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Home My WebLink AboutCC AG PKT 2006-12-11 #J e AGENDA REPORT DATE: December 11,2006 TO: Honorable Mayor and City Council THRU: John B. Bahorski, City Manager FROM: Lee Whittenberg, Director of Development Services SUBJECT: ANNUAL REPORT FOR CITY OF SEAL BEACH COMMUNITY FACILITIES DISTRICT NO. 2005-1 (pACIFIC GATEWAY BUSINESS CENTER) PURSUANT TO THE LOCAL AGENCY SPECIAL TAX AND BOND ACCOUNTABILITY ACT SUMMARY OF REQUEST: e Receive and File Report. Under state law, when a Community Facilities District (also known as Mello-Roos District) is formed, the Finance Department is required to submit a report to the City Council reporting on its activity over the past year and its status. This report meets the criteria of the state law. BACKGROUND: The purpose of this report is to comply with the provisions of the Local Agency Special Tax and Bond Accountability Act (the "Act"). The Act provides that any local special tax measure that is subject to voter approval on or after January I, 2001, that would provide for the imposition of a special tax by a local agency shall require the cbief fiscal officer of the levying local agency to file a report with its governing body no later than January 1, 2002, and at least once a year thereafter. The annual report shall contain both of the following: lJ The amount of funds collected and expended, and lJ The status of any project required or. authorized to be funded as identified in subdivision (a) of Section 50075.1 and Article 1.5, Section 53410. In compliance with the required report the Finance Department submits the following information: lJ City of Seal Beach Community Facilities District No. 2005.1 (pacific Gateway Business Center) - On January 23, 2006, the landowners within Community Facilities District No. 2005-1 (pacific Gateway Business Center) voted to incur an indebtedness and issue bonds in the maximum amount of $8,800,000, and for the levying of a special tax. e AGENDA ITEM - v ' Z. \My DocumentslBocinglCFDICFD 2005-1 2006 Annual Report CC SlllffReport docILWI11-28.o6 Receive and File Annual Report re: Community Faci/iti.. District 2005-1 (Pacific. Gateway Business Center) City Council St<rff Report December J 1. 2006 e lJ The City of Seal Beach Community Facility District No. 2005-1 (Pacific Gateway Business Center) bonds in the amount of $8,800,000.00 were issued on May 24, 2006. lJ The amount of funds collected and expended from the issuance date of May 24, 2006 until October 31, 2006 are shown on the "City of Seal Beach Community Facilities District No. 2005-1 (Pacific Gateway Business Center) Special Tax Bonds, Series 2006 Annual Report' attached to this report. D The annual report submitted next year will include the entire year from November 1,2006 to October 31, 2007. At this time, the following approximate amounts of work have been completed within the CFD boundary: lJ Sanitary Sewer Facilities -98% D Water Facilities - 98% . lJ Roadway Facilities - 98% lJ Landscape Facilities - 98% lJ Dry Utilities and Joint Trench - 98% lJ Grading - 98% lJ Engineering Plan Preparation - 100% FISCAL IMPACT: e None. RECOMMENDATION: Receive and File Report. tft). . Whittenberg, Director Department of Development S Attachment: City of Seal Beach Community Facilities District No. 2005-1 (Pacific Gateway Business Center) Special Tax Bonds, Series 2006 Annual Report e CfD 2005-1 2006 Annual Report.CC StalfReport 2 e e' e CITY OF SEAL BEACH COMMUNITY FACll..ITIES DISTRICT No. 2005-01 (PACIFIC GATEWAY BUSINESS CENTER) SPECIAL TAX BONDS, SERIES 2006 ANNUAL REPORT The purpose of this report is to comply with the provisions of the Local Agency Special Tax and Bond Accountability Act (the "Act"). The Act provides that any local special tax measure that is subject to voter approval on or after January 1,2001, that would provide for the imposition of a special tax by a local agency shall require the chief fiscal officer of the levying local agency to file a report with its governing body no later than January 1,2002, and at least once a year thereafter. The annual report shall contain both of the following: " . The amount of funds collected and expended. . The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Article 1.5, Section 53410. In compliance with the required report the Finance Department submits the following: . City of Seal Beach issued $8,800,000 in Community Facilities District No. 2005-01 (pacific Gateway Business Center) Special Tax Bonds in May 2006. The bonds were issued to (i) finance the acquisition and construction of certain sanitary sewer facilities, water facilities, roadway facilities, landscaping and irrigation improvements and dry utilities and joint trench, (ii) finance transportation, sewer, water, storm drain and park improvements to be funded through development fees, which swill serve the new construction in the CFD 2005- 01. . Separate accounts have been established with a third party trustee and/or the Director of Finance to administer the receipt and subsequent disbursement of the bond proceeds as the City accepts completed improvements. A summary sheet showing the receipt of funds as well as all disbursements made during the reporting period (May 24, 2006 to October 31, 2006) is attached as a part of this report. Approximately 73% of the initial deposit to the improvement fund has been spent to fund authorized facilities. The FY 2006-07 Special Tax A levy is equal to $0 and the Special Tax" B levy is equal to $85,570. , K:\CLIENTS2\ScaI Beoch\admin\cfd2005..o 1\2006-07lsb_16S1SB 165 onnual report_2006.doc DNd Tlu.lII1A1Il1C111w. he:. CITY OF SEAL BEACH CFO NO. 2005-01 (PACIFIC GATEWAY BUSINESS CENTER) S816& FUND S~MMARY Fund Bond Proceeds depaa!t8d on &124106 Special Ta. Fund (2) Bond Fund (1) R..aNe Account III Admlnlstntiva Exponsa Account [2] Redemption Fund [1] Improwmenl Fund (1) Cost of rssuence Account [1] Capitalized Inle..s' Subaccount [1] Grand Total SO SO $193.593 $0 $0 $6,950,525 $275.000 $585,715 58,804,833 Funds Received (5I24I0611\_h 10131106) $0 $124,320 $13,304 $35,000 $0 $109,315 $445 $9,270 Funds Expended (51Z41116 through 10131106) $291,854 [11 F","dlAccount hefd by F1sc:a1 Agent purtUant to the FIsCiII Agent AgrHment deled a. of May 1, 2DDB. 12.] FundlAccDunt h81d })yo Dnctclr of AdmllutrBbve Serull2IITrulurer pursuant to the Fiscal Agent Agr8emen~ detwc:l 81 of May 1, 2006. K..'a.ENTIZIB!AL BEACHlADMIN\CFD2l105001\2l101-07\S8..1111\1B1I1flCT_BUMIWW-.ZODI.123 $0 ($124,320) $0 ($2,913) $0 ($5.050,000) ($258,082) ($133,590) ($5,588,908) e "..... 02"5U4PM Ending Balance .. oll0131108 $0 $0 $806,897 $32,087 $0 $2,009,840 $19,382 $461,395 $3,329,581 e e