01337.0021/775248.1
82 multiple thereof will be retained in the appropriate fund established under the Indenture to redeem Outstanding Bonds to be used with the next prepayment of Outstanding Bonds.
The CFD Administrator will confirm that all previously levied Special Taxes have been paid in full. With respect to any Assessor’s Parcel for which the Special Tax A Obligation is prepaid in full, once the CFD Administrator has confirmed that all previously levied Special Taxes have been paid, the Council shall cause a sui table notice to be recorded in compliance with the Act, to indicate the prepayment of the Special Tax A and the release of the Special Tax A lien on such Assessor’s Parcel, and the obligation of the owner of such Assessor’s Parcel to pay the Special Tax A shall cease.
Notwithstanding the foregoing, no Special Tax A prepayment shall be allowed unless the aggregate amount of Maximum Special Tax A less Administrative Expenses that may be levied on Taxable Property, respectively, after the proposed prepayment i s at least 1.1 times the Debt Service on all Outstanding Bonds in each Fiscal Year.
2. Partial Prepayment
The Special Tax on an Assessor’s Parcel of Developed Property, Approved Property, or Undeveloped Property may be partially prepaid. The amount of the prepayment shall be calculated as in SectionF.1; except that a “Partial Prepayment Amount” shall be calculated according to the following formula:
𝐏𝐏 = (𝐏𝐄 − 𝐀) × 𝐅 + 𝐀
The terms above have the following meanings:
PP = The Partial Prepayment Amount
PE = The Prepayment Amount calculated according to Section F.1 F = The percentage of the Special Tax A Obligation that the owner of the Assessor’s Parcel(s) is partially prepaying
A = The Prepayment Administrative Fees and Expenses from Section F.1 The owner of any Assessor’s Parcel who desires such partial prepayment shall notify the CFD Administrator of (i) such owner’s intent to partially prepay the Special Tax A Obligation, (ii) the percentage by which the Special Tax A Obligation shall be prepaid, and (iii) the company or agency that will be acting as the escrow agent, if any. The CFD Administrator shall provide the owner with a statement of the amount required for the partial prepayment of the Special Tax A Obligation for an Assessor’s Parcel within sixty (60) days of the request and may charge a reasonable fee for providing this service.
With respect to any Assessor’s Parcel that is partially prepaid, the City shall (i) distribute the funds remitted to it according to SectionF.1, and (ii) indicate in the records of CFD No. 2022- 1 IA1 that there has been a partial prepayment of the Special Tax A Obligation and that a portion of the Special Tax with respect to such Assessor’s Parcel, equal to the outstanding percentage (1.00 - F) of the Ma ximum Special Tax A, shall continue to be levied on such Assessor’s Parcel.
Notwithstanding the foregoing, no partial prepayment shall be allowed unless the aggregate amount of Maximum Special Tax A less Administrative Expenses that may be
01337.0021/775248.1
83 levied on Taxabl e Property, respectively, after the proposed partial prepayment is at least
1.1 times the Debt Service on all Outstanding Bonds in each Fiscal Year.
The Special Tax B may not be prepaid.
G. SPECIAL TAX REDUCTION
The following definitions apply to this Section G:
“Base Price” means, with respect to the Residential Units in each Plan Type as of the date of the applicable Price Point Study, the base price of such Residential Units as estimated by the Price Point Consultant, excluding potential appreciation, premiums, options, or upgrades, based upon their actual or expected characteristics, such as living area, view, or lot size. “Plan Type” means a discrete residential plan type, generally consisting of Residential Units that share a common product type (e .g. detached, attached or cluster) and that have nearly identical amounts of living area, that is constructed or expected to be constructed within CFD No. 2022-1 IA 3, as identified in the Price Point Study. “Price Point Consultant” means any consultant or firm of such consultants selected by CFD No. 2022-1 IA 3 that (a) has substantial experience in performing price point studies or otherwise estimating or confirming pricing for Residential Units within community facilities districts; (b) is well-versed in analyzing economic and real estate data that relate to the pricing of Residential Units in community facilities districts; (c) is independent and not under the control of CFD No. 2022-1 IA 3, the City, or the developer; (d) does not have any substantial interest, direct or indirect, with or in CFD No. 2022 -1 IA 3, the City, any owner of real property within CFD No. 2022-1 IA 3, or any real property in CFD No. 2022 -1 IA 3; and (e) is not connected with CFD No. 2022-1 IA 3 or the City as an officer or emplo yee thereof, but who may be regularly retained to make reports to CFD No. 2022-1 IA 3 or the City.
“Price Point Study” means a price point study or a letter updating a previous price point study which (a) has been prepared by the Price Point Consultant; ( b) sets forth the Plan Types constructed or expected to be constructed within CFD No. 2022 -1 IA 3; (c) sets forth the estimated number of constructed and expected Residential Units for each Plan Type; (d) sets forth estimates of the Base Price for each Pla n Type; and (e) uses a date for estimating such Base Prices that is no earlier than 30 days prior to the date the Price Point Study is delivered to the CFD Administrator, pursuant to this Section G.
“Total Effective Tax Rate” means, for a Plan Type, the T otal Tax Burden for such Plan Type divided by the Base Price for such Plan Type, converted to a percentage. “Total Effective Tax Rate Limit” means 2.00%.
