CITY OF NAPA
COMMUNITY FACILITIES DISTRICT
NO. 2017-1
(GASSER SOSCOL GATEWAY)
Prepared by:
Francisco & Associates, Inc.
231 Market Place, Suite 543
San Ramon, CA 94583
(925) 8
67-3400
Fiscal Year 2020-21
Annual Tax Report
November 5, 2021
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) CITY DIRECTORY
Francisco & Associates, Inc.
i
CITY OF NAPA
COMMUNITY FACILITIES DISTRICT NO. 2017-1
(GASSER SOSCOL GATEWAY)
FISCAL YEAR 2020-21
CITY COUNCIL AND CITY STAFF
Scott Sedgley
Mayor
Liz Alessio
Vice Mayor
Mary Luros
Councilmember
Beth Painter
Councilmember
Bernie Narvaez
Councilmember
Steve Potter
City Manager
Bret Prebula
Finance Director
Elizabeth Cabell
Finance Manager
Francisco & Associates, Inc.
Special Tax Consultant
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) TABLE OF CONTENTS
Francisco & Associates, Inc.
ii
TABLE OF CONTENTS
Page No.
Section I – Introduction ....................................................................................................................... 1
Section II – Revenues and Expenditures .......................................................................................... 3
Section III – Status of Construction ................................................................................................. 4
Section IV – Calculation of Special Tax Levy ................................................................................. 5
Appendix A – Rate and Method of Apportionment of Special Tax
Appendix B – Boundary Map
Appendix C – List of Authorized Facilities
Appendix D – Debt Service Schedule
Appendix E – Special Tax Roll
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) SECTION 1
Francisco & Associates, Inc.
1 SECTION I
INTRODUCTION
A Resolution of Formation creating City of Napa Community Facilities District No. 2017-1 (the “CFD”) was approved on September 5, 2017, by the City Council (the “Council”) of the City of Napa (the “City”). Development of the Gasser Foundation properties along Soscol Avenue created the need for public financing of the public infrastructure required per the conditions of approval.
The CFD was formed to fund the construction of public roads, bridge, water quality improvements, drainage improvements, and water system improvem ents. In addition, the CFD will cover the costs associated with setting, levying and collection of the annual special taxes and incidental costs, as required by the City. The special tax will be le vied in the CFD in each fiscal year beginning with Fiscal Year (FY) 2018-19.
This report provides a detailed description of the process used to calculate special tax levies for the CFD. The special taxes are calculated according to the “Rate and Method of Apportionment of Special Tax” (RMA) (see Appendix “A”) as adopted by the City Council Resolution forming the CFD in September 2017.
BOUNDARIES OF THE CFD
All territory in the CFD is shown on the record ed boundary map. See Appendix “B” for a map showing the boundaries of the CFD. Parcels designated for a public use and some privately held easements are considered tax-exempt. All other parcels are subject to the annual special tax. The following is a breakdown of the development status for each parcel for FY 2020-21, as defined by the RMA, within the CFD.
Developed Assessor's Developed
Status Parcel Number Status
DEVELOPED 046-692-002-000 DEVELOPED
DEVELOPED 046-693-010-000 DEVELOPED
DEVELOPED 046-693-013-000 DEVELOPED
DEVELOPED 046-693-014-000 DEVELOPED
DEVELOPED 046-693-015-000 DEVELOPED
DEVELOPED 046-693-016-000 DEVELOPED
EXEMPT* 046-693-017-000 DEVELOPED
UNDEVELOPED 046-694-004-000 DEVELOPED
DEVELOPED 046-694-005-000 DEVELOPED
DEVELOPED 046-694-006-000 DEVELOPED
UNDEVELOPED 046-694-007-000 DEVELOPED
DEVELOPED 046-694-008-000 DEVELOPED
DEVELOPED046-692-001-000
046-190-072-000
046-190-053-000
046-190-054-000
046-190-070-000
046-190-071-000
046-190-045-000
046-190-052-000
*This parcel has been classified as affordable housing and has been deemed to be Exempt Property under the RMA by the City.
Assessor's
Parcel Number
005-180-028-000
005-200-034-000
005-200-035-000
005-200-036-000
046-190-024-000
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) SECTION 1
Francisco & Associates, Inc.
2 ANNUAL SPECIAL TAX LEVY
For FY 2020-21, the maximum annual special tax rate for Developed Property was $35,562.00 per acre. The maximum annual special tax rate for Undeveloped Property was $35,562.00 per acre.
IMPROVEMENTS FINANCED BY THE CFD
The full and complete list of authorized facili ties and improvements can be found in Appendix “C”. The following is a summary of the authorized items funded by the CFD:
1. Public Street Improvements
2. Water Quality Improvements
3. Drainage Improvements
4. Water System Improvements
5. Water Line Improvements
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) SECTION 1I
Francisco & Associates, Inc.
