HomeMy WebLinkAbout07/22/2008 RDA Agenda L, I E aLS:INO E
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AGCNCY
REPORT TO REDEVELOPMENT AGENCY
TO: HONORABLE CHAIRMAN
AND MEMBERS OF THE REDEVELOPMENT AGENCY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: JULY 22, 2008
SUBJECT: RESOLUTION CONFIRMING FISCAL YEAR 2008 -09 SPECIAL TAXES
FOR CFD 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 tax roll.
Discussion
This is the eighteenth year for special taxes on CFD 90 -2. Total parcels remained the
same as last year. Total charges increased by $191,184.80, from $1,639,296.50 to
$1,830,481.30. The average increase per parcel is approximately 11.7 %. Property
owners will experience an average increase of $187.25 this year. The increase is due
to a 1.7% increase in the debt service payment on the bonds and an expected
delinquency rate of 10% for FY 2008 -09.
The City has seen a rise in the rate of special tax delinquencies and foreclosures due to
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 for anticipated delinquencies.
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. 5
Page 1 of 5
Resolution Confirming FY 2008 -09 Special Taxes for CFD 90 -2
July 22, 2008
Page 2
Recommendation
Waive further reading and 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: Matt N. Presse
Director of Admi /'ative Services
Approved by: Robert A. Bradyl1 �1
City Manager !'
Agenda Item No. 5
Page 2of5
RESOLUTION NO.
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, in 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 City Council of the City of Lake Elsinore, California,
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, 2009, 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.
SECTION 3. This resolution shall take effect from and after the date of its
passage and adoption.
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Agenda Item No. 5
Page 3 of 5