HomeMy WebLinkAbout1992-07-14 - RESOLUTIONS - CFD 92-1 (3)U
RESOLUTION NO. 92- 142
RESOLUTION OF FORMATION OF THE CITY
COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA DETERMINING THE VALIDITY OF
PRIOR PROCEEDINGS AND ESTABLISHING
COMMUNITY FACILITIES DISTRICT NO. 92-1 OF
THE CITY OF SANTA CLARITA (VALENCIA TOWN
CENTER)
WHEREAS, the City Council (the "Council") of the City of
Santa Clarita, California (the "City"), has heretofore
adopted Resolution No. 92-109 stating its intention to form
Community Facilities District No. 92-1 of the City of Santa
Clarita (Valencia Town Center) ("Community Facilities
District No. 92-1" or "CFD No. 92-111) pursuant to the Mello -
Roos Community Facilities Act of 1982, as amended, (the
.-. "Act") ; and
WHEREAS, a copy of Resolution No. 92-109, incorporating
a description of the proposed boundaries of Community
Facilities District No. 92-1 and setting forth the facilities
to be provided, the cost of providing such facilities and the
rate and method of apportionment and manner of collection of
the special tax to be levied within Community Facilities
District No. 92-1 to pay for the facilities and other costs,
including payment of the principal and interest on bonds
proposed to be authorized within Community Facilities
District No. 92-1 is on file with the City Clerk and is
incorporated herein by reference; and
WHEREAS, Resolution No. 92-109 set July 14, 1992 as the
date of the public hearing on the formation of CFD 92-1; and
-1-
WHEREAS, on July 14, 1992, this Council held a noticed
Public hearing as required by law relative to the proposed
formation of Community Facilities District No. 92-1; and
WHEREAS, at said hearing all persons not exempt from the
special tax desiring to be heard on all matters pertaining to
the formation of Community Facilities District No. 92-1 were
heard and a full and fair hearing was held; and
WHEREAS, at said hearing evidence was presented to the
Council on said matters before it, and this Council at the
conclusion of said hearing is fully advised in the premises;
and
NOW, THEREFORE, the City Council of the City of Santa-
Clarita, California does hereby resolve, determine and order
as follows:
Section 1. Pursuant to Section 53325.1(b) of the
Government Code, the Council finds and determines that the
proceedings prior hereto were valid and in conformity with
the requirements of the Act including, but not by way of
limitation, the following:
A. Filing of a petition by the property owner
requesting institution of proceedings to establish CFD No.
92-1;
H. Adoption of a resolution of intention to establish
CFD No. 92-1;
C. Adoption of a resolution of intention to incur
bonded indebtedness in the amount of not -to -exceed
$20,000,000;
-2-
D. Publication and mailing of notice of public hearing
on the establishment of Community Facilities District No.
92-1 and of the proposed debt issue;
E. Filing of the Report on the proposed public
facilities to be financed by CFD No. 92-1 (the "Report"), as
ordered by the Council; and
F. A public hearing on the establishment of the
Community Facilities District 92-1, the proposed public
facilities, and the incurring of the proposed debt at which
time the Council considered the Report, took public comments
on the Report, all interested persons or taxpayers not exempt
from the special tax were permitted to protest orally or in
writing against the establishment of CFD No. 92-1 or the
furnishing of specified types of public facilities or were
permitted to file written protests to the regularity or
sufficiency of the proceedings, and any person interested,
including persons owning property within CFD No. 92-1, were
permitted to appear and present any matters material to the
questions set forth in the resolutions of intention.
Section 2. A community facilities district to be desig-
nated "Community Facilities District No. 92-1 of the City of
Santa Clarita (Valencia Town Center)" is hereby established
pursuant to the Act.
Section 3. The description and map of the boundaries of
CFD No. 92-1 on file in the City Clerk's office and as
described in said Resolution No. 92-109 and hereby
incorporated herein by reference, shall be the boundaries of
-3-
Community Facilities District No. 92-1. The map of the
proposed boundaries of CFD 92-1 has been recorded in the
Office of the County Recorder of Los Angeles County,
California in Book 174 Page 99 of the Book of Maps of
Assessments and Community Facilities Districts.
Section 4. The type of public facilities ("Facilities")
proposed to be provided within CFD No. 92-1 and funded with
the special tax include certain real and other tangible prop-
erty with an estimated useful life of five years or longer,
including sewer, street, fire protection, bridge, paseo and
drainage improvements and other governmental facilities which
the City and other public entities are authorized by law to
construct, own or operate, within or without CFD No. 92-1,
which are necessary to meet increased demands placed upon the
City and other public entities as a result of development or
rehabilitation occurring within CFD No. 92-1. The Facilities
are more fully described in Exhibit "B" attached hereto and
by this reference hereby incorporated herein.
Section 5. Except where funds are otherwise available,
it is the intention of the Council to levy annually in
accordance with procedures contained in the Act, a special
tax sufficient to pay for the costs of financing all such
Facilities, including the principal of and interest on the
bonds proposed to be issued to finance such Facilities, and
other periodic costs and all other costs of the tax levyand
bond issue. The rate and method of apportionment of the
special tax and manner of collection is described in detail
-4-
in Exhibit "A" attached hereto and hereby incorporated herein
rte+
by this reference. The special tax is based upon the cost of
making the Facilities available to each parcel in the CFD No.
92-1 area, the demand that each parcel will place on the
Facilities and the benefit received by each parcel from the
Facilities.
Section 6. Upon recordation of a notice of special
tax lien pursuant to Section 3114.5 of the Streets and
Highways Code, a continuing lien to secure each levy of the
special tax shall attach to all nonexempt real property in
CFD No. 92-1 and this lien shall continue in force and effect
until the special tax obligation is prepaid and permanently
satisfied and the lien cancelled in accordance with law or
until collection of the tax by CFD No. 92-1.-
Section-1.
2-1.Section7. in the event that a portion of the property
within Community Facilities District No. 92-1 shall become
for any reason exempt•, wholly or partially, from the levy of
the special tax specified in Exhibit "A", the Council shall,
on behalf of•Community Facilities District No. 92-1, increase
the levy to the extent necessary upon the remaining property
within Community Facilities District No. 92-1 which is not
delinquent or exempt in order to yield the required payments,
subject to the maximum tax set forth in Exhibit "A".
Section 8. The Council finds that the Facilities are
necessary to meet the increased demand put upon the City and
other public entities as a result of the development within
Community Facilities District No. 92-1.
