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Home My WebLink AboutCC AG PKT 2012-07-23 #I 0�SEA eye (cam AGENDA STAFF REPORT DATE: July 23, 2012 TO: Honorable Mayor and City Council THRU: Jill R. Ingram, City Manager FROM: Shelly S. Lin, Interim Director of Finance/City Treasurer SUBJECT: ANNUAL SPECIAL TAXES FOR COMMUNITY FACILITIES DISTRICT NO. 2005-01 "PACIFIC GATEWAY BUSINESS CENTER" SUMMARY OF REQUEST: That the City Council adopt Resolution No. 6297 approving the Fiscal Year 2012- 2013 annual special tax levy for Community Facilities District No. 2005-01 "Pacific Gateway Business Center". BACKGROUND AND ANALYSIS: In January 2006, the City approved the establishment of Community Facilities District No. 2005-01 known as the Pacific Gateway Business Center ("the District"). On February 13, 2006 the City Council approved Ordinance No. 1542 levying the special taxes within the District. Subsequently, in May 2006 the City issued $8,800,000 of CFD Bonds to fund the costs of various improvements within the District. The City contracted with Willdan Financial Services to calculate the special taxes for the District for Fiscal Year 2012-2013. The special taxes collected are considered special revenue. Special revenue sources are legally restricted to specific purposes. As a result, this special tax is not included in the General Fund revenues. Special taxes were segregated into two groups: A and B. Special Tax A will satisfy debt service on the Bonds ("Debt Service") and Special Tax B will satisfy costs related to the maintenance of parks, parkways and open space within the District ("Landscape Maintenance"). Exhibit "A" of the resolution shows the Fiscal Year 2012-2013 special tax levy for each parcel being taxed. The method of assessment for Special Taxes A & B is described in the Rate and Method of Apportionment section of the Official Statement. The method of assessment defines two primary categories of property: Developed Property and Undeveloped Property. Special Tax A allows for a maximum assessment rate of $16,889.13 per Acre on Developed Property within the District. This rate is to be increased by an amount equal to two percent (2%) for the following Fiscal Year Agenda Item (2013-2014). The Fiscal Year 2012-2013 maximum and actual Special Tax A per Acre is listed as follows: Community Facilities District No. 2005-01 Fiscal Year 2012-2013 Special Tax A for Developed and Undeveloped Property Assigned/Maximum FY 2012-2013 Special Tax A Actual Special Tax A Description per Acre per Acre Developed Property $16,889.13 $12,300.31 Undeveloped Property $17,106.23 $0.00 Total expenditures for 2012-2013 are estimated at $552,653. This estimate includes debt service payments of $527,300 and administrative expenses of $25,353. Total revenues from Special Tax A are estimated at $552,653 for Fiscal Year 2012-2013. No credit will be applied to the levy this year. The maximum Landscape Maintenance assessment for Fiscal Year 2012-2013 was $2,668.40 per Acre within the District. This rate is to be increased by an amount equal to two percent (2%) for the following Fiscal Year (2013-2014). The Fiscal Year 2012-2013 maximum and actual Special Tax B per Acre is listed as follows: Community Facilities District No. 2005-01 Fiscal Year 2012-2013 Special Tax B for Developed and Undeveloped Property Assigned/Maximum FY 2012-2013 Special Tax B Actual Special Tax B Description per Acre per Acre Developed Property $2,668.40 $1,135.10 Undeveloped Property $2,668.40 $0.00 Total expenditures for 2012-2013 are estimated at $51,000. Total revenues from Special Tax B are estimated at $51,000 for Fiscal Year 2012-2013. ENVIRONMENTAL IMPACT: There is no Environmental Impact related to this item. LEGAL ANALYSIS: No legal analysis is required for this item. Page 2 FINANCIAL IMPACT: There is no Financial Impact. RECOMMENDATION: That the City Council adopt Resolution No. 6297 authorizing the FY 2012-2013 annual special taxes for the Communities Facilities District No. 2005-01. SUBMITTED BY: NOTED AND APPROVED: 1 1\- /. Shally S Lin, Interim J T. Ingram, Ci anager Direct? of Finance/City Treasurer Attachments: A. Resolution No. 6297 Page 3 RESOLUTION NUMBER 6297 A RESOLUTION OF THE SEAL BEACH CITY COUNCIL APPROVING THE FISCAL YEAR 2012-2013 ANNUAL SPECIAL TAX LEVY FOR COMMUNITY FACILITIES DISTRICT NO. 2005- 01 (PACIFIC GATEWAY BUSINESS CENTER) WHEREAS, the