Loading...
HomeMy WebLinkAbout92-212 - ResolutionsRESOLUTIC~ I~. 92-212 A RESOLUTIflq OF CONSID~%~TICIq OF ~HE CITY CCEff~IL OF ~HE CITY OF RANO~ ~, C~T,TF'I~IIA, ~0 ]~vEAt]~ISI{ ~ ~ ~. 1 OF ~ ~ DIE~ ~. 9~-~ ~~ ~) OF ~ ~ OF ~ ~~~~~~. 1OF~ ~ D~Ee ~. 9~-~ ~~ ~) OF M ~OF~~ ~{EREAS, the City Council of the City of Rancho Ow~rm~x/a (the "City Council") ba-~ heretofore formed Oamunity Facilities District No. 91-1 (victuria Gainunity) of the City of Ranc~o O~amonga (the "District") pursuant to the Mello-Roos C~mmunity Facilities Act of 1982 (the "A~t"), as amerrled, to finance (1) the constructiota, purd~-~e, mod~ficatiel, expansic~l, i~ or reb~hilitaticm of certain authorized public facilities as described in that certain document entitled "C~mmanity Facilities District R~ocrt for C~m~unity Facilities District No. 91-1 (Victoria C~mmunity) City of Rancho O~mm~rja: approved by the City Council c~ ~h~v 4, 1991 (the "Facilities) and (2) the incidental expenses to be incurred in financing the Facilities and fc~ming the District; and, the City Council did previously declare the necessity to incur a __honda_ indebtedness in an amount not to exEeed $55,000,000 (the "Bonds", the repayment of which is to be secured by the levy of special taxes in accordance with Sectic~ 53328 of the Act on property in the District; and, WPEREAS, the qualified electors of the District did at a special election held in the District cfi March 2, 1992, autharize the iseaarr~ of such bonds and the levy of special tames within the District; and, WHBREAS, the City Oouncil has received a petition frc~ the owners of certain property within the District subject to the levy of the special taxes (collectiVely, the "Ownera') requesting that the District initiate proceedings to (i) est~bXish an improvement Area ~-~in~ the properties c~ned by the ("Im~ ~ No. l") and (ii) ~ the existing rate and method of apportiM of the special ta~es to authorize the levy of an additional special tax within the I~vv~ Area No. 1 to provide additional special WHEREAS, the City Council now intends to set a public hearing to consider the formation of ln~ Area No. 1 and levy an additional special tax within I~ Area No. 1 pursuant to such petition and request; ~n, Resolutica~ No. 92-212 pac~e2 WHEREAS, in accordance with Sectic~ 53331(a) of the Act, the City Council b~-~ det~m~ned that the public cunvenierr~ and necessity requ~e the adcptic~ of this resolutic~ of c~lsi~aera_tic~ in order that a public hearing may be held to evaluate the requests made by the Owner in its ~etitic~ and the totters set forth in the _prec~__ing paragraph; and, the City desires to reimbEses to the Owner fr~m the proceeds of any bonds sold by Oa=,unity Facilities District No. 91-1 (Victoria C~.,,unity) as permitted by Sectirml 53314.9 of the NC~, ~, the City Council of the City of Ranc~o O~monga does hereby resolve as follows: Ihe petiti~ of the Owner is accepted. established under the terms of the Act. It is further prop~eed that the boundaries of ~ Area No. 1 shall be thoee labeled c~ the boundary map of ,'Improvement Area NO. 1", the ~riginal of which is c~ file in the Office of the City Clerk of the City. S~"F/(~ 4. The name of the proposed improvement Area shall be "I~xuv~ent Area No. 1 of Ga-,,unity Facilities District No. 91-1 (Victuria (la~unity) of the City of Rancho Or~,,u~3~". SEETIC~ 5. In acocTdance with Sectiota 53314.9 of the Act, the City Council hereby determ~-~ that the Owner has agreed to advance all cr pcrtic~ of the fura-~ cr wo~-k in-kind nccded fur authorized purposes, including, kut not limited to, thoee relat~_ to forming I~ Area No. 1, causing the rec~H~ed electic~ to be held, and funding other incidental Council, and the funds advanced, without ~, ~x~ided all of the ccelditicr~ of Sectira 53314.9 of the ~ are satisfied. Any such by Oa~unity Facilities District No. 91-1 (Victoria O ..... ~ity) to finance the Facilities, and sba]] not omlsti~ a ~ ur liability of