Presented to: Stockton City Council June 19, 2007 Agenda Item 9.02 Proposed Formation City of Stockton Northbrook Community Facilities District No. 2006-3 Presented to: Stockton City Council June 19, 2007 Agenda Item 9.02

Prior Action On April 10, 2007 Council adopted Resolutions to form this district, including: Approval of the boundary map Intention to form a Community Facilities District and Levy a Special Tax Declaring the necessity to incur bonded indebtedness within the proposed Community Facilities District Set a Pubic Hearing of protest on May 15, 2007 which was subsequently continued until tonight If the Community Facilities District is approved and when bonds are eventually issued, they will not be debt of the City

The Project Woodside Homes and Wayne LeBaron (the Developers) are proposing to develop a 78 acre master plan development project known as Northbrook: 380 single family homes 140 multi-family units

Proposed District Boundaries

Special Tax Formula Each taxable parcel within the proposed Community Facilities District will pay an annual special tax based on the Special Tax Formula: Debt service (principal and interest) Administrative expenses Replenishment of the reserve fund The maximum annual Special Tax in the proposed project area is: $1,200 per single-family residence The maximum annual special tax for multi-family units will be $800

The Public Hearing Tonight’s election is by landowner: Election conducted by a hand delivered ballot At the conclusion of tonight’s hearing, the City Clerk will announce the results Protests should be limited to persons owning real property within the proposed Community Facilities District. Protests are limited to: Boundaries of the proposed district Types of public facilities within the proposed district

Bonded Indebtedness Bonds associated with the formation of the Community Facilities District are not being sold at this time: It is anticipated that Council will consider directing the execution of certain financing documents later this year The details associated with the sale of bonds will be presented and reviewed by Council at that time

Recommended Actions At the conclusion of the Public Hearing adopt three resolutions: Form the Community Facilities District and to levy a special tax Intent to incur bonded indebtedness within the CFD in an amount not-to-exceed $12.5 million Conduct a special election and declare the results of the election Adopt an Ordinance levying a special tax within the City of Stockton Northbrook Community Facilities District No. 2006-3

Formation Team Bond Counsel Financial Advisor The Developers Stradling, Yocca, Carlson, & Rauth Financial Advisor Kelling, Northcross & Nobriga The Developers Woodside Homes LeBaron