1)
CAPITAL
FINANCING
The City of Stockton developed a process for individuals seeking
to use a land-secured financing program. Individuals can schedule
a meeting with the City's Chief Financial Officer (CFO) to apply for
consideration and discuss the elements of the proposed financing,
including the City's financing program policies and procedures.
2)
SERVICES
AND MAINTENANCE
The City of Stockton believes that it is in the best interest
of the present and future citizens of Stockton to provide an adequate
level of core services and to provide for the maintenance of existing
public infrastructure.
New development will be considered as any newly constructed
single-family or multifamily residential development. New development
will not proceed unless adequate resources are provided by that development,
which will ensure the provision of maintenance to existing and proposed
facilities and services impacted by that development.
The City, as part of the approval for any annexation, or any
modification to an existing CFD shall require annexation into a maintenance
and services CFD to ensure that adequate levels of services and maintenance
of infrastructure are paid for by the new development. There is flexibility
to define who will pay the special tax. The special tax on multifamily
residential would be two-thirds of the single-family amount. The ability
to afford special taxes in developing or established areas is limited.
At some point, if the level of special taxes becomes excessive, property
sales will decline and those taxpayers that do purchase may become
unwilling or unable to pay over time. To promote new residential development
in infill or State designated disadvantaged areas, this policy also
provides Council the ability to waive or lower the tax for these areas.
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Note: All references to Director of Administrative Services/City
Treasurer/CFO (the "CFO"), refer to the Chief Financial Officer, or
their designee responsible for managing and overseeing these separate
debt functions of the City.
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Chief Financial Officer: Implementation of financial policies
related to the subject matter of City Council Policy Title 5 Financial
Management.
Chapter 17.01 – Citywide Directive -Financial Management.
Chapter 17.01 – Section 17.01.050.010 -Citywide Procedure
-District Formation and Financing.
Chapter 17.01 – Section 17.01.040 -Citywide Policy -Capital
Financing and Debt Management.
Not applicable.
Not applicable.
10/03/17 - Adopted by Resolution No. 2017-10-03-1104
7/17/18 - Amended by Resolution No. 2018-07-17-1301
