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HomeMy WebLinkAbout2006/07/25 Item 3 COUNCIL AGENDA STATEMENT , -../', Item '-------- Meeting Date 7/25/06 ITEM TITLE: Resolution Authonzmg the levy of maximum special taxes for Fiscal. Year 2006/07 withlll Cominumty Facil1tles DIstricts 06-1 and 07-M and delegating to the City Manager the authority to establish the special tax for these districts. '" ~L-D SUBMITTED BY: Acting Director of Engi~ng j;.,GO REVIE"VED BY: Interim City Manager (II (4/5ths Vote: Yes_Nol) This is one of two companion agenda items to the pnmary Commumty Facilities Districts (CFDs) agenda Item. The pnmary CFD agenda item provides all general background information and details regarding the proposed ma.ximum special taxes for fiscal year 2006/07 This item will authorize the levy of maximum specIal taxes for CFDs 06-1 and 07 -M and also Illcludes informatIon specific to these CFDs. RECOMMENDATION: That Council adopt the resolution. BOARDS/COMMISSIONS: N/A DISCUSSION: CFD 06-1 CFD 06-1 finances the backbone streets and associated improvements (i..e., grading, sewer, streets, l~dscaping, utilities, etc.), public facilities DIF Improvements, and Traffic Erihancement Facilities, The facilities include East Olympic Parkway, West Olympic Parkway, Otay Lakes Road, EastLake Parkway, Hunte Parkway, Proctor Valley Road Telegraph Canyon Road and traffic signals. CFD 06-1 is divided into two separate areas, Improvement Area A and Improvement Area B. Improvement Area A is divided into two zones: Zone I (Vistas) and Zone 2 (Woods). Improvement Area B (the "Land Swap") consists of two non-adjacent areas: I) the northenunost area being a tnangular shape west of EastLake Parkway bound by Otay Lakes Road to the north, and 2) the southernmost area bound to the south by Olympic Parkway with EastLake Parkway projecting north just west of the center of the area. CFD 07-M CFD 07-M finances landscaping improvements (i.e., all landscaping materials and facilities within each Improvement Area including turf, ground cover, shrubs, trees, plants, etc.) and storm water quality improvements (i.e., maintenance of all storm water qualIty improvements within each Improvement Area including maintenance, repair, and replacement of storm drains, catch basin inserts, hydrodynamic devices, etc). CFD 07-M is divided IlltO two separate zones - Improvement Area 1 (Eastlake Woods & Eastlake Vistas) and Improvement Area 2 (Land Swap Parcel). The areas maintained by CFD 07-M 3-1 4 Page 2, Item Meeting Date 7 7/25/06 Improvement Area 1 Include Hunte Parkway (North of Otay Lakes Road), Otay Lakes Road (from Hunte Parkway to Wueste Road), and OlympIC Parkway (From SDG&E Easement to Hunte Parkway) The areas mamtaIned by CFD 07-M Improvement Area 2 include Olymplc Parkway (from SR 125 to SDG&E Easement), Eastlake Parkway (from SDG&E Easement to OlympIC Parkway), and the slopes between SR \25 and the Land Swap Parcel. Eastlake Woods, Vistas and Land Swap East1ake Woods, Vistas, Land Swap (Areas 1,7) Bond Issue for acquisition of public facilities Maintenance district Maximum Rate & Actual Rate The City of Chula Vista makes the distinction between the maximum specIal tax rate and the amount thaUhe City may collect against the special tax rate (i.e., the actual rate) The maxlmum'specIaI.ta" rates for Fiscal Year 2006/07 are proposed at the Fiscal Year 2005/06 'maximum special tax rates, adjusted by an inflation factor as defined in each district's special tax report. The actual rate, on the other hand, IS the amount actually collected from the property owner and is equal to, or lower than, the proposed maxnnum specIal tax rate. The actual rate is based on the budget, the reserve requirement, savings and fund balances, earned mterest, and prior years' savings. Each year, the Council authonzes the levy of speCIal taxes on the maximum authorized special tax rates, and delegates to the City Manager the authority to establish the specific special tax rate applicable to each parcel. Fiscal Year 2006107 Rates Maximum Special Tax Rate The maximum special tax rate and actual special tax rates for CFD 06-1 and CFD 07-M are detailed in' Attachment 1 and accompanied by the