HomeMy WebLinkAbout2011-05-24 City Council Item No. 07CITY OF � ,
LADELSINORX
DREAM EXTREMEry
REPORT TO CITY COUNCIL
TO: HONORABLE MAYOR
AND MEMBERS OF THE CITY COUNCIL
FROM: ROBERT A. BRADY
CITY MANAGER
DATE: MAY 24, 2011
SUBJECT: NOTICE OF CESSATION OF SPECIAL TAX FOR CERTAIN
PROPERTIES WITHIN CFD NO. 2006 -1 (SUMMERLY)
Background
Community Facilities District No. 2006 -1 (Summerly) (hereinafter the "CFD ") was
established in 2006 to fund the construction of the public improvements associated with
the Summerly development. The CFD encompasses a proposed buildout of
approximately 1,450 single family homes. Each home is subject to the CFD annual
special tax.
The CFD contains provisions for the prepayment of the special taxes for the life of the
CFD. Once a home has been constructed, any property owner may elect to prepay the
special taxes, thereby satisfying the annual CFD obligation.
The owner of the parcels below, McMillin Summerly, LLC, requested a prepayment
calculation for the CFD special taxes on September 1, 2010. The prepayment amount
was prepared by the City's CFD Administrator, Francisco & Associates, Inc. and
transmitted to McMillin Summerly, LLC, on September 3, 2010.
Address Lot # APN Pre- navmenf Amt_ Amount Paid
29463 VILLAGE PARKWAY
59
371 - 311 -005
$44,241.36
$44,241.36
29459 VILLAGE PARKWAY
60
371 - 311 -006
$44,241.36
$44,241.36
29455 VILLAGE PARKWAY
61
371- 311 -007
$38,662.09
$38,662.09
29451 VILLAGE PARKWAY
62
371 - 311 -008
$38,718.37
$38,718.37
29447 VILLAGE PARKWAY
63
371- 311 -009
$38,718.37
$38,718.37
29418 BATTERS BOX
70
371 - 311 -016
$42,051.92
$42,051.92
29460 VILLAGE PARKWAY
68
371- 324 -009
$58,989.69
$58,989.69
29464 VILLAGE PARKWAY
1 69 1
371 - 324 -010
$53,014.48
$53,014.48
Total $358,637.64
The City has received the entire prepayment amount of $358,637.64 as of April 12,
2011. Attached is a map showing the location of the parcels.
AGENDA ITEM NO. 7
Page 1
Notice of Cessation of Special Tax — CFD No. 2006 -1
May 24, 2011
Page 2
Discussion
When a property owner prepays the special taxes, the Mello -Roos Community Facilities
Act of 1982 requires the legislative body to direct the City Clerk to record a Notice of
Cessation of Special Tax, which extinguishes the CFD special tax lien.
In order to finalize the cancelling of the CFD special tax lien on these parcels, the City
Council must direct the City Clerk to execute the Notice of Cessation of Special Tax and
have the document recorded with the Riverside County Recorder's Office.
Fiscal Impact
There is no fiscal impact directly associated with this item. The cost of preparing the
Notice of Cessation of Special Tax and recording of the document was included in the
prepayment amount paid by the property owner.
Recommendation
1.) Direct the City Clerk to execute the Notice of Cessation of Special Tax Lien and
submit the executed document to the Riverside County Recorder's Office for
recordation.
Prepared by: James Riley
Director of Ad i strative Services
Approved by: Robert A. Brad
�j
City Manager ��AA►►''
Page 2
Recording Requested By
And When Recorded Mail to:
City Clerk
City of Lake Elsinore
130 S. Main Street
Lake Elsinore, CA 92530
NOTICE OF CESSATION OF SPECIAL TAX
City of Lake Elsinore
Community Facilities District No. 2006 -1
(Summerly)
The obligation to pay the special tax for the following parcels owned by McMillin
Summerly, LLC, and located in Lake Elsinore, California has ceased and the lien
imposed by the Notice of Special Tax Lien recorded as document number 2006-
0171680 in the records of the County Recorder of Riverside County, State of
California, and shown in the boundary map recorded in Book 65, Page 73 of the
Book of Maps of Assessment and Community Facilities Districts of the County
Recorder of Riverside County, State of California, is extinguished.
Address
29463 VILLAGE PARKWAY
29459 VILLAGE PARKWAY
29455 VILLAGE PARKWAY
29451 VILLAGE PARKWAY
29447 VILLAGE PARKWAY
29418 BATTERS BOX
29460 VILLAGE PARKWAY
29464 VILLAGE PARKWAY
DATE:
APN
371 -311 -005
371 -311 -006
371 - 311 -007
371 - 311 -008
371 - 311 -009
371 - 311 -016
371 - 324 -009
371 - 324 -010
VIRGINIA BLOOM
CITY CLERK
CITY OF LAKE ELSINORE
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