CITY COUNCIL AGENDA REPORT
City of Anaheim
FINANCE DEPARTMENT
DATE: AUGUST 13, 2024
FROM: FINANCE DEPARTMENT
SUBJECT: LEVY OF SPECIAL TAXES WITHIN CITY OF ANAHEIM
COMMUNITY FACILITIES DISTRICTS FOR FISCAL YEAR
2024/2025
ATTACHMENT (Y/N): YES ITEM # 17
GOVERNMENT CODE § 84308 APPLIES: YES
RECOMMENDATION:
That the City Council, by separate Resolutions, levy special taxes for Fiscal Year 2024/2025 within each of the City of Anaheim’s (City) Community Facilities Districts.
DISCUSSION:
Pursuant to the provisions of the Mello-Roos Community Facilities Act of 1982 (the Act), the City Council, as the legislative body of the City of Anaheim Community Facilities Districts (CFD), is authorized under the Act to levy special taxes to pay for the costs of certain public facilities and to authorize the issuance of bonds secured by special taxes. For each district a special election was held in which the qualified electors of the CFD voted, by more than the two-thirds required vote, to authorize the issuance of bonds and approve the levy of special taxes to pay the debt service on the bonds. The voters also approved the Rate and Method of Apportionment (RMA) for the districts and each year the special tax requirements are reviewed in accordance with the adopted RMA of the CFD to determine the required levy amounts. Based on voter approval, the City administers the levy and communicates the amounts by parcel for inclusion on the County property tax bills. The attached Resolutions set the rates as prescribed by the voter approved RMA for each parcel within the City of Anaheim’s CFDs for Fiscal Year 2024/2025. City Council is required by bond covenants to approve the special taxes annually ensuring that the City continues to receive revenue to meet debt service obligations.
CFD No. 06-2 (Stadium Lofts) – The Stadium Lofts district is fully developed and the improvements complete and therefore, the rates are typically stable and vary minimally from year to year. Below is a summary of the Fiscal Year 2024/2025 special tax assessments for the Stadium Lofts and a comparison with the prior year. 200 S. Anaheim Blvd.
Suite #643
Anaheim, CA 92805
Tel: (714) 765-5195
Fax: (714) 765-5260
www.anaheim.net
Levy of Special Taxes within City of Anaheim CFDs for Fiscal Year 2024/25 August 13, 2024
Land Use
FY 2024/25
Special Tax
$ Change from
FY 2023/24
% Change from
FY 2023/24
Levy % of
Maximum
Total
Special Tax
% of
Total
Levy
Residential:
> 1,249 SF $2,248.70 ($28.99) -1.27% 65.58% $26,984 1,100 - 1,249 SF 1,998.85 (25.77) -1.27% 65.58% 23,986
900 - 1,099 SF 1,536.52 (19.80) -1.27% 65.58% 264,281
700 - 899 SF 968.60 (12.49) -1.27% 65.58% 146,259
< 700 SF 857.12 (11.05) -1.27% 65.58% 36,856
Subtotal $498,366 97.49%
Non-residential per SF 1.2194 (0.02) -1.27% 65.58% 12,855 2.51% $511,221 100.00%
CFD No. 08-1 (Platinum Triangle) – The Platinum Triangle district is the City’s newest CFD, approved by the property owners in July 2008. Because this district is expected to be developed in phases over many years and under continually changing circumstances, levy rates are likely to fluctuate more significantly than fully developed CFDs. Special tax requirements are based on the voter-approved RMA, which provides for an increase in the maximum special tax rate of 2.0% per year until the conditions for a special tax reduction are met. As defined and set forth in the RMA, rates may vary by parcel type; for example, ‘Developed’ and ‘Existing’ properties are assessed at 90-100% of the maximum special tax rate before ‘Approved’ properties are assessed. Below is a summary of the Fiscal Year 2024/2025 special tax assessments for the Platinum Triangle and a comparison with the prior year.
Land Use Area
Basis
FY 2024/25
Special Tax
$ Change from
FY 2023/24
% Change from
FY 2023/24
Levy % of
Maximum
Total
Special Tax
% of
Total
Levy
Residential:
>2,200 SF Unit $3,775.16 $74.02 2.00% 100.00% $105,704 2,000 - 2,199 SF Unit 3,335.87 65.41 2.00% 100.00% 210,160 1,800 - 1,999 SF Unit 2,745.57 53.83 2.00% 100.00% 148,261 1,600 - 1,799 SF Unit 2,333.74 45.76 2.00% 100.00% 310,387 1,400 - 1,599 SF Unit 2,066.04 40.51 2.00% 100.00% 334,698 1,200 - 1,399 SF Unit 1,578.70 30.95 2.00% 100.00% 219,439 1,000 - 1,199 SF Unit 1,365.92 26.78 2.00% 100.00% 747,158 800 - 999 SF Unit 1,091.36 21.39 2.00% 100.00% 509,665
< 800 SF Unit 803.08 15.75 2.00% 100.00% 763,729
Subtotal 3,349,203 85.00%
Non-residential SF 2.0076 0.04 2.00% 100.00% 64,169 1.63% Existing Property Acre 6,306.03 123.65 2.00% 90.00% 526,806 13.37% Approved Property Acre 0.00 N/A N/A 0.00% 0 0.00%
$3,940,177 100.00%
Levy of Special Taxes within City of Anaheim CFDs for Fiscal Year 2024/25 August 13, 2024
IMPACT ON BUDGET:
These special taxes will provide the revenue outlined above to pay the costs of the CFDs in Fiscal Year 2024/2025 and are included in the Finance Department’s Fiscal Year 2024/2025 budget from restricted debt service funds.
Respectfully submitted,
Deborah A. Moreno
Director of Finance/City Treasurer
Attachments:
1. Resolution CFD No. 06-2 (Stadium Lofts)
2. Resolution CFD No. 08-1 (Platinum Triangle)