district boundary map. According to the Rate and Method of Apportionment for open space mamtenance CFD 07-M, the Maximum Special Tax shaIl be increased each fiscal year after the initial year and by a factor equal to the annual pe.rcentage change in the San Diego Metropolitan Area AIl Urban Consumer Price Index. The CPI iI}crease between the secpnd half of 2004 and the second half of 2005 was approximately 366%. Actual Special Tax Rate The Special Tax Levy Report for maintenance CFD 07-M requires the establishment of a fund reserve for each district of up to 100% of the total annual operating budget in, order to provide. revenue for the first half of the fiscal year before any income is received and to provide for cost overruns and delinquencies. A 50% reserve has been provided in this CFD by including an additional 50% of the Fiscal Year 2006/07 budgets. The reserve should provide sufficient funding through December 31, 2006 Additional reserves may be realized depending on the schedule for accepting new landscaping improvements during,the fiscal year. 3-2 Page 3, Item Meeting Date :; 7/25/06 The Fiscal Year 2006/07 actual special tax rates' are projected at thIs tune due to the large volume of building permit actIvIty wlthm the City ot' Chula Vista and large volume of suhdivlsion actIvIty m the county of San Diego. Staff proposes that the City Manager be authorized to modIfy the projected annual special tax rates based on actual square footage and acreage provided such annual special tax rates do not exceed the maximum authonzed special tax. Since the rates have been rounded, actual revenue may be slight! y dIfferent. The final Special Tax Levy Report w1l1 include a list of all parcel numbers and charges applicable to each parcel. The valId parcel numbers cannot be known for certain until after the special taxes have been submitted to the County for Illclusion on the County property tax bills. The final report will be prepared in August. CONFLICT OF INTEREST: There is a confhct of interest for Council member John McCann because he has property Illterest wlthlll 500 feet ofCFD 06-1 and CFD 07-M. FISCAL IMPACT: For CFD 06-1 Improvement Area A, admlllistration costs for Fiscal Year 2006/07 are projected to be $75,000 (as set forth in the bond indenture) and scheduled debt service on the bonds is $2,835,747 Bonds have been issued for Improvement Area B The administration costs are projected to be $75,000 (as given in the. bond indenture) and scheduled debt service on the bonds for Improvement Area B is $562,487 Projected revenues will be sufficient to cover these amounts. There is no impact to the General Fund. The full cost of providing maintenance services in CFD 07-M totals $565,366. This entIre amount is recovered through the CFDs' special tax assessments and rese~es, resulting in no net impact to the General Fund. Attachment: I FY 2006/07 CFD 06-1 and 07-M Tables 2. District Maps 3-3 ATTACHMENT \. Community Facilities District No. 06-1 (EastLake Woods, Vistas, and Land Swap - Bond Issue) Land Use Category Maximum Rate Actual Rate Maximum Rate Projected Rate Estimated Reveuue Improvement Area A (Zone 1 - Vistas): - Residential $ 0.5800/sf $ 0.5800/sf $ 0.5800/sf 0.5800/sf Commercial $ 6,OOO.00/acre $ 6,000,OO/acre $ 6,000.00/acre $ 6,000 OO/acre Hotel Property $ 6,000.00/ocre $ 6,000.00/acre $ 6,000.00/acre $ 6,000 OO/acre Undeveloped $ 1I,037.00/acre $ 3,272.47/acre $ll,037.00/acre $11,037 OO/acre Improvement Area A (Zone 2 - Woods): Residential $ 0.6700/sf $ o 6700/sf $ 0.6700/sf o 6700/sf Commercial $' 6,000.00/acre $ 6,000,00/acre $ 6,000.00/acre $ 6,000.00/acre Undeveloped $ 8,332.00/acre $ 2,470 43/acre $ 8,332,OO/acre $ 8,332.00/acre. Estimated Revenue Improvement Area A (Zones 1 and 2): $3,998,554.50 Improvement Area B (Zone 3 - Land Swap): Residential $ o 7400/sf $ o 7400/sf $ o 7400/sf o 7400/sf Commercial $ 6,000.00/acre $ 6,000.00/acre $ 6,00000/acre $ 6,000 OO/acre Undeveloped $20,563,OO/acre $15,346.16/acre $20,563,OO/acre $20,563,OO/acre Improvement Area B (Zone 4 - Land Swap): Residential $ O,7400/sf $ o 7400/sf $ o 7400/sf ~ o 7400/sf Commercial $ 6,000,OO/acre $ 6,000.00/acre $ 6,000.00/acre $ 6,000 OO/acre Undeveloped $ 6,6fi7.00/acre $ 4,975.58/aore $ 6,667 OO/acre $ 6,667 OO/acre Estimated Revenue Improvement Area B (Zones 3 and Zone 4): $856,530.39 3-4 E.