Item 3 - Tax Rate for Parkway Business Centre (CFD No. 88-1) for Fiscal Year 1998-99 OGENDA REPORT SUMMARY y of o[r9r
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TO: Honorable Mayor and Members of the City Council ' mow,
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FROM: James L. Bowersox, City Manage „, nE c0'
INITIATED BY Peggy A. Stewart, Director of Administrative Servic!sly
Andrew White, Finance Manager at/
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DATE: August 4, 1998
SUBJECT: Tax Rate for the Parkway Business Centre (Community Facilities District
No. 88-1) for Fiscal Year 1998-99
ABSTRACT
Under the covenants of the bonds for Community Facilities District No. 88-1, it is necessary to
hold a public hearing in order to establish the amount of the special tax to be assessed on
property within the District for fiscal year 1998-1999
ENVIRONMENTAL REVIEW
Environmental review is not required for this agenda item according to CEQA guidelines.
FISCAL IMPACT
This does not have a direct or indirect fiscal impact upon the City of Poway If the special tax is
not paid by the property owners within the Community Facilities District, the shortage would be
paid from a reserve fund created for this purpose. If the special tax remained unpaid, it would be
necessary for the City Council, acting as Directors for the Community Facilities District, to
foreclose on any property within the district that has not paid the special tax.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
Published in the Poway News Chieftain on July 23 and July 30, 1998.
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution establishing $13,491 15 per
net usable acre as the amount of the special assessment for property within the Community
Facilities District No 88-1 (Parkway Business Centre) for fiscal year 1998-1999
ACTION Adopted Resolution No. 98-085. 4-0, Higginson absent.
•
Marjorie 'K. Wahlsten, City Clerk
1 of 7 AUG 4 1998 11 cM 3
12- . GENDA REPORT QE P
CITY OF POWAY
X14.-
-T' THE CCtS"
TO Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Manage&
INITIATED BY Peggy A. Stewart, Director of Administrative Servicesy�
Andrew White, Finance Manager 04,- (��
DATE. August 4, 1998
SUBJECT Tax Rate for the Parkway Business Centre (Community Facilities District
No. 88-1) for Fiscal Year 1998-1999
BACKGROUND,
In October 1988, the City Council approved the formation of the Community Facilities District
No 88-1 (Parkway Business Centre) to provide for the issuance of special tax bonds to
finance the construction and acquisition of certain public improvements within the District. In
November 1988, the qualified electors of the District authorized the District to incur bond
indebtedness not to exceed $45,000,000.
These bonds were issued in the total principal amount of$30,000,000 to finance portions of
the construction, acquisition, modification and expansion of certain public improvements
including, but not limited to, storm drains, a fire station and equipment, sewer and water
facilities, and other public improvements. In January 1991, an additional $8,000,000 of
Special Tax Bonds, Series 1990, were issued to finance part of the costs of the acquisition
and construction of these same types of public improvements. Due to a downturn in interest
rates, it was determined that the developers of Parkway Business Centre could realize a
substantial savings if refunding bonds were issued to defease the original issue Therefore,
on May 21, 1998, the City Council approved the issuance of$35,445,000 in special tax
refunding bonds.
Under the covenants of the bonds, it is necessary to annually hold a public hearing in order to
establish the amount of the special tax to be assessed on property within the District.
F
/ ACTION: See Summary Sheet
44
2 of 7AUG 4 1998 ITEM 3
Agenda Report
August 4, 1998
Page 2
FINDINGS
The amount of debt service to be collected during fiscal year 1998-1999 is $3,198,030 plus a
trustee administration fee to U S. Bank in the amount of$22,000 plus interest of$270,130 on
loans due to the City of Poway, which produces a net amount of $3,490,160 to be collected on
the tax rolls for FY 1998-1999
With the approval of Units I and II of Parkway Business Centre, 92 separate parcels have
been created A revised engineer's report was prepared in March 1997 based upon approval
of the final map for Phase II The engineer's report has been further revised to reflect lot line
adjustments since that date The total net usable acres within the District for these 92 taxable
lots is 258 7 The $13,491 15 assessment per net usable acre is a special tax to be collected
on each of the 92 parcels as shown on the attached resolution.
