HomeMy WebLinkAboutPOWERPOINT PRESENTATION - CFD 2014-1Creation of Community
Facilities
district 2014-1
Creation of Community Facilities District 2014-1 continued:
March 1, 2004 the City's Mellos-Roos Goals &
Policies were adopted and staff were
authorized to form Community Facility
Districts (CFD) to develop the former Marine
Corps Air Station know as Tustin Legacy.
As of today, the City has formed four CFDs,
2004-1, 2006-1, 2007-1 and 2013-1 in the
Tustin Legacy area that fund infrastructure
and/or services.
Creation of Community Facilities District 2014-1 continued:
Map of Proposed Boundaries of CFD 2014-1
SbNTS dN�
Tusn
CFD 2014.1 •1
IRVIN
A L 0 C N' A
WEBB
A S S O C I A T E S
LEGEND
i CFD BOUNDARY
W. 0. I4-0049
Creation of Community Facilities District 2014--1 continued:
Reasons for the establishment of CFD 2014-1
The City's Development Disposition Agreement
("DDA") dated March 4, 2014 provides for the
establishment of a CFD to provide for the funding
of certain facilities and services for a pro .ect
comprised of 375 single-famil detache units, a
focal park, and other neighbor ood amenities.
Levy of special taxes that will cover backbone
facilities and infrastructure and school district
facilities (Special Tax A) and services (Special Tax B)
such as maintenance of streets, sidewalks, parks
and public safety.
Creation of Community Facilities District 2014-1 continued:
Special Tax A and Special Tax B are based on
the newly constructed dwellings' square
footage and combined, do not exceed 2% of
assessed value.
The Special Tax B is necessary because the
City only receives 3% of the I% basic property
tax levy within Tustin Legacy compared to an
average of 10.5% collected citywide.
Creation of Community Facilities District 2014-1 continued:
Tables listed in the Rate and Method of Apportionment of Special Tax
TABLE 1
DEVELOPED PROPERTY
MAXIMUM SPECIAL TAX RATES
Land Use
Description
DU/Acre
Residential Floor
Assigned Special
Maximum
Class
Area
Tax A
Special Tax B
1
Single Family Residential Property
DU
> 3,530 s.f.
$3,120
$1,522
2
Single Family Residential Property
DU
3,210 — 3,529 s.f.
$2,920
$1,425
3
Single Family Residential Property
DU
2,890 — 3,209 s.f.
$2,680
$1,314
4
Single Family Residential Property
DU
2,570 — 2,889 s.f.
$2,375
$1,164
5
Single Family Residential Property
DU
2,250 — 2,569 s.f.
$2,095
$1,020
6
Single Family Residential Property
DU
<=2,250 s.f.
$1,745
$860
7
Single Family Residential Property
Acre
N/A
$29,596
$14,475
8
Single Family Residential Property
Acre
N/A
$29,596
$14,475
Creation of Community Facilities District 2014-1 continued:
The special tax levy commences Fiscal Year
2014-15 and each subsequent following fiscal
year the tax shall be increased by 2%.
The future bond indebtedness includes the
financing of construction of school district
facilities for Tustin Unified School District (TUSD).
Should TUSD decide to form its own CFD and not
participate in CFD 2014-1 , the total debt
incurred would be less and Special Tax A rates
would be adjusted accordingly.
Creation of Community Facilities District 2014-1 continued:
Staff requests that City Council accept and ratify the
Petition to Create a Community Facilities District per
the written request signed by two members of the
City Council.
Adopt Resolution No. 14-34 a Resolution of the City
Council of the City of Tustin, California of Intention to
Establish a Community Facilities District and to
Authorize the Levy of Special Taxes.
Adopt Resolution No. 14-35 a Resolution of the City
Council of the City of Tustin, California, of Intention
to Incur Bonded Indebtedness within the Community
Facilities District No. 2014-1.
The Public Hearing to adopt the CFD will be held on
dune 17 due to a minimum 30 day requirement in the
Mello -Roos Statue.