-5-
Section 9. The Council finds that there is not an ad
valorem property tax currently being levied on property
within proposed Community Facilities District No. 92-1 for
the exclusive purpose of paying principal of or interest on
bonds or other indebtedness incurred to finance construction
of capital facilities which provide the same services to the
territory of Community Facilities District No. 92-1 as are
proposed to be provided by the Facilities to be financed and
constructed by Community Facilities District No. 92-1.
Section 10. An appropriation limit for CFD 92-1 is
hereby proposed in an amount equal to all the proceeds of the
special tax collected annually and as defined by Article
XIIIB of the California Constitution, as adjusted for changes
.-. in the cost of living and changes in population.
Section 11. Written protests have not been filed by
fifty -percent (508) or more of the registered voters or prop-
erty owners of one-half (1/2) or more of the area of land
within proposed Community Facilities District No. 92-1.
Section 12. The proposed special tax to be levied in
Community Facilities District No. 92-1 to pay for all the
proposed services and Facilities has not been precluded by
majority protest of the registered voters residing within the
territory of Community Facilities District No. 92-1 or the
owners of one-half (1/2) or more of the area of land within
Community Facilities District No. 92-1 pursuant to Government
Code Section 53324.
Section 13. The Report is ordered to be kept on file
with the minutes of these proceedings and open for public
inspection.
Section 14. The Finance Director of the City of Santa
Clarita, whose office is located at 23920 Valencia Boulevard,
Santa Clarita, California 91355, telephone (805) 255-4925, is
hereby designated to be responsible for annually preparing a
current roll of special tax levy obligations by assessor's
parcel number and for estimating future special tax levies
pursuant to Section 53340.1 of the Government Code.
Section 15. The City Clerk is directed to certify and
attest to this resolution and to take any and all necessary -
acts to call, hold, canvass and certify the election relative
^^ to incurring bonded indebtedness and the levy of the special
tax.
PASSED and ADOPTED by the City Council of the City of
Santa Clarita, California at a regular meeting held on this
14th date of July , 1992.
CITY OF SANTA CLARITA, CALIFORNIA
Mayor '
ATT T:
TY CLERK
-7-
I HEREBY CERTIFY that the foregoing resolution was duly
.-� adopted by the City Council of the City of Santa Clarita,
California, at a regular meeting thereof, held on the 14th
day of July , 1992, by the following vote of the Council
AYES: Councilmembers Boyer, Darcy, Heidt, Pederson, Klajic
NOES: Councilmembers None
ABSENT: Councilmembers Nate
CITY CLERK
I, DONNA GRINDEY, City Clerk of the City of Santa
Clarita, California, DO HEREBY CERTIFY that the above and
foregoing is a full, true and correct copy of Resolution No.
92-142 , and that the same has not been amended or
repeals .
DATED:
14th day of
9/146/014040-0001/054
1992.
y Clerk df the City Xf
to Clarita, California
EXHIBIT A
RATE AND METHOD OF APPORTIONMENT FOR
COMMUNITY FACILITIES DISTRICT NO. 92-1
OF THE CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
A Special Tax (the "Special Tax") shall be levied on and collected in Community Facilities
District No. 92-1 of the City of Santa Clarita (Valencia Town Center) ("CFD No. 92-1") each
Fiscal Year, in an amount determined by the City Council of the City of Santa Clarita, acting
as the legislative body of CFD No. 92-1, through the application of the appropriate Special Tax
for "Taxable Property," as described below. All of the property in CFD No. 92-1, unless
exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent and
in the manner herein provided.
,4 0 /
The terms hereinafter set forth have the following meanings:
"Act" means the Mello -Roos Community Facilities Act of 1982, as amended, being
Chapter 2.5, Division 2 of Title 5 of the Government Code of the State of California.
"Administrative Expenses" shall mean any ordinary and necessary expenses of CFD
No. 92-1 and the City to cavy out its duties as the legislative body of CFD No. 92-1.
"Assessor's Parcel" means a lot or parcel shown in an Assessor's Parcel Map with an
assigned Assessor's Parcel number.
"Assessor's Parcel Map" means an official map of the County Assessor of the County
of Los Angeles designating parcels by Assessor's Parcel number.
"City" means the City of Santa Clarita, California.
"Council" means the City Council of the City of Santa Clarita, acting as the legislative
body of CFD No. 92-1.
"Fiscal Year" means the period starting each July 1 and ending on the following June
30.
"Maximum Special Tax" means the maximum Special Tax,, determined in accordance
with Section C, that can be levied by the Council in any Fiscal Year for Taxable
Property.
CFD No. 92-1
,.. Page 2
"Prepayment Fees" means the Administrative Expenses and fees of CFD No. 92-1, the
fees of any fiscal agent and any consultant retained by CFD No. 92-1 in connection with
the prepayment calculation and redemption of bonds.
"Reserve Fund Credit" means the pro rata reduction in the reserve fund balance for the
bonds as a result of the redemption of a portion of the principal amount of bonds from
the proceeds of a prepayment made pursuant to Section H below.
"Special Tax" means the Special Tax to be levied in each Fiscal Year on each Assessor's
Parcel of Taxable Property.
"Special Tax Requirement" means that amount required in any Fiscal Year for CFD
No. 92-1 to pay: (1) debt service on all bonds or other periodic costs incidental to the
bonds or other indebtedness, including, without limitation, any credit enhancement or
liquidity facilities fees, (2) Administrative Expenses, (3) costs associated with the release
of funds from an escrow account if any, and (4) any amounts required, to the extent
permitted in the formula for the Maximum Special Tax, to replenish any reserve funds.
.— "Taxable Property" means all Assessor's Parcels within the boundaries of CFD No. 92-
1 which are not exempt from the Special Tax pursuant to law or Section E below.
WNSI 14 MAN(IN WM) W DIA 61
For each Fiscal Year, all Assessor's Parcels within CFD No. 92-1 shall be classified as
Taxable Property and shall be subject to tax in accordance with the rate and method of
apportionment determined pursuant to Sections C and D below.
LGMWU V41.4 013110 CU 310) F411 ft
1. Taxable Property
The Maximum Special Tax for each Assessor's Parcel of Taxable Property shall
be the amount derived by multiplying the acreage for such Assessor's Parcel or
Parcels, as shown on the boundary map for CFD No. 92-1, by the applicable rate
in Table I below.
