Public Hearing Report
Community Facilities District No. 2024-1
(Banner Park II)
August 7, 2024
Table of Contents
Sections P age ____________________________________________ 1 Introduction ______________________________________________________ 1 2 Description of Facilities ___________________________________________________ 2 3 Cost Estimate ______________________________________________________ 3 4 Proposed Development ___________________________________________________ 5 5 Rate and Method of Apportionment _________________________________________ 7 6 Certifications ______________________________________________________ 8
Tables Page
3-1 Cost Estimate ______________________________________________________ 3 5-1 Assigned Special Tax for Developed Property _________________________________ 7
Appendices P age ____________________________________________ A Rate and Method of Apportionment ____________________________________ B Proposed Boundary Map _________________________________________ C Resolution of Intention
1 Introduction Page | 1
City of Menifee
CFD No. 2024-1 (Banner Park II)
Public Hearing Report
Background
On June 19, 2024 the City Council (the “City Council”) of the City of Menifee (the “City”), adopted a Resolution of Intention to form Community Facilities District No. 2024-1 (Banner Park II) of the City of Menifee (“CFD No. 2024-1” or “District”), Resolution No. 24-1447, pursuant to the provisions of the “Mello-Roos Community Facilities Act of 1982”, being Chapter
2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California, (“Act”).
CFD No. 2024-1 is currently comprised of approximately 81 gross acres within Tract Map 37671 including 182 proposed single family residential properties. The property is located to the southeast of Domenigoni Parkway at Lindenberger Road.
For a map showing the boundaries of CFD No. 2024-1 please see Appendix B.
Purpose of Public Hearing Report
WHEREAS, this Community Facilities District Report (“Report”) is being provided to the City Council and generally contains the following:
1. A brief description of CFD No. 2024-1;
2. A brief description of the Facilities required at the time of formation to meet the needs of CFD No. 2024-1.
3. A brief description of the Boundaries of CFD No. 2024-1; and
4. An estimate of the cost of financing the bonds used to pay for the Facilities, including all costs associated with formation of the District, issuance of bonds, determination of the amount of any special taxes, collection of any special taxes, or costs otherwise incurred in order to carry out the authorized purposes of the City with respect to the District, and any other incidental expenses to be paid through the proposed financing.
For particulars, reference is made to the Resolution of Intention as previously approved and adopted and is included in Appendix C.
2 Description of Facilities Page | 2
City of Menifee
CFD No. 2024-1 (Banner Park II)
Public Hearing Report
NOW, THEREFORE, the undersigned, authorized representative of Spicer Consulting Group, LLC, the appointed responsible officer, or person directed to prepare this Report, does hereby submit the following data:
Description of the Facilities
A Community Facilities District may pay for facilities which may include all amounts necessary to eliminate any fixed special assessment liens or to pay, repay, or defease any obligation to pay for any indebtedness secured by any tax, fee, charge, or assessment levied, provide for the pu rchase, construction, expansion, or reha bilitation for any real or other tangible property with an estimated useful life of five (5) years or longer, which is necessary to meet increased demands placed upon local agencies as a result of development and/or rehabilitation occurring within the District.
The types of facilities that are proposed by CFD No. 2024- 1 and financed with the proceeds of special taxes and bonds issued by CFD No. 2024-1 consist of the construction, purchase, modification, expansion, rehabilitation and/or improvement of (i) drainage, library, park, street, roadway, traffic signal and streetlights, administration and general government facilities, animal shelter facilities, fire and public safety facilities, and other public facilities of th e City, including the foregoing public facilities which are included in the City’s fee programs with respect to such facilities and authorized to be financed under the Mello-Roos Community Facilities Act of 1982, as amended (the “City Facilities”); (ii) water and sewer facilities including the acquisition of capacity in the sewer syst em and/or water system of Eastern Municipa l Water District which are included in Eastern Municipal Water District’s water and sewer capacity and connection fee programs (the “Water District Facilities”), (iii) interim and permanent school faciliti es of Menifee Union School District, including classrooms, multi-purpose facilities, administration and auxiliary space at sc hool facilities, athletic fields, playgr ounds and recreational facilities and improvements thereto, landscaping, access roadways, drainage, sidewalks and gutters and utility lines, furniture, equipment and technology, including technology upgrades and mobile devices and infrastructure therefore, with a useful life of at least five (5) years at such school facilities, including such school facilities of Menifee Union School District which are included in Menifee Union School District’s school fee program (the “School Facilities”), and (iv) electrical utility undergrounding and dry utilities (the “Utilities” and together, with the City Facilities, the Water Fa cilities, and the School Facilities, the “Facilities”), and all appurtenances and appurte nant work in connection with the foregoing Fa cilities, including the cost of engineering, planning, designing, materials testing, coordination, construction staking, construction management and supervision for such Facilities.
Incidental Expenses
The Incidental Expenses to be paid from bond proceeds and/or special taxes include:
a) The cost of engineering, planning and designing the Facilities; and b) All costs, including costs of the property owner petitioning to form the District, associated with the creation of the District, the issuance of the bonds, the determination of the amount of special taxes to be levied and costs otherwise incurred in order to carry out the authorized purposes of the District; and c) Any other expenses incidental to the construction, acquisition, modification, rehabilitation, completion and inspection of the Facilities.
Capitalized terms used and not defined herein shall have the meaning set forth in the Rate and Method of Apportionment of Special Taxes for the District.
All costs associated with the creation of CFD No. 2024-1, the issuance of bonds, the determination of the amount of special taxes to be levied, costs incurred in order to carry out the authorized purposes of CFD No. 2024-1, including legal fees, fees of consultants, engineering, planning, designing and the annual costs to administer CFD No. 2024-1 and any obligations.
The description of the eligible public facilities, services and incidental expenses above are preliminary and general in nature.
The final plans and specifications approved by the applicable public agency may show substitutes or modifications in order to accomplish the work or serve the new development and any such substitution or modification shall not constitute a change or modification in the proceedings relating to CFD No. 2024-1.
