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HomeMy WebLinkAboutMINUTES - 04012008 - C.76 i r 1111 2008 NAR -b pn 3: 1 _:'t. = Contra �x - - s Costa County TO: BOARD OF SUPERVISORS 'a`6�"K FROM: Steve Ybarra Auditor-Controller DATE: April 1, 2008 SUBJECT: County of Contra Costa Community Facilities District No. 2001-1 (Norris Canyon) SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS: ACCEPT the FY07 Community Facilities District Administration Report on County of Contra Costa Community Facilities District No. 2001-1 (Norris Canyon) as required by Sections 50075.3 and 53411 of the California Government Code. FISCAL IMPACT: None. The report relates to Special Taxes approved by voters and bonds issued and secured by said Special Taxes. CONTINUED ON ATTACHMENT: X YES SIGNATURE: ECOMMENDATION OF COUNTY ADMINISTRATOR RECOMME DATION OF BOARD COMMITTEE w--APPROVE OTHER SIGNATURE(S). [�,.' ACTION OF BO ON APPROVED AS RECOMMENDED V"0/ O HER 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 5-7225 orig: Community Development cc: County Administrator ATTESTED County Counsel JOHN CULLE , CLERK OF THE Public Works BOARD OF SUPERVISORS Auditor-Controller AND THE COUNTY ADMINISTRATOR via: Community Dev. (Redevelopment) Jones, Hall, Hill & White Stone & Youngberg Toll Brothers 1 Goodwin Consulting Group BY-6— DEPUTY GACDBG-REDEV\redev\Board Orders and Greenies\BOARD.4.1.2008 community facilities district 2001-1 norris canyon.doc 1 BACKGROUND/REASONS FOR RECOMMENDATIONS: On June 5, 2001 the Contra Costa County Board of Supervisors authorized the establishment of Community Facilities District No. 2001-1 (Norris Canyon). The creation of the Community Facilities District (CFD) authorized the levy of a Mello-Roos Special Tax on the Norris Canyon Estates subdivision.The action of the Board also authorized the issuance of bonded indebtedness secured by the approved Special Tax in the amount of$7,220,000. The (CFD) bonds were issued on June 14, 2001. The California Government Code Sections 50075.3 and 53411 require that specified information be provided to the Board of Supervisors on an annual basis. The report requirements include information on Mello-Roos CFD Special Taxes collected and CFD Bond issued. The attached CFD Administration Report fulfills the requirement of the Government Code. The reporting requirements are summarized below: Section 50075.3 Item (a): Identify amount of special taxes that have been collected and expended. Response to Item(a): The fiscal year 2006-07 special tax levy was$546,460.The County collected$525,460 and$21,000 was delinquent. Of the amount collected, $523,240 was used to pay debt service in March and September 2007 on the CFD bonds. The remaining $2,220 was expended on administrative costs for the CFD. Item (b): Identify the status of any project required or authorized to be funded by the special taxes. Response to Item (b): All CFD No. 2001-1 improvements have been completed and accepted by the Public Works division of the County. Section 53411. Item (a): Identify the amount of bonds that have been collected and expended. Response to Item(a): A total of$7,220,000 in special tax bonds was issued by the County on June 14, 2001. Upon issuance of the bonds;$6,000,000 from bond proceeds was deposited into the Improvement Fund and has been used to acquire the CFD No.2001-1 improvements from the developer.An additional$170,000 was used to pay the costs of issuing the bonds. Approximately$417,000 was deposited in the Reserve Fund,and the remaining $487,000 was deposited in the Bond Fund to be used for capitalized interest. Through September 1,2007, principal payments totaling$600,000 have been made to retire matured bonds.As of the date of this Report, $6,620,000 in bonds are outstanding. Item (b): Identify the status of any project required or authorized to be funded from bond proceeds: Response to Item (b): All CFD No. 2001-1 improvements have been completed and accepted by the Public Works division of the County. G:\CDBG-REDEV\redev\Board Orders and Greenies\BOAR D.4.1.2008 community facilities district 2001-1 norris canyon.doc 2 GCG GOODWIN CONSULTING GROUP COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT NO. 2001-1 . (NORRIS CANYON) CFD TAX ADMINISTRATION REPORT FISCAL YEAR 2007 October 25, 2007 555 UNIVERSITY AVE, SUITE 280 • SACRAMENTO, CA 95825 PHONE: (916) 561-0890 • FAX: (916) 561-0891 Community Facilities District No. 2001-1 CFD Tax Administration Report i TABLE OF CONTENTS Section Page I. Introduction..........................................................................................................................1 II. Purpose of Report ...................2 1II. Special Tax Requirement:....................................................................................................3 IV. Special Tax Levy .................................................................................................................4 V. Development Update ............................................7 ...............,............................................... VI. Status of Public Improvements............................................................................................8 VII. CFD Funds...........................................................................................................................9 VIII. Prepayments................................................................................ ....11 iiX. Delinquencies.......................................................................................................:..............12 X. Foreclosure Covenant I XI. Senate Bill 165 Reporting Requirements...................................... i Appendix A— Summary of Fiscal Year 2007-08 Special Tax Levy Appendix B Special Tax Levy for Fiscal Year 2007-08 Appendix C--Rate and Method of Apportionment of Special Tax Appendix D— Boundary Map of Community Facilities District No. 2001-1 i Appendix C—Assessor's Parcel Maps for Fiscal Year 2007-08 i I, INTRODUCTION Community Facilities District No.2001-1 On June 5, 2001, the County of Contra Costa (the "County") Board of Supervisors established. Community Facilities District No. 2001-1 (Norris Canyon) ("CFD No. 2001-1" or the "CFD"). In a landowner election held on the same day, the sole owner of property within the CFD voted to authorize the levy of a Mello-Roos special tax on property within CFD No. 2001-1. The landowner also voted to incur bonded indebtedness, secured by special taxes levied on property within the CFD, in an amount not to exceed $7,220,000. On June 14, 2001, special tax bonds (the "Bonds") in the principal amount of$7,220,000 were issued on behalf of CFD No. 2001-1. A special tax will be levied on property within the CFD in fiscal year 2007-08 in order to pay debt service obligations in calendar year 2008. i The CFD boundary encompasses a 389-acre site that is proposed for the Norris Canyon Estates residential community. The CFD is located in an unincorporated area of the County just west of 1 the City of San Ramon. At build out, the project was originally expected to include 361 single ! family detached homes. As of June 1, 2007, 363 lots have been subdivided and 244 building permits have been issued. There have been 15 building permits issued during the past fiscal year for new residential home construction. The Mello-Roos Community Facilities Act of 1982 I , The reduction in property tax revenues that resulted from the passage of Proposition 13 in 1978 required public agencies and real estate developers to look for other means to generate funding for public infrastructure. The funding available from traditional assessment districts was limited by.certain requirements of the assessment acts, and it became clear that a more flexible funding tool was needed. In response, the California State Legislature (the "Legislature") approved the Mello-Roos Community Facilities Act of 1982 (the "Act") which provides for the levy of a special tax within a defined geographic area, (i.e., a community facilities district"), if such levy is approved by two-thirds of the qualified electors in the area. The Act can generate funding for a broad range of facilities .and community facilities district special taxes can be allocated to property in any reasonable manner other than on an ad valorem basis. 1 A community facilities district is authorized to issue tax-exempt bonds that are secured by land within the district. If a parcel does not pay the special tax levied on it, a public agency can foreclose on the parcel and use the proceeds of the foreclosure to ensure that bondholders receive interest and principal payments on the bonds. Because bonds issued by a community facilities district are land-secured, there is no risk to a public agency's general fund or taxing capacity. In i addition, because the bonds are tax-exempt, they typically carry an interest rate that is lower than ' conventional construction financing. i ..i 1 County of Contra Costa 1 Fiscal Year 2007-08 i CFD No.2001-1 CFD Tax Administration Report. i i Ill. SPECIAL TAX REQUIREMENT i Pursuant to the Rate and Method of Apportionment of Special Tax (the "RMA") for CFD No. 2001-1, which was adopted as an exhibit to the Resolution of Formation of CFD No. 2001-1, the Special Tax Requirement means the total amount needed each fiscal year to (i)pay principal and interest on bonds, (ii) create or replenish reserve funds, (iii) cure any delinquencies in the payment of principal or interest on indebtedness of CFD No. 2001-1 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, and (iv) pay administrative expenses. For fiscal year 2007-08, the Special Tax Requirement is $537,639 and is calculated as follows: r Community Facilities District No. 2001-1 Special Tax Requirement for Fiscal Year 2007-08 Surplus Available to Reduce the Special Taxes For Fiscal Year 2007-08 $5,851 j Special Tax Fund Balance Available $362,069 Debt Service Payment—Interest (9/1/07) ($196,620) i Debt Service Payment—Principal (9/1/07) ($130,000) Administrative Expense Fund Available ($26,353) Prepayment Balance ($3,245) Debt Service and Administrative Expenses For Fiscal Year 200.7-08 ($543,489) Interest Payment on Bonds Due March 1, 2008 ($193,533) Interest Payment on Bonds Due Sept. 1, 2008 ($193,533) Principal Payment on Bonds Due Sept. 1, 2008 ($140,000) Administrative Expenses Budget ($16,424) Fiscal Year 2007-08 Special Tax Requirement ($537,639) I i County of Contra