06122/1992
CFD No. 92-1
Page 3
TABLE I
Assessor's
Parcel
Number
Parcel Map
22206
Lot#
Fiscal Year 1992-93
Step 1
Maximum Special Tax
Fiscal Year 1992-93
Step 2
Maximum Special Tax
2861-059-024
4
$39,831 per acre
N/A
2861-059-004
5
$39,831 per acre
N/A
2861-058-004
6
$39,831 per acre
N/A
2861-059-008
11
$39,831 per acre
N/A
2861-058-008
12
$39,831 per acre
N/A
2861-058-009
12
$39,831 per acre
N/A
2861-058-024
13
$39,831 per acre
$326,927 per acre
2861-058-025
14
$39,831 per acre
N/A
2861-058-019
14
$39,831 per acre
N/A
2861-058-011
14
$39,831 per acre
N/A
2861-059-021
14
$39,831 per acre
N/A
2861-059-028
14
$39.831 Der acre
N/A
On each July 1, commencing with July 1, 1993, the Special Tax rates shown in the table
above shall be increased to 102% of the amount in effect in the previous Fiscal Year.
1 131 0 to 1 1XII 114 0 I ►IJt l 31CII / M* 1 ,
Commencing with Fiscal Year 1992-93 and for each following Fiscal Year, the Council
shall determine the amount of money to be collected from Taxable Property in CFD No.
92-1 in that Fiscal Year (the Special Tax Requirement).
The Council shall levy the Special Tax as follows until the amount of the levy equals the
Special Tax Requitement:
First: The Special Tax shall be levied proportionately on each Assessor's Parcel of
Taxable Property up to 100% of the applicable Step 1 Maximum Special Tax determined
by Section C.1 above.
Secon : Notwithstanding the above, if any Assessor's Parcel other than 2861-058-024
or its successor(s) is delinquent in the payment of Special Taxes, then the levy of the
Special Tax on Assessor's Parcel 2861-058-024 or its successor(s) shall be increased
from the amount levied pursuant to the fust step up to 100% of the applicable Step 2
06/2211992
CFD No. 92-1
Page 4
Maximum Special Tax determined by reference to Section C.1 above, until the
incremental amount levied on Assessor's Parcel 2861-058-024 or its successor(s) is equal
to amount of delinquent Special Taxes. Proceeds from the collection of such delinquent
Special Taxes, exclusive of any penalties, shall first be credited to Assessor's Parcel
2861-058-024 in the Fiscal Year following the Fiscal Year in which such delinquent
Special Taxes are collected until the credit is equal to the amount levied on 2861-058-024
pursuant to this paragraph.
E. EXEMPTIONS
The Council shall not levy a Special Tax on properties owned by the State of California,
Federal or other local governments or public agencies except as otherwise provided in
Sections 53317.3 and 53317.5 of the Act.
Any landowner or resident who feels that the amount of the Special Tax is in error may
file a notice with CFD No. 92-1 appealing the levy of the Special Tax. A representative
of CFD No. 92-1 will then review the appeal and, if necessary, meet with the applicant.
If the findings of the CFD No. 92-1 representative verify that the amount of the Special
Tax should be modified or changed, then, as appropriate, the Special Tax levy shall be
corrected.
The Special Tax will be collected in the same manner and at the same time as ordinary
ad valorem property taxes, of alternatively, at the discretion of the Council, CFD No.
92-1 may separately bill to and collect the Special Tax from each owner(s) or record of
Taxable Property.
AMC 'I kklY1; ul J
Prepayment in Whole
The Special Tax applicable to any Assessor's Parcel in CFD No. 92-1 may be prepaid
in whole by delivering to the Director of Finance not less than 75 days prior to an
interest payment date for the bonds or other indebtedness issued by CFD No. 92-1, an
amount in cash equal to all of the following:
(i) all delinquent Special Taxes and penalties applicable to the subject parcel;
(ii) the principal amount of the bonds or other indebtedness of CFD No. 92-1 to be
redeemed as a result of such prepayment which shall be the product obtained by
multiplying the principal amount of bonds or other indebtedness of CFD No. 92-1 then
outstanding times a fraction, the numerator of which is equal to the acreage of the
06/22/1992
CFD No. 92-1
Page 5
Assessor's Parcel and the denominator of which is equal to the total acreage for all
Assessor's Parcels of Taxable Property which have not prepaid in whole the Special Tax;
(iii) interest on such principal amount from the previous interest payment date to the
aforesaid interest payment date at the rate borne by the bonds or other indebtedness of
CFD No. 92-1;
(iv) the premium required to be paid, if any, in connection with the redemption of the
bonds or other indebtedness of CFD No. 92-1 as a result of such prepayment;
(v) the applicable Prepayment Fees as determined by the Council, less;
(vi) the Reserve Fund Credit, and less;
(vii) the amount of any Special Tax applicable to the subject Assessor's Parcel that has
been posted to the current tax roll and actually paid but that has not been then applied
to the payment of debt service on the bonds or other indebtedness of CFD No. 92-1.
In the event a property owner wishes to prepay the Special Tax in whole for Assessor's
Parcel 2861-058-024 then the Special Tax for all other Assessor's Parcels must also be
^, prepaid in whole. The Director of Finance shall effect the calculation of the prepayment
amount pursuant to the terms above. The resulting prepayment amount shall be final and
binding.
Prenavment In Part
The Special Tax may be prepaid in part only if a proportional partial prepayment is made
for all Assessor's Parcels in CFD No. 92-1 which are subject to the Special Tax. The
partial prepayment for each Assessor's Parcel shall be made by delivering to the Director
of Finance not less than 75 days prior to an interest payment date for the bonds or other
indebtedness issued by CFD No. 92-1 an amount in cash equal to all of the following:
(i) all delinquent Special Taxes and penalties applicable to the subject parcel;
(u) the principal amount of the bonds or other indebtedness of CFD No. 92-1 to be
redeemed as a result of such partial prepayment which shall be the product obtained by
multiplying the acreage of the Assessor's Parcel times a fraction, the numerator for
which is equal to the percentage of the Special Tax to be prepaid times the principal
amount of bonds or other indebtedness of CFD No. 92-1 then outstanding and the
denominator of which is equal to the total acreage for all Assessor's Parcels of Taxable
Property which have not prepaid the Special Tax in whole;
(iii) interest on such principal amount from the previous interest payment date to the
aforesaid interest payment date at the rate borne by the bonds or other indebtedness of
CFD No. 92-1;
66/23/1992
0�
CFD No. 92-I
Page 6
(iv) the premium required to be paid, if any, in connection with the redemption of the
bonds or other indebtedness of CFD No. 92-1 as a result of such prepayment;
(v) the applicable Prepayment Fees as determined by the Council, less;
(vi) the Reserve Fund Credit, and less;
(vii) the amount of any Special Tax applicable to the subject Assessor's Parcel that has
been posted to the current tax roll and actually paid but that has not been then applied
to the payment of debt service on the bonds or other indebtedness of CFD No. 92-1.