3 Cost Estimate Page | 3
City of Menifee
CFD No. 2024-1 (Banner Park II)
Public Hearing Report
Below is the estimated cost of facilities to be provided to the District. a) The cost estimate of facilities, including incidental expenses, to be financed through the issuance of CFD No. 2024- 1 Bonds is estimated to be $10,145,000 based upon current dollars (Fiscal Year 2024-25). b) For further particulars please reference Table 3-1 below and incorporated herein by reference. c) Pursuant to Section 53340 of the Act, the proceeds of any special tax levied and collected by CFD No. 2024-1 may be used only to pay for the cost of providing public facilities, services, and incidental expenses. As defined by the Act, incidental expenses include, but are not limited to, the annual costs associated with determination of the amount of special taxes, collection of special taxes, payment of special taxes, or costs otherwise incurred in order to carry out the authorized purposes of the District. The incidental expenses associated with the annual administration of CFD No. 2024-1 are estimated to be $30,000 in the initial Fiscal Year. However, it is anticipated that the incidental expenses will vary due to inflation and other factors that may not be fores een today, and the actual incidental expenses may exceed these amounts accordingly.
Table 3-1
Cost Estimate
City Fees Total Bond Allocation(1)
Law Enforcement $184,184 $184,184
Fire Facilities $128,856 $128,856
Circulation $1,413,048 $1,413,048
Circulation Credit ($1,190,019) ($1,190,019)
Animal Shelter $18,746 $18,746
General Government $234,234 $234,234
Parks - Land $343,070 $343,070
City Facilities $226,424 $226,424
Total City Fees $1,358,543 $1,358,543
City Facilities Total Bond Allocation(1)
Traffic Signal (Briggs & Newport) $750,000 $750,000
Traffic Signal Modification (Lindenberger) $570,000 $570,000 Briggs Road $1,400,000 $1,400,000
Storm Drain $1,227,545 $1,227,545
In-Tract Street Improvements $2,400,000 $2,400,000
Design, Planning & Engineering $317,377 $317,377
Total City Facilities $6,664,922 $6,664,922
Eastern Municipal Water District Total Bond Allocation(1) Sewer Financial Participation Charge $632,632 $632,632 Sewer Treatment Plant Capacity Charge $1,199,198 $200,926 Water Financial Participation Charge $1,349,712 $0
Water Supply Development Fee $71,526 $0
Irrigation Meter Fee $100,980 $0
Meter Fee $68,614 $0
Total Eastern Municipal Water District $3,422,662 $833,558
Menifee Union School District Total Bond Allocation(1) School Fees $637,000 $0
Total Menifee Union School District $637,000 $0
3 Cost Estimate Page | 4
City of Menifee
CFD No. 2024-1 (Banner Park II)
Public Hearing Report
Table 3-1
Cost Estimate (Continued)
Dry Utilities Total Bond Allocation(1)
Dry Utilities $508,750 $0
Total Dry Utilties $508,750 $0
Total Eligible Fees/Improvements $12,591,877 $8,857,023 Incidental Financing Costs $1,287,977
Total Funded by Bond Proceeds $10,145,000
Total Fees/Improvements to be Funded by Developer $3,734,854 (1) Amounts are allocated based upon estimated bond sizing and may change based upon market conditions at the time of bond issuance. Allocation of bond proceeds between facility types to be determined at the time of bond issuance.
4 Proposed Development Page | 5
City of Menifee
CFD No. 2024-1 (Banner Park II)
Public Hearing Report
The CFD No. 2024-1 includes approximately 81 gross acres located to the southeast of Domenigoni Parkway at Lindenberger Road in the City. The property within CFD No. 2024-1 is expected to be developed with 182 single family residential properties. As of Fiscal Year 2024-25 the proposed CFD No. 2024-1 includes the following Assessor's Parcel Numbers:
Assessor’s Parcel
Number
Assessor’s Parcel
Number
Assessor’s Parcel
Number
Assessor’s Parcel
Number
Assessor’s Parcel
Number
340-580-001 340-580-042 340-590- 030 340-602-005 340-603-037 340-580-002 340-580-043 340-590- 031 340-602-006 340-603-038 340-580-003 340-580-044 340-590- 032 340-602-007 340-603-039 340-580-004 340-580-045 340-590- 033 340-602-008 340-603-040 340-580-005 340-580-046 340-591- 001 340-603-001 340-603-041 340-580-006 340-580-047 340-591- 002 340-603-002 340-603-042 340-580-007 340-581-001 340-591- 003 340-603-003 340-603-043 340-580-008 340-581-002 340-591- 004 340-603-004 340-610-001 340-580-009 340-581-003 340-591- 005 340-603-005 340-610-002 340-580-010 340-581-004 340-591- 006 340-603-006 340-610-003 340-580-011 340-581-005 340-591- 007 340-603-007 340-610-004 340-580-012 340-590-001 340-591- 008 340-603-008 340-610-005 340-580-013 340-590-002 340-591- 009 340-603-009 340-610-006 340-580-014 340-590-003 340-591- 010 340-603-010 340-610-007 340-580-015 340-590-004 340-591- 011 340-603-011 340-610-008 340-580-016 340-590-005 340-591- 012 340-603-012 340-610-009 340-580-017 340-590-006 340-591- 013 340-603-013 340-610-010 340-580-018 340-590-007 340-591- 014 340-603-014 340-610-011 340-580-019 340-590-008 340-591- 015 340-603-015 340-610-012 340-580-020 340-590-009 340-591- 016 340-603-016 340-610-013 340-580-021 340-590-010 340-591- 017 340-603-017 340-610-014 340-580-022 340-590-011 340-591- 018 340-603-018 340-610-015 340-580-023 340-590-012 340-591- 019 340-603-019 340-610-016 340-580-024 340-590-013 340-591- 020 340-603-020 340-610-017 340-580-025 340-590-014 340-591- 021 340-603-021 340-610-018 340-580-026 340-590-015 340-591- 022 340-603-022 340-610-019 340-580-027 340-590-016 340-600- 001 340-603-023 340-610-020 340-580-028 340-590-017 340-600- 002 340-603-024 340-610-021 340-580-029 340-590-018 340-600- 003 340-603-025 340-610-022 340-580-030 340-590-019 340-601- 001 340-603-026 340-610-023 340-580-031 340-590-020 340-601- 002 340-603-027 340-610-024 340-580-032 340-590-021 340-601- 003 340-603-028 340-610-025 340-580-033 340-590-022 340-601- 004 340-603-029 340-610-026 340-580-034 340-590-023 340-601- 005 340-603-030 340-610-027 340-580-035 340-590-024 340-601- 006 340-603-031 340-610-028 340-580-036 340-590-025 340-601- 007 340-603-032 340-610-029 340-580-037 340-590-026 340-602- 001 340-603-033 340-610-030 340-580-038 340-590-027 340-602- 002 340-603-034 340-610-031 4 Proposed Development Page | 6
City of Menifee
CFD No. 2024-1 (Banner Park II)
Public Hearing Report
Assessor’s Parcel
Number
Assessor’s Parcel
Number
Assessor’s Parcel
Number
Assessor’s Parcel
Number
Assessor’s Parcel
Number
340-580-039 340-590-028 340-602- 003 340-603-035 340-610-032 340-580-040 340-590-029 340-602- 004 340-603-036 340-610-033 340-580-041
A map showing the boundaries of CFD No. 2024-1 is included in Appendix B.
