AGENDA
ITEM
12 AGENDA
ITEM
CALEXICO California 12
WHERE CALIFORNIA AND MEXICO MEET
DATE: June 5, 2024
Mayor and City Council
PREPARED BY: Sandra L. Fonseca, Interim Finance Director % SUBJECT: Approval of a Resolution of the City Council of the City of Calexico, California, Determining and Levying the Special Tax in Community Facilities District No. 2005-1 (Hearthstone)
sassesse ======= ====
Recommendation:
That the City Council of the City of Calexico acting in its capacity as the legislative body for the City of Calexico Community Facilities District No. 2005-1 (Hearthstone) Adopt Resolution authorizing the levy of special taxes within Improvement Area No. 1 of such district for Fiscal Year 2024-25.
Background:
Community Facilities District (CFD No. 2005-1 Hearthstone) was formed in 2005 as a legally constituted government entity established under the Mello-Roos Community Facilities Act of 1982. The Act provides an alternative method for the financing of certain facilities and services. Specifically, this CFD is authorized to levy an annual special tax to pay, in whole or in part, the approved costs of the following:
• The administrative costs and other incidental expenses of the District; • The interest scheduled for collection on the outstanding bonded indebtedness related to the District;
• The principal scheduled for collection on the outstanding term bonds related to the applicable Improvement Area;
• The sinking payments scheduled for collection on the outstanding term bonds relating to the applicable Improvement Area;
• Amounts, if any, needed to replenish the applicable Reserve Account of the Bond fund to the level of the Reserve Requirement;
• Amounts, if any, required to bring the amount on deposit in the Rebate Fund to the required level;
• Payments of Authorized Services.
The authorized services are funded through the annual levy and collection of special taxes from all the property subject to the tax and located within the Improvement Area No. 1 of the district.
Discussion & Analysis:
The special levy recommended in the report is the maximum allowed under the current ordinance. Exhibit "A" in the attached report shows that residential parcels will be liable for an annual payment of a minimum of $1,849 per dwelling unit for facilities and $691.70 for services. The 2024-25 facilities payment is unchanged from the prior 2023-24 fiscal year levy.
Fiscal Impact:
The Special Tax levy will provide revenue for the District's proposed budget for its debt service, services, and administrative costs in FY 2024-25.
Coordinated with:
Koppel & Grubber Public Finance.
Attachment:
1. Resolution No. 2024- of the City Council of the City of Calexico, California, Determining and Levying the Special Tax in Community Facilities District No. 2005-1 (Hearthstone).
2. Exhibit "A" - Community Facilities District No. 2005-1 (Hearthstone), Special Tax Rates.
3. City of Calexico - Community Facilities District No. 2005-1 (Hearthstone), FY 2024-25 Special Tax Requirement.
2 ATTACHMENT #1
....-
RESOLUTION 2024-_
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CALEXICO, CALIFORNIA,
DETERMINING AND LEVYING THE SPECIAL TAX IN COMMUNITY FACILITIES DISTRICT NO. 2005-1
WHEREAS, The City Council (the "City Council") of the City of Calexico is the legislative body of Community Facilities District No. 2005-1 (Hearthstone) (the "District"), which District was established pursuant to the provisions of the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of the government code of the State of California (the "Act);
WHEREAS, this City Council, by Ordinance No. 1024 as authorized by Section 53340 of the Government Code of the State of California (the "Ordinance"), has authorized the levy of a special tax to pay for costs and expenses related to said District, and this City Council is desirous to establish the specific rate of the special tax for the District to be collected for the next fiscal year.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Calexico as follows:
Section 1: the preceding recitals are true and correct.
Section 2: that the City Council does, by the passage of this resolution authorize the levy of special taxes at the rates set forth in Exhibit "A" attached hereto, referenced and so incorporated.
Section 3: The rate determined and as set forth above does not exceed the amount as previously authorized by the Ordinance and is not in excess of that amount previously approved by the qualified electors of the District, and is exempt from Proposition 218, Section XIIID of the California State Constitution. After adoption of this Resolution, the City Manager or his/her designee, may make any necessary modification to these special taxes to correct errors, omissions or inconsistencies in the listing or categorization of parcels to be taxed or in the amount to be charged to any category of parcels; provided, however, that any such modification shall not result in an increase in the tax applicable to any category of parcels.
Section 4: The proceeds of the Special Tax shall be used to pay, in whole or in part, the approved costs of the following:
A. The Administrative costs and other incidental expenses of the District.
B. The interest scheduled for collection on the outstanding bonded indebtedness related to the District;
C. The principal scheduled for collection on the outstanding term bonds related to the District;
D. The sinking payments scheduled for collection on the outstanding term bonds relating to the District.
:
Resolution No. 2024-_
Amounts, if any, needed to replenish the applicable Reserve Account of the Bond Fund to the level of the Reserve Requirement; and
F. Amounts, if any, required to bring the amount on deposit in the Rebate Fund to the required level.
E. Payment of Authorized Services
Section 5: The Auditor-Controller of the County of Imperial is hereby directed to enter in the next County assessment roll on which taxes will become due, opposite each lot or parcel of land affected, the installment of the special tax. Reference is made to attached Exhibit "A» for the maximum rates and applied rates of the Special Taxes.
Section 6: All applicable Special Taxes collected for repayment of bonds will be paid to the trustee for deposit in the applicable Special Tax Fund upon receipt by the City of Calexico from the Auditor-Controller pursuant to the terms of the Indenture of Trust.
Section 7: The Auditor-Controller shall, at the close of the tax collection period, promptly render to the City Manager or his/her designee a detailed report showing the amounts of the Special Tax installments, penalties, interest, and fees collected, and from which properties collected. Any expenses to be paid to the Auditor-Controller for carrying out the forgoing responsibilities shall be in accordance with a contact, if any, entered into between the district and the Auditor-Controller, pursuant to Section 29304 of the Government Code of the State of California or as otherwise provided by law.
Section 8: This resolution shall take effect immediately upon its passage and adoption.
PASSED, APPROVED AND ADOPTED this 5'' day of June, 2024, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Camilo Garcia, Mayor
ATTEST:
Veronica Alvarado, City Clerk
Resolution No. 2024-—
State of California
County of Imperial ) SS.
