and other related expenses and the provision of reserves for repairs and replacements and for the future provision of Services. “Maintenance” shall include replacement, and the creation and funding of a reserve fund to pay for a replacement. It is expected that the Services will be provided by the City, either with its own employees or by contract with third parties, or any combination thereof.
Administrative and Incidental Expenses
In addition to the above facilities, other incidental expenses as authorized by the Mello-Roos Community Facilities Act of 1982, include these: the cost of planning, permitting, engineering, and designing the facilities (including the cost of environmental evaluation, orthophotography, and environmental remediation/mitigation); land acquisition and easement payments for authorized CFD facilities; project management; construction staking; engineering studies and preparation of an engineer’s report; utility relocation and demolition costs incidental to construction of the facilities financed through the CFD; determination of the amount of taxes and collection of taxes; payment of taxes; costs otherwise incurred to carry out the authorized purposes of the CFD, including the issuance of bonds; reimbursements to other areas for infrastructure facilities or planning purposes serving development in the CFD; and any other expenses incidental to the construction, completion, and inspection of the facilities.
In addition, the CFD shall fund the direct and indirect expenses incurred by the City, County or any other local agency in carrying out its duties with respect to the CFD including, but not limited to:
1. The levy and collection of the special taxes.
2. The fees and expenses of attorneys and consultants.
3. Any fees related to the collection of the special taxes.
4. An allocable share of the salaries and benefits of any City staff, or consultant fees, directly related thereto and a proportionate amount of the City’s general administrative overhead related thereto.
5. Any amounts paid by the City with respect to the CFD.
6. Expenses incurred in undertaking action to foreclose on properties for which the payment of special taxes is delinquent.
7. Administrative fees of the City and the bond trustee or fiscal agent related to the CFD and the bonds issued by or for the CFD.
8. Costs related to the formation of the CFD.
9. Reimbursement of costs related to the formation of the CFD advanced by the City, the landowner(s) in the CFD or any party related to any of the foregoing, as well as reimbursement of any costs advanced by the City, the landowner(s) in the CFD or any party related to any of the foregoing, for facilities, fees or other purposes or costs of the CFD. 142
10. Costs related to the issuance of bonds by or for the CFD, including underwriters discount, reserve fund, capitalized interest, letter of credit fees and expenses, fees and expenses of bond counsel, disclosure counsel, special tax consultant, municipal advisor and appraiser, bond remarketing costs, and all other incidental expenses.
11. All other costs and expenses of the City in any way related to the CFD. 143
East Ranch C
FD No. 2023-1 1 October 25, 2023
CITY OF DUBLIN
COMMUNITY FACILITIES DISTRICT NO. 2023-1
(EAST RANCH)
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES
Special Taxes applicable to each Assessor’s Parcel in the City of Dublin Community Facilities District No. 2023-1 (East Ranch) shall be levied and collected according to the tax liability determined by the City Council through the applica tion of the appropriat e amount or rate for Taxable Property, as described below. All of the property in the CFD, unless exempted by law or by the provisions of Section G below, shall be ta xed 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 or other parcel map recorded at the County Recorder’s Office. “Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 (commencing with Section 53311), Part 1, Division 2, of Title 5 of the Government Code of the State of California.
“Administrative Expenses” means any or all of the following: the fees and expenses of any fiscal agent or trustee (including any fees or expenses of its counsel) employed in connection with any Bonds, and the expenses of the City in carrying out its duties with resp ect to the CFD and the Bonds, including, but not limited to, the levy and collection of Special Taxes, the fees and expenses of its counsel, charges levied by the County in connection with the levy and collection of Special Taxes, costs related to property owner inquiries regarding the Special Taxes, costs associated with appeals or requests for interpretation associated with the Special Taxe s and this RMA, amounts needed to pay rebate to the federal government with respect to Bonds, costs associated with complying with continuing disclosure requirements for the City and any major property owners or other obligated parties, costs associated with foreclosure and collection of delinquent Special Taxes, and all other costs and expenses of the City in any way related to the establishment or administration of the CFD.
“Administrator” shall mean the person or firm designated by the City to administer the Special Taxes according to this RMA.
“Affordable Housing Unit” means any Residential Unit on a Parcel of Developed Property for which a deed restriction has been recorded on title of the property that limits the rental rate or sales price or otherwise restricts the affordability of the Residential Unit or income of its occupants. It is incumbent upon the builder, devel oper, or property owner to ma ke the Administrator aware of such deed restriction. Residential Units on Welfare Exemption Pr operty shall be categorized as Welfare Exemption Property for purposes of this RMA, not as Affordable Housing Units.
Attachment 3
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 144
East Ranch CFD No. 2023-1 2 October 25, 2023
“Assessor’s Parcel” or “Parcel” means a lot or parcel shown on an Assessor’s Parcel Map with an assigned Assessor’s Parcel number.
“Assessor’s Parcel Map” means an official map of the C ounty Assessor designating Parcels by Assessor’s Parcel number.
“Authorized Facilities” means the public facilities authorized to be financed, in whole or in part, by the CFD.
“Authorized Services” means the public services authorized to be funded, in whole or in part, by the CFD.
“Average Sales Price” means the weighted average sales price for all Residential Units within a particular Tax Zone that have so ld within the past 6 months or are expected to sell in a normal marketing environment, and shall not include Affordable Housing Units or Residential Units that are sold at a discount for the pur pose of stimulating initial sales activity. The sales price shall include the actual sales price of the Residential Units within the respective Tax Zone that have sold within the past 6 months or are expected to sell in a normal marketing environment including, but not limited to, options, upgrades, and premiums.
“Base Facilities Special Tax” means, for any Land Use Category, the applicable Special Tax initially identified in Table 1 of Section C, as may be adjusted pursuant to Section D herein.
“Bonds” means bonds or other debt (as defined in the Act), whether in one or more series, secured by the Facilities Special Tax and issued or assumed by the CFD to fund Authorized Facilities.
“Building Permit” means a permit that allows for vertical construction of a building or buildings, which shall not include a separa te permit issued for construc tion of the foundation thereof.
“Capitalized Interest” means funds in any capitalized interest account available to pay debt service on Bonds.
“CFD” means the City of Dublin Community Facilities District No. 2023-1 (East Ranch).
“CFD Formation” means the date on which the Resolution of Formation to form the CFD was adopted by the City Council.
“City” means the City of Dublin.
“City Council” means the City Council of the City of Dublin, acting as the legislative body of CFD No. 2023-1.
“County” means the County of Alameda.
“Developed Property” means, in any Fiscal Year, all Parc els of Taxable Property that are not Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 145
East Ranch CFD No. 2023-1 3 October 25, 2023
Property for which a Building Permit for new construction was issued prior to June 1 of the preceding Fiscal Year.
“Development Class” means, individually, Developed Property, Final Map Property, Undeveloped Property, Taxable Owners Associ ation Property, Taxabl e Welfare Exemption Property, and Taxable Public Property.
“Exempt Affordable Units Parcel” means the Parcel in the CFD on which all Residential Units are expected to be Affordable Housing Units and, therefore, such Parcel (or Parcels once subdivided) is exempt from the levy of the Sp ecial Taxes unless and until Residential Units constructed on such Parcel(s) no longer have a deed restriction making them Affordable Units.
The Exempt Affordable Units Parcel is identified in Attachment 1 hereto. Such exemption shall apply to the Parcel once it becomes a stand-alone Assessor’s Parcel, whether such Parcel is Developed Property or Undeveloped Property, as defined herein.
“Expected Land Uses” means, for any Tax Zone, the number of Residential Units and the acreage of Other Property expected within the CFD at CFD Formation, as identified in Attachments 1 and 2 of this RMA. Pursuant to Section D of this RMA, the Administrator shall update Attachment 2 each time there is a Land Use Change. Such update shall be maintained internally by the Administrator and shall not require recordation of an amended RMA.
“Expected Maximum Facilities Special Tax Revenues” means the aggregate Facilities Special Tax that can be levied based on application of the Base Facilities Special Tax to the Expected Land Uses. The Expected Maximum Fa cilities Special Tax Revenues at CFD Formation are shown in Attachment 2 and may be revised pursuant to Section D and H below.
“Facilities Special Tax” means a special tax levied in any Fiscal Year on Parcels in the CFD to pay the Facilities Special Tax Requirement.
“Facilities Special Tax Requirement” means the amount necessary in any Fiscal Year (i) to pay principal and interest on Bonds which are due in the calendar year which begins in such Fiscal Year, (ii) to replenish reserve funds to th e extent such repl enishment has not b een included in a computation of the Facilities Special Tax Requirement in a previous Fiscal Year, (iii) to cure any delinquencies in the payment of pr incipal or interest on Bonds whic h have occurred in the prior Fiscal Year, (iv) to pay Administrative Expenses, and (v) to pay the costs of Authorized Facilities to be funded directly from Facilities Special Tax proceeds to the extent that paying directly for such costs does not increase the Facilities Sp ecial Taxes levied on Final Map Property or Undeveloped Property. The amounts referred to in clauses (i) and (ii) of the preceding sentence may be reduced in any Fiscal Year by (i) intere st earnings on or surplus balances in funds and accounts for Bonds to the extent that such earnings or balances are available to apply against debt service pursuant to the Indenture, (ii) proceeds from the collection of penalties as sociated with delinquent Facilities Special Taxes, and (iii) any other revenues available to pay debt service on the Bonds as determined by the Administrator.
“Final Map” means a final map, or portion thereof, approved by the City pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq) that creates SFD Lots.
The term “Final Map” shall not include any large-lot subdivision map, Assessor’s Parcel Map, or Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 146
East Ranch CFD No. 2023-1 4 October 25, 2023
subdivision map or portion thereof, that does not create SFD Lots, including Assessor’s Parcels that are designated as remainder parcels.
“Final Map Property” means, in any Fiscal Year, all SFD Lots created within Final Maps that had recorded prior to June 1 of the preceding Fiscal Year and which have not yet become Developed Property.
“First Bond Sale” means issuance of the firs t series of Bonds secured, in whole or in part, by Facilities Special Taxes levied and collected from Parcels of Taxable Property in the CFD.
“Fiscal Year” means the period starting July 1 and ending on the following June 30.