5 Rate and Method of Apportionment Page | 7
City of Menifee
CFD No. 2024-1 (Banner Park II)
Public Hearing Report
The Rate and Method of Apportionment allows each property owner within CFD No. 2024-1 to estimate the annual Special Tax amount that would be required for payment. The Rate and Method of Apportionment of the Special Tax established pursuant to these proceedings, is attached hereto as Appendix A (the “Rate and Method”). The Special Tax will be collected in the same manner and at the same time as ordinary ad valorem property taxes and shall be subject to the same penalties, the same procedure, sale and lien priority in the case of delinquency; provided, however, that the CFD Administrator may directly bill the Special Taxes, may collect Special Taxes at a different time or in a different manner if necessary to meet the financial obligations of CFD No. 2024-1, and provided further that CFD No. 2024-1 may covenant to foreclose and may actually foreclose on parcels having delinquent Special Taxes as permitted by the Act.
All of the property located within CFD No. 2024-1, unless exempted by law or by the Rate and Method proposed for CFD No. 2024-1, shall be taxed for the purpose of providing necessary facilities to serve the District. The Boundary Map for CFD No. 2024-1 is attached hereto as Appendix B. Pursuant to Section 53325.3 of the Act, the tax imposed “is a Special Tax and not a special assessment, and there is no requirement that the tax be apportioned on the basis of benefit to any property.” The Special Tax may be based on the benefit received by property, the co st of making facilities or authorized services available or other reasonable basis as determined by the City, although the Special Tax may not be apportioned on an ad valorem basis pursuant to Articl e XIIIA of the California Constitution. A property owner within the District may choose to prepay in whole or in part the Special Tax. The available method for so doing is described in Section G of the Rate and Method (“Prepayment of Special Tax”).
For each year that any Bonds are outstanding the Special Tax shall be levied on all parcels subject to the Special Tax. If any delinquent Special Taxes remain uncollected prior to or after all Bonds are retired, the Special Tax may be levied to the extent necessary to reimburse CFD No. 2024-1 for uncollected Special Taxes associated with the levy of such Special Taxes, but the Special Tax shall not be levied after 2067-68 Fiscal Year.
Table 5-1
Assigned Special Tax for Developed Property
Fiscal Year 2024-25
Land Use Category
Taxable
Unit Building Square Footage
Assigned Special
Tax Per Taxable
Unit
1. Single Family Residential Property RU Less than 2,200 sq. f t $2,952.00
2. Single Family Residential Property RU 2,200 sq. ft to 2,400 sq. f t $3,029.00
3. Single Family Residential Property RU 2,401 sq. ft to 2,600 sq. f t $3,201.00
4. Single Family Residential Property RU 2,601 sq. ft to 2,800 sq. f t $3,216.00
5. Single Family Residential Property RU 2,801 sq. ft to 3,000 sq. f t $3,349.00
6. Single Family Residential Property RU 3,001 sq. ft to 3,200 sq. f t $3,567.00
7. Single Family Residential Property RU Greater than 3,200 sq. f t $3,699.00
8. Multifamily Property Acre N/A $21,187.00
9. Non-Residential Property Acre N/A $21,187.00
Escalation of Special Taxes
On each July 1, commencing on July 1, 2025 the Assigned Special Tax shall increase by two percent (2.0%), of the amount in effect in the prior Fiscal Year.
For particulars as to the Rate and Method for CFD No. 2024-1, see the attached and incorporated in Appendix A. 6 Certifications Page | 8
City of Menifee
CFD No. 2024-1 (Banner Park II)
Public Hearing Report
Based on the information provided herein, it is my opinion that the described services herein are those that are necessary to meet increased demands placed upon the City of Menifee as a result of development occurring within the CFD No. 2024- 1 and benefits the lands within said CFD No. 2024-1. Further, it is my opinion that the special tax rates and method of apportionment, as set forth herein, are fair and equitable, uniformly applied and not discriminating or arbitrary.
Date: August 7, 2024 SPICER CONSULTING GROUP, LLC
__________________________
SHANE SPICER
SPECIAL TAX CONSULTANT FOR
CITY OF MENIFEE
RIVERSIDE COUNTY
STATE OF CALIFORNIA
Appendix A:
Rate and Method of Apportionment
City of Menifee
Community Facilities District No. 2024-1 (Banner Park II) Page 1
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES FOR
COMMUNITY FACILITIES DISTRICT NO. 2024-1 (BANNER PARK II)
OF THE CITY OF MENIFEE
A Special Tax (all capitalized terms not otherwise defined herein are defined in Section A, “Definitions”, below) shall be applicable to each Assessor’s Parcel of Taxable Property located within the boundaries of the City of Menifee Community Facilities District No. 2024-1 (Banner Park II) ("CFD No. 2024-1"). The amount of Special Tax to be levied in each Fiscal Year on an Assessor’s Parcel shall be determined by the City Council of the City of Menifee, acting in its ca pacity as the legislative body of CFD No. 2024-1, by applying the appropriate Special Tax for Developed Property, Approved Property, Undeveloped Property, and Provisional Undeveloped Property that is not Exem pt Property as set forth below. All of the real property, unless exempted by law or by the provisions hereof in Section F, shall be taxed for the purposes, to the extent and in the manner herein provided.
A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
“Accessory Dwelling Unit” means a residential unit of limited size including a smaller second unit that shares an Assessor’s Parcel with Single Family Residential Property that has a stand-alone Residential Unit.
"Acre” or “Acreage" means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an Assessor’s Parcel Map, the land area shown on the applicable final map, parcel map, condominium plan, or other recorded parcel map or instrument. The square footage of an Assessor’s Parcel is equal to the Acreage multiplied by 43,560.
