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HomeMy WebLinkAboutRESOLUTIONS - 11102004 - 2004-504 (3) RESOLUTION NO 2004/504 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA DECLARING ITS INTENTION TO ESTABLISH A COMMUNITY FACILITIES DISTRICT AND TO AUTHORIZE THE LEVY OF SPECIAL TARES THEREIN — DELTA COVES WHEREAS, under the Mello-Roos Community Facilities Act of 1932, constituting Section 53311 at seq. of the California Government Code (the "Law"), this Board of Supervisors may commence proceedings for the establishment of a community facilities district; and WHEREAS, there has been submitted to this Board of Supervisors a Petition (including Waiver) of LB/L-Duc III Bethel Island LLC (the "Petition"), requesting the formation by this Board of Supervisors of a community facilities district under the Law to be known as the County of Contra Costa Community Facilities District No. 2004-1 (Delta Coves) (the"District"); and WHEREAS, under the Law, this Board of Supervisors is the legislative body for the proposed District and is empowered with the authority to establish the District and levy special taxes within the District; and WHEREAS, this Board of Supervisors now desires to proceed with the actions necessary to consider the establishment of the District. NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa as follows: Section 1. This Board of Supervisors proposes to begin the proceedings necessary to establish the District pursuant to the Law. Receipt of the Petition to form the District is hereby acknowledged. Section 2. The name proposed for the District is County of Contra Costa Community Facilities District No. 2004-1 (Delta Coves). Section 3. The proposed boundaries of the District are as shown on the map of the District on file with the Clerk of the Board, which boundaries are hereby preliminarily approved. The Clerk of the Board is hereby directed to record, or cause to be recorded, the map of the boundaries of the District in the office of the County Recorder as soon as practicable after the adoption of this Resolution. Section 4. The types of public facilities (the "Facilities") proposed to be eligible for funding by the District and pursuant to the Law shall consist of those items listed on Exhibit A hereto under the headings "Facilities," which Exhibit is by this reference incorporated herein. The Deputy Director--Redevelopment of the County of Contra Costa (the "County") is hereby authorized and directed to enter into a joint community facilities agreement with the Bethel Island Municipal Improvement District, with the Iron House Sanitary District, and with any other public entity that will own and/or operate any of the Facilities, such agreements to be in a form provided by Bond Counsel. C:\CDBG-REDEV\redev\LNobte\Personal\DocumentslReso intentEstabUD J7349.doc Section 8. Except to the extent that funds are otherwise available to the District to pay for the Facilities, and/or pay the principal and interest as it becomes due on bonds of the District issued to pay for the Facilities, a special tax sufficient to pay the casts thereof, secured by recordation of a continuing lien against all non-exempt real property in the District, will be levied within the District and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Supervisors or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, and which specifies the tax year after which no further special tax will be levied can land used for private residential purposes and which otherwise complies with applicable provisions of the Law is described in Exhibit B attached hereto which Exhibit is by this reference incorporated herein. This Board of Supervisors finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the California Government Code (relating to adjustments to ad valorem property tars and schools financed by a community facilities district)are inapplicable to the District. Section 6. It is the intention of this Board of Supervisors, acting as the legislative body for the District, to cause bonds of the County to be issued for the District pursuant to the Law to finance a portion of the costs of the Facilities. If so issued, the bonds shall be in the aggregate principal amount of not to exceed $30 million, shall bear interest payable semi-annually or in such other manner as this Board of Supervisors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. Section 7. This Board of Supervisors reserves to itself the right and authority to allow any interested owner of property in the District, subject to the provisions of Section 53344.1 of the California Government Code and such requirements as it may otherwise impose, and any applicable prepayment penalties as prescribed in the indenture or fiscal agent agreement for any bonds of the County for the District, to tender to the Auditor-Controller of the County in full payment or part payment of any installment of special taxes or the interest or penalties thereon which may be dine or delinquent, but for which a bill has been received, any bond or other obligation secured thereby, in the manner describer! in Section 53344.1 of the California Government Code. Section 8. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in the proposed District, with each owner having one vote for each acre or portion of an acre of land such owner owns in the District. Section 9. Except as may otherwise be provided by law or the rate and method of apportionment of the special tax for the District, all lands owned by any public entity, including the United States, the State of California and/or the County, or any departments or political subdivisions of any thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the Facilities and the Services, the issuance of bonds by the County for the District and any expenses of the District. Section 10. The Deputy Director of public Works of the County is hereby directed to study said proposed Facilities and to make, or cause to be made, and file with the Clerk of the Board a report in writing, presenting the following: -2- (a) A brief description of the Facilities. (b) An estimate of the fair and reasonable cost of providing the Facilities, including the incidental expenses in connection therewith, including the costs of the proposed bond financing, any Authority administrative costs and all other related costs. Said report shall be made a part of the record of the public hearing provided for below. Section 11. Tuesday, November 2, 2G 4, at 9.30 a.m. or as soon thereafter as the matter may be heard, in the regular meeting place of this Board of Supervisors, Board of Supervisors Chambers, 651 Pine Street, Martinez, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Supervisors, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the district and the levy of said special tax. Section 12. The Clerk of the Board is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall be substantially in the form of Exhibit C hereto. Section 13. The Board of Supervisors may in the future, by