HomeMy WebLinkAbout_EXTER~3From: Shane Spicer <shane.spicer@spicercg.com> Sent: Monday, November 25, 2024 9:21 AM To: Jason Simpson Subject: [External]Fw: Levy of Property Taxes after Maturity of CFD 90-2 Lake Elsinore (CDIAC Mello-Roos FY 23-24 Yearly Fiscal Status Report for Lake Elsinore Redevelopment Agency CFD No 90-2 Special Tax Parity Bonds 2007 Series A (CDIAC no. 2007-0183)) Attachments: image001.png; image003.png; image004.png; image002.png; image005.gif; image006.png; image008.gif; image007.png; image009.jpg Categories: Avast: Safe Message from external sender. Use Caution. FYI. I'll give him a call. Shane Spicer Spicer Consulting Group, LLC Please excuse any typographical errors. From: Christina Ramirez <christina.ramirez@spicercg.com> Sent: Monday, November 25, 2024 10:28:22 AM To: Jonathan Short <jonathan.short@spicercg.com>; Shane Spicer <shane.spicer@spicercg.com> Subject: FW: Levy of Property Taxes after Maturity of CFD 90-2 Lake Elsinore (CDIAC Mello-Roos FY 23-24 Yearly Fiscal Status Report for Lake Elsinore Redevelopment Agency CFD No 90-2 Special Tax Parity Bonds 2007 Series A (CDIAC no. 2007-0183)) Good Morning Shane and Jon, See below from CDIAC. Thank you! CHRISTINA RAMIREZ ASSISTANT FINANCIAL ANALYST SPICER CONSULTING GROUP, LLC 41880 KALMIA STREET, SUITE 145 | MURRIETA, CALIFORNIA 92562 951.239.4901 OFFICE | 951.428.0816 CELL | SPICERCG.COM This email message is intended for the use of the individual entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately. Thank you.
From: Field, Jeff <Jeff.Field@treasurer.ca.gov> Sent: Wednesday, November 20, 2024 1:41 PM To: Christina Ramirez <christina.ramirez@spicercg.com> Cc: Berry, Robert <Robert.Berry@treasurer.ca.gov> Subject: FW: Levy of Property Taxes after Maturity of CFD 90-2 Lake Elsinore (CDIAC Mello-Roos FY 23-24 Yearly Fiscal Status Report for Lake Elsinore Redevelopment Agency CFD No 90-2 Special Tax Parity Bonds 2007 Series A (CDIAC no. 2007-0183)) Good afternoon Christina, CDIAC received an inquiry (below) from a property owne r in the district concerned regarding the
above-referenced bond. Essentially, his concern is tha t he’s being assessed the special tax levy for
the bond after its final maturity date. I looked up the most recently filed Mello-Roos Yearly Fiscal Status Report and verified that
$1,065,000 in principal was outstanding as of 6/30/202 4. Presumably, this amount was paid on the
final coupon date of the bond, which was 10/1/2024. Mr. Kilroy, who contacted us, wants to know
why his most recent tax bill contains an assessment desig nated for CFD 90-2 of $2,087. In other
words, “Why am I funding debt service for a bond which has already matured?” It occurred to me while speaking with Mr. Kilroy that funds from sources other than the special
assessments approved by the City’s Successor Agency may have been used to make the final
principal payment on the bonds, with those funds to be replenished once future taxes had been
collected, but I didn’t want to speculate without some subs tantiating data or documentation. Did you come across anything in the resources you used to file the Yearly Fiscal Status Report that
might resolve Mr. Kilroy’s question? For example, a paym ent record that might indicate the source
the funds used to make the final principal payment? Thanks in advance for your help. Please let me know i f we should elaborate further. Jeff Field Manager | Data Collection and Analysis Unit
901 P Street, Room 142A, Sacramento, CA 95814 p (916) 653-5937 | m (916) 204-1598 jfield@treasurer.ca.gov | CDIAC_Issuance@treasurer.ca.gov www.treasurer.ca.gov/cdiac/
From: CDIAC <CDIAC@treasurer.ca.gov> Sent: Monday, November 18, 2024 1:23 PM To: Field, Jeff <Jeff.Field@treasurer.ca.gov> Subject: FW: Levy of Property Taxes after Maturity of CFD 90-2 Lake Elsinore From: Pat Kilroy <patkilroyelsinore@gmail.com> Sent: Monday, November 18, 2024 10:38 AM To: CDIAC <CDIAC@treasurer.ca.gov> Subject: Levy of Property Taxes after Maturity of CFD 90-2 Lake Elsinore CAUTION: EXTERNAL MAIL Do not click on links or open attachments unless you trust the sender and know the content is safe. Good morning CDIAC, According to the Annual Report for CFD 90-2 in the City of Lake Elsinore the bond's maturity date was October 1, 2024. It's my understanding the "maturity date" means the bond has become due and payable in full. Furthermore, the Annual Report shows a Debt Service Schedule with principal balance of $0.00 and no payment on the schedule after 10-01-2024. If the bond has been paid off, then the City of Lake Elsinore has no legal authority to order the levy of property taxes for this CFD 90-2. Yet on June 25, 2024 the City's Successor Redevelopment Agency approved $885,115 property taxes on 424 homes, averaging $2,087 per home. I contacted the County about 2-weeks ago, they directed me to the City. So, I contacted the City on Nov. 6th, but no response yet. Given CDIAC is the State's regulatory body of the Ann ual Report for CFDs (Mello Roos), I
would appreciate you reviewing the information provide d below and investigating this
matter if warranted.
I would think your agency would want the City to put in proper financial controls to prevent
this from happening in the future. 1. Annual Report CFD No. 90-2 Fiscal Year 2023-24 a. City’s Website link https://www.lake-elsinore.org/documentcenter/view/3447 2. Website for City Council Meeting Agenda (June 25, 2024) – Scroll down to
Item 22 i. Attachments includes Staff Report, Resolution and Exhibit A “Summary Charges ($885115) for Tax Roll ii. https://lakeelsinore.primegov.com/Portal/Meeting?meetingTemplateId=3481 3. Website link to Riverside County Property Tax – Pat Kilroy's Property - 68 Via De La Valle, Lake Elsinore 92532 i. https://ca-riverside-ttc.publicaccessnow.com/AccountSearch/AccountSummary/BillDetail.aspx?p=363365048&a=363365048&b=49548580&y=2024&x=49548580&t=Original Thank you in advance for your help. Sincerely, Pat Kilroy