"Act" means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the Government Code of the State of California.
"Administrative Expenses" means the following actual or reasonably estimated costs directly related to the administration of CFD No. 2024-1: the costs of computing the Special Taxes and preparing the Special Tax collection schedules (whether by the City or designee thereof or both); the costs of collecting the Special Taxes (whether by the City or otherwise); the costs of remitting Special Taxes to the Trustee; the costs of the Trustee (including legal counsel) in the discharge of the duties required of it under the Indenture; the costs to the City, CFD No. 2024-1 or any designee thereof of complying with arbitrage rebate requirements; the costs to the City, CFD No . 2024-1 or any designee thereof of complying with continuing disclosure requirements of the City, CFD No. 2024-1 and any major property owner associated with applicable federal and state securities laws and the Act; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries regarding the Special Taxes; the costs of the City, CFD No. 2024-1 or any designee thereof related to an appeal of the Special Tax; the costs associated with the release of funds from an escrow account; and the City’s annual administration fees and third party expenses. Administration Expenses shall also include amounts estimated by the CFD Administrator or advanced by the City or CFD No. 2024-1 for any other administrative purposes of CFD No. 2024-1, including attorney’s fees and other costs relate d to commencing and pursuing to completion any foreclosure of delinquent Special Taxes.
"Approved Property" means all Assessor’s Parcels of Taxable Property: (i) that are included in a Final Map that was recorded prior to the January 1
st preceding the Fiscal Year in which the Special Tax is being levied,
City of Menifee
Community Facilities District No. 2024-1 (Banner Park II) Page 2
(ii) that have an assigned Assessor’s Parcel Number from the County shown on an Assessor’s Parcel Map for the individual lot included on the Final Map, and (iii) that have not been issued a building permit on or before May 1st preceding the Fiscal Year in which the Special Tax is being levied.
"Assessor’s Parcel" means a lot or parcel of land designated on an Assessor’s Parcel Map with an assigned Assessor’s Parcel Number.
"Assessor’s Parcel Map" means an official map of the Assesso r of the County designating parcels by Assessor’s Parcel Number.
"Assessor’s Parcel Number" means that number assigned to an Assessor’s Parcel by the County for purposes of identification.
"Assigned Special Tax" means the Special Tax of that name described in Section D below.
"Backup Special Tax" means the Special Tax of that name described in Section D below.
"Bonds" means any obligation to repay a sum of money, in cluding obligations in the form of bonds, certificates of participation, long-term leases, loans from government agencies, or loans from banks, other financial institutions, private businesses, or individuals, or long-term contracts, or any refunding thereof, to which Special Tax of CFD No. 2024-1 have been pledged.
"Boundary Map" means a recorded map of the CFD which indicates the boundaries of the CFD.
"Building Permit" means the first legal document issued by a local agency giving official permission for new construction. For purposes of this definition, “B uilding Permit” may or may not include expired or cancelled building permits, or any subsequent building permit document(s) authorizing new construction on an Assessor’s Parcel that are issued or changed by the City after the first original issuance, as determined by the CFD Administrator, provided that following such determination the Maximum Special Tax that may be levied on all Assessor’s Parcels of Taxable Property will be at least 1.1 times annual debt service on all outstanding Bonds plus the estimated annual Administrative Expenses.
"Building Square Footage" or "BSF" means the square footage of a ssessable internal living space, exclusive of garages or other structures not used as living space, as determined by reference to the Building Permit for such Assessor’s Parcel.
"Calendar Year" means the period commencing January 1 of any year and ending the following December
31. “CFD Administrator" means an official of the City, or designee thereof, responsible for determining the Special Tax Requirement, and providing for the levy and collection of the Special Taxes.
"CFD” or “CFD No. 2024-1" means Community Facilities District No. 2024-1 (Banner Park II) established by the City under the Act.
“City” means the City of Menifee, State of California.
"City Council" means the City Council of the City of Menifee, acting as the legislative body of CFD No. 2024-1.
City of Menifee
Community Facilities District No. 2024-1 (Banner Park II) Page 3
“Condominium Plan" means a condominium plan pursuant to California Civil Code, Section 1352.
"County" means the County of Riverside, State of California.
"Developed Property" means all Assessor’s Parcels that: (i) are included in a Final Map that was recorded prior to the January 1 st preceding the Fiscal Year in which the Special Tax is being levied, and have an Assessor’s Parcel Number from the County shown on an Assessor’s Parcel Map for the individual lot included on the Final Map, and (ii) a Building Permit for new construction was issued on or before May 1st preceding the Fiscal Year in which the Special Tax is being levied.
"Exempt Property" means all Assessor’s Parcels designated as being exempt from Special Taxes as provided for in Section F.
"Final Map" means a subdivision of property by recordatio n of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (Ca lifornia Government Code Section 66410 et seq.) or recordation of a Condominium Plan that creates individual lots for which Building Permits may be issued without further subdivision.
"Fiscal Year" means the period commencing on July 1
st of any year and ending the following June 30th.
“Indenture” means the indenture, fiscal agent 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 any of the categories listed in Table 1 of Section D.
"Maximum Special Tax" means for each Assessor’s Parcel, the maximum Special Tax, determined in accordance with Section D below, that can be levied by CFD No. 2024-1 on such Assessor’s Parcel.
“Multifamily Property” means all Assessor’s Parcels of Develope d Property for which a Building Permit has been issued for the purpose of constructing a building or buildings comprised of attached Residential Units available for rental by the general public, not for sale to an end user, and under common management, as determined by the CFD Administrator.
"Non-Residential Property" means all Assessor's Parc els of Developed Property for which a Building Permit(s) was issued for a non-residential use. The CFD Administrator shall make the determination if an Assessor’s Parcel is Non-Residential Property.
"Partial Prepayment Amount" means the amount required to prepay a portion of the Special Tax obligation for an Assessor’s Parcel, as described in Section G.2.
"Prepayment Amount" means the amount required to prepay the Special Tax obligation in full for an Assessor’s Parcel, as described in Section G.1.