“Total Tax Burden” means, with respect to a Plan Type, for the Fiscal Year for which the calculation is being performed, the sum of the Assigned Special Tax, estimated ad valorem property taxes, special assessments, special taxes for any overlapping community facilities districts, and any other governmental taxes, fees and charges levied or imposed on Residential Units of such Plan Type in CFD No. 2022 -1 IA 3 in such Fiscal Year o r that would have been levied or imposed on all such Residential Units had they been subject to such levies (excluding
01337.0021/775248.1
84 homeowners’ association dues and Property Assessed Clean Energy (PACE) charges imposed pursuant to AB 811 or SB 555).
Prior to the issua nce of the first series of Bonds for CFD No. 2022 -1 IA 3, the following steps shall be taken for each Land Use Class of for-sale Residential Property in CFD No. 2022-1 IA 3 for evaluating the Special Tax A:
1. At least 30 days prior to the issuance of the fi rst series of Bonds for CFD No. 2022-1 IA 3, a Price Point Study shall be completed and delivered to the CFD Administrator.
2. The CFD Administrator shall determine the Total Tax Burden and Total Effective Tax Rate for each Plan Type in CFD No. 2022-1 IA 3.
3. Separately, for each Land Use Class of for -sale Residential Property in CFD No. 2022-1 IA 3, the CFD Administrator shall determine whether or not the Total Effective Tax Rate for all Plan Types in a Land Use Class is less than or equal to the Total Effect ive Tax Rate Limit.
a. If the Total Effective Tax Rate for all Plan Types in a Land Use Class is less than or equal to the Total Effective Tax Rate Limit, then there shall be no change in Special Tax A rate for such Land Use Class in CFD No. 2022-1 IA 3. b. If the Total Effective Tax Rate for any Plan Type in a Land Use Class is greater than the Total Effective Tax Rate Limit, the CFD Administrator shall calculate a revised Assigned Special Tax A rate that does not cause the Total Effective Tax Rate for any Pla n Type in such Land Use Class to exceed the Total Effective Tax Rate Limit and assign the revised Assigned Special Tax A rate to the Land Use Class.
4. If the Assigned Special Tax A for any Land Use Class is revised pursuant to Step 3b above, the CFD Adminis trator shall calculate a revised Backup Special Tax A rate for each applicable Final Map within CFD No. 2022 -1 IA 3. The revised Backup Special Tax A for each applicable Final Map shall be an amount (rounded to the nearest whole dollar) calculated pursuant to the formula below:
𝐑𝐁𝐒𝐓 = 𝐁𝐒𝐓 × (𝟏 + 𝐑𝐀𝐒𝐓 − 𝐀𝐒𝐓
𝐀𝐒𝐓 )
The terms above have the following meanings:
RBST = Revised Backup Special Tax A
BST = The Backup Special Tax A for the Final Map, as set forth in Section C.2.
RAST = The total estimated Assigned Special Tax A levy for all Land Use Classes of Developed Property in the Final Map, assuming buildout of CFD No. 2022 -1 IA 3, including any reduced Assigned Special Tax A amounts resulting from the calculations in Step 3b above.
AST = The total estimated Assigned Special Tax A levy for all Land Use Classes of Developed Property in the Final Map, assuming buildout of CFD NO. 2022 -1 IA 3 based on the Assigned Special Tax A rates in effect prior to the reduction, pursuant to steps 3a and 3b.
01337.0021/775248.1
85 5. If the Assigned Special Tax A for any Land Use Class is revised pursuant to Step 3b above, the CFD Administrator shall also prepare and execute a Certificate to Amend the Special Tax substantially in the form of Exhibit “A” hereto and shall de liver such Certificate to Amend the Special Tax for CFD No. 2022-1 IA 3. The Certificate to Amend the Special Tax shall be completed for all Land Use Classes and shall set forth, as applicable, either (i) the reduced Assigned Special Tax A for a Land Use C lass as calculated pursuant to step 3b, or (ii) the Assigned Special Tax A as identified in Table 1 of Section C for a Land Use Class that was not revised as determined pursuant to step 3a; as well as either (i) the revised Backup Special Tax A as calculat ed pursuant to Step 4, or (ii) the Backup Special Tax A as identified in Section C.2 that was not revised as determined pursuant to step 4 above.
6. If the anticipated date of issuance for the first series of Bonds is within 180 days of the date of receipt o f the Price Point Study by the CFD Administrator, CFD No. 2022 -1 IA 3 shall execute the acknowledgement on such Certificate to Amend the Special Tax dated as of the closing date of such Bonds, and upon the closing of such first series of Bonds, the Assigned Special Tax A for each Land Use Class and the Backup Special Tax shall be as set forth in such Certificate to Amend the Special Tax. If the date of issuance of the first series of Bonds is not within 180 days of the date of receipt of the Price Point Stu dy by the CFD Administrator, such Certificate to Amend the Special Tax shall not be acknowledged by CFD No. 2022 -1 IA 3 and shall, as of such date, be void and of no further force and effect. In such case, if subsequently a first series of Bonds is expecte d to be issued, at least 30 days prior to that expected date, steps 1 through 5 of this section shall be performed based on a new Price Point Study.