Costa 3 Fiscal Year 2007-08 CFD No. 2001-1 CFD Tax Administration Report _j i Changes to Norris Canyon Tentative Map I The maximum special tax rates shown above assume that a particular number of residential units will be developed within Norris Canyon consistent with the tentative map approved by the County Board of Supervisors in August 1997.. To the extent changes are proposed to the tentative map in future years that would reduce the number of residential units within the project, the County must either deny the revision to the tentative map or require a prepayment of special taxes by the developer proposing the tentative map change. Such prepayment would be in an amount sufficient to retire a portion of the bonds and maintain 110% debt service coverage with the reduced special tax revenues that will result after the tentative map revision. To. date, development in Norris Canyon has been consistent with the approved tentative map. i Apportionment of Special Taxes The amount of special tax levied on each parcel in'the CFD each fiscal year will be determined by application of Section E of the RMA. Pursuant to this Section, the Special Tax Requirement will be allocated as follows: The first step requires special taxes to be levied on each parcel of Residential Property and Other Property up to 100% of the applicable maximum special tax rate. If additional revenue is needed after the first step is completed, and after applying capitalized interest to the Special Tax Requirement, then a special tax will be levied on each parcel of Undeveloped Property up to 100% of the applicable maximum special tax. If additional revenues are still needed to pay i annual obligations of the CFD after the maximum special tax is levied on Residential Property, Other Property, and Undeveloped Property, a special tax will be levied on Homeowners' Association Property and parcels of Public Property that originally had planned units, as defined in the RMA. Application of the maximum special tax rate to the 244 Residential Property parcels for fiscal year 2007-08 will generate special tax revenue of $512,400, assuming no special tax delinquencies. Since the Special Tax Requirement for fiscal year 2007-08 is $537,639, and no Other Property exists in the CFD, Undeveloped Property must makeup the remaining$25,239 to meet the Special Tax Requirement. Taxing Undeveloped Property at approximately 10.2% of its maximum special tax rate, or$342.68 per acre, will generate the remaining$25,239. The actual special tax rates and the number of units and/or acres of taxable property on which those rates are levied for fiscal year 2007-08 are shown in the table on the following page. County of Contra Costa 5 Fiscal Year 2007-08 i CFD No.2001-1 CFD Tax Administration Report i 1 i V DEVELOPMENT UPDA TE From June 1, 2006 to May 31, 2007, 15 building permits have been issued to construct single family homes within CFD No. 2001-1. In total, the CFD includes 3.63 single family lots on which 245 building permits have been issued. No Other Property currently exists within CFD No. 2001-1. Based on the current status of development in CFD No. 2001-1, the following table summarizes the allocation of parcels to the special tax categories defined in the RMA: Community Facilities District No. 2001-1 Allocation to Special Tax Categories Fiscal Year 2007-08 i Tax Category Description Number of Parcels 1 Residential Property 244* 2 Other Property 0 1 3 Undeveloped Property 118 * Total does not include one parcel that has had its special tax obligation prepaid and therefore is no longer subject to the annual tax. 1 I I I i I I i I _; County of Contra Costa 7 Fiscal Year 2007-08 CFD No.2001-1 CFD Tax Administration Report J i VII. CFD FUNDS Six funds were established pursuant to the Fiscal Agent Agreement between the County and BNY Western Trust Company (the "Fiscal Agent"). Following is a brief description of the purpose of each fund. The Improvement Fund was created exclusively to pay the cost of improvements until all authorized facilities have been paid. The Improvement Fund, due to completion of all improvements, has been closed. The Reserve Fund was established as a reserve for the payment of principal and interest on the bonds in the event the balance in the Special Tax Fund is insufficient to make debt service payments. The Fiscal Agent will maintain the Reserve Fund. 1 The Bond Fund was created exclusively to pay principal and interest on CFD indebtedness. The Bond Fund will be held by the Fiscal Agent; twice each year, the fiscal agent will use proceeds in this account to pay interest and/or principal on bonds. ` If, on any interest payment date, amounts in the Bond Fund are insufficient to pay debt service that is due on such date, the Fiscal Agent must withdraw from the.Reserve Fund to cover the shortfall. i The Special Tax Fund was established as a fund to be held by the County Auditor- Controller (the "Auditor") into which special tax revenues collected by the County will be deposited. Not later than three business days prior to each interest payment date on bonds, the Auditor will transfer money from the Special Tax Fund to the Fiscal Agent to pay interest and principal due on bonds, as well as any