1. PUBLIC HEARING Stockton City Council June 6, 2006
Proposed Formation City of Stockton Westlake Villages Community Facilities District No
PUBLIC HEARING
Stockton City Council
June 6, 2006

2. Prior Action
On April 25, 2006 Council adopted resolutions to form this district, including:
Approval of the boundary map
Intention to form a Community Facilities District (CFD) and Levy a Special Tax
Declaring the necessity to incur bonded indebtedness within the proposed CFD
Setting a Pubic Hearing of protest for June 6, 2006
If the CFD is approved and when bonds are eventually issued they will not be debt of the City

3. The Project
A.G. Spanos Companies, Pulte Home Corporation (Del Webb), and FCB Homes / Frontiers Community Builders (the Developers) are proposing to develop an 668+ acre master plan development project known as Westlake Villages.
2,622 unit residential community
2 community parks
11 neighborhood parks
2 schools
1 fire station
The proposed CFD will require one or more bond issues not-to-exceed $35 million to fund construction of major roads, traffic signals, bridges, sanitary sewer, water, drainage systems, storm water basin, lakes and pump station, parks, public utilities, public access and bike path improvements

4. Proposed District Boundaries

5. Special Tax Formula
Each taxable parcel within the proposed CFD 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:
$500 to $1,400 per single-family residence depending on the lot size
$6,000 per acre for land uses other than single-family residences
Maximum annual tax for single family residence:
- less than 4,000 sf = $500
- 4,000 sf – 4,999 sf = $750
- 5,000 sf – 5,999 sf = $1,000
- greater than 6,000 sf = $1,400

6. 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 CFD. Protests are limited to:
Boundaries of the proposed district
Types of public facilities within the proposed district

7. Bonded Indebtedness
Bonds associated with the formation of the CFD are not being sold at this time.
It is anticipated that Council will consider directing the execution of certain financing documents in November or December 2006
The details associated with the sale of bonds will be presented and reviewed by Council at that time

8. Recommended Actions
At the conclusion of the Public Hearing adopt three resolutions:
Form the CFD and to levy a special tax
Intent to incur bonded indebtedness within the CFD in an amount not-to-exceed $35 million.
Conduct a special election and declare the results of the election
Adopt an Ordinance levying a special tax within the City of Stockton Westlake Villages Community Facilities District No

9. Formation Team Co-Bond Counsel The Developer Best Best & Krieger
The Law Offices of Timothy Hachman
The Developer
Pulte Homes