Item 6 - Reso Establishing a Tax Rate for the South Poway Community Facilities Distict for FY 1986-87S i
x AGENDA REPORT
GtiK F
CITY OF POWAY
y ?� M THE �psjt
a
TO Honorable Mayor and. Members of the City Council
FRAM. James L. Bowersox City Mane
c`'
INITIATED BY: John D. Fitch, Assistant City Manager
DATE: July 8, 1986
SUBJECT: Resolution Establishing a Tax Rate for the South Poway`Community
Facilities District for EY 1986-87
ABSTRACT
It is recommended that the City Council adopt the attached Resolution
establishing specithe '
�al tax rate on property within the South Poway Carmunzty
Facilities District for fiscal year ,1986-87.
BACZ{C�EZOUND �
In December of 1985, the City Council approved the formation of the South Poway
Cam unity Facilities District to provide for the issuance of $30 ,000 ,000. in spe-
cial tax bonds to finance the acquisition of public improvements within the
South Poway Planned Q munity Area.
The bonds were authorized to be issued by the Mello -Roos Clomnunity Facilities
3
Act of 1982 which authorizes the levy of a special tax on the property within
the District boundary to service the dent on the bonds
On December 3, 1985 the City Council adopted Ordinance No. 182 which provides
that the City Council is authorized to annually adopt a resolution no later than
the second meeting in July to determine the specific special tax rate and amount
to be levied for the following fiscal year,
FMINGS
Based upon the debt service schedule, $3,929,700.02 must be paid on or by
i March 2, 1987 in principal and interest payments. As part of the bond
agreements with the developers of the Panerado Business Park, $2,872,000 was
placed in,a reserve fund to be used for debt service for the first year the
ial tax s
ACTION
' JUL 8 1985 ITEM 6
1 of
Agenda Report
c
July 8r 1986
Page 2
Based upon the amount that is due and the amount of money available in the
reserve fund, the Assessment Engineer has deternuned that it is necessary to
collect $2,096,249.10 in special -taxes during fiscal year 1986-87.
The first half of this amount which will be due and payable with the property
k
tax bill on. December lor 1986 will be attributed to the debt service payment due
March 2, 1987. The second half which will be due and payable with the property
tax. bills on, April 10, 1988 will be applied to the 1988 debt service.
Sine the final. map for the Panerado Business Park will not be filed by the time
_the -assessment is set, the amount to be collected for fiscal year 1986-87 win
t
be assigned to the six.assessors parcels currently within the District as
follows;"
Assessors Parcel Number Amount of Assessment
317-281-04 903,957.30'..
317-281-03 3101102.801
317-270--04 101693.20
317-270-03 657,631.80
317-270-08 2100808.80
9
317-270-09 - 3 r055..20
..�
2,096 r249.10
REOWMENDATZON
It is recommended that the City 'Council hold a public hearing and adopt the
t
attached resolution establishing the amount of the specal assessment for ,pro-
perty within the South Poway Cannunity Facilities District for fiscal` year
1986-87.
JI,B:JDF:lc
{
Attachments:
4
Resolution
Letter frau Assessment Engineers
JUL 81986 1TEM 6
2 of
RESOLUTION NO. 86-
a
- A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF 'POWAY, CALIFORNIA
SETTING THE SPECIAL TAX RATE AND a
THE AMOUNT TO BE LEVIED ON PROPERTY k
WITHIN THE SOUTH POWAY COMMUNITY FACILITIES
DISTRICT N0. 1 FOR FISCAL YEAR 1986-87
W EREAS, the City Council of the City of Poway, California has approved of
the formation of the South Poway Ccumunity Facilities District No. 1 pursuant to
the terms andprovisions of the Mello -Roos Catmunity Facilities Act of 1982, and
Wiii�a5, the Cit Council authorized the issuance of $30 ,000 ,000 in Special
City i
Tax Bonds Series 1985 by the District, and
i
WHEREAS, Ordinance No. 162 provides for the annual setting of a special tax
rate amount to be levied on property within the District to service the grin-
cipal and interest due on the bonds-
NOGv THEREFORE, BE IT RESOLVED THAT the special tax necessary to be
collected on property within the District for fiscal year 1986-87 is set at
$2,096,249.10 and that this amount is divided among the six assessor's tax parr
cels within the South Poway Community Facilities District No. 1 as follows:
Assessors Parcel Number Amount of Assessment
317-281-04 903,957.30
317-281-03 310 ,102.80
317-270-04. 10,693.20
317-270-03 657,631.80
317-270-08 210,808.80
i
317-270-09 3,055.20
21096,249.10
I
PASSED AND ADOPTED by the City Council of the City of Poway, California at a
regular meeting thereof this 8th day of July, 1986.
