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City of South Lake Tahoe
Agenda Item Executive Summary
Joe Irvin, City Manager
__________________________________
Meeting Date: June 18, 2024
Agenda Item #:16
Agenda Item: Annual Special Tax for Community Facilities District 2001-1 Series 2015 Special Tax Refunding Bonds for Fiscal Year 2024-2025
Executive Summary: in 2001, the South Tahoe Redevelopment Agency ("the Agency") Board of Directors established Community Facilities District No 2001-1 to fund public facilities related to the Park Avenue (Heavenly Village) redevelopment project. The Agency issued bonds to pay for the public improvements associated with the project. These improvements included Park Avenue, Bellamy Court and Fern Road improvements, streetscape and public plaza improvements and stream environment zone restoration.
Requested Action / Suggested Motions: Acting as the South Tahoe Redevelopment Successor Agency, Pass a Resolution Establishing the Annual Special Tax for Community Facilities District 2001-1 (Park Avenue Project) Series 2015 Special Tax Refunding Bonds (Heavenly Village) for Fiscal Year 2024-2025.
Responsible Staff Member: Olga Tikhomirova, Director of Finance Reviewed and Approved By: Susan Blankenship, City Clerk Heather Stroud, City Attorney Attachments:
01-Staff Report CFD 2001-1 FY2425.docx
02-STRSA Resolution CFD No 2001-1.docx
03-FY2425 CFD 2001-1 Preliminary Roll 2p.pdf
596
Council Agenda Report June 18, 2024 Page 1 of 2
City of South Lake Tahoe
Report to Redevelopment Successor
Agency
Meeting Date: June 18, 2024
Title: Annual Special Tax for Community Facilities District 2001-1 Series 2015 Special Tax Refunding Bonds for Fiscal Year 2024/2025
Location: Citywide
Responsible Staff Member: Olga Tikhomirova, Director of Finance, (530) 542-7431 Background: In 2001, the South Tahoe Redevelopment Agency (“the Agency”) Board of Directors established Community Facilities District No 2001-1 to fund public facilities related to the Park Avenue (Heavenly Village) redevelopment project. The Agency issued bonds to pay for the public improvements associated with the project. These improvements included Park Avenue, Bellamy Court and Fern Road improvements, streetscape and public plaza improvements and stream environment zone restoration. The proceeds of the special tax may be used to pay for the following costs:
1. Payment of principal and interest on the outstanding bonded indebtedness;
2. Necessary replenishment of bond reserve funds or other reserve funds;
3. Payment of costs and expenses on authorized public facilities (Parking Garage);
4. Repayment of advances and loans, if appropriate;
5. Payment of the District’s administrative costs
Issue and Discussion: This annual certification is in accordance with established Agency policy and State law. The revenue from the Mello-Roos assessment is included in the annual budget for payment of South Tahoe Redevelopment Successor Agency Community Facilities District No. 2001-1 debt.
The specific rate and amount of the tax to be collected to fund the costs and expenses for the upcoming fiscal year for this District was determined and established in the Rate and Method of Apportionment of Special Tax adopted by the Agency Board on July 17, 2002.
The parcels included in the assessment are the Heavenly Valley Gondola; the eight commercial parcels; each quarter share of the Marriott Grand Residence and each weekly time-share of the Marriott Timber Lodge.
The original bonds were refunded in February 2007 and again in 2015. The annual special tax levies on the parcel holders remained the same, and the annual debt service savings resulting from the refunding are used to augment the previously fixed annual amount of $190,000 surplus special tax revenues available to pay debt service on the South Tahoe Joint Powers Parking Financing Authority Parking Revenue Bonds, 2013 Series A until their payoff in January 2024, and for other allowable uses thereafter. In connection with the refunding, the South Tahoe Redevelopment 597
Council Agenda Report June 18, 2024 Page 2 of 2
Successor Agency and the South Tahoe Joint Powers Financing Authority amended the Parking Facility Agreement to allow the Agency at its discretion to transfer more than the previously fixed amount.
Financial Implications: The total special tax assessment to be levied on the 2024/2025 Tax Roll will be approximately $921,091. The assessments will pay for costs associated with the Mello-Roos district, including bonded debt service of $513,581 and administrative costs $81,527.
The balance of special taxes remaining after payment of all Mello-Roos debt service and administrative costs, will be used to pay for other costs permissible under the 2001-1 CFD Rate and Method (RMA) of Apportionment of Special Tax, and is estimated to total $325,983.
Environmental Considerations: This is not a “project” subject to review under the California Environmental Quality Act (CEQA) Guidelines section 15378(b)(2) (continuing administrative or maintenance activities, such as purchases for supplies).
Policy Implications: None.
598
STRSA Resolution 2024-XXX June 18, 2024 Page 1 of 3
Resolution 2024-XXX
Adopted by the Governing Board of the
South Tahoe Redevelopment Successor Agency
June 18, 2024
Establishing Annual Special Tax for Community Facilities District No. 2001-1 (Park Avenue Project), Series 2015 Special Tax Refunding Bonds (Heavenly Village) for Fiscal Year 2024/2025
BACKGROUND
A. The Governing Board of the South Tahoe Successor Agency, (hereinafter referred to as the "legislative body"), has initiated proceedings, held a public hearing, conducted an election and received a favorable vote from the qualified electors relating to the levy of a special tax in a community facilities district, all as authorized pursuant to the terms and 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. This Community Facilities District shall hereinafter be referred to as “District”.