7. After the execution by CFD No. 2022 -1 IA 3 of the acknowledgment on the Certificate to Amend the Special Tax, CFD No. 2022-1 IA 3 shall cause to be recorded in the records of the County Recorder an Amended Notice of Special Tax Lien for CFD No. 2022 -1 IA 3 reflecting the Assigned Special Tax A and the Backup Special Tax A for CFD No. 2022 -1 IA 3 set forth in such Certificate to Amend the Special Tax.
8. If the Assigned Special Tax A is not required to be changed for any Land Use Class based on the calculations performed under Step 3 above, there shall be no reduction in the Assigned Special Tax A or Backup Speci al Tax A, and no Certificate to Amend the Special Tax shall be required.
H. TERM OF SPECIAL TAX
The Special Tax A shall be levied as long as necessary to meet the Special Tax Requirement for Facilities for a period not to exceed sixty (60) Fiscal Years commencing with Fiscal Year 2022-23, provided however that the Special Tax may cease to be levied in an earlier Fiscal Year if the CFD Administrator has determined that all required interest and principal payments on all Outstanding Bonds have been paid.
The Special Tax B shall be levied in perpetuity as necessary to satisfy the Special Tax Requirement for Services.
01337.0021/775248.1
86 I. EXEMPTIONS
The CFD Administrator shall classify as Exempt Property (i) Assessor’s Parcels of Public Property, (ii) Assessor’s Parcels of Property Owner Association Property, or (iii) 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, and (iv) Assessor’s Parcels with pu blic or utility easements making impractical their utilization for other than the purposes set forth in the easement as determined reasonably by the CFD Administrator, provided that no such classification in (i) through (iv), inclusive, would reduce the su m of all Taxable Property in CFD No. 2022 -1 IA 3 to less than 9.48 Acres. Assessor’s Parcels which cannot be classified as Exempt Property because such classification would reduce the sum of all Taxable Property in CFD No. 2022 -1 IA 3 to less than 9.48 Acres shall be classified as Provisional Property and will continue to be subject to the CFD No. 2022 -1 IA 3 Special Taxes accordingly. Tax exempt status for the purpose of this paragraph will be assigned by the CFD Administrator in the chronological order in which property becomes eligible for classification as Exempt Property.
If the use of an Assessor’s Parcel of Exempt Property changes so that such Assessor’s Parcel is no longer classified as one of the uses set forth in the first paragraph of Section I ab ove that would make such Assessor’s Parcel eligible to be classified as Exempt Property, such Assessor’s Parcel shall cease to be classified as Exempt Property and shall be deemed to be Taxable Property.
J. APPEALS
Any landowner who pays the Special Tax an d claims the amount of the Special Tax levied on his or her Assessor’s Parcel is in error shall first consult with the CFD Administrator regarding such error not later than thirty -six (36) months after first having paid the first installment of the Special Tax that is disputed. If following such consultation, the CFD Administrator determines that an error has occurred, then the CFD Administrator shall take any of the following actions, in order of priority, in order to correct the error:
(i) Amend the Special Tax levy on the landowner’s Assessor’s Parcel(s) for the current Fiscal Year prior to the payment date,
(ii) Require the CFD to reimburse the landowner for the amount of the overpayment to the extent of available CFD funds, or
(iii) Grant a credit again st, eliminate or reduce the future Special Taxes on the landowner’s Assessor’s Parcel(s) in the amount of the overpayment.
If following such consultation and action by the CFD Administrator the landowner believes such error still exists, such person may fi le a written notice of appeal with the Council. Upon the receipt of such notice, the Council or designee may establish such procedures as deemed necessary to undertake the review of any such appeal. If the Council or designee determines an error still exists, the CFD Administrator shall take any of the actions described as (i), (ii) and (iii) above, in order of priority, in order to correct the error.
01337.0021/775248.1
87 K. INTERPRETATIONS
The Council or designee thereof shall interpret this Rate and Method of Apportionment for purposes of clarifying any ambiguities and make determinations relative to the administration of the Special Tax and any landowner appeals. The decision of the Council or designee shall be final.
01337.0021/775248.1
A-1
EXHIBIT A
CERTIFICATE TO AMEND THE SPECIAL TAX
CITY OF RICHMOND
COMMUNITY FACILITIES DISTRICT NO. 2022-1 (POINT MOLATE) IMPROVEMENT AREA NO. 3
TAX REDUCTION CERTIFICATE
1. Pursuant to Section G of the Rate and Method of Apportionment for Improvement Area No. 3 of City of Richmond Community Facilities District No. 2022 -1 (Point Molate) (the “RMA”), as attached to the Notice of Special Tax Lien, recorded in the Official Record s of the County of Contra Costa as Instrument No. __________ on __/__/____, the City of Richmond (the “City”) hereby reduces the Assigned Special Tax A rates for Developed Property within CFD No. 2022-1 IA 3 set forth in Table 1 of the RMA.
2. The calculations made pursuant to Section G were based upon a Price Point Study that was received by the CFD Administrator on __/__/____.
3. The Information in Table 1 relating to the Assigned Special Tax A for Developed Property within CFD No. 2022-1 IA 3 shall be amended and restated as shown in Table A-1 below:
4. The Backup Special Tax A for an Assessor’s Parcel of Developed Property shall equal $[ ] per Acre for each Final Map as shown in Table A-2 below:
5. On each July 1, commencing on July 1, ____, the Assigned Special Tax A rates in Table A - 1 and the Backup Special Tax A rates in 4 above shall be increased by an amount equal to two percent (2%) of the amount in effect for the previous Fiscal Year.
