City Council

3. Consideration and possible action to determine whether to take a protest position regarding proposed increases to the tax assessments for Fiscal Year (FY) 2024-25 and to accept the terms of a financial assistance package for the Klondike Canyon Landslide Abatement District (KCLAD) and Abalone Cove Landslide Abatement District (ACLAD). (Ramos/Luck) (30 mins) Recommendation: 1) Review the proposed increase to the FY 2024-25 assessments by ACLAD and KCLAD based on each entities assessment formula established at formation as outlined in their respective engineer's report; 2) Provide Staff direction on whether the City, as a property owner within ACLAD, should cast a protest vote on the proposed $378,252 property assessments for FY 2024-25 at its June 10, 2024 elections; 3) Provide Staff direction on whether the City, as a property owner within KCLAD, should cast a protest vote on the proposed $335,826 property assessment for FY 2024-25 at its June 17, 2024 elections; 4) If the proposed property assessments are acceptable, approve an increase of $488,000 in the FY 2024-25 Draft Budget using prior year's unallocated fund balance; 5) Review the proposed terms and conditions of the financial assistance package for each ACLAD and KCLAD, which include a 12-year term and a 2.5% interest rate; 6) If deemed acceptable, approve an additional appropriation of $1,917,500 (KCLAD) and $1,500,000 (ACLAD) from the Capital Infrastructure Program (CIP) Fund, and, 7) Authorize the Mayor and City Clerk to sign each financial assistance agreement pursuant to a form approved by the City Attorney's Office. Agenda Report