3 SECTION II
REVENUES AND EXPENDITURES
The revenues are the special tax collections and in terest earnings, if any, for FY 2020-21. The costs are those expenditures that were funded in FY 2020-21. The annual costs are composed of:
1) bond debt service, 2) administrative expenses , 3) prior year or anticipated current year delinquencies, and 4) improvement fund expenditures. The initial debt service schedule for the bonds can be found in Appendix “D”.
Revenues:
Fund Balance as of July 1, 2020 $797,349.57
Special Tax Collection $1,210,515.08
Interest Earnings $11,497.37
Excess Improvement Fund Transfer $96,330.77
Excess Reserve Fund Transfer $25,541.42
$2,141,234.21
Expenditures:
Debt Service Payment1
$1,148,681.26
Anticipated Delinquencies $0.00
Admin. Expenses2
$14,385.00
Other Expenses $0.00
$1,163,066.26
Balance as of June 30, 2021 $978,167.95
1 $786,965.63 in principal and interest paid in September 2020 and $361,715.63 in interest paid in March 2021.
Revenues:
Improvement Fund Balance as of July 1, 2020 $96,315.87
Interest Earnings $14.90
$96,330.77
Expenditures:
Transfer to Special Tax Fund $96,330.77
$96,330.77
Improvement Fund Balance as of June 30, 2021 $0.00
Special Tax Fund Revenues and Expenditures
Improvement Fund Revenues and Expenditures1
1 At the time the $19,950,000 City of Napa CFD No. 2017-1 (Gasser Soscol Gateway) 2017 Special Tax Bonds were issued, $18,005,001.57 was deposited into the Improvement Fund to pay for the acquisition, construction, and completion of facilities and improvements to be owned and operated by the City. 2 Admin. Expenses includes consultant fees, county fees to place the special taxes on the Napa County property tax roll, City fees, and Trustee and Fiscal Agent Fees.
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) SECTION I1I
Francisco & Associates, Inc.
4 SECTION III
STATUS OF CONSTRUCTION
The following is the status of construction of the improvements financed within the CFD, as provided by the developer.
Amount % of Cost
Percent Completion Total Cost Reimbursed Reimbursed
Facility Description Complete Date of Facility by CFD by CFD Gasser Driv e E xtension and Bridge 100% July 2019 $7,869,944 $6,988,703 89% R esidual Ov erland Flow 100% July 2019 $11,395,725 $9,395,773 82% Sousa / Oil Company Road 100% July 2019 $1,925,532 $1,649,462 86%
Source: The Gasser Foundation
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) SECTION IV
Francisco & Associates, Inc.
5 SECTION IV
CALCULATION OF SPECIAL TAX LEVY
CLASSIFICATION OF PARCELS
For each fiscal year, each parcel of land within the CFD is classif ied as Taxable or Tax-Exempt.
The Taxable Properties are further classified as a Developed Property or Undeveloped Property.
The parcel classifications for FY 2020-21 are summarized below.
Land Use
No. of
Parcels
Taxable
Acres
Developed Property 22 33.82
Undeveloped Property 2 4.69
Exempt Property 1 N/A
25 38.51
ASSIGNMENT OF MAXIMUM ANNUAL SPECIAL TAX
The maximum annual special taxes are determined by multiplying the taxable acreage for each property by $35,562.00 per acre. The followin g table shows the FY 2020-21 maximum annual special tax for each taxable parcel with the CFD.
Assessor's Developed FY 2020-21
Parcel Number Status Maximum Tax
005180028000 DEVELOPED $84,637.56
005200034000 DEVELOPED $30,938.94
005200035000 DEVELOPED $48,364.32
005200036000 DEVELOPED $2,489.34
046190024000 DEVELOPED $24,893.40
046190045000 DEVELOPED $85,704.42
046190052000 EXEMPT $0.00
046190053000 UNDEVELOPED $118,777.08
046190054000 DEVELOPED $220,840.02
046190070000 DEVELOPED $24,182.16
046190071000 UNDEVE LOPED $48,008.70
046190072000 DEVELOPED $93,528.06
046692001000 DEVELOPED $29,872.08
046692002000 DEVELOPED $43,385.64
046693010000 DEVELOPED $14,936.04
046693013000 DEVELOPED $33,072.66
046693014000 DEVELOPED $12,091.08
046693015000 DEVELOPED $18,492.24
046693016000 DEVELOPED $33,428.28
046693017000 DEVELOPED $24,893.40
046694004000 DEVELOPED $19,914.72
046694005000 DEVELOPED $75,391.44
046694006000 DEVELOPED $181,010.58
046694007000 DEVELOPED $8,534.88
046694008000 DEVELOPED $92,105.58
$1,369,492.62
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) SECTION IV
Francisco & Associates, Inc.