amount needed to bring the Reserve Fund up to the required reserve amount. Any remaining balance in the Special Tax Fund will be transferred to the Administrative Expense Fund. t The Administrative Expense Fund will be held by the Auditor and used to pay CFD administrative expenses. Each year, the Auditor will transfer any excess amount in the i Administrative Expense Fund to the Special Tax Fund. The Costs of Issuance Fund will be held by the Fiscal Agent and will be disbursed,to pay costs associated with formation of CFD No. 2001-1 and issuance of the Bonds. This fund has been closed. Money held in any of the aforementioned funds can be invested by the Fiscal Agent at the direction of the County and in conformance with limitations set forth in the Fiscal Agent Agreement. Investment interest earnings, if any, will generally.be applied to the fund for which the investment is made. County of Contra Costa 9 Fiscal Year 2007-08 CFD No.2001-1 CFD Tax Administration Report i VIII. PREPA.YMENTS The special tax lien for one property in CFD No. 2001-1 has been fully prepaid, and therefore, this property, APN 211-260-011, is no longer subject to the annual special tax levy. All other parcels of taxable property within the CFD are subject to the annual special tax levy. i I i I I j i I I I I i I I I I i . l County of Contra Costa 11 Fiscal Year 2007-08 CFD No. 2001-1 CFD Tax Administration Report i i i X. FORECLOSURE COVENANT The County may order the institution of a court action to foreclose the lien on a parcel within specified time limits if any payment of the special tax is delinquent. In such an action, the real property subject to the unpaid amount may be sold at a judicial foreclosure sale. The County shall review its records in connection with the collection of the special tax on or about March 30 and June 30 of each year to compare the amount of special tax levied in the CFD.to the amount of special tax collected, and proceed as follows: • Individual Delinquencies. If the Auditor determines that any single parcel subject to the special tax in the CFD is delinquent in the payment of special taxes in the aggregate amount of(i) $7,500 or more if all the property within the CFD is on the Teeter Plan, or (ii) $3,000 or more if any of the property in the CFD is not on the Teeter Plan, then the Auditor shall send or cause to be sent a notice of delinquency (and a demand for i immediate payment thereof) to the property owner within 60 days of such determination, and (if the delinquency remains uncured) foreclosure proceedings shall be commenced by the County within 120 days of such determination. •. Aggregate Delinquencies. If the Auditor determines that the total amount of delinquent special tax for the prior fiscal year for the entire CFD, (including the total of delinquencies under the preceding paragraph), exceeds 5% of the total special tax due and payable for the prior fiscal year, the County shall notify or cause to be notified property owners who are then delinquent in the payment of special taxes (and demand immediate payment of the delinquency) within 60 days of such determination, and shall commence foreclosure proceedings within 120 days of such determination against each parcel of land in the CFD with a special tax delinquency. Delinquency data as of July 2007 show that neither of the above criteria have been met, and therefore no foreclosure proceedings have been initiated on.any parcel in CFD No. 2001-1 with delinquent CFD taxes. I l County of Contra Costa 13 Fiscal Year 2007-08 j CFD No. 2001-1 CFD Tax Administration Report i I Response to Item (b): All CFD No. 2001-1 improvements have been completed and accepted by the Public Works division of the County. I I I 1 i 1 I i I 1 I i I i i i 1 County of Contra Costa 15 Fiscal Year 2007-08 CFD No. 2001-1 CFD Tax Administration Report I i 1 i APPENDIX A Summary of Fiscal Year 2007-08 Special Tax Levy i 4 1 i i I • County of Contra Costa i Community Facilities District No. 2001-1 (Norris Canyon) Special Tax Levy Summary for Fiscal Year 2007-08 Fiscal Year Fiscal Year 2007-08 2007-08 Units Total i Maximum Special Actual Special or Acres Special j Land Use Category Tax Rates Tax Rates Taxed Tax Levy 1 Developed Property $2,100 per Parcel $2,100 per Parcel 244 units $512,400 i Undeveloped Property $3,360 per Acre $343 per Acre 73.6 acres $25,239 Total Fiscal Year 2007-08 Special Tax Levy $537,639 Goodwin Consulting Group,Inc. { i I I i I i I i 1 I ' i 1 ti s 1 APPENDIX B , { Special Tax Levy for .Fiscal Year 2007-08 i i i I{ ' i 4 i i r j County of Contra Costa Community Facilities District No. 2001-1 (Norris Canyon) Special Tax Levy for Fiscal Year 2007-08 Assessor's Type of Status of Taxable Special Parcel Number Property Development Acres Tax 211 210 074 HOA Undeveloped $0.00 78::;::<:;:';::.°:' HQ:P►. ' ,':: Jndewely ed_;l:x v::` `:..... ':. ;:::-.. 211 240 001 Residential Developed $2,100.00 240:::::::,:::.003k:::.:::::::::..:::.:.:Restdenttal>: : Develo ed':: ................ .: 211 240 004 Residential Developed $2,100.00 2:1:1': 240:.: '0:05:':; :.;:.;:.:;:;Residential::::: : :::': ::De:::el'o ed:::: = : ' ' .i'': : :: Y_.._...P.. 211 240 006 Residential Developed $2,100.00 2:11..;....;,•240,..:::0.07' :Aeatde❑..teal.:. Dev..:elo.ed...:.::::::::::..:.::..:...::..... ..:.:.: :...... :::.::...