City of Calexico
I, Veronica Alvarado, City Clerk of the City of Calexico, do hereby certify that the above Resolution No. 2024- _ was approved at a regular City Council meeting held on the 5'' day of June, 2024, by the following vote to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
Veronica Alvarado, City Clerk
ATTACHMENT #2
Resolution No. 2024-_
EXHIBIT "A"
COMMUNITY FACILITIES DISTRICT NO. 2005-1
(HEARTHSTONE)
FISCAL YEAR 2024/2025
SPECIAL TAX RATES FOR FACILITIES
Building
Square Assigned Special Tax Rate Applied Special Tax Rate Land Use Type Footage for Facilities for Facilities
Less than or
Residential Property equal to 1,750 $1,849.00 per dwelling unit $1,849.00 per dwelling unit Residential Property 1,751 - 2,000 $2,028.00 per dwelling unit $2,028.00 per dwelling unit Residential Property 2,001 - 2,250 $2,117.00 per dwelling unit $2,117.00 per dwelling unit Residential Property 2,251 - 2,500 $2,260.00 per dwelling unit $2,260.00 per dwelling unit Residential Property 2,501 - 2,750 $2,296.00 per dwelling unit $2,296.00 per dwelling unit Residential Property 2,751 - 3,000 $2,439.00 per dwelling unit $2,439.00 per dwelling unit Residential Property 3,001 - 3,250 $2,581.00 per dwelling unit $2,581.00 per dwelling unit Greater than
Residential Property 3,250 $3,019.00 per dwelling unit $3,019.00 per dwelling unit Non-Residential Property N/A $15,590.00 per acre $15,590.00 per acre Undeveloped Property N/A $15,590.00 per acre $7,823.46 per acre FISCAL YEAR 2024/2025
SPECIAL TAX RATES FOR SERVICES
Land Use Type Maximum Special Tax Rate Applied Special Tax Rate Residential Property $691.70 per dwelling unit $691.70 per dwelling unit Non- Residential Property $2,766.82 per acre $2,766.82 per acre Undeveloped Property $2,766.82 per acre $0.00 per acre
ATTACHMENT #3
EE
CALEXICO
We Coloni Coal Welceler
City of Calexico
Community Facilities District No. 2005-1
(Hearthstone)
Annual Special Tax Report
Fiscal Year 2024/2025
Prepared for:
KOPPEL & GRUBER City of Calexico
PUBLIC FINANCE 608 Heber Avenue
334 Via Vera Cruz, Suite 256 Calexico, CA 92231
San Marcos. California 92078 760-768-2110
760-510-0290
[email protected]
City of Calexico
•
City of Calexico
Esperanza Colio Warren, City Manager
Sandy Fonseca, Interim Finance Director
608 Heber Avenue
Calexico, CA 92231
T. 760-768-2110
Bond Counsel
Stradling Yocca Carlson & Rauth, a Professional Corporation 660 Newport Center Drive, Suite 1600
Newport Beach, CA 92660
T. 949-725-4000
Fiscal Agent
U.S. Bank Trust Company, National Association
Diana Jacobs, Relationship Manager
633 West Fifth Street, 24th Floor
Los Angeles, CA 90071
T. 213-615-6034
Special Tax Administrator
Koppel & Gruber Public Finance
Scott Koppel/Kara Meverden
334 Via Vera Cruz, Suite 256
San Marcos, CA 92078
T. 760-510-0290
TABLE OF CONTENTS
Introduction.. ..1
Section I. Special Tax Levy for FY 2024/2025 .......
A. Annual Special Tax Requirement - Facilities
B. Annual Special Tax Requirement - Services...
C. Estimated Administrative Expenses ....
D. Distribution of Special Tax - Facilities 3
E. Distribution of Special Tax - Services .. 4
F. Prepayment Summary. ..5
Section II. Summary of Delinquent Special Taxes. .. 6
Section III. Fund Balances & Descriptions ... ...7
Section IV. Background of CFD No. 2005-1 ...9
A. Summary Table of Information ...9
B. CFD No. 2005-1 Background ...9
C. Boundaries..
Section V. The Bonds. 10
A. Summary Table of Information .....
B. Authority and Purpose of the Bonds
C. Covenant for Judicial Foreclosure ...
D. Arbitrage Covenants...
E. Bond Call Summary.. .. 10
Section VI. Development Summary.. ..11
APPENDICES
Attachment 1 - FY 2024/2025 Special Tax Roll
Attachment 2 - FY 2023/2024 Delinquency Report
Attachment 3 - Boundary Map
Attachment 4 - Debt Service Schedule
Attachment 5 - Development Map
INTRODUCTION
This Annual Special Tax Report ("Report") summarizes certain general, financial and administrative information related to Community Facilities District No. 2005-1 (Hearthstone) ("CFD No. 2005-1") of the City of Calexico ('City") and their 2006 Special Tax Bonds ("Bonds"), which were issued on July 12, 2006, in the original principal amount of $14,710,000. The Report outlines the following for CFD No. 2005-1: (I) Special Tax Levy for Fiscal Year 2024/2025, (II) Summary of Delinquent Special Taxes, (III) Fund Balances & Descriptions, (IV) Background of CFD No. 2005-1, and (V) Development Summary. The Report also includes Attachments that are referenced by and/or supplement the information outlined herein. All capitalized terms not defined herein are used as defined in the Rate and Method of Apportionment of Special Taxes ("RMA").
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) 1 Annual Special Tax Report FY 2024/2025
SECTION I. SPECIAL TAX LEVY FOR FY 2024/2025
Section I of the Report contains information for the determination of the Fiscal Year ("FY") 2024/2025 Special Tax levy.
A. Annual Special Tax Requirement - Facilities
The Annual Special Tax Requirement for Facilities represents the interest and principal payments due on the Bonds in Calendar Year 2025 and estimated Administrative Expenses for FY 2024/2025. The Annual Special Tax Requirement for Facilities for FY 2024/2025 is $1,037,009.00, which is calculated in accordance with the RMA. The following table shows the calculation used to determine the FY 2024/2025 Annual Special Tax Requirement for Facilities. FY 2023/2024 amounts are shown for comparison.
FY 2024/2025 FY 2023/2024
Special Tax Component Requirement Requirement
Principal Due (September 1) $535,000.00 $510,000.00
Interest Due (March 1) 235,307.50 248,695.00
Interest Due (September 1) 235,307.50 248,695.00
Administrative Expenses 31,394.00 30,974.00
Special Tax Requirement $1,037,009.00 $1,038,364.00
B. Annual Special Tax Requirement - Services
The Annual Special Tax Requirement for Services represents the costs of maintaining the public safety services and estimated Administrative Expenses for FY 2024/2025. The Annual Special Tax Requirement for Services for FY 2024/2025 is $166,008.00, which is calculated in accordance with the RMA. The following table shows the calculation used to determine the FY 2024/2025 Annual Special Tax Requirement for Services. FY 2023/2024 amounts are shown for comparison.
FY 2024/2025 FY 2023/2024
Special Tax Component Requirement Requirement
Public Safety Services Costs $160,982.00 $153,893.60
Administrative Expenses 5,026.00 4,732.00
Special Tax Requirement $166,008.00 $158,625.60
C. Estimated Administrative Expenses
Each year a portion of the Special Tax levy goes to pay the ongoing costs of administration.
The FY 2024/2025 Administrative Expenses are shown in the table below followed by a description of each line item. The total Administrative Expenses have been allocated to the Facilities budget and Services budget based on the proportionate share of the Special Tax Requirement for each funding type. FY 2023/2024 amounts are shown for comparison.