resolution, approve an agreement pursuant to Section 5.3314.9 of the California Government Code, to accept an advance or advances of funds or work-in-kind from one or more landowners in the District or related entities, which advances may be repaid and work-in-kind may be reimbursed to the person or entity which advanced the funds or work-in-kind subject to compliance with the appl Section 14. This Resolution shall take effect upon its adoption. PASSED, APPROVED AND ADOPTED, by the Board of Supervisors of the County of Contra Costa at a meeting held on theme day of-s , 2004. ChaiV Board of Supervisors of the County of Contra Costa ATTEST: County Administrator and Clerk oft Board of Supervisors : f B - `�- Y [deputy Clerk 43447.14:J7349 7/7!44 -4- EXHIBIT A COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT NO. 2004-1 (DELTA COVES) DESCRIPTION OF FACILITIES ELIGIBLE TO BE FUNDED BY THE DISTRICT FACILITIES The CFD may finance all or a portion of the costs of the following (the"Facilities"): A. Street and Related Improvements. The following street and related storm drain, sewer, water and utility improvements: 1. Wood Landing. Drive: approximately 11,333 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Wood Landing Drive. 2. Stene Road East: approximately 2,600 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Stone Road East. 3. Harbor Drive: approximately 300 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Harbor Drive. 4. Sandy Lane: approximately 517 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Sandy Lane. 5. Cape Place: approximately 1,315 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Cape Place. 6. Island Place: approximately 654 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Island Place. 7. Starboard Place: approximately 455 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Starboard Place. 8. Port Place: approximately 964 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, A-1 sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Port Place. 9. Port Court: approximately 389 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Port Court. 10. Harbor Place: approximately 708 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Harbor Place. 11. Clay Place: approximately 912 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Clay Place. 1 . Bay Place: approximately 820 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Bay Place. 13. Share Place: approximately 900 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Shore Place. 14. Isle Place: approximately 512 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Isle Place. 15. Channel Place: approximately 871 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Channel Place. 16. Point Place: approximately 987 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Point Place. 17. Cape Court: approximately 918 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Cape Court. 18. Slough Place: approximately 617 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Slough Place. A-2 19. Cove Place: approximately 870 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Wood Landing Chive 20. Gateway Road: approximately 5,000 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Gateway Road. 21. Stone Road: approximately 200 LF including fine grading, paving, landscaping, storm drain, sanitary sewer, domestic water system, dry utilities, curb & gutter, sidewalks, street lights, paint striping, markers and signs, and other appurtenant improvements necessary to complete Stone Road. B. Perimeter Storm [Grain: approximately 15,000 LF of storm drain pipe and four storm drain stations and other appurtenant improvements necessary to complete the perimeter storm drain. C. Cuff-Site Sanitary Sewer: upgrade of existing Gateway Road and Stone Road Pump Stations and lining of one existing emergency storage pond off Bethel Island Road and other appurtenant improvements necessary to complete the off-site sanitary sewer. D. Bethel Island Road Water Main and Gas Extension: 10,000 LF of 18" water main and 10,000 LF of 6" gas main and other appurtenant improvements necessary to complete the Bethel Island Road water main and gas extension. The Facilities shall include the costs of site grading (including deep dynamic compaction, stone columns, peat removal, rip rap slope protection, erosion control and. other appurtenant improvements necessary to complete the grading) determined by the Director of Public Works as reasonably allocable to the Facilities, and costs of design, engineering and planning, the costs of any environmental or other studies, surveys or reports, the cost of any requiredenvironmental mitigation and any required landscaping and irrigation, staking, soils testing or engineering, permits (including without limitation any encroachment permits), plan check and inspection fees, insurance, construction management, legal and related overhead costs, coordination and supervision and any other costs or appurtenances related to any of the foregoing. OTHER The CFD may also finance any of the following: 1. Bond related expenses, including underwriter's discount, reserve fund, capitalized interest, bond and disclosure counsel and all other incidental expenses. 2. Administrative fees of the County and the bond trustee or fiscal agent related to the CFD and any bonded indebtedness of the CFC?. 3. Reimbursement of costs related to the formation of the CFD advanced by the County, or any landowner within the CFD, as well as reimbursement of any costs advanced by the County or any landowner within the CFD, for facilities, fees or other purposes or costs of the CFD. A_3 EXHIBIT B COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT NO. 2004-1 (DELTA COVES) RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX B-1 RAFr COUNTY of CONTRA COSTA �� COMMUNITY FACILITIES DISTRICT No. 2004-1 (DELTA COVES) RATE AND METHOD OF APPORTIONMENT of SPECIAL TAX A Special Tax applicable to each Assessor's Parcel in the County of Contra Costa Community Facilities District No.2004-1 (Delta Coves)[herein"CFD No.2004-1"]shall be levied and collected according to the tax liability determined by the Board of Supervisors of the County of Contra Costa or its designee,as described below. All of the property in CFD No.2004-1,unless exempted by law or by the provisions of Section G below, shall be taxed for the purposes, to the extent, and in the manner herein provided. A. DEFINITIONS The terms hereinafter set forth have the following meanings: "Acre or Acreage"means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an. Assessor's Parcel Map, the land area shown on the applicable final map,parcel map, or other recorded County parcel map. "Act" means the Mello-Roos Community Facilities Act of 1982, as amended,being Chapter 2.5, (commencing with Section. 