“Improvement Fund” means the account (regardless of its name) identified in the Indenture to hold funds that are available for expenditure to acquire or construct Authorized Facilities or to pay eligible impact fees.
“Indenture” means the bond indenture, fiscal agent ag reement, trust agreement, resolution or other instrument pursuant to which Bonds are issued, as modified, amended, and/or supplemented from time to time, and any instrument replacing or supplementing the same.
“Land Use Category” means, individually, Single Family Property or Other Property. Affordable Housing Units shall be considered a separate Land Use Category for purposes of this RMA.
“Land Use Change” means a proposed or approved change to the Expected Land Uses after CFD Formation.
“Master Developer” means TH East Ranch Dublin, LLC, a California limited liability company, and its successors and assigns.
“Maximum Facilities Special Tax” means the greatest amount of Facilities Special Tax that can be levied on a Parcel in any Fiscal Year as determined in accordance with Sections C and D below.
“Maximum Services Special Tax” means the greatest amount of Se rvices Special Tax that can be levied on a Parcel in any Fiscal Year, as determined in accordance with Section C below.
“Maximum Special Tax” means, as the context requires, either or both of the Maximum Facilities Special Tax and Maximum Services Special Tax.
“Other Property” means any Parcel of Taxa ble Property in the CFD that does not fit within the definition of Single Family Property, Affordable Housing Unit, Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Property.
“Owners Association” means a homeowners association or property owners association that provides services to, and collects assessments, f ees, dues, or charges from, property within the CFD.
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 147
East Ranch CFD No. 2023-1 5 October 25, 2023
“Owners Association Property” means any property within the boundaries of the CFD that is owned in fee or through easement by the Owners Association, not including any such property that is located directly under a residential structure.
“Price Point Consultant” means any consultant or firm sele cted by the City that: (a) has substantial experience in performing price point studies for Residential Units within community facilities districts or otherwise estimating or confirming pricing for Residential Units in community facilities districts; (b) has recognized expertise in analyzing economic and real estate data that relates to the pricing of Residential Units in community facilities districts; (c) is independent and not under the control of the City or any developer of Parcels in the CFD; (d) does not have any substantial interest, direct or indirect, with or in: (i) the CFD, (ii) the City, or (iii) any owner of real property in the CFD; and (e) is not connected with the City as an officer or employee thereof, but who may be regularly retained to make reports to the City.
“Price Point Study” means a price point study or lette r updating a previous price point study prepared by the Price Point Consul tant pursuant to Section D here in. For each Tax Zone in the CFD, the price point study shall analyze Residentia l Units with similar density, lot sizes, square footage ranges, and product type as the Residential Units within that Tax Zone and excluding Affordable Housing Units. The Master Developer will be provided the opportunity to review and comment on the draft price point study before a final version is presented to the City.
“Proportionately” means, for each Development Class, that the ratio of the actual Special Tax levied in any Fiscal Year to the Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all parcels assigned to the Development Class.
“Public Property” means any property with in the boundaries of the CF D that is owned by the City, County, federal government, State of California, or other public agency.
“Required Coverage” means the amount by which the Expected Maximum Facilities Special Tax Revenues must exceed the Bond debt service and priority Administrative Expenses (if any), as set forth in the Indenture, Certificate of Special Tax Consultant, or other formation or bond document that sets forth the minimum required debt service coverage.
“Residential Unit” means an SFD Unit or an individual residential unit within a duplex, halfplex, triplex, fourplex, townhome, live/work or condominium structure. A second unit (granny flat) that shares a Parcel with an SFD Unit shall not be considered a Residential Unit for purposes of levying the Special Taxes.
“RMA” means this Rate and Method of Apportionment of Special Taxes.
“Services Special Tax” means a special tax levied in any Fi scal Year on Parcels in the CFD to pay the Services Special Tax Requirement.
“Services Special Tax Requirement” means the amount of revenue needed in any Fiscal Year to pay for: (i) Authorized Services, (ii) Administr ative Expenses, and (iii) amounts needed to cure delinquencies in the payment of Services Special Taxes which have occurred in the prior Fiscal Year. In any Fiscal Year, the Services Spec ial Tax Requirement shall be reduced by surplus Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 148
East Ranch CFD No. 2023-1 6 October 25, 2023
amounts available (as determined by the City) from the levy of the Services Special Tax in prior Fiscal Years, including revenue s from collection of delinquent Services Special Taxes and associated penalties and interest.
“SFD Lot” means an individual residential lot, identified and numbered on a recorded Final Map, on which a Building Permit has been or is permitted to be issued for construction of an SFD Unit without further subdivision of the lot and for which no further subdivision of the lot is anticipated pursuant to an approved Tentative Map.
“SFD Unit” means a residential dwelli ng unit that does not share a common wall with another residential dwelling unit.
“Single Family Property” means, in any Fiscal Year, all Parcels of Taxable Property for which a Building Permit was or is expected to be issued for: (i) construction of an SFD Unit, or (ii) construction of a residential structure consisting of two or more Residential Units that share common walls, have separate Asse ssor’s Parcel numbers assigned to them (except for a duplex unit, which may share an Assessor’s Parcel with another duplex unit), and may be purchased by individual homebuyers (which sha ll still be the case even if th e Residential Units are purchased and subsequently offered for rent by the owne rs of the Residential Units), including such residential structures that meet the statutory definition of a condominium contained in Civil Code Section 1351.
“Special Taxes” means the Facilities Special Tax and Services Special Tax.
“Tax Zone” means a geographic area within which a particular Maximum Facilities Special Tax rate may be levied pursuant to this RMA, as identified in Attachment 1 hereto.
“Taxable Owners Association Property” means, in any Fiscal Year after the First Bond Sale, any Parcel of Owners Association Property that satisfies all three of the following conditions: (i) the Parcel had not been Owners Association Property on the date of the First Bond Sale; (ii) based on reference to Attachments 1 and 2 (as may be updated pursuant to Section D below), the Parcel was not anticipated to be Owners Association Property as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Facilities Special Tax because it is Owners Association Property, the Expected Maximum Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained.
“Taxable Property” means all of the Parcels within the boundaries of the CFD that are not exempt from the Special Taxes pursuant to law or Section G below.
“Taxable Public Property ” means in any Fiscal Year after the First Bond Sale, any Parcel of Public Property that satisfies all three of the following conditions: (i) the Parcel had not been Public Property on the date of the First Bond Sale; (ii) based on reference to Attachments 1 and 2 (as may be updated pursuant to Section D below), the Parcel was not anticipated to be Public Property as determined by the Administrator; and (iii) if th e Parcel were to be exempt from the Facilities Special Tax because it is Public Property, the Expected Maximum Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained.
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 149
East Ranch CFD No. 2023-1 7 October 25, 2023
“Taxable Welfare Exemption Property” means in any Fiscal Year after the First Bond Sale, any Parcel of Welfare Exemption Prope rty that satisfies all three of the following conditions: (i) the Parcel had not been Welfare Exemption Property on the date of issuance of the First Bond Sale; (ii) based on reference to Attachments 1 and 2 (as may be updated pursuant to Section D below), the Parcel was not anticipated to be Welfar e Exemption Property based on the Expected Land Uses, as determined by the Administrator; and (iii ) if the Parcel were to be exempt from the Facilities Special Tax because it has become Welfare Exemption Property, the Expected Maximum Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained.
“Tentative Map” means a tentative map or substantial conformance exhibit for property in the CFD, including any adjustments or amendments thereto.
“Total Tax Burden” means, for Single Family Property, that the Special Taxes, together with ad valorem property taxes, special assessments, special taxes for any overlapping community facilities districts, or any other taxes, fees and charges which would be collected by the County on property tax bills for a Residential Unit with an a ssessed value equal to the Average Sales Price, and which are payable from and secured by the property assuming such Residential Unit had been completed, sold, and subject to such levies and impositions, excluding service charges such as sewer and trash, and voluntary assessments such as those associated with a Property Assessed Clean Energy program.
“Undeveloped Property” means, in any Fiscal Year, all Parcels of Taxable Property that are not Final Map Property, Developed Property, Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Property as defined herein.
“Welfare Exemption Property ” means, in any Fiscal Year, any Parcels in the CFD that have received a welfare exemption under subdivision (g) of Section 214 of the Revenue and Taxation Code and for which such welfare exemption is still in place.
B. DATA FOR ADMINISTRATIO N OF THE SPECIAL TAXES
Each Fiscal Year, the Administr ator shall: (i) assign each Parcel of Taxable Property to the appropriate Tax Zone and the appropriate Development Class; (ii) for Developed Property, categorize each Parcel as Single Family Property, an Affordable Housing Unit, or Other Property; and (iii) determine the Facil ities Special Tax Requirement and the Services Special Tax Requirement for the Fiscal Year. In addition, the Administrator shall, on an ongoing basis, monitor the Tentative Map, Final Maps, and Building Permits to determine if there are any proposed Land Use Changes that would change the Expected Ma ximum Facilities Special Tax Revenues. If the Expected Maximum Facilities Special Tax Revenues will be revised pursuant to a proposed Land Use Change, the Administrator shall apply the steps set forth in Section D below.
In any Fiscal Year, if it is determined that: (i) a parcel map for property in the CFD was recorded after January 1 of the prior Fiscal Year (or any other date after which the Assessor will not incorporate the newly-created Parcel s into the then current tax roll), (ii) because of the date the parcel map was recorded, the Assessor does not yet recognize the new Parcels created by the parcel Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 150
East Ranch CFD No. 2023-1 8 October 25, 2023
map, and (iii) one or more of th e newly-created Parcels is in a different Development Class than other Parcels created by the s ubdivision, the Administrator shall calculate the Special Taxes for the property affected by recordation of the parcel map by determining the Special Taxes that apply separately to the property within each Development Class, then applying the sum of the individual Special Taxes to the Parcel that was subdivided by recordation of the parcel map.
C. MAXIMUM SPECIAL TAXES
1. Facilities Special Tax: Developed Property and Final Map Property
The Maximum Facilities Special Tax for a Parcel of Developed Prope rty is the greater of: (i) the Base Facilities Special Tax set forth in Table 1 below, or (ii) the Maximum Facilities Special Tax determined pursuant to Section D.
