HomeMy WebLinkAboutSA 14-238 Reso Confirming Fiscal Year 2014-15 for CFD 90-2CITY OF
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REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE
TO: HONORABLE CHAIRPERSON
AND MEMBERS OF THE SUCCESSOR AGENCY
FROM: GRANT YATES, EXECUTIVE DIRECTORS
DATE: AUGUST 12, 2014
SUBJECT: RESOLUTION CONFIRMING FISCAL YEAR 2014 -15 SPECIAL TAXES
FOR CFD NO.90 -2 (TUSCANY HILLS PUBLIC IMPROVEMENTS)
Recommendation
It is recommended that the Successor Agency of the Redevelopment Agency of the City
of Lake Elsinore adopt Resolution No. SA -2014- requesting the Tax Collector of
the County of Riverside to place special taxes on properties within CFD No. 90 -2 for Fiscal
Year 2014-15.
Background
The Successor Agency is required by the County of Riverside to provide a certified
Resolution to the Auditor /Controller's office each year to confirm special taxes for the
property tax roll for CFD No. 90 -2. This will be the twenty -third year that CFD special taxes
are levied in CFD 90 -2.
Discussion
The FY 2014 -15 budget for CFD 90 -2 is comprised of bond debt service payments and
administrative costs. In addition, the Mello -Roos Act authorizes the increase of the CFD tax
up 10% for anticipated futures delinquencies. In order to make sure funds are available to
pay the required bond debt service payment on the bonds, the levy includes only 5% for
anticipated property tax delinquencies. The total tax levy for FY 2014 -15 is $1,956,500.
AGENDA ITEM NO.
Resolution Confirming FY 2014 -15 Special Taxes for CFD 90 -2
August 12, 2014
Page 2 of 2
Fiscal Impact
There is no fiscal impact directly associated with this item. The CFD levy includes
administrative fees and an amount sufficient to cover direct costs as well as the required
bond debt payments.
Prepared by: Jason Simpson
Director of Administrative Services
Approved by: Grant Yates, Executive Director
Attachment: Resolution No. SA -2014-
RESOLUTION NO. SA 2014-
A RESOLUTION OF THE SUCCESSOR AGENCY 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
PROPERTIES WITHIN COMMUNITY FACILITIES NO. 90 -2
WHEREAS, the Successor Agency 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), herein after referred to as CFD 90 -2; and
WHEREAS, Resolution RDA No. 90 -6 was adopted on October 24, 1990, the
"Resolution of Intention "; Resolution No. RDA 90 -12 entitled "A Resolution Declaring
Results of Special Election and Directing Recording of Notice of Special Tax Lien" was
adopted November 27,1990; and 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)" was adopted December
11, 1990; and
WHEREAS, all special taxes in CFD 90 -2 were levied without regard to property
valuation.
NOW, THEREFORE, the Successor Agency of the Redevelopment Agency 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, 2015, 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 via File Transfer Protocol (FTP) 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.
Successor Agency Resolution No. SA 2014 -_
Page 2 of 3
PASSED, APPROVED AND ADOPTED at a regular meeting of the Successor Agency
of the Redevelopment Agency of the City of Lake Elsinore, California, this 12'h day of
August, 2014.
NATASHA JOHNSON
CHAIRMAN
ATTEST:
VIRGINIA J. BLOOM
AGENCY CLERK
APPROVED AS TO FORM:
BARBARA LEIBOLD
AGENCY COUNSEL
Successor Agency Resolution No. SA 2014 -_
Page 3 of 3
SUCCESSOR AGENCY OF THE 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 2014 -15
FUND NUMBER 68 -2364
TOTAL PARCELS 1,021
TOTAL CHARGES $1,956,500