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) Annual Special Tax Report FY 2024/2025
FY 2024/2025 FY 2023/2024
Expense Description Budget Budget
Special Tax for Facilities:
City Staff and Expenses $21,365.00 $21,072.00
Consultant Fees and Expenses 9,463.00 9,336.00
County Tax Collection Fees 66.00 66.00
Other Fees and Expenses 500.00 500.00
Subtotal $31,394.00 $30,974.00
Special Tax for Services:
City Staff and Expenses $4,011.00 $3,764.00
Consultant Fees and Expenses 1,004.00 958.00
County Tax Collection Fees 11.00 10.00
Subtotal $5,026.00 $4,732.00
Total Expenses $36,420.00 $35,706.00
City Staff and Expenses - Includes staff time spent on the administration of CFD No. 2005- 1, its accounts and obligations as well as expenses related to CFD No. 2005-1 including postage, supplies, copying, telephone, and technology costs.
Consultant Fees and Expenses - Includes the City's estimated costs to hire consultants related to the administration of CFD No. 2005-1. Consultants used include attorneys, fiscal agent and the special tax administrator. These consultants monitor the special taxes collected by CFD No. 2005-1, provide for the timely payment of debt service, and compliance with State and Federal laws and reporting requirements.
County Tax Collection Fee - Refers to the processing fee charge by the County of Imperial ("County") for placing the Special Taxes on the County Property Tax roll. The County currently charges a Basic Annual Charge of $65.00 (which has been divided between CFD No. 2005-1 and CFD No. 2013-1), plus $20.00 for each fund maintained, plus $0.10 per each billed parcel.
Other Fees and Expenses - This item has been added to protect CFD No. 2005-1 from unanticipated unbudgeted costs.
D. Distribution of Special Tax - Facilities
The Special Taxes for Facilities that CFD No. 2005-1 may levy are limited by the RMA. The number of units and/or acreage levied, the FY 2024/2025 Annual Special Tax for Facilities rate (Maximum and Applied), and aggregate levy amount for each Special Tax for Facilities classification are listed in the table below. (Please see Attachment 1 for a copy of the FY 2024/2025 Preliminary Special Tax Roll.)
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) 3 Annual Special Tax Report FY 2024/2025
FY 2024/2025
Building Number of FY 2024/2025 Applied
Square Units/ Assigned Annual Percent of FY 2024/2025
Land Use Class Footage Acres! Special Tax Special Tax Maximum Levy Amount Residential Property:
Residential < 1,751 78 $1,849.00 $1,849.00 100.00% $144,222.00 Residential 1,751 - 2,000 19 $2,028.00 $2,028.00 100.00% $38,532.00 Residential 2,001 - 2,250 18 $2,117.00 $2,117.00 100.00% $38,106.00 Residential 2,251 - 2,500 33 $2,260.00 $2,260.00 100.00% $74,580.00 Residential 2,501 - 2,750 20 $2,296.00 $2,296.00 100.00% $45,920.00 Residential 2 751 - 3,000 $2,439.00 $2,439.00 100.00% $0.00 Residential 3,001 - 3,250 32 $2,581.00 $2,581.00 100.00% $82,592.00 Residential > 3,250 33 $3,019.00 $3,019.00 100.00% $99,627.00 Residential -
Partially Prepaid? N/A 1 $258.10 $258.10 100.00% $258.10 Non-Residential and Undeveloped Properties
Non-Residential 0.000 $15,590.00 $0.00 0.00% $0.00
Undeveloped 65.594 $15,590.00 $7,823.44 50.18% $513,170.72 234 Units/
Total 65.594 Acres N/A N/A N/A $1,037,007.82
1 Excludes six (6) parcels for which the property owner has fully prepaid 100% of their special tax obligation. 2 One (1) parcel owner prepaid approximately 90.00% of their special tax obligation. The amount shown in the table above represents the remaining special tax obligation for this parcel.
3 Any difference between the special tax requirement detail shown in Section I.A. above and the actual levy amount is due to rounding.
E. Distribution of Special Tax - Services
Special Taxes for Services that CFD No. 2005-1 may levy are limited by the RMA. The number of units and/or acreage levied, FY 2024/2025 Annual Special Services Tax rate (maximum and applied) and aggregate levy amount for each Special Taxes for Services classification are listed in the table below. (Please see Attachment 1 for a copy of the FY 2024/2025 Preliminary Special Tax Roll.)
FY 2024/2025
Number of FY 2024/2025 Applied
Units/ Maximum Annual Percent of FY 2024/2025
Land Use Class Acres Special Tax Special Tax Maximum Levy Amount Residential 240 $691.70 $691.70 100.00% $166,008.00
Non-Residential 0.000 $2,766.82 $2,766.82 100.00% 0.00
Undeveloped 65.594 $2,766.82 $0.00 0.00% 0.00
240 Units/
Total 65.594 Acres N/A N/A N/A $166,008.00
1 Any difference between the special tax requirement detail shown in Section I.B. above and the actual levy amount is due to rounding.
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) Annual Special Tax Report FY 2024/2025
F. Prepayment Summary
The following parcels have prepaid or partially prepaid their Special Tax obligation for Facilities. The parcels that have prepaid 100% of their Special Tax obligation for Facilities are 10 longer subject to annual Special Taxes levied for Facilities by CFD No. 2005-1 Assessor's
Parcel Number Prepayment Date Prepayment Percentage
059-493-022-000 September 2009 & June 2013 90%
059-495-007-000 January 2017 100%
059-496-015-000 July 2016 100%
059-496-043-000 July 2021 100%
059-496-047-000 April 2021 100%
059-496-051-000 March 2020 100%
059-525-001-000 June 2020 100%
The Special Tax obligation for Services is not subject to prepayment.
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) Annual Special Tax Report FY 2024/2025
SECTION II. SUMMARY OF DELINQUENT SPECIAL TAXES
Delinquent Special Taxes as of February 20, 2024 for FY 2023/2024 and prior fiscal years are summarized in the table below (please see Attachment 2 for a copy of the Delinquency Report):
No. of No. of Annual Percent of
Parcels Total Annual Parcels Delinquent Foreclosure Amount Fiscal Year Levied Levy Delinquent Amount Status? Delinquent 2008/2009 246 $1,553,150.00 2 $865,795.00 F 55.74%
2009/2010 246 $1,556,286.00 2 $865,795.00 F 55.63%
2010/2011 246 $1,558,679.00 $868,969.00 F 55.75%
2011/2012 246 $1,560,065.00 2 Ş869,656.00 F 55.74%
2012/2013 246 $1,249,391.00 2 $600,354.00 F 48.05%
2013/2014 246 $1,383,604.00 2 $718,634.00 F 51.94%
2014/2015 246 $1,385,813.00 2 $719,680.00 D 51.93%
2015/2016 246 $1,388,853.10 2 $721,023.00 D 51.91%
2016/2017 246 $1,159,443.96 $505,764.26 D, S 43.62%
2017/2018 246 $1,158,771.38 $507,387.68 D, S 43.79%
2018/2019 246 $1,154,643.20 6 $503,259.50 D, S 43.59%
2019/2020 246 $1,157,929.32 7 $506,105.68 D, S 43.71%
2020/2021 246 $1,229,880.22 8 $572,046.44 D, S 46.51%
2021/2022 246 $1,170,717.10 $510,084.88 D 43.57%
2022/2023 246 $1,184,474.88 4 $515,895.86 D 43.55%
2023/20243 246 $1,196,988.52 10 $263,662.79 D 44.05%
1 Data was obtained from the Imperial County Auditor-Controller's Office. 2 "D" = Delinquent; "f" = Foreclosed, "S" = Stripped from County Tax Roll and subject to separate payment plan with City. Foreclosure data was obtained from Bowie, Arneson, Wiles & Giannone. 3 FY 2023/2024 special tax collections include only the first half of annual special tax installments.
