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HomeMy WebLinkAboutRES CC 2004 2239 2004 0915RESOLUTION NO. 2004 -2239 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DECLARING ITS INTENTION TO ESTABLISH THE CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT NO. 2004 -1 ( MOORPARK HIGHLANDS) AND TO LEVY A SPECIAL TAX THEREIN TO FINANCE THE ACQUISITION AND CONSTRUCTION OF CERTAIN PUBLIC FACILITIES AND THE PAYMENT OF CERTAIN FEES AND THE PROVISION OF POLICE PROTECTION SERVICES IN AND FOR SUCH COMMUNITY FACILITIES DISTRICT WHEREAS, Under the Mello -Roos Community Facilities Act of 1982, as amended (the `Act "), Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311, of the California Government Code, this Council is authorized to establish a community facilities district and to act as the legislative body for such community facilities district; and WHEREAS, This Council, having received indications of interest on behalf of the owners of the areas of land proposed to be included in a proposed community facilities district, desires to proceed with the establishment of a community facilities district in order to finance costs of public infrastructure necessary or incidental to development in the City, which may include the payment of fees related thereto, and for the provision of police protection services related to new development; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Authority proceedings to establish pursuant to the Act. This Council proposes to conduct a community facilities district SECTION 2. Name of CFD. The name proposed for the community facilities district is the City of Moorpark Community Facilities District No. 2004 -1 (Moorpark Highlands) (the "CFD "). SECTION 3. Boundaries Described. The proposed boundaries of the CFD are as shown on the Proposed Boundary Map attached as Exhibit C, which boundaries are hereby preliminarily approved and to which map reference is hereby made for further particulars. The City Clerk is hereby directed to record, or Resolution No. 2004 -2239 Page 2 cause to be recorded, said map of the boundaries of the CFD in the office of the County Recorder within fifteen days of the date of adoption of this Resolution, but in any event at least fifteen days prior to the public hearing specified in paragraph 10 below. SECTION 4. Facilities and Services. The type of public facilities and services proposed to be financed by the CFD and pursuant to the Act shall consist of those items listed as Facilities (the "Facilities ") and services (the "Services ") on Exhibit A hereto and hereby incorporated herein. The Council hereby finds and determines that the public interest will not be served by allowing the property owners in the CFD to enter into a contract in accordance with Section 53329.5(a) of the Act. Notwithstanding the foregoing, the Council, on behalf of the CFD, may enter into one or more contracts directly with any of the property owners with respect to the construction and /or acquisition of any portion of the Facilities. Certain of the public facilities proposed to be provided within the CFD may include facilities to be owned by other public entities and as to each entity, the City proposes to enter into a separate Joint Community Facilities Agreement pursuant to Section 53316.2 of the Act, whereby, if such applicable facilities are constructed in accordance with required specifications and standards, each entity will accept such facilities for operation and maintenance and the City will pay for such acquisition costs under appropriate conditions and subject to an acquisition agreement between the City and certain owners of property in the District. The City Council hereby finds that such joint facilities agreements would be beneficial to the residents of the City. The City Council hereby authorizes the Assistant City Manager or such other person or persons as he may designate to execute such joint facilities agreements, for and in the name and on behalf of the City and the CFD, in such forms, together with any additions thereto or changes therein deemed necessary or advisable by such officer executing such document upon consultation with bond counsel to the City. SECTION 5. Special Tax. Except to the extent that funds are otherwise available to the CFD to pay for the Facilities and Services, and /or the principal and interest as it becomes due on bonds issued by the City for the CFD to construct and /or acquire the Facilities, a special tax (the "Special Tax ") sufficient to pay the costs thereof, secured by recordation of a continuing lien against all non - exempt real property in the CFD, will be levied annually within the CFD, and collected in the Resolution No. 2004 -2239 Page 3 same manner as ordinary ad valorem property taxes, or in such other manner as this Council or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the Special Tax among the parcels of real property within the CFD in sufficient detail to allow each landowner within the proposed CFD to estimate the maximum amount such owner will have to pay, are described in Exhibit B attached hereto and hereby incorporated herein. This Council hereby finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district) are inapplicable to the proposed CFD. SECTION 6. Exempt Property. Except as may otherwise be provided by law or by the rate and method of apportionment of the Special Tax for the CFD, all lands owned by any public entity, including the United States, the State of California and the City, or any departments or political subdivisions thereof, shall be omitted from the levy of the Special Tax. In the event that a portion of the property within the CFD shall become for any reason exempt, wholly or in part, from the levy of the Special Tax, this Council will, on behalf of the CFD, increase the levy to the extent necessary upon the remaining property within the CFD which is not exempt in order to yield the required debt service payments and other annual expenses of the CFD, if any, subject to the provisions of the rate and method of apportionment of the Special Tax. SECTION 7. Election. The levy of the Special Tax shall be subject to the approval of the qualified electors of the CFD at a special election. The proposed voting procedure shall be by mailed or hand - delivered ballot among the landowners in the proposed CFD, with each owner having one vote for each acre or portion of an acre such owner owns in the CFD. The Council hereby determines that the Facilities and Services are necessary to meet increased demands placed upon local agencies as the result of development occurring within the CFD. SECTION 8. Special Tax Bonds. It is the intention of this Council, acting as the legislative body for the CFD, to cause bonds of the City to be issued for the CFD pursuant to the Act to finance in whole or in part the construction and /or acquisition of the Facilities. The bonds shall be in an aggregate principal amount not to exceed $43,750,000, shall be Resolution No. 2004 -2239 Page 4 issued in such series and bear interest payable semi - annually or in such other manner as this Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 35 years from the date of the issuance thereof. SECTION 9. CFD Report. The City Manager, as the officer having charge and control of the Facilities in and for the CFD, or the designee of such official, is hereby directed to study said proposed Facilities and to make, or cause to be made, and file with the City Clerk a report in writing, (the "CFD Report ") presenting the following: (a) A description of the Facilities and Services by type which will be required to adequately meet the needs of the CFD. (b) An estimate of the fair and reasonable cost of the Facilities and Services including the cost of acquisition of lands, rights -of -way and easements, any physical facilities required in conjunction therewith and incidental expenses in connection therewith, including the costs of the proposed bond financing and all other related costs as provided in Section 53345.3 of the Act. The CFD Report shall be made a part of the