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Home My WebLink AboutCC AG PKT 2015-07-13 #F AGENDA STAFF REPORT DATE: July 13, 2015 TO: Honorable Mayor and City Council THRU: Jill R. Ingram, City Manager FROM: Victoria L. Beatley, Director of Finance/City Treasurer SUBJECT: APPROVAL OF THE ANNUAL SPECIAL TAXES FOR COMMUNITY FACILITIES DISTRICT NO. 2002-01 "HERON POINTE" SUMMARY OF REQUEST: That the City Council adopt Resolution No. 6578 approving the Fiscal Year 2015-2016 special tax levy for Community Facilities District No. 2002-01 "Heron Pointe". BACKGROUND AND ANALYSIS: On September 23, 2002, the City approved the establishment of Community Facilities District 2002-01 known as Heron Pointe ("the District") and approved Ordinance No. 1490 authorizing the levy of special taxes within the District. However, the development was faced with various delays related to the discovery of a Native American burial site within the District's boundaries. As a result, final Coastal Commission approval was not received until July 2005. Immediately upon receipt of final approval, the City issued $3,985,000 of CFD Bonds to fund the cost of various improvements within the District. Per the Official Statement dated June 5, 2015, the City issued $3,480,000 Special Tax Refunding Bonds, Series 2015 and scheduled the outstanding amount of the CFD Bonds issued in 2005 to be redeemed in full. The City contracted with Willdan Financial Services to calculate special taxes for the District for Fiscal Year 2015-2016. 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. The special taxes will satisfy debt service on the Bonds. The method of assessment for the special taxes is described in the Amended Rate and Method of Apportionment section of the CFD Report prepared by Taussig and Associates and submitted to Council on January 12, 2004. The method of assessment defines two primary categories of property: Developed Property and Agenda Item F Undeveloped Property. The category of Developed Property is further divided into five separate special tax classifications that vary with land use (e.g. residential and non-residential) and floor area (in square feet). The Fiscal Year 2015-2016 maximum and actual special taxes per Unit/Acre are listed as follows: Community Facilities District No. 2002-01 Fiscal Year 2015-2016 Special Taxes for Developed and Undeveloped Property FY 2015-2016 Assigned/Maximum Actual Special Residential Special Tax per Tax per Tax Class Description Floor Area Unit/Acre Unit/Acre 1 Residential > 4,000 SF $6,521.62 $4,_441.06 2 Residential 3,750—3,999 SF $6,190.05 $4,215.26 _........ 3 Residential 3,500— 3,749 SF $5,973.07 $4,067.50 4 Residential < 3,500 SF $5,570.80 $0.00 Non- 5 Residential NA $51,169.73 $0.00 NA Undeveloped NA $57.345.15 $0.00 Exhibit A of the resolution shows the Fiscal Year 2015-2016 special tax levy for each parcel being taxed. Total expenditures for 2015-2016 are estimated at $271,711. This estimate includes debt service payments of $251,828 and administrative expenses of $19,883. Total revenues from the special tax are estimated at $271,711 for Fiscal Year 2015-2016. No credit will be applied to the levy this year. ENVIRONMENTAL IMPACT: There is no environmental impact related to this item. LEGAL ANALYSIS: The City Attorney has reviewed this item and has approved as to form. FINANCIAL IMPACT: There is no financial impact related to this item. Page 2 RECOMMENDATION: That the City Council adopt Resolution No. 6578 approving the Fiscal Year 2015-2016 special tax levy for Community Facilities District No. 2002-01 "Heron Pointe". SUBMITTED BY: NOTED AND APPROVED: Victoria L. Beatley, Ji . Inlgram, City M n ger Director of Finance/City Treasurer Attachment: A. Resolution No. 6578 Page 3 RESOLUTION NUMBER 6578 A RESOLUTION OF THE SEAL BEACH CITY COUNCIL APPROVING THE FISCAL YEAR 2015-2016 ANNUAL SPECIAL TAX LEVY FOR COMMUNITY FACILITIES DISTRICT NO. 2002- 01 (HERON POINTE) 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. 2002-01 (Heron Pointe) (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 (2015-2016) 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 2015-2016 Tax Roll subsequent to the Resolution Number 6578 submittal deadline of August 10, 2015, 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". PASSED, APPROVED and ADOPTED by the Seal Beach City Council at a regular meeting held on the 13th day of Jam, 2015 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, Tina Knapp, City Clerk of the City of Seal Beach, do hereby certify that the foregoing resolution is the original copy of Resolution Number 6578 on file in the office of the City Clerk, passed, approved, and adopted by the City Council at a regular meeting held on 13th day of Jam, 2015. City Clerk Resolution Number 6578 Exhibit"A" City of Seal Beach CFD 2002-01 Fiscal Year 2015-2016 Special Tax Levy Assessor's FY1516 Assessor's FY1516 Parcel Number Special Tax Parcel Special Tax Number 199-201-01 $ 4,215.26 199-201-39 4,067.50 199-201-02 4,067.50 199-201-40 4,215.26 199-201-03 4,441.06 199-201-41 4,067.50 199-201-04 4,067.50 199-201-42 4,215.26 199-201-05 4,215.26 199-201-43 4,067.50 199-201-06 4,441.06 199-201-44 4,441.06 199-201-07 4,215.26 199-201-45 4,215.26 199-201-08 4,441.06 199-201-46 4,441.06 199-201-09 4,067.50 199-201-47 4,215.26 199-201-12 4,441.06 199-201-48 4,067.50 199-201-13 4,067.50 199-201-49 4,215.26 199-201-14 4,215.26 199-201-50 4,067.50 199-201-15 4,067.50 199-201-51 4,441.06 199-201-16 4,441.06 199-201-52 4,215.26 199-201-17 4,067.50 199-201-53 4,441.06 199-201-18 4,441.06 199-201-54 4,215.26 199-201-19 4,067.50 199-201-55 4,441.06 199-201-20 4,441.06 199-201-56 4,215.26 199-201-21 4,215.26 199-201-57 4,441.06 199-201-22 4,441.06 199-201-58 4,215.26 199-201-23 4,215.26 199-201-59 4,067.50 199-201-24 4,215.26 199-201-60 4,215.26 199-201-25 4,215.26 199-201-61 4,441.06 199-201-26 4,067.50 199-201-62 4,441.06 199-201-27 4,441.06 199-201-63 4,067.50 199-201-28 4,067.50 199-201-64 4,215.26 199-201-29 4,215.26 199-201-65 4,067.50 199-201-30 4,441.06 199-201-66 4,441.06 199-201-31 4,215.26 199-201-67 4,067.50 199-201-36 4,215.26 199-201-68 4,215.26 199-201-37 4,067.50 199-201-69 4,215.26 199-201-38 4,441.06 199-201-70 4,441.06 Total FY 2015-2016 Special Tax $271,711.00 Total Number of Parcels Taxed 64