City Council - 7/15/2025 - Agenda Item L1 - Public Hearing and Election for Modification of CFD No9

The City Council of Oxnard held a public hearing and election regarding modifications to Community Facilities District (CFD) No. 9, Northshore at Mandalay Bay. The proposed changes include increasing certain special tax rates, adding a new special tax for state park maintenance services, and raising the maximum bonded indebtedness from $22.5 million to $40 million. These modifications aim to fund public infrastructure, services, environmental remediation, and state park resource protection measures. The special taxes will be levied annually on properties within the district to pay debt service on bonds and finance ongoing services. The landowner has deposited funds to cover modification costs, which will be reimbursed from bond proceeds if bonds are issued. The council emphasized that these changes have no direct financial impact on the city's general fund and require a two-thirds voter approval within the district to proceed.