Item 7 - Tax Rate for South Poway Community Facilities District No. 1
Dist. ~-5-qf.,
i -, GENDA REPORT SUMMARY
~: Honorable Mayor and Members of the City Council
l'I{OM: James L. Bowersox, City Ma~
INIT1A1nED BY: Peggy A. Stewart, Director of Administrative service~
Andrew White, Finance Manager ~
DATE: August 6, 1996
SlTIBJEc:r: Tax Rate for the South Poway Community Facilities District No.1 for
FY 1996-1997
ABSTRACf
This agenda report replaces the one previously distributed for the South Poway
Community Facilities District No.1 tax rate for FY 1996-97. The change is in relation
to the total acres used to calculate the per-net-usable-acre assessment.
Under the covenants of the bonds for Community Facilities District No.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 1996-1997.
ENVIRONMENTAL REVIEW
:nvironmental review is not required for this agenda item according to CEQA guidelines.
FISCAL IMPACf
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 Facility 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 25 and August 1, 1996.
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution establishing
$11,365.04 per net usable acre as the amount of the special assessment for property
within the South Poway Community Facilities District No.1 for fiscal year 1996-1997.
ACfION
~
1 of 7
AUG 6 1996 ITEM 7
.! AGENDA REPORT
CITY OF POW A Y
TO:
FROM:
INITIATED BY:
Honorable Mayor and Members ~~~e City Council
James L. Bowersox, City Ma~
Peggy A. Stewart, Director of Ad~nistrative Services
Andrew White, Finance Manager~
DATE:
SUBJECT:
August 6, 1996
Tax Rate for the South Poway Community Facilities District No.1
for FY 1996-1997
BACKGROUND
In December 1985, the City Council approved the formation of the South Poway
Community Facilities District to provide for the issuance of special tax bonds to
finance the construction and acquisition of public improvements within the South
Poway Planned Community Area.
Initially, $30,000,000 in bonds were issued under the provisions of the Mello-Roos
Community Facilities Act of 1982 which authorized the levy of a special tax on the
property within the district boundary to service the debt on the bonds. Due to a
downturn in interest rates, it was determined that the developers of the Pomerado
Business Park (South Poway Community Facilities District No.1) could realize a
substantial savings if refunding bonds were issued to defease the original issue.
Therefore, on March 3, 1987 the City Council approved the issuance of $32,800,000 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.
FINDINGS
The amount of debt service to be paid during fiscal year 1996-1997 is $2,998,100.00,
plus a trustee administration fee to First Trust in the amount of $20,000.00, minus
estimated available interest earnings of $143,700.00, which produces a net amount of
$2,874,400.00 to be collected on the tax roll for FY 1996-1997.
ACTION:
See Summary Sheet
2 of 7
))
AUG 6 1996 ITEM 7
Agenda Report
August 6, 1996
Page 2
With the approval of Phase I and II of the Pomerado Business Park, 105 separate
parcels have been created. The total net usable acres within the district for these
105 taxable lots is 252.916.
The $11,365.04 assessment per net usable acre is a special tax to be collected on
each of the 105 parcels as shown on the attached resolution.
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 25 and August 1, 1996.
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution establishing
$11,365.04 per net usable acre as the amount of the special assessment for property
within the South Poway Community Facilities District No.1 for fiscal year
1996-1997.