The Director of Finance shall effect the calculation of the prepayment amount pursuant
to the terms above. The resulting prepayment amount shall be final and binding.
j:klim%\m-c]..ay\m.uo�era921-2.nue(ob)
06122/192
Desc— r_°t`
Storm Drain
Street Improvements
Signals
Fre Station
Sewer
Engineering and
aneous
Bridges
Pas" System
Total
SRWpa
529/92
CITY OF SANTA CLARITA
VALENCIA TOWN CENTER
COMMUNITY FACILITIES DISTRICT
Summary of Public Improvements
Extension of existing drain,
Ate^!
around maps
Perimeter.
$ 550,0t
Widening of McBean Parkway, Valencia
Boulevard, Magic Mountain Parkway4,480,000
lanes around mail perimeter; consaof
Town Center Drive; improve intersections
with
tum lanes around mail and at McBean
ParkwayMewhall Ranch Road; Improveme
to Magic Mountain Parkwa r
Parkway and 1-5; includes
neMceean
sidewalks, bus tum -outs. M. as rimed.
Design and installadon of improved signer
thoroughfar. and signal esng around maN aide major
1,580,000
i (1 12 acres) aide Magi
Parkway and provide funds for
650,000
Comte modlfk,afione to existing conn,
Provide Simon Servic"
surveying, a sem. 900109y.
105,000
1,243,000
cavview *A �b� lanes 5,340,000
adituquet Creek.
C*Vft #W00 bridges Over Wencle
Boulevard
�de,DrW; complete Magic
Ply sry 2.771,000
Patio �m south of Ma extend to **WV
COMMUNITY FACILITIES DISTRICT REPORT
MELLO-ROOS COMMUNITY FACILITIES ACT OF 1982
COMMUNITY FACILITIES DISTRICT
NO. 92-1
OF THE
CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
Prepared for
City of Santa Clarita
23920 Valencia Blvd, Ste. 300
Santa Clarita, California 91355
Prepared by
DAVID TAUSSIG AND ASSOCIATES, INC.
1301 Dove St., Ste. 600
Newport Beach, California 92660
July 14, 1992
TABLE OF CONTENT
I. INTRODUCTION ....................................... 1
II. PROJECT DESCRIPTION AND FEATURES ..................... 1
III. DESCRIPTION AND ESTIMATED COST OF PROPOSED ........... 2
A. Description of Public Improvements ........................ 2
B. Estimated Cost of Proposed Public Improvements ................ 4
C. Incidental Bond Issuance Expenses to be Included in the Proposed ..... 4
D. Incidental Expenses to be Included in the Annual Levy of Special Taxes .. 5
IV. RATE AND METHOD OF APPORTIONMENT OF THE SPECIAL TAX .. 5
A. Explanation for Special Tax Apportionment 5
B. Projected Development and Bond Sales ...................... 6
C. Projected and Maximum Special Tax Rates .................... 6
D. Accuracy of Information ................................ 7
V. BOUNDARIES OF COMMUNITY FACILITIES DISTRICT ........... 7
VI. GENERAL TERMS AND CONDITIONS ........................ 7
A. Substitution Facilities ................................. 7
B. Appeals ......................................... 8
A Rate and Method of Apportionment of Special Tax
B Projected Special Tax'Rates
C Maximum Special Tax Rates for Fiscal Year 1992-93
D Estimated Bond and Other CFD -Related Costs
E Boundary Map
I. INTRODUCTION
WHEREAS, the City Council of the City of Santa Clarita (hereinafter referred to as the
"Council") did, pursuant to the provision 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 (hereinafter referred to as the "Act"), and specifically Section 53321.5
thereof, expressly order the filing of a written "Report" with the legislative body, of the
proposed community facilities district. This community facilities district shall hereinafter
be referred to as:
COMMUNITY FACILITIES DISTRICT NO. 92-1 OF THE CITY OF SANTA
CLARITA,
"COMMUNITY FACILITIES DISTRICT NO. 92-1," "CFD NO. 92-1," or the "CFD";
and,
WHEREAS, the Resolution of Intention to Establish Community Facilities District No.
92-1 and to Authorize the Levy of a Special Tax (hereinafter referred to as the
"Resolution of Intention") ordering the Report did direct that said Report generally
contain the following:
1. A description of the public facilities required to adequately meet the needs of the
,.., CFD;
2. An estimate of the cost of providing the public facilities and for the payment of
incidental expenses;
3. Any other material that is related to the proposed public facilities or CFD No. 92-1,
including a proposed appropriations limit (for particulars, reference is made to the
Resolution of Intention ordering the Report, as previously approved and adopted).
NOW, THEREFORE, I, Kenneth Pulskamp, the authorized representative of the City
of Santa Clarita, the appointed responsible officer directed to prepare the Report or cause
the Report to be prepared pursuant to the provisions of the Act, do hereby submit this
Report.
, 1 0 t Ili I w 4 ► M11 C 113 4 A041:
CFD No. 92-1 includes a portion of the Valencia Town Center (the "Project"), a regional
mall located on approximately 80 acres in the City of Santa Clarita. The Valencia Town
Center is expected to be constructed in two phases. The portion of Phase I located in
CFD No. 92-1 will consist of approximately 111 stores totaling 281,000 square feet of
gross leasable area. Phase H is expected to add an additional three anchor stores and a
total of 725,000 square feet.
III. DESCRIPTION AND ESTIMATED COT OF PROPOSED
FACILITIES
A. Description of Public Improvements
A community facilities district may provide for the purchase, construction, expansion
or rehabilitation of any real or tangible property, including public facilities and
infrastructure improvements, with an estimated useful life of five (5) years or longer,
which is necessary to meet increased demands placed upon local agencies as a result
of development or rehabilitation occurring within the community facilities district.
The facilities described in this Report are all facilities which the legislative body
creating this CFD and other affected public entities are authorized to own, construct,
or finance, and which are required to adequately meet the needs of the CFD. The
Special Taxes' required to pay for the construction or financing of these facilities
will be apportioned as described in the Rate and Method of Apportionment of the
Special Tax attached hereto as Exhibit A.