6 CURRENT ANNUAL CFD REVENUE
The annual CFD special tax revenue is equal to the special tax requirement as defined by the RMA. The special tax requirement for FY 2020-21 is shown below.
FY 2020-21
Special Tax Requirement
Debt service payment due March 1, 2021 and September 1, 2021: $1,153,431.26 Acquisition or construction of facilities: $0.00
Administrative expenses:
Francisco & Associates $4,500.00
NHA Fees $3,500.00
County Fees for placing on tax roll $50.00
City Admin fees $5,000.00
Trustee / Fiscal Agent fees $3,000.00
Other expenses $0.00
Amount to replenish reserves, if any $0.00
Amount for anticipated delinquencies $0.00
Costs of remarketing, etc. $0.00
Less credits, if any $0.00
$1,169,481.26
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) APPENDIX A
Francisco & Associates, Inc.
APPENDIX A
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX
ATTACHMENT 1
EXHIBIT B
CITY OF NAPA
Community Facilities District No. 2017- 1
Gasser Soscol Gateway)
RATE. AND METHOD OF APPORTIONMENT OF SPECIAL TAX
To the extent provided herein a Special Tax shall be levied on all Assessor' s Parcels of Taxable Property in the City of Napa Community Facilities District No. 2017-1 (Gasser Soscol Gateway) and collected each Fiscal Year commencing in Fiscal Year 2017-18, in an amount determined by the CFD Administrator through the application of the procedures described below. All of the real property in CFD No. 2017-1, unless exempted by lawor by -the provisionshereof, shall betaxed for the purposes, to the extentand in the manner herein provided.
A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
Acre" or " Acreage" means the number of acres of 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 otherrecordedCountyparcelmap. Oneacreis equalto 43,560squarefeet.
Act' means the Mello -Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the California Government Code.
Administrative Expenses" means the following actual or reasonably estimated costs relatedtotheadministrationofCFDNo. 2017-1: thecostsofcomputingtheSpecialTaxes andpreparingtheannualSpecialTaxcollectionschedules (whetherbytheCity, CFDNo. 2017-1, oranydesigneethereof); thecostsofcollectingtheSpecialTaxes (whetherby theCounty, theCity, throughforeclosureproceedings, orotherwise); thecostsofremitting the Special Taxes to the Trustee; the costs of the Trustee ( including its legal counsel) in the discharge of the duties required of it under the Indenture; the costs to the City, CFD No. 2017-1oranydesigneethereofof complyingwitharbitragerebaterequirements; the coststo the City, CFD No. 2017-1 or anydesigneethereofof complyingwith City, CFD No. 2017- 1 or obligated persons disclosure requirements associated with applicable federal and state securities laws and of the Act; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries regarding the SpecialTaxes; thecostsoftheCity, CFDNo. 2017-1or anydesigneethereofrelatedto an appeal of the Special Tax; the costs associated with the release of funds from an escrowaccount; attorney's feesandothercostsrelatedto commencingandpursuingto completionanyforeclosure. ofdelinquentSpecialTaxes; thecostsof Citystafftimeand reasonableoverheadrelatingto the administrationof CFD No. 2017-1; and any other R2017- 117Page 8 of 18 September. 5, 2017
ATTACHMENT 1
costsor third partyexpensesestimatedor advancedby the Cityor CFDNo. 2017-1for any other administrative purposes of CFD No. 2017-1.
Assessor' s Parcel" means a lot or parcel shown in an Assessor' s Parcel Map with an assigned Assessor' s Parcel number.
Assessor' s Parcel Map" means an official map of the Assessor of the County designating parcels by Assessor' s Parcel number.
Bonds" meansany bonds or other debt (as definedin Section53317(d) of the Act), whether in one or more series, issued by CFD No. 2017-1 under the Act.
CFD Administrator" means an official of the City, or designee thereof, who is responsible for determining the Special Tax Requirement, providing for the levy and collection of the Special Taxes, and other duties as set forth herein.
CFD No. 2017-1" means the City of Napa Community Facilities District No. 2017-1 Gasser Soscol Gateway).
City" means the City of Napa.
County" means the County of Napa.
Developed Property" means, for each Fiscal Year, all Taxable Property, exclusive of Taxable Property Owner Association Property or Taxable Public Property, for which a buildingpermitforconstructionof newbuildingsquarefootage (excludinganypermitsfor additions to property where the addition is less than 1,000 square feet) was issued prior to May1ofthe priorFiscalYear. Oncea propertyis assignedtothe DevelopedProperty category, it cannotbe reclassifiedin subsequentyearsto UndevelopedProperty, Final Map" means (i) for propertyotherthan Condominiums, a final mapapprovedby theCitypursuanttotheSubdivisionMapAct (CaliforniaGovernmentCodeSection66410 et seq.) that createsindividuallotsfor which buildingpermitsmay be issued, or (ii) for Condominiums, a final map approved by the City and a condominium plan recorded pursuant to California Civil Code Section 1352 creating such individual lots or parcels.