\.HIBIT B Community Facilities District No. 07-M (EastLake III - Woods. Vistas, and Land Swap Open Space Maintenance) Land Use Category Maximum Rate Actual Rate Maximum Rate Projected Rale Estimated Revenue Improvement Area 1: Residential $ o ll96/sf $ 0.0423/sf $ o 1240/sf $ o 1240/sf Multi-family $ o l196/sf $ 0.0423/sf $ o 1240/sf $ o 1240/sf Non-residential $ 1,561 19/acre $ 529.24/acre $ 1,618.41/acre $1 ,61 8.41/acre Final Map $ 1,561 19/acre $ O.OO/acre $ 1,618.41/acre $1,618.41/acre Other taxable $ 1,561 19/acre $ O.OO/acre $ 1,618.41/acre $1,618.41/acre Property Assoc. $ 1,561 19/acre $ 0.00/ acre $ 1,61841/acre $1618.41/acre Property Estimated Revenue Area 1: . $762,705.26 Improvement Area 2: Residential $ 0.0782/sf $ 0.0091/sf $ 0.0811/sf $ 0.08l1/sf Multi-family $ 0.0782/sf $ 0.0091/sf $ 0.0811/sf $ o 0811/sf Non-residential $ 432.36/acre $ 50.32/acre $ 448.21/acre $ 448.21/acre Final Map $ 1,179.30/acre $ o .OO/acre $ 1,222.53/acre $1,222.53/acre Other taxable. $ 1, 179.30/acre $ O.OO/acre $ 1,222.53/acre $1,222.53/acre Property Assoc. $ 1,179.30/acre $ O.OO/acre $ 1,222.53/acre $1,222.53/acre Property Estimated Revenue Area 2: $92,617.90 3-5 ~ ~ " Q... ~ l'<"\ ~ to.. 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C -c,J'i ~ :J l,:=1I~ , t't) ~Uj~ ~ ~ ~. , \ Ii 7~ ~\ --t~J I to.s......... ,..". 1 ( , '1 ~ C:::J -' t: en (l, ~ ;$ ~ E-< ~ ~IJ / ~ ~( '" 0.. 3-10 RESOLUTION NO. 2006 - RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE LEVY OF MAXIMUM SPECIAL TAXES FOR FISCAL YEAR 2006/07 WITHIN COMMUNITY FACILITIES DISTRICTS 06-1 and 07-M; AND DELEGATING TO THE CITY MANAGER THE AUTHORITY TO ESTABLISH THE SPECIAL TAX FOR EACH DISTRICT. WHEREAS, the maximum Special Tax rates for Community Facilities Districts 06-1 and 07-M which are authorized pursuant to the approved rate and method of apportiorunent of special taxes for these community facilities districts to be levied for Fiscal Year 2006/07 are set forth in Exhibits A and B, attached to and incorporated into this Resolution by this reference as if set forth in full, and WHEREAS, this City Council desires to establish the maximum Special Tax rates that may be levied in Community Facilities Districts 06-1 and 07-M in Fiscal Year 2006/07 at the rates as set forth in the attached Exhibits A and B and to delegate to and designate the City Manager as the..official to prepare a certified list of all parcels subject to the Special Tax levy for each community facilities district including the amount of such Special Tax to be levied on each parcel for Fiscal Year 2006/07 as authorized by Goverrunent Code Section 53340; NOW, THEREFORE, BE IT RESOLVED by the City COlIDcil of the City ofChula Vista acting as the legislative body of Community Facilities Districts 06-1 and 07-M respectively, as follows: SECTION 1 The foregoing recitals are true and correct. SECTION 2. This City Council establishes the maximum Special Tax rates that may be levied for Fiscal Year 2006/07 in Community Facilities Districts 06-1 and 07-M as the rates set forth in the attached Exhibits A and B. SECTION 3 Pursuant to Government Code 53340, this City Council delegates the authority to and designates the City Manager as the official to prepare and submit a certified list of all parcels subject to the levy of the Special Tax within the community facilities districts to which this Resolution applies, including the amount of the Special Tax to be levied on each parcel for Fiscal Year 2006/07, and to file such list with the auditor of the County of San Diego on or before the required date or such other later date with the prior written consent of the auditor The amount of the Special Tax to be levied on each parcel shall be based upon the budget for each community facilities district as previously approved by this City Council amI shall not exceed the maximum Special Tax as set forth in the attached Exhibits A and B 3-11 Presented by Leah Browder Acting Director of Engineering 3-12 Approved as to form by ~7~ 1 ~ ~ c,l,----","/ --" ..;c;;- Ann Moore City Attorney I _J