HomeMy WebLinkAboutItem No. 5CITY OF
LADE 9, LSII`IOIZE
- M DREAM EXTREME-
REPORT TO CITY COUNCIL
TO: HONORABLE MAYOR
AND MEMBERS OF THE CITY COUNCIL
FROM: GRANT YATES
CITY MANAGER
DATE: FEBRUARY 12, 2013
SUBJECT: NOTICE OF CESSATION OF SPECIAL TAX — CFD NO. 2004 -3
(ROSETTA CANYON)
Recommendation
It is recommended that City Council direct the City Clerk to record a Notice of Cessation
of Special Tax for 53015 Climber Court related to CFD No. 2004 -3 (Rosetta Canyon).
Background
CFD No. 2004 -3 (Rosetta Canyon) was created to finance the construction of public
improvements related to the Rosetta Canyon development. Bonds were issued to fund
the construction of the improvements. A special tax is levied annually on all parcels
within the CFD to repay the bond debt and to cover administrative expenses, which is
secured by a special tax lien recorded against each property.
The CFD allows for the prepayment of the special taxes. Any property owner within the
CFD may choose to prepay the taxes in full and have the special tax lien removed,
thereby removing the parcel from the CFD.
Discussion
The owner of 53015 Climber Court has prepaid the special tax in full in the amount of
$65,744.58, per the requirements of the CFD.
Fiscal Impact
There is no fiscal impact directly associated with this item.
Prepared by: James Riley, Director of Administrative Services IV
Approved by: Grant Yates, City Manager
Attachment: Notice of Cessation of Special Tax
Improvement Area 2 Prepayment Calculation
AGENDA ITEM NO. 5
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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. 2004 -3
(Rosetta Canyon)
The obligation to pay the special taxes for APN 349550003 -1 , located in Lake Elsinore,
California, has ceased and the lien imposed by the Notice of Special Tax Lien recorded as
document numbers 2005 - 0242390 and 2006 - 0528205 in the records of the County
Recorder of Riverside County, State of California, and shown in the boundary map recorded
in Book 60, Pages 46 through 47 of the Book of Maps of Assessment and Community
Facilities Districts of the County Recorder of Riverside County, State of California, is
extinguished.
O_Nrl
VIRGINIA BLOOM
CITY CLERK
CITY OF LAKE ELSINORE
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City of Lake Elsinore
Community Facilities District No. 2004 -3 (Rosetta Canyon) - Improvement Area 2
Prepayment Calculation
Date: 07/12/12
Property Address: 53015 CLIMBER COURT
Assessor's Parcel Number: 349 - 550 -003
Prepayment Amount: $65,744.58
Expiration Date: 08/08/12
Remit to: City of Lake Elsinore
c/o Nancy Lassey, Accounting Supervisor
130 S. Main Street
Lake Elsinore, CA 92530
Write your Assessor's Parcel Number and "CFD No. 2004 -3 payoff' on the check.
CALCULATION
la.) Assigned Special Tax (FY 2012 -13)
1b.) Backup Special Tax (FY 2012 -13)
$3,955.81
$4,145.74
2a.) Assigned Special Tax Percentage 0.218%
2b.) Backup Tax Percentage 0. 208%
3.) Bond Redemption Amount (higher of 2a or 2b times Bond Amount)
4.) Redemption Premium (2.5 %)
5.) Future Facilities Amount (higher of 2a or 2b times Future Facilities)
6.) Interest (to next bond payment 3/1/2013)
7.) FY 2012 -13 Special Taxes
8.) Investment Credit
9.) Administrative Fees and Expenses
10.) Reserve Fund Credit
11.) Capitalized Interest Credit
12.) Prepayment Amount
$50,324.95
$1,258.12
$14,322.13
$1,307.11
$3,878.26
($889.88)
$100.00
($4,556.11)
$0.00
$65,744.58
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