Fiscal Year" means the period starting July 1 and ending on the following June 30.
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.
Maximum Special Tax" means, with respect to an Assessor' s Parcel of Taxable Property, theMaximumSpecialTax, determinedinaccordancewithSectionCbelowthat can be levied in any Fiscal Year on such Assessor's Parcel. 82017. 117 Page 9 of 18 September 5, 2017
ATTACHMENT 1
Outstanding Bonds" means all Bonds which are outstanding under and in accordance with the provisions of the Indenture.
Property Owner Association Property" means, for each Fiscal Year, any property within the boundaries of CFD No. 2017- 1 that is owned by or irrevocably dedicated to a property owner association, including any master or sub -association.
Proportionately" means (a) with respect to the Special Tax for Developed Property that the ratio of the actual Special Tax levy to the Maximum Special Tax is equal for all Assessors Parcels of Developed Property; ( b) with respect to the Special Tax for Undeveloped Property that the ratio of the actual Special Tax levy to the Maximum Special Tax is equal for all Assessors Parcels of Undeveloped Property; ( c) with respect to the Special Tax for Taxable Property Owner Association Property that the ratio of the actualSpecialTax levyto the MaximumSpecialTax is equalfor all Assessor's Parcels of TaxablePropertyOwnerAssociationProperty; and (d) with respectto the SpecialTax for Taxable Public Property that the ratio of the actual Special Tax levy to the Maximum Special Tax is equal for all Assessor' s Parcels of Taxable Public Property.
Public Property" means, for each Fiscal Year, any property within the boundaries of CFD No. 2017-1 that (i) is owned by or irrevocably offered for dedication to the federal government, the State, the County, the City or any other public agency, provided however that any property leased by a public agency to a private entity and subject to taxation under Section 53340. 1 of the Act shall be taxed and classified in accordance with its use; or ( ii) is encumbered by a public utility easement making impractical its use for any purpose other than that set forth in the easement.
Reserve Requirement" means the reserve requirement for the Bonds as defined in the Indenture.
Residential Property" meansall Assessor's Parcelsof DevelopedPropertyfor which a building permit has been issued for purposes of constructing one or more residential dwelling units.
Special Tax" means the annual special tax to be levied in each Fiscal Year on each Assessors Parcel of Developed Property, Undeveloped Property, Taxable Property Owner Association Property, and Taxable Public Property to fund the Special Tax Requirement.
Special Tax Requirement" means that amount required or estimated to be required in anyFiscalYearto pay: (1) debtserviceandotherperiodiccostsontheBondsdueinthe calendar year commencing in such Fiscal Year; (2) directly for the acquisition or construction of authorized facilities of CFD No. 2017- 1, to the extent that the inclusion of such amount does not increase the Special Tax levy beyond the step three in Section D; 3) AdministrativeExpenses; (4) any amountrequiredto increasethe amounton deposit in anyreservefundestablishedfor the Bondsto the ReserveRequirementapplicable thereto; (5) forreasonablyanticipateddelinquentSpecialTaxesbasedonthedelinquency R2017. 117 Page 10 of 18 ' September 5, 2017
ATTACHMENT 1
rate for Special Taxes levied in the previous Fiscal Year; and ( 6) the costs of remarketing, credit enhancement and liquidity facility and reserve surety fees; less ( 7) a credit for funds available to reduce the annual Special Tax levy, as determined by the CFD Administrator pursuant to the Indenture.
State" means the State of California.
Taxable Property" means, for each Fiscal Year, all of the property within the boundaries of CFD No. 2017- 1 which is not exempt from the Special Tax pursuant to law or Section E below.
Taxable Property Owner Association Property" means, for each Fiscal Year, all Assessor's Parcels of Property Owner Association Property that are not exempt.from the Special Tax pursuant to Section E below.
Taxable Public Property" means, for each Fiscal Year, all Assessor's Parcels of Public Property that are not exempt from the Special Tax pursuant to law or Section E below.
Trustee" means the trustee or fiscal agent under the Indenture.
Undeveloped Property" means, for each Fiscal Year, all Taxable Property not classified as Developed Property, Taxable Property Owner Association Property, or Taxable Public Property.
B. ASSIGNMENT TO LAND USE CATEGORIES
Each Fiscal Year, all Taxable Property within CFD No. 2017-1 shall be classified as Developed Property, Taxable Property Owner Association Property, Taxable Public Property, or Undeveloped Property, and shall be subject to the Special Tax in accordance with the rate and method of apportionment determined pursuant to Sections C, D, and E below.