Storm drain improvements which may be financed by CFD No. 92-1 include
extensions of existing storm drain facilities from the intersection of Town Center
Drive and Valencia Boulevard westerly to McBean Parkway, then northerly
approximately 700 feet along McBean Parkway and from the intersection of Magic
Mountain Parkway and McBean Parkway easterly to Town Center Drive, then
southerly approximately 500 feet along Town Center Drive.
Road improvements which may be financed by CFD No. 92-1 include widening
of McBean Parkway, Valencia Boulevard, Magic Mountain Parkway; construction
of Town Center Drive; improvements to intersections at access points to the
Project and other major intersections around the Project; and improvements to
Magic Mountain Parkway west of McBean Parkway.
McBean Parkway will be widened to six lanes between Valencia Boulevard and
Magic Mountain Parkway. Valencia Boulevard will be widened to six lanes
between McBean Parkway and Magic Mountain Parkway. Magic Mountain
Parkway will be widened to six lanes from McBean Parkway to Town Center
Drive. Town Center Drive will be extended as a four lane road from the existing
terminus to Magic Mountain Parkway.
t Please note that all capitalized terms used herein, unless otherwise indicated, shall have the meanings defined
in the Rate and Method of Apportionment attached as Exhibit A.
City of Santa Clarita 92-1 2 06130/1992
Intersection improvements include widening and addition of both left and right tum
lanes. Improvements will be made to the following intersections:
Valencia Boulevard and McBean Parkway, Valencia Boulevard and Magic
Mountain Parkway, the Project access point along Valencia Boulevard,
McBean Parkway and Newhall Ranch Road, McBean Parkway and Magic
Mountain Parkway, McBean Parkway and the southerly Project access point,
McBean Parkway and the northerly Project access point, Town Center Drive
and Valencia Boulevard, Town Center Drive and the north and south Project
access points, and Magic Mountain Parkway and Newhall Avenue.
All road improvements will include landscaping, sidewalks, curbs and gutters,
street lights, medians, striping, and bus turn -outs.
In conjunction with the proposed road improvements CFD No. 92-1 may finance
the design and installation of improved signals and signal phasing at intersections
of major thoroughfares around the Project. Improved signals will be installed at
the Project access point along Valencia Boulevard; McBean Parkway and the
southerly Project access point; Valencia Boulevard and Town Center Drive; Magic
Mountain Parkway and Town Center Drive; Magic Mountain Parkway and
Newhall Avenue; and McBean Parkway and the northerly Project access point.
Traffic signal coordination, including installation of two master computers, will be
implemented for signals along McBean Parkway, Valencia Boulevard, Bouquet
Canyon Road and Magic Mountain Parkway.
Fire Station Facil_ides
Fire station improvements which may be financed by CFD No. 92-1 include
certain fire protection facilities and acquisition of an improved, graded fire station
site of approximately 1.5 acres located on Magic Mountain Parkway.
Sewer facilities which may be financed by CFD No. 92-1 include modifications to
existing public sewer connections located around the Project.
CFD No. 92-1 may also financing certain soils, geologic and survey work related
.— to the planning, design, construction or acquisition of the public improvements
described herein.
City of Santa Clmira 92.1 3 0613011992
Bridge Improvements
Bridge improvements which may be financed by CFD No. 92-1 include full bridge
improvements to four lanes for the McBean Parkway Bridge/Santa Clara River and
the Newhall Ranch Road/Bouquet Creek Bridge.
Paseo improvements which may be financed by CFD No. 92-1 include the
completion of bridges over Valencia Boulevard, Magic Mountain Parkway and
Creekside Drive; complete paseo improvements around the perimeter of the
Project; an extension to existing paseo improvements south of the Project; and new
paseos north of the Project to Newhall Ranch Road.
The facilities and the estimated costs herein are subject to review/confirmation and
a final appraisal, as appropriate.
Description
Amount
Storm Drain Improvements
$1,600,000
Street Improvements
3,480,000
Traffic Signals
1,580,000
Fire Station
650,000
Sewer Facilities
105,000
Engineering and Miscellaneous
1,243,000
Bridge Improvements
5,340,000
Paseo System Improvements
Total
2,771,000
$169769,000
OW', 1=1 TT-11r7mrZoUT-Fif�
Pursuant to Section 53345.3 of the Act, the amount of proposed bonded indebtedness
�.. may include all costs and estimated costs incidental to, or connected with, the
accomplishment of the purpose for which the proposed debt is to be incurred,
including, but not limited to, the costs of legal, fiscal, and financial consultant fees;
bond and other reserve funds; discount fees; interest on any bonds of the district due
and payable prior to the expiration of one year from the date of completion of the
City of Satua Clarita 92-1 4 06130/1992
facilities, not to exceed two years; election costs; and all costs of issuance of the
.—� bonds, including, but not limited to, fees for bond counsel, costs of obtaining credit
ratings, bond insurance premiums, fees for letters of credit, and other credit
enhancement costs, and printing costs. It is anticipated that said costs expressed as
a percentage of the face amount of the bonds will not exceed 17.00 percent.
D. Incidental Expenses to be Included in the Annual Levy of Special
Taxes
Pursuant to Section 53340 of the Act, the proceeds of any special tax may only be
used to pay, in whole or part, the cost of providing public facilities, services and
incidental expenses. As defined by the Act, incidental expenses include, but are not
limited to, the cost of planning and designing public facilities to be financed,
including the cost of environmental evaluations of those facilities; the costs associated
with the creation of the district, issuance of bonds, determination of the amount of
taxes, collection of taxes, payment of taxes, or costs otherwise incurred in order to
carry out the authorized purposes of the district; and, any other expenses incidental
to the construction, completion, and inspection of the authorized work. While the
actual cost of administering CFD No. 92-1 may vary, it is anticipated that the amount
of special taxes which could be collected will be sufficient to fund at least $40,000
in annual administrative expenses.
=_►lmad; 3 IgoCO)1 • z' 0 : I ►!uI ►g LI_ ;
All of the property located within CFD No. 92-1, unless exempted by law or by the Rate
and Method of Apportionment, shall be taxed for the purpose of providing necessary
facilities to serve CFD No. 92-1. Pursuant to Section 53325.3 of the Act, the tax
imposed "is a Special Tax and not a special assessment, and there is no requirement that
the tax be apportioned on the basis of benefit to any property." The Special Tax "may
be based on benefit received by parcels of real property, the cost of making facilities or
authorized services available to each parcel or other reasonable basis as determined by
the legislative body," although the Special Tax may not be apportioned on an ad valorem
basis pursuant to Article XIIIA of the California constitution.
