ATTACHMENT #3
1994-1 Community Facilities District
(Marketplace Public Pedestrian, Traffic Circulation and Parking Facilities) 2012 Special Tax Refunding Bonds
Local Agency Special Tax and Bond Accountability Report Fiscal Year Ended June 30, 2025
Senate Bill 165 enacted the Local Agency Special Tax and Bond Accountability Act (the “Act”) and was codified in California Government Code Sections 53410 through 53412 and 50075 through 50077.5. Some of the requirements of the Act are handled at the formation of the Community Facilities District and/or at bond issuance while others are handled through an annual report. This report is intended to comply with the requirements of the Act setting forth annual reporting requirements and Section 5.19 (C) of the Fiscal Agent Agreement requiring the Finance Director to file an annual report with the City Council no later than January 1.
City Council approved the creation of a Community Facilities District for the Janss Marketplace mall and the issuance of the 1994 Special Tax Bonds to construct a parking structure, pedestrian walkways and other public improvements. In July 2012, City Council approved the issuance of the 2012 Special Tax Refunding Bonds to refund the 1994 Special Tax Bonds.
1. Status
The construction of the parking structure and pedestrian walkways authorized to be funded by the 1994 Special Tax Bonds was completed prior to the issuance of the 2012 Special Tax Refunding Bonds.
2. Bond Proceeds Collected and Expended
As of June 30, 2025, all bond proceeds were expended except for $1,643,650 used to satisfy the 2012 Special Tax Refunding Bonds Reserve requirement. The Expenditures included a principal prepayment of $2,010,000 funded by one of the taxpayer property owners in FY 2023-24. In addition, reflected in the Collections is the fact that the sole remaining property owner failed to pay the second installment of the special tax for fiscal year 2024-25 in the amount of $838,831. The shortfall in collections attributable to the delinquency was offset by a draw on the debt service reserve fund for the bonds in the amount of $385,523. When the delinquent special taxes are paid by the property owner and received by the City, the debt service reserve fund will be replenished.
3. Special Taxes Collected and Expended for Fiscal Year 2024-25 (unaudited) Collections
Special Taxes $922,715
Interest Earnings 137,930
Property Owner Deposit for Prepayment Costs 33,820
Total Revenue $1,094,465
Expenditures
Bond Principal and Interest Payments $3,912,594
Community Facilities District Administration Expenditures 54,549 Total Expenditures $3,967,143
ATTACHMENT #3
1994-1 Community Facilities District
(Marketplace Public Pedestrian, Traffic Circulation and Parking Facilities) 2012 Special Tax Refunding Bonds
Local Agency Special Tax and Bond Accountability Report Fiscal Year Ended June 30, 2025
Beginning Balance July 1, 2024 $3,900,290
Ending Balance June 30, 2025 1,030,857
Net Change in Fund Balance
($2,869,433)
FIN:340-70\ao\H:\COMMON\Council\2025\Administration\120225 1994-1 CFD Annual Report - Attach 3.docx