C. MAXIMUM SPECIAL TAXE RATE
Developed Property - Maximum Special Tax
The Maximum Special Tax for each Assessor' s Parcel of Developed Property shall be 35, 562. 00 per Acre
2. Undeveloped Property, Taxable Property Owner Association Property, and Taxable Public Property - Maximum Special Tax
The Maximum Special Tax for each Assessor' s Parcel of Undeveloped Property, Taxable PropertyOwnerAssociationProperty, andTaxablePublicPropertyshallbe $35,562.00 per Acre.
R2017- 117 Page 11 of 18 September 5, 2017
ATTACHMENT 1
D. METHOD OF APPORTIONMENT OF THE SPECIAL TAXES
Commencing with Fiscal Year 2017-18 and for each following Fiscal Year, the CFD Administrator shall determine the Special Tax Requirement and shall levy the Special Tax as follows:
Step 1: On July 1 of each year coordinate with the Napa County Assessor's Office to determine if the Taxable Properties of the prior Fiscal Year are valid Assessor' s Parcels for the current Fiscal Year. If the Assessors Parcels of the prior Fiscal Year are valid Assessor' s Parcels proceed to Step " 3" below;
Step 2: If some or all of the Taxable Properties of the prior Fiscal Year are invalid Assessor' s Parcels for the current Fiscal Year, prorate the Maximum Special Tax for each invalid Assessors Parcel to the newly created Taxable Property based on their Acreage for the current Fiscal Year showing the Maximum Special Tax for each valid Assessor' s Parcel of Taxable Property;
Step 3: The Special Tax shall be levied Proportionately on each Assessors Parcel of Developed Property at up to 100% of the applicable Maximum Special Tax for Developed Property, as needed to satisfy the Special Tax Requirement;
Step 4: If additional monies are needed to satisfy the Special Tax Requirement after the first three steps has been completed, the Special Tax shall be levied Proportionately on each Assessor' s Parcel of Undeveloped Property at up to 100% of the Maximum Special Tax for Undeveloped Property as needed to satisfy the Special Tax Requirement;
Step 5: If additional monies are needed to satisfy the Special Tax Requirement after the first four steps have been completed, then the Special Tax shall be levied Proportionately on each Assessor's Parcel of Taxable Property Owner Association Property at up to 100% of the Maximum Special Tax for Taxable Property Owner Association Property; and
Step 6: If additional monies are needed to satisfy the Special Tax Requirement after the first five steps have been completed, then the Special Tax shall be levied Proportionately on each Assessor' s Parcel of Taxable Public Property at up to 100% of the Maximum Special Tax for Taxable Public Property.
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Notwithstanding the above, under no circumstances shall the Special Tax levied against any Assessor' s Parcel of Residential Property for which an occupancy permit for private residential use has been issued be increased by more than 10% as a consequence of delinquency or default by the owner of any other Assessor' s Parcel within CFD No. 2017-
1. E. EXEMPTIONS
The CFD Administrator shall classify as Exempt Property ( 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 districts, excluding all property leased by a public agency to a private entity and subject to taxation under Section 53340. 1 of the Act), ( ii) Assessor' s Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement, or ( iii) Assessor' s Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by a property owners' association.
Notwithstandingthe 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 36.56 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
36.56 Acres will be classified as Taxable Public Property or Taxable Property Owners' Association Property, and will be subject to Special Taxes commencing with step five in Section D.
At such time, an Assessor' s Parcel must be classed as Taxable Public Property or Taxable Property Owners' Association Property, the following hierarchy shall be used to determine which Assessor' s Parcel will be taxed to ensure that the Taxable Property is not less than 36. 56 acres:
First, an Assessor' s Parcel as designated in ( iii) above Second, an. Assessor' s Parcel as designated in ( ii) above Third, an Assessor' s Parcel as designated in ( i) above No Special Tax shall be levied on any Assessors Parcel that has had its Special Tax obligation prepaid in full pursuant to Section H.
F. APPEALS
Any propertyownerclaimingthatthe amountor applicationof the SpecialTaxis not correct and requesting a refund may file a written notice of appeal and refund to that effect with the CFD Administrator not later than one calendar year after having paid the Special 82017- 117 Page 13 of 18 September 5, 2017
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Tax that is disputed. The CFD Administrator shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and decide the appeal. If the CFD Administrator' s decision requires the Special Tax be modified or changed in favor of the property owner, a cash refund shall not be made ( except for the last. year of levy), but an adjustment shall be made to the next Special Tax levy. Any dispute over the decision of the CFD Administrator shall be referred to an administrative hearing before a hearing officer in accordance with Napa Municipal Code Chapter 1.26 and the decision of the hearing officer shall be final. This procedure shall be exclusive and its exhaustion by any property owner shall be a condition precedent to any legal action by such owner.
G. 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 the City may directly bill the Special Tax and may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations.
H. PREPAYMENT OF SPECIAL TAX
The Special Tax may be prepaid as described below.
The following definitions apply to this Section H:
CFD Public Facilities Capacity" is equal to $ 15.5 million.