JLB:PAS:AW:eg
Attachment:
Proposed Resolution Setting the Special Tax Rate for FY 1996-1997
c:\data\wpfiles\taxrate.agn
3 of 7
AUG 6 1996 ITEM 7
RESOLUTION NO. 96-
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 SOUTH POWAY COMMUNITY FACILITIES DISTRICT NO. 1
FOR FISCAL YEAR 1996-1997
WHEREAS, the City Council of the City of Poway, California has approved the
formation of the South Poway Community Facilities District No.1 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 and said act
authorized the issuance of $32,800,000 in 1987 Special Tax Refunding Bonds, and
WHEREAS, Ordinance No. 182 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 1996-1997 is set as $11,365.04 per
net usable acre on property within the District and that the special tax shall be
spread on the 105 parcels totaling 252.916 net usable acres as follows:
Net Amount of
Lot Number APN Numbers Usable Acres Assessment
1 317-222-11 3.505 $ 39,834.46
2 317-222-12 3.210 36,481. 78
3-1 317-225-01 2.040 23,184.68
3-2 317-225-16 1. 720 19,547.86
3-3 317-225-16 1.560 17,729.46
3-4 317-225-04 5.680 64,553.42
3-4 317-225-05 2.180 24,775.78
3-6.1 317-225-10 0.366 4,159.60
3-6.2 317-225-11 0.344 3,909.58
3-7 317-225-06 0.510 5,796.16
3-8 317-225-07 0.490 5,568.88
4 317-225-12 6.339 72,042.98
5 317-225-13 2.133 24,241.62
3-9.1 317-225-17 0.710 8,069.18
3-9.2 317-225-18 0.610 6,932.68
3-10.1 317-225-14 0.700 7,955.52
3-10.2 317-225-15 0.690 7,841.88
8 317-224-01 2.435 27,673.88
9-1 317-224-15 0.313 3,557.26
9-2 317-224-16 1.307 14,854.10
10 317-224-06 0.697 7,921.42
4 of 7
AUG 6 1996 ITEM 7
Resolution No. 96-
Page 2
Net Amount of
Lot Number APN Numbers Usable Acres Assessment
11 317-224-07 0.644 $ 7,319.08
12 317-224-18 0.510 5,796.18
13 317-224-19 0.510 5,796.16
14 317-224-20 0.770 8,751.08
15-16 317-224-21 1.310 14,888.20
17 317-224-22 0.830 9,432.98
18 317-224-23 0.740 8,410.14
19 317-224-02 0.558 6,341.68
20 317-224-03 0.623 7,080.42
21 317-224-04 0.667 7,580.48
22 317-223-19 7.241 82,294.22
23 317 -223-33 3.954 44,937.36
24,26 317-223-32 4.140 47,051.26
24-2 317-223-30 0.313 3,557.26
25 317-223-20 2.461 27,969.36
27 317-223-21 3.670 41,709.70
28 317-223-18 1.379 15,672.38
29 317-223-28 0.796 9,046.58
30 317-223-27 1. 056 12,001. 48
31 317-223-15 1. 064 12,092.40
32 317-223-14 1.558 17 ,706.72
33 317-223-13 1. 753 19,922.92
34 317-223-12 3.300 37,504.62
35 317-223-11 3.222 36,618.16
36 317-223-01 3.140 35,686.22
37 317-223-02 2.914 33,117.72
38 317-223-03 3.126 35,527.10
39 317-223-04 3.602 40,936.88
40 317-223-05 5.532 62,871. 38
41 317-223-06 6.359 72,270.28
42 317-223-07 4.175 47,449.04
43,44 317-223-31 5.865 66,655.94
45.1 317-223-37 1.280 14,547.26
45.2 317-223-38 1. 000 11,365.04
52 317-270-07 2.610 29,662.74
53 317-270-08 1.992 22,639.16
54 317-270-09 1. 816 20,638.92
55 317-270-10 1.906 21,661. 76
56 317-270-11 1.944 22,093.62
57 317-270-12 3.352 38,095.62
58 317-270-13 2.389 27,151.08
59 317-270-14 1. 882 21,389.00
60 317-270-15 1.316 14,956.38
61 317-270-16 0.991 11,262.76
5 of 7
AUG 6 1996 ITEM 7
Resolution No. 96-
Page 3
Net Amount of
Lot Number APN Numbers Usable Acres Assessment
63 317-270-18 2.240 $ 25,457.68
64 317-270-19 1.831 20,809.38
65 317-270-20 0.996 11,319.58
66 317-270-21 0.653 7,421.38
67 317-270-22 1. 477 16,786.16
68 317-270-23 0.753 8,557.86
69 317-270-24 0.807 9,171.60
70 317-270-25 0.640 7,273.62
71 317-270-26 4.998 56,802.46
72 317-270-27 4.674 53,120.18
73 317-270-28 3.894 44,255.46
74 317-270-29 4.102 46,619.40
75 317-270-30 1.118 12,706.10
76 317-270-31 1. 026 11,660. 54
77 317-270-32 1.200 13,638.04
78 317-270-33 3.469 39,425.32