53311),Division 2 of Title 5 of the Government Code of the State of California. "Administrative Expenses"means any or all of the following:the fees and expenses of any fiscal agent or trustee(including any fees and expenses of its counsel)employed in connection with any Bonds; any costs associated with the marketing or remarketing of the Bonds; the expenses of the Administrator and the County in carrying out their respective duties under any fiscal agent agreement,indenture or resolution with respect to the Bonds or CFD No.2004-1,including,but not limited to,the levy and collection of the Special Tax,the fees and expenses of legal counsel,charges levied by the County or any division or office thereof in connection with the levy and collection of Special Taxes,audits,continuing disclosure or other amounts needed to pay arbitrage rebate to the federal government with respect to Bonds; costs associated with complying with continuing disclosure requirements;costs associated with responding to public inquiries regarding Special Tax levies and appeals; attorneys' fees and other costs associated with commencement or pursuit of foreclosure for delinquent Special Taxes;costs associated with overhead expense allocations to CFD No.2004-I;and all other costs and expenses of the County,the Administrator,and any fiscal agent, escrow agent or trustee related to the administration of CFD No. 2004-1. "Administrator" shall mean the person or firm designated by the Board to administer the Special Tax according to this Rate and Method of Apportionment of Special Tax. County of'Contra Costa CFU No.2004-1 1 September 10,2004 "Assessor's Parcel"or"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 Contra Costa designating parcels by Assessor's Parcel Number. "Bonds"'means any bonds or other debt(as defined in Section 53317(d)of the Act),whether in one or more series, issued by CFD No. 2004-1 under the Act. "Board" means the Board of Supervisors of the County of Contra Costa.. "Capitalized Interest"means funds in any capitalized interest account available to pay debt service on Bonds issued by CFD No. 2004-1. "County"means the County of Contra Costa. "Developed Property"means Taxable Property for which a building permit for new construction was issued prior to June 1 of the preceding Fiscal Year. "Final Map" means a final map approved by the County pursuant to the Subdivision Map Act (California Government Code Section 66410,et seq.)that creates individual lots on which a building permit can be issued for construction without further subdivision of the lots. "Fiscal Year" means the period starting July 1 and ending on the following June 30. "Homeowners' Association Property" means any property within the boundaries of CFD No. 2004-1 which is owned by a homeowners' or property owners' association. "Land Use Class" means one of the defined land use categories for which a specific Maximum Special Tax is identified in Section C below. "Maximum Special Tax"means the maximum amount of Special Tax,determined in accordance with Section C that can be levied in any Fiscal Year. "Multi-Family Property"means,in any Fiscal Year,any Parcel of Developed Property for which a building permit was issued for construction of a structure that has residential units that have one or more shared walls with other units including townhouses,condominiums, and apartments. "Non-Residential Property" means, in any Fiscal Year, all Parcels of Developed Properly for which a building permit was issued for construction of a structure that will be used for any non- residential purpose. County of Contra Costa CFD No.2004-1 2 September 10,2004 "Planned Development"means the number of individual residential single family units and multi- family and non-residential taxable acreage that is expected to be constructed on property within CFD No. 2004-1, as shown in Attachment 1 of this Rate and Method of Apportionment of Special Tax. "Proportionately"means,for Developed Property,that the ratio of the,actual Special Tax levied in any Fiscal Year to the Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all Assessor's Parcels of Developed Property. For Undeveloped Property,"Proportionately"means that the ratio of the actual Special Tax levied to the Maximum Special Tax is equal for all Assessor's Parcels of Undeveloped Property. "Public Property"means any property within the boundaries of CFD No.2004-1 that is awned by or irrevocably offered for dedication to the federal government, State of California or other local governments or public agencies. "Single Family Property"means,in any Fiscal Year,any Parcel of Developed Property for which a building permit was issued for construction of a single family residential unit that does not share a common wall with another unit. "Special Tax"means a special tax levied in any Fiscal Year that will be used to pay the Special Tax. Requirement,as defined below. "Special Tax Requirement"means the amount necessary in any Fiscal Year(i)to pay principal and interest on Bonds which is due in the calendar year which begins in such Fiscal.Year,(ii)to create or replenish reserve funds, (iii) to cure any delinquencies in the payment of principal or interest on Bonds which have occurred in the prior Fiscal Year or(based on delinquencies in the payment of Special Taxes which have already taken place)are expected to occur in the Fiscal Year in which the tax will be collected, (iv) to pay Administrative Expenses, and (v) to pay the costs of public improvements and public infrastructure authorized to be financed by CFD leo.2004-1. The amounts referred to in clauses(i)and(ii)of the preceding sentence may be reduced in any Fiscal Year by(i) interest earnings on or surplus balances in funds and accounts for the Bonds to the extent that such earnings or balances are available to apply againstdebt service pursuant to the Bond indenture,Bond resolution, or other legal document that set forth these terms, (ii)proceeds from the collection of penalties associated with delinquent Special Taxes,and(iii)any other revenues available to pay debt service on the Bonds as determined by the Administrator. "Taxable Property"means all of the Assessor's Parcels within the boundary of CFD No. 2004-1 which are not exempt from the Special Tax pursuant to law or Section G below. "Tentative Map"means Tentative Map No. 6013 designating residential and non-residential land uses within the Delta Coves project, "Undeveloped Property"means Undeveloped Single Fancily Property,Undeveloped Multi-Family Property, and.Undeveloped Non-Residential Property collectively. County of Contra Costa CFI?No. 2004-1 3 ,September 10,2004 "Undeveloped Single Family Property"means,in any Fiscal Year,any Parol of Taxable Property within CFD No. 2004-1 for which a building permit has not been issued prior to June 1 of the preceding Fiscal Year and, according to the Tentative Map, is planned to be developed as Single Family Property. "Undeveloped Multi-Family Property"means,in.any Fiscal Year,any Parcel of Taxable Property within CFD No. 2004-1 for which a building permit has not been issued prior to June 1 of the preceding Fiscal Year and, according to the Tentative Map, is planned to be developed as Multi- Family Property. "Undeveloped