$2 1:00;00:. ..................._:......._: :.......n ........,.. 211 240 008 Residential Developed $2,100.00 ........... ...::....... :1... ..2..:4..0....:..:....:......0.:.0:.:9.'..::.•..::......:.Unde_.u,.,e,.lgpe.d._!::-......;:....:..,........:....:;.:::::....:::.:...:::Unde v.elo a,d1:...�..:.�.-.--!.:.:;;:�,...�,.:.:::r. .:.0.3 :..... 4 . 211 240 010 Undeveloped Undeveloped 0.35 $121.54 ::211:':':;::2. 0 :.:.01:1:::�:;::::.::::::::::::::::.:' 9......... ...:.:.:::...:.:.::::::.:.::::::L�,ric1PY._.:.......P $.. 211 240 0.12 Undeveloped Undeveloped 0:36 $1.23.50 :Restdential��`,:,::',.::::;'<<i �:':Devela-..e, :",`.','>_ �"::�:.��...::::.::. .::..:..::::::::'.: r r'=::;': 2•:1:00:0.0::; 211 240 014 Residential Developed $2,100.00 2.1:1..:..::::.24.0,::::;x:0:15..- .. ::........:..:Restdenttal::::::.::.:.:..:.::.:::...:.:::::::..::D.evel.o ed::,:.:::.,:::::::-:..!.:::::•r:.;::-::: ::- ':::::.,;..::.:-':•:.:::,.:..$2,;1..:0¢;.00+ 211 240 016 Residential Developed - _— - - $2,100.00 -.....--............ -.....—.......... --:--- - -— - -------- ---- ----- - - ..... 21'1:':: 25.0':, 00I :;;i.:: Restdenfial ;: Develo 2.100:00::: ........... ..........:...............:............. _........:..::......: ..., .,.....::..: :.......::...::... :..: ....: ...:.:. ::..,::.:::::.........,.. 211 250 002 Undeveloped Undeveloped 0.50 $170.60 ... :: ' :_ : :0>25R00 n0: 211 250 004 Residential Developed $2,100.00 2:1,1, .................250:..r 009: r R..:::i...... i., , es dent al... .. Develo ' 211 250 006 Residential Developed $2,100.00 ..................-... i 211 250 008 Residential Developed $2,100.00 tdenttaevelo :::: ..•:.... :.:::- ......................... ............... ................... .:..::.:.:. 211 250 010 Residential Developed $2,100.00 :::Z500.1;1'.:'..: Restdentt'a[..b:.;:.:..:.:..:.;.;...::De elo ed,.::::.:..:::::::.:_:::.:::':.::::.;:::_:::'::::::.::'.:.::::::.:: .::::.:..:::'::,:: 2::::1:OOt0:0: ......:..r..................:.....::.:... y.:.:,:.:.P ...:..:.:..:..:.:,. ...:. . ..... ..:....:: .:...�.::.::....:..$_...,.. ,_.......0 211 250 012 Residential Developed $2,100.00 3 0. 211 250 014 Residential Developed $2,100.00 ...... eo ...._�. .....................,.,... ........ .t.a .. . . .............. ..Devled:.:::..:.:...-'::'::.,.:> :.":::.: 2':1:000:0:: 211 250 016 Residential Developed $2,100.00 . :...:::.:. Ueve..'.ed $ oo'o:o' 4p, , j 211 250 018 Residential Developed $2,100.00 :. ........................... . 21:1;: Resrdential:::: _;.; r ' Develo ed :: :;;;:;:i 2'1:0.0:00:. 211 260 001 Residential Developed $2,100.00 2:11..:::-:260'::.::0.02.......... ... .Residential..:.::... ::::•:.:.'.. :".:.':::De..eto d:..:::.::::::::::<::.:::::...<... :;::.:..:::.:..;;°: :';:';:-; :::: .0:0:00::.: i 211 260 003 Residential Developed $2,100.00 �:... 0..:�':.::::004 .:::.::::.;::::...R....esid...enttal �:;��:;.��:: 6 � - ;:;Develg'ed........................ .......: 2.10..0.0.0: 211 260 005 Residential Developed $2,100.00 ..... .... .... ;.. ..6..:;..:....:::::�:: :Restdential - 211 260 007 Residential Developed $2,100.00 2.1'..1'::•'::.:2 ..... ....6..0........_0:0. ...... '.. ..'. ..' 00'..O.U!:: <.... ._. -.-:,�:::•.::.........Residen..tla1.,::.:- ..:Develq ed::.::::::::-:�: ��;.�=�:::::::.-.::...;;:: 211 260 009 Residential Developed $2,100.00 .:...,.: ._... _., Resid.enttal::.::..::.:.::~::::::: . .:....:.:...:..... 211 260 011 Prepaid Prepaid $0.00 /1 1 of 8 i County of Contra Costa Community Facilities District No.2001-1 (Norris Canyon) Special Tax Lew for Fiscal Year 2007-08 Assessor's Type of Status of Taxable Special Parcel Number Property Development Acres Tax 211 280 , 030 Residential Developed $2,100.00 .. .:.211 2 0 . 031. Restdenttal.:::.:::::.:::::.:.:. .::�-Ue.:ela:..ecl..::::::.:ry::'>;:;.;':_�:.::;::`..�'::.--::F.:":;";� 211 280 032 Residential Developed $2,100.00 21:1.'::::;.280...:.:033:::::;. Residentialo-' ;:; :.:.. �eve..:io'ed.::......:......' :::::;.:: 211 280 034 Residential Developed $2,100.00 . ......... .... ..... .. .....:.:. :.:.:..:. ..21.1 . .280x.....03.5... ...............1..Restdenttai..........:.:, 211 280 036 Residential Developed $2,100.00 Re 'ia- tial-: 211 280 038 Residential Developed $2,100.00 .......... :::::.:: .: :: ::.:.::..:::::.....::.• : r e tt 1: :: ;:::�;t:.�:�.::;.:.:::. e.,e ,:;::..::.:,:.':;:..-.....:...::.:..:.. ::...,.....:.:,:.,:.::.;-..:.'..: 2-.10.00:0:::: 211 290 001 Residential Developed $2,100.00 tal' . ::; De 'el' O:Q` 211 290 003 Residential Developed $2,100.00 .:.................................. ,:,,:.,: ::::..::...•::.:.:.-;.:....:.:::..:D .v'Io ed..:.::...::...::n.;:..:<:.:':,.::::..:.;::.:: :::.,..�..`:'��� 2=::1:00:0:0 Z:I1�.' 004-::::<:,..::::::.:::;•Rest;dent►al..::...':::.:::,...:,,:::::......e.:�..:.p.,..:........:::.:.:....:_.....:.:::..:...:...:....:. .:..:...::..: ...:.,::::.:�...>.,.....::: . ..::.:. j 211 290 005 Residential Developed $2,100.00 1. ...2. , e.:.:Y,e..:.p.. 211 290 007 Residential Developed $2,100.00 .2.1.00:0.0'': 211 290 009 Residential Developed $2,100.00 .............. ::.................:: . " $ 1"00:0-2-1sesidentlal` �, 0 211 290 011 Residential Developed $2,100.00 ,:. ...2.1.1.;...:..290......:0.12:.':.:.:......:..:::...:Rest enttal............... .... .....D .v 1 'ed-':�'" : x�::: ;�': �'::: °;:;=:;;�;,;'•:: ::::: 2'': 0.0:.00.: 211 290 013 Residential Developed $2,100.00 2.11:....:.290:..:...:014......:..:.:....:.:..