“Proportionately” means for Taxable Property that is (i) Develo ped Property, that the ratio of the actual Special Tax levy to the Assigned Special Tax is the sa me for all Assessor’s Parcels of Developed Property, (ii) Approved Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Assessor’s Parcels of Approved Property, and (iii) Undeveloped Property or Provisional
City of Menifee
Community Facilities District No. 2024-1 (Banner Park II) Page 4
Undeveloped Property, that the ratio of the actual Special Tax levy per Acre to the Maximum Special Tax per Acre is the same for all Assessor’s Parcels of Undeveloped Property or Provisional Undeveloped Property, as applicable.
"Provisional Undeveloped Property" means all Assessor’s Parcels of Taxable Property that would otherwise be classified as Exempt Property pursuan t to the provisions of Section F, but cannot be classified as Exempt Property because to do so would reduce the Acreage of all Taxable Property below the required minimum Acreage set forth in Section F.
"Residential Property" means all Assessor’s Parcels of Develope d Property for which a Building Permit has been issued for purposes of constructing one or more Residential Units.
“Residential Unit” or "RU" means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the CFD Administrator. An Accessory Dwelling Unit that shares an Assessor’s Parcel with an Assessor’s Parcel classified as Single Family Residential Property shall not be considered a Residential Unit for purposes of levying the Special Tax pursuant to Section E.
“Single Family Residential Property” means all Assessor’s Parcels of Residential Property other than Multifamily Property.
"Special Tax" or “Special Taxes” means any of the special taxes authorized to be levied within CFD No. 2024-1 pursuant to the Act to fund the Special Tax Requirement.
"Special Tax Requirement " means the amount required in any Fiscal Year to pay: (i) the debt service or the periodic costs on all outstanding Bonds due in the Calendar Year that commences in such Fiscal Year, (ii) Administrative Expenses, (iii) the costs associated with the release of funds from an escrow account, (iv) any amount required to replenish any reserve funds established in association with the Bonds, (v) an amount up to any anticipated shortfall due to Special Tax delinquencies and (vi) for the collection or accumulation of funds for the acquisition or construction of facilities authorized by CFD No. 2024-1 or the payment of debt service on Bonds anticipated to be issued, provided that the inclusion of such amount does not cause an increase in the levy of Special Ta x on Approved Property or Undeveloped Property as set forth in Steps Two or Three of Section E., less (v ii) any amounts available to pay debt service or other periodic costs on the Bonds pursuant to the Indenture.
"Taxable Property" means all Assessor’s Parcels within CFD No. 2024-1, which are not Exempt Property.
“Taxable Unit” means either a Residential Unit or an Acre.
“Trustee” means the trustee, fiscal agent, or paying agent under the Indenture.
"Undeveloped Property" means all Assessor’s Parcels of Taxable Property which are not Developed Property, Approved Property, or Provisional Undeveloped Property.
B. SPECIAL TAX
Commencing Fiscal Year 2024-2025 and for each subsequent Fiscal Year, the City Council shall levy Special Taxes on all Taxable Property, up to the applicable Maximum Special Tax, to fund the Special Tax Requirement.
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C. ASSIGNMENT TO LAND USE CATEGORY FOR SPECIAL TAX
Each Fiscal Year, beginning with Fiscal Year 2024-2025, each Assessor’s Parcel within CFD No. 2024-1 shall be classified as Taxable Property or Exempt Proper ty. In addition, each Assessor’s Parcel of Taxable Property shall be further classified as Developed Property, Approved Property, Undeveloped Property or Provisional Undeveloped Property.
Assessor’s Parcels of Developed Property shall furthe r be classified as Residential Property or Non- Residential Property. Each Assessor’s Parcel of Residential Property shall further be classified as a Single Family Residential Property or Multifamily Property. Each Assessor’s Parcel of Single Family Residential Property shall be further assigned to a Land Use Category based on its Building Square Footage.
In the event that there are Assessor’s Parcel(s) for which one or more Building Permits for Residential Units have been issued and the County has not yet assigned final Assessor’s Parcel Number(s) to such Assessor’s Parcel(s) (in accordance with the Final Map or Condominium Plan), the amount of the Special Tax levy on such Assessor’s Parcel for each Fiscal Year shall be determined as follows: (1) the CFD Administrator shall first determine an amount of the Maximum Special Tax fo r such Assessor’s Parcel, based on the classification of such Assessor’s Parc el as Undeveloped Property; (2) the amount of the Special Tax for the Residential Units on such Assessor’s Parcel for which Building Permits have been issued shall be determined based on the Developed Property Special Tax rates and such amount shall be levied as Developed Property in accordance with Step 1 of Section E below; and (3) the amount of the Special Tax on the Taxable Property in such Assessor’s Parcel not subject to the Special Tax levy in clause (2) shall be equal to: (A) the percentage of the Maximum Special Tax rate levied on Undeveloped Property pursuant to Step 3 of Section E below, multiplied by the total of the amount determined in clause (1), less (B) the amount determined in clause (2).
D. MAXIMUM SPECIAL TAX
1. Developed Property
The Maximum Special Tax for each Assessor’s Parcel of Developed Property classified as Single Family Residential Property in any Fiscal Year shall be the greater of (i) the Assigned Special Tax for such Assessor’s Parcel or (ii) the Backup Special Tax as described below.
The Maximum Special Tax for each Assessor’s Parcel of Developed Property classified as Multifamily Property or Non-Residential Property shall be the applicable Assigned Special Tax described in Table 1 of Section D.
a. Assigned Special Tax
Each Fiscal Year, each Assessor’s Parcel of Single Family Residential Property, Multifamily Property or Non-Residential Property shall be subject to an Assigned Special Tax. The Assigned Special Tax for Fiscal Year 2024-2025 applicable to an Assessor's Parcel of Develope d Property shall be determined pursuant to Table 1 below.