Facilities District No. 91-1 (Vict_nvia Ga,-,~nity) ur the City. Resolutic~ No. 92-212 Page3 S~'TIC~ 6. EM~ where funds are otherwise available, it is the intentic~ of the City Council to levy annually within im~ Area No. 1 addition to the special tax previously authorized to be levied within ~ty Facilities District No. 91-1 [Victoria C~a,..,,nity) (the "Existir~ Special Tar'), secured by ~-dation of a contir~ lien against all noneerupt real property in n x ve mt Area No. 1, to pay (i) the Facilities ( including irEidental expenses for the design, planning, eng~ing and inspection of the Facilities; (ii) the principal and interest Facilities District No. 91-1 (Vict_nris (Xamunity) to finance the Facilities, includin~ the establishment and replen~a~nt of any reserve funds deemed nece~y by (kayunity Facilities D/strict No. 91-1 CVicturia Gam,-mity), any remarketing, credit enhancemint and liquidity facility fees (including such fees for instruments which serve as the basis of a reserve fund in lieu of c~-~h); and (iii) incidental expenses related to the costs of fcrmir~ O~.~..-mity Facilities District No. 91-1 [Victaria (Xam,-~mity). benefit that each parcel in I~xov~ment Area No. i derives frce the right to access the Facilities. ~he City Ommcil hereby determ~M the rate and method of app~rti~ of the special tax set fcrth in Exhibit "A" to be basis pursuant to Section 53325.3 of the Act and such special tax is not on cr 53317.3 and 53317.5 of the Act, all prc~ ~ by public agencies within I~ Area No. 1 and not eempted by Exhibit "A" is subject to the levy of the special tax described therein. SECTI~ 7. ~he City Council herebf finds that the Facilities provided to date and ~ to be [x-~vided within Oa~mity Facilities District No. 91-1 (Victcris C~m..~nlity) are nece~y to meet the increased demand placed on the existing infrastructure in the, Area as a result of develo[mmnt of the land within O ..... mity Facilities District No. 91-1 (Victcris Ga. mity). of the ~ improvement Area No. I ar~ the ~x~4~a rate and method of appcrtiM of the special tax fcr ~ Area No. I shall be held at 7:00 p.m., as soc~ thereafter as practicable, on Auc3ust 5, 1992, at the City Council (hambets located at 10500 Civic Oenter Drive, Rancho O~,,~a~, California 91729. Resolutic~ No. 92-212 At the time and place set forth above for the Hearing, any interested per~n, i~luding all pers~s ~ming hnds or registere~ to vote within O~unity Facilities District No. 91-1 (Victoria Gainunity), may appear If fifty percent (50%) or x~z~ of the registered %Dters, or six (6) registered voters, whichaver is ~, residing within the territory pz~ to be included in In~ Area No. 1, or the owners of c~)e-I'malf (1/2) or more of the Area of the land in the territory proix~ma to be included protasts against the estebliskumr~ of Iqxn~ve~ent Area No. 1, and said for a period of one year fnn the date of the decisim of the City Council. At the conclusion of the Hearing, if the City Council determines to estah_lish I~ Area No. 1, it shall adopt a resolutic~ sukmittin~ the questiota of levying the proposed special tax for Im~ Area No. 1 to tba qualified electoz~ of Ia~xovement Area No. 1 in a special electicel held in acoordance with the provisicre of Article 2 of the Act. SBETIOt 9. Ihe City Manager is directed to cause the officers of the City Who will be responsible for providing am or more of the Facilities to be financed in whole or in pert by Oammmity Facilities District No. 91-1 (Victoria O-Lmunity) for )~=ov~mnt Area No. 1, if it is established, to study the ~Tupoeed ~ov,=:m.ent ~ No. 1, and , at or before the time of the Hearing, cause to be prepared and filed with the City Council a report ocnta/n/ng a brief descriptic~ of the re~ems why the public ~ence and necessity requ~e the formatira of Improvement Area No. 1. ~he report shall be made a part of the reo~d of the Hearing to be held txEmmnt to Section S hereof. s~nI~ 10. ~a City clerk is h~-eby directed