Non-Residential Property" means, in any Fiscal Year, any Parcel of Taxable Property within CFD No.2004-1 for which a building permit has not been issued prior to June 1 of the preceding Fiscal Year and,according to the Tentative Map,is planned to be developed as Non- Residential Property. B. ASS'IENM:FNT TO LAND USE CLASS Each Fiscal Year, the Administrator shall categorize each Parcel of Taxable Property in CFI)No. 2044-1 as Developed Property or Undeveloped Property. Parcels of Developed Property shall be fir her identified as Single Family Property, Multi-Family Property,or Non-Residential Property. For each Parcel of Single Family Property within the CFD,the Administrator shall determine the Parcel's tax category,as shown in Table 1 of Section C,based on the square feet of living area in the residential unit as reflected in the building permit issued for construction of the unit. For Undeveloped Property, the Administrator shall determine the Parcel's tax category, as shown in Table 2 of Section C, based on the Planned Development. Count),of Contra Costa CFD No. 2004-1 4 September Ill,2004 C. MAXIMUM SPECIAL TAX Pursuant to Section 53321 (d)of the Act,a Maximum Special Tax must be established as a specific dollar amount before a Parcel is first subject to the tax when in private residential use.The fallowing maximum rates shall apply to all Parcels of Taxable Property within CFD No.2004-1 for each Fiscal Year in which the Special Tax is collected: DevelpMd Property TABLE 1 MAXIMUM SPECIAL TAX—DEVELOPED PROPERTY Maximum Tax Category Special Tax Single Family Property ¢= 1,900 Bldg. sf. $4,000 per Parcel Single Family Property 1,901 to 2,504 Bldg. sf. $4,500 per Parcel Single Family Property 2,501 to 2,900 Bldg. sf. $4,900 per Parcel Single Family Property > 2,900 Bldg. sf: $5,500 per Parcel Multi-Family Property $6,700 per Acre Non-Residential Property $2,700 per Acre Pursuant to Section 53321 (d) of the Act, the Special Tax levied against a Parcel used for private residential purposes shall under no circumstances increase more than ten percent (10%) as a consequence of delinquency or default by the owner of any other Parcel or Parcels and shall, in no event, exceed the Maximum Special Tax in effect for the Fiscal Year in which the Special Tax is being levied. Undeveloped Property TABLE 2 MAXIMUM SPECIAL TAX—UNDEVELOPED PROPERTY Maximum Tax Category Special Tax Undeveloped Single Family Property $40,702 per Acre Undeveloped Multi-Family Property $6,700 per Acre Undeveloped Non-Residential Property $2,700 per Acre County of Contra Costa CFP No. 2004-1 S September 10,2004 D. MANDATORY PREPAYMENT OF SPECIAL TAX RESULTING FROM CHANGES TO THE TENTATIVE OR FINAL iV "S It is possible that a revision to the Tentative Map could result in less Special Tax revenue being available from the CFD. Additionally, the loss of Taxable Property at the Final Map stage as compared to the Planned Development would also decrease the Maximum Special Tax revenue. To preclude this,the County shall apply the following steps for every proposed Tentative Map or Final Map revision: Step 1: The County or its designee shall calculate the Maximum Special Tax revenues that could be collected from the property affected by the proposed Tentative Map or Final Map revision(the"Affected Property")prior to the map revision being approved; Step 2: The County or its designee shall calculate the Maximum Special Tax revenues that could be collected from the Affected Property if the Tentative Map or Final Map revision is approved; Step 3: If the amount determined in Step 2 is higher than that calculated in Step 1,the Tentative Map or Final Map revision may be approved without prepayment of the Special Tax. If the revenues calculated in Step 2 are less than those calculated in Step 1,the County may not approve the Tentative Map or Final Map revision unless the landowner requesting the revision prepays a portion of the Special Tax obligation that would have applied to the Affected Property prior to approval of the revision in an amount sufficient to retire a portion of the Bonds and maintain 110% debt service coverage on the Bonds with the reduced Maximum Special Tax revenues that will result after the revision is approved.. The required prepayment shall be calculated using the formula set forth in Section H below. E. METHOD OF LEVY AND COLLECTION OF THE SPECIAL TAX Commencing with Fiscal Year 2004-05 and for each following Fiscal Year,the.Administrator shall determine the Special Tax Requirement for that Fiscal Year. The Special Tax shall then be levied as follows: Step 1: The Special Tax shall be levied Proportionately on each Parcel of Developed Property up to 100%of the Maximum Special Tax for each Land Use Class for such Fiscal Year as determined pursuant to Section C; Step 2: If additional revenue is needed after Step 1, and after applying Capitalized Interest to the Special Tax Requirement, the Special Tax shall be levied Proportionately on each Assessor's Marcel ofUndeveloped Property within the County of Contra Costa CFD No. 2004-1 6 September 10,2004 CFD,up to 100%of the Maximum Special Tax for Undeveloped Property for such Fiscal Year determined pursuant to Section C; Step 3. If additional monies are needed after applying the first two steps,the Special Tax shall be levied Proportionately on each Parcel of Homeowners' Association Property and Public Property which was expected to be Taxable Property in the Tentative Map, up to 100% of the Maximum Special Tax for the Undeveloped Property tax category that applied prior to the Parcel becoming Homeowners' Association Property or Public Property. F. MANnR OF COLLECTION The Special Taxes for CFD No.2004-1 shall be collected in the same manner and at the same time as ordinary ad valorem property taxes,provided,however,that prepayments are permitted as set forth in Section H below(and may he required in the case of Tentative Map and Final Maps revisions)and provided further that the County may directly bill the Special Tax, may collect Special Taxes at a different time or in a different manner,and may collect delinquent Special Taxes through foreclosure or other available methods. The Special Tax shall be levied and collected until principal and interest on Bonds have been repaid and authorized facilities to be constructed directly .from Special Taxes proceeds have been completed.However,in no event shall Special Taxes be levied after Fiscal Year 2045-46. G. EXEMPTIONS Notwithstanding any other prevision of this Rate and Method of Apportionment of Special Tax,no Special Tax shall be levied on Public Property,except as otherwise provided in Sections 53317.3 and 53317.5 of the Act. Additionally, no Special Tax shall be levied on 180.0 acres of Homeowners' Association Property with the CFD. H. PREPAY-AUNT OF SPECIAL TAX The following definitions apply to this Section H: "Future Facilities Casts" means the Public Facilities Requirements (as defined below) minus public facility costs funded by Previously