Construction Fund" means a fund or account, however denominated, specificallyidentifiedin the Indentureto hold funds which are availablefor expenditure to acquire or construct public facilities eligible for financing by CFD No. 2017-1 under the Act, including funds resulting from the levy of Special Taxes to paydirectlyfor the acquisitionor constructionof authorizedfacilities.
Future Facilities Costs" means, as of any date, the CFD Public Facilities Capacityminus (i) publicfacilitycostspreviouslypaidfromtheConstructionFund, ii) moneys currently on deposit in the Construction Fund, and (iii) moneys currently on deposit in an escrow fund that are expected to be available to finance public facilities costs. Notwithstanding the foregoing, if the City makes a covenant for the benefit of the owners of Bonds, that no additional Bonds ( other than refunding Bonds issued under the Act) payable from the Special Tax will be issued by CFD No. 2017- 1, the Future Facilities Costs shall be reduced to $ 0.
Outstanding Bonds" means, for purposesofthis SectionH, all Bondswhichare deemed to be outstandingunder the Indenture after the first interest and/or principal payment date following the current Fiscal Year.
R2017_ 117 Page 14 of 18 September 5, 2017
ATTACHMENT 1
Reserve Fund" means each fund established under an Indenture as a reserve for the payment of principal of, and interest and any premium on, the Bonds.
1. Developed Property
A. Prepayment in Full
The SpecialTax on anyAssessor's Parcelof DevelopedPropertymay be prepaidand permanentlysatisfied. The SpecialTax obligationapplicableto suchAssessor's Parcel in CFD No. 2017-1 may be fully prepaidandthe obligationof the Assessor's Parcelto pay the SpecialTax permanentlysatisfiedas describedherein; providedthat a prepaymentmaybe madeonly if there are no delinquentSpecialTaxeswith respectto such Assessors Parcel at the time of prepayment. An owner of an Assessor' s Parcel intendingto prepaytheSpecialTaxobligationshallprovidethe CFDAdministratorwith written notice of intent to prepay. Within 30 days of receipt of such written notice, the CFDAdministratorshallnotifysuchownerofthePrepaymentAmount (definedbelow) for such Assessor' s Parcel. The CFD Administrator may charge a reasonable fee for providing this calculation.
The Prepayment Amount shall be calculated as summarized below (capitalized terms as defined below):
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
As of the proposed date of prepayment, the Prepayment Amount shall be calculated as follows:
Step 1. Confirm that no Special Tax delinquencies apply to such Assessor's Parcel.
Step 2. For Assessor' s Parcels of Developed Property, compute the Maximum Special Tax applicable for the Assessor' s Parcel to be prepaid.
Step 3. Divide the Maximum Special Tax computed pursuant to Step 2 by the total estimated Maximum Special Tax for all current Developed Property, and
82017. 117 Page 15 of 18 September 5, 2017
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Step 4. Multiply the quotient computed pursuant to Step 3 by the Outstanding Bonds to compute the amount of Outstanding Bonds to be paid or redeemed ( the " Bond Redemption Amount').
Step S. Multiply the Bond Redemption Amount computed pursuant to Step 4 by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed ( the " Redemption Premium").
Step 6. Compute the current Future Facilities Costs.
Step 7. Multiply the quotient computed pursuant to Step 3 by the amount determined pursuant to Step 6 to compute the amount of Future Facilities Costs to be prepaid ( the " Future Facilities Amount').
Step 8: Compute the amount needed to pay interest on the Bond Redemption Amount from the first bond interest payment date following the current Fiscal Year until the earliest redemption date for the Outstanding Bonds.
Step 9: Determine the Special Tax levied on the Assessor' s Parcel in the current Fiscal Year which has not yet been paid.
Step 10. Compute the minimum amount the CFD Administrator reasonably expects to derive from the reinvestment of the Prepayment Amount less the Future Facilities Amount and the Administrative Fees and Expenses from the date of prepayment until the redemption date for the Outstanding Bonds to be redeemed with the prepayment.
Step 11. Add the amounts computed pursuant to Steps 8 and 9 and subtract the amount computed pursuant to Step 10 ( the " Defeasance Amount').
Step 12. Verify the administrative fees and expenses of No. 2017-1, including the costs of computation of the prepayment, the costs to invest the prepayment proceeds, the costs of redeeming Bonds, and the costs of recording any notices to evidence the prepayment and the redemption ( the " Administrative Fees and Expenses").
Step 13. The reserve fund credit ( the " Reserve Fund Credit') shall equal the lesser of: ( a) the expected reduction in the Reserve Requirement, 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 in effect after the redemption of OutstandingBondsas a resultof the prepaymentfromthe balance in the Reserve Fund established under the Indenture on the 82017. 117 Page 16 of 18 September 5, 2017
ATTACHMENT 1
prepayment date, but in no event shall such amount be less than zero.