to publish a notice (the '~otice") of the Hearing pursuant to Secticel 6061 of the C4maex,me~ Code in a newspaper of general circulatim published in the Area-of Oa~atity Facilities District No. 91-1 (Victoria Gammatity). ~he Notice shall contain the text of this te~oluticn, the time and place of the Hearin~, a statement that the tast~ of all interested perBcr~ or taxpayers will be heard, a descripti~ of the protest rights of the registered voters ard larrbwnez~ in cableted at least seven (7) days prior to the date of the Hearin). I~e City Clerk is also directed to send a ~ of the Notice of ~mer of land within ~ Im~ovemmt Ar~ No. 1. ~id mailing shaZZ be cableted not lees than fifteen (15) days prior to the date of the Hearing. Resolution No. 92-212 P~e5 SBCTI~ 11. Tf, after the Hearing described in Section 8, the City Ommcil adopts a resolution e]kmitting the question of the levy of the special tax within Improvement Area No. 1 to the qualified electc~ of I~ Area No. 1 in a special election, such election shall be held at least ninety (90) days, but not more than one hundred eighty (180) days, following the adoption of the resolution of formation; provi~_aed_~_ that such election may be held at an earlier date with the unanimous consent of the qualified electors of In~ Area No. 1 and the concurrence of the election official conducting the election. If at least twelve (12) persels, who ~ not r~ce~vily be the same twelve (12) persons, who have been registered to vote within the territory of the ~-x~d Ia~zovemnt Area No. I f~r each of the ninety (90) days preceding the close of the Hearing, the vote shall be by the regisgr. ered vote. Otherwise, the vote shall be by the landowners of the proposed Impk~ve~ent Area No. 1 and each larrbwner who is the c~ner of record at the cloee of the Hearing, or the authorized representative thereof, shall have (1) vote for each acre or portic~ of an acre of land that such landowner c~ns by a particular ~ shall be specified on the ballot provided to that landowner. Ballots for the special election authorized may be distrihatad to qualified electors by mail, with return postage prepaid or by personal service by the election official. Ihe official ccrr~uctir~ the election may certify the proper mailing of ballots by an affidavit, which shall constitute conclusive ~-cof of mailing in the absence of fraud. Ihe voted ballots shall be returned to the election officer ccrr~wc/n~ the election. ~ver, if all ExEept as otherwise provided in the Act, the provisions of law regulating electic~ls of the City, insofar as they my be applicable, will Elections Code of Califcrnia. If the vote is to be by the landowners of the propoeed IRcrove~m~ Area No. 1, analysis ara arguments may be waived with the unanimous cur~ant of all the 1~, and shall be so stated in the order for the election. 99soluti~ No. 92-212 PASSED, APPg0V~D, and ~ this 1st day of July 1992. Alexander, Buquet, Stout, Williams, Wriqht I, D~R~A J. ADAMS, CITY craNK of the City of RarErio approved, and adopted by the City Council of the City of ~rho California, at a regular meeting of said City Oouncil held c~ the 1st day of July 1992. Executed th/s 2rid day of July 1992, at Rarrho O~-~,,r~3~, California. 92-212 RATES AND METHOD OF APPORTIONMENT OF SPECIAL TAXES FOR IMPROVEMENT' AREA NO. I OF COMMUNITY FACILITIES DISTRICT NO. 91-1 (VICTORIA COMMUNITY) OF THE CITY OF RANCHO CUCAMONGA A Special Tax, the "Special Tax(es)" (defined below), shall be applicable to each Parcel (defined below) located in Improvement Area No. '1 of Community Facilities District No. 91-I (Victoria Community) of the City of Rancho Cucamonga (hereinafter "Improvement Area No. 1" and "CFD No. 91-1"). The amount of Special Tax to be collected from each Parcel in any Fiscal Year (defined below) shall be determined by the City Council of the City of Rancho Cucamonga (hereinafter the "Council" and the "City"), acting in its capacity as the legislative body