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Home My WebLink AboutCC AG PKT 2013-07-22 #FDATE: July 22, 2013 TO: Honorable Mayor and City Council THRU: Jill R. Ingram, Cit�12= FROM: Victoria L. Beatley, Director of Finance/City Treasurer fAV That the City Council adopt Resolution No. 6389 approving the Fiscal Year 2013- 2014 annual special tax levy for Community Facilities District No. 2005-01 Pacific Gateway Business Center. 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 2013-2014. 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 2 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 2013-2014 special tax levy for each parcel being taxed. The method of assessment for Special Taxes A and 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. 1 genda Item F Special Tax A allows for a maximum assessment rate of $17,226.91 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 (2014-2015). The Fiscal Year 2013-2014 maximum and actual Special Tax A per acre is listed as follows: Community Facilities District No. 2005-01 Fiscal Year 2013-2014 Special Tax A for Developed and Undeveloped Property Total expenditures for 2013-2014 are estimated at $559,147. This estimate includes debt service payments of $538,775 and administrative expenses of $20,372. Total revenues from Special Tax A are estimated at $559,147 for Fiscal Year 2013-2014. No credit will be applied to the levy this year. The maximum Landscape Maintenance assessment for Fiscal Year 2013-2014 was $2,721.76 per acre within the District. This rate is to be increased by an amount equal to two percent (2%) for the following Fiscal Year (2014-2015). The Fiscal Year 2013-2014 maximum and actual Special Tax B per acre is listed as follows: Community Facilities District No. 2005-01 Fiscal Year 2013-2014 Special Tax B for Developed and Undeveloped Property Assigned/Maximum FY 2013-2014 Descr iption Special Tax A Actual Special Tax A per Acre per Acre BM- M me • 3 2 09 *"- rr i i $12,444.86 Undeveloped Property $17,448.35 Total expenditures for 2013-2014 are estimated at $559,147. This estimate includes debt service payments of $538,775 and administrative expenses of $20,372. Total revenues from Special Tax A are estimated at $559,147 for Fiscal Year 2013-2014. No credit will be applied to the levy this year. The maximum Landscape Maintenance assessment for Fiscal Year 2013-2014 was $2,721.76 per acre within the District. This rate is to be increased by an amount equal to two percent (2%) for the following Fiscal Year (2014-2015). The Fiscal Year 2013-2014 maximum and actual Special Tax B per acre is listed as follows: Community Facilities District No. 2005-01 Fiscal Year 2013-2014 Special Tax B for Developed and Undeveloped Property Total expenditures for 2013-2014 are estimated at $48,800. Total revenues from Special Tax B are estimated at $48,800 for Fiscal Year 2013-2014. There is no environmental impact related to this item. A A i No legal analysis is required for this item. 9MIA Assigned/Maximum FY 2013-2014 Description Special Tax B Actual Special Tax B per Acre per Acre Developed ProPe� Undeveloped Property Total expenditures for 2013-2014 are estimated at $48,800. Total revenues from Special Tax B are estimated at $48,800 for Fiscal Year 2013-2014. There is no environmental impact related to this item. A A i No legal analysis is required for this item. 9MIA There is no financial impact. That the City Council adopt Resolution No. 6389 approving the Fiscal Year 2013- 2014 annual special tax levy for Community Facilities District No. 2005-01 Pacific Gateway Business Center. jjL/M,Fg Victdria L. BeMley, Director of Finance/City Treasurer Attachments: '►�. _ ig - Ok lngrar�, City A RESOLUTION OF THE SEAL BEACH CITY COUNCIL APPROVING THE FISCAL YEAR 2013-2014 ANNUAL SPECIAL TAX LEVY FOR COMMUNITY FACILITIES DISTRICT NO. 2005- 01 (PACIFIC GATEWAY BUSINESS CENTER) VVHEREAS, the City Council of the CITY OF SEAL BEACH (the "City"), has initiated proceedings, held 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 ^0athcy'), all as authorized pursuant to the harms and provisions of the "Mello-Roos Community Facilities Act of 1982". being Chapter 2.5, Pad 1` Division 2. Title 5of the Government Code of the State of California; and VVHENEAS, the City Council, by Ordinance ooauthorized by Section 53340 of the Government Code of the State of California, has authorized the levy of m special tax ho pay for costs and expenses related bo said District; and WHEREAS, the Qty Council desires to establish the specific naha of the special tax toba collected for the next fiscal year. 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 spone| tax rmvenuem, which will be collected to pay for the costs and expenses for the next Ouua| year (2013-2014) for the District, is hereby determined and established as set forth in the attached, referenced and incorporated Exhibit "K. Section 3. That the nmta as set forth above duam not exceed the amount as previously authorized by Ordinance of the City Council, and is not |n 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 ae ordinary ad ma|umam property taxes are coUoubad, 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 bw paid into the District funds. Section G. The County Auditor in hereby directed to enter in the next County assessment roll on which taxes will become due, opposite each lot orparcel of land effected in a space marked "public improvements, special tax" or by any other suitable daaigna8on, the installment ofthe special tax, and for the exact rate and amount of said tax, reference io made hm 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, inbanost, penalties and percentages aocollected and from what property uoUecbed, 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 itbodiscovered that any taxable parcels are not submitted hnthe County Auditor for inclusion into the 2013-2014 Tax Roll subsequent to the submittal deadline of August 10. 2013 the City Council directs the City of Seal Beach staff or their agents to bill such poroa|a directly via U.S. mail using the rates os approved in Exhibit ''A^ PASSED, APPROVED and ADOPTED by the Seal Beach City Council at regular meeting held on the 22nd day of July _,2013by the following vote: AYES: Council Members NOES: Council Members ABSENT: Council Members ABSTAIN: Council Members Mayor City Clerk STATE OF CALIFORNIA ) COUNTY OFORANGE S5 CITY OF SEAL BEACH � |. Undo Devine` City Clerk of the City of Seal Baoch, do hereby certify that the foregoing resolution is the original copy of Resolution Number (3V89 on file in the office of the City Clerk, passed, approved, and adopted by the City Council ata regular meeting held on the 22nd day of July .2O13. City Clerk Exhibit "A" City of Seal Beach CFD No. 2UU5-01 FY 2013-2014 Tax Levy Total Number of Parcels Taxed: 10 Assessor's FY 2013~2014 FY 2013-2014 Tract Parcel Number 16375 095-791-01 $40,321.32 $3,519.06 18375 095-791-02 41.316.90 3,605.96 16375 005'791-03 55.752.98 4.865.86 16375 095-701-04 88.44670 5.973.72 18375 095'781'05 53.263.98 4.648.64 18375 085'701-08 39.450.18 3.443.04 16375 095-791-07 40.072.42 3.497.34 10375 095-79141 114.990.48 10,035.86 16375 095-701-12 87.451.12 5.888.84 18375 095-79143 38.081.26 3.323.58 Total FY 2013-2014 Special Tax: *559'147.32 $48.799.08 Total Number of Parcels Taxed: 10