City of Salinas Special District Finance Services

As the City’s special tax consultant and district engineer, Harris coordinated between City staff, bond counsel, financial advisor, underwriter, developers, and the developers’ consultants during the formation of a new CFD.  The CFD will issue approximately $11 million and fund such as roadways, sewer, storm drain, street and parkway landscaping, traffic signals, entry signage, parks, trails, and development impact fees. The development will include up to 17 affordable housing units which will not be subject to the annual CFD special tax. Development will occur in 3 phases.

Harris is also working with City staff and the developer to review reimbursement request from the developer following the completion of construction of eligible improvements.  In addition, Harris is also administering the annual levy of the special taxes for placement of the special tax on the property tax roll for collection. 

Core Elements

Harris’ services included:

• Preparing and recording the boundary maps
• Preparing the CFD report
• Preparing and the rate and method of apportionment
• Reviewing facilities to be funded
• Compiling cost estimates and the list of property owners
• Reviewing bond documents