As shown in Exhibit A, the adopted Rate and Method of Apportionment provides
information sufficient to allow each property owner within CFD No. 92-1 to estimate the
maximum annual Special Tax he or she will be required to pay. Sections A through D,
below, provide additional information on the Rate and Method of Apportionment of the
Special Tax.
4'v ' aW Il f !!
When a community facilities district is formed, a Special Tax may be levied on each
parcel of taxable property within the CFD to pay for the construction or acquisition
City of Santa Clarka 92-1 5 0613011992
of public facilities, to pay for authorized services or to repay bonded indebtedness
�-- or other related expenses incurred by the CFD. This Special Tax must be
apportioned in a reasonable manner; however, the tax may not be allocated on an ad
valorem basis.
When more than one type of land use is present within a community facilities
district, several criteria may be considered when apportioning the Special Tax.
Generally, criteria based on building square footage, lot size, density and/or land
use are selected, and categories based on such criteria are established to differentiate
between parcels of property. These categories are a direct result of the developer's
product mix, and are reflective of the proposed land use types within that community
facilities district. Specific Special Tax levels are assigned to each land use class,
with all parcels within a land use class paying the same Special Tax.
The Act does not require that Special Taxes be apportioned to individual parcels
based on benefit received. However, in order to insure fairness and equity, benefit
principles have been incorporated in establishing the Special Tax rates for CFD No.
92-1. Because of the singular nature of the proposed development for CFD No. 92-
1, the Special Taxes are apportioned uniformly to each Assessors Parcel of Taxable
Property based solely on acreage.
Based on the types of improvements that are proposed for this CFD and the factors
described above, the Special Taxes assigned to each parcel are generally
proportionate to the relative benefits received by them, and, accordingly, the Special
Taxes in CFD No. 92-1 can be considered to be fair and reasonable.
R 61 q�j1 11 111!'! 11 •11 1
Based on each developer"s projections, the following table indicates the total building
square footage expected upon completion of each phase:
Gross Leasable
Phase Building
Square Footage
I 281,000
11 725,000
It is expected that only one series of bonds will be issued. Maximum authorized
bonded indebtedness for CFD No. 92-1 is $20,000,000.
It is anticipated that Special Taxes will be levied commencing with Fiscal Year 1992-
93. Exhibit B lists the Special Tax rates projected to be levied in CFD No. 92-1 for
City of Santa Clarita 92-1 6 0613011992
Fiscal Years 1992-93 through 2011-12. The Maximum Special Tax rates for Fiscal
Year 1992-93 are set forth in Exhibit C. The Maximum Special Tax rates shall
increase by two percent each Fiscal Year thereafter.
Although the projected Special Tax rates are lower than the Maximum Special
Tax rates, the projected Special Tax rates in Exhibit B are only a theoretical
example of the Special Tax rates that may be levied given projected land uses
and phasing and assuming the bonds will be amortized over twenty years and
will have an average coupon rate of 8.76 percent. THERE IS NO
GUARANTEE THAT ACTUAL SPECIAL TAX RATES WILL BE LEVIED AT
OR BELOW THE PROJECTED LEVELS IN EXHIBIT B.
The Council will annually determine the actual amount of the Special Tax levy based
on the method described in Exhibit A. Exhibit A provides that the Special Tax shall
be levied on each Assessor's Parcel of Taxable Property up to 100% of the
applicable Step 1 Special Tax rate. In the event of delinquent Special Taxes, the
levy of the Special Tax on Assessor's Parcel 2861-058-024, the site for Phase I of
the Project, shall be increased up to 100% of the applicable Step 2 Special Tax rate.
Subject to the Maximum Special Tax rates, the Council will levy a Special Tax to
the extent necessary, sufficient to meet the Special Tax Requirement.
1 iis r1l�l
In order to establish the Maximum Special Tax rate for Taxable Property, as set
forth in the Rate and Method of Apportionment, David Taussig and Associates, Inc.
has relied on taxable acreage provided to David Taussig and Associates, Inc., by
others. David Taussig and Associates, Inc. has not independently verified such data
and disclaims responsibility for the impact of inaccurate data, if any, on the Rate and
Method of Apportionment for CFD No. 92-1, including the inability to meet the
financial obligations of the CFD.
1e1111�_ I u101 N e i 11s -
The boundaries of CFD No. 92-1 include all land on which the Special Taxes may be
levied. A map of the arra included within CFD No. 92-1 is provided as Exhibit E.
-wf C: 0:4,4 Imi \11 I) el 11tv t\
A. Substitution Facilities
The description of the public facilities, as set forth herein, are general in their
nature. The final nature and location of improvements and facilities will be
determined upon the preparation of final plans and specifications. The final plans
may show substitutes, in lieu or modifications to the proposed work in order to
City of Santa Clarita 92-1 7 0613011992
accomplish the work of improvement, and any such substitution shall not be a change
or modification in the proceedings as long as the facilities provide a service
substantially similar to that as set forth in this Report.
B. Appeals
Any landowner or resident who feels that the amount of the Special Tax is in error
may file a notice with CFD No. 92-1 appealing the levy of the Special Tax. A
representative of CFD No. 92-1 will then review the appeal and, if necessary, meet
with the applicant. If the findings of the CFD No. 92-1 representative verify that
the amount of the Special Tax should be modified or changed, then, as appropriate
the Special Tax levy shall be corrected.
jA00M e1R.cry\MUOW92-t.,pticb
City of Santa Clanta 92-1 8 0613011992
EXHIBIT A
RATE AND METHOD OF APPORTIONMENT FOR
COMMUNITY FACILITIES DISTRICT NO. 92-1
OF THE CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
A Special Tax (the "Special Tax") shall be levied on and collected in Community Facilities
District No. 92-1 of the City of Santa Clarita (Valencia Town Center) ("CFD No. 92-1 ") each
Fiscal Year, in an amount determined by the City Council of the City of Santa Clarita, acting
as the legislative body of CFD No. 92-1, through the application of the appropriate Special Tax
for "Taxable Property," as described below. All of the property in CFD No. 92-1, unless
exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent and
in the manner herein provided.
A.
The terms hereinafter set forth have the following meanings:
"Act" means the Mello -Roos Community Facilities Act of 1982, as amended, being
Chapter 2.5, Division 2 of Title 5 of the Govenunent Code of the State of California.
"Administrative Expenses" shall mean any ordinary and necessary expenses of CFD
No. 92-1 and the City to carry out its duties as the legislative body of CFD No. 92-1.
"Assessor's Parcel" means a lot or parcel shown in an Assessor's Parcel Map with an
assigned Assessor's Parcel number.