The City has covenanted to the bondholders of the Bonds that the City will commence and diligently pursue judicial foreclosure proceedings against (i) properties under common ownership with delinquent Special Taxes in the aggregate of $5,000 or more on or about July 1 following the close of the Fiscal Year, and (ii) all properties with delinquent Special Taxes if the amount of Special Taxes collected by the end of the prior Fiscal Year is less than ninety-five percent (95%) of the total amount levied in the prior Fiscal Year on or about July 1.
Collections received from FY 2023/2024 Special Taxes did not exceed 95%. In addition, ten (10) parcels are delinquent in their payment of Special Taxes in an aggregate amount of more than $5,000. Accordingly, the City has hired a foreclosure attorney and has begun foreclosure proceedings on the delinquent properties.
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) 6 Annual Special Tax Report FY 2024/2025
SECTION III. FUND BALANCES & DESCRIPTIONS
The balances as of April 30, 2024 of the funds, accounts and subaccounts established pursuant to the Fiscal Agent Agreement ("FAA") executed in association with the Bonds are shown in the table below. The funds are currently being held by U.S. Bank Trust Company, National Association, acting as fiscal agent ("Fiscal Agent").
Fund, Account, Subaccount Account Number Balance
Special Tax Fund 103605000 $418.72
Interest Account 103605001 $673.40
Principal Account 103605002 $0.00
Administrative Expense Account 103605003 $52,912.49
Reserve Account 103605005 $215,503.21
Project Account 103605006 $0.00
City Account 103605007 $0.01
School District Account 103605008 $0.02
Surplus Fund 103605011 $0.00
Redemption Account 103605012 $0.00
Prepayment Account 103605013 $0.00
1 The City is in receipt of an additional $296,000 from County special tax receipts received for CFD No. 2005-1 and plans to wire these funds to the Trustee prior to May 30, 2024.
The following provides a description of the major funds, accounts and sub-accounts:
Special Tax Fund
The Fiscal Agent deposits monies collected from the payment of Special Tax Revenues (or any proceeds from the sale of property collected pursuant to the foreclosure provisions of the FAA) and Special Tax Prepayments into this fund to be held in trust and transferred on the dates, in the amounts and in the priority as set forth in the FAA.
Interest and Principal Accounts
On or before each Interest Payment Date, the Fiscal Agent shall deposit enough money, together with any amounts already on deposit, to pay the required principal of, interest, and any premium on the Bonds.
Administrative Expense Account
The Fiscal Agent holds this account for payment of Administrative Expenses as defined in the FAA. Interest earnings from investments of this account are retained in this account.
Reserve Account
Monies in the Reserve Account are held in trust for the payment of the principal, interest and any premium on the Bonds. Amounts exceeding the Reserve Requirement shall be transferred to the Interest Account and Principal Account at the request of the City in accordance with the FAA. The Reserve Requirement, as of any date of calculation, is equal to the lesser of (1) 10% of the initial principal amount of the Bonds and any parity bonds; (2) the Maximum Annual Debt Service on the Bonds and any parity bonds; or (3) 125% of City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) 7 Annual Special Tax Report FY 2024/2025
the average Annual Debt Service on the Bonds and any parity bonds.
The Reserve Requirement as of April 30, 2024 was $1,007,390.00. The City has drawn monies from the Reserve Fund to pay a portion of the debt service payments on the Bonds. The Fiscal Agent has filed event notices through the repository ("EMMA") for the Municipal Securities Rulemaking Board ("MSRB") notifying bondholders of these unscheduled draws on the Reserve Fund.
Acquisition and Construction Fund (Project Account)
Monies in the Project Account of the Acquisition and Construction Fund shall be disbursed for the payment or reimbursement of the costs of the design, acquisition and construction of authorized facilities. More specifically, the funds deposited in the Project Account established in connection with the Bonds will be used to finance improvements to Cole and Meadows Roads, sewer lift station and sewer lines, retention basin, and required impact fees for both the City and the School District.
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) Annual Special Tax Report FY 2024/2025
SECTION IV. BACKGROUND OF CFD NO. 2005-1
A. Summary Table of Information
The following table shows information related to the formation of CFD No. 2005-1.
CFD Formation
Date of Resolution of Intention to Establish January 8, 2005 Resolution of Intention Number 05-33
Date of Resolution of Formation September 20, 2005
Resolution of Formation Number 05-62
B. CFD No. 2005-1 Background
On January 8, 2005, the City Council of the City of Calexico adopted a resolution of intention to form a community facilities district under the Act, to levy a special tax and to incur bonded indebtedness for the purpose of financing public improvements to meet the needs of new development. After conducting a noticed public hearing, the City Council adopted resolutions establishing CFD No. 2005-1, providing for a special tax, approving the proposed rate and method of appointment of the special tax and approving the issuance of bonded indebtedness to finance the authorized facilities, and calling a special election to submit to the qualified electors within CFD No. 2005-1 the propositions to levy the special tax and the issuance of bonds.
On September 20, 2005, an election was held within CFD No. 2005-1 in which the landowner(s) eligible to vote approved the levy of special tax and the issuance of bonds in an amount not to exceed $15,000,000.
CFD No. 2005-1 consists of approximately 75 taxable acres comprising a master-planned development known as Hearthstone. At build out, it is anticipated that CFD No. 2005-1 will contain 457 single-family residential ("SFR") dwelling units, and other parcels representing exempt properties such as public property, property owner's association property within the CFD, as well as certain other parcels specified within the CFD.
C. Boundaries
CFD No. 2005-1 is located within the City of Calexico, north of Cole Road, south of the central main canal, west of Meadows Road and approximately one quarter of a mile east of State Highway 111. A reduced map of the boundaries of CFD No. 2005 1 titled "Map of Proposed Boundaries of Community Facilities District No. 2005-1 (Hearthstone)" is incorporated herein as Attachment 3.
A full-scale map is on file with the Clerk of the City of Calexico and was recorded with the County Recorder in the County of Imperial in Book 23 of Maps of Assessment and Community Facilities Districts, Pages 10 through 13, Document No. 200514120.
