RES 347 Draft 01 2006-2008 - Laserfiche WebLink

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WHEREAS, the administrative guidelines, as organized into two basic parts, are as follows: 1. Part I relates to the CFD Review Committee that has been established to administer the review process for proposed CFDs, and the review process to be administered by the Committee, including provisions for the initiation of the review process, the initial and subsequent reviews to be conducted by the Committee and the County's retention of special consultants for advice and assistance in connection with the consideration and formation of proposed CFDs. 2. Part II relates to the criteria to be applied by the Committee in its review of proposed CFDs including a description of special improvements eligible for CFD funding; the types of public benefits that these special improvements should be expected to provide; the funding priorities of different types of special improvements; the special taxes to be imposed; the appraisals and market absorption analyses required to support the feasibility of the CFDs; relevant structural considerations for CFD bond issues; and disclosure obligations to CFD bond investors and purchasers of CFD properties; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII, that the attached Administrative Guidelines for Evaluation of Proposed Community Facilities Districts is hereby approved as the procedures and standards to be applied by the Mayor's Administration towards the evaluation of proposals for a CFD; and BE IT FURTHER RESOLVED that the council encourages the Department of Finance to administer the effective standards as established by the Administrative Guidelines for Evaluation of Proposed Community Facilities Districts; and 2