Land Use
Class Land Use Type Assigned
Special Tax A
1 Single Family Residential Property $[ ] per Residential Unit 2 Low-Rise Apartment/Townhome Property $[ ] per Residential Unit 3 Mid-Rise Condominium Property $[ ] per Residential Unit 4 For-Rent Low-Rise
Apartment/Townhome Property $[ ] per Residential Unit 5 For-Rent Mid-Rise Apartment Property $[ ] per Residential Unit 6 For-Rent Affordable Residential Property $[ ] per Residential Unit 7 Mixed-Use Non-Residential Property $[ ] per Square Foot 8 Neighborhood Retail Property $[ ] per Square Foot
01337.0021/775248.1
A-2
6. Upon execution of the certificate by the City and CFD No. 2022 -1 IA 3, the City shall cause an amended No tice of Special Tax Lien for CFD No. 2022 -1 IA 3 to be recorded reflecting the modifications set forth herein.
Submitted:
CFD ADMINISTRATOR
By: _________________________________ Date: ___________________ By execution hereof, the undersigned acknowledges on behalf of CFD No. 2022 -1 IA 3, receipt of this certificate and modification of the RMA as set forth in this certificate.
Improvement Area No. 3 of City of Richmond Community Facilities District No. 2022 -1 (Point Molate).
By: _________________________________ Date: ___________________
01337.0021/775248.1
A-3
01337.0021/775248.1 Page 4
EXHIBIT B
ZONE DESCRIPTIONS
CITY OF RICHMOND
COMMUNITY FACILITIES DISTRICT NO. 2022-1 (POINT MOLATE) IMPROVEMENT AREA NO. 3
01337.0021/775248.1
A-5
01337.0021/775248.1
A-6
City of Richmond CFD No. 2022-1 Improvement Area 3, Tax Zone 1:
The land referred to herein is situated in the City of Richmond, Contra Costa County, State of California, and is described as follows:
Being all of Disposal Area 11, and a portion of Disposal Areas 1 and 2, as described in that certain Quitclaim Deed, recorded September 30, 2003, as Document Number 2003 -0489200, Official Records of Contra Costa County, more particularly described as follows:
COMMENCING at the corner common to Disposal Areas 1 and 7, at a found 6 -inch concrete monument with brass pin as shown on the Record of Survey filed for record February 12, 1985, in Book 76 of Licensed Land Surveyor’s Maps at page 29 (76 LSM 29), Contra Costa Co unty Records;
Thence along the easterly line of said Disposal Area 1, North 52°31’27” West, 881.77 feet to a found 6 -inch concrete monument with brass pin as shown on said Record of Survey (76 LSM 29);
Thence continuing along said easterly line, North 40°2 7’17” West, 483.42 feet to the POINT OF BEGINNING; Thence leaving said easterly line, the following 26 Courses:
1) South 49°32’42” West, 907.33 feet;
2) South 63°39’26” West, 734.51 feet;
3) South 52°02’09” West, 112.90 feet;
4) North 81°55’00” West, 21.66 feet;
5) North 36°29'24" West 32.00 feet;
6) North 08°56'12" East 21.20 feet to the beginning of a non -tangent curve to the right having a radius of
321.00 feet, from which the center bears North 54°22’04” East; 7) Northerly along said curve, through a central angle of 21°45'44, an arc length of 121.92 feet to a point of compound curvature having a radius of 471.00 feet; 8) Along said curve, through a central angle of 10°56'24", and arc length of 89.93 feet; 9) North 14°51'31" West 33.33 feet to the beginning of a non-tangent curve to the right having a radius of
479.00 feet from which the center bears South 89°01’35” East; 10) Northerly along said curve, through a central angle of 17°38'40", an arc length of 147.51 feet;
11) North 18°37'0 4" East 217.13 feet to the beginning of a tangent curve to the left having a radius of 1071.00 feet;
12) Along said curve, through a central angle of 2°48'02", an arc length of 52.35 feet;
01337.0021/775248.1
A-7
13) North 24°32'51" East 30.21 feet to the beginning of a tangent c urve to the left having a radius of 1076.00 feet;
14) Along said curve, through a central angle of 11°59’07”, an arc length of 225.08 feet to the beginning of a
compound curve having a radius of 476.00 feet;
15) Along said curve, through a central angle of 16°37'44", an arc length of 138.15 feet; 16) North 75°36'46" East, 11.00 feet to the beginning of a non-tangent curve to the left having a radius of
487.00 feet from which the center bears South 75°36'46" West; 17) Northerly along said curve, through a central angle of 0°25'37", an arc length of 3.63 feet; 18) North 14°48'51" West, 127.36 feet to the beginning of a tangent curve to the left having a radius of 487.00 feet;
19) Along said curve, through a central angle of 06°53’29”, an arc length of 58.58 feet; 20) North 21°42'20" West, 155.12 feet to the beginning of a tangent curve to the left having a radius of 437.00 feet;
21) Along said curve, through a central angle of 04°26'23", an arc length of 33.86; 22) South 47°51'31" West, 3.12 feet to the beginning of a non-tangent curve to the left having a radius of 434.00 feet from which the center bears South 63°58’06” West; 23) Northerly along said curve, through a central angle of 16°13'15", an arc length of 122.87 feet;
24) North 42°15'09" West, 598.77 feet to the beginning of a tangent curve to the right having a radius of
2016.00 feet;
25) Northerly along said curve, through a central angle of 00°55'33", an arc length of 32.58 feet to a point on the northerly line of Disposal Area 2
Thence along the northerly lines of Disposal Area 2 and 1, the following 5 courses:
1) North 46°25’17’ East, 15.23 feet;
2) South 43°32’17” East, 172.14 feet;
3) North 71°22’13” East, 440.41 feet to a found 6 -inch concrete monument with brass pin as shown on said
Record of Survey (76 LSM 29);
4) North 29°53’00” East, 471.52 feet to the most northerly corner, monumented by a found 6 - inch concrete monument with brass pin as shown on said Record of Survey (76 LSM 29); 5) South 40°27’17” East, 1,900.32 feet to the POINT OF BEGINNING.