Table 1
Base Facilities Special Tax
Developed Property and Final Map Property
Tax Zone and
Land Use Category
Base Facilities Special Tax
Fiscal Year 2023-24 *
Tax Zone 1
Single Family Property
Affordable Housing Units
Other Property
$5,850 per Residential Unit or SFD Lot
$0 per Residential Unit
$28,741 per Acre
Tax Zone 2
Single Family Property
Affordable Housing Units
Other Property
$4,600 per Residential Unit or SFD Lot
$0 per Residential Unit
$35,934 per Acre
Tax Zone 3
Single Family Property
Affordable Housing Units
Other Property
$4,400 per Residential Unit or SFD Lot
$0 per Residential Unit
$28,679 per Acre
Tax Zone 4
Single Family Property
Affordable Housing Units
Other Property
$3,750 per Residential Unit or SFD Lot
$0 per Residential Unit
$33,034 per Acre
Tax Zone 5
Single Family Property
Affordable Housing Units
Other Property
$3,300 per Residential Unit or SFD Lot
$0 per Residential Unit
$37,882 per Acre
Tax Zone 6
Single Family Property
Affordable Housing Units
Other Property
$2,000 per Residential Unit or SFD Lot
$0 per Residential Unit
$38,373 per Acre
* On July 1, 2024, and on each July 1 thereafter, all figures shown in Table 1 above shall be increased by an amount equal to 2.0% of the amount in effect for the prior Fiscal Year.
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 151
East Ranch CFD No. 2023-1 9 October 25, 2023
2. Facilities Special Tax: Undeveloped Property, Taxable Owners Association Property, Taxable Welfare Exemption Property, and Taxable Public Property
Table 2 below identifies the Maximum Facilities Special Tax for Parcels of Undeveloped Property, Taxable Owners Association Property, Taxable Welfare Exemption Property, and Taxable Public Property in each Tax Zone.
Table 2
Maximum Facilities Special Tax for Undeveloped Property, Taxable Owners Association Property, Taxable Welfare Exemption Property, and Taxable Public Property
Tax Zone
Maximum Facilities
Special Tax
(Fiscal Year 2023-24)*
Tax Zone 1
Tax Zone 2
Tax Zone 3
Tax Zone 4
Tax Zone 5
Tax Zone 6
$28,741 per Acre
$35,934 per Acre
$28,679 per Acre
$33,034 per Acre
$37,882 per Acre
$38,373
per Acre
* On July 1, 2024 and on each July 1 thereafter, all dollar amounts shown in Table 2 above shall be increased by an amount equal to 2.0% of the amount in effect for the prior Fiscal Year.
3. Services Special Tax: D eveloped Property and Final Map Property
The Maximum Services Special Tax for Parcels of Developed Property and Final Map Property is $381 per Residential Unit or SFD Lot in Fiscal Year 2023-24. Notwithstanding the foregoing, the Maximum Services Special Tax shall not be levied on Affordable Housing Units. On July 1, 2024 and on each July 1 thereafter, the Maximum Services Special Tax shall be increased by an amount equal to 4.0% of the amount in effect for the prior Fiscal Year.
4. Services Special Tax: Undeveloped Property
Table 3 below identifies the Maximum Services Special Tax for Parcels of Undeveloped Property in each Tax Zone.
Table 3
Maximum Services Special Tax for Undeveloped Property
Tax Zone
Maximum Services
Special Tax
(Fiscal Year 2023-24)*
Tax Zone 1
Tax Zone 2
Tax Zone 3
Tax Zone 4
Tax Zone 5
Tax Zone 6
$1,872 per Acre
$2,636 per Acre
$2,484 per Acre
$3,356 per Acre
$4,373 per Acre
$7,316
per Acre
* On July 1, 2024 and on each July 1 thereafter, all dollar amounts shown in Table 3 above shall be increased by an amount equal to 4.0% of the amount in effect for the prior Fiscal Year.
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 152
East Ranch CFD No. 2023-1 10 October 25, 2023
D. CHANGES TO THE MAXIMU M FACILITIES SPECIAL TAX
Pursuant to this Section D, the Administrator may from time to time update Attachment 2 to reflect revised Expected Maximum Facilities Special Tax Revenues. Such update shall be maintained internally by the Administrator and shall not require recordation of an amended RMA.
1. Land Use Changes
The Expected Maximum Facilities Special Tax Revenues shown in Attachment 2 were originally calculated based on the Expected Land Uses at CFD Formation. Attachme nt 2 is subject to modification upon the occurrence of Land Use Changes, as described below. The Administrator shall review all Land Use Changes and compare the revised land uses to the Expected Land Uses to evaluate the impact on the Expected Maximum Facilities Special Tax Revenues.
Prior to the First Bond Sale, if a Land Use Change is proposed or identified that will result in a change in the Expected Maximum Facilities Sp ecial Tax Revenues, no action will be needed pursuant to this Section D. Upon approval of the Land Use Change, the Administrator shall update Attachment 2 to show the revised Expected Maximum Facilities Special Tax Revenues.
After the First Bond Sale, if a Land Use Change is proposed or identified, Steps 1 through 3 below must be applied:
Step 1: By reference to Attachment 2 (which shall be update d by the Administrator each time a Land Use Change has been processed according to this Section D or a partial prepayment has been made), the Admin istrator shall identify the Expected Maximum Facilities Special Tax Revenues prior to the Land Use Change.
Step 2: The Administrator shall calculate the E xpected Maximum Facilities Special Tax Revenues that could be collected from Taxable Property in the CFD after the Land Use Change based on application of the Base Facilities Special Taxes from Table
1. Step 3: If the revenues calculated in Step 2 are (i ) higher than those determined in Step 1 or (ii) less than those calculated in Step 1, but the reduction in Expected Maximum Facilities Special Tax Revenues does not reduce debt service coverage on outstanding Bonds below Required Coverage, no further action is needed, and the Administrator shall update Attachment 2 to show the revised Expected Maximum Facilities Special Tax Revenues.
If the revenues calculated in Step 2 are less than those calculated in Step 1, and the Administrator determines that the reduc tion in Expected Maximum Facilities Special Tax Revenues would reduce debt service coverage on outstanding Bonds below the Required Coverage, one of the following shall occur:
3.a. The landowner requesting the Land Use Change (the “Requesting Landowner”) may make a prepayment in an amount that will ensure that the reduced Expected Maximum Facilities Sp ecial Tax Revenues are sufficient to Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 153
East Ranch CFD No. 2023-1 11 October 25, 2023
provide Required Coverage, as determined pursuant to Section H below. If the Requesting Landowner notifies the Administr ator that he/she would like to remedy the reduction by making a prepayment, such prepayment must be made by the earlier of (i) 30 days from the date of delivery of the prepayment estimate or (ii) the date of issuance of any Building Permits for any Parcel owned by the Requesting Landowner that was Final Map Property or Undeveloped Property at the time the Administrator prepared the prepayment estimate, or
3.b. If a prepayment is not received by th e due date specified above, the Base Facilities Special Tax used to deter mine the Maximum Facilities Special Tax for each Parcel of Taxable Property in the area affected by the Land Use Change shall be increased proportionately until the Expected Maximum Facilities Special Tax Revenues are sufficient to maintain Required Coverage.
If multiple Land Use Changes are proposed simu ltaneously by a single landowner (which may include approval of multiple Final Maps at one time), and the landowner requests that the impact of two or more of the Land Use Changes be considered together, the Administrator shall consider the combined effect of the Land Use Changes to determine if there is a reduction in Expected Maximum Facilities Special Tax Revenues. If there is a reduction that would reduce debt service coverage below the Required Coverage, and no prepayment has been received, then the Base Facilities Special Tax used to determine the Ma ximum Facilities Special Tax for each Parcel of Taxable Property in the areas affected by the Land Use Changes shall be increased proportionately until the aggregate amount that can be levied within such areas is equal to the amount that could have been levied prior to the proposed Land Us e Changes. If Land Use Changes are proposed simultaneously by multiple landowners, or if an individual landowner proposing multiple Land Use Changes does not request that such Land Use Changes be considered together, the Administrator shall consider the proposed Land Use Changes individually.
Notwithstanding the foregoing, once a certificate of occupancy has be en issued for a Residential Unit on a Parcel, the Maximum Facilities Special Tax for the Parcel cannot be increased because of subsequent Land Use Changes that may occur within the area in which the Parcel is located.
The duties imposed on the Administrator pursuant to this Section D to review Land Use Changes, and to review Final Maps and ma ke certain calculations, are in tended only to facilitate the administration of the Facilities Special Tax and to better assure the sufficiency of tax capacity to pay debt service on Bonds. Such duties are not in tended to give any deve loper, subdivider, or owner of property the right to receive notice of the potential impact of Land Use Changes on the Facilities Special Tax applicable to a Parcel; and each developer, subdivider, or owner of property whose property is the subject of a Land Use Cha nge shall be responsible for understanding the impact thereof on the Facilities Special Tax applicable to such property.
2. Partial Prepayments
If a Parcel makes a partial prepayment pursuant to Section H below, the Administrator shall recalculate the Maximum Facilities Special Tax for the Parcel pursuant to Section H.2. In addition, the Administrator shall update Atta chment 2 to reflect the prepay ment and the revised Expected Maximum Facilities Special Tax Revenues for the CFD. After the prepayment has been received, Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 154
East Ranch CFD No. 2023-1 12 October 25, 2023
the application of Sections D, E, and H of this RMA shall be based on the adjusted Expected Maximum Facilities Special Tax Revenues after the prepayment.
3. Conversion of a Parcel to a Taxable Land Use
If, in any Fiscal Year, an Affordable Housing Unit, the Exempt Affordable Units Parcel, or a Parcel of Public Property, Welfare Exem ption Property, or Owners Association Property that had been exempt from the Special Taxes is converted to Single Family Property or Other Property, such Parcel shall be subject to the levy of Special Taxes. The Maximum Special Taxes for each such Parcel shall be determined based on the applicable Land Use Category for the Parcel, as determined by the Administrator. In addition, the Administrat or shall update Attach ment 2 to reflect the revised Expected Land Uses and Expected Ma ximum Facilities Special Tax Revenues for the CFD.