79 317-270-34 4.977 56,563.80
80 317-270-35 6.297 71,565.66
81 317-270-36 6.315 71,770.22
82 317-270-37 2.626 29,844.58
83 317-270-38 2.765 31,424.34
84 317-270-39 2.998 34,072.38
85 317-270-40 3.024 34,367.88
86 317-270-41 2.678 30,435.56
87 317-270-42 2.344 26,639.66
88 317-270-43 2.150 24,434.82
89 317-270-44 2.988 33,958.74
90 317-281-07 3.116 35,413.46
91 317-281-08 3.276 37,231.86
92 317-281-09 3.024 34,367.88
93 317-281-10 2.796 31,776.66
94 317-281-11 3.440 39,095.72
95 317-281-12 4.411 50,131.18
96 317-281-13 4.280 48,642.36
97 317-281-14 3.154 35,845.34
98 317-281-15 5.971 67,860.64
99 317-281-16 7.246 82,351. 04
102 317-270-45 0.442 5,023.36
103 317-270-46 0.608 6,909.94
104 317-270-47 0.313 3,557.26
TOTAL 252.916 $2,874,400.00
6 of 7
AUG 6 1996 ITEM 7
Resolution No. 96-
Page 4
PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway,
California, at a regular meeting thereof this 6th day of August, 1996.
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
that the foregoing Resolution No. 96- was duly adopted by the City Council at a
meeting of said City Council held on the 6th day of August, 1996, and that it was so
- adopted by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Marjorie K. Wahlsten, City Clerk
City of Poway
c:\wpfiles\date\taxrate.agn
AUG 6 1996 ITEM 7
7 of 7
- AGENDA REPORT SUMMARY
-TO:
FROM:
Honorable Mayor and Members of the City Council
James L. Bowersox, City Man~
Peggy A. Stewart, Director of Administrative Servic~iJ
Andrew White, Finance Manager ell)/' 0
INITIATED BY:
DATE:
SUBJECI':
August 6, 1996
Tax Rate for the South Poway Community Facilities District No.1 for
FY 1996-1997
ABSTRACI'
Under the covenants of the bonds for Community Facilities District No. 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 1996-1997.
ENVIRONMENTAL REVIEW
Environmental review is not required for this agenda item according to CEQA guidelines.
FISCAL IMPACI'
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 Facility 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 25 and August 1, 1996.
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution establishing
$11,440.04 per net usable acre as the amount of the special assessment for property
within the South Poway Community Facilities District No. 1 for fiscal year 1996-1997.
ACflON
-
1 of 7
AUG 6 1996 ITEM 7
'AGENDA REPORT
CITY OF POW A Y
TO:
FROM:
INITIATED BY:
Honorable Mayor and Members of the City Council
James L. Bowersox, City Man~
Peggy A. Stewart, Director of Administrative Services
Andrew White, Finance Managera.........
DATE:
SUBJ ECT:
August 6, 1996
Tax Rate for the South Poway Community Facilities District No.1
for FY 1996-1997
BACKGROUND
In December 1985, the City Council approved the formation of the South Poway
Community Facilities District to provide for the issuance of special tax bonds to
finance the construction and acquisition of public improvements within the South
Poway Planned Community Area.
Initially, $30,000,000 in bonds were issued under the provisions of the Mello-Roos
Community Facilities Act of 1982 which authorized the levy of a special tax on the
property within the district boundary to service the debt on the bonds. Oue to a
downturn in interest rates, it was determined that the developers of the Pomerado
Business Park (South Poway Community Facilities District No.1) could realize a
substantial savings if refunding bonds were issued to defease the original issue.
Therefore, on March 3, 1987 the City Council approved the issuance of $32,800,000 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.