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TABLE 1
ASSIGNED SPECIAL TAX FOR DEVELOPED PROPERTY
FISCAL YEAR 2024-2025
Land Use Category
Taxable
Unit Building Square Footage
Assigned
Special Tax Per
Taxable Unit
1. Single Family Residential Property RU Less than 2,200 sq. ft $2,952.00
2. Single Family Residential Property RU 2,200 sq. ft to 2,400 sq. ft $3,029.00
3. Single Family Residential Property RU 2,401 sq. ft to 2,600 sq. ft $3,201.00
4. Single Family Residential Property RU 2,601 sq. ft to 2,800 sq. ft $3,216.00
5. Single Family Residential Property RU 2,801 sq. ft to 3,000 sq. ft $3,349.00
6. Single Family Residential Property RU 3,001 sq. ft to 3,200 sq. ft $3,567.00
7. Single Family Residential Property RU Greater than 3,200 sq. ft $3,699.00
8. Multifamily Property Acre N/A $21,187.00
9. Non-Residential Property Acre N/A $21,187.00
On each July 1, commencing July 1, 2025, the Assigned Special Tax for Developed Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.
b. Multiple Land Use Categories
In some instances an Assessor’s Parcel of Developed Property may contain more than one Land Use Category. The Maximum Special Tax levied on an As sessor’s Parcel shall be the sum of the Maximum Special Tax for each Taxable Unit for all Land Use Categories located on the Assessor’s Parcel. The CFD Administrator’s allocation to each type of property shall be final.
c. Backup Special Tax
The Backup Special Tax for an Assessor’s Parcel within a Final Map classified as Single Family Residential Property or Approved Property expected to be cla ssified as Single Family Residential Property shall calculated according to the following formula.
B = (U x A) / L
The terms above have the following meanings:
B = Backup Special Tax per Assessor’s Parcel classi fied as Single Family Residential Property or Approved Property expected to be classified as Single Family Residential Property within the Final Map.
U = Maximum Special Tax per Acre of Undeveloped Property per Section D.3 below.
A = Acreage of Single Family Residential Property expected to exist after build out in such Final Map at the time of calculation, as determined by the Administrator
L = Number of Assessor’s Parcels of Single Family Residential Property expected to exist after build out in such Final Map at the time of calculation, as determined by the Administrator.
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In the event any portion of the Final Map is cha nged or modified, the Backup Special Tax for all Assessor’s Parcels within such changed or modified area shall be $21,187 per Acre.
Notwithstanding the foregoing, the Backup Special Tax for an Assessor’s Parcel of Developed Property for which a certificate of occupancy has been granted may not be revised.
In the event any superseding Final Map is recorded as a Final Map within the boundaries of the CFD, the Backup Special Tax for all Assessor’s Parcels within such Final Map shall be $21,187 per Acre. The Backup Special Tax shall not apply to Multifamily Residential Property or Non-Residential Property.
On each July 1, commencing July 1, 2025, the Backup Special Tax shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.
2. Approved Property
The Maximum Special Tax for each Assessor’s Parcel of Approved Property expected to be classified as Single Family Residential Property shall be the Backup Special Tax computed pursuant to Section D.1.c above.
The Maximum Special Tax for each Assessor’s Parcel of Approved Property not expected to be classified as Single Family Residential Property shall be $21,187 per Acre.
On each July 1, commencing July 1, 2025, the Maxi mum Special Tax rate for Approved Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.
3. Undeveloped Property and Provisional Undeveloped Property
The Maximum Special Tax for each Assessor’s Parc el of Undeveloped Property and Provisional Undeveloped Property shall be $21,187 per Acre.
On each July 1, commencing July 1, 2025, the Maximum Special Tax rate for Undeveloped Property and Provisional Undeveloped Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.
E. METHOD OF APPORTIONMENT OF THE SPECIAL TAX
Commencing Fiscal Year 2024-2025 and for each subsequent Fiscal Year, the City Council shall levy Special Taxes on all Taxable Property in accordance with the following steps:
Step One: The Special Tax shall be levied Propor tionately on each Assessor’s Parcel of Developed Property at up to 100% of the applicable A ssigned Special Tax in Table 1 to satisfy the Special Tax Requirement.
Step Two: If additional moneys ar e needed to satisfy the Special Tax Requirement after the first step has been completed, the Special Tax shall be levied Proportionately on each Assessor’s Parcel of Approved Property at up to 100% of the Maximum Special Tax applicable to each such Assessor’s Parcel as needed to satisfy the Special Tax Requirement.
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Step Three: If additional moneys are needed to sa tisfy the Special Tax Requirement after the first two steps have been completed, the Special Tax shall be levied Proportionately on each Assessor’s Parcel of Undeveloped Property up to 100% of the Maximum Special Tax applicable to each such Assessor’s Parcel as needed to satisfy the Special Tax Requirement.
Step Four: If additional moneys are needed to satisfy the Special Tax Requirement after the first three steps have been completed, then the Special Tax levy on each Assessor's Parcel of Developed Property for which the Maximum Sp ecial Tax is the Backup Special Tax shall be increased in equal percentages from the Assigned Special Tax up to 100% of the Backup Special Tax as needed to satisfy the Special Tax Requirement.
Step Five: If additional moneys ar e needed to satisfy the Special Tax Requirement after the first four steps have been completed, the Special Tax shall be levied Proportionately on each Assessor’s Parcel of Provisional Undevelo ped Property up to 100% of the Maximum Special Tax applicable to each such Assessor’s Parcel as needed to satisfy the Special Tax Requirement.
Notwithstanding the above, under no circumstances will the Special Taxes levied in any Fiscal Year against any Assessor’s Parcel of Residential Property as a re sult of a delinquency in the payment of the Special Tax applicable to any other Assessor’s Parcel be in creased by more than ten percent (10%) above the amount that would have been levied in that Fiscal Year had there never been any such delinquency or default.
F. EXEMPTIONS
The CFD Administrator shall classify as Exempt Property, in the followi ng order of priority, (i) Assessor’s Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by the State of California, Federal or other local governments, including school district s, (ii) Assessor’s Parcels which are used as places of worship and are exempt from ad valorem property taxes because they are owned by a religious organization, (iii) Assessor’s Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by a homeowners' association, (iv) Assessor’s Parcels with public or utility easements making impractical their utilization for anything other than the purposes set forth in the easement, (v) Assessor’s Parcels whic h are privately owned and are encumbered by or restricted solely for public uses, (vi) Assessor’s Parcels which are classified as Non-Residential Property or (vii) Assessor’s Parcels restricted to other types of p ublic uses determined by the City Council, provided that no such classification would reduce the sum of all Taxable Property to less than 28.2 Acres.
Notwithstanding the above, the CFD Administrator shall not classify an Assessor’s Parcel as Exempt Property if such classification would reduce the sum of all Taxable Property to less than 28.2 Acres.
Assessor's Parcels which cannot be classified as Exempt Property because such classification would reduce the Acreage of all Taxable Property to less than 28.2 Acres will be classified as Provisional Undeveloped Property, and will be subject to Special Taxes pursuant to Step Five in Section E.