4. Increase in Affordable Housing Units
If, prior to the First Bond Sale, the Administrator determines that there is an increase in the number of Affordable Housing Units expected within any Tax Zone, the Administrator shall update the Expected Land Uses and Expected Maximum Facili ties Special Tax Revenue s in Attachment 2, and the additional Affordable Housing Units will be exempt from the Special Taxes.
If, at any time after the First Bond Sale, additional Affordable Housing Units are proposed, and if the addition of the new Affordable Housing Units will decrease the Expected Maximum Facilities Special Tax Revenues to a point at which Re quired Coverage cannot be maintained, the Administrator shall calculate the Maximum Facilities Special Tax that must be assigned to each of the new Affordable Housing Units to maintain Required Coverage. The Maximum Facilities Special Tax assigned to the new Affordable Housing Units shall be escalated each Fiscal Year by an amount equal to 2.0% of the amount in effect for the prior Fiscal Year.
5. Transfer of Expected Maximum Facili ties Special Tax Revenues Among Tax Zones
The Expected Maximum Facilities Special Tax Revenues were determined for each Tax Zone based on the Expected Land Uses within that Tax Zone. If the expected number of Residential Units or the expected acres of Other Property is transferred from one Tax Zone to another, the City may, in its sole discretion, allow for a corresponding transfer of Expect ed Maximum Facilities Special Tax Revenues between the Tax Zones. Such a transfer shall only be allowed if (i) all adjustments are agreed to in writing by the affected property owners and the City, and (ii) there is no reduction in the total Expected Maximum Fac ilities Special Tax Revenues as a result of the transfer. After such a transfer, the Administrator shall update Attachment 2 to reflect the revised Expected Maximum Facilities Special Tax Revenues for each Tax Zone.
6. Reduction in Maximum Facilities Special Tax
The Base Facilities Special Tax for one or more Tax Zones shall be reduced prior to the First Bond Sale if the City reasonably determines based on a Price Point Study that, without a reduction in the Base Facilities Special Tax for Residential Units within those Tax Zone(s), the Total Tax Burden will exceed 1.58% of the Average Sales Price. Su ch determination shall be made by the City hiring, at the CFD’s expense, a Price Point Consultant to prepare a Price Point Study to confirm the Average Sales Price for Residential Units within each Tax Zone. If, based on the Price Point Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 155
East Ranch CFD No. 2023-1 13 October 25, 2023
Study, the Administrator calculates that the Total Tax Burden for Residential Units within one or more Tax Zones will exceed 1.58% of the Average Sales Price, the Administrator and the City shall meet with the Master Developer to discuss the findings, after which point the Administrator shall reduce the Base Facilities Special Tax to the point at which the Total Tax Burden on Residential Units in each Tax Zone in the CFD is equal to 1.58% of the Average Sales Price for such Residential Units. Any such reduction shall occur at least 60 days prior to the First Bond Sale.
The Base Facilities Special Taxes set forth in Ta ble 1 may also be (i) di sproportionately reduced prior to the First Bond Sale, but not to a level that exceeds the 1.58% described in the previous paragraph, so long as the Master Developer is th e owner of all Parcels in the CFD and requests a reduction in the Base Facilities Special Taxes, or (ii) proportionately or disproportionately reduced prior to the First Bond Sale, but not to a level that exceeds the 1.58% described in the previous paragraph, if the owner of any Parcel in the CFD requests a reduction in the Base Facilities Special Taxes and the owners of all Parcels in the CFD consent to such reduction by unanimous vote. Any such reduction shall occur at least 60 days prior to the First Bond Sale.
The Base Facilities Special Tax reductions permitted pursuant to this paragraph shall be reflected in an Amended Notice of Special Tax Lien, which the Administrator shall cause to be recorded.
If, based on the Price Point Study, the Administrat or determines that the Total Tax Burden will not exceed 1.58% of the Average Sales Price, then there shall be no change in the Base Facilities Special Tax for Residential Units unless so requested by the Master Developer.
E. METHOD OF LEVY OF THE SPECIAL TAXES
1. Facilities Special Tax
Each Fiscal Year, the Administrator shall determine the Facilities Special Tax Requirement to be collected in that Fiscal Year. A Facilities Special Tax shall th en be levied according to the following steps:
Step 1: The Facilities Special Tax shall be levied Proportionately on each Parcel of Developed Property up to 100% of the Maximum Facilities Special Tax for each Parcel of Developed Property until the amoun t levied is equal to the Facilities Special Tax Requirement prior to applyi ng any Capitalized Interest that is available in the CFD accounts.
Step 2: If additional revenue is needed after Step 1 in order to meet the Facilities Special Tax Requirement after Capitalized Interest has been applied to reduce the Facilities Special Tax Requirement, the Facilities Special Tax shall be levied Proportionately on each Parcel of Final Map Property up to 100% of the Maximum Facilities Special Tax for each Parcel of Final Map Property until the amount levied is equal to the Facilities Special Tax Requirement.
Step 3: If additional revenue is needed after Step 2, the Facilities Special Tax shall be levied Proportionately on each Parcel of Unde veloped Property up to 100% of the Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 156
East Ranch CFD No. 2023-1 14 October 25, 2023
Maximum Facilities Special Tax for each Parcel of Undeveloped Property until the amount levied is equal to the F acilities Special Tax Requirement.
Step 4: If additional revenue is needed after Step 3, the Facilities Special Tax shall be levied Proportionately on each Parcel of Taxa ble Welfare Exemption Property, up to 100% of the Maximum Facilities Special Ta x for each Parcel of Taxable Welfare Exemption Property for such Fiscal Year until the amount levied is equal to the Facilities Special Tax Requirement.
Step 5: If additional revenue is needed after Step 4, the Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Owners Association Property, up to 100% of the Maximum Facilities Special Tax for each Parcel of Taxable Owners Association Property until the amount levied is equal to the Facilities Special Tax Requirement.
Step 6: If additional revenue is needed after Step 5, the Facilities Special Tax shall be levied Proportionately on each Parcel of Taxabl e Public Property, up to 100% of the Maximum Facilities Special Tax for each Pa rcel of Taxable Public Property until the amount levied is equal to the Facilities Special Tax Requirement.
2. Services Special Tax
Each Fiscal Year, the Administrator shall determine the Services Special Tax Requirement and the Services Special Tax shall be levied according to the steps outlined below.
Step 1: The Services Special Tax shall be levi ed Proportionately on each Parcel of Developed Property up to 100% of the Maximum Services Special Tax for each Parcel of Developed Property for such Fi scal Year until th e amount levied is equal to the Services Special Tax Requirement.
Step 2: If additional revenue is needed after Step 1, the Services Sp ecial Tax shall be levied Proportionately on each Parcel of Final Map Property up to 100% of the Maximum Services Special Tax for each Parcel of Final Map Property for such Fiscal Year until the amount levied is equal to the Services Special Tax Requirement.
Step 3: If additional revenue is needed after Step 2, the Services Sp ecial Tax shall be levied Proportionately on each Parcel of Undeveloped Property up to 100% of the Maximum Services Special Tax for Undeveloped Property for such Fiscal Year until the amount levied is equal to the Services Special Tax Requirement.
F. MANNER OF COLLECTION OF SPECIAL TAXES
The Special Taxes 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 provided further that the City may directly bill the Special Taxes, 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.
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 157
East Ranch CFD No. 2023-1 15 October 25, 2023
The Facilities Special Tax shall be levied and collected until principal and interest on Bonds have been repaid. However, in no event shall Facilities Special Taxes be levied after Fiscal Year 2063-
64. Under no circumstances may the Facilities Special Tax on a Parcel of Developed Property in residential use be increased in any Fiscal Year as a consequence of delinquency or default in payment of the Facilities Special Tax levied on another Parcel or Parcels by more than ten percent (10%) above the amount that would have been levied in that Fiscal Year had there never been any such delinquencies or defaults.
The Services Special Tax may be levied and collected in perpetuity.
G. EXEMPTIONS
Notwithstanding any other provision of this RMA, no Special Taxes shall be levied in any Fiscal Year on the following:
i. Public Property, except Taxable Public Property.
ii. Owners Association Property, except Taxable Owners Association Property.
iii. Welfare Exemption Property, except Taxable Welfare Exemption Property.
iv. Affordable Housing Units, except as otherwise provided in Section D.4
v. The Exempt Affordable Units Parcel, except as otherwise provided in Section D.3
vi. Parcels that are owned by a public utility for an unmanned facility.
vii. Parcels that are subject to an easement that precludes any other use on the Parcel.
viii. For purposes of levying the Facilities Speci al Tax, Parcels that have fully prepaid the Facilities Special Tax obligation assigned to the Parcel pursuant to the formula set forth in Section H below. Such Parcel s shall still be subject to the levy of the Services Special Tax.
H. PREPAYMENTS
The following definitions apply to this Section H:
“Outstanding Bonds” means all Previously Issued Bonds which remain outstanding, with the following exception: if a Facilities Special Tax has been levied against, or already paid by, an Assessor’s Parcel making a prepayment, and a portion of the Facilities 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 prior to the date of prepayment.
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 158
East Ranch CFD No. 2023-1 16 October 25, 2023
“Public Facilities Requirement” means either $32.5 million in 2023 dollars, which shall increase on January 1, 2024, and on each January 1 thereafter by two percent (2%) of the amount in effect in the prior year, or such other number as shall be determined by the City as sufficient to fund improvements that are authorized to be funded by the CFD. The Public Facilities Requirements shown above may be adjusted each time property annexes into the CFD or there is an adjustment to the Expected Maximum Facilities Special Tax Revenues due to a Land Use Change or prepayment.
“Remaining Facilities Costs” means the Public Facilities Requirement minus public facility costs funded by Previously Issued B onds, developer equity, and any other source of funding.
