"making a positive difference now " 2 STAFF REPORT SOUTH TAHOE REDEVELOPMENT SUCCESSOR AGENCY MEETING OF JULY 15, 2014 TO: FROM: Nancy Kerry, City Manager/Executive Director Debbie Mcintyre, Financial Services Manager RE : Resolution of the South Ta hoe Redevelopment Successor Agency Establishing the Annual Special Tax for Community Facilities District 2001-1 (Park Avenue Project) Series 2007 Special Tax Refunding Bonds (Heavenly Village) for Fiscal Year 2014-2015 RECOMMENDATION: Adopt Resolution of the South Tahoe Redevelopment Successor Agency Establishing the Annual Special Tax for Community Facilities District No. 2001-1 (Park Avenue Project) for Fiscal Year 2014-2015. ISSUE AND DISCUSSION: 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; 4. Repayment of advances and loans, if appropriate; 5. Payment of the District's administrative costs 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. The annual special tax levies on the parcel holders remained the same, and the annual debt service savings resulting from the Finance Department 1901 Airport Road, Suite 210 South Lake Tahoe, CA 96150-7048 (530) 542-6041 FAX
Staff Report July 15, 2014 CFO 2001-1 Special Tax pg. 2 refunding was 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, 2002 Series A. In connection with the refunding, the South Tahoe Redevelopment 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. The new bonds are structured to provide maximum cash flow augmentation for Parking Garage debt service in the first six years after issuance. FINANCIAL AND/OR POLICY IMPLICATIONS: 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 total special tax assessment to be levied on the 2014-2015 Tax Roll will be approximately $860, 190. The assessments will pay for costs associated with the Mello-Roos district, including bonded debt service of $539,885 and administrative costs of $25,000. The balance of special taxes remaining after payment of all Mello Roos debt service and administrative costs, to augment the amount available to pay debt service on the South Tahoe Joint Powers Parking Financing Authority Parking Revenue Bonds, 2002 Series A is estimated to total $295,303. SIGNATURES: By: ~1Yl~~ Debbie Mcintyre Financial Services Manager Attachments: Resolution of the South Tahoe Redevelopment Successor Agency Establishing Annual Special Tax for Community Facilities District No. 2001-1 (Park Avenue Project) Series 2007 Special Tax Refunding Bonds (Heavenly Village) Fiscal Year 2014/2015. Exhibit A: 2014-2015 Charge Detail Report. (Available upon request from the City Clerk's Office)
RESOLUTION NO. ------- RESOLUTION OF THE SOUTH TAHOE SUCESSOR AGENCY ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT NO. 2001-1 (PARK AVENUE PROJECT) SERIES 2007 FISCAL YEAR 2014/2015 WHEREAS, 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" and, WHEREAS, 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. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the specific rate and amount of the special tax to be collected to pay for the costs and expenses for the next fiscal year (2014/2015) for the referenced District is hereby determined and established as set forth in the attached, referenced and incorporated Exhibit "A". SECTION 3. 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 XlllD of the California State Constitution.
SECTION 4. That the proceeds of the special tax shall be used to pay, in whole or in part, the costs of the following: A. Payment of principal of and interest on any outstanding authorized bonded indebtedness; B. Necessary replenishment of bond reserve funds or other reserve funds; C. Payment of costs and expenses of authorized public facilities; D. Repayment of advances and loans, if appropriate. E. Payment of District administrative costs. The proceeds of the special taxes shall be used as set forth above, and shall not be used for any other purpose. SECTION 5. 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 the Tax Collector is hereby authorized to deduct reasonable administrative costs incurred in collecting any said special tax. SECTION 6. All monies above collected shall be paid into the Community Facilities District funds, including any bond fund and reserve fund. SECTION 7. The Auditor of the County is hereby directed 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". SECTION 8. The County Auditor shall 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 15TH DAY OF JULY, 2014 BY THE FOLLOWING VOTES: AYES : NOES: ABSENT: ABSTAIN: I,, Secretary of the South Tahoe Suceesor Agency, County of El Dorado, State of California do hereby certify that the foregoing Resolution No. was regularly adopted by the Governing Board of said South Tahoe Successor Agency at a regular meeting of said Board held on the day of, 2014, by the following vote: Secretary South Tahoe Redevelopment Agency
Exhibit "A" SOUTH TAHOE REDEVELOPMENT AGENCY COMMUNITY FACILITIES DISTRICT NO. 2001-1 (PARK AVENUE PROJECT), SERIES 2007 2014/2015 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 2014/2015 Charge Detail Report is on file in the Redevelopment Manager's office) as submitted or as amended confirms the Rate and Method of apportionment and the tax rate to be levied against each eligible parcel and thereby constitutes the approved levy of Special Taxes for Fiscal Year 2014/2015. 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 2014/2015. 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 and tax rate approved for Community Facilities District No. 2001-1 (Park Avenue Project), Series 2007.