G. PREPAYMENT OF SPECIAL TAX
The following additional definitions apply to this Section G:
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“CFD Facilities” means $10,250,000 expressed in 2024 dollars, wh ich shall increase by the Construction Inflation Index on July 1, 2025, and on each July 1 thereafter, or such lower amount (i) determined by the City Council as sufficient to provide the facilities under the authorized bonding program for CFD No. 2024- 1, or (ii) determined by the City Council concurrently with a covenant that it will not issue any more Bonds to be supported by Special Tax levied under this Rate and Method of Apportionment.
“Construction Fund” means an account specifically identified in the Indenture or functionally equivalent to hold funds, which are available for expenditure to acquire or construct facilities eligible to be financed by CFD No. 2024-1.
“Construction Inflation Index” means the greater of (i) 2% and (ii) the annual percentage change in the Engineering News-Record Building Cost Index for the ci ty of Los Angeles, measured as of the Calendar Year which ends in the previous Fiscal Year. In the event this index ceases to be published, the Construction Inflation Index shall be another index as determined by the City that is reasonably comparable to the Engineering News-Record Building Cost Index for the city of Los Angeles.
“Future Facilities Costs” means the CFD Facilities minus (i) amo unts deposited in the Construction Fund, (ii) amounts deposited in any escrow accounts funded by the Outstanding Bonds and anticipated to fund public facilities costs, and (iii) pub lic facility costs funded by interest earnings on the Construction Fund actually earned prior to the date of prepayment.
“Outstanding Bonds” means all previously issued Bonds issued and secured by the levy of Special Tax which will remain outstanding after the first interest and/or principal payment date following the current Fiscal Year, excluding Bonds to be redeemed at a later date with the proceeds of prior prepayments of Special Tax.
1. Prepayment in Full
The Special Tax obligation may be prepaid and perm anently satisfied for (i) Assessor’s Parcels of Developed Property, (ii) Assessor’s Parcels of Approv ed Property or Undeveloped Property for which a Building Permit has been issued, (iii) Assessor’s Parc els of Approved Property or Undeveloped Property for which a Building Permit has not been issued and (iv) Assessor’s Parcels of Provisional Undeveloped Property. The Special Tax obligation applicable to an Assessor’s Parcel may be fully prepaid and the obligation to pay the Special Tax for such Assessor’s Parcel permanently satisfied as described herein; provided that a prepayment may be made only if th ere are no delinquent Special Taxes with respect to such Assessor’s Parcel at the time of prepayment. An owner of an Assessor’s Parcel intending to prepay the Special Tax obligation for such Assessor’s Parcel shall provide th e CFD Administrator with written notice of intent to prepay, and within 5 business days of receipt of such notice, the CFD Administrator shall notify such owner of the amount of the non-re fundable deposit determined to cover the cost to be incurred by the CFD in calculating the Prepayment Am ount (as defined below) for the Assessor’s Parcel.
Within 15 days of receipt of such non-refundable deposit, the CFD Administrator shall notify such owner of the Prepayment Amount for the Assessor’s Parcel. Prepayment must be made not less than 60 days prior to the redemption date for any Bonds to be redeemed with the proceeds of such prepaid Special Taxes.
The Prepayment Amount shall be calculated as follows (some capitalized terms are defined below):
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Community Facilities District No. 2024-1 (Banner Park II) Page 10
Bond Redemption Amount
plus Redemption Premium
plus Future Facilities Amount
plus Defeasance Amount
plus Administrative Fees and Expenses
less Reserve Fund Credit
Equals: Prepayment Amount
The Prepayment Amount shall be determined as of the proposed prepayment date as follows:
1. Confirm that no Special Tax delinquen cies apply to such Assessor’s Parcel.
2. For an Assessor’s Parcel of Developed Prop erty, compute the Maximum Special Tax for the Assessor’s Parcel. For an Assessor’s Parcel of Approved Property or Undeveloped Property for which a Building Permit has been issued, compute the Ma ximum Special Tax for the Assessor’s Parcel as though it was already designated as Developed Property, based upon the Building Permit which has been issued for the Assessor’s Parcel. For an Assessor’s Parcel of Approved Property or Undeveloped Property for which a Building Permit has not been issued, or Provisional Undeveloped Property, compute the Maximum Special Tax for the Assessor’s Parcel.
3. Divide the Maximum Special Tax derived pursuant to paragraph 2 by the total amount of Maximum Special Taxes that could be levied assumi ng build out of all Assessor’s Parcels of Taxable Property based on the applicable Maximum Special Tax for Assessor’s Parcels of Developed Property not including any Assessor’s Parcels for which the Special Tax obligation has been previously prepaid.
4. Multiply the quotient derived pursuant to paragraph 3 by the principal amount of the Outstanding Bonds to determine the amount of Outstanding Bonds to be redeemed with the Prepayment Amount (the “Bond Redemption Amount”).
5. Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the “Redemption Premium”).
6. Determine the Future Facilities Costs.
7. Multiply the quotient derived pursuant to paragraph 3 by the amount determined pursuant to paragraph 6 to determine the amount of Future Facilities Costs for the Assessor’s Parcel (the “Future Facilities Amount”).
8. Determine the amount needed to pay interest on the Bond Redemption Amount from the first bond interest and/or principal payment date following the current Fiscal Year until the earliest redemption date for the Outstanding Bonds on which Bonds can be redeemed from Special Tax prepayments.
9. Determine the Special Taxes levied on the Asse ssor’s Parcel in the curre nt Fiscal Year which have not yet been paid.
10. Determine the amount the CFD Administrator reasonably expects to derive from the investment of the Bond Redemption Amount and the Redemption Premium from the date of prepayment until the redemption date for the Outstanding Bonds to be redeemed with the Prepayment Amount.
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11. Add the amounts derived pursuant to paragra phs 8 and 9 and subtract the amount derived pursuant to paragraph 10 (the “Defeasance Amount”).
12. Verify the administrative fees and expenses of the CFD, the cost to invest the Prepayment Amount, the cost of redeeming the Outstanding Bonds, and the cost of recording notices to evidence the prepayment of the Special Tax obligation for the Assessor’s Parcel and the redemption of Outstanding Bonds (the “Administrative Fees and Expenses”).