i
Carl R. Kruse, Mayor
ATTEST:
F
F,
Marjorie K. Wahlsten, City Clerk
t
1.establish3
JUL 8 I ITEM 6
3
of
4 of 25
CITY OF POWAY
SOUTH POWAY COMMUNITY FACILITIES DISTRICT NO.
POMERADO'BUSINESS PARK
PROCEDURES MANUAL
DON. OWEN & ASSOCIATES,:' INC.
JUNE, 1986
JUL 8 1986 oTE
r�;
CITY OF POWAY
SOUTH POWAY COMMUNITY FACILITIES DISTRICT NO 1
POMERADO BUSINESS PARK
- PROCEDURES MANUAL
I
r
I. INTRODUCTION
II. GENERAL INFORMATION
A. POMERADO BUSINESS PARK
B MELLO-ROOS COMMUNITY FACILITIES DISTRICT ACT OF 1982
III. PROJECT FUNDING
A. ISSUANCE OF BONDS
1. AMOUNT AND PURPOSE
2. AUTHORITY
3. MATURITY
4 REDEMPTION AND TRANSFER
B. SPECIAL TAX
1. RATE AND METHOD OF APPORTIONMENT
2. LIMITATIONS
IV. ADMINISTRATION OF FUNDS
A. FUND MANAGEMENT
B. BOND FUND
_ C. RESERVE FUND
D. ACQUISITION FUND
E. CFD TAX FUND
F FORECLOSURE PROCEDURE
V. 1.986-87 CFD TAXES
VI. SUBDIVISION OF LAND AND TAX ASSESSMENT
APPENDIX A FINAL PROFORMA
APPENDIX B,:, FUND FLOW CHAR
APPENDIX C PARCEL MAF
5 of 25 J U L 8 198.5 ITEM
6
�. INTRODUCTION
The purpose of this procedures manual is to outline the general
requirements of the South Poway Community Facilities District No..
1 of the City of Poway, California and to present necessary
information pertaining to the service of and administration of
said District. The District is also known as the Pomerado
Business Park Project.
6 of 25
JUL 8 198R
E spiti
II. GENERAL INFORMATION
look
FOMERADO BUSINESS'PARD
Pomerado Business Park is located in northern San Diego County in
the City of Poway. Recent economic, industrial, and: -demographic
# trends have spotlighted this area as a most appropriate site for
hi -tech -and light industrial firms. Its lower land cost and
growth expecti.ons are expected to attract a substantial share of
San Diego's business market. Also among its primary advantages
is that the Pomerado Business Park is one of only a few "master
planned" industrial parks constructed in the northern San Diego
area, consisting of some 329 gross acres of land. Net usable
acreage is expected to approximate 275 acres; for commercial,
industrial, and light industrial firms.
One distinct disadvantage within the area has been the lack of'a
t.
sufficient transportation network, one that will satisfactorily
connect the South Poway area to the freeway system throughout San
f Diego County. A Mello -Roos Community Facilities District ("CFD")
has thus been formed in order to assist in financing the
i;.
construction of and improvements to the major roadways within the
District.