B. This legislative body, by Ordinance as authorized by Section 53340 of the Government Code of the State of California, has authorized the levy of a special tax to pay for costs and expenses related to said Community Facilities District, and this legislative body is desirous to establish the specific rate of the special tax to be collected for the next fiscal year.
BASED ON THE FACTS SET FORTH IN THE BACKGROUND, BE IT RESOLVED, that the Governing Board of the South Tahoe Redevelopment Successor Agency:
1. Establishes and determines that the calculation of the specific rates and amount of the special tax to be collected to pay for the costs and expenses for the next fiscal year (2024/2025) for the referenced District is set forth in the attached, referenced and incorporated Exhibit “A”.
2. Certifies that the rate as set forth above does not exceed the amount as previously authorized by Ordinance of this legislative body and is not in excess of that as previously approved by the qualified electors of the District, and is exempt from Proposition 218, Section XIIID of the California State Constitution.
3. Certifies that the proceeds of the special tax shall be used to pay, in whole or in part, the costs of the following:
i. Payment of principal of and interest on any outstanding authorized bonded indebtedness;
ii. Necessary replenishment of bond reserve funds or other reserve funds; iii. Payment of costs and expenses of authorized public facilities; 599
STRSA Resolution 2024-XXX June 18, 2024 Page 2 of 3
iv. Repayment of advances and loans, if appropriate.
v. Payment of District administrative costs.
4. Certifies that the proceeds of the special taxes shall be used as set forth above and shall not be used for any other purpose.
5. Directs that the special tax shall be collected in the same manner as ordinary ad valorem property taxes are collected and shall be subject to the same penalties and same procedure and sale in cases of any delinquency for ad valorem taxes and authorizes the Tax Collector to deduct reasonable administrative costs incurred in collecting any said special tax.
6. Directs all monies above collected shall be paid into the Community Facilities District funds, including any bond fund and reserve fund.
7. Directs the Auditor of the County to enter in the next County assessment roll on which taxes will become due, opposite each lot or parcel of land effected in a space marked “public improvements, special tax” or by any other suitable designation, the installment of the special tax, and for the exact rate and amount of said tax, reference is made to the attached Exhibit “A”.
8. Directs the County Auditor to then, at the close of the tax collection period, promptly render to this Agency a detailed report showing the amount and/or amounts of such special tax installments, interest, penalties and percentages so collected and from what property collected, and also provide a statement of any percentages retained for the expense of making any such collection.
PASSED, APPROVED, AND ADOPTED THIS 18th DAY OF JUNE 2024.
I, Susan Blankenship, Secretary of the South Tahoe Redevelopment Successor Agency, County of El Dorado, State of California do hereby certify that the foregoing Resolution No. 2024-XXX was regularly adopted by the Governing Board of said South Tahoe Successor Agency at a regular meeting of said Board held on the 18th day of June 2024, by the following vote:
Yes:
Noes:
Absent:
Abstained:
______________________________
Cody Bass, Board Chair
South Tahoe Redevelopment Successor Agency
________________________
Susan Blankenship, Secretary
South Tahoe Redevelopment Successor Agency
The presence of electronic signature certifies that the foregoing is a true and correct copy as approved by the South Tahoe Redevelopment Successor Agency.
600
STRSA Resolution 2024-XXX June 18, 2024 Page 3 of 3
Exhibit “A”
SOUTH TAHOE REDEVELOPMENT AGENCY
COMMUNITY FACILITIES DISTRICT NO. 2001-1 (PARK AVENUE PROJECT) SERIES 2015 SPECIAL TAX REFUNDING BONDS (HEAVENLY VILLAGE) 2024/2025 CHARGE DETAIL REPORT
Parcel identification, for each lot or parcel within the District, shall be the parcel as shown on the El Dorado County Assessor's map for the year in which this Report is prepared.
Approval of this exhibit (The 2024/2025 Charge Detail Report is on file in the City Clerk’s office) as submitted or as amended confirms the Rate and Method of Apportionment of Special Tax and the tax rate to be levied against each eligible parcel and thereby constitutes the approved levy of Special Taxes for Fiscal Year 2024/2025. Said listing of parcels to be assessed shall be submitted to the County Auditor/Controller and included on the property tax roll for each parcel in Fiscal Year 2024/2025. If any parcel submitted for collection is identified by the County Auditor/Controller to be an invalid parcel number, a corrected parcel number and/or new parcel numbers will be identified and resubmitted to the County Auditor/Controller. The tax amount to be levied and collected for the resubmitted parcel or parcels shall be based on the Rate and Method of Apportionment of Special Tax and tax rate approved for Community Facilities District No. 2001-1 (Park Avenue Project), Series 2015.
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