Del Paso Road CFD No. 95-02

This district was formed by City Council and approved by a special election of the property owners on August 29, 1995.  At the time of formation, this CFD consisted of 182 acres, of which 100 acres are designated as “sports stadium” in the North Natomas Community Plan.  The remaining 82 acres were designated as Employment Center (EC) with density ranging from 40-80 employees per acre.

 

The purpose of the CFD is to refinance existing North Natomas Assessment District (A.D.) #88-03 bonds on parcels along Del Paso Road.  Bond proceeds from the CFD were used to payoff $6.07 million in outstanding A.D. bonds (after reserve fund credits) and covered CFD formation and bond issuance costs.  A special tax levy was and is placed on that portion of the property designated for private development (approximately 82 acres).  These CFD bonds are to be paid over a period of between 15 and 25 years.     

 

At a City Council meeting on March 21, 1995, the property owners made an offer to gift the (at that time) proposed stadium site to the City.  City Council directed staff to negotiate with the property owners to develop a formal agreement on their offer.  In order for the stadium site to be conveyed as a true “gift”, it was necessary to remove the existing assessments on the property prior to conveyance.  The property owners requested the formation of a Mello-Roos CFD to accomplish this and had submitted a formal application to the City. 

District Manager: Contact Info:
City Treasurer's Office

916-808-5168

 

District Map