Issued Bonds, interest earnings on the construction fund actually earned prior to the date of prepayment,Special Taxes used to fund facilities, developer equity, and/or any other source of funding. "Outstanding Fonds"means all Previously Issued Bonds which remain outstanding,with the following exception: if a Special Tax has been levied against, or already paid by, an Assessor's Parcel making a prepayment,and a portion of the Special Tax will be used to pay a portion of the next principal payment on the Bonds that remain outstanding(as determined by County of Contra Costa CFD No. 2004-1 7 September 10,2004 the Administrator), that next principal payment shall be subtracted from the total Bond principal that remains outstanding, and the difference shall be used as the amount of "Outstanding Bands" for purposes of this prepayment formula. "Previously Issued Bands"means all Bonds that have been issued by CFD No. 2004-1 prior to the date of prepayment. "Public Facilities Requirements" means either $20,000,000 in 2004 dollars, which shall increase on January 1,2005, and on each January 1 thereafter by the percentage increase,if any, in the construction cost index for the San Francisca region for the prier twelve (12) month period as published in the Engineering News Record or other comparable source if the Engineering News Record is discontinued or otherwise not available,or such other number as shall be determined by the County to be an appropriate estimate of the net construction proceeds that will be generated from all Bonds that have been or are expected to be issued on behalf of CFD No. 2004-1. The Special Tax obligation applicable to an Assessor's Parcel in CFD No.2004-1 may be prepaid and the obligation of the Assessor's Parcel to pay the Special Tax permanently satisfied as described herein,provided that a prepayment may be made only if there are no delinquent Special Taxes with respect to such Assessor's Parcel at the time of prepayment. An owner of an Assessor's Parcel intending to prepay the Special Tax obligation shall provide the County with written notice of intent to prepay.Within 30 days of receipt of such written notice,the County shall notify such owner of the prepayment amount of such Assessor's Parcel. Prepayment must be made not less than 75 days prior to any interest payment date for Bonds to be redeemed with the proceeds of such prepaid Special Taxes.The Prepayment Amount shall be calculated as follows(capitalized terms as defined below): Bond Redemption Amount plus Future Facilities Amount plus Redemption Premium plus Defeasance plus Administrative Fees and Expenses less Reserve Fund Credit equals Prepayment Amount As of the proposed date of prepayment,the Prepayment Amount shall be determined by application of the following steps: Step 1: Compute the total Maximum Special Tax that could be collected from the Assessor's Parcel prepaying the Special Tax in the Fiscal Year in which prepayment would be received by the County or,in the event of a prepayment pursuant to step 3 in Section D,compute the amount by which the Maximum Special Tax revenue would be reduced by the change in the Tentative Map or Final Map and use the amount of the reduction as the figure for purposes of this Step 1. County of Contra Costa CFI)Na.2004-I 8 September 10,2004 Step 2: Divide the Maximum Special Tax computed pursuant to Step I for such Assessor's Parcel by the lesser of(i)the Maximum Special Tax revenues that could be collected in that Fiscal Year from property in the entire CFD,or(ii)the Maximum Special Tax revenues that could be generated at buildout of property in the CFD based on anticipated land uses at the time the prepayment is calculated. Step 3: Multiply the quotient computed pursuant to Step 2 by the Outstanding Bonds to compute the amount of Outstanding Bonds to be retired and prepaid. (the "Bond Redemption Amount'). Step 4: Compute the current Future Facilities Costs. Step S.- Multiply the quotient computed pursuant to Step 2 by the amount determined pursuant to Step 4 to compute the amount of Future Facilities Costs to be prepaid(the "Future Facifitks Amount". Step 6. Multiply the Bond Redemption Amount computed pursuant to Step I by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed(the "Redemption Premium"). Step 7. Compute the amount needed to pay interest on the Bond Redemption Amount starting with the first Bond interest payment date after which the prepayment has been received until the earliest redemption date for the Outstanding Bonds. However, if Bonds are callable at the first interest payment date after the prepayment has been received,Steps 7, 8 and 9 of this prepayment formula shall not be applied. Step 8: Compute the amount of interest the County reasonably expects to derive from reinvestment of the Bond Redemption Amount plus the Redemption Prendum from the first Bond interest payment date after which the prepayment has been received until the redemption date for the Outstanding Bonds, Step 9. Take the amount computed pursuant to Step 7 and subtract the amount computed pursuant to Step 8 (the "Defeasancel�. Step 10: The administrative fees and expenses of CFD No. 2004-1 are as calculated by the County and include the costs of computation of the prepayment,the costs of redeeming Bonds,and the costs of recording any notices to evidence the prepayment and the redemption (the "Administrative Fees and Expenses'�. Step 11: A reserve fund credit shall be calculated as the proportionate reduction, if any, in the applicable reserve fund for the Outstanding County of Contra Costa CFD No. 2004-1 9 September 10,2004 Bonds to be redeemed pursuant to the prepayment(the"Reserve Fund Credit'. Step 12: The Special Tax prepayment is equal to the sum of the amounts computed pursuant to Steps 3, 5, 6, 9, and 10, less the amount computed pursuant to Step 11 (the "Prepayment Amount",I. 1. INTEL."RETATION OF SPECIAL TAX FORMULA The County reserves the right to make minor administrative and technical changes to this document that do not materially affect the rate and method of apportioning Special Taxes. In addition, the interpretation and application of any section of this document shall be left to the County's discretion. The County may make interpretations by ordinance or resolution for purposes of clarifying any vagueness or ambiguity in this hate and Method of Apportionment. J. APPEAL OF SPECIAL TAX.LEVY Any property owner claiming that the amount or application of the Special Tax is not correct may file a written notice of appeal with the Administrator not later than one calendar year after having paid the Special Tax that is disputed. The Administrator shall promptly review the appeal,and if necessary, meet with the property owner,consider written and oral evidence regarding the amount of the Special. Tax,and decide the appeal. If the property owner disagrees with the Administrator's decision relative to the appeal,the owner may then file a written appeal with the Board whose subsequent decision shall be