01337.0021/775248.1
A-8
Containing an area of 48.916 acres, more or less.
The basis of bearings for this description is based upon the California Coordinate System of 1983, CCS83, Zone 3, Epoch 2017.50, in accordance with California Public Resources Code Sections 8801 -8819; said coordinates are based locally upon field -observed ties relative to California Spatial Reference Network Station p181. Distances are grid based. Divide by a combined scale factor of 0.99993778 to obtain ground distances.
City of Richmond CFD No. 2022-1 Improvement Area 3, Tax Zone 2:
The land referred to herein is situated in the City of Richmond, Contra Costa County, State of California, and is described as follows:
Being all of Disposal Area 12, and a portion of Disposal Areas 1 and 2, as described in that certain Quitclaim Deed, recorded September 30, 2003, as Document Number 2003 -0489200 (2003-0489200), Official Records of Contra Costa County, also being portion of Disposal Areas 3 and 13, as described in that certain Quitclaim Deed, recorded March 29, 2010, as Document Number 2010 -0060367 (2010 -0060367), Official Records of Contra Costa County, more particularly described as follows:
COMMENCING at the corner common to Disposal Areas 1 and 7 (2003 -0489200), at a found 6 - inch concrete m onument with brass pin as shown on the Record of Survey, filed for record February 12, 1985, in Book 76 of Licensed Land Surveyor’s Maps at page 29 (76 LSM 29), Contra Costa County Records;
Thence along the easterly line of said Disposal Area 1 (2003 -0489200), North 52°31’27” West, 881.77 feet to a found 6 -inch concrete monument with brass pin as shown on said Record of Survey (76 LSM 29);
Thence continuing along said easterly line, North 40°27’17” West, 483.42 feet; Thence leaving said easterly line, the following 4 courses:
1) South 49°32’42” West, 907.33 feet;
2) South 63°39’26” West, 734.51 feet;
3) South 52°02’09” West, 112.90 feet;
4) North 81°55’00” West, 21.66 feet to the POINT OF BEGINNING; Thence the following 21 courses:
1) South 53°30’36” West, 135.52 feet to the beginning of a tangent curve to the right having a radius of 216.00 feet;
2) Along said curve, through a central angle of 98°10’09”, an arc length of 370.09 feet; 3) North 28°19’16” West, 177.39 feet to the beginning of a tangent curve to the left having a radius of 184.00 feet;
4) Along said curve, through a central angle of 60°11’38”, an arc length of 193.31 feet;
01337.0021/775248.1
A-9
5) North 88°30’54” West, 151.10 feet to the beginning of a tangent curve to the left having a radius of 214.00 feet;
6) Along said curve, through a central angle of 96°34’00”, an arc length of 360.68 feet; 7) South 05°04’54” East, 111.85 feet to the beginning of a tangent curve to the left having a radius of 184.00 feet;
8) Along said curve, through a central angle of 29°49’18”, an arc length of 95.77 feet; 9) South 34°54’12” East, 340.90 feet;
10) South 55°05’48” West, 3.00 feet to the beginning of a non-tangent curve to the left having a radius of
237.00 feet from which the center bears North 55°05’48” East; 11) Along said curve, through a central angle of 47°18’32”, an arc length of 195.69 feet; 12) South 82°12’45” East, 152.36 feet to the beginning of a tangent curve to the right having a radius of 613.00 feet;
13) Along said curve, through a central angle of 20°33’41”, an arc length of 219.98 feet; 14) South 61°39’04” East, 339.82 feet to the beginning of a tangent curve to the left having a radius of 687.00 feet;
15) Along said curve, through a central angle of 16°36’18”, an arc length of 199.10 feet; 16) South 78°15’23” East, 202.54 feet to the beginning of a tangent curve to the left having a radius of 717.00 feet;
17) Along said curve, through a central angle of 25°53’29”, an arc length of 324.00 feet to a point of compound
curvature having a radius of 10.00 feet;
18) Along said curve, through a central angle of 30°21’58” an arc length of 5.30 feet; 19) South 50°14’43” East, 9.21 feet to the beginning of a tangent curve to the right having a radius of 2,378.00 feet;
20) Along said curve, through a central angle of 00°35’41”, an arc length of 24.68 feet; 21) South 40°03’08” West, 220.75 feet to the Mean High -Water Line on the San Francisco Bay, as described in said Documents (2003-0489200) and (2010-0060367); Thence along said Mean High-Water Line, the following meandered courses:
1) North 50°08'38"West, 59.75 feet;
2) North 65°40'23" West, 159.02 feet;
3) South 87°05'08" West, 81.89 feet;
4) South 88°40'35" West, 43.41 feet;
01337.0021/775248.1
A-10
5) North 69°08'13" West, 41.08 feet;
6) North 70°31'40" West, 130.72 feet;
