City Council

3. Consideration and possible action to determine whether to take a protest\nposition regarding proposed increases to the tax assessments for Fiscal Year\n(FY) 2024-25 and to accept the terms of a financial assistance package for the\nKlondike Canyon Landslide Abatement District (KCLAD) and Abalone Cove\nLandslide Abatement District (ACLAD). (Ramos/Luck) (30 mins)\nRecommendation: 1) Review the proposed increase to the FY 2024-25\nassessments by ACLAD and KCLAD based on each entities assessment\nformula established at formation as outlined in their respective engineer's\nreport; 2) Provide Staff direction on whether the City, as a property owner\nwithin ACLAD, should cast a protest vote on the proposed $378,252 property\nassessments for FY 2024-25 at its June 10, 2024 elections; 3) Provide Staff\ndirection on whether the City, as a property owner within KCLAD, should cast\na protest vote on the proposed $335,826 property assessment for FY 2024-25\nat its June 17, 2024 elections; 4) If the proposed property assessments are\nacceptable, approve an increase of $488,000 in the FY 2024-25 Draft Budget\nusing prior year's unallocated fund balance; 5) Review the proposed terms\nand conditions of the financial assistance package for each ACLAD and\nKCLAD, which include a 12-year term and a 2.5% interest rate; 6) If deemed\nacceptable, approve an additional appropriation of $1,917,500 (KCLAD) and\n$1,500,000 (ACLAD) from the Capital Infrastructure Program (CIP) Fund, and,\n7) Authorize the Mayor and City Clerk to sign each financial assistance\nagreement pursuant to a form approved by the City Attorney's Office.\nAgenda Report