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) Annual Special Tax Report FY 2024/2025
SECTION V. THE BONDS
A. Summary Table of Information
The following table shows information related to the issuance of the Bonds. 2006 Bond Issue of CFD No. 2005-1
Bond Issuance Amount $14,710,000
Interest Rate Range 4.00% - 5.55%
Final Maturity September 1, 2036
< 95% aggregate Special Tax levy
Foreclosure Covenants or > $5,000 per owner
Bonds Subject to Arbitrage Yes
Bond Rating Not rated
County Fund Number 92110
B. Authority and Purpose of the Bonds
The Bonds are authorized to be issued by the City under the Act, as amended, and other applicable laws of the State of California.
The Bonds were issued on July 12, 2006 in the amount of $14,710,000, the proceeds of which were used primarily to finance the costs of acquisition and construction of authorized facilities within CFD No. 2005-1. A current debt service schedule for the Bonds is incorporated herein as Attachment 4.
C. Covenant for Judicial Foreclosure
The City has covenanted to the bondholders of the Bonds that the City will, on or about July 1 of each Fiscal Year, compare the amount of Special Taxes levied to the District to the amount of Special Taxes received by the District, and will, within 90 days of such determination, commence and diligently pursue judicial foreclosure proceedings against (i) properties under common ownership with delinquent Special Taxes in the aggregate of $5,000 or more and (ii) all properties with delinquent Special Taxes if the total amount of delinquent Special Taxes for the prior Fiscal Year for the entire District is less than ninety- five percent (95%) of the total amount levied in the prior Fiscal Year.
Koppel & Gruber Public Finance ("K&G Public Finance") will examine the records of the County on or about July 1 of each Fiscal Year to determine the amount of delinquencies and will assist in pursuing each delinquency.
D. Arbitrage Covenants
The City has covenanted that it will determine whether any portion of investment from any account established by the FAA must be rebated to the Federal Government. The next installment calculation is scheduled for 2025.
E. Bond Call Summary
No bond calls have been conducted for any outstanding CFD No. 2005-1 bond issues.
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) 10 Annual Special Tax Report FY 2024/2025
SECTION VI. DEVELOPMENT SUMMARY
CFD No. 2005-1 is planned to be developed with four hundred and fifty-seven (457) single-family residential units. As of March 1, 2024, building permits have been issued for two hundred and forty (240) total taxable units of residential property. The following table summarizes the planned number of units and the number of units with a Special Tax levy for FY 2024/2025 by Land Use Class. Please see Attachment 5 for a copy of the current Development Map.
Building Square Number of Units Number of Units
Land Use Class Footage Planned Built
Residential Property < 1,751 41 79
Residential Property 1,751 - 2,000 23
Residential Property 2,001 - 2,250 72 18
Residential Property 2,251 - 2,500 35 35
Residential Property 2,501 - 2,750 56 22
Residential Property 2,751 - 3,000
Residential Property 3,001 - 3,250 73 33
Residential Property > 3,250 157 34
Total 457 Units 240 Units
•
City of Calexico, Community Facilities District No. 2005-1 (Hearthstone) 11 Annual Special Tax Report FY 2024/2025
ATTACHMENT 1
FY 2024/2025 SPECIAL TAX ROLL
Special Taxes levied in FY 2024/2025 for CFD No. 2005-1 are shown on the following pages.
A-1
CITY OF CALEXICO
COMMUNITY FACILITIES DISTRICT NO. 2005-1
FISCAL YEAR 2024/2025 PRELIMINARY TAX ROLL
LER
CALEXICO
FACILITIES
ASSESSOR'S PARCEL TAX CLASS SQUARE LEVY SERVICES LEVY TOTAL LEW
NUMBER SITUS ADDRESS FOOTAGE AMOUNT AMOUNT AMOUNT
059-491-003-000 NOT AVAILABLE UNDEVELOPED $171,646.26 $0.00 $171,646.26 059-492-001-000 1000 SPUD MORENO ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-492-002-000 1004 SPUD MORENO ST 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-492-003-000 1008 SPUD MORENO ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-492-004-000 1012 SPUD MORENO ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-492-005-000 1018 SPUD MORENO ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-492-006-000 1024 SPUD MORENO STI $2,028.00 $691.70 $2,719.70 059-492-007-000 1028 SPUD MORENO ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-492-008-000 1032 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 059-492-009-000 1036 SPUD MORENO ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-492-010-000 1040 SPUD MORENO ST 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-492-011-000 1035 F TORRES ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-492-012-000 1031 F TORRES ST > 3,250 $3,019.00 $691.70 $3,710.70 059-492-013-000 1029 F TORRES ST > 3,250 $3,019.00 $691.70 $3,710.70 059-492-014-000 1025 F TORRES ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-492-015-000 1021 F TORRES ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-492-016-000 1017 F TORRES ST > 3,250 $3,019.00 $691.70 $3,710.70 059-492-017-000 1013 F TORRES ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-492-018-000 1009 F TORRES ST > 3,250 $3,019.00 $691.70 $3,710.70 059-492-019-000 1005 F TORRES ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-492-020-000 1001 F TORRES ST > 3,250 $3,019.00 $691.70 $3,710.70 059-493-001-000 2476 H NAJERA AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-493-002-000 2472 H NAJERA AVE 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-493-003-000 2468 H NAJERA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-493-004-000 2464 H NAJERA AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-493-005-000 2462 H NAJERA AVE < 1,751 $1,849.00 $691.70 $2,540.70 059-493-006-000 2458 H NAJERA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-493-007-000 2454 H NAJERA AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-493-008-000 1013 F HERRERA ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-493-009-000 1017 F HERRERA ST 2,501-2,750 $2,296.00 $691.70 $2,987.70 059-493-010-000 1021 F HERRERA ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-493-011-000 1025 F HERRERA ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-493-012-000 1029 F HERRERA ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-493-013-000 1033 F HERRERA ST 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-493-014-000 2459 G FIGUEROA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-493-015-000 2461 G FIGUEROA AVE < 1,751 $1,849.00 $691.70 $2,540.70 059-493-016-000 2469 G FIGUEROA AVE 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-493-017-000 2471 G FIGUEROA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-493-018-000 2475 G FIGUEROA AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-493-019-000 2476 A ZUNIGA CT > 3,250 $3,019.00 $691.70 $3,710.70 059-493-020-000 2472 A ZUNIGA CT 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-493-021-000 2468 A ZUNIGA CT > 3,250 $3,019.00 $691.70 $3,710.70 059-493-022-000 2464 A ZUNIGA CT 3,001 - 3,250 $258.10 $691.70 $949.80 059-493-023-000 2462 A ZUNIGA CT > 3,250 $3,019.00 $691.70 $3,710.70 059-493-024-000 2461 A ZUNIGA CT > 3,250 $3,019.00 $691.70 $3,710.70 059-493-025-000 2465 A ZUNIGA CT 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 KOPPEL GRUBER Page 1 of 6
CITY OF CALEXICO
COMMUNITY FACILITIES DISTRICT NO. 2005-1
ELIE FISCAL YEAR 2024/2025 PRELIMINARY TAX ROLL
EEL
CALEXICO
FACILITIES
ASSESSOR'S PARCEL TAX CLASS SQUARE LEVY) SERVICES LEVY TOTAL LEW NUMBER SITUS ADDRESS FOOTAGE AMOUNT _ AMOUNT AMOUNT