1. Full Prepayment
The Facilities Special Tax obligation applicable to a Parcel in the CFD may be prepaid and the obligation of the Parcel to pay the Facilities Special Tax permanently satisfied as described herein, provided that a prepayment may be made only if there are no delinquent Special Taxes with respect to such Parcel at the time of prepayment. An owner of a Parcel intending to prepay the Facilities Special Tax obligation shall provide the City with written notice of intent to prepay. Within 30 days of receipt of such written notice, the City or its designee shall notify such owner of the prepayment amount for such Parcel. Prepayment must be made not less than 60 days prior to any redemption date for Bonds to be redeemed with the proceeds of such prepaid Facilities Special Taxes. The Prepayment Amount shall be calcul ated as follows (capita lized terms as defined below):
Bond Redemption Amount
plus Remaining Facilities Amount
plus Redemption Premium
plus Defeasance Requirement
plus Administrative Fees and Expenses
less Reserve Fund Credit
equals Prepayment Amount
As of the proposed date of prepayment, the Prepayment Amount shall be determined by application of the following steps:
Step 1. Compute the amount that could be collected from the Parcel prepaying the Facilities Special Tax in the Fiscal Year in which prepayment would be received by the City by applying th e Base Facilities Special Tax to the Expected Land Uses for the Parcel. If this Section H is being applied to calculate a prepayment pursuant to Section D above, compute the amount by which the proposed Land Use Change would reduce Expected Maximum Facilities Special Tax Revenues below the amount needed for Required Coverage, and use this amount for purposes of this Step 1.
Step 2. Divide the Maximum Facilities Specia l Tax computed purs uant to Step 1 for such Parcel by the total Expected Maximum Facilities Special Tax Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 159
East Ranch CFD No. 2023-1 17 October 25, 2023
Revenues for all property in the CFD, as shown in Attachment 2 and as adjusted by the Administrator after prepayments or Land Use Changes.
Step 3. Multiply the quotient computed pursuant to Step 2 by the Outstanding Bonds to compute the amount of Outs tanding Bonds to be retired and prepaid (the “Bond Redemption Amount”).
Step 4. Compute the current Remaining Facilities Costs (if any).
Step 5. Multiply the quotient computed purs uant to Step 2 by the amount determined pursuant to Step 4 to compute the amount of Remaining Facilities Costs to be prepaid (the “Remaining Facilities Amount”).
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 inte rest payment date after which the prepayment will be received until th e earliest redemption date for the Outstanding Bonds. However, if Bonds are callable at th e first interest payment date after the prepayment ha s been received, Steps 7, 8, and 9 of this prepayment formula will not apply.
Step 8: Compute the amount of interest the C ity reasonably expects to derive from reinvestment of the Bond Redemp tion 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.
Step 9: Subtract the amount computed pu rsuant to Step 8 from the amount computed pursuant to Step 7 (the “Defeasance Requirement”).
Step 10. The administrative fees and expenses associated with the prepayment will be determined by the Administrator and include the costs of computing the prepayment, redeeming Bonds, and reco rding any notices to evidence the prepayment and the redemption (the “ Administrative Fees and Expenses”).
Step 11. If and to the extent so provided in the Bond Indenture, a reserve fund credit shall be calculated as a reduction in the applicab le reserve fund for the Outstanding Bonds to be redeemed pursuant to the prepayment (the “Reserve Fund Credit”).
Step 12. The Facilities 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”).
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 160
East Ranch CFD No. 2023-1 18 October 25, 2023
Step 13. From the Prepayment Amount, the am ounts computed pursuant to Steps 3, 6, and 9 shall be deposited into the a ppropriate fund as established under the Indenture and be used to retire Outstanding Bonds or make debt service payments. The amount computed pursuant to Step 5 shall be deposited into the Improvement Fund. The amount computed pursuant to Step 10 shall be retained in the account or fund that is establishe d to pay Administrative Expenses.
Once a full prepayment of a Parcel’s Facilities Special Tax obligation has been received, a Notice of Cancellation of Facilities Special Tax Lien shall be recorded ag ainst the Parcel to reflect the discharge of the Parcel’s obligation to pay the Facilities Special Tax. However, a Notice of Cancellation of Facilities Special Tax Lien shall not be recorded until all Facilities Special Taxes levied on the Parcel in the current or prior Fiscal Years have been collected.
2. Partial Prepayment
A partial prepayment may be made in an amount equal to any percentage of full prepayment desired by the party making a part ial prepayment, except that th e full amount of Administrative Fees and Expenses determined in Step 10 shall be included in the partial prepayment. The Maximum Facilities Special Tax that can be levied on a Parcel after a partial prepayment is made shall be equal to the portion of the Maximum Facilities Special Tax that was not prepaid. Once a partial prepayment has been received, an Amended Notice of Facilities Special Tax Lien shall be recorded against the Parcel to reflect the reduced Facilities Special Tax lien for the Parcel, and the Administrator shall update Attachment 2 to s how the revised Expected Maximum Facilities Special Tax Revenues. However, an Amended Notice of Facilities Special Tax Lien shall not be recorded until all Facilities Special Taxes levied on the Parcel in the current or prior Fiscal Years have been collected.
3. Maintaining Required Coverage
Notwithstanding the foregoing, if at any point in time the Adminis trator determines that the Maximum Facilities Special Tax revenue that could be collected from Taxable Property that remains subject to the Facilities Special Tax after the proposed prepayment would be less than the Required Coverage on Bonds that will remain outstanding after defeasance or redemption of Bonds from proceeds of the estimated prepayment, the amount of the prepayment shall be increased until the amount of Bonds defeased or redeemed is sufficient to reduce remaining annual debt service to a point at which Required Coverage is maintained.
I. INTERPRETATION OF RMA
The City reserves the right to make minor administrative and technical changes to this document that do not materially affect the rate and method of apportioning Special Taxes. In addition, the interpretation and application of any section of this document shall be left to the City’s discretion. Interpretations may be made by th e City by ordinance or resolution for purposes of clarifying any vagueness or ambiguity in this RMA.
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 161
ATTACHMENT 1
City of Dublin
Community Facilities District No. 2023-1
(East Ranch)
Identification of Tax Zones and Expected Lot Layout
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 162
37 27
MJR
30 40
35 36
38 39
34 33
32 29
31 22
24 23
21 28
26 44
25 50
47 48
49 52
51 53
46 42
41 43
45 5
6 7
8 9
10 11
12 13
14 15
16 17
18 1
2 3
4 20
19 PARCEL B
25 13
20 3
34 31
41 37
38 39
40 44
42 43
45 MJR A
32 28
29 33
36 35
27 2324
26 17
18 19
2221
1112
15 14
16 10
9 8
7 6
5 4
2 PARCEL A
1 30
PARCEL B
PARCEL A
PARCEL C
SP
(EXEMPT
AFFORDABLE
UNIT PARCEL)
NEIGHBORHOOD PARK
NEIGHBORHOOD PARK
OPEN SPACE
(BASIN)
OPEN SPACE
(WETLAND)
OPEN SPACE
(BASIN)
52 39
27 MJR
78 68
49 50
65 66
67 63
71 64
70 86 89888784 85 90
83 82 81 80 79 7677
73 74
75 72
91 58
51 59
54 60
56 61
53 62
57 55
47 41
38 43
46 45
40 48
37 44
42 26
34 29
25 31
35 28
36 32
33 30
6 12
10 9
11 7
3 5
4 2
1 17
19 15
18 22
20 21
24 23
16 1413
PARCEL A
8 69
35 MJR
71 64
83 76
53 59
24 21
13 1
2 3
4 5
6 7
8 10
11 12
PARCEL C
16 14
PARCEL D
49 48
47 46
45 44
43 42
41 40
80 81
85 82
84 50 51 52
5554
56 6263
66 65
67 7372
69 70
68 7475
78 77
79 PARCEL F
60 57
58 30
37 36
34 39
27 28 29
3231
33 26 25
23 19
22 20
61 9
15 38
PARCEL A
PARCEL B
17 18
PARCEL E
92 93
94 95
96 97
9899
100
91 90
89 88
87 8685
84 75
73 74
79 76
77 78
81 80
82 13
10 11
12 15
14 16
69 68
67 66
65 64
63 62
PARCEL C
61 60
59 58
57 PARCEL B
56 27
33 28
29 30
31 18
25 32
26 17
55 54
52 53
39 35
36 45
38 37
51 50
49 48
47 46
42 44
43 40
41 101
PARCEL G
PARCEL D
PARCEL E
34 21
22 23
24 20
19 8
1 2
3 4
5 6
7 9
83 MJR 2
PARCEL F
72 70
71 MJR 1
PARCEL A
92 PARCEL D
MJR
41 51 5053
55 PARCEL I
36 35
39 45
44 43
46 PARCEL K
49 47
48 PARCEL L
56 PARCEL M
59 52
54 58
57 62
34 37
74 38
67 42
66 61
60 PARCEL N
63 70
PARCEL O PARCEL P
71 64 6865 7269 73
PARCEL A
PARCEL B
PARCEL C
PARCEL E
PARCEL F
10 22
8 19
5 18
4 15
1 14
11 2
3 6
7 12
16 13
20 17
21 23
PARCEL G
24 25
32 29
26 27
PARCEL H
31 28
30 33
PARCEL R
PARCEL W
86 PARCEL SPARCEL T
88 85
83 89 84
82 80
PARCEL U
93 81
98 PARCEL Q
79 75
78 76
PARCEL V
96 77
97 94
95 90
91 87
PARCEL X
9 40PARCEL J
ATTACHMENT 1
IDENTIFICATION OF TAX ZONES
AND AFFORDABLE UNITS
LEGEND
TAX ZONE 1
TAX ZONE 3
TAX ZONE 4
TAX ZONE 5
TAX ZONE 6
TAX ZONE 2
NEIGHBORHOOD
INDICATES
AFFORDABLE UNITS
Attachment 1
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 163
ATTACHMENT 2
City of Dublin
Community Facilities District No. 2023-1
(East Ranch)
Expected Land Uses and Expected Maximum Facilities Special Tax Revenues
Tax Zone and
Land Use Category
Expected
Land Uses
Base Facilities
Special Tax
(FY 2023-24) *
Expected
Maximum
Facilities Special
Tax Revenues
(FY 2023-24) *
Tax Zone 1
Single Family Property
Affordable Housing Units
Other Propert
y
99 Residential Units
2 Residential Units
0 Acres
$5,850 per Res.Unit
$0 per Res.Unit
$28,741 per Acre
$579,150
$0
$0
Tax Zone 2
Single Family Property
Affordable Housing Units
Other Propert
y
96 Residential Units
2 Residential Units
0 Acres
$4,600 per Res.Unit
$0 per Res.Unit
$35,934 per Acre
$441,600
$0
$0
Tax Zone 3
Single Family Property
Affordable Housing Units
Other Propert
y
85 Residential Units
6 Residential Units
0 Acres
$4,400 per Res.Unit
$0 per Res.Unit
$28,679 per Acre
$374,000
$0
$0
Tax Zone 4
Single Family Property
Affordable Housing Units
Other Propert
y
85 Residential Units
0 Residential Units
0 Acres
$3,750 per Res.Unit
$0 per Res.Unit
$33,034 per Acre
$318,750
$0
$0
Tax Zone 5
Single Family Property
Affordable Housing Units
Other Propert
y
94 Residential Units
4 Residential Units
0 Acres
$3,300 per Res.Unit
$0 per Res.Unit
$37,882 per Acre
$310,200
$0
$0
Tax Zone 6
Single Family Property
Affordable Housing Units
Other Property
96 Residential Units
4 Residential Units
0 Acres
$2,000 per Res.Unit
$0 per Res.Unit
$38,373 per Acre
$192,000
$0
$0
Expected Maximum Facilities Special Tax Revenues (FY 2023-24 $) $2,215,700
* On July 1, 2024, and each July 1 thereafter, all dollar amounts shown above shall be increased by two p ercent (2%) of the amount in effect in the prior Fiscal Year.
