HomeMy WebLinkAbout2000-09-26 - AGENDA REPORTS - CFD DIST 92-1 TOWN CENTER (2)CITY OF SANTA CLARITA
AGENDA REPORT
City Manager Approv
CONSENT CALENDAR Item to be presented by: Barbara Boswell
DATE: September 26, 2000
SUBJECT: COMMUNITY FACILITIES DISTRICT NO. 92-1 OF THE CITY OF SANTA
CLARITA (VALENCIA TOWN CENTER)
DEPARTMENT: Administrative Services
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City Council adopt the Resolution, authorizing and providing for the levying of special taxes
within said District and directing staff to prepare and deliver special tax bills to the property
owners.
BACKGROUND
On August 25, 1992, the City Council passed Ordinance No. CFD 92-1-1, authorizing the levy
of a special tax within Community Facilities District No. 92-1 (Valencia Town Center).
Adoption of the Resolution will levy the special taxes for Fiscal Year 2000-01 upon all
properties within the Community Facilities District No. 92-1 which are not otherwise exempt
from taxation. The amount of the levy on each assessor's parcel is set forth in Exhibit A to the
Resolution. On August 22, 2000, Council adopted a resolution to approve the Defeasance and
Redemption of the Bonds, the Escrow Deposit, and Trust Agreement. This action will not take
place at this time, as the potential buyer of the VTC has dropped out of consideration. It is
possible that this action will be pursued in the future by another buyer.
State statutes require that each year prior to the payment date for the bonds' debt service, a
resolution be adopted, levying the special tax at an amount sufficient to meet debt service but
not to exceed the maximum special tax as set forth in the original Engineer's Report on file with
the City Clerk.
The special tax will be separately billed by City staff to be collected prior to the November 15,
2000 and May 15, 2001 payment due dates on the bonds issued for this District.
ALTERNATIVE ACTION
Other direction as determined by the City Council.
FISCAL IMPACT
All debt service payments are covered by the Special Tax, which is paid by the Valencia Town
Center.
ATTACHMENTS Adopfed: 9_ QQ
Resolution
Exhibit A — Proposed Special Tax Breakdown
Boundary Map
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CITY OF SANTA CLARITA
Exhibit "A"
PROPOSED BOUNDARIES
COMMUNITY FACILITIES DISTRICT
NO. 92-1
VALENCIA TOWN CENTER
Boundary Map
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CITY OF SANTA CLARITA
Community Facilities District
District No. 92-1
(Valencia Town Center)
2000-01 ANNUAL TAX LEVY
RECONCILIATION
City of Santa Clarify Admin. Costs
TOTAL RECEIVED 11/15/99:
($4,800.00)
Director of Admin. Svcs. - 4 hours 0 $133.61/hr.
$534.44
Accountant - 8 hours a $48,93/hr.
391,44
Associate Engineer - 4 hours Q $93.44/hr.
373.76
US Bank Administrative Fees
1,150,00
US Bank Annual Fee for Arbitrage Rebate Services for 1999
0.00
TOTAL EXPENSES INCURRED FY 1999.00
52,449,84
TOTAL EXPENSES LESS ADVANCES:
($2,150,38)
City of Santa Cladta Admin. Costs $1,500,00
US Bank Administrative Fees 1,150,00
US Bank Annual Fee for Arbitrage Rebate Services for 2000 1,500.00
TOTAL ANTICIPATED EXPENSES54,150,00
ADMIN. COSTS TO BE COLLECTED FY 2000-01 m,. q 2 000,00
Debt Service Payment Due 11/15/00
Debt Service Payment Due 05/15/01
TOTAL DEBT SERVICE PAYMENTS FY 2000-01
TOTAL DEBT SERVICE PMTS AND ADMIN. COSTS
Excess in Reserve Fund to Apply Toward Bond Pmt
Cash on Hand in Bond Fund
TOTAL AMOUNT TO BE COLLECTED FY 2000-01
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$1,293,675.25
617,061.25
$1,910,737.50
21,912,737.50
N/A
WA
WA
$1,912,737.50