binding. If the decision of the Administrator(if the appeal is not filed with the Board)or the Board (if the appeal is filed with the Board)requires the Special 'Tax to be modified or changed in favor of the property owner,no cash refund shall be made for prior years' Special'Tax levies,but an adjustment shall be made to the next Special Tax levy. This procedure shall be exclusive and its exhaustion by any property owner shall be a condition precedent to any legal:action by such owner. County of Contra Costa CFD No. 2004-1 10 September 117, 2004 ATTACHMENT 1 PLANNED DEVELOPNIENT IN CFD No. 2004-1 (DELTA Cows) Land Use Total Single Family Property 494 Single Family Units (61.2 Net Ages) Multi-Family Property 5.8 Net Acres Non-Residential Property(Commercial) 20.8 Net Acres (I) Lot 1,as identified on Tentative Map No. 6013 and originally planned to be developed as a single family residential unit,has subsequently been lost due to the planned levee breach. County of Contra Costa CFD No.2004-1 1 X September 10,2004 EXHIBIT C COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT NO. 2004-1 (DELTA COVES) NOTICE OF PUBLIC HEARING Notice is hereby given that on September 28, 2004, the Board of Supervisors of the County of Contra Costa adopted a Resolution entitled"A Resolution of the Board of Supervisors of the County of Contra Costa Declaring Its Intention To Establish A Community Facilities District And To Authorize The Levy Of Special Taxes Therein— Delta Coves." Pursuant to the Mello-Roos Community Facilities Act of 1982, the Board of Supervisors of the County hereby gives notice as follows: A. The text of said Resolution of Intention is as follows: WHEREAS, under the Mello-Rhos Community Facilities Act of 1982, constituting Section 83311 et seq. of the California Government Code (the "Law"), this Board of Supervisors may commence proceedings for the establishment of a community facilities district; and WHEREAS, there has been submitted to this Board of Supervisors a Petition ('Including Waiver) of LB/L-Duc III Bethel Island LLC (the "Petition"), requesting the formation by this Board of Supervisors of a community facilities district under the Law to be known as the County of Contra Costa Community Facilities District No. 2004-1 (Delta Coves) (the"District"); and WHEREAS, under the Law, this Board of Supervisors is the legislative body for the proposed District and is empowered with the authority to establish the District and levy special taxes within the District; and WHEREAS, this Board of Supervisors now desires to proceed with the actions necessary to consider the establishment of the District. NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa as follows: Section 1. This Board of Supervisors proposes to begin the proceedings necessary to establish the District pursuant to the Law. Receipt of the Petition to form the District is hereby acknowledged. Section 2. The name proposed for the District is County of Contra Costa Community Facilities District No. 2404-1 (Delta Coves). Section 3. The proposed boundaries of the District are as shown on the map of the District on file with the Clerk of the Board, which boundaries are hereby preliminarily approved. The Clerk of the Board is hereby directed to record, or cause to be recorded, the map of the boundaries of the District in the office of the County Recorder as soon as practicable after the adoption of this Resolution. C-1 Section 4. The types of public facilities (the "Facilities") proposed to be eligible for funding by the District and pursuant to the Law shall consist of those items listed on Exhibit A hereto under the headings "Facilities," which Exhibit is by this reference incorporated herein. The deputy Director—Redevelopment of the County of Contra Costa (the "County") is hereby authorized and directed to enter into a joint community facilities agreement with the Bethel island Municipal Improvement District, with the Iron House Sanitary District, and with any other public entity that will own andlor operate any of the Facilities, such agreements to be in a form provided by Bond Counsel. Section 5. Except to the extent that funds are otherwise available to the District to pay for the Facilities, and/or pay the principal and interest as it becomes due on bonds of the District issued to pay for the Facilities, a special tax sufficient to pay the casts thereof, secured by recordation of a continuing lien against all non-exempt real property in the District, will be levied within the District and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Supervisors or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, and which specifies the tax year after which no further special tax will be levied on land used for private residential purposes and which otherwise complies with applicable provisions of the Law is described in Exhibit B attached hereto which Exhibit is by this reference incorporated herein. This Board of Supervisors finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the California Government Code (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district)are inapplicable to the District. Section 6. It is the intention of this Board of Supervisors, acting as the legislative body for the District, to cause bonds of the County to be issued for the District pursuant to the Law to finance a portion of the costs of the Facilities. If so issued, the bonds shall be in the aggregate principal amount of not to exceed $30 million, shall bear interest payable semi-annually or in such other manner as this Board of Supervisors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. Section 7. This Board of Supervisors reserves to itself the right and authority to allow any interested owner of property in the District, subject to the provisions of Section 53344.1 of the California Goverment Code and such requirements as it may otherwise impose, and any applicable prepayment penalties as prescribed in the indenture or fiscal agent agreement for any bonds of the County for the District, to tender to the Auditor- Controller of the County in full payment or part payment of any installment of special taxes or the interest or penalties thereon which may be due or delinquent, but for which a bill has been received, any bond or other obligation secured thereby, in the manner described in Section 53344.1 of the California Government Code. C-2 Section 8. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the district at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in the proposed District, with each owner having one vete for each acre or portion of an acre of land such owner owns in the District. Section 9. Except as may otherwise be provided by law or the rate and method of apportionment of the special tax for the District, all lands owned by any public entity, including the United States, the State of California and/or the County, or any departments or political subdivisions of any thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the Facilities and the Services, the issuance of bonds by the County for the District and any expenses of the District. Section 10. The Deputy Director of Public Works of the County is hereby directed to study said proposed Facilities and Services and to make, or cause to be made, and file with the Clerk of the Board a report in writing, presenting the following: (a) A brief description of the Facilities. (b) An estimate of the fair and reasonable cast of providing the Facilities, including the incidental expenses in connection therewith, including the costs of the proposed bond financing, any Authority administrative costs and all other related costs. Said report shall be made a part of the record of the public hearing provided for below. Section 11. Tuesday, November 2, 2004, at 9:30 a.m. or as soon thereafter as the matter may be heard, in the regular meeting place of this Board of Supervisors, Board of Supervisors Chambers, 651 Pine Street, Martinez, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Supervisors, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. Section 12. The Clerk of the Board is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall be substantially in the form of Exhibit C hereto. Section 13. The Board of Supervisors may in the future, by resolution, approve an agreement pursuant to Section 53314.9 of the California Government Code, to accept an advance or advances of funds or work-in-kind from one or more landowners in the District or related entities, which advances may be repaid and work-in-kind may be reimbursed to the person or entity which advanced the funds or work-in-kind subject to compliance with the applicable provisions of Section 53314.9 of the Califomia Government Code. Section 14. This Resolution shall take effect upon its adoption. C-3 B. The exhibits to the Resolution which describe the facilities eligible to be funded, and the rate and method of apportionment of the special taxes for, the district are on file in the office of the Clerk of the Board of the County. C. The time and place established under said Resolution for the public hearing required under the Act are Tuesday, November 2, 2004, at the hour of 9:30 a.m. or as soon thereafter as the matter may be heard, in the regular meeting place of the Board of Supervisors, Board of Supervisors Chambers, 6151 Fine Street, Martinez, California. D. At said hearing, the testimony of all interested persons or taxpayers for or against the establishment of the district, the extent of the district or the furnishing of the specked types of facilities will be heard. Any person interested may file a protest in writing with the Clerk of the Board. If fifty percent or more of the registered voters, or six registered voters, whichever is more, residing in the territory proposed to be included in the district, or the owners of one-half or more of the area of land in the territory proposed to be included in the district and not exempt from the special tax file written protests against the establishment of the district and the protests are not withdrawn to reduce the value of the protests to less than a majority, the Board of Supervisors shall take no further action to establish the district or levy the special taxes for a period of one year from the date of the decision of the Board of Supervisors, and if the majority protests of the registered voters or the landowners are only against the furnishing of a type or types of facilities within the district, or against levying a specified special tax, those types of facilities, or the specified special tax will be eliminated from the proceedings to farm the district. E. The proposed voting procedure shall be by special mail or hand-delivered ballot to the property owners within the territory proposed to be included in the district. Dated: , 2004 /s/ Clerk of the Board, County of Contra Costa C-4 RESOLUTION NO. A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA DECLARING ITS INTENTION TO INCUR BONDED INDEBTEDNESS OF THE PROPOSED COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT NO. 2004-1 (DELTA COVES) WHEREAS, this Board of Supervisors has this date adopted its Resolution entitled "A Resolution of the Board of Supervisors of the County of Contra Costa Declaring Its Intention to Establish a Community Facilities District and To Authorize the Levy of Special Taxes Therein - Delta Coves," stating its intention to form a community facilities district pursuant to the Mello- Roos Community Facilities Act of 1982 (the "Law"), for the purpose of financing a portion of the costs of certain public improvements (the "Facilities"), as further provided in said Resolution; and WHEREAS, this Board of Supervisors estimates the amount required for the financing of the portion of costs of the Facilities to be funded by the District (as defined below) to be not in excess of$20,000,000; and WHEREAS, in order to finance said portion of the costs of the Facilities, it is necessary to incur bonded indebtedness in the amount of not to exceed $30 million. NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa as follows: Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed County of Contra Costa Community Facilities District No. 2004-1 (Delta Coves) (the "District") in the amount of not to exceed $30 million to finance a portion of the costs of the Facilities. Section 2. The bonded indebtedness is proposed to be incurred for the purpose of financing a portion of the costs of the Facilities, including costs incidental to or connected with the accomplishment of said purposes and of the financing thereof. Section 3. This Board of Supervisors, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of$30 million, bearing interest payable semi-annually or in such other manner as this Board of Supervisors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed forty (40)years from the date of the issuance of said bonds. Section 4. Tuesday, November 2, 2004, at 9:30 a.m. or as soon thereafter as the matter may be heard, in the regular meeting place of this Board of Supervisors, Board of Supervisors Chambers, 651 Pine Street, Martinez, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Supervisors, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the County for the District, Section 5. The Clerk of the Board is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven (7) days before the date herein set for said public hearing. The notice shall substantially in the form of Exhibit A hereto. Section 6. This Resolution shall take effect upon its adoption. PASSED, APPROVED AND ADOPTED, by the Board of Supervisors of the County of Contra Costa at a meeting held on theme day of,%Wz= , 2004, Chaff , Board of Supervisors of the County of Contra Costa ATTEST: County Administrator and Clerk of the Board of Supervisors By: � r Deputy Clerk 03007.14;J7350 717104 -2- EXHIBIT A COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT NO. 2004-1 (DELTA COVES) NOTICE OF PUBLIC HEARING Notice is hereby given that on SEEI, 28 - --, 2004, the Board of Supervisors