Attachment 2
Exhibit A - Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch) 164
Attachment 4
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 1 of 3 RESOLUTION NO. XX-23
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
DETERMINING NECESSITY TO INCUR BONDED INDEBTEDNESS
FOR CITY OF DUBLIN COMMUNITY FACILITIES DISTRICT NO. 2023-1 (EAST RANCH)
WHEREAS, on October 17, 2023, the City Council (the “City Council”) of the City of Dublin (the “City”) adopted its Resolution No. 111-23 (the “Resolution of Intention”), stating its intention to form the City of Dublin Community Facilities District No. 2023-1 (East Ranch) (the “CFD”), pursuant to the Mello-Roos Community Facilities Act of 1982, Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the “Act”); and
WHEREAS, on October 17, 2023, this City Council also adopted its Resolution No. 112-23 (the “Resolution of Intention to Incur Indebtedness”) stating its intention to incur bonded indebtedness within the boundaries of the CFD in an amount not to exceed $67,000,000 for the purpose of financing the costs of the Facilities (defined herein); and
WHEREAS, this City Council has held a noticed public hearing as required by the Act about the determination to proceed with the formation of the CFD, the provision of certain services and facilities by the CFD and the rate and method of apportionment of the special taxes to be levied within the CFD to pay for certain services and the Facilities, including the principal and interest on the proposed bonded indebtedness in the CFD for the Facilities, and the administrative costs of the City relative to the CFD; and
WHEREAS, subsequent to the public hearing, this City Council adopted a resolution entitled “Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch)” (the “Resolution of Formation”); and
WHEREAS, this City Council has also held a noticed public hearing as required by the Act relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness; and
WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have been filed with the City Clerk.
NOW, THEREFORE, BE IT RESOLVED THAT the City Council of the City of Dublin hereby finds, determines and resolves as follows:
1. Recitals. The foregoing recitals are true and correct. 165
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 2 of 3
2. Necessity. This City Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $67,000,000 within the boundaries of the CFD for the purpose of financing the costs of all or a portion of the facilities defined in the Resolution of Formation (the “Facilities”), including, but not limited to, the costs of issuing and selling bonds to finance all or a portion of the Facilities and the costs of the City in establishing and administering the CFD.
Indebtedness subject to this limit shall only include indebtedness evidenced by bonds or notes and shall not include bonds described in Section 53364.2(e) of the Act.
3. Entire CFD Liable . The whole of the CFD shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit A to the Resolution of Formation, as the same may be amended in accordance with the Act.
4. Bonds. Bonds in the maximum amount set forth in Section 2 are hereby authorized subject to voter approval. The bonds may be issued in one or more series and mature and bear interest at such rate or rates, payable semiannually or in such other manner, all as this City Council or its designee shall determine, at the time or times of sale of such bonds; provided, however, that the interest rate or rates shall not to exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds and any series thereof shall have a maximum term of not to exceed 40 years.
5. Election. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the CFD and shall be consolidated with elections on the proposition of levying special taxes within the CFD and the establishment of an appropriations limit for the CFD pursuant to Section 53353.5 of the Act. The time, place and further particulars and conditions of such election shall be as specified by separate resolution of this City Council.
6. Effective Date. This Resolution shall take effect upon its adoption. {Signatures on Following Page}
166
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 3 of 3 PASSED, APPROVED, AND ADOPTED this ___ day of _____, 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
__________________________
Mayor
ATTEST:
City Clerk
167
Attachment 5
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 1 of 4 RESOLUTION NO. XX-23
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
CALLING A SPECIAL ELECTION FOR CITY OF DUBLIN COMMUNITY FACILITIES DISTRICT NO. 2023-1 (EAST RANCH)
WHEREAS, the City Council (the “City Council”) of the City of Dublin (the “City”) has adopted a resolution entitled “Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch)” (the “Resolution of Formation”), ordering the formation of the City of Dublin Community Facilities District No. 2023-1 (East Ranch) (the “CFD”), authorizing the levy of special taxes on property within the CFD and preliminarily establishing an appropriations limit for the CFD, all pursuant to the Mello-Roos Community Facilities Act of 1982, Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the “Act”); and WHEREAS, this City Council has also adopted a resolution entitled “Determining Necessity to Incur Bonded Indebtedness for the City of Dublin Community Facilities District No. 2023-1 (East Ranch)” (the “Resolution Determining Necessity”), determining the necessity to incur bonded indebtedness in the maximum aggregate principal amount of $67,000,000, excluding bonds described in Section 53364.2(e) of the Act, upon the security of the special tax to be levied within the CFD for facilities and bonds pursuant to the Act; and
WHEREAS, pursuant to the provisions of the Resolution of Formation and the Resolution Determining Necessity, the propositions of the levy of the special tax, the establishment of the appropriations limit and the incurring of the bonded indebtedness shall be submitted to the qualified electors of the CFD as required by the provisions of the Act.
NOW, THEREFORE, BE IT RESOLVED THAT the City Council of the City of Dublin hereby finds, determines and resolves as follows:
1. Issues Submitted. Pursuant to Sections 53326, 53351 and 53325.7 of the Act, the issues of the levy of the special tax, the incurring of bonded indebtedness and the establishment of the appropriations limit shall be submitted to the qualified electors (as defined below) of the CFD at an election called therefor as provided below.
2. Qualified Electors . This City Council hereby finds that fewer than 12 persons have been registered to vote within the territory of the CFD for each of the 90 days preceding the close of the public hearings heretofore conducted and concluded by this Council for the purposes of these proceedings. Accordingly, and pursuant to Section 53326 of the Act, this City Council finds that, for these proceedings, the qualified electors are the landowners within the CFD and that the vote shall be by such landowners or their 168
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 2 of 4 authorized representatives, each having one vote for each acre or portion thereof such landowner owns in the CFD as of the close of the public hearings.
3. Conduct of Election. This City Council hereby calls a special election to consider the measures described in section 1 above, which election shall be held on December 5, 2023, and the results thereof canvassed at the meeting of this City Council on December 5, 2023. The City Clerk is hereby designated as the official to conduct the election and to receive all ballots until 7:00 p.m. on the election date. It is hereby acknowledged that the City Clerk has on file the Resolution of Formation, a certified map of the boundaries of the CFD, and a sufficient description to allow the City Clerk to determine the electors of the CFD. Pursuant to Section 53327 of the Act, the election shall be conducted by messenger or mail-delivered ballot pursuant to Section 4000 of the California Elections Code. This City Council hereby finds that paragraphs (a), (b), and (c) (1) of Section 4000 and Section 4108 are applicable to this special election, except that Sections 53326 and 53327 of the Act shall govern for purposes of determining the date of the election.
4. Ballot. As authorized by Section 53353.5 of the Act, the three propositions described in section 1 above shall be combined into a single ballot measure, the form of which is attached hereto as Exhibit “A” and by this reference incorporated herein and the form of ballot is hereby approved. The City Clerk is hereby authorized and directed to cause a ballot, in substantially the form of Exhibit “A,” to be delivered to each of the qualified electors of the CFD. Each ballot shall indicate the number of votes to be voted by the respective landowner to which the ballot pertains. Each ballot shall be accompanied by all supplies and written instructions necessary for the use and return of the ballot.
5. Waivers. This Council hereby further finds that the provisions of Section 53326 of the Act requiring a minimum of 90 days following the adoption of the Resolution of Formation to elapse before the special election are for the protection of the qualified electors of the CFD. There is on file with the City Clerk a written waiver executed by all of the qualified electors of the CFD allowing for a shortening of the time for the special election to expedite the process of formation of the CFD and waiving any requirement for notice, analysis and arguments in connection with the election. Accordingly, this Council finds and determines that the qualified electors have been fully apprised of and have agreed to the shortened time for the election and waiver of analysis and arguments, and have thereby been fully protected in these proceedings. This Council also finds and determines that the City Clerk has concurred in the shortened time for the election.
Analysis and arguments with respect to the ballot measures are hereby waived, as provided in Section 53327 of the Act.
6. Accountability. The City Council hereby finds that the proposed debt issuance constitutes a “local bond measure” within the meaning of Sections 53410, et seq. of the California Government Code. As a result, the bond measure shall include the propositions set forth above and the following: (a) the specific purpose of the bonds shall be as set forth in the propositions; (b) any proceeds received from the sale of any bonds 169
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 3 of 4 shall be applied only to the purposes set forth in the propositions; (c) the proceeds of any bonds shall be deposited into special accounts to be created therefor as part of the issuance of the bonds; and (d) the City shall cause a report to be prepared annually under Section 53411 of the Government Code.
