HomeMy WebLinkAboutOrd 1988-2275 Revised 7/20/88
ORDINANCE NO. 2275
AN ORDINANCE OF THE CITY OF CHULA VISTA AMENDING
CHAPTER 5.46 OF THE CHULA VISTA MUNICIPAL CODE BY
ADDING THERETO A NEW SECTION 5.46.020 RELATING TO
DISCLOSURE OF MELLO-ROOS DISTRICT, ASSESSMENT
DISTRICTS AND OPEN SPACE DISTRICTS
The City Council of the City of Chula Vista does ordain
as follows:
SECTION I: That Chapter 5.46 of the Chula Vista
Municipal Code is hereby amended by adding thereto a new Section
5.46.020 to read as follows:
Sec. 5.46.020 Disclosure of Mello-Roos Districts,
Assessment Districts and Open Space
Districts.
Upon the sale of a new home, which is subject to a
Mello-Roos District, an assessment district or an open
space district, any person engaged in the business of
real estate sales shall disclose the costs of the
district to the buyer and the existence of any
alternative to pay off those costs at the time of the
purchase of the property. This disclosure shall take
place before any binding commitment is made either by
the seller to sell the property to a specific buyer or
by the buyer to purchase the property. The disclosure
shall made in the form attached hereto as Exhibit "1"
and incorporated herein by reference as if set forth in
full.
SECTION II: This ordinance shall take effect and be in
full force on the thirty-first day from and after its adoption.
Presented~and Approved as to form by
'~ ~ , City Attorney
'~30a J'~
FIRST READ AT A REGULAR MEETING OF THE CITY COUNCIL OF THE
CI OF CHULA VISTA, CALIFORNIA, HELD July 19 . 19 88 , AND
FINALLY PASSED AND ADOPTED AT A REGULAR MEETING THEREOF HELD July 26
19 88 , BY THE FOLLOWING VOTE, TO-WIT:
AYES: Councilmen Nader, Malcolm, Cox, Moore, McCandliss
NAYES: Councilmen None
ABSTAIN: Councilmen inane
ABSENT: Councilmen None
May~theCj~i~y of~ula Vista
ATTEST
C Clerk . .~,~,~,
STy, .: OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chulo Visto, Colifornio,
DO HEREBY CERTIFY thor the above ond foregoing is a full, true ond correct copy of
ORDINANCE 2275 ,and that the same has not been amended or repealed.
DATED
City Clerk
CIIY OF
CHULa, VISTA
CC-660
EXHIBIT "1"'
N~FICE OF SPECIAL TAXES AND ASSESSMENTS <-3~pr. TYPE
BU' R
PL&,
SQUARE FEET
COMMUNITY FACILITIES SPECIAL ASSESSMENT
DISTRICTS DISTRICTS OPEN SPACE TOTAL SPECIAL
SWEETWATER CV ELEMENTARY DIST. NO.(S) DIST. NO.(S) MAINTENANCE TAXES AND
YEAR UNION H.S. SCH. DISTRICT DISTRICT ASSESSMENTS
1
2
3 (Seller shall be required to fill in the appropriate amounts prior
4 to obtaining buyer's signature)
5
6
7
8
9
10
11
12
13
14
15
16
17
if
19
20
21
22
23
24
25
NOTE: The unit you are purchasing is located within boundaries of community facilities
districts and special assessment districts. The special taxes and assessments shown above
are in addition to the base property taxes on the property.
The open space maintenance district is administered by the City of Chula Vista and the assess-
ment has not been determined at this time. It is currently estimated, however, that the
assessment, which is subject to annual adjustment as determined by the City of Chula Vista,
will not exceed $ in Year 1.
The schedule above is an estimate of the Special Taxes and Assessments to be collected on
your annual property tax bill. This amount will be increased consistent with the engineer's
news record construction index for the Los Angeles area.
OPTION 1:
I agree to pay the following "buyout" costs:
Community Facilities Districts, #__, Sweetwater Union High School
District for $
Community Facilities Districts, # , Chula Vista Elementary School
District for $
Special Assessment Districts, # , and # , for a total of
$
(Open Space Maintenance District fees may not be paid in advance).
For all assessments checked above, I agree to pay $
I understand I will receive a supplemental tax bill in Year 1 to collect any discrepancy
between projected and actual taxes.
OPTION 2:
I agree to pay all Mello-Roos taxes and Special Assessments on an annual basis
per the attached disclosure executed in the Offer to Purchase.
I understand I will receive a supplemental tax bill in Year 1 to collect any discrepancy
between projected and actual taxes.
BUYER
BUYER
DATE
TRACT
EXHIBIT A
SALES AGREEMENT
Lot #
Tract #
~ent Districts funding ~assessment districts)*
or portion of debt)
$155,000 $160,000 price
In addition, lien on your
property with annual assessments
for:
District Name Debt Financed Annual Payment
1. $2,000 $200
2. $1,500 $150
3. $1,500 $150
TOTAL $5,000 $500
* Assessment Districts to pay off as follows:
1) Mello-Roos District #1 - Chula Vista schools
2) Mello-Roos District #2 - Sweetwater Union School District
3) EastLake District 85-2 - City - water, major streets, etc.
4) EastLake District 86-1 - City - water, major streets, etc.
Maintenance Districts - are annual costs for such things as open spaces,
street landscaping and special lighting, etc. and cannot be paid off.
I (We) choose Option
Buyer #1
Buyer #2
WPC 3856E
Exhibit B
TOTAL INTEREST PAID
CASE I - Assessment District and Conventional Loan
Assume conventional loan ~ 10% - 30 yr. - 20% down
Assessment districts @ 8% - 20 yr. - no down
Amount Monthly Total
Price Financed Payment Interest
Conv. Loan $150,000 $120,000 $1,053.08 $259,108.80
A.D. #85-2 1,053 8.80 1,059.00
A.D. #86-1 3,238 27.08 3,261.20
TOTAL $124,291 $1,088.96 $263,429.00
CASE II - Finance by Conventional Loan Only
Amount Monthly Total
Price Financed Payment Interest
Conv. Loan $154,291 $124,291 $1,090.74 $268,376.00
Amount of interest saved by Assessment District is $4,947.
NOTE: Loan points were not included because they would be offset in Case I by
administrative charges for certain Assessment incidental costs.
WPC 3857E