of the County of Contra Costa adopted a Resolution entitled "A Resolution of the Board of Supervisors of the County of Contra Costa Declaring Its Intention To Incur Bonded Indebtedness of the Proposed County of Contra Costa Community Facilities District No. 2004-1 (Delta Coves)." Pursuant to the Mello-Roos Community Facilities Act of 1982, the Board of Supervisors of the County hereby gives notice as follows: A. The text of said Resolution is as follows: WHEREAS, this Board of Supervisors has this date adopted its Resolution entitled "A Resolution of the Board of Supervisors of the County of Contra Costa Declaring Its Intention to Establish a Community Facilities District and To Authorize the Levy of Special Taxes Therein — Delta Coves," stating its intention to form a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Law"), for the purpose of financing a portion of the costs of certain public improvements (the "Facilities"), as further provided in said Resolution; and WHEREAS, this Board of Supervisors estimates the amount required for the financing of the portion of costs of the Facilities to be funded by the District (as defined below)to be not in excess of$20,000,000; and WHEREAS, in order to finance said portion of the costs of the Facilities, it is necessary to incur bonded indebtedness in the amount of not to exceed $30 million, NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa as follows: Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed County of Contra Costa Community Facilities District No. 2004-1 (Delta Coves) (the "District") in the amount of not to exceed $30 million to finance a portion of the costs of the Facilities. Section 2. The bonded indebtedness is proposed to be incurred for the purpose of financing a portion of the costs of the Facilities, including costs incidental to or connected with the accomplishment of said purposes and of the financing thereof. Section 3. This Board of Supervisors, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of $30 million, bearing interest payable semi-annually or in such other manner as this Board of Supervisors shall determine, at a rate not to exceed the maximum rate A-1 of interest as may be authorized by applicable law at the time of sale of such bands, and maturing not to exceed forty (40)years from the date of the issuance of said bonds. Section 4. Tuesday, November 2, 2004, at 3:30 a.m. or as soon thereafter as the matter may be heard, in the regular meeting place of this Board of Supervisors, Board of Supervisors Chambers, 651 pine Street, Martinez, Califomia, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Supervisors, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bands of the County for the District. Section 5. The Clerk of the Board is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven (7) days before the date herein set for said public hearing. The notice shall substantially in the form of Exhibit A hereto. Section 6. This Resolution shall take effect upon its adoption. B. The hearing referred to in the aforesaid Resolution shall be at the time and place specified in the Resolution. C. At that time and place any person interested, including persons owning property in the area of the proposed community facilities district, will be heard upon the proposed debt issue. Dated: - -- , 2004 /s/ Clerk of the Board, County of Contra Costa Thereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date. shown. ATTESTED SEPTiER 28, 2004 JOHN SWEETEN, Clerk of the Board of Supervisors and County Administrator By. Lena O'Neal Publication date (s): October A-2 CONTRA A COSTA COUNTY TO: BOARD OF SUPERVISORS FROM: Dennis M. Berry, AICP Community Development director DATE: September 28, 2004 SUBJECT: Delta Caves, Bethel Island SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS l� ADOPT Resolutions relating to establishment of a Mello-Roos Community Facilities District in the Delta Coves, Bethel Island area including: • A Resolution of Intention to establish a Community Facilities District • A Resolution of Intention to Incur Banded Indebtedness FISCAL IMPACT None. Any bonds to be issued would be secured solely by voter approved special taxes. All costs of establishing the Community Facilities District are paid by the involved developer,and all costs of administering the District would be covered by the oter approve pecial tax. CONTINUED ON ATTACHMENT: X�YES SIGNATURE: �,,► _1=—RECOMMENDATION OF COUNTY ADMINISTRATOR kECOENDATION 0 BOARD COMMITTEE --APPROVE OTHER7 j i SICNATURE(S)I. ACTION OF BO ONsamm 28, 2oo4 APPROVED AS RECOMMENDED ��OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT — ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN, Contact: Jim Kennedy 3-1255 prig: Community Development (RDA) cc: County Administrator ATTESTED gg== 2&2W4 County Counsel JOHN SWEETEN, CLERK OF THE Treasurer-Tax Collector BOARD OF SUPERVISORS Auditor-Controller AND THEOUNTY ADMINISTRATOR Public Works via: Community Development , * Stone & Youngberg BY G _ DEPur * Quint & Thimmig * DUC Housing G:\CDBG-REDEV\redev\LNobie\Persona.\Board Orders and Greenies\BOARD.deltacoves.9.04.doc BACKGROUND/REASONS FOR RECOMMENDATIONS Mello-Roos Community Facilities Districts are a mechanism to finance infrastructure for approved development projects. A voter approved special tax pays to debt service tax-exempted bonds issued by the District. The County has adopted financing policies for Community Facilities District on September 13,1994. DUC Housing has filed an application with the County for establishment of a Mello-Roos Community Facilities District (CFD)for the Delta Coves development, which consists of 495 single-family homes, 65 multifamily units,as well as commercial uses. The project has secured entitlements including a tentative subdivision map and final Development Plan. The project was approved in March 1989 pursuant to an order of the United States District Court. The proposed District is unoccupied,and therefore its establishment would be subject to a landowner/developer vote. The proposal is to issue up to$30 million of special tax secured bonds to finance improvements to project related roads, drainage, utilities, parks,etc. Pursuant to the adopted financing policies for Community Facilities District, a County Debt Advisory Committee, which consists of the County Administrator, the Auditor-Controller, and the Treasurer — Tax Collector (or their designees), has reviewed the proposed financing in its current state and found it in conformance with the applicable provisions of the policies. The Debt Advisory Committee will further review and make a recommendation to the Board of Supervisors prior to the Board's consideration of a Bond Sale Resolution in approximately two months. The recommended actions responds to a petition received from the property owners, and conform to the requirements of the Mello-Roos Community Facilities Act of 1982, as amended (Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311 of the California Government Code).