7. Effective Date. This Resolution shall take effect upon its adoption.
PASSED, APPROVED, AND ADOPTED this ___ day of _____, 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
__________________________
Mayor
ATTEST:
City Clerk
170
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 4 of 4
EXHIBIT A
CITY OF DUBLIN
COMMUNITY FACILITIES DISTRICT NO. 2023-1
(EAST RANCH)
OFFICIAL BALLOT MEASURE
SPECIAL TAX ELECTION
BALLOT MEASURE: Shall the measure pursuant to
which (i) the City of Dublin shall incur an indebtedness and issue bonds in the maximum aggregate principal
amount of not to exceed $67,000,000, excluding bonds
described in Section 53364.2(e) of the Act, with interest at a rate or rates not to exceed the maximum interest
rate permitted by law at the time of sale of such bonds on behalf of the City of Dublin Community Facilities
District No. 2023-1 (East Ranch) (the “CFD”), the
proceeds of which bonds will be used to acquire and/or
construct certain facilities and pay for the costs of
issuing the bonds and related expenses; (ii) special
taxes payable solely from lands within the CFD shall be levied annually, commencing in the City’s fiscal year
2023-24, upon lands within the CFD to pay for the
principal and interest upon such bonds, to pay the costs of the City in administering the CFD, and to pay for the costs of acquiring and/or constructing certain facilities and paying for certain services; and (iii) the initial
annual appropriations limit of the CFD shall be
established in the amount of $67,000,000be adopted?
YES:____
NO:_____
171
Attachment 6
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 1 of 3 RESOLUTION NO. XX-23
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
DECLARING RESULTS OF SPECIAL ELECTION AND DIRECTING
RECORDING OF NOTICE OF SPECIAL TAX LIEN FOR
CITY OF DUBLIN COMMUNITY FACILITIES DISTRICT NO. 2023-1 (EAST RANCH)
WHEREAS, the City Council (the “City Council”) of the City of Dublin (the “City”) has adopted a resolution entitled “Forming City of Dublin Community Facilities District No. 2023-1 (East Ranch)” (the “Resolution of Formation”), ordering the formation of the City of Dublin Community Facilities District No. 2023-1 (East Ranch) (the “CFD”) authorizing the levy of special taxes on property within the CFD and preliminarily establishing an appropriations limit for the CFD, all pursuant to the Mello-Roos Community Facilities Act of 1982, Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the “Act”); and WHEREAS, this City Council has also adopted a resolution entitled “Determining Necessity to Incur Bonded Indebtedness for City of Dublin Community Facilities District No. 2023-1 (East Ranch)" (the “Resolution of Necessity”), determining the necessity to incur bonded indebtedness in the maximum aggregate principal amount of $67,000,000, excluding bonds described in Section 53364.2(e) of the Act, upon the security of the special tax to be levied within the CFD for facilities and bonds pursuant to the Act; and WHEREAS, under the provisions of the Resolution of Formation and the Resolution Necessity and pursuant to “Calling Special Election for City of Dublin Community Facilities District No. 2023-1 (East Ranch)” (the “Election Resolution”) heretofore adopted by this City Council the propositions of the levy of the special tax, the establishment of the appropriations limit and the incurring of the bonded indebtedness were submitted to the qualified electors of the CFD as required by the provisions of the Act; and
WHEREAS, pursuant to the terms of the Election Resolution, which are by this reference incorporated herein, the special election has been held and the City Clerk has on file a Canvass and Statement of Results of Election (the “Canvass”), a copy of which is attached hereto as Exhibit A; and
WHEREAS, this City Council has reviewed the Canvass, finds it appropriate and wishes to complete its proceedings for the CFD.
NOW, THEREFORE, BE IT RESOLVED THAT the City Council of the City of Dublin hereby finds, determines and resolves as follows:
1. Recitals. The foregoing recitals are all true and correct. 172
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 2 of 3
2. Issues Presented. The issues presented at the special election were the levy of special taxes within the CFD, the incurring of a bonded indebtedness in the maximum aggregate principal amount of $67,000,000, excluding bonds described in Section 53364.2(e) of the Act, and the approval of an initial annual appropriations limit of not to exceed $67,000,000, subject to increase in accordance with law, all pursuant to the Resolution of Formation and the Resolution of Necessity.
3. Canvass and Issues Approved. The Council hereby approves the Canvass and finds that it shall be a permanent part of the record of its proceedings for the CFD. Pursuant to the Canvass, the issues presented at the special election were approved by the qualified electors of the CFD by more than two-thirds (2/3) of the votes cast at the special election.
4. Proceedings Approved. Pursuant to the voter approval, the CFD is hereby declared to be fully formed with the authority to levy the special taxes, to incur the approved bonded indebtedness and to have the established appropriations limit, all as heretofore provided in these proceedings and in the Act. It is hereby found that all prior proceedings and actions taken by this City Council with respect to the CFD were valid and in conformity with the Act.
5. Notice of Tax Lien. The City Clerk is hereby directed to complete, execute and cause to be recorded in the office of the County Recorder of the County of Alameda a notice of special tax lien in the form required by the Act, such recording to occur no later than fifteen (15) days following adoption by the Council of this Resolution.
6. Effective Date. This Resolution shall take effect upon its adoption.
PASSED, APPROVED, AND ADOPTED this ___ day of _____, 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
__________________________
Mayor
ATTEST:
City Clerk
173
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 3 of 3
CANVASS AND STATEMENT OF RESULT OF ELECTION
CITY OF DUBLIN
COMMUNITY FACILITIES DISTRICT NO. 2023-1
(EAST RANCH)
I hereby certify that on December 5, 2023, I canvassed the returns of the election held on December 5, 2023, in the City of Dublin Community Facilities District No. 2023- 1 (East Ranch) and the total number of ballots cast in said election and the total number of votes cast for and against the measure are as follows and the totals as shown for and against the measure are full, true and correct:
Qualified
Landowner Votes
Votes Cast YES NO
City of Dublin
Community Facilities District
No. 2023-1 (East Ranch),
Special Tax Election, December 5, 2023
BALLOT MEASURE: Shall the measure pursuant to which (i) the City of Dublin shall incur an indebtedness and issue bonds in the maximum aggregate principal amount of not to exceed $67,000,000, excluding bonds described in Section 53364.2(e) of the Act, with interest at a rate or rates not to exceed the maximum interest rate permitted by law at the time of sale of such bonds on behalf of the City of Dublin Community Facilities District No. 2023-1 (East Ranch) (the “CFD”), the proceeds of which bonds will be used to acquire and/or construct certain facilities and pay for the costs of issuing the bonds and related expenses; (ii) special taxes payable solely from lands within the CFD shall be levied annually, commencing in the City’s fiscal year 2023-24, upon lands within the CFD to pay for the principal and interest upon such bonds, to pay the costs of the City in administering the CFD, and to pay for the costs of acquiring and/or constructing certain facilities and paying for certain services; and (iii) the initial annual appropriations limit of the CFD shall be established in the amount of $67,000,000 be adopted?
IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY HAND this ____ day of ________, 2023.
By:
City Clerk
174
Attachment 7
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 1 of 3 ORDINANCE NO. XX – 23
AN ORDINANCE OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
LEVYING SPECIAL TAXES WITHIN CITY OF DUBLIN COMMUNITY
FACILITIES DISTRICT NO. 2023-1 (EAST RANCH)
WHEREAS, on October 17, 2023, this City Council (the “City Council”) of the City of Dublin (the “City”), adopted a resolution stating its intention to establish its City of Dublin Community Facilities District No. 2023-1 (East Ranch) (the “CFD”) pursuant to the Mello- Roos Community Facilities Act of 1982, as amended, sections 53311, et. seq., of the California Government Code (the “Act”), to finance public services and the acquisition and construction of certain facilities; and
WHEREAS, notice was published as required by the Act relative to the intention of this City Council to form the CFD, to provide for financing certain services and certain facilities and to incur bonded indebtedness for the CFD in an amount not to exceed $67,000,000, excluding bonds described in Section 53364.2(e) of the Act; and WHEREAS, this City Council has held noticed public hearings as required by the Act relative to (i) the determination to proceed with the formation of the CFD, and the rate and method of apportionment of the special taxes to be levied within the CFD to finance a portion of the costs of the services and the facilities and (ii) the issuance of not to exceed $67,000,000 of bonded indebtedness for the CFD, excluding bonds described in Section 53364.2(e) of the Act; and
WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the formation of the CFD, and the levy of said special taxes within the CFD were heard, substantial evidence was presented and considered by this City Council and a full and fair hearing was held; and
WHEREAS, subsequent to the hearing, this City Council adopted resolutions entitled “Forming City of Dublin Community Facilities District No. 2023-1 (East Ranch)” (the “Resolution of Formation”), “Determining Necessity to Incur Bonded Indebtedness for City of Dublin Community Facilities District No. 2023-1 (East Ranch)” (the “Resolution of Necessity”) and “Calling Special Election for City of Dublin Community Facilities District No. 2023-1 (East Ranch),” which resolutions defined the public services (the “Services”) and public facilities to be financed by the CFD (the “Facilities”), established the CFD, authorized the levy of the special taxes with the CFD, determined the necessity to incur bonded indebtedness in the CFD and called an election within the CFD on the propositions of incurring indebtedness, levying a special tax, and establishing an appropriations limit within the CFD, respectively; and
175
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 2 of 3 WHEREAS, on December 5, 2023, a special election was held within the CFD at which the eligible landowner-electors approved such propositions by the two-thirds vote required by the Act.
NOW, THEREFORE, the City Council of the City of Dublin does ordain as follows:
SECTION 1. LEVY OF SPECIAL TAX
By the passage of this Ordinance, the City Council hereby authorizes and levies special taxes within the CFD pursuant to the Act, at the rate and in accordance with the formula (the “Rate and Method”) set forth in the Resolution of Formation, which Resolution of Formation is by this reference incorporated herein, as the same may be amended in accordance with the Act. The special taxes are hereby levied commencing in fiscal year 2023-24 and in each fiscal year thereafter until payment in full of the Services and any bonds issued by the City for the CFD (the “Bonds”) or such longer period provided in the Rate and Method, as contemplated by the Resolution of Formation and the Resolution of Necessity, as the same may be amended in accordance with the Act, and all costs of administering the CFD.
SECTION 2. ANNUAL CALCULATION OF LEVY
The Finance Director of the City is hereby authorized and directed each fiscal year to determine the specific special tax rate and amount to be levied for the next ensuing fiscal year for each parcel of real property within the CFD, in the manner and as provided by the Rate and Method.