Step 14. The Special Tax prepayment is equal to the sum of the amounts computed pursuant to Steps 4, 5, 7, 11 and 12, less the amount computed pursuant to Step 13 (the " Prepayment Amount').
Step 15. From the Prepayment Amount, the amounts computed pursuant to Steps 4, 5, 11, and 13 shall be deposited into the appropriate fund or account as established under the Indenture and be used to redeem Outstanding Bonds or make debt service payments thereon.
The amount computed pursuant to Step 7 shall be deposited into the Construction Fund. The amount computed pursuant to Step 12 shall be retained by CFD No. 2017- 1.
ThePrepaymentAmountmay be sufficientto redeemotherthan a $5,000incrementof Bonds. In such cases, the increment above $ 5,000 or integral multiple thereof will be retained in the appropriate fund or account established under the Indenture to be used with the next redemption of Bonds or to make debt service payments.
As a result of the payment of the current Fiscal Year's Special Tax levy as determined underStep9 (above), the CFDAdministratorshallremovethe currentFiscalYears Special Taxlevy for suchAssessor's Parcelfrom the Countytax rolls. Withrespectto any Assessors Parcel on whichthe Special Tax is prepaidand permanentlysatisfied pursuanthereto, the City shall cause a notice of cancellationof specialtax lien to be recorded in compliance with the Act, to indicate the prepayment and permanent satisfaction of such Special Tax and the cancellation of the Special Tax lien on such Assessor' s Parcel
B. Prepayment in Part
The Special Tax on any Assessor's Parcel of DevelopedPropertymay be partially prepaid. The amount of the prepayment shall be calculated as in Section HAA except that a partial prepayment shall be calculated according to the following formula:
PP= ( Pe— A) xF+ A
These terms have the following meaning:
PP = the partial prepayment
Pe = the Prepayment Amount calculated
according to Section HA.A
F = the percent by which the owner of the
Assessor' s Parcel is partially prepaying the
Maximum Special Tax
82017. 117 page 17 of 18 September 5, 2017
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A = the Administrative Fees and Expenses
according to Section H.1.A
An owner of an Assessor's Parcel intending to partially prepay the Special Tax obligation shall provide the CFD Administrator with ( i) written notice of intent to partially prepay and ii) the percentage of the Special Tax to be prepaid. Within 30 days of receipt of such written notice, the CFD Administrator shall notify such owner of the partial Prepayment Amount for such Assessor' s Parcel. The CFD Administrator may charge a reasonable fee for providing this calculation.
With respect to any Assessor's Parcel that is partially prepaid, CFD No. 2017-1 shall (i) distribute the funds remitted to it according to Section H.1.A. and (ii) indicate in the records of CFD No. 2017- 1 that there has been a partial prepayment of the Special Tax and that a portion of the Special Tax equal to the outstanding percentage (1.00 - F) of the remaining Maximum Special Tax shall continue to be levied on such Assessor' s Parcel pursuant to Section D.
TERM OF SPECIAL TAX
The Special Tax shall be levied on each Assessor' s Parcel of Taxable Property for a period not to exceed forty years from the Fiscal Year in which such Assessor's Parcel is first classified as Developed Property. Notwithstanding the foregoing no Special Tax shall be levied after Fiscal Year 2057- 58.
82017- 117 Page 18 of 18 September 5, 2017
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) APPENDIX B
Francisco & Associates, Inc.
APPENDIX B
BOUNDARY MAP
ATTACHMENT 1
CITY OF NAPA
FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY)
APPENDIX B
Francisco & Associates, Inc.
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) APPENDIX C
Francisco & Associates, Inc.
APPENDIX C
LIST OF AUTHORIZED FACILITIES
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) APPENDIX C
Francisco & Associates, Inc.
LIST OF AUTHORIZED FACILITES
List of Authorized Facilities
Pursuant to the Acquisition Agre ement, dated December 1, 2017, between the City of Napa and the Developer with respect to City of Napa CFD No. 2017-1 (Gasser Soscol Gateway), the following are the authorized facilities to be fu nded by the CFD. This list may be amended with the written consent of both parties.
Gasser Drive Extension
Gasser Drive Extension Roadway
Gasser Drive Bridge over Tulocay Creek
Kansas Drive Improvements to Right of Way at Soscol Avenue
Residual Overland Flow
Gasser Drive – North Drive to Soscol Avenue
Residual Overland Flow Improvements / Peatman Drive
Water Quality Improvements
Drainage Improvements
Water System Improvements
Silverado / Sousa Water Line
Oil Company Road (Sousa Lane)
Sousa Lane Improvements and Intersection
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) APPENDIX D
Francisco & Associates, Inc.
APPENDIX D
DEBT SERVICE SCHEDULE
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) APPENDIX D
Francisco & Associates, Inc.