THE SOUTH POWAY COMMUNITY FACILITIES DISTRICT
The Mello -Roos Community Facilities District Act of 3982 (the
"'CFD' Act"), as amended, provides for a method of financing
essential public capital facilities and services, particularly in
developing areas of the State. A CFD is a legally constituted_
of 25 JU 8' 1VWV [ t M
governmental entity established for the purpose of financing
specific facilitiesand activities within definitely defined
boundaries. A CFD may be established only for certain types of
additional services authorized wthin an area to the extent that
these services are actually additions; a CFD may not supplant
those services already available to that territory. Once
established, the CFD is governed by the board or legislative body
of the local agency acting on is behalf. In compliance with the
CFD Act, the legislative body may finance the District by issuing
bonds and may also levy and collect within the District a special
tax for the purpose of repaying its bonded indebtedness, subject
to a two thirdsvote of the landowners within the District.
Pursuant to the CFD Act, the City Council of Poway (the
"Council"), as the governing body of the District, adopted a
Resolutionstating its intention to establish the South Pomerado
Community Facilties District No. 1 and to levy a special tax to
repay the bonds that would be issued in order to provide regional
and local public improvement facilities for 660 acres of raw land
within the City of Poway.
8 of 25
JUL 8 1986 iiEM
III. PROJECT FUNDING
ISSUANCE OF BONDS
The amount of
bonded indebtedness for a CFD may include all costs
and estimated
costs incidental to, or connected with•, the
accomplishment of the purpose for which the proposed debt is to
be incurred.
-Bonded indebtedness, as outlined in the CFD Act
includes, but
isnotlimited to, the estimated costs of ,
construction of facilities, as shown below.
SCHEDULE OF PROJECT COSTS
{District}'
L;
ITEM
PHASE I PHASE : II TOTAL
Streets:
Pomerado {S
of SPA} $ 650,004 $ 0 $ 6501000
Pomerado
4,898,345 a 4,898,305
Community
2, fi39, 712 0 2, 639, 712 -
SPA
41 757, 680 0 41,757,680.1
.-North 'Loop
51677,522 0 5,677,522`
Other Streets
3,209,451 0 3,209,451,`
Nater {Off Site} 0 0 0
Equestrian
0 0 0
*TOTAL
$21,8329670 $ 0 $219832,760
e
*Subject to 55% annual escalation
Authority:
Bonded indebtedness in an amount not to exceed $60 million was
authorized by
the landowner on November 26, 1985, pursuant to the
requirements of the CFD Act. In accordance with Article 51`
Section 53351
of the CFD Act, the District declared its necessity,
to incur such
indebtedness. The City Council, as governing body,
_3
f ;,25
JUL 8 IQee .
z
y �; t
in order to incur bonded indebtedness, filed a Resolution of
Intention stating the detail of the' indebtedness and allowed for
a public hearing and special election with the landowners within
the District for approval of the financing plan. Eligible
electors were entitled to cast one vote for each acre, or portion
thereof, of land owned within the District. Due to the fact that
the land is wholly owned by one party, the propostion for
incurring bonded indebtedness and repayment by special tax levy
was submitted to the elector and the special election was waived.
The bonds were authorized and were issued in accordance with the
Community Facilities District Act and Resolution No. 85-109,
adopted on December 30, 1985 by the City Council.
The cost of financing the public facilities, including
contingencies and incidental expenses for the District, was
estimated to not exceed $35 million. This figure represents 1985
costs and is subject to an annual escalation not to exceed 5.5%
per year prior to expenditures Maximum bonds to be issued
equals $30 million.
The Bonds will be issued as fully registered bonds without
coupons in $5,000 denominations and any multiple thereof, and
will be payable according the the maturity and redemption
schedules found in following sections
Maturity Schedule
The Bonds will mature on March 2 in the principal amounts and
years as shown on the debt service schedule below. Interest will
'-- be paid semiannually, commencing on September 2, 1986.
10 of 25
JUL 8
1986 ITEM.
11 of 25 J U L 8 1986 ITEM 6
r.