-.Residential: Develo' ed:'::::-; .-:_..,.:...::..::-.,...:.-.::::.:: ..::.::::.:::::::.. 211 290 015 Residential Developed $2,100.00 ...2.11....:.290 . .:.016....:::.:..:.....:..:.:.Residential...:..:.......::..::::::::::::Develo' 211 290 017 Residential Developed $2,100.00 :Residential:':::::::.:::: .::.; 100:00. 211 290 019 Residential Developed $2,100.00 ..:...:.::. 211 300 001 Residential Developed $2,100.00 AOOa00.:r 211 300 003 Residential Developed $2,100.00 ..0.04:':::',:: � .> �1 ; ,300• ' �v •1 p n: vel. pe, . 0. .- $ ,5 . 211 300 005 Undeveloped Undeveloped 0.36 $122.82 Develo e`ds:::::':.::::..:.,;:.:,:'::.:.. : $2.1.:UQ:0.0' 211 300 007 Undeveloped Undeveloped 0.67 $230.22 . 78'`5.8.::: 211 300 009 Residential Developed $2,100.00 ,::.. . ecl':: .._: :;; R ,. ':$2'` 0. o 211 300 Ol 1 Residential Developed $2,100.00 2 Q. . ... ........Develo ..... .....:: ... ..... ......... ...........:.. ......... ... ... ........... .. .. . .. . .. 211 300 013 Residential Developed $2,100.00 .... 2I1€ 3UO' 0:1:4;' ':=i` Resiclerltial;° Dev'.:la ect'.. i':`: 2: e...,p. ;1:00; 211 300 015 Residential Developed $2,100.00 2' 1::;:::::'3.0001'6;:; .x:; :" ;IDe':.::,1:: . ....................................... ........... 211 300 017 Residential Developed $2,100.00 i J 3of8 I i County of Contra Costa Community Facilities District No. 2001-1 (Norris Canyon) Special Tax Leyy for Fiscal Year 2007-08 Assessor's Type of Status of Taxable Special Parcel Number Property Development Acres Tax j 211 320 017 Residential Developed $2,100.00 21:1. :.:320::.:.::.:.01.8. .........:....Undevel ed::.::::::;..;.;,:::�:Vnde. e e :..::-;:::.:�:�::.:.-::::::.::.•. .4:..:::::.::-:_ :..:::.. :::::..::::::: 492,2& 211 330 001 Undeveloped Undeveloped 0.72 $247.90 UritleyeCo' ed' °Uiideyeio ed,,;, > '" 0:7:8'::::: =::`:. '.:::`;';:':;.'::::.$.26.7`:24:.: 211 330 003 Undeveloped Undeveloped 0.77 $262.84 T 3:30::: 00.4F:::°: °:;..;;:Un vel. e 09:3::: 2 de o . d 34- ... ....... .. ............................ 211 330 005 Undeveloped Undeveloped 0.87 $298.02 ... ....' ' .. $nd .9231.4:60;: 211 330 007 Undeveloped Undeveloped 1.32 $451.28 21::1: ;::330:::' 0.08"'. : ;.." Uiideve lo Undevelo'ed' ' K:' 1:1.:4'- 3:89:98 211 330 009 Undeveloped Undeveloped 1.07 $366.20 :.. . .. ey; l'o e'd:;''`::"x :'' 7nd:eye]'o ed=:` ` `':': Y, 1.4;.:; ':' :; ;;`$.39T":5:4'.:: �.....p. P... ........ 1 211 340 002 Undeveloped Undeveloped 1.12 $382.56 2'I.i: ::.340•::' 003:::":::::;::` Jndeve© :ed:=` [7tidevelo"edx :.:,. ;::r°:::,.:,.1:::13'x;'::: r. :. :::: 386.34:: 211 340 004 -Undeveloped Undeveloped 1.24 $423.90 I1 :.3.4Q. OS...:....-:::....::U dey toe ... UA.. o e :':`=:::.:.:.:.::::..:...I�'67;:::;�.;;..:� ;:;�::::::::��.:.:: 5.. .. :..: ..:- .:..:..Q:.......,...::.�.....:::.:....:n.:.....:�....P:.d•.:::.::....:.::::.::....:...n v�l..p .d...:::..:..:..:..:....:::::....::.:... . $ _7:3:5: . :........................ ...... 211 340 006 Undeveloped Undeveloped 1.13 $387.42 Undevel..o :26::: 211 350 001 Undeveloped Undeveloped 0.49 $167.78 1-...:.:.:.. ;:;..: ...:. ...... :..... :..:: ::::.:r:.::.:: ::.::: ,n :, .: ::.. 21 50 .002:::::...::..::::::.Uncle .e a.:..:.....::::..::..-:::::.Un. ::. ::.::::::: . .:::...:.......... ::::-........:.:.::::. ........ ye o ..d.. develo .ed;:; 0;42:::::::: $.142:70: p p. . ....... .. 211 350 003 Undeveloped Undeveloped 0.58 $199.16 .: :. -... .......:: . `. . ' 0idtal . .21: 0;;:004eo $21000 211 350 005 Residential Developed $2,100.00 .. o . `!7, 211 350 007 Undeveloped Undeveloped 1.49 $510.94 21 ilndavelo ed::..:::::::::. Uncle. ... ................ ................ . ................ .... ve.Q .ed`': I 32. :..:.. 45 :70.::. p p:............. 211 350 009 Undeveloped Undeveloped . 0.86 $295.22 1 .�...:........::..:.........:.....:..:::::...:,:;:::........ .._...:_...,.:......p.:._..:.:....::::.:::..:::.. :::....::..deue..1.. ,.._1.:x:4:..:;::::::., .. .$3,x.0::.0..8. 211 350 011 Undeveloped Undeveloped 0.98 $336.64 .......::.. - 211r:::;.350: ::'.0:12 ;; ':''':`.Undevelo ed';: ::: :r; Unde:�e o a ::: r:.: 0°4:1:f,.:'. ` :;:- p. x..p..d $139:78:' i 211 350 013 Undeveloped Undeveloped 0.43 $149.06 _ 3:. 1 Unclevelo....ed` Tndeyelo ed: 0:. :::::::: ::.:::::: ::.:::r..;:: 1:3. . ... . ....... ........ ..... ....... ............... .. ..... ...._.p........ ................. _......................p.. . ................:......; _....3.9..._.........:.:,: : ,....:$.. .2.6.6.: 211 350 015 Undeveloped Undeveloped 0.38 $131.16 .. :.....:..:....:: .........:..n.:�::ye.:ope.:.':'"",�:::.;R :_��.: n leve ope 211 350 017 Undeveloped Undeveloped 0.41 $141.54 2:.1..1�:: 3.6:0OQ1Residential..:::-::.::....::.::::.:-:, ;.Iae..velo ed:..:.:::::..;.:..::::..::..;::,::..:..:...:..:..::.•..:.:,:.;::: ::,:.::.,$2..100:,0:0:.:: 211 360 002 Residential Developed $2,100.00 . ...:::.:.. Q....:.:•::-:,..:.:.::...R.....t.......laa �: $2 00:0.0: 211 360 004 Residential Developed $2,100.00 ;..::.. 