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Home My WebLink AboutReso 2007-194 RESOLUTION NO. 2007-194 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE LEVY OF MAXIMUM SPECIAL TAXES FOR FISCAL YEAR 2007/2008 WITHIN COMMUNITY FACILITIES DISTRlCTS 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 District 06-1 and 07-M; authorized, pursuant to the approved rate and method of apportionment of special taxes for this community facilities district, to be levied for Fiscal Year 2007/2008 are set forth in Exhibits K and M, attached hereto and incorporated herein by 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 2007/2008 at the rates as set forth in Exhibits K and M hereto 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 induding the amount of such Special Tax to be levied on each parcel for Fiscal Year 2007-2008 as authorized by Government Code Section 53340. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista acting as the legislative body of Community Facilities District 06-1 and 07-M respectively, as follows: SECTION 1. The foregoing recitals are true and correct. SECTION 2. This City Council does hereby establish the maximum Special Tax rates that may be levied for Fiscal Year 2007/2008 in Community Facilities District 06-1 and 07-M as the rates set forth in Exhibits K and M attached hereto. SECTION 3. Pursuant to Government Code 53340, this City Council hereby 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 district to which this resolution applies induding the amount of the Special Tax to be levied on each parcel for Fiscal Year 2007/2008 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 such auditor. The amount of the Special Tax to be levied on each such parcel shall be based upon the budget for each such community facilities district as previously approved by this City Council and shall not exceed the maximum Special Tax as set forth in Exhibits K and M hereto applicable to each community facilities district in which such parcel being taxed is located. Presented by Approved as to form by ~/~~e ScottTulloch Acting Assistant City Manager/City Engineer ~"-XC"N\ },\\'f\s> f ~~~ Ann Moore City Attorney Resolution No. 2007-194 Page 2 PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista, California, this 24th day of July 2007 by the following vote: AYES: Councilmembers: Castaneda, Ramirez, Rindone, and Cox NAYS: Councilmembers: None ABSENT: Councilmembers: McCann Cheryl an, ~~ €'f ATTEST: --:"- --'IU t.u...~ ~ Susan Bigelow, MMC, City CI ~ STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) CITY OF CHULA VISTA ) I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certifY that the foregoing Resolution No. 2007-194 was duly passed, approved, and adopted by the City Council at a regular meeting of the Chula Vista City Council held on the 24th day of July 2007. Executed this 24th day of July 2007. ~ - iutL-l ~Lo--/ Susan Bigelow, MMC, City Cle Resolution No. 2007-194 Page 3 EXHIBIT K Community Facilities District No. 06-1 (EastLake Woods, Vistas, and Land Swap - Bond Issue) n 1/1/16/07 Sprt'ial Tax Ralrs I F\ 10U7/(J8 Sprcial Tax Ratrs I ty 1(JU7/(JS Land Use Category Maximum Rate Actual Rate Maximum Rate Projected Rate Estimated Revenue Improvement Area A (Zone 1- Vistas): Residential $ O.5800/sf $ O.5400/sf $ O.5800/sf O.5800/sf Commercial $ 6,OOO.OO/acre $ 5,541.00/acre $ 6,000.OO/acre 6,000.00/ acre Hotel Property $ 6,ooo.OO/acre $ 5,541.00/acre $ 6,OOO.OO/acre $ 6,OOO.OO/acre Undeveloped $ JI,037.00/acre $O.OO/acre $JI,037.00/acre $11,037.00/acre Improvement Area A (Zone 2 - Woods): Residential $ O.6700/sf $ 0.6187/sf $ O.6700/sf $ 0.6700/sf Commercial $ 6,000.OO/acre $ 5,54J.OO/acre $ 6,OOO.OO/acre $ 6,OOO.OO/acre Undeveloped $ 8,332.00/acre $ O.OO/acre $ 8,332.00/acre ~ 8,332.00/acre Estimated Revenue Improvement Area A (Zones 1 and 2): $4,116,178,03 Improvement Area B (Zone 3 - Land Swap): Residential $ 0.7400/sf $ 0.7400/sf $ 0.7400/sf ~ O.7400/sf Commercial $ 6,ooo.OO/acre $ 6,000.OO/acre $ 6,ooo.OO/acre ~ 6,OOO.OO/acre