7) North 63°38'53" West, 63.02 feet;
8) North 65°08'48" West, 394.97 feet;
9) North 65°45'40" West, 239.27 feet;
10) North 89°37'59" West, 251.39 feet;
11) South 43°41'43" West, 176.37 feet;
12) South 37°41'46" West, 89.58 feet;
13) South 74°10'57" West, 84.01 feet;
14) North 69°51'46" West, 114.32 feet;
15) South 82°04'52" West, 150.24 feet;
16) North 80°48'14" West, 89.92 feet;
17) North 55°02'10" West, 73.24 feet;
18) North 37°12'35" West, 71.03 feet;
19) North 40°46'35" West, 92.69 feet;
20) North 23°46’35” West, 141.02 feet;
21) North 14°13’25” East, 112.55 feet;
22) North 12°54’43” West. 120.77 feet;
23) North 20°19'07" East, 184.00 feet;
24) North 31°36'12" East, 56.23 feet;
25) North 76°07'01" East, 74.51 feet;
26) North 36°37'57" East, 423.76 feet;
27) North 48°37'33" East, 202.39 feet;
28) North 28°47'25" East, 184.87 feet;
29) North 37°00'56" East, 110.11 feet;
30) South 78°46'11" East, 44.55 feet;
31) South 09°20'11" East, 73.63 feet;
32) North 42°49'56" East, 247.64 feet;
33) North 41°28'20" East, 125.88 feet;
34) North 28°14'49" East, 152.33 feet;
35) North 11°26' 02" East, 185.60 feet;
01337.0021/775248.1
A-11
36) North 06°29'48" West, 193.39 feet;
37) North 15°39'08" West, 190.81 feet;
38) North 43°11'00" West, 50.36 feet;
39) South 67°31'03" West, 34.66 feet;
40) North 31°52'36" West, 111.69 feet;
41) South 74°18'01" West, 165.85 feet;
42) North 27°56'02" West, 140.61 feet;
43) North 29°31'13" East, 7.81 feet to the northerly line of Disposal Area 12 (2003-048200); Thence leav ing said mean high water line, easterly along the northerly line of said Disposal Areas 12 and 2 (2003-048200), the following 4 courses:
1) North 71°12’58” East, 37.90 feet to a found 6 -inch concrete monument with brass pin as shown on said Record of Survey (76 LSM 29);
2) North 33°13’32” East, 192.59 feet to a found 6 -inch concrete monument with brass pin as shown on the said Record of Survey (76 LSM 29);
3) North 71°40’49” East, 104.55 feet;
4) North 46°25’17’ East, 76.26 feet to a point on the no rtherly line of Disposal Area 2 (2003 - 048200) and the beginning of a non -tangent curve to the left having a radius of 2016.00 feet from which the center
bears North 48°40’24” East;
Thence leaving said line thereof, the following 21 courses:
1) Southerly along said curve, through a central angle of 00°55'33", an arc length of 32.58 feet; 2) South 42°15'09" East, 598.77 feet to the beginning of a tangent curve to the right having a radius of
434.00 feet;
3) Along said curve, through a central angle of 16°13'15", an arc length of 122.87 feet; 4) South 47°51'31" West, 3.12 feet to the beginning of a non -tangent curve to the right having a radius of
437.00 feet from which the center bears South 63°51’17” West; 5) Along said curve, through a central angle of 04°26'23", an arc length of 33.86; 6) South 21°42'20" East, 155.12 feet to the beginning of a tangent curve to the right having a radius of 487.00 feet;
7) Along said curve, through a central angle of 06°53’29”, an arc length of 58.58 feet;
01337.0021/775248.1
A-12
8) South 14°48'51" East, 127.36 feet to the beginning of a tangent curve to the right having a radius of 487.00 feet;
9) Along said curve, through a central angle of 00°25’37”, an arc length of 3.63 feet 10) South 75°36'46" West, 11.00 feet to the beginning of a non -tangent curve to the right having a radius of
476.00 feet from which the center bears South 75°36'46" West; 11) Along said curve, through a central angle of 16°37’44”, an arc length of 138.15 feet to the beginning of a compound curve having a radius of 1076.00 feet; 12) Along said curve, through a central angle of 11°59’07”, an arc length of 225.08 feet; 13) South 25°32’51” West, 30.21 feet to the beginning of a non -tangent curve to the right having a radius of
1071.00 feet from which the center bears North 74°10’58” West; 14) Southerly along said curve, through a central angle of 2°48’02”, an arc length of 52.35 feet; 15) South 18°37’04” West, 217.16 feet to the beginning of a tangent curve to the right having a radius of 479.00 feet;
16) Along said curve, through a central angle of 17°38’40”, an arc length of 147.51 feet; 17) South 14°51’31” East, 33.33 feet to the beginning of a non -tangent curve to the left having a radius of
471.00 feet from which the center bears North 87°04’12” West; 18) Sout herly along said curve, through a central angle of 105624, 89.93 feet to a point of compound curvature having a radius of 321.00 feet;
19) Southerly along said curve, through a central angle of 21°45’44”, an arc length of 121.92 feet;
20) South 08°56’12” West 21.20 feet;
21) South 36°29’24” East, 32.00 feet to the POINT OF BEGINNING.