3.6:0::;. U0.5;::_.: ";'.;''Reddental. Davelp ed _:;;._' $2'':::100'>00:: u, 211 360 006 Residential Developed $2,100.00 21:1 360;•: 007:=:: ,,::::::: Residential:;::.:;:::::: :;= Deyela'ed '" i1-:: 2 ... .:... . .......................p..__.. ............:......:.::.:�, :. :::..:-.- .:.....:x.. .;1.00;00'::; 211 360 008 Residential Developed $2,100.00 2:•1:1'" :3:60i''0.02''t: :Residential:; _';::;' Devela'Yecl; y:;< :: :::;:i;:; ... u ... :., .:k... . 2;10. p..,e..... ...................... ... ............. 0:00.;; 211 360 010 Residential Developed $2,100.00 ...:.: .. :..; ; . . :. 21.0.0.....0..... .0_.. .. :.. . ... _ .......:;1xRDee ::. : x....... `211 360 012 Residential Developed $2,100.00 - ' 5of8 i County of Contra Costa Community Facilities District No.2001-1 (Norris Canyon) Special Tax Leyy for Fiscal Year 2007-08 Assessor's Type of Status of Taxable Special Parcel Number Property Development Acres Tax '. =$2. >:I:.QO'0.`. .. : '`:' 0 211 380 007 Residential Developed $2,100.00 3`8Q` 0:0:8`:: ":;Reside.tial: Devel'o edi' $2`>.100:.0.0. 21;1::::'".::........ :.::... A..., . .... . ....::..... :............._.....p..-... . ..... 211 380 009 Residential Developed $2,100.00 -:..:: —::: ....:..:........::,. .it :::::::::::::::::::::::::.:.Ices eta :.: e.. o' c}:r:.:'j::::;;; Y::; :"::-: 200:0 .........:.::.38.:..:....Q.1.....:::.::,::..::::4:::...... .-..:ad .n 1 .1,....... ID..yel.:..pe:...- $, 0" 211 380 011 Residential Developed $2,100.00 .-......... ....... ........ ....... Resrdeitial '; '.:. Develo...eif 2'I:0000`: 211 380 013 Residential Developed $2,100.00 .. .r' ....... ;' :: _ : . � :'..._1 ..':` ' 1 211 380 015 Residential Developed $2,100.00 eyelo...ed ;:. ->; ;:>':`:: .:.:....::. 211 380 017 Residential Developed $2,100.00 2 .. 80..1 ' .. . .59 U ...... 211 380 019 Undeveloped Undeveloped 0.43 $147.76 deye o d;::: '' .: ..:... p:. ,....Pe 211 380 021 Undeveloped Undeveloped 0.43 $146.42 ....:........:::.......... Llndevelo•ed:-� :>::=::::A:.;;;::�r0:38',�:�_ :�=';:. �>:":.:"$..1:3':1;:1<8:'. 211 380 023 Residential Developed $2,100.00 ._80 : 2UOil :. ea:..... ....... 'Unde..elo ed::::; ';'::'..':::'04:°: :'' 1'62°52: 211 380 025 Undeveloped Undeveloped 0.47 $162.50 380.:;::;:::.026. J6 "A.to ed<.;.:;;.;.:.;.......... :..0.:53 211 380 027 Undeveloped Undeveloped 0.42 $145.14 .:r : ::380:: :028 .d. :..... ........:.::.. 0:et ..:gy :: 211 380 029 Undeveloped Undeveloped 0.61 $209.42 0 21. ::::: ..80-.::::0 . :....:::::::.::::::°ndeveio . ......-... ...3.... ..: ......-.................. ...........-........... ::... :,::.:. -.....develo..ed:,.:.:......:..-...::::::.....::,0.59°: 20..1: 1 ;r3 P P - 211 380 031 Undeveloped Undeveloped 0.49 $168.50 2.11....... 8 .,....0 . ............ n eve o ed........ ........:;::Un 3.. 0........ 32 .. .... .......U ............ .... _... i6 47F ''�;::�:;.. 4::1F�::;:.� ::;�: :::.'': '" ;14'1.22: 211 380 033 Undeveloped Undeveloped 0.41 $141.40 4 1..1:.. ....380::: 0.3:4:',;' Undevel:o .ed'- ::::'::'::Uncle:. d . ..... - W. veto a 1:40:4:4: 211 380 035 Undeveloped Undeveloped 0.40 $137.36 11 80::.::.:..0:. ..:..::::••..::nd veto..e..::.::.:.:::..::::::...::.:::.. d ;:,:::.;.::.:::::::::. 3: ....:-.::::...36:::., ......:::U.......e ...P:.:d :..:-...::.:..-.:..,Un.._ev..:eloped ........::. ....:....0..4.3...-.,: .....,..:. 211 380 037 Undeveloped Undeveloped 0.39 $135.24 1 3 3 U d veto ed:.::- ....:.:.:,.; I1nd. n.-.:, .... . ................-. ..,.. ....._......... .........g........ ,..__......... .........a.-......::,.:.::.:.Eve..o a 0.4:1; .:::::...:::::::: :::::..1�39::S.Q::: ........... 211 380 039 Undeveloped Undeveloped 0.44 $150.28 ....... ...... ......... T otal:S`"e'ial' ez Le'` c T ..:....:.:..:: .....: n`':.; .::° :.'_ k; F`-.'',; ��;." , ;^,,:.%:::`:�� '�:'_r '` ':;' =:;�:�;;`' �` 537;6 9 ...... E, /1 This parcel has prepaid its special tax obligation and is no longer subject to the special tax. Goodwin Consulting Group,Inc. r . I 1 i 8of8 i I ' COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT N0.2001-1 (NORRIS CANYON) I RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX A Special Tax applicable to each Assessor's Parcel in Community Facilities.District No. 2001-1 (herein"CFD No.2001-1")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.2001-1, 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. i "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.2001-1, 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.2001-1;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. 2001-1. "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 CFD No.2001-1 1 April 1.3,2001 "Annual Interest Component" means the total amount of interest on Bonds in the calendar year commencing in such Fiscal Year. i "Assessor's Parcel" or "Parcel" means a lot or parcel shown in an Assessor's Parcel Map with an 1 assigned Assessor's Parcel number. "Assessor's Parcel Map" means an official map of the County Assessor of the County of Contra j 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. 200 1-1 under the Act. I "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. 