Year E nding Total Debt
September 1 Principal Interest Service
2018 - $ 547,836.89 $ 547,836.89
2019 $410,000.00 $744,231.26 $1,154,231.26
2020 $ 420,000.00 $ 733,931.26 $ 1,153,931.26
2021 $430,000.00 $723,431.26 $1,153,431.26
2022 $445,000.00 $709,431.26 $1,154,431.26
2023 $ 460,000.00 $ 694,931.26 $ 1,154,931.26
2024 $475,000.00 $679,931.26 $1,154,931.26
2025 $490,000.00 $664,431.26 $1,154,431.26
2026 $ 510,000.00 $ 644,831.26 $ 1,154,831.26
2027 $530,000.00 $624,431.26 $1,154,431.26
2028 $ 550,000.00 $ 603,231.26 $ 1,153,231.26
2029 $ 570,000.00 $ 581,231.26 $ 1,151,231.26
2030 $590,000.00 $562,581.26 $1,152,581.26
2031 $605,000.00 $542,743.76 $1,147,743.76
2032 $630,000.00 $521,843.76 $1,151,843.76
2033 $650,000.00 $499,518.76 $1,149,518.76
2034 $675,000.00 $473,518.76 $1,148,518.76
2035 $700,000.00 $446,518.76 $1,146,518.76
2036 $730,000.00 $418,518.76 $1,148,518.76
2037 $ 755,000.00 $ 391,968.76 $ 1,146,968.76
2038 $780,000.00 $363,812.50 $1,143,812.50
2039 $810,000.00 $332,612.50 $1,142,612.50
2040 $845,000.00 $300,212.50 $1,145,212.50
2041 $875,000.00 $266,412.50 $1,141,412.50
2042 $910,000.00 $231,412.50 $1,141,412.50
2043 $945,000.00 $195,012.50 $1,140,012.50
2044 $985,000.00 $158,912.50 $1,143,912.50
2045 $1,020,000.00 $121,287.50 $1,141,287.50
2046 $1,060,000.00 $82,325.00 $1,142,325.00
2047 $1,095,000.00 $41,837.50 $1,136,837.50
Total: $ 19,95 0,000.00 $ 13,902,930.83 $ 33,85 2,930.83 $19,950,000
Community Facilities District No. 2017-1 (Gasser Soscol Gateway) Debt Service Schedule
2017 Sp ecial T ax B onds
City of Napa
ATTACHMENT 1
CITY OF NAPA FY 2020-21
CFD NO. 2017-1 (GASSER SOSCOL GATEWAY) APPENDIX E
Francisco & Associates, Inc.
APPENDIX E
SPECIAL TAX ROLL
Assessor's Developed FY 20 20-21 FY 2020-21 Taxable
Parcel Number Status Maximum Tax Minimum Tax Acreage
005180028000 DEVELOPED $84 ,637.56 $82,299.38 2.38
005200034000 DEVELOPED $30,938.94 $30,084.24 0.87
005200035000 DEVELOPED $48,364.32 $47,028.22 1.36
005200036000 DEVELOPED $2,489.34 $2,420.58 0.07
046190024000 DEVELOPED $24 ,893.40 $24,205.70 0.70
046190045000 DEVELOPED $85 ,704.42 $83,336.78 2.41
046190052000 EXEMPT $0.00 $0.00 0.00
046190053000 UNDEVELOPE D $118,777.08 $0.00 3.34
046190054000 DEVELOPED $220 ,840.02 $214,739.16 6.21
046190070000 DEVELOPED $24 ,182.16 $23,514.12 0.68
046190071000 UNDEVELOPE D $48,008.70 $0.00 1.35
046190072000 DEVELOPED $ 93,528.06 $90,944.28 2.63
046692001000 DEVELOPED $29,872.08 $29,046.84 0.84
046692002000 DEVELOPED $43,385.64 $42,187.08 1.22
046693010000 DEVELOPED $14,936.04 $14,523.42 0.42
046693013000 DEVELOPED $33, 072.66 $32,159.02 0.93
046693014000 DEVELOPED $12 ,091.08 $11,757.06 0.34
046693015000 DEVELOPED $18,492.24 $17,981.38 0.52
046693016000 DEVELOPED $33, 428.28 $32,504.80 0.94
046693017000 DEVELOPED $24,893.40 $24,205.70 0.70
046694004000 DEVELOPED $19,914.72 $19,364.56 0.56
046694005000 DEVELOPED $75 ,391.44 $73,308.70 2.12
046694006000 DEVELO PED $181,010.58 $176,010.04 5.09
046694007000 DEVELOPED $ 8,534.88 $8,299.10 0.24
046694008000 DEVELOPED $92,105.58 $89,561.10 2.59
$1,369,492.62 $1,169,481.26 38.51
ATTACHMENT 1