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Home My WebLink About2020-068 - Resolution RESOLUTION NO. 2020-068 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT 2001-01 (IMPROVEMENT AREA NOS. 1 AND 2) FOR FISCAL YEAR 2020/21 WHEREAS, the City Council of the City of Rancho Cucamonga, California, (hereinafter referred to as the "legislative body of the local Agency"), has initiated proceedings, held a public hearing, conducted an election and received a favorable vote from the qualified electors relating to the levy of a special tax in a Community Facilities District, all as authorized pursuant to the terms and provisions of the "Mello-Roos Community Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code for the State of California. This Community Facilities District shall hereinafter be referred to as Community Facilities District No. 2001-01 (Improvement Area Nos. 1 and Improvement Area No. 2) (hereinafter referred to as the "District"); and WHEREAS, at this time, bonds were previously issued for purposes of financing the project facilities for said District (the "Prior Special Tax Bonds"); and WHEREAS, this legislative body, by Ordinance as authorized by Section 53340 of the Government Code of the State of California, has authorized the levy of a special tax to pay for costs and expenses related to said District, and this legislative body, by the adoption of Resolution No. 15-149 on August 5, 2015, previously established the specific rate of the special tax to be collected for the fiscal year based, in part, upon the debt service payable on the Prior Special Tax Bonds; and WHEREAS, on July 30, 2015, special tax refunding bonds were issued by the District to refund the Prior Special Tax Bonds resulting in a reduction in the debt service payable from the special taxes levied within the District. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA HEREBY RESOLVES: SECTION 1: That the above recitals are all true and correct. SECTION 2: That the specific rate and amount of the special tax to be collected to pay for the costs and expenses for Fiscal Year 2020/21 for the District are hereby determined and established as set forth in the attached, referenced and incorporated in the Annual Status Report. SECTION 3: That the rates as set forth in such Annual Status Report do not exceed the amount as previously authorized by Ordinance of this legislative body, and are not in excess of that as previously approved by the qualified electors of the District. SECTION 4: That the proceeds of the special tax are used to pay, in whole or in part, the costs of the following, in the following order of priority: A. Payment of principal of and interest on any outstanding authorized bonded indebtedness; B. Necessary replenishment of bond reserve funds or other reserve funds; C. Payment of costs and expenses of administering the District and any bonds of the District; and D. Repayment of advances and loans, if appropriate. Resolution No. 2020-068— Page 1 of 3 The proceeds of the special taxes shall be used as set forth above, and shall not be used for any other purpose. SECTION 5: The special tax shall be collected in the same manner as ordinary ad valorem property taxes are collected, and shall be subject to the same penalties and same procedure and sale in cases of any delinquency for ad valorem taxes, and the Tax Collector is hereby authorized to deduct reasonable administrative costs incurred in collecting any said special tax. SECTION 6: All monies above collected shall be paid into the District funds, including but not limited to, any special tax fund, bond fund, and reserve fund. SECTION 7: The County Auditor is hereby directed to enter in the next county assessment roll on which taxes will become due, opposite each lot or parcel of land effected in a space marked "public improvements, special tax", or by any other suitable designation, the installment of the special tax, and for the exact rate and amount of said tax, reference is made to the attached Annual Status Report. SECTION 8: The County Auditor shall then, at the close of the tax collection period, promptly render to this Agency a detailed report showing the amount and/or amounts of such special tax installments, interest, penalties, and percentages so collected and from what property collected, and also provide a statement of any percentages retained for the expense of making any such collection. Resolution No. 2020-068— Page 2 of 3 PASSED, APPROVED and ADOPTED this 15th day of July, 2020. L. benNeMichael, M or ATTEST: i . R ynolds, City Cler STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) ss CITY OF RANCHO CUCAMONGA ) I, Janice C. Reynolds, City Clerk of the City of Rancho Cucamonga, do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the City of Rancho Cucamonga, at a Regular Meeting of said Council held on the 15th day of July 2020. AYES: Hutchison, Kennedy, Michael, Scott, Spagnolo