Loading...
HomeMy WebLinkAboutCC Reso No 2010-066RESOLUTION NO. 2010-066 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2005-5 (VILLAGES AT WASSON CANYON), APPROVING THE LOWERING OF SPECIAL TAXES; AND AUTHORIZING THE TAKING OF CERTAIN OTHER ACTIONS RELATED THERETO WHEREAS, on June 28, 2005, the City Council (the "Council") of the City of Lake Elsinore (the "City") adopted Resolution No. 2005-54 stating its intention to form the City of Lake Elsinore Community Facilities District No. 2005-5 (Villages at Wasson Canyon) (the "CFD") pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act'), to finance a portion of the cost of providing parks, open space and storm drains maintenance services (the "Services") that are in addition to those provided in the territory within the CFD prior to the formation of the CFD, and to finance the purchase, construction, expansion or rehabilitation of certain real and other tangible property with an estimated useful life of five years or longer, including public infrastructure facilities and other governmental facilities, which the City is authorized by law to construct, own or operate (the "Facilities"); and WHEREAS, on June 28, 2005, the Council also adopted Resolution No. 2005-55 stating its intention and the necessity to incur bonded indebtedness in the amount not to exceed $8,500,000 to be issued for the purpose of financing the purchase, construction, expansion or rehabilitation of the Facilities; and WHEREAS, notice was published as required by law relative to the intention of the Council to form the CFD and to incur bonded indebtedness in the amount not to exceed $8,500,000 within the boundaries of the CFD; and WHEREAS, on August 9, 2005, this Council held a noticed public hearing as required by law relative to the determination to proceed with the formation of the CFD, the rate and method of apportionment and manner of collection of the special tax to be levied within the CFD to pay for the Services and the rate and method of apportionment and manner of collection of the special tax to be levied within the CFD to pay the principal and interest on the proposed bonded indebtedness of the CFD (the "RMA"), and relative to the necessity for authorizing the bonds, the purpose for which the bonds are to be issued, the amount of the proposed debt, the maximum term of the bonds and the maximum annual rate of interest to be paid; and WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the formation of the CFD and the incurring of bonded indebtedness by the CFD were heard and a full and fair hearing was held; and WHEREAS, the Council subsequent to said hearing adopted Resolution No. 2005-104 determining the validity of prior proceedings and established the CFD; and Resolution No. 2010-066 Page 2 of 4 WHEREAS, the Council subsequent to said hearing adopted Resolution No. 2005-106 which called an election within the CFD for August 9, 2005 on the proposition of incurring bonded indebtedness, levying a special tax and setting an appropriations limit; and WHEREAS, on August 9, 2005, an election was held within the CFD in which the eligible electors approved by more than two-thirds vote the proposition of incurring bonded indebtedness, levying a special tax, and setting an appropriations limit; and WHEREAS, the developer of property within the CFD has requested the Council to take action to lower the Assigned Special Tax A for Developed Property as such terms are defined in the RMA, which reduction will be proportional among the different land use classes designated in the RMA; and WHEREAS, the Council has determined that the lowering of the Assigned Special Tax A for Developed Property will facilitate the completion of the development within the CFD; NOW, THEREFORE, the City Council of the City of Lake Elsinore, California, does hereby resolve as follows: Section 1. The City Council hereby approves the amendment of Table 1 contained in the RMA by the substitution thereof with Table 1 as set forth in the attached Exhibit A. Section 2. The City Clerk is hereby directed and authorized to record an amendment to the notice of the special tax of the CFD that was previously recorded as Document 2005-0676326 in the official records of the County of Riverside. Section 3. This Resolution shall become effective immediately upon adoption. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Lake Elsinore, California, this 26th day of October, 2010. A MELISSA A. MELENDEZ, MAYO RG' CITY OF LAKE ELSINORE Resolution No. 2010-066 Page 3 of 4 CITY CLERK APPROVED AS TO FORM: IIIM 7c ARBA EID L IBOLD CITY ATTORNEY Resolution No. 2010-066 Page 4 of 5 STATE OF CALIFORNIA COUNTY OF RIVERSIDE SS CITY OF LAKE ELSINORE I, CAROL COWLEY, City Clerk of the City of Lake Elsinore, California, hereby certify that Resolution No. 2010-066 was adopted by the City Council of the City of Lake Elsinore, California, at a regular meeting held on the 26th day of October, 2010, and that the same was adopted by the following vote: AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, MAGEE MAYOR PRO TEM BHUTTA, AND MAYOR MELENDEZ NOES: NONE ABSENT: NONE ABSTAIN: NONE (Law- I--- CAROL 0 EY,CMC CITY CLERK Resolution No. 2010-066 Page 5 of 5 EXHIBIT A REVISED TABLE 1 OF THE RMA Assigned Special Tax A for Developed Property Community Facilities District No. 2005-5 Fiscal Year 2010-11 and Use lass . ry, Description Residential Flogilxea Assigned Special Tax A 1 Residential Property 3,600 sq. ft. $1,602.32 per unit 2 Residential Property 3,475 - 3,599 sq. ft. $1,590.86 per unit 3 Residential Property 3,350 - 3,474 sq. ft. $1,505.86 per unit 4 Residential Property 3,225 - 3,349 sq. ft. $1,461.26 per unit 5 Residential Property 3,100 - 3,224 sq. ft. $1,441.96 per unit 6 Residential Property < 3,100 sq. ft. $1,375.65 per unit 7 Non-Residential Property NA $9,155.15 per Acre The Backup Special Tax A attributable to each lot within CFD No. 2005-5, as stated in Section C.l.a.(3), for FY 2010-11 shall be reduced from $3,108.20 to $1,697.08 per lot.