059-493-026-000 2469 A ZUNIGA CT 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-493-027-000 2471 A ZUNIGA CT > 3,250 $3,019.00 $691.70 $3,710.70 059-493-028-000 2475 A ZUNIGA CT 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-494-001-000 1044 F TORRES ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-494-002-000 1048 F TORRES ST > 3,250 $3,019.00 $691.70 $3,710.70 059-494-003-000 1052 F TORRES ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-494-004-000 1056 F TORRES ST > 3,250 $3,019.00 $691.70 $3,710.70 059-494-005-000 1060 F TORRES ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-494-006-000 1064 F TORRES ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-494-007-000 1068 F TORRES ST > 3,250 $3,019.00 $691.70 $3,710.70 059-494-008-000 1069 EL BERRO AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-494-009-000 1065 EL BERRO AVE < 1,751 $1,849.00 $691.70 $2,540.70 059-494-010-000 1061 EL BERRO 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-494-011-000 1057 EL BERRO AVE 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-494-012-000 1053 EL BERRO < 1,751 $1,849.00 $691.70 $2,540.70 059-494-013-000 1049 EL BERRO AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-494-014-000 1045 EL BERRO AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-495-001-000 1044 EL BERRO AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-495-002-000 1048 EL BERRO AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-495-003-000 1052 EL BERRO AVE 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-495-004-000 1056 EL BERRO AVE < 1,751 $1,849.00 $691.70 $2,540.70 059-495-005-000 1060 EL BERRO AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-495-006-000 1064 EL BERRO AVE 1,751 - 2;000 $2,028.00 $691.70 $2,719.70 059-495-007-000 1068 EL BERRO PREPAID $0.00 $691.70 $691.70 059-495-008-000 1069 F HERRERA ST > 3,250 $3,019.00 $691.70 $3,710.70 059-495-009-000 1065 F HERRERA ST > 3,250 $3,019.00 $691.70 $3,710.70 059-495-010-000 1061 F HERRERA ST > 3,250 $3,019.00 $691.70 $3,710.70 059-495-011-000 1057 F HERRERA ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-495-012-000 1053 F HERRERA ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-495-013-000 1049 F HERRERA ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-495-014-000 1045 F HERRERA ST > 3,250 $3,019.00 $691.70 $3,710.70 059-496-001-000 1084 SPUD MORENO ST <1,751 $1,849.00 $691.70 $2,540.70 059-496-002-000 1080 SPUD MORENO ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-496-003-000 1076 SPUD MORENO ST 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-496-004-000 1072 SPUD MORENO ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-496-005-000 1068 SPUD MORENO ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-006-000 1064 SPUD MORENO ST > 3,250 $3,019.00 $691.70 $3,710.70 059-496-007-000 1056 SPUD MORENO ST UNDEVELOPED $1,173.50 $0.00 $1,173.50 059-496-008-000 1052 SPUD MORENO ST UNDEVELOPED $1,173.50 $0.00 $1,173.50 059-496-009-000 1048 SPUD MORENO ST UNDEVELOPED $1,173.50 $0.00 $1,173.50 059-496-010-000 1044 SPUD MORENO ST UNDEVELOPED $1,361.26 $0.00 $1,361.26 059-496-011-000 1045 F TORRES ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-012-000 1049 F TORRES ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-013-000 1053 F TORRES ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-496-014-000 1057 F TORRES ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-015-000 1061 F TORRES ST PREPAID $0.00 $691.70 $691.70 Koppa CREPER Page 2 of 6
CITY OF CALEXICO
COMMUNITY FACILITIES DISTRICT NO. 2005-1
FISCAL YEAR 2024/2025 PRELIMINARY TAX ROLL
LEEL TERE
CALEXICO
FACILITIES
ASSESSOR'S PARCEL TAX CLASS SQUARE LEVY SERVICES LEVY TOTAL LEVY
NUMBER SITUS ADDRESS FOOTAGE AMOUNT AMOUNT AMOUNT
059-496-016-000 1065 F TORRES ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-496-017-000 1069 F TORRES ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-496-018-000 1073 F TORRES ST > 3,250 $3,019.00 $691.70 $3,710.70 059-496-019-000 1077 F TORRES ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-020-000 2476 M LLANOS CT 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-496-021-000 2472 M LLANOS CT 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-022-000 2468 M LLANOS CT > 3,250 $3,019.00 $691.70 $3,710.70 059-496-023-000 2464 M LLANOS CT 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-496-024-000 2462 M LLANOS CT > 3,250 $3,019.00 $691.70 $3,710.70 059-496-025-000 2458 M LLANOS CT 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-026-000 2454 M LLANOS CT > 3,250 $3,019.00 $691.70 $3,710.70 059-496-027-000 2452 M LLANOS CT 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-028-000 2448 M LLANOS CT 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-029-000 2444 M LLANOS CT > 3,250 $3,019.00 $691.70 $3,710.70 059-496-030-000 1076 F HERRERA STI 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-031-000 1072 F HERRERA STI 3,001 - 3,250 $2,581.00 $691.70 $3,272,70 059-496-032-000 1068 F HERRERA ST > 3,250 $3,019.00 $691.70 $3,710.70 059-496-033-000 1064 F HERRERA ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-496-034-000 1060 F HERRERA ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-496-035-000 1056 F HERRERA ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-036-000 1052 F HERRERA ST > 3,250 $3,019.00 $691.70 $3,710.70 059-496-037-000 1048 F HERRERA ST 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-496-038-000 1044 F HERRERA ST > 3,250 $3,019.00 $691.70 $3,710.70 059-496-039-000 1040 F HERRERA ST 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-496-040-000 1036 F HERRERA ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-496-041-000 1032 F HERRERA ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-496-042-000 1028 F HERRERA ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-496-043-000 1024 F HERRERA ST PREPAID $0.00 $691.70 $691.70 059-496-044-000 1020 F HERRERA ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-496-045-000 1016 F HERRERA ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-496-046-000 1012 F HERRERA ST 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-496-047-000 1008 F HERRERA ST PREPAID $0.00 $691.70 $691.70 059-496-048-000 1004 F HERRERA ST 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-496-049-000 1000 F HERRERA ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-496-050-000 2451 H NAJERA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-496-051-000 2455 H NAJERA AVE PREPAID $0.00 $691.70 $691.70 059-496-052-000 2459 H NAJERA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-496-053-000 2461 H NAJERA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-496-054-000 2465 H NAJERA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-496-055-000 2469 H NAJERA AVE 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-496-056-000 2471 H NAJERA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-496-057-000 2475 H NAJERA AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-500-003-000 NOT AVAILABLE UNDEVELOPED $336,642.62 $0.00 $336,642.62 059-521-001-000 1015 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-002-000 1017 PLAYA DEL NORTE <1,751 $1,849.00 $691.70 $2,540.70 059-521-003-000 1021 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 KOPPED GRUBER Page 3 of 6
CITY OF CALEXICO
COMMUNITY FACILITIES DISTRICT NO. 2005-1
FISCAL YEAR 2024/2025 PRELIMINARY TAX ROLL
CALEXICO
FACILITIES
ASSESSOR'S PARCEL TAX CLASS SQUARE LEVY SERVICES LEVY TOTAL LEVY
NUMBER SITUS ADDRESS FOOTAGE AMOUNT AMOUNT AMOUNT