ENVIRONMENTAL_RE.V.IEW
Environmental review is not required for this agenda item according to CEQA guidelines.
FISCAL_IMP_ACI
The does not have a direct or indirect fiscal impact upon the City of Poway If the special tax
is not paid by the property owners within the Community Facilities District, the shortage would
be paid from a reserve fund created for this purpose. If the special tax remained unpaid, it
would be necessary for the City Council, acting as Directors for the Community Facilities
District, to foreclose on any property within the District that has not paid the special tax.
ADD.IIIQNAL_P_UBLIC_NOTIFICATION_AND CORRESPONDENCE
Published in the Poway News Chieftain on July 23 and July 30, 1998.
RECDMMENDAIION
It is recommended that the City Council adopt the attached resolution establishing $13,491 15
per net usable acre as the amount of the special assessment for property within the
Community Facilities District No 88-1 (Parkway Business Centre) for fiscal year 1998-99
JLB:PAS.AW•eg
Attachment:
Proposed Resolution Setting the Special Tax Rate for FY 1998-99
c:1wpfileslbo ndslcfd 88-11ta xrate.res
3 of 7AUG 4 1996 ITEM 3
RESOLUTION NO 98-
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
SETTING THE SPECIAL TAX RATE AND THE AMOUNT TO BE
LEVIED ON PROPERTY WITHIN THE
COMMUNITY FACILITIES DISTRICT NO 88-1
(PARKWAY BUSINESS CENTRE) FOR FISCAL YEAR 1998-99
WHEREAS, the City Council of the City of Poway, California has approved the
formation of the Community Facilities District No. 88-1 (Parkway Business Centre)
pursuant to the terms and provisions of the Mello-Roos Community Facilities District Act
of 1982, and
WHEREAS, the City Council by following the provisions set forth in said act
authorized the issuance of$35,445,000 in 1998 Special Tax Refunding Bonds, and
WHEREAS, Ordinance No. 289 provides for the annual setting of a special tax
rate amount to be levied on property within the District to service the principal and
interest due on the bonds.
NOW, THEREFORE, BE IT RESOLVED THAT the special tax necessary to be
collected on property within the District for fiscal year 1998-99 is set at $13,491 15 per
net usable acre on property within the District and that the special tax shall be spread
on the 258.7 net usable acres as follows:
Amount of
Lot Number APN Numbers Net Usable Acres Assessment
UNIT 1
Parcel 102 & 103 317-280-56 16.5 $ 222,603.98
Parcel 104 317-280-57 5.3 71,503.10
Parcel 105 (Park) N/A N/A N/A
Parcel 106 317-280-47 3.7 49,917.26
Parcel 107 317-280-48 7 0 94,438 06
Parcel 108 317-280-68 4 1 55,313 72
Parcel 109 317-280-69 2.4 32,378.76
Parcel 110 317-280-50 5.5 74,201.32
9 317-280-21 3.0 40,473.46
10 317-280-22 2.4 32,378.76
11 317-280-23 2.1 28,331 42
Parcel 12 317-280-53 3.0 40,473.44
Parcel 13 317-280-54 16 21,585.84
14A 317-280-60 3.0 40,473 46
14B 317-280-61 0.3 4,047.34
4 of 7 AUG 4 1998 ITEM 3
Resolution No 98-
Page 2
Amount of
Lot Number APN Numbers Net Usable Acres Assessment
15 317-280-58 2.7 $ 36,426.12