"Assessor's Parcel Map" means an official map of the County Assessor of the County
of Los Angeles designating parcels by Assessor's Parcel number.
"City" means the City of Santa Clarita, California.
"Council" means the City Council of the City of Santa Clarita, acting as the legislative
body of CFD No. 92-1.
"Fiscal Year" means the period starting each July 1 and ending on the following June
30.
"Maximum Special Tax" means the maximum Special Tax, determined in accordance
with Section C, that can be levied by the Council in any Fiscal Year for Taxable
Property.
City of Santa Clarity 92-1 A.1 0613011992
"Prepayment Fees" means the Administrative Expenses and fees of CFD No. 92-1, the
fees of any fiscal agent and any consultant retained by CFD No. 92-1 in connection with
the prepayment calculation and redemption of bonds.
"Reserve Fund Credit" means the pro rata reduction in the reserve fund balance for the
bonds as a result of the redemption of a portion of the principal amount of bonds from
the proceeds of a prepayment made pursuant to Section H below.
"Special Tax" means the Special Tax to be levied in each Fiscal Year on each Assessor's
Parcel of Taxable Property.
"Special Tax Requirement" means that amount required in any Fiscal Year for CFD
No. 92-1 to pay: (1) debt service on all bonds or other periodic costs incidental to the
bonds or other indebtedness, including, without limitation, any credit enhancement or
liquidity facilities fees, (2) Administrative Expenses, (3) costs associated with the release
of funds from an escrow account if any, and (4) any amounts required, to, the extent
permitted in the formula for the Maximum Special Tax, to replenish any reserve funds.
"Taxable Property" means all Assessor's Parcels within the boundaries of CFD No. 92-
1 which are not exempt from the Special Tax pursuant to law or Section E below.
For each Fiscal Year, all Assessor's Parcels within CFD No. 92-1 shall be classified as
Taxable Property and shallbe subject to tax in accordance with the tate and method of
apportionment determined pursuant to Sections C and D below.
1. Taxable Property
The Maximum Special Tax for each Assessor's Parcel of Taxable Property shall be
the amount derived by multiplying the acreage for such Assessor's Parcel or Parcels,
as shown on the boundary map for CFD No. 92-1, by the applicable rate in Table
I below.
of Santa Clarita 91-1 A.2 0613011992
TABLE I
Assessor's
Parcel
Number
Parcel Map
22206
Lot#
Fiscal Year 1992-93
Step 1
;Maximum Special Tax
Fiscal Year 1992-93
Step 2
Maximum Special Tax
2861-059-024
4
539,831 per acre
N/A
2861-059-004
5
539,831 per acre
N/A
2861-058-004
6
539,831 per acre
N/A
2861-059-008
11
539,831 per acre
N/A
2861-058-008
12
539,831 per acre
N/A
2861-058-009
12
539,831 per acre
N/A
2861-058-024
13
S39,831 per acre
$326,927 per acre
2861-058-025
14
539,831 per acre
N/A
2861-058-019
14
539,831 per acre
N/A
2861-058-011
14
539,831 per acre
N/A
2861-059-021
14
S39,831 per acre
N/A
2861-059-028
14
S39.831 r acre
N/A
On each July 1, commencing with July 1, 1993, the Special Tax rates shown in the table
above shall be increased to 10246 of the amount in effect in the previous Fiscal Year.
Commencing with Fiscal Year 1992-93 and for each following Fiscal Year, the Council
shall determine the amount of money to be collected from Taxable Property in CFD No.
92-1 in that Fiscal Year (the Special Tax Requirement).
The Council shall levy the Special Tax as follows until the amount of the levy equals the
Special Tax Requirement:
Big: The Special Tax shall be levied proportionately on each Assessor's Parcel of
Taxable Property up to 100% of the applicable Step 1 Maximum Special Tax determined
by Section C.1 above.
Second: Notwithstanding the above, if any Assessor's Parcel other than 2861-058-024
,-. or its successor(s) is delinquent in the payment of Special Taxes, then the levy of the
Special Tax on Assessor's Parcel 2861-058-024 or its successor(s) shall be increased
from the amount levied pursuant to the fust step up to 100% of the applicable Step 2
Maximum Special Tax determined by reference to Section C.1 above, until the
incremental amount levied on Assessor's Parcel 2861-058-024 or its successor(s) is equal
City of Santa Clanta 92-1 A.3 0613011992
to amount of delinquent Special Taxes. Proceeds from the collection of such delinquent
Special Taxes, exclusive of any penalties, shall first be credited to Assessor's Parcel
2861-058-024 in the Fiscal Year following the Fiscal Year in which such delinquent
Special Taxes are collected until the credit is equal to the amount levied on 2861-058-024
pursuant to this paragraph.
E. EXEMPTIONS
The Council shall not levy a Special Tax on properties owned by the State of California,
Federal or other local governments or public agencies except as otherwise provided in
Sections 53317.3 and 53317.5 of the Act.
1AMMpV42-W4Wt
Any landowner or resident who feels that the amount of the Special Tax is in error may
file a notice with CFD No. 92-1 appealing the levy of the Special Tax. A representative
of CFD No. 92-1 will then review the appeal and, if necessary, meet with the applicant.
If the findings of the CFD No. 92-1 representative verify that the amount of the Special
Tax should be modified or changed, then, as appropriate, the Special Tax levy shall be
corrected.
The Special Tax will be collected in the same manner and at the same time as ordinary
ad valorem property taxes, or alternatively, at the discretion of the Council, CFD No.
92-1 may separately bill to and collect the Special Tax from each owner(s) or record of
Taxable Property.
':4 51;KV461 NO 0 11):u1J
Prepayment in Whole
The Special Tax applicable to any Assessor's Parcel in CFD No. 92-1 may be prepaid
in whole by delivering to the Director of Finance not less than 75 days prior to an
interest payment date for the bonds or other indebtedness issued by CFD No. 92-1, an
amount in cash equal to all of the following:
(i) all delinquent Special Taxes and penalties applicable to the subject parcel;
(ii) the principal amount of the bonds or other indebtedness of CFD No. 92-1 to be
redeemed as a result of such prepayment which shall be the product obtained by
multiplying the principal amount of bonds or other indebtedness of CFD No. 92-1 then
outstanding times a fraction, the numerator of which is equal to the acreage of the
Assessor's Parcel and the denominator of which is equal to the total acreage for all
Assessor's Parcels of Taxable Property which have not prepaid in whole the Special Tax;
City of Santa Clarita 92-1 A.4 0613011992
(iii) interest on such principal amount from the previous interest payment date to the
aforesaid interest payment date at the rate borne by the bonds or other indebtedness of
CFD No. 92-1;
(iv) the premium required to be paid, if any, in connection with the redemption of the
bonds or other indebtedness of CFD No. 92-1 as a result of such prepayment;
(v) the applicable Prepayment Fees as determined by the Council, less;
(vi) the Reserve Fund Credit, and less;
(vii) the amount of any Special Tax applicable to the subject Assessor's Parcel that has
been posted to the current tax roll and actually paid but that has not been then applied
to the payment of debt service on the bonds or other indebtedness of CFD No. 92-1.