059-521-004-000 1025 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-005-000 1029 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-006-000 1031 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-007-000 1035 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-008-000 1039 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-009-000 1043 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-010-000 1045 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-011-000 1047 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-012-000 1049 PLAYA DEL NORTE <1,751 $1,849.00 $691.70 $2,540.70 059-521-013-000 1051 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-014-000 1053 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-015-000 1055 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-016-000 1057 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-017-000 1059 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-521-018-000 2608 VAJO STATION < 1,751 $1,849.00 $691.70 $2,540.70 059-521-019-000 2604 VAJO STATION < 1,751 $1,849.00 $691.70 $2,540.70 059-521-020-000 2600 VAJO STATION < 1,751 $1,849.00 $691.70 $2,540.70 059-522-001-000 2608 DEL NORTE ST < 1,751 $1,849.00 $691.70 $2,540.70 059-522-002-000 2606 DEL NORTE ST < 1,751 $1,849.00 $691.70 $2,540.70 059-522-003-000 2604 DEL NORTE ST < 1,751 $1,849.00 $691.70 $2,540.70 059-522-004-000 2600 DEL NORTE ST < 1,751 $1,849.00 $691.70 $2,540.70 059-522-005-000 1018 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-522-006-000 1024 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-522-007-000 1026 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-522-008-000 1028 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-522-009-000 1032 PLAYA DEL NORTE ‹ 1,751 $1,849.00 $691.70 $2,540.70 059-522-010-000 1034 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-522-011-000 1035 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-522-012-000 1031 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-522-013-000 1029 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-522-014-000 1025 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-522-015-000 1021 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-522-016-000 1017 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-523-001-000 1042 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-523-002-000 1048 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-523-003-000 1052 PLAYA DEL NORTE < 1,751 $1,849.00 $691.70 $2,540.70 059-523-004-000 3007 VAJO STA < 1,751 $1,849.00 $691.70 $2,540.70 059-523-005-000 2601 VAHO < 1,751 $1,849.00 $691.70 $2,540.70 059-523-006-000 1053 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-523-007-000 1049 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-523-008-000 1043 PASEO DEL OCASO <1,751 $1,849.00 $691.70 $2,540.70 059-524-001-000 1012 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-524-002-000 1018 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-524-003-000 1024 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-524-004-000 1028 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-524-005-000 1032 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 KOPPET GRUBER Page 4 of 6
CITY OF CALEXICO
COMMUNITY FACILITIES DISTRICT NO. 2005-1
: FISCAL YEAR 2024/2025 PRELIMINARY TAX ROLL
CALEXICO
FACILITIES
ASSESSOR'S PARCEL TAX CLASS SQUARE LEVY SERVICES LEVY TOTAL LEV
NUMBER SITUS ADDRESS FOOTAGE AMOUNT AMOUNT AMOUNT
059-524-006-000 1036 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-524-007-000 2517 G FIGUEROA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-008-000 2513 G FIGUEROA AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-524-009-000 2509 G FIGUEROA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-010-000 2505 G FIGUEROA AVE 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-524-011-000 2501 G FIGUEROA AVE 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-012-000 1035 SPUD MORENO ST 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-524-013-000 1031 SPUD MORENO ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-014-000 1029 SPUD MORENO ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-524-015-000 1025 SPUD MORENO ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-016-000 1021 SPUD MORENO ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-524-017-000 1017 SPUD MORENO ST 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-018-000 1013 SPUD MORENO ST 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-524-019-000 1012 SOLEDAD < 1,751 $1,849.00 $691.70 $2,540.70 059-524-020-000 1018 SOLEDAD 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-021-000 1024 SOLEDAD 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-022-000 1028 SOLEDAD 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-524-023-000 1032 SOLEDAD 2,501 - 2,750 $2,296.00 $691.70 $2,987.70 059-524-024-000 1029 SOLEDAD 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-025-000 1025 SOLEDAD 2,251 - 2,500 $2,260.00 $691.70 $2,951.70 059-524-026-000 1021 SOLEDAD 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-524-027-000 1017 SOLEDAD < 1,751 $1,849.00 $691.70 $2,540.70 059-524-028-000 1013 SOLEDAD < 1,751 $1,849.00 $691.70 $2,540.70 059-525-001-000 1076 PASEO DEL OCASO PREPAID $0.00 $691.70 $691.70 059-525-002-000 1072 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-525-003-000 1068 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-525-004-000 1064 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-525-005-000 1060 PASEO DEL OCASO 1,751 - 2,000 $2,028.00 $691.70 $2,719.70 059-525-006-000 1056 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-525-007-000 1052 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-525-008-000 1048 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-525-009-000 1044 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-525-010-000 1040 PASEO DEL OCASO < 1,751 $1,849.00 $691.70 $2,540.70 059-525-011-000 1045 VIA BARRANCA > 3,250 $3,019.00 $691.70 $3,710.70 059-525-012-000 1049 VIA BARRANCA 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-525-013-000 1053 VIA BARRANCA > 3,250 $3,019.00 $691.70 $3,710.70 059-525-014-000 1057 VIA BARRANCA 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-525-015-000 1061 VIA BARRANCA > 3,250 $3,019.00 $691.70 $3,710.70 059-525-016-000 1065 VIA BARRANCA 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-525-017-000 1069 VIA BARRANCA 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-525-018-000 1073 VIA BARRANCA 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-525-019-000 1077 VIA BARRANCA ,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-525-020-000 1080 VIA BARRANCA 3, 001 - 3,250 $2,581.00 $691.70 $3,272.70 059-525-021-000 1076 VIA BARRANCA $3,019.00 $691.70 $3,710.70 059-525-022-000 1072 VIA BARRANCA 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-525-023-000 1068 VIA BARRANCA > 3,250 $3,019.00 $691.70 $3,710.70 KOPPEL GRUBER Page 5 of 6
CITY OF CALEXICO
COMMUNITY FACILITIES DISTRICT NO. 2005-1
FISCAL YEAR 2024/2025 PRELIMINARY TAX ROLL
CALEXICO
FACILITIES
ASSESSOR'S PARCEL TAX CLASS SQUARE LEVY SERVICES LEVY TOTAL LEVY
NUMBER SITUS ADDRESS FOOTAGE AMOUNT AMOUNT AMOUNT
059-525-024-000 1064 VIA BARRANCA 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-525-025-000 1060 VIA BARRANCA > 3,250 $3,019.00 $691.70 $3,710.70 059-525-026-000 1056 VIA BARRANCA ,001 - 3,250 $2,581,00 $691.70 $3,272.70 059-525-027-000 1052 VIA BARRANCA > 3,250 $3,019.00 $691.70 $3,710.70 059-525-028-000 1048 VIA BARRANCA 2,001 - 2,250 $2,117.00 $691.70 $2,808.70 059-525-029-000 1044 VIA BARRANCA 3,001 - 3,250 $2,581.00 $691.70 $3,272.70 059-525-030-000 1045 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 059-525-031-000 1049 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 059-525-032-000 1053 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 059-525-033-000 1057 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 059-525-034-000 1065 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 059-525-035-000 1069 SPUD MORENO ST <1,751 $1,849.00 $691.70 $2,540.70 059-525-036-000 1073 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 059-525-037-000 1077 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 059-525-038-000 1081 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 059-525-039-000 1085 SPUD MORENO ST < 1,751 $1,849.00 $691.70 $2,540.70 Total Levy $1,203,015.74
Total Parcel Count 246
KOPPEr GRUBER Page 6 of 6
ATTACHMENT 2
DELINQUENCY REPORT
The following page shows the delinquent FY 2023/2024 Special Taxes for CFD No. 2005-1.