Year End-
Principal
Interest
Debt
f
March -2
Payment
Payment
Service
1987
$ 360,000
$3,569,700.02
$31929,700.02
1988
385,000
2,832,360.00
3,217x360.00
1989
410_,000
2,805,410.00
3,2151410.00
1990
440,000
21774,660.00
32214,660.00
1991
475,000
29739s460.00
3,_214,460.00
r 1992
515,000
29700,510.00
'912152510.00
x - 1993
560,000
2,657,250.-00
32217,250.00
1994
615,000
2,604,050.00
3,2199050.00
F 1995
670,000;
21545,525.00
3,215,62500
1996 :•
735,000
2,481,975.00
3,216,975.00
1997
805,000
21412,150.00
3,217,150.00
1998
8802000
335 5.
, 67 Ofl
3,217,675.00 '
1999'
9659000
2,225,075.00
31217,075.00
2000
10055,000
2,16014`00.00
3,215,400.00
2001
1,155,000
2,060,175.00
3,215,175.00
200°2
11270,000
11947,562.50
3,217.562.50
2003
1r3901000
11823,737@50
3,2131737.50
2004
1, 530, 000
1, 688, 212.50
3,218-212050
2005
1,675,000
19539,037.50
3,2141037.50
2006
1,840,000
x,375,725.00
39215,725.00
2007
2x020,000
111961325.00
3,2161325.00
2008
212151,000
999,315.00
3,214,735.00
[ 2009
29435,000
783,412.50
3921.8,412.50
2010
296709000
5460000.00
312161000.'00
2011
21930,000
285,675.00
312153675.00
x
TOTALS
$30,0009000
$51..,116.,537;52
$81,116, 537, 52
Redemption and
Transfer
Bonds maturing
on or before March 2, 1996 are not
subject to
redemption prior to maturity.
Bonds due on or after March 2,
1997 may be called before maturity
and may be redeemed from any
source of funds
at the District's
discretion on March 2, 1.996 or
any interest payment date thereafter.
Any portion of bonds, in
$5,000 denominations, may be
redeemed separately.
Outstanding Term Bonds, maturing
on March 2, 2000
are subject to
-mandatory sinking
fund redemption
in part on March
2, 1993 and
each subsequent
March 2 thereafter, including the
year 2000, at a
redemption price
equal to the
principal amount with
interest to
11 of 25 J U L 8 1986 ITEM 6
12 of 25
JUL 8 1985
ITEM 6
the Special Tax (CFD tax) may be levied only at the rate, and may
be apportioned only in the manner, specified in the Resolution
establishing the District, except that the CFD Tax may be _levied
at a rate lower than specified in the Resolution.
Rate and Apportionment _
u
The CFD Tax will be levied on property on an acreage basis'
z
beginning in the year following the filing of the final map -
(under the Subdivision Map Act). The property owner is to pay
the. CFD Tax for 25 years., The per acre tax for the property for
any given year will remain the same and has been established at a
minimum rate of $7,638er year in fiscal
p year 1986-87 and. -.will
escalate at 3% per year until 1996-97. The minimum tax
J:
thereafter will be calculated to equal annual debt service. A
maximum tax of $12,500 per acre per year has also been
established.
Prior to the annual date authorized by the County Tax Collector,
the CFD taxes are added to the tax rode and are collected along
with the annual property taxes. Between fiscal years 1986-87 and
1988-89, the minimum tax is levied each year. Any surplus amount
r
collected is reserved in the CFD tax fund and is used to pay debt
service,.
j
In addition, the Poway Redevelopment Agency has committed to
y
depositing $2,052,000 into the fund five days following the
filing the tentative map for Phase I of the project. Likewise,
five days -following the filing of the tentative map for Phase II,
the Agency will deposit an additional $820,000 into the fund.
13 of 25
JUL 8 1985 ITEM
6
Limitations
Pursuant to Article 3, Section 53330.5 of the Community
Facilities District Act, the CFD Tax may be levied only for so
long as it is needed to pay principal and interest on the debt
incurred for the construction of facilities, or so long as it is
neededto pay for the services or the construction of the
facilities authorized in the Community Facilities District Act
and outlined in the Resolution.