Containing an area of 43.172 acres, more or less.
The basis of bearings for this description is based upon the California Coordinate System of 1983, CCS83, Zone 3, Epoch 2017.5 0, in accordance with California Public Resources Code Sections 8801 -8819; said coordinates are based locally upon field -observed ties relative to California Spatial Reference Network Station p181. Distances are grid based. Divide by a combined scale factor of 0.99993778 to obtain ground distances.
01337.0021/774870.1 NG-U9ZQVMF2/4875-6103-6039v4/200952-0001 RESOLUTION NO. ___
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RICHMOND,
CALIFORNIA, OF INTENTION TO INCUR BONDED INDEBTEDNESS WITHIN THE CITY OF RICHMOND COMMUNITY FACILITIES DISTRICT NO. 2022-1 (POINT MOLATE ), AND EACH OF THE THREE IMPROVEMENT AREAS
THEREIN
WHEREAS, upon receipt of a written request signed by two members of the City Council (the “City Council”) of the City of Richmond, California (the “City”), as provided in Government Code s ection 53318(a), which constitutes p art of the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”), the City Council instituted proceedings to form the City of Richmond Community Facilities District No. 2022-1 (Point Molate) (the “Community Facilities District” or “CFD No. 2022-1”), and to designate three improvement areas therein, pursuant to the Act, and adopted a resolution of intention to establish CFD No. 2022-1 and to designate the three improvement areas therein on the date hereof (the “Resolution of Intention”) and to finance the Facilities, Services and Incidental Expenses as more fully set forth in Exhibit B to the Resolution of Intention; and
WHEREAS, in order to finance the Facilities and Incidental Expenses, the City Council intends to authorize the issuance of bonds from the Community Facilities District in the maximum aggregate amount not to exceed $292,000,000, consisting of $61,000,000 for Improvement Area No. 1 of the Community Facilities District, $ 47,000,000 for Improvement Area No. 2 of th e Community Facilities District and $ 184,000,000 for Improvement Area No. 3 of the Community Facilities District (collectively, the “Bonds”). The repayment of the Bonds is to be made from special taxes levied in accordance with Section 53340 of the Act on all property in the applicable improvement area, other than those properties exempted from taxation in the rate and method of apportionment of special tax for the applicable improvement area, as set forth in Exhibit s C, D and E to the Resolution of Intention;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RICHMOND THAT:
Section 1. Each of the above recitals is true and correct , as are the recitals in Resolution No. ____, adopted herewith. This Resolution incorporates the provisions of Resolution No. _____ and is subject to the terms and conditions thereof.
Section 2. It is necessary to incur bonded indebtedness within the boundaries of the Community Facilities District in the maximum aggregate amount not to exceed $ 292,000,000, consisting of $ 61,000,000 for Improvement Area No. 1 of the Community Facilities District, $47,000,000 for Improvement Area No. 2 of the Community Facilities District and $ 184,000,000 for Improvement Area No. 3 of the Community Facilities District, in order to finance certain of the costs of the Facilities and Incidental Expenses, as permitted by the Act.
Section 3. The indebtedness will be incurred in one or more series within each improvement area for the purpose of financing the costs of the Facili ties and the Incidental Expenses, including, but not limited to, the funding of reserve funds for the Bonds, the financing of costs associated with the issuance of the Bonds and all other costs and expenses necessary to finance the Facilities which are permitted to be financed pursuant to the Act. The proceeds of Bonds secured by the special taxes of an improvement area may be used to finance any of the
01337.0021/774870.1 NG-U9ZQVMF2/4875-6103-6039v4/200952-0001 Facilities (and capital fees to finance Facilities), regardless of the physical location of the Facilities or the area that paid the fees.
Section 4. It is the intent of the City Council to authorize the sale of the Bonds in one or more series per improvement area in the maximum aggregate amount set forth in Section 2, and which Bonds may bear interest at a rate not in excess of the maximum rate permitted by law at the time that the Bonds are sold. The term of the Bonds of each series shall be determined pursuant to a resolution of this City Council authorizing the issuance of the Bonds of such series, but such term shall in no event exceed 40 years from the date of issuance of the Bonds of such series, or such longer term as is then permitted by law.
Section 5. A combined public hearing (the “Hearing”) on the proposed debt issue and the levy of special taxes shall be held at 5:00 p.m. or as soon thereafter as practicable, on April 19, 2022, at the City Council’s Chambers, 450 Civic Center Plaza, Richmond, California.
Section 6. At the time and place set forth in this Resolution for the Hearing, any interested persons, including all persons owning land or registered to vote within the proposed Community Facilities District, may appear and be heard.
Section 7. The City Clerk is hereby directed to publish a notice of the Hearing (the “Notice”) pursuant to Section 6061 of the Government Code in a newspaper of general circulation published in the area of the proposed Community F acilities District. Such publication shall be completed at least seven days prior to the date of the Hearing.
Section 8. This Resolution shall be effective upon its adoption.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Richmond held on the 15th day of March, 2022.