FINDINGS
The amount of debt service to be paid during fiscal year 1996-1997 is $2,998,100.00,
plus a trustee administration fee to First Trust in the amount of $20,000.00, minus
estimated available interest earnings of $143,700.00, which produces a net amount of
$2,874,400.00 to be collected on the tax roll for FY 1996-1997.
ACTION:
J
,.., of 7
!1Ir. 6 1996 ITEM 7
Agenda Report
August 6, 1996
Page 2
With the approval of Phase I and II of the Pomerado Business Park, 104 separate
parcels have been created. The total net usable acres within the district for these
104 taxable lots is 251.258.
The $11,440.04 assessment per net usable acre is a special tax to be collected on
each of the 104 parcels as shown on the attached resolution.
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 25 and August 1, 1996.
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution establishing
$11,440.04 per net usable acre as the amount of the special assessment for property
within the South Poway Community Facilities District No.1 for fiscal year
1996-1997.
JLB:PAS:AW:eg
Attachment:
Proposed Resolution Setting the Special Tax Rate for FY 1996-1997
c:\data\wpfiles\taxrate.agn
3 c f 7
AUG 6 1996 ITEM ?
RESOLUTION NO. 96-
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
SETTING THE SPECIAL TAX RATE AND
THE AMOUNT TO BE LEVIEO ON PROPERTY WITHIN
THE SOUTH POWAY COMMUNITY FACILITIES DISTRICT NO. 1
FOR FISCAL YEAR 1996-1997
WHEREAS, the City Council of the City of Poway, California has approved the
formation of the South Poway Community Facilities District No.1 pursuant to the
terms and provisions of the Mello-Roos Community Facilities District Act of 19B2,
and
WHEREAS, the City Council by following the provisions set forth and said act
authorized the issuance of $32,800,000 in 1987 Special Tax Refunding Bonds, and
WHEREAS, Ordinance No. 182 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 1996-1997 is set as $11,440.04 per
net usable acre on property within the District and that the special tax shall be
spread on the 104 parcels totaling 251.258 net usable acres as follows:
Net Amount of
Lot Number APN Numbers Usable Acres Assessment
1 317-222-11 3.505 $ 40,097.34
2 317-222-12 3.210 36,722.54
3-1 317-225-01 2.022 23,131. 76
3-2 317-225-16 1.626 18,601. 50
3-3 317-225-16 1.505 17,217.26
3-4 317-225-04 5.323 60,895.34
3-5 317-225-05 2.063 23,600.80
3-6.1 317-225-10 0.366 4,187.04
3-6.2 317-225-11 0.344 3,935.38
3-7 317-225-06 0.458 5,239.54
3-8 317-225-07 0.433 4,953.54
4 317-225-12 6.339 72,518.40
5 317-225-13 2.133 24,401.62
3-9.1 317-225-17 0.710 8,122.42
3-9.2 317-225-18 0.610 6,978.42
3-10.1 317-225-14 0.750 8,580.04
3-10.2 317-225-15 0.543 6,211.94
8 317-224-01 2.435 27,856.50
9-2 317-224-15 0.313 3,580.72
9-1 317-224-16 1.307 14,952.14
4 0 f '7
AUG 6 1996 ITEM 7
Resolution No. 96-
Page 2
Net Amount of
Lot Number APN Numbers Usable Acres Assessment
10 317-224-06 0.697 $ 7,973.70
11 317-224-07 0.644 7,367.40
12 317-224-18 0.527 6,028.90
13 317-224-19 0.521 5,960.26
14 317-224-20 0.579 6,623.78
15-16 317-224-21 1.310 14,986.44
17 317-224-22 0.444 5,079.38