B-1
City Of Calexico
Community Facilities District No. 2005-1
County Fund Number 92110
First Installment Delinquency Report
Fiscal Year 2023/2024
Levy and Delinquency Summary*
Total Amount Levied: $1,196,988.52 Total Amount Delinquent: $263,662.79 Total Parcels Levied: 246 Number of Parcels Delinquent: 10 Total Amount Collected: $933,325.73 Delinquent Percentage: 44.05% Delinquency Details
APN Owner** Levy* Unpaid*
059-491-003-000 PCG-LA JOLLA PALMS LP $172,099.54 $86,049.77 059-492-007-000 LOPEZ TERESA DE JESUS V $2,920.94 $1,460.47 059-493-001-000 VALDEZ ALBERTO & GONZALEZ HILDA JT $2,956.94 $1,478.47 059-494-005-000 LAN ZHEN JUAN $3,241.94 $1,620.97
059-496-007-000 HIRJ HOLDINGS LLC $1,176.60 $588.30
059-496-008-000 HIRJ HOLDINGS LLC $1,176.60 $588.30
059-496-009-000 HIRJ HOLDINGS LLC $1,176.60 • $588.30
059-496-010-000 HIRJ HOLDINGS LLC $1,364.86 $682.43
059-496-032-000 IMPERIAL INVESTMENTS, LLC $3,679.94 $1,839.97 059-500-003-000 PCG-LA JOLLA PALMS LP $337,531.62 $168,765.81 Total Delinquent Amount: $263,662.79
* Information based on February 20, 2024 delinquency data. ** Information based on Secured Roll data.
KOPPEL GRUBER Page 1/1
PUnLIC FINANCE
ATTACHMENT 3
BOUNDARY MAP
The following page shows the recorded boundary map for CFD No. 2005-1.
C-1
Assess, CommFacDist 2-35
SHIT 1 CE
Helens Remain
MEADOWS
COLE RO PROPOSED BOUNDARIES
MuniFinancial COMMUNITY FACILITIES DISTRICT NO. 2005-1
(HEARTHSTONE)
Indian
STATE OF PAUTOMA
ATTACHMENT 4
DEBT SERVICE SCHEDULE
The following page shows the debt service schedule for the Bonds.
D-1
City Of Calexico
Community Facilities District No. 2005-1
CALEXICO $14,710,000 2006 Special Tax Bonds
Debt Service Schedule
As of September 30, 2024
Year Ending CUSIP Coupon Rate Principal Accreted Value Interest Debt Service 9/1/2025 129515AL6 5.2500 $370,000.00 $470,615.00 $1,005,615.00 9/1/2025 129515AQ5 5.2500 $165,000.00
9/1/2026 129515AL6 5.2500 $390,000.00 $442,527.50 $1,002,527.50 9/1/2026 129515AQ5 5.2500 $170,000.00
9/1/2027 129515AM4 5.5000 $260,000.00 $413,127.50 $1,003,127.50 9/1/2027 129515AN2 5.3500 $150,000.00
9/1/2027 129515AR3 5.5500 $180,000.00
9/1/2028 129515AM4 5.5000 $265,000.00 $380,812.50 $1,005,812.50 9/1/2028 129515AN2 5.3500 $170,000.00
9/1/2028 129515AR3 5.5500 $190,000.00
9/1/2029 129515AM4 5.5000 $255,000.00 $346,597.50 $1,001,597.50 9/1/2029 129515AN2 5.3500 $200,000.00
9/1/2029 129515AR3 5.5500 $200,000.00
9/1/2030 129515AM4 5.5000 $260,000.00 $310,772.50 $1,000,772.50 9/1/2030 129515AN2 5.3500 $220,000.00
9/1/2030 129515AR3 5.5500 $210,000.00
9/1/2031 129515AM4 5.5000 $255,000.00 $273,047.50 $1,003,047.50 9/1/2031 129515AN2 5.3500 $250,000.00
9/1/2031 129515AR3 5.5500 $225,000.00
9/1/2032 129515AM4 5.5000 $250,000.00 $233,160.00 $1,003,160.00 9/1/2032 129515AN2 5.3500 $280,000.00
9/1/2032 129515AR3 5.5500 $240,000.00
9/1/2033 129515AM4 5.5000 $245,000.00 $191,110.00 $1,001,110.00 9/1/2033 129515AN2 5.3500 $315,000.00
9/1/2033 129515AR3 5.5500 $250,000.00
9/1/2034 129515AM4 5.5000 $240,000.00 $146,907.50 $996,907.50 9/1/2034 129515AN2 5.3500 $350,000.00
9/1/2034 129515AR3 5.5500 $260,000.00
9/1/2035 129515AM4 5.5000 $235,000.00 $100,552.50 $1,000,552.50 9/1/2035 129515AN2 5.3500 $385,000.00
9/1/2035 129515AR3 5.5500 $280,000.00
9/1/2036 129515AM4 5.5000 $235,000.00 $51,490.00 $996,490.00 9/1/2036 129515AN2 5.3500 $420,000.00
9/1/2036 129515AR3 5.5500 $290,000.00
$8,660,000.00 $0.00 $3,360,720.00 $12,020,720.00
KOPPEL GRUBER Page 1/1
PUBLIC FINANCE
ATTACHMENT 5
DEVELOPMENT MAP
The following page shows the development map for CFD No. 2005-1.
E-1
CITY OF CALEXICO
COMMUNITY FACILITIES DISTRICT NO. 2005-1 (HEARTHSTONE)
AS OF MARCH 1, 2024
Playa del Norte-
Pasco del Ocaso
Playa del Norte
Via Barranca Meadows Rd
Spud Moreno St-
Terres-
El Berro-
#-Najera Ave
Legend
F Herrera St
Developed Property
Undeveloped Property