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Home My WebLink About12-118 - Resolutions RESOLUTION NO. 12-118 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT 2001-01FOR FISCAL YEAR 2012/2013 (IMPROVEMENT AREAS NO. 1 & 2), SERIES 2001-A 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 2001-01 (Improvement Area No. 1 and Improvement Area No. 2 Series 2001-A) (hereinafter referred to as the "District'); and WHEREAS, at this time, bonds have been authorized for purposes of financing the project facilities for said District; 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 Community Facilities District, and this legislative body is desirous to establish the specific rate of the special tax to be collected for the next fiscal year. NOW THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: 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 the next fiscal year 2012-2013 for the referenced district is hereby determined and established as set forth in the attached, referenced and incorporated in the Annual Status Report. SECTION 3: That the rate as set forth above does not exceed the amount as previously authorized by Ordinance of this legislative body, and is 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 authorized public facilities and public services. D. Repayment of advances and loans, if appropriate. 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 Community Facilities District funds, including any bond fund and reserve fund. SECTION 7: The Auditor of the County 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. Please see the following page for fonnal adoption,certification and signatures Resolution No. 12-118 - Page 2 of 9 PASSED, APPROVED, AND ADOPTED this 18th day of July 2012. AYES: Alexander, Buquet, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None D ` Ali L. Dennis Michael, Mayor ATTEST: (I'Ult l*'Li e-'. � 8 b0hice C. Reynolds, Cit Clerk I, JANICE C. REYNOLDS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved and adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting of said City Council held on the 18'h day of July 2012. Executed this 19'h day of July 2012, at Rancho Cucamonga, California. � J ice C. Reynolds, City Clerk Resolution No. 12-118 - Page 3 of 9 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2001-01 IMPROVEMENT AREA No. 1 AND No. 2 SPECIAL TAX BONDS, SERIES 2001-A ANNUAL STATUS REPORT JULY 2012 Resolution No. 12-118 - Page 4 of 9 BACKGROUND On June 20, 2001, the electors within the boundary of Community Facilities District No. 2001-01 (Improvement Area No. 1 and Improvement Area No. 2) authorized the District to incur bonded indebtedness in the principal amount of $14,240,000 for the purpose of financing the acquisition and construction of the facilities which consist of Day Creek Boulevard, Victoria Park Lane, Church Street, Foothill Boulevard, Base Line Road and Arbor Way, storm drain and flood control facilities and water and sewer improvements to be owned and operated by Cucamonga Valley Water District (CVWD). The District is generally bordered on the north by Base Line Road, on the west by the Day Creek Flood Control Channel from Arrow Route to Foothill Boulevard and by the Southern California Edison right-of-way from Foothill Boulevard to Base Line Road, on the south by Interstate 15 and on the east by Etiwanda Avenue. 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. 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 2011 in the principal amount of $9,093,000 were issued on December 21, 2011. The special tax shall be levied only so long as required for each parcel of taxable property to discharge bond obligations through fiscal year 2030-2031. By authorizing this refunding City Council approved a savings to the property owners of approximately 9% annually over the remaining life of the bond issues that created a reduction in the annual special tax to each property owner. By authorizing this refunding, the City Council provided savings to the property owners for the remaining life of the bond issue. The annual debt service payment to the bondholders was reduced from $1,076,513.75 for FY 2011/2012 to $709,357.50 for FY 2012/2013. This translates to a 36% overall reduction in the annual debt service payment and those savings are passed on to all property owners within this District. Community Facilities District No.2001-OIA FY2012/2013 Resolution No. 12-118 - Page 5 of 9 FISCAL YEAR 2012-2013 CFD 2001-01 IMPROVEMENT AREA No. 1 LAND USE RESIDENTIAL CLASS DESCRIPTION FLOOR AREA ASSIGNED SPECIAL TAX 1 Single Family Property => 3,250 Sq Ft $1,269.30 Per Dwelling Unit 2,950 to 3,249 Sq $1,017.86 Per Dwelling Unit 2 Single Family Property Ft 3 Single Family Property 2,650 to 2,949 Sq $915.71 Per Dwelling Unit Ft 4 Single Family Property 2,350 to 2,649 Sq $786.36 Per Dwelling Unit Ft 5 Single Family Property 2,150 to 2,349 Sq $676.36 Per Dwelling Unit Ft 6 Single Family Property 1,950 to 2,149 Sq $650.72 Per Dwelling Unit Ft 7 Single Family Property < 1,950 Sq Ft $566.95 Per Dwelling Unit 8 Apartment Property Not Applicable $143.25 Per Dwelling Unit 9 Non-Residential Not Applicable $3,572.13 Per Acre Property INTERMEDIATE SPECIAL TAX FOR FINAL MAPPED PROPERTY RESIDENTIAL INTERMEDIATE MAXIMUM DESCRIPTION FLOOR AREA SPECIAL TAX Residential Property Not Applicable $6,508.49 Per Acre Non-Residential Property Not Applicable $6,508.49 Per Acre Community Facilities District No.2001-01 A FY2012/2013 Resolution No. 12-118 - Page 6 of 9 CFD 2001-01 IMPROVEMENT AREA No. 2 LAND USE CLASS DESCRIPTION ASSIGNED SPECIAL TAX $143.25.00 Per Dwelling 1 Apartment Property Unit 2 Other Residential Property $6,508.49 Per Acre $0.36 Per SQ. FT. of Non- 3 Non-Residential Property Residential Floor Area Community Facilities District No. 2001-OIA FY2012/2013 Resolution No. 12-118 - Page 7 of 9 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $774,640.00 CITY AND TRUSTEE ADMINISTRATION, $ 61,750.00 GENERAL OVERHEAD & LIABILITY CONTRACT SERVICES $ 1,500.00 $837,890.00 SOURCES: INTEREST REVENUE $ 260.00 OTHER REVENUE $ 0.00 DELINQUENT TAXES $ 16,500.00 TRANSFER IN FROM FUND BALANCE $ 78,900.00 SPECIAL TAX $742.230.00 $837,890.00 Community Facilities District No. 2001-01A FY2012/2013 Resolution No. 12-118 - Page 8 of 9 Community Facilities District 2001-01 ca- , C E r E Y Series 2001-A R�NCIIO 1 (d a a) to CUCMIONGA r = Q = _ Z> rr.._.._.._••_.•_•. •x_ _ •_v_••_•._ ._•.___.._..; m........................ •—Se...�i .I ! a m ! 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