NOES: None ABSENT: None ABSTAINED: None Executed this 16th day of July, 2020, at Rancho Cucamonga, California. J ce . Reynolds, City rk Resolution No. 2020-068— Page 3 of 3 RESOLUTION NO.2020-068 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2001-01 IMPROVEMENT AREA NO. 1 AND 2 ANNUAL STATUS REPORT JULY 2020 BACKGROUND On June 20, 2001, an election was held and the property owners within the boundary of Community Facilities District No. 2001-01 (Improvement Area Nos. 1 and 2) (the "District") authorized the District to incur bonded indebtedness in the principal amount of $14,240,000. On August 15, 2001, the City Council adopted Ordinance No. 01-019 authorizing the issuance of bonds. Bonds were issued on August 29, 2001, to share in the financing of public street improvements required for the development of the property within the District; including, improvements to Day Creek, Victoria Park, Church, Foothill, Base Line and Arbor; landscaping improvements within public right-of-way; and storm drain and flood control improvements. On December 7, 2011, the City Council adopted Resolution No. 11-179 authorizing the issuance of special tax refunding bonds for this District. The Special Tax Refunding Bonds, Series 2012, in the principal amount of $9,093,000 were issued on December 21, 2011. This amount represented the outstanding principal balance of the original bonds as of this date. On July 1, 2015, the City Council adopted Resolution No. 15-115 authorizing the issuance of special tax refunding bonds for this District in conjunction with various other Community Facilities Districts. The Special Tax Refunding Bonds, Series 2015, were refunded with a total principal amount of $18,546,000 and were issued on July 30, 2015. By authorizing this refunding, the City Council provided savings to the property owners for the remaining life of the bond issue, that translated to a 12.09% overall reduction in the annual debt service payment paid by property owners. The special tax shall be levied only so long as required for each parcel of taxable property to discharge bond obligations. Each fiscal year, all Taxable Property within Improvement Area No. 1 and Improvement Area No. 2 shall be classified as Developed Property, Final Mapped Property, Taxable Property Owner Association Property, Taxable Public Property, or Undeveloped Property and all such Taxable Property shall be subject to the levy of Special Taxes in accordance with the rate and method of apportionment pursuant to the sections below. The property in Improvement Area No. 1 is residential in use. The property in Improvement Area No. 2 is primarily commercial and contains Victoria Gardens. Community Facilities District No. 2001-01 (Improvement Area No. 1 and 2) 1 Fiscal Year 2020/21 RESOLUTION 2020-068 COMMUNITY FACILITIES DISTRICT NO. 2001-01 ANNUAL SPECIAL TAX FISCAL YEAR 2020/21 IMPROVEMENT AREA NO. 1 LAND USE DESCRIPTION RESIDENTIAL FLOOR AREA ASSIGNED SPECIAL TAX CLASS 1 Single Family Property =>3,250 Sq Ft $1,115.90 per Dwelling Unit 2 Single Family Property 2,950 to 3,249 Sq Ft $894.84 per Dwelling Unit 3 Single Family Property 2,650 to 2,949 Sq Ft $805.04 per Dwelling Unit 4 Single Family Property 2,350 to 2,649 Sq Ft $691.32 per Dwelling Unit 5 Single Family Property 2,150 to 2,349 Sq Ft $646.69 per Dwelling Unit 6 Single Family Property 1,950 to 2,149 Sq Ft $594.61 per Dwelling Unit 7 Single Family Property < 1,950 Sq Ft $498.43 per Dwelling Unit 8 Apartment Property Not Applicable $125.94 per Dwelling Unit 9 Non-Residential Property Not Applicable $4,462.52 per Acre IMPROVEMENT AREA NO. 2 LAND USE CLASS DESCRIPTION ASSIGNED SPECIAL TAX 1 Apartment Property $125.94 Per Dwelling Unit 2 Other Residential Property $5,721.95 per Acre 3 Non-Residential Property $0.33 Per Sq Ft. of Non-Residential Floor Area Community Facilities District No. 2001-01 (Improvement Area No. 1 and 2) 2 Fiscal Year 2020/21 RESOLUTION 2020-068 COMMUNITY FACILITIES DISTRICT NO. 2001-01 PROPOSED SOURCES AND USES OF FUNDS Fiscal Year 2020/21 Budget Sources Taxes: Estimated Assessments, Net of Estimated Delinquencies $ 666,460 Anticipated Prior Year Delinquencies Collection 5,710 Subtotal - Taxes 672,170 Interest Revenue 10 Total Proposed Sources $ 672,180 Uses Debt Service Principal Repayments $ 397,000 Interest Expense 199,430 Subtotal - Debt Service 596,430 Contract Services 1,000 Assessment Administration 81,700 Admin./General Overhead 370 Total Proposed Uses $ 679,500 Contribution to/(Use of) Fund Balance $ (7,320) Community Facilities District No. 2001-01 (Improvement Area No. 1 and 2) 3 Fiscal Year 2020/21 RESOLUTION 2020-068 —n n N' O 3 > > > C City of Rancho Cucamonga Q Q Q > CD C Q a) � a M Community Facilities District No. 2001-01 L L ` RANCHO 0 T CUGIMCN+GA Improvement Area No. 1 and No. 2 �..i ■ ■— N o ■ = Q = _ O x.— 1.1.1.L..u.. . rar.r F.,. 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