13. The reserve fund credit (the “Reserve Fund Cr edit”) shall equal the lesser of: (a) the expected reduction in the reserve requirement (as defined in the Indenture), if any, associated with the redemption of Outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirement (as defined in the Indenture) in effect after the redemption of Outstanding Bonds as a result of the prepayme nt from the balance in the reserve fund on the prepayment date, but in no event shall such amount be less than zero.
14. The Prepayment Amount is equal to the sum of the Bond Redemption Amount, the Redemption Premium, the Future Facilities Amount, the Defeas ance Amount and the Administrative Fees and Expenses, less the Reserve Fund Credit.
15. From the Prepayment Amount, the Bond Rede mption Amount, the Redemption Premium, and Defeasance Amount shall be deposited into the appropriate fund as established under the Indenture and be used to redeem Outstanding Bonds or make debt service payments. The Future Facilities Amount shall be deposited into the Construction Fu nd. The Administrative Fees and Expenses shall be retained by the CFD.
The Prepayment Amount may be sufficient to redeem other than a $5,000 increm ent of Bonds. In such event, the increment above $5,000 or an integral multiple thereof will be retained in the appropriate fund established under the Indenture to be used with the next redemption from other Special Tax prepayments of Outstanding Bonds or to make debt service payments.
As a result of the payment of the current Fiscal Year’s Special Tax levy as determined pursuant to paragraph 9 above, the CFD Administrator shall remove the current Fiscal Year’s Special Tax levy for the Assessor’s Parcel from the County tax roll. With respect to any Assessor’s Parcel for which the Special Tax obligation is prepaid, the City Council shall cause a suit able notice to be recorded in compliance with the Act, to indicate the prepayment of Special Tax oblig ation and the release of the Special Tax lien for the Assessor’s Parcel, and the obligation to pay the Special Tax for such Assessor’s Parcel shall cease.
Notwithstanding the foregoing, no Special Tax pr epayment shall be allowed unless the amount of Maximum Special Tax that may be levied on all Assessor’s Parcels of Taxable Property after the proposed prepayment will be at least 1.1 times maximum annua l debt service on the Bonds that will remain outstanding after the prepayment plus the estimated annual Administrative Expenses.
Tenders of Bonds in prepayment of the Special Tax obligation may be accepted upon the terms and conditions established by the City Council pursuant to the Act. However, the use of Bond tenders shall only be allowed on a case-by-case basis as specifically approved by the City Council.
2. Prepayment in Part
The Special Tax obligation for an Assessor’s Parcel of Developed Property, Approved Property,
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Undeveloped Property, or Provisional Undeveloped Pr operty may be partially prepaid. For purposes of determining the Partial Prepayment Amount, the provisio ns of Section G.1 shall be modified as provided by the following formula:
PP = ((PE – A) x F) + A
These terms have the following meaning:
PP = Partial Prepayment Amount
PE = the Prepayment Amount calculated according to Section G.1 F = the percent by which the owner of the Assessor’s Parcel(s) is partially prepaying the Special Tax obligation
A = the Administrative Fees and Expenses determined pursuant to Section G.1 The owner of an Assessor’s Parcel who desires to partially prepay the Special Tax obligation for the Assessor’s Parcel shall notify the CF D Administrator of (i) such owner’s intent to partially prepay the Special Tax obligation, (ii) the percentage of the Special Tax obligation such owner wishes to prepay, and (iii) the company or agency that will be acting as the escrow agent, if any. Within 5 days of receipt of such notice, the CFD Administrator shall notify such property owner of the amount of the non-refundable deposit determined to cover the cost to be incurred by the CFD in calculating the Partial Prepayment Amount. Within 15 business days of receipt of such non-refundable deposit, the CFD Administrator shall notify such owner of the amount of the Partial Prep ayment Amount for the Assessor’s Parcel. A Partial Prepayment Amount must be made not less than 60 days prior to the redemption date for the Outstanding Bonds to be redeemed with the proceeds of the Partial Prepayment Amount.
With respect to any Assessor’s Parc el for which the Special Tax obligation is partially prepaid, the CFD Administrator shall (i) distribute the Partial Prepayme nt Amount as provided in Paragraph 15 of Section G.1, and (ii) indicate in the records of the CFD that there has been a partial prepayment for the Assessor’s Parcel and that a portion of the Special Tax obligation equal to the remaining percentage (1.00 - F) of the applicable Special Tax will continue to be levied on the Assessor’s Parcel pursuant to Section E.
H. TERMINATION OF SPECIAL TAX
For each Fiscal Year that any Bonds are outstanding the Special Tax shall be levied on all Assessor’s Parcels subject to the Special Tax pursuant to Section E. The Special Tax shall cease not later than the 2067-2068 Fiscal Year, however, Special Taxes will cease to be levied in an earlier Fiscal Year if the CFD Administrator has determined (i) that all the required interest and principal payments on the CFD No. 2024-1 Bonds have been paid; (ii) all authorized facilities of CFD No. 2024-1 have been acquired and all reimbursements to the developer have been paid, (iii) no delinquent Sp ecial Taxes remain uncollected and (iv) all other obligations of CFD No. 2024-1 have been satisfied.
I. MANNER OF COLLECTION
The Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 2024- 1 may collect Special Taxes at a different time or in a different manner if necessary to meet its fina ncial obligations, and may covenant to foreclose and may actually foreclose on delinquent Assessor’s Parcels as permitted by the Act.
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J. APPEALS OF SPECIAL TAXES
Any taxpayer may file a written appeal of the Special Taxes levied on his/her Assessor’s Parcel(s) with the CFD Administrator, provided that the appellant is curre nt in his/her payments of Special Taxes. During pendency of an appeal, all Special Taxes previously le vied must be paid on or before the payment date established when the levy was made. The appeal mu st specify the reasons why the appellant claims the Special Tax is in error. The CFD Administrator shall review the appeal, meet with the appellant if the CFD Administrator deems necessary, and advise the appellant of its determination. If the CFD Administrator agrees with the appellant, the CFD Administrator shall grant a credit to eliminate or reduce future Special Taxes on the appellant’s Assessor’s Parcel(s). No refunds of previously paid Special Taxes shall be made unless approved by the CFD Administrator.
The CFD Administrator shall interpret this Rate and Method of Apportionment and make determinations relative to the annual levy and administration of the Special Taxes and any taxpayer who appeals, as herein specified.
Appendix B:
Proposed Boundary Map
Briggs Rd
Appendix C:
Resolution of Intention