Undeveloped $20,563.00/acre $11,807.27/acre $20,563.00/acre ~20,563.00/acre Improvement Area B (Zone 4 - Land Swap): Residential $ O.7400/sf $ O.7400/sf $ O.7400/sf $ O.7400/sf Commercial $ 6,ooo.OO/acre $ 6,OOO.OO/acre $ 6,OOO.OO/acre $ 6,OOO.OO/acre Undeveloped $ 6.667.00/acre $ 3,828.l9/acre $ 6,667.00/acre $ 6,667.00/acre Estimated Revenue Improvement Area B (Zones 3 and Zone 4): $824,858.86 Resolution No. 2007-194 Page 4 EXHIBIT K CFD 06-1 finances the acquisition or construction of certain public facilities (i.e,. grading, landscaping, streets, utilities, drainage, sewer, etc.) serving the EastLake - Woods, Vistas and Land Swap project, as well as, selected "Traffic Enhancement" facilities within the greater eastern territories of Chula Vista. The administration costs for FY 2007/08 are projected to be $75,000 (as given in the bond indenture) and scheduled debt service on the bonds is $3,394.425. Resolution No. 2007-194 Page 5 EXHmIT L Community Facilities District No. 07-1 (Otay Ranch - Village Eleven - Bond Issue) F\ :!(]Ur.;U7 Spl'ci,,1 T;l' FY :!U07/0S Sp",'ial Ta, 1-\' ~( 7/ ' .!. m us Ratl" Rail's Land Use Density Maximum Actual Rate Maximum Projected Estimated Cate 0 Rate Rate Rate Revenue Residential o to 8 $ 1,675/DU $ 1,675/DU $ 1,675/DU $1,675/DU Residential >8 to $ 1,340/DU $ 1,3401DU $ 1,340/DU $ 1,3401DU 20 Residential >20 $ 1,0051DU $ I,005IDU $ I,005IDU $ I,005IDU Non-Residential N/A $ 6,OOOIac $ 6,000/ac $ 6,OOO/ac $ 6,OOO/ac $ 13,955/ac $ 8,456.32/ac $ 13,955/ac $ 13,955/ac $ 24,218/ac $ 14,675.39/ac $ 24,218/ac $ 24,218/ac $ 13,955/ac $ O.oo/ac $ 13,955/ac $ 13,955/ac $ 24,2181ac $ O.DO/ac $ 24,2181ac $ 24,2181ac $ 13,955/ac $ O.OO/ac $ 13,955/ac $ 13,955/ac $ 24,2181ac $ O.OO/ac $ 24,218/ac $ 24,2181ac Estimated Revenue: $4,061,917.17 CFD 07-1 finances the acquISItion or construction of certain public facilities (i.e,. grading, landscaping, streets, utilities, drainage, sewer, etc.) serving the Brookfield Shea Otay project, as well as, selected "Traffic Enhancement" facilities within the greater eastern territories of Chula Vista. The Brookfield Shea Otay project is bounded on the south and east by Hunte Parkway, a curving arterial from south to northeast. Olympic Parkway forms the northern edge and to the west is the extension of Eastlake Parkway. The administration costs for FY 2007/08 are projected to be $75,000 (as given in the bond indenture) and scheduled debt service on the bonds is $3,040,561.26. Resolution No. 2007-194 Page 6 EXHIBIT M Community Facilities District No. 07-M (EastLake IIl- Woods, Vistas, and Land Swap - Open Space Maintenance) I) :!llll6/117 Sp<'cial ra, R.ltc, I I \ :!Oll7/11S Special 1 a, Hal<', l11:;~IHS Land Use Category Maximum Rate Actual Rate Maximum Rate Projected Rate Estimated Revenue Improvement Area 1: Residential $ O.1240/sf $ O.0264/sf $ O.12821sf $ O.12821sf Multi-family $ O.1240/sf $ O.0264/sf $ 0.12821sf $ O.12821sf Non-residential $ 1,618.4l1acre $ 344.161acre $ 1,673.43/acre $1,673.43/acre Final Map $ 1,618.4l1acre $ O. DO/acre $ 1,673.43/acre $1,673.43/acre Other taxable $ 1,618.4l1acre $ O.OOIacre $ 1,673.43/acre $1,673.43/acre Property Assoc. $ 1,618.41/acre $ O.OOIacre $ 1,673.43/acre $1,673.43/acre Prooertv Estimated Revenue Area 1: $785,137.94 Improvement Area 2: Residential $ 0.0811/sf $ O.OO421sf $ O.0839/sf $ O.0839/sf Multi-family $ O.08111sf $ O.OO421sf $ O.0839/sf $ O.0839/sf Non-residential $ 448.211acre $ 23.28/acre $ 463.45/acre $ 463.45/acre Final Map $ 1,222.53/acre $ O.DO/acre $ 1,264.09/acre $1,264.09/acre Other taxable $ 1,222.53/acre $ O.OD/acre $ 1,264.09/acre $1,264.09/acre Property Assoc. $ 1,222.53/acre $ O.OD/acre $ 1,264.09/acre $1,264.09/acre Property Estimated Revenue Area 2: $102,907.16 Community Facilities District 07-M provides the necessary funding for the perpetual operation and maintenance of slopes, medians and parkways and storm water treatment facilities associated with EastLake ill - Woods and Vistas and Land Swap Parcel (south parcel only) and Annexation No.1. i - -- j