14 of 25
JUL R : 400 ,1 ITEM
t
1
IV. ADMINISTRATION OF FUNDS
FUND.MANAGEMENT
As Fiscal Agent, appointed by the South Poway Community
Facilities District, Security Pacific National Bank is
responsible for performing the following duties and obligations
r in respect to the Bonds. The Fiscal Agent receives revenues,
establishes and maintains the required accounts (specified
t
below), and will invest the funds as authorized. The Fiscal
Agent will also pay any principal and interest on the bonds in
j
compliance with the terms of the bonds as they mature or become
payable,
BOND FUND
The Bond Fund is established for payment of interest on Bonds
until maturity. After maturity, and after all interest due on
the Bonds has been paid or provided for, moneys in the Bond Fund
will then be applied to payment of principal and any premium of
any Bonds. The Bond Fund itself will be funded by the CFD taxes
collected and deposited in the CFD Tax Fund and from the proceeds
of any sale ofproperty of any landowner delinquent in special
tax payments. Moneys in the Bond Fund will be divided and used
(respectively) as follows:
Bond Interest Account
Pursuant to the Resolution, an amount of $4,230,892.34 will be
deposited into a Bond Interest Account from theproceedsof the
sale of the Bonds. One day prior to the date of payment of any
15 of 25
JUL 8 1985 ITEM;
installment of interest of the Bonds, moneys from the Bond Fund
shall be transferred into the Bond Interest Account in an amount
equal to that of the interest to be paid as the interest becomes
due
Serial Bond Payment Account
After deposits to the Bond Interest Account have been made,
deposits shall then be made to the Serial Bond Payment Account.
The balance of said account must equal, on March 1 of each year,
the principal payment of the outstanding serial Bonds on the
following March 2. Moneys in this account are to be used only
for the payment of principal of any serial bonds as they become
due.
RESERVE FUND
A Reserve Fund, funded from Bond proceeds and equal to ten
percent ($3,000,000) of the amount of the bonds sold, must be
held in an account in the City Treasury. The moneys within this
fund shall be used only for the payment of the principal of and
interest on the Bonds in the event that moneys in other funds,
1.e . the Bond Interest Account, is not sufficient for the
aforementioned purpose In the event that the balance of the
Reserve Fund falls below the required ten percent, collections
from the next annual special tax levy will be appropriated to
that fund.
The Reserve Fund is only to be
moneys to the Bond
principal
Fund in such amounts
used for transferring
as are needed to pay the
and interest on callable bonds and to redeem bonds in
accordance with the Bond Resolution. Any amount of the Reserve
16 of 25
JUL 8 1986 ITEM
Fund that exceeds the required ten percent will be transferred to
the Acquisition Fund on September 2, 1986 and ever September,
y_ 2
l'
thereafter until to September 2, 1989. an September 2, 1989, and
annually thereafter, any moneys in the Reserve Fund-in,excess of.
the required ten percent will then be transferred into the Bond
Fund.
ACQUISITION FUND
As defined in the Bond Resolution, moneys from the Acquisition
Fund shall be used exclusively for the payment of project costs.
This fund consists of excess moneys not deposited into the Bond
Interest Account and the Reserve Fund,_ and the excess balance of
moneys within the Bond Fund not used to pay costs and expenses
incurred by the issuance and sale of the Bonds. Upon completion
of acquisition and reimbursement of project costs, the moneys.
remaining within the Acquisition Fund shall then be deposited
into the Bond Fund for payment of debt service. Any moneys
transferred into - o the Bond Fund from the Acquisition Fund will be
used only by the bond issuer to purchase bonds, to make interest
payments on the bonds, or to redeem the bonds at their earliest
redemption date.
CFD TAX FUND
On each date that the special taxes have been collected by the
County, they will be deposited into the CFD Tax Fund. These
gross taxes will be held in trust by the fiscal agent.. The
fiscal agent will transfer any moneys from the CFD Tax Fund to
the Bond Fund, as needed, to pay debt service.
17 of 25
"U" 8 1986 ITEM 6
The CFD Tax Fund will also be used to fund an Administrative
Expense Fund The amounts needed
- to paysuch expenses will. be
withdrawn on or before the date a
. payment is due..- Any moneys
within the Administrative Expense Fund may be invested as
authorized, but must be available when payment comes due.