City Council of the CITY OF SEAL BEACH (the "City"), has initiated proceedings, held a public hearing, conducted an election and received a favorable vote from the qualified electors relating to the levy of a special tax in the City's Community Facilities District No. 2005-01 (Pacific Gateway Business Center) (the "District"), all as authorized pursuant to the terms and provisions of the "Mello-Roos Community Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California; and WHEREAS, the City Council, by Ordinance as authorized by Section 53340 of the Government Code of the State of California, has authorized the levy of a special tax to pay for costs and expenses related to said District; and WHEREAS, the City Council desires to establish the specific rate of the special tax to be collected for the next fiscal year. THE SEAL BEACH CITY COUNCIL DOES HEREBY RESOLVE: Section 1. That the above recitals are all true and correct. Section 2. That the special tax rates for each tax category to be used to generate special tax revenues, which will be collected to pay for the costs and expenses for the next fiscal year (2012-2013) for the District, is hereby determined and established as set forth in the attached, referenced and incorporated Exhibit"A". Section 3. That the rate as set forth above does not exceed the amount as previously authorized by Ordinance of the City Council, and is not in excess of that as previously approved by the qualified electors of the District. Section 4. The special tax shall be collected in the same manner as ordinary ad valorem property taxes are collected, and shall be subject to the same penalties and same procedure and sale in cases of any delinquency for ad valorem taxes, and the Tax Collector is hereby authorized to deduct reasonable administrative costs incurred in collecting any said special tax. Section 5.All monies above collected shall be paid into the District funds. Section 6. The County Auditor is hereby directed to enter in the next County assessment roll on which taxes will become due, opposite each lot or parcel of land effected in a space marked "public improvements, special tax" or by any other suitable designation, the installment of the special tax, and for the exact rate and amount of said tax, reference is made to the attached Exhibit"A". Section 7. The County Auditor shall then, at the close of the tax collection period, promptly render to the City a detailed report showing the amount and/or amounts of such special tax installments, interest, penalties and percentages so collected and from what property collected, and also provide a statement of any percentages retained for the expense of making any such collection. Section 8. Special taxes are to be levied on all non-exempt parcels within the District. Should it be discovered that any taxable parcels are not submitted to the County Auditor for inclusion into the 2012-2013 Tax Roll subsequent to the submittal deadline of August 10, 2012 the City Council directs the City of Seal Beach staff or their agents to bill such parcels directly via U.S. mail using the rates as approved in Exhibit"A". Resolution Number 6297 PASSED, APPROVED and ADOPTED by the Seal Beach City Council at a regular meeting held on the 23rd day of July ., 2012 by the following vote: AYES: Council Members NOES: Council Members ABSENT: Council Members ABSTAIN: Council Members Mayor ATTEST: City Clerk STATE OF CALIFORNIA } COUNTY OF ORANGE } SS CITY OF SEAL BEACH } I, Linda Devine, City Clerk of the City of Seal Beach, do hereby certify that the foregoing resolution is the original copy of Resolution Number 6297 on file in the office of the City Clerk, passed, approved, and adopted by the City Council at a regular meeting held on the 23rd day of July , 2012. City Clerk Exhibit"A" City of Seal Beach CFD No. 2005-01 FY 2012-2013 Tax Levy Assessor's FY 2012-2013 FY 2012-2013 Tract Parcel Number Special Tax A Special Tax B 16375 095-791-01 $39,853.00 $3,677.72 16375 095-791-02 40,837.02 3,768.52 16375 095-791-03 55,105.38 5,085.24 16375 095-791-04 67,651.72 6,243.04 16375 095-791-05 52,645.32 4,858.22 16375 095-791-06 38,991.98 3,598.26 16375 095-791-07 39,607.00 3,655.00 16375 095-791-11 113,654.88 10,488.30 16375 095-791-12 66,667.68 6,152.24 16375 095-791-13 37,638.94 3,473.40 Total FY 2012-2013 Special Tax: $552,652.92 $50,999.94 Total Number of Parcels Taxed: 10