of CFD No. 91-l, in accordance with the rate and method of apportionment described below. All of the property in Improvement Area No. 1 unless exempted by law or Section F below, shall be taxed for the purposes, to the extent, and in the manner provided herein. DEFINITIONS "AssessoWs Parcel Map" means an official map of the County 'Assessor of the County of San Bemardino designating Parcels by Assessor's Parcel Number. "Developed Property" means, as of Yuly 1 of any Fiscal Year, all Parcels for which a final'subdivision map, parcel map ~ functionally equivalent map or inswament creating lots or parcels for commercial and industrial development or creating lots or parcels upon which residential units may be constructed has been recorded prior to March 1 of the preceding Fiscal Year. "Exempt Property" means any Parcel or other property within Improvement Area No. 1 described in Section E which is exempt from the levy of the Special Tax. Resolutic:n No. 92-212 EXHIBIT "A" "Fiscal Year" means the period stardng on .Tuly 1 of any year and ending the following lune. 30. "Full Buildout" means the Fiscal Year in which all Taxable Property within Improvement Area No. 1 is classified as Developed Property for purposes of levying the Special Tax. "Net Taxable Acre" means an acre of Developed Property or Undeveloped Property, exclusive of property exempted by law or the provisions of Section F below from the Special Tax; the acreage calculation for Developed Property will be based on the dimensions as shown on or calculated from the recorded f'mal subdivision map, parcel map, or functionally equivalent map or instrument; the acreage calculation for Undeveloped Property shall be the acreage shown on or calculated from the Assessor's Parcel Map. "Parcel" means a lot or parcel shown on an Assessor's Parcel Map with an assigned Assessor's Parcel number as of the date of the levy of the Special Taxes for each Fiscal Year. "Special Tax Requirement" means that amount required in any Fiscal Year to pay: (1) debt service on all Bonds or other indebtedness of Improvement Area No. 1, (2) costs incurred by the City and Improvement Area No. 1 in the annual levy and collection of the Special Taxes, (3) other reasonable costs of Improvement Area No. 1 related to the administration of the Bonds, and (4) any amounts required to replenish any reserve funds established in association with the Bonds. In calculating the Special Tax Requirement for a Fiscal Year items (1) through (4) shall be net of bond reserve earnings and other interest earnings described in the bond resolution for the Bonds for Improvement Area No. 1 Resolutic~ No. 92-212 Page9 EXHIBIT "A" reasonably expected to be available, except those earnings that may be required for rebate purposes. "Special Tax(es)" means the Special Tax to be levied in each Fiscal Year on all Parcels to fund the Special Tax Requirement. "Taxable Property" means all Parcels in Improvement Area No. 1 which are not exempt from the levy of Special Taxes pursuant to law or Section E below. "Undeveloped Property" means all Parcels in Improvement Area No. 1 which are not classified as Developed Property or Exempt Property. ,B. ASSIGNMENT TO TAX CLASS For each Fiscal Year, all Parcels within Improvement Area No. 1 shall be classified either as Developed Property, Undeveloped Property, or Exempt Property and shall be subject to the levy of the Special Tax in accordance with the rates and method of apportionment set forth in Sections C and D below. MAXIMUM SPECIAL TAX RATES 1. Developed Property The Maximum Special Tax for each Parcel of Developed Property shall be $10,000 per Net Taxable Acre. 2. Undeveloped Property The Maximum Special Tax for each Parcel of Undeveloped Property shall be $8,600 per Net Taxable Acre. Resolution No. 92-212 Page 10 EXHIBIT "A" METHOD OF APPORTIONMENT OF THE SPECIAL TAXES On or prior to August 1 of each Fiscal Year or such other date as may be established by