FORECLOSURE PROCEDURE
Pursuant to Section 53356.1 of the CFI} Act, if any amount levied
by the CFD Tax for payment, of bond interest or principal is not
paid when due, the District may order that amount to be collected
by instituting a (Superior) court action. This foreclosure of a
lien may take place within four years after the due date of the
last installment of principal on the Bonds. Any real property
held by the (delinquent) land owner may be sold at a judicial
foreclosure sale, although such a foreclosure sale is not mandatory.
In the event of a foreclosure sale, the District must cause
foreclosure proceedings to begin within 120 days of its
notification by the County of San Diego (the tax collector) that
there has been a delinquency in payment, and will diligently
prosecute for judgement and sale. _If the District does in fact
file a court action for foreclosure, and the procedure does take
place, the Reserve Fund maybe used to pay debt service, although
E
the fund will only meet one year of debt service. Bondholders
may experience a dela in F
y payment if the Reserve Fund is depleted
before the final judgement is handed down and actual receipts of
the proceeds of the sale are accounted Actual sale of real
property is not assured, nor is it assured that actual proceeds
18 of 25
v UL 8 1986 ITEM
I
19 of 25
l j UL 8 1986 ITEM b
from any foreclosure sale will be sufficient to pay any
delinquent amount.
If the Reserve Fund is used for payment, the District is required
to replenish the reserve fund by adjusting the amount of taxes_
levied to provide sufficient funds to pay the debt service on the
Bonds and replenish the Fund:. Any adjustment in the Special
Taxes must be within the limits of the Resolution to levy special
r'
taxes. In other words, taxes.may not exceed the $12,500 per acre
limit.
i
Remedies for such a foreclosure sale allow the debtor to 140 days
from the date of service to redeem the property to be sold. If
the debtor fails to do so, the debtor may then bring an actions
within six months of the date of the sale, to set aside the sale.
}
If the foreclosure sale is set aside, the District, as creditor,
}
is then `entitled to interest on the judgement as if the sale had
not been made.
f
19 of 25
l j UL 8 1986 ITEM b
-
V. 1986-87 CFD TAXES'
==
The current net usable acreage equals ,274.45 unimproved acres.
In the year following .:the filing of the final map, the CFD taxis
levied on an acreage basis. The per acre tax for each property,
or parcel, would be the same for each property, or parcel, for
any given year, and has been established at the minimum rate of
$7,638 per acre -in fiscal year 1986-87-. This rate will escalate
at 3 percent each year thereafter until fiscal year 1996-97. The
minimum tax is based upon expected RDA contributions. If these
i
contributions are not available, the maximum 'tax of $12,500 per
net usable acre, as previously indicated, will be levied.
The 1986-87 tax for each parcel, as shown in Appendix C is as
i
follows:'
NET USABLE
PARCEL ACRES 1986-87 TAX
317-281-04 118.35 903,957.3
317-281-03 40.60 310,102,8
317-270-04 1.40 10,693.2
317-270-03 86.10 657,631.8
317-220-08 27.60 210,808.8
317-220-09 0.40 31055.2
TOTAL 274.45 $29096,249.1
20 of
25 JUL $ )986� �
ITE
VI. SUBDIVISION OF
LAND AND TAX ASSESSMENT
Upon filing
the final map, the apportionment of taxes
for each
usable acre
at the rate determined
by the District at
the minimum
in each year is shown below:
1986-87 $
7,638
t
1987-88
7,887
1988-89
81103
1989-90 -
81346
1990-.91
89597
1991--92
8,855
1.992-93
9,120
1993-94
9,394
1994-95
9,676
-a
1995-96
92966
1996-�97 10,265
The maximum
tax for any given year
remains at $12,500
per usable
acre.
{
J
21 of 25
JUL
1986 ITEM
9
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APPENDIX B
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FUND FLOW CHART
;FORECLOSURE;
i SALE ;
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BOND PROCEEDS
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24 of 25
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APPENDIX C
PARCEL MAP
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