In the event a property owner wishes to prepay the Special Tax in whole for Assessor's
Parcel 2861-058-024 then the Special Tax for all other Assessor's Parcels must also be
prepaid in whole. The Director of Finance shall effect the calculation of the prepayment
amount pursuant to the terms above. The resulting prepayment amount shall be final and
binding.
kwavment In Part
The Special Tax may be prepaid in part only if a proportional partial prepayment is made
for all Assessor's Parcels in CFD No. 92-1 which are subject to the Special Tax. The
partial prepayment for each Assessor's Parcel shall be made by delivering to the Director
of Finance not less than 75 days prior to an interest payment date for the bonds or other
indebtedness issued by CFD No. 92-1 an amount in cash equal to all of the following:
(i) all delinquent Special Taxes and penalties applicable to the subject parcel;
(ii) the principal amount of the bonds or other indebtedness of CFD No. 92-1 to be
redeemed as a result of such partial prepayment which shall be the product obtained by
multiplying the acreage of the Assessor's Parcel times a fraction, the numerator for
which is equal to the percentage of the Special Tax to be prepaid times the principal
amount of bonds or other indebtedness of CFD No. 92-1 then outstanding and the
denominator of which is equal to the total acreage for all Assessor's Parcels of Taxable
Property which have not prepaid the Special Tax in whole;
(iii) interest on such principal amount from the previous interest payment date to the
aforesaid interest payment date at the rate home by the bonds or other indebtedness of
CFD No. 92-1;
(iv) the premium required to be paid, if any, in connection with the redemption of the
bonds or other indebtedness of CFD No. 92-1 as a result of such prepayment;
(v) the applicable Prepayment Fees as determined by the Council, less;
City of Santa Clarity 92-1 A.5 0613011992
(vi) the Reserve Fund Credit, and less;
(vii) the amount of any Special Tax applicable to the subject Assessor's Parcel that has
been posted to the current tax roll and actually paid but that has not been then applied
to the payment of debt service on the bonds or other indebtedness of CFD No. 92-1.
The Director of Finance shall effect the calculation of the prepayment amount pursuant
to the terms above. The resulting prepayment amount shall be final and binding.
City of Santo Clarita 92-1 A.6 06130/1992
EXHIBIT B
COMMUNITY FACILITIES DISTRICT No. 92-1
CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
PROJECTED SPECIAL TAX RATES
PROJECTED SPECIAL TAXES
COMMUNITY FACILITIES DISTRICT NO. 92-1
OF THE CITY OF SANTA CLARITA
FISCAL
NUMBER
SPECIAL TAX
TOTAL
YEAR
OFACRES
PER ACRE
SPECIAL TAXES
1992-93
55.98
$31,108
$1,741,369
1993-94
55.98
$33,010
$1,847,816
1994-95
55.98
$33,729
$1,888,041
1995-96
55.98
$34,458
$1,928,878
1996-97
55.98
$35,203
$1,970,565
1997-98
55.98
$35,963
$2,013,123
1998-99
55.98
$36,739
$2,056,569
1999-2000
55.98
$37,531
$2,100,923
2000-01
55.98
$38,340
$2,146,205
2001-02
55.98
$39,166
$2,192,434
2002-03
55.98
$40,009
$2,239,633
2003-04
55.98
$40,870
$2,287,821
2004-05
55.98
$41,749
$2,337,020
2005-06
55.98
$42,647
$2,387,252
2006-07
55.98
$43,563
$2,438,541
2007-08
55.98
$44,498
$2,490,909
2008-09
55.98
$45,454
$2,544,380
2009-10
55.98
$46,429
$2,598,978
2010-11
55.98
$47,425
$2,654,728
2011-12
55.98
$13,618
$762,275
TOTAL
NA
NA
$42,627,457
COMMUNITY FACILITIES DISTRICT No. 92-1
CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
MAXIMUM SPECIAL TAX RATES FOR FISCAL YEAR 1992-93
COMMUNITY FACILITIES DISTRICT No. 92-1
CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
MAXIMUM SPECIAL TAXES FOR FISCAL YEAR 1992-93'
Assessor's
Parcel
Number
Parcel Map
22206
Lot#
Fiscal Year 1992-93
Step 1
Maximum Special Tax
Fiscal Year 1992-93
Step 2
Maximum Special Tax
2861-059-024
4
$39,831 per acre
N/A
2861-059-004
5
$39,831 per acre
N/A
2861-058-004
6
$39,831 per acre
N/A
2861-059-008
11
$39,831 per acre
N/A
2861-058-008
12
$39,831 per acre
N/A
2861-058-009
12
$39,831 per acre
N/A
2861-058-024
13
$39,831 per acre
$326,927 per acre
2861-058-025
14
539,831 per acre
N/A
2861-058-019 •
14
$39,831 per acre
N/A
2861-058-011
14
$39,831 per acre
N/A
2861-059-021
14
$39,831 per acre
N/A
2861-059-028
14
$39.831 g2r acre
N/A
' The Maximum Special Tax rates in the table above shall be increased by two percent each Fiscal Year
commencing is Fiscal Year 1943-94.
of Santa Carka 92-1 G1 0613011992
EXHIBIT D
COMMUNITY FACILITIES DISTRICT No. 92-1
CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
ESTIMATED BOND AND OTHER CFD -RELATED COSTS
A -*l: 1
COMMUNITY FACILITIES DISTRICT No. 92-1
CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
ESTIMATED BOND AND OTHER CFD -RELATED COSTS
Estimated Cost of Public Facilities
$16,769,000
Bond Reserve
2,000,000
Capitalized Interest
425,000
Costs of Issuance
Total Estimated Bonded Indebtedness
806,000
$20,000,000
MAX111WM BONDED INDEBTEDNESS
$20,000,000
City of Santa Clarlta 92-1 Al 06130/1992
:_l
COMMUNITY FACILITIES DISTRICT No. 92-1
CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
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