16 317-280-65 17 22,934.96
17 , 317-280-66 3.7 49,917.26
22 317-280-34 2.9 39,124.34
23 317-280-35 3.0 40,473 44
Parcel 24 317-810-28 0.9 12,142.04
Parcel 25 317-810-29 0 7 9,443.82
Parcel 26 317-810-30 0.8 10,792.92
27 317-810-04 1.2 16,189.38
28 317-810-05 0 7 9,443.80
29 317-810-33 0 7 9,443.82
30 317-810-33 0.8 10,792.92
31 317-810-33 0.6 8,094 68
32 317-810-09 0.8 10,792.92
Parcel 33 317-810-31 1.2 16,189.38
Parcel 34 317-810-32 1.2 16,189.38
35 317-810-12 0.8 10,792.92
36 317-810-13 0 7 9,443.82
37 317-810-14 0 7 9,443 80
38 , 317-810-15 0.8 10,792.92
39 317-810-16 0 8 10,792.92
40 317-810-17 0 8 10,792.92
41 317-810-18 0.8 10,792.92
42 317-810-19 0 7 9,443.82
43 317-280-36 2.6 35,076 98
44 317-280-37 3.1 41,822.58
45 317-280-38 2.2 29,680.52
46 317-280-39 4 0 53,964 60
47 317-810-36 1 4 18,887 62
48 317-810-35 0.5 6,745.58
49 317-810-22 1 4 18,887 60
50 317-810-23 1.2 16,189.38
51 317-810-24 1 4 18,887 62
52 317-810-37 0.9 12,142.04
53 317-810-37 0.8 10,792.92
54 317-810-37 1.0 13,491 14
55 323-090-62 5.6 75,550 44
56 323-090-63 3.4 45,869.92
57 323-090-64 3.2 43,171.68
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0
Resolution No 98-
Page 3
Amount of
Lot Number APN Numbers Net Usable Acres Assessment
UNIT 2:
1 323-480-01 9 1 $122,769 46
2 323-480-02 6 6 89,041 60
3 323-480-03 2.2 29,680.52
4 323-480-04 2.3 31,029.66
5 323-480-05 3.0 40,473 44
6 323-481-01 5.7 76,899.56
7 323-481-02 3 3 44,520 80
8 323-481-03 4.8 64,757.52
9 323-481-04 4 3 58,011.96
10 323-480-06 3.9 52,615 48
11 323-480-07 3.0 40,473 46
12 323-480-08 4 0 53,964 60
13 323-480-09 3 6 48,568.14
14 323-480-10 3.9 52,615 48
15 323-481-05 2.9 39,124.34
16 323-481-06 2.3 31,029.66
17 323-481-07 3.0 40,473.44
18 323-482-01 2.5 33,727.88
19 323-482-02 2.2 29,680.54
20 323-482-03 2.7 36,426 10
21 323-482-04 3.3 44,520.80
22 323-481-08 4.0 53,964.60
23 323-481-09 4.3 58,011.96
24 323-482-05 4.5 60,710 18
25 323-482-06 41 55,313.72
26 323-482-07 3.5 47,219 02
27 323-482-08 3.8 51,266 38
28 323-482-09 3.6 48,568.14
29 323-482-10 3.0 40,473 44
30 323-482-11 2.5 33,727.88
31 323-482-12 2.2 29,680.54
32 323-482-13 2.9 39,124.34
33 323-482-14 2.6 35,076.98
34 323-482-15 3.5 47,219.04
35 323-482-16 2.1 28,331 42
36 323-490-01 1 3 17,538.50
37 323-490-02 2.3 31,029 64
38 323-490-03 2.5 33,727.88
39 323-490-04 5.1 68,804.88
Total 258 7 $3,490,160 74
6 of 7 AUG 4 1998 ITEM 3
i
Resolution No. 98-
Page 4
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway,
California, at a regular meeting thereof this 4th day of August, 1998.
Don Higginson, Mayor
ATTEST
Marjorie K. Wahlsten, City Clerk
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do hereby certify under
penalty of perjury that the foregoing Resolution No. 98- was duly adopted by the
City Council at a meeting of said City Council held on the 4th day of August, 1998, and
that it was so adopted by the following vote:
AYES
NOES
ABSTAIN:
ABSENT
Marjorie K. Wahlsten, City Clerk
City of Poway
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