HomeMy WebLinkAbout0003_1_CFD 90-2 SA2 SRREPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY
OF THE CITY OF LAKE ELSINORE
To:Honorable Chair and Members of the Successor Agency
From:Grant Yates, Executive Director
Prepared by:Jason Simpson, Director of Administrative Services
Date:July 12, 2016
Subject:Resolution Confirming Fiscal Year 2016-17 Special Taxes for CFD No.
90-2 (Tuscany Hills Public Improvements)
Recommendation
Adopt RESOLUTION NO. SA 2016-__ A RESOLUTION OF THE CITY COUNCIL AS 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
Background
The City Council,as the Successor Agency to the Redevelopment 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 2016-17 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 3%for anticipated
property tax delinquencies.The total tax levy for FY 2016-17 is $1,996,831.99.
ResolutionConfirming FY2016-17 Special Taxes for CFD 90-2
July 12,2016
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.
Exhibits
A - Resolution No.SA 2016-___
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