18 317-224-23 0.426 4,873.46
19 317-224-02 0.558 6,383.54
20 317-224-03 0.623 7,127.14
21 317-224-04 0.667 7,630.52
22 317-223-19 7.241 82,837. 34
23 317-223-33 3.104 35,509.88
24,26 317-223-32 4.140 47,361. 76
25 317-223-20 2.461 28,153.94
27 317-223-21 3.670 41,984.96
28 317-223-18 1. 379 15,775.82
29 317-223-28 1.141 13,053.08
30 317-223-27 1.084 12,401. 00
31 317-223-15 1. 064 12,172.20
32 317-223-14 1. 558 17,823.58
33 317-223-13 1. 753 20,054.40
34 317-223-12 3.300 37,752.12
35 317-223-11 3.222 36,859.82
36 317-223-01 3.140 35,921.72
37 317-223-02 2.914 33,336.28
38 317-223-03 3.126 35,761.56
39 317-223-04 3.602 41,207.02
40 317-223-05 5.532 63,286.30
41 317-223-06 6.359 72,747.22
42 317-223-07 4.175 47,762.16
43 & 44 317-223-31 5.865 67,095.84
45.1 317-223-37 1.274 14,574.60
45.2 317-223-38 1. 273 14,563.18
52 317-270-07 2.610 29,858.50
53 317-270-08 1.992 22,788.56
54 317-270-09 1. 816 20,775.10
55 317-270-10 1.906 21,804.72
56 317-270-11 1.980 22,651.28
57 317-270-12 3.352 38,347.02
58 317-270-13 2.389 27,330.26
59 317-270-14 1. 932 22,102.16
60 317-270-15 1. 339 15,318.20
61 317-270-16 1.391 15,913.10
5 0 f 7
AUG 6 1996 ITEM 7
Resolution No. 96-
Page 3
Net Amount of
Lot Number APN Numbers Usable Acres Assessment
62 Reservoi r Site N/A
63 317-270-18 2.240 $ 25,625.70
64 317-270-19 1.831 20,946.70
65 317-270-20 0.996 11,394.28
66 317-270-21 0.653 7,470.36
67 317-270-22 1.477 16,896.94
68 317-270-23 0.753 8,614.34
69 317-270-24 0.807 9,232.12
70 317-270-25 0.640 7,321.62
71 317-270-26 4.998 57,177 .32
72 317-270-27 4.674 53,470.76
73 317-270-28 3.894 44,547.52
74 317-270-29 4.102 46,927.04
75 317-270-30 1.118 12,789.96
76 317-270-31 1.026 11,737.48
77 317-270-32 1.200 13,728.04
78 317-270-33 3.469 39,685.50
79 317-270-34 4.977 56,937.08
80 317-270-35 6.297 72,037.94
81 317-270-36 6.315 72,243.84
82 317-270-37 2.495 28,542.90
83 317-270-38 2.765 31,631.72
84 317-270-39 3.073 35,155.24
85 317-270-40 3.024 34,594.68
86 317-270-41 2.678 30,636.42
87 317-270-42 2.426 27,753.54
88 317-270-43 2.150 24,596.10
89 317-270-44 2.988 34,182.84
90 317-281-07 3.116 35,647.16
91 317-281-08 3.276 37,477 .56
92 317-281-09 3.023 34,583.24
93 317-281-10 2.796 31,986.36
94 317-281-11 3.440 39,353.74
95 317-281-12 4.411 50,462.02
96 317-281-13 4.321 49,432.40
97 317-281-14 3.154 36,081. 90
98 317-281-15 5.971 68,308.48
99 317-281-16 7.246 82,894.52
102 317-270-45 0.442 5,056.50
103 317-270-46 0.608 6,955.54
104 317-270-47 0.313 3,580.74
TOTAL 251. 258 $2,874,401. 58
6 0 f 7
AUG 6 1996 ITEM 7
Resolution No. 96-
Page 4
PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway,
California, at a regular meeting thereof this 6th day of August, 1996.
Don Hi9ginson, 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
that the foregoing Resolution No. 96- was duly adopted by the City Council at a
meeting of said City Council held on the 6th day of August, 1996, and that it was so
adopted by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Marjorie K. Wahlsten, City Clerk
City of Poway
c:\wpfiles\data\taxrate.agn
/ 0 f 7
AUG 6 1996 ITEM 7 ' I