopt the attached resolutions which: <br />Call for a special election regarding the revision of the RMA necessary to reduce the <br />special taxes associated with Improvement Area No. 1 of CFD 2006 -1; and <br />ii. Declare the results of the special election on the question of whether to reduce the <br />special tax rates levied within Improvement Area No. 1. <br />7 -1 <br />