SECTION 3. EXEMPTIONS; MAXIMUM LEVY OF SPECIAL TAXES
Except as set forth in the Rate and Method, properties or entities of the State, federal or local governments shall be exempt from any levy of special taxes. In no event shall the special taxes be levied on any parcel within the CFD in excess of the maximum tax specified in the Rate and Method.
SECTION 4. AUTHORIZED USES OF SPECIAL TAXES
All of the collections of the special taxes shall be used as provided for in the Act and the Rate and Method, including, but not limited to, the payment of principal and interest on the Bonds, the replenishment of the reserve fund for the Bonds, the payment of the costs of the Services and the Facilities, the payment of the costs of the City in administering the CFD, and the costs of collecting and administering the special tax.
SECTION 5. COLLECTION OF SPECIAL TAXES
The special taxes shall be collected in the same manner as ordinary ad valorem taxes are collected and shall have the same lien priority and be subject to the same penalties and the same procedure and sale in cases of delinquency as provided for ad 176
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 3 of 3 valorem taxes; provided, however, that this City Council may provide for other appropriate methods of collection by resolution of this City Council. In addition, the provisions of Section 53356.1 of the Act shall apply to delinquent payments of the special taxes. The Finance Director of the City is hereby authorized and directed to provide all necessary information to the auditor/tax collector of the County of Alameda in order to effect proper billing and collection of the special tax, so that the special taxes shall be included on the secured property tax roll of the County of Alameda for fiscal year 2023-24 and for each fiscal year thereafter until the payment in full of the Services and any Bonds or such longer period of time provided in the Rate and Method.
SECTION 6. SEVERABILITY
If for any reason any portion of this Ordinance is found to be invalid, or if the special taxes are found inapplicable to any particular parcel within the CFD by a court of competent jurisdiction, the balance of this Ordinance and the application of the special taxes to the remaining parcels within the CFD shall not be affected.
SECTION 7. POSTING OF ORDINANCE
The Mayor shall sign this Ordinance and the City Clerk shall cause the same to be posted in at least 3 public places in the City of Dublin in accordance with Section 36933 of the Government Code of the State of California.
SECTION 8. EFFECTIVE DATE
This Ordinance shall take effect 30 days from the date of final passage.
PASSED, APPROVED, AND ADOPTED this ___ day of _____, 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
__________________________
Mayor
ATTEST:
City Clerk
177
East Ranch Community
Facilities District Formation
178
Overview of Presentation
• Review of tonight’s recommended actions
• Review of Prior City Council actions
• Overview of CFD No. 2023-1
• Discussion of CFD Public Hearing Process
179
Recommended Actions
• Receive the Community Facilities District Report
• Conduct a Public Hearing
– Form East Ranch CFD No. 2023-1
– Levying a Special Tax and Determining Necessity to Incur Bonded Indebtedness • Following Public Hearing, if no majority protest, adopt – Resolution to Form CFD
– Resolution Determining Necessity to Incur Bonded Indebtedness – Resolution Calling for Special Election
• Open the ballots and tabulate results, if 2/3rds approve – Adopt Resolution certifying results
– Introduce and waive the first reading of the Special Tax Ordinance for CFD 180
Prior City Council Discussion/Actions
• April 18, 2023, discussed the proposed East Ranch Project and CFD
• June 20, 2023, provided guidance to staff to limit the Effective Tax Rate on residential units to 1.58% of the base sales price
• September 19, 2023, approved a Deposit and
Reimbursement Agreement with developer
• October 17, 2023, approved the Resolutions of Intention and set the date and time of tonight’s Public Hearing
181
Overview of CFD No. 2023-1
• The East Ranch Project includes 165.5 acres and will include 576 residential units (including 18 Affordable Units that will be exempt from paying special taxes)
• The Project consist of six neighborhoods that will include the following:
– 459 conventional single-family homes
– 14 zero lot-line single-family duet homes
– 100 T ownhomes
– T wo neighborhood parks totaling 11.5 acres
– Two-acre Public/Semi-Public site
182
Map of CFD No. 2023-1
183
Discussion of Proposed CFD No. 2023-1
• The East Ranch Development originally proposed to have:
– Services CFD that would fund the maintenance of public streets. – Facilities CFD that would help fund construction of certain public infrastructure and development impact fees associated with the project • After further discussion it was determined best approach was to establish a single CFD, that would levy two separate special taxes, one to pay for services and one to pay for facilities, instead of creating two separate CFDs.
184
Discussion of Proposed CFD No. 2023-1
• The City and Trumark have agreed to cap the maximum
effective tax rate for the East Ranch CFD at 1.58% of
the average sales price for residential units in each tax zone.
• The East Ranch project is divided into six tax zones, based on the type and size of the homes being sold. The initial maximum tax rate is based on the average
estimated selling price of homes in each zone.
185
Proposed Effective Tax Rates for CFD
Zone 1
65 x 100 lots
Zone 2
55 x 95 lots
Zone 3
50 x 110 lots
Zone 4
49.5 x 80 lots
Zone 5
Cluster lots
Zone 6
Townhomes
Estimated Average Base Sales Price (1) 2,657,000.00$ 2,204,000.00$ 2,143,000.00$ 1,872,000.00$ 1,711,000.00$ 1,267,000.00$ Ad Valorem (2) 33,547.28$ 27,827.70$ 27,057.52$ 23,635.87$ 21,603.09$ 15,997.14$ Other Charges (3) 2,295.48$ 2,096.48$ 2,042.48$ 1,859.48$ 1,809.48$ 1,672.48$ Proposed CFD No. 2023-1 Services Special Taxes (4) 381.00$ 381.00$ 381.00$ 381.00$ 381.00$ 381.00$ Proposed CFD No. 2023-1 Special Taxes (4) 5,850.00$ 4,600.00$ 4,400.00$ 3,750.00$ 3,300.00$ 2,000.00$ Total 42,073.76$ 34,905.18$ 33,881.00$ 29,626.35$ 27,093.57$ 20,050.62$ Total Proposed CFD No. 2023-1 Taxes 6,231.00$ 4,981.00$ 4,781.00$ 4,131.00$ 3,681.00$ 2,381.00$ Estimated Effective Tax Rate 1.58% 1.58% 1.58% 1.58% 1.58% 1.58% (1) Prices per RCLCO report dated 10.04.23
(2) Estimated at 1.2626%per DPFG analysis dated 10.03.23 (3) Estimate per DPFG analysis dated 10.03.23
(4) Per Draft RMA from Goodwin Consulting Group
186
Facility Special Tax Prepayments
• Section H. of the Rate and Method of
Apportionment (RMA) provides an option for
homeowners to make a full prepayment of the
Facility Special Tax.
• Section H. also provides for a partial prepayment in
an amount equal to any percentage of the full
prepayment.
187
Maximum Bond Authorization
• The Resolutions included in tonight’s packet set the bonded indebtedness limit at an amount not to exceed $67,000,000 • The maximum bond authorization is based on the maximum special tax revenues thru 2060, a conservative 3% interest rate, and a 25% cushion. • The actual estimated bonding capacity, based on current interest rates, is approximately $35 Million. The amount of bonds issued for the CFD will not be determined until the CFD Bonds are actually sold. • The maximum special taxes are set by the RMA and are not impacted by the interest rate on the CFD Bonds or by the amount of bonds authorized. The interest rate on the CFD Bonds impact the amount of bond proceeds available to fund public infrastructure.
188
Staff Recommends City Council
• Receive the Community Facilities District Report
• Conduct a Public Hearing Regarding
– Establishment of CFD No 2023-1 (East Ranch)
– Deeming it necessary to incur indebtedness for CFD No. 2023-1and levy special taxes • Following Public Hearing, if no majority protest has been filed pertaining to the establishment of CFD No. 2023-1 or the levy of special taxes, initially adopt the following:
– A Resolution Forming the City of Dublin Community Facilities District No. 2023-1 (East Ranch)
– A Resolution Determining Necessity to Incur Bonded Indebtedness for City of Dublin Community Facilities District No. 2023-1 (East Ranch)
– A Resolution Calling Special Election for City of Dublin Community Facilities District No. 2023-1 (East Ranch)
189
Staff Recommends City Council (Cont.)
• Following the adoption of the resolutions staff recommends:
– The City Clerk announce the results of the election to be held within CFD No. 2023-1to reveal if the propositions have received the affirmative 2/3rds vote. • If propositions have received the affirmative vote of two-thirds of the votes cast, Staff Recommends that the City Council take the following actions:
– Adopt the Resolution Declaring Results of Special Election and Directing Recording of Notice of Special Tax Lien for City of Dublin Community Facilities District No. 2023-1 (East Ranch) – Waive the first reading and Introduce the Ordinance Levying Special Taxes Within City of Dublin Community Facilities District No. 2023-1 (East Ranch) 190
Next Steps
Following tonight’s Public Hearing, the proposed schedule to complete the formation of the CFD is as follows:
• Record Notice of Special Tax Lien (within 15 days after tonight’s meeting)
• Second Reading and Adoption of Ordinance levying Special Tax, scheduled for December 19, 2023
• Effective Date of Special Tax Ordinance (30 days after adoption, anticipated to be January 19, 2024)
191
Questions?
192
STAFF REPORT
CITY COUNCIL
Agenda Item 6.2
DATE: December 5, 2023
TO: Honorable Mayor and City Councilmembers
FROM: Linda Smith, City Manager
SUBJECT: Vacation of Right-of-Way on Croak Road and Approving a Quitclaim Deed – Public Hearing Continuation
Prepared by: Kan Xu, Principal Engineer
EXECUTIVE SUMMARY:
The City Council is being asked to continue the Public Hearing for the Vacation of Right-of-Way on Croak Road and Approving a Quitclaim Deed to the December 19, 2023 City Council meeting.
STAFF RECOMMENDATION:
Continue the Public Hearing for the Vacation of Right-of-Way on Croak Road and Approving a Quitclaim Deed to the December 19, 2023, City Council meeting.
FINANCIAL IMPACT:
None.
DESCRIPTION:
The City Council is being asked to continue the Public Hearing for the Vacation of Right-of-Way on Croak Road and Approving a Quitclaim Deed to the December 19, 2023 City Council meeting to coincide with actions relating to the Final Map approval.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
193
ATTACHMENTS:
None.
194