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Home My WebLink AboutCC AG PKT 2014-07-14 #F SEAt AGENDA STAFF REPORT IF DATE: July 14, 2014 TO: Honorable Mayor and City Council THRU: Jill R. Ingram, City Manager FROM: Victoria L. Beatley, 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. 6484 approving the Fiscal Year 2014- 2015 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 2014-2015. 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 2014-2015 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 $17,571.44 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 — F (2015-2016). The Fiscal Year 2014-2015 maximum and actual Special Tax A per Acre is listed as follows: Community Facilities District No. 2005-01 Fiscal Year 2014-2015 Special Tax A for Developed and Undeveloped Property Assigned/Maximum FY 2014-2015 Description Special Tax A per Acre Actual Special Tax A per Acre Developed Property $17,571.44 $12,683.62 Undeveloped Property $17,448.35 $0.00 Total expenditures for 2014-2015 are estimated at $569,875. This estimate includes debt service payments of $549,455 and administrative expenses of $20,420. Total revenues from Special Tax A are estimated at $569,875 for Fiscal Year 2014-2015. No credit will be applied to the levy this year. The maximum Landscape Maintenance assessment for Fiscal Year 2014-2015 was $2,776.20 per Acre within the District. This rate is to be increased by an amount equal to two percent (2%) for the following Fiscal Year (2015-2016). The Fiscal Year 2014-2015 maximum and actual Special Tax B per Acre is listed as follows: Community Facilities District No. 2005-01 Fiscal Year 2014-2015 Special Tax B for Developed and Undeveloped Property Assigned/Maximum FY 2014-2015 Description Special Tax B per Acre Actual S p acia I Tax�er�Acre Developeq_�oerty $2,776.20 $1,086.13 Undeveloped Property $2,776.20 — $0.00 .......... Total expenditures for 2014-2015 are estimated at $48,800. Total revenues from Special Tax B are estimated at $48,800 for Fiscal Year 2014-2015. ENVIRONMENTAL IMPACT: There is no environmental impact related to this item. LEGAL ANALYSIS: No legal analysis is required for this item. FINANCIAL IMPACT: There is no financial impact. Page 2 RECOMMENDATION: That the City Council adopt Resolution No. 6484 authorizing the 2014-2015 annual special taxes for the Communities Facilities District No. 2005-01. SUBMITTED NOTED AND APPROVED: . — rA Victoria L. Beatley, i Ingram, City nager Director of Finance/City Treasker Attachments: A. Resolution No. 6484 Page 3 RESOLUTION NUMBER A RESOLUTION OF THE SEAL BEACH CITY COUNCIL APPROVING THE FISCAL YEAR 2014-2016 ANNUAL SPECIAL TAX LEVY FOR COMMUNITY FACILITIES DISTRICT NO. 2005- 01 (PACIFIC GATEWAY BUSINESS CENTER) WHEREAS, the City Council of the CITY OF SEAL BEACH (the ^Cdy"), has initiated procaedings, held public hearing, conducted an election and namaivad a favorable vote from the qualified electors relating hothe levy mfa special tax in the City's Community Facilities District No. 2005-01 Gateway Business Center) (the 'District"), all as authorized pursuant to the terms and provisions of the "Mello-Roos Community Facilities Act of 1982^. being Chapter 2.5' Pad 1, Division 2. Title 5of the Government Code of the State ofCalifornia; and VVHEREAS, the City Council, by Ordinance as authorized by Section 53340 of the Government Code of the State of California, has authorized the levy of a special tax tV pay for costs and expenses related to said District; and WHEREAS, the City Council desires to establish the specific rate of the special tax tuhe collected for the next fiscal year. THE SEAL BEACH CITY COUNCIL DOES HEREBY RESOLVE: Section 1,That the above recitals are all true and correct. Section 2.That the special tax rates for each tax category tobe used to genaonbs special tax revenues, which will bo collected to pay for the costs and expenses for the next fiscal year (2014-2015) for the Di$bict, 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 Counci|, and is not in excess of that aw previously approved by the qualified electors of the District. Section 4. The special tax shall be collected in the oemo manner au ordinary ad valorem property taxes are collected, and shall be subject tmthe moma penalties and same procedure and sale in cases of any delinquency for ad valorem taxes, and the Tax Collector is hereby authorized tu 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 8. 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 ampace marked "public impnuvements, special tax" orbyany other suitable designation, the installment of the special tax, and for the exact rate and amount of said tax, reference ia made bu the attached Exhibit'A^ Section 7. The County Auditor shall then, at the close of the tax collection period, promptly render tothe City a detailed report showing the amount and/or amounts of such special tax instmUmanta, inbenmmt, penalties and percentages so collected and from what property co||ecbsd, 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 tothe County Auditor for inclusion into the 2014-2015 Tax Rn|| subsequent to the submittal deadline of August 10. 2014 the City Council directs the Qh/ of Seal Beach staff ortheir agents to bill such parcels directly via U.S. mail using the rates as approved in Exhibit"A" Resolution Number 6484 PASSED, APPROVED and ADOPTED by the Seal Beach City Council at a regular meeting held on the 14th day of July , 2014 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 1, Linda Devine, City Clerk of the City of Seal Beach, do hereby certify that the foregoing resolution is the original copy of Resolution Number 6484 on file in the office of the City Clerk, passed, approved, and adopted by the City Council at a regular meeting held on the 14th day of—July 2014. City Clerk Exhibit"A" City of Seal Beach CFD No. 2005-01 FY 2014-2016 Tax Levy Tract Assessor's Parcel Number FY14-16 Special Tax 16375 095-791-01 $44,61196 16375 095-791-02 45,715.58 16375 095-791-03 61,688.46 16375 095-791-04 75,733.62 16375 095-791-05 58,934,52 16375 095-791-06 43,650.10 16375 095-791-07 44,33&58 16375 095-791-11 127,232.50 16375 095-791-12 74,632.04 16375 095-791-13 42,135.42 Total Fiscal Year 14116 Special Tax: $618,674.78 Total Number of Parcels Taxed: 10