law, the Council shall determine the Special Tax Requirement for such Fiscal Year and shall levy the Special Taxes as follows: Step 1: The Special Taxes shall be levied on all Parcels of Developed Property at 100 percent of the Maximum Special Tax Rate; however, if this mount exceeds the Special Tax Requirement, the levy of Special Taxes on all Parcels of Developed Property shall be proportionally decreased until the revenues produced thereby will be equal to the Special Tax Requirement. Step 2: If the revenues which may be produced by levying the Special Tax pursuant to Step 1 are less than the Special Tax Requirement, the Special Taxes shall be levied proportionally on all Parcels of Undeveloped Property up to 100 percent of the Maximum Special Tax Rate to produce aggregate revenues equal to the Special Tax Requirement. EXEMPTIONS The Council shall not levy a Special Tax on the following properties which may as of the date of formation of Improvement Area No. 91-1 be: · Properties owned by state, federal, or other local governments, except as otherwise provided in Section 53317.3 of the Government Code; · Property within Improvement Area No. i which is dedicated for the purposes of constructing CFD funded road facilities; Resoluticm~ No. 92-212 EXHIBI~ 'W' Property within Improvement Area No. 1 to be dedicated to or owned by the Southern California Edison Company, the use of which is limited to utility purposes. · Those Parcels at entry ways and along perimeter areas used for landscaping which are dedicated to and maintained by the City. Notwithstanding the above, Parcels or portion of Parcels conveyed or irrevocably offered for dedication to a public agency after ,ormation of Improvement Area No. 91-1, and not otherwise exempt pursuant to this Section E, shall be subject to the levy of the Special Taxes pursuant to Section 53317.3 or Section 53317.5 of the Government Code and classified as Undeveloped Property. MANNER OF COLLECTION Except for the prepayment of Special Taxes as provided for herein, the Special Taxes shall be collected in the same manner and at the same time as ad valorera property taxes, provided; however, that the City Council may authorize the collection of delinquent Special Taxes by judicial foreclosure proceedings pursuant to Section 53356.1 of the Govemment Code. PREPAYMENT AND SATISFACTION OF SPECIAL TAX OBLIGATION The Special Tax obligation for a Net Acre of Developed Property and Undeveloped Property may be prepaid and permanently satisfied by the owner as follows: 1. Prepayment Prior to Full Buildout The amount to discharge the Special Tax obligation of any Net Taxable Acre of Developed Property or Undeveloped Property within the Improvement Area prior to Full Buildout shall be (i) the remaining bond principal outstanding, plus (ii) any premium required to be Resol~o~ I~. 92-212 paid on the payoff date for all outstanding bonds, less (iii) the Bond Reserve Fund, multiplied by 1.15, divided by the total Net Taxable Acres in the Improvement Area. The amount derived on a Net Acreage basis shall be multiplied by 1.15 to determine the payoff amount on a Net Acreage basis for Developed Property and 1.0 to determine the payoff amount on a Net Acreage basis for Undeveloped Property. 2. Prepayment After Full Buildout The amount to discharge the Special Tax obligation of any Net Acre of Developed Property or Undeveloped Property within the Improvement Area after Full Buildout shall be (i) the remaining bond principal outstanding, plus (ii) any premium required to be paid on the payoff date for all outstanding bonds, less (iii) the Bond Reserve Fund, multiplied by 1.15, divided by the total Net Acres in the Improvement Area. Notwithstanding the foregoing, no prepayment shall be made on any Parcel of property in Improvement Area No. 1 until such time as no more Bonds will be issued by the City for Improvement Area No. 1, as determined by the Council. Resolutic~ No. 92-212 Page ~3 I I I