Tom Butt,
Mayor
ATTEST:
Pamela Christian,
City Clerk
01337.0021/774870.1 NG-U9ZQVMF2/4875-6103-6039v4/200952-0001
STATE OF CALIFORNIA )
COUNTY OF CONTRA COSTA ) ss.
CITY OF RICHMOND )
I, _________, City Clerk and ex-officio Clerk of the City Council of the City of Richmond, California, do hereby certify that the whole number of the members of the City Council is five; that the above and foregoing Resolution No. ____ was duly and regularly passed and adopted at a regular meeting of the City Council held on the 15th day of March, 2022 by the following vote:
COUNCILPERSONS AYES: ____________________________( )
COUNCILPERSONS NOES: ____________________________( )
COUNCILPERSONS ABSTAINED: ____________________________( ) COUNCILPERSONS ABSENT: ____________________________( )
Pamela Christian,
City Clerk
1 Revised Security Fund Analysis with Strategic Economics Home Sales Prices
Assumptions
Use homes sales prices from the Strategic Economics study done for the Point Molate Alliance and September 8, 2020
These home sales price assumptions are significantly lower than those assumed by BAE in their June 29, 2020 study and by Integra in their February 7, 2022 study Use the same fiscal model prepared by EPS and refined by BAE, but with the Strategic Economics homes sales prices
Keep the “Security Fund” proposed fiscal impact mitigation measure in the analysis Analyze 7 year, 15 year and 30 year build out scenarios ATTACHMENT 5
2 Comparing the Projected Homes Sales Price for Point Molate Consultant
EPS
Study/BAE
review
Strategic
Economics Integra
Date of study 6/29/20 9/8/20 2/7/22
Product Type
Single family 1,400,000 1,088,200 1,800,000 Low rise townhomes 1,175,000 652,700 1,300,000 Mid rise condo's 1,250,000 521,000 1,350,000 Low rise apartments 400,000 400,000 400,000 Mid rise apartments 450,000 450,000 450,000 ATTACHMENT 5
3 How the Fiscal Security Fund Works:
7 Year Build Out (SunCal scenario and Strategic Economics Home Sales Prices)
Cross‐over in FY 2030
207 units per year
Any negative fiscal impact is fully mitigated during build out, with potential release of the Fiscal Security Fund in FY 2030 Security Fund is used to pay back the General Fund for any negative fiscal impact $‐
$5
$10
$15
$20
$25
2022 2023 2024 2025 2026 2027 2028 2029 2030
Millions
Ending Fund Balance (FY)
$‐
$5
$10
$15
$20
$25
$30
$35
Total Inflows Total Outflows
Millions
Fiscal Security Fund:
Cumulative Inflows vs. Outflows
Property Transfer Tax on SunCal DDA Payment and Inter‐Developer Land Sales CFD Special Fiscal Impact Tax on SunCal and Other Developer Property Initial Deposit from SunCal DDA Payment
Draws to Mitigate Adverse Fiscal Impact
ATTACHMENT 5
4 How the Fiscal Security Fund Works:
15 Year Build Out (more conservative scenario and Strategic Economics Home Sales Prices)
Cross‐over in FY 2039
97 units per year
Fiscal impact is fully mitigated during build out, with potential release of the Fiscal Security Fund in FY 2039 Security Fund is used to pay back General Fund for any negative fiscal impact $‐
$5
$10
$15
$20
$25
2022
2023
2024
2025
2026
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
Millions
Ending Fund Balance (FY)
$‐
$5
$10
$15
$20
$25
$30
$35
$40
Total Inflows Total Outflows
Millions
Fiscal Security Fund:
Cumulative Inflows vs. Outflows
Property Transfer Tax on SunCal DDA Payment and Inter‐Developer Land Sales CFD Special Fiscal Impact Tax on SunCal and Other Developer Property Initial Deposit from SunCal DDA Payment
Draws to Mitigate Adverse Fiscal Impact
ATTACHMENT 5
5 How the Fiscal Security Fund Works:
30 Year Build Out (very conservative scenario and Strategic Economics Home Sales Prices)
Cross‐over in FY 2050
48 units per year
Fiscal impact is not mitigated during build out, with potential release of the Fiscal Security Fund in FY 2039 Security Fund is fully depleted by FY 2034, resulting in negative impact to General Fund through FY 2049 $(25)
$(20)
$(15)
$(10)
$(5)
$‐
$5
$10
$15
$20
$25
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
Millions
Ending Fund Balance (FY)
$‐
$10
$20
$30
$40
$50
Total Inflows Total Outflows
Millions
Fiscal Security Fund:
Cumulative Inflows vs. Outflows
Property Transfer Tax on SunCal DDA Payment and Inter‐Developer Land Sales CFD Special Fiscal Impact Tax on SunCal and Other Developer Property Initial Deposit from SunCal DDA Payment
Draws to Mitigate Adverse Fiscal Impact
ATTACHMENT 5
6 Conclusion: The Combination of the Strategic Economics Homes Sales Prices and a 30 Year Build Out Results in Negative Fiscal Impact Use of Strategic Economics home sales prices with 7 year and 15 year build results in positive fiscal impact
Use of Strategic Economics home sales prices with a 30 year build out results in negative fiscal impact
ATTACHMENT 5
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6
ATTACHMENT 6