HomeMy WebLinkAboutRDA Item No. 4CITY OF i~
LADE 2 LSIIYORE
DREAM EXTREME.
REPORT TO REDEVELOPMENT AGENCY BOARD
TO: CHAIRMAN AND BOARD MEMBERS
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: JULY 12, 2011
SUBJECT: RESOLUTION CONFIRMING FISCAL YEAR 2011-12 SPECIAL TAXES
FOR CFD NO. 90-2 (TUSCANY HILLS PUBLIC IMPROVEMENTS)
Background
The RDA is required by the County of Riverside to provide certified Resolutions to the
Auditor/Controller's office each year to confirm special taxes for the property tax roll.
Discussion
The City has seen a rise in the rate of special tax delinquencies and foreclosures due to
property tax bill delinquencies. In order to make sure money is available to pay the
required debt service payment on the bonds, the CFD is authorized to increase the
special tax by up to 10% on each parcel. Last year, the rates were increased 7.5% in
anticipation of moderately high delinquency rates. The current special tax delinquency
in the CFD has decreased; however, there is concern that this lower delinquency is
artificial due to bank foreclosures. Therefore, the special tax rates have been kept the
same as FY 2010-11.
This is the twenty-first year for special taxes in CFD 90-2. The total number of parcels
taxed within the CFD remained the same as last year (1,021 parcels). Total charges in
the CFD remained the same as last year, $1,812,615.90.
Fiscal Impact
There is no fiscal impact directly associated with this item. The RDA charges
administrative fees and an amount sufficient to cover direct costs as well as the bonded
debt services.
AGENDA ITEM NO. 4
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Resolution Confirming FY 2011-12 Special Taxes for CFD 90-2
July 12, 2011
Page 2
Recommendation
1. Adopt a resolution requesting the Tax Collector of the County of Riverside to
place special taxes on the bills of certain properties for CFD 90-2
Prepared by: James Riley
Director of Administrative Services
Approved by: Robert A. Brady
City Manager
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County Fund Number: 68-2364
RESOLUTION NO. 2011-010 RDA
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE, CALIFORNIA, REQUESTING
THE TAX COLLECTOR OF THE COUNTY OF RIVERSIDE TO
PLACE SPECIAL TAXES ON THE BILLS OF CERTAIN
PROPERTIES FOR CFD 90-2
WHEREAS, the Board of Directors of the Redevelopment Agency of the City of
Lake Elsinore, California (the "Agency"), has heretofore instituted and conducted
proceedings under the terms and provisions of the Mello-Roos Community Facilities Act of
1982 (the "Act'), being Chapter 25 of Part 1 of Division 2 of Title 5 (commencing at Section
53311) of the State of California Government Code for the acquisition and construction of
certain public works of improvements, together with appurtenances and appurtenant work
in a special tax district designated as COMMUNITY FACILITIES DISTRICT NO. 90-2
(TUSCANY HILLS PUBLIC IMPROVEMENTS), hereinafter referred to as CFD 90-2; and
WHEREAS, Agency Resolution RDA No. 90-6 adopted on October 24, 1990, the
"Resolution of Intention"; Agency Resolution No. RDA 90-12 entitled "A Resolution
Declaring Results of Special Election and Directing Recording of Notice of Special Tax
Lien", adopted November 27, 1990; and Agency Ordinance No. RDA 1 entitled "An
Ordinance of the Governing Board of the Redevelopment Agency of the City of Lake
Elsinore Levying Special Taxes Within the Redevelopment Agency of the City of Lake
Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public Improvements)",
adopted December 11, 1990; and
WHEREAS, all special taxes in this district were levied without regard to property
valuation.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE
ELSINORE DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That the portion of the principal, interest and other costs related to
CFD 90-2 due or coming due through June 30, 2012, be placed on the County Tax Rolls
and be collected by the Riverside County Tax Collector, as provided for in Exhibit "A" (a
summary of fixed charges).
SECTION 2. That the properties to be so assessed and the related amounts are
submitted on CD as requested by the Riverside County Tax Collector, further identified as
County Fund No. 68-2364.
1
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SECTION 3. This Resolution shall take effect from and after the date of its passage
and adoption.
PASSED, APPROVED, AND ADOPTED, at a regular meeting of the
Redevelopment Agency of the City of Lake Elsinore, California, on this 12th day of July
2011.
MELISSA MELENDEZ, CHAIRWOMAN
ATTEST:
VIRGINIA BLOOM, AGENCY SECRETARY
APPROVED AS TO FORM:
BARBARA LEIBOLD, AGENCY COUNSEL
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REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
EXHIBIT "A"
COMMUNITY FACILITIES DISTRICT 90-2
(TUSCANY HILLS PUBLIC IMPROVEMENTS)
SUMMARY OF FIXED CHARGES FOR TAX ROLL
FISCAL YEAR 2011-12
FUND NUMBER 68-2364
TOTAL PARCELS 1,021
TOTAL CHARGES $1,812,615.90
Page 5 of 6
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, VIRGINIA BLOOM, Agency Secretary, hereby certify that Resolution No. 2011-_
was adopted by the Redevelopment Agency, at their regular meeting held on the 12th day
of July 2011, and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
VIRGINIA BLOOM
AGENCY SECRETARY
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