2001-1. "Capitalized Interest Requirement"means the least of. i)the Annual Interest Component, ii)the difference between the Special Tax Requirement and the amount determined pursuant to Step 1 of Section E hereof, or iii)the amount of Capitalized Interest available. "County" means the County of Contra Costa. f "Developed Property" means Taxable Property for which a building permit for construction was issued prior to June 1 of the preceding Fiscal Year. "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.2001- 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 Table 1 in Section C below. "Maximum Special Tax"means the maximum amount of Special Tax, determined in accordance with Section C below,that can be levied in.any Fiscal Year. "Other Property"means Developed Property which is not Residential Property,Public Property,or Homeowners' Association Property. i "Planned Units" means the number of individual residential units that were expected to be constructed on property within CFD No. 200 1-1 as shown in Attachment 1. "Proportionately" means, for Residential Property and Other 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 County of Contra Costa CFD No.2001-1 2 April 13,2001 I I 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 following maximum rates shall apply to all Parcels of Taxable Property within CFD No.200 1-1 for each Fiscal Year in which the Special Tax is collected: i TABLE 1 MAXIMUM SPECIAL TAX (Fiscal Year 2001-02) Land Maximum Use Class Description Special Tax j (Fiscal Year 2001-02) i 1 Residential Property $2,100 per Parcel 2 Other Property $2,100 per Planned Unit of the Parcel before it became Other Property 1 3 Undeveloped Property $3,360 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. D. MANDATORY PREPAYMENT OF SPECIAL TAX RESULTING FROM TENTATIVE MAP REVISIONS It is possible that a revision in the Tentative Map could result in less Special Tax revenue being 1 available from the CFD. To preclude this result,after CFD No.2001-1 has been formed,the County shall apply the following steps for every proposed Tentative Map revision: i 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 revision(the"Affected Property")prior to the revision being approved; County of Contra Costa CFD No. 2001-1 4 April 13,2001 i i i F. MANNER OF COLLECTION The Special Taxes for CFD No.2001-1 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 be required in the case of Tentative Map 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 a Special Taxes be levied after Fiscal Year 2039-2040. G. EXEMPTIONS I Notwithstanding any other provision of this Rate and Method of Apportionment of Special Tax, no Special Taxes shall be levied on Public Property,except as otherwise provided in Sections 53317.3 and 53317.5 of the Act. i i H. PREPAYMENT OF SPECIAL TAX The following definitions apply to this Section H: l "Future Facilities Costs" means the Public Facilities Requirements (as defined below) minus public facility costs funded by Previously Issued Bonds, interest earnings on the I construction fund actually earned prior to the date of prepayment, Special Taxes,developer equity, and/or any other source of funding. j "Outstanding Bonds" 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 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 Bonds" for purposes of this prepayment formula. "Previously Issued Bonds"means all Bonds that have been issued by.CFD No.2001-1 prior to the date of prepayment. "Public Facilities Requirements" means either $5,900,000 in 2001 dollars, which shall increase by three percent(3%)on January 1,2002,and on each January 1 thereafter,or such lower number as shall be determined by the County as sufficient to fund public facilities to be provided by CFD No. 2001-1 under the authorized bonding program for CFD No. 2001-1. I County of Contra Costa CFD No.2001-1 6 April 13,2001 i . i • . i I Step 6: Multiply the Bond Redemption Amount computed pursuant to Step 3 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 j interest payment date after the prepayment has been received,Steps 7, 8 and 9 of this prepayment formula.will not apply. ; i Step 8: Compute the amount of interest the County reasonably expects to derive from reinvestment of the Bond Redemption Amount plus the Redemption Premium from the first Bond interest payment date after which the prepayment has been received until the redemption date for the Outstanding Bonds. i j Step 9: Take the amount computed pursuant to Step 7 and subtract the amount computed pursuant to Step 8 (the Defeasance 1. Step 10: The administrative fees and expenses of CFD No. 2001-1 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 reduction,if any, in the applicable reserve fund for the Outstanding 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 l I County of Contra Costa CFD No.2001-1 8 April 13,2001 �I i I I i I APPENDIX D I Boundary Map of i Community Facilities District No. 2001-1 i I i i i i i i sl �/�• 1 R r� •J `E ; �- 491 `� T V I Fi Z T9N L. 2 —s V CCD �gR V m W Q s j y 2 / m � • / q6 Id e p It •8 8 g � �,�tl� �°p�� q 1 � l I a �• g o i a j a � 01"0 a 00 > C N� _ = > p p 1 _ 1 = 3 p y & QBS= k B sQ k Ly' M a7y lia aas Q Y I ! t > $� — no z � I i i - 1 I APPENDIX E Assessor's Parcel .f Maps or Fiscal Year 2007-08 i i I i i r V r r p^ a o� a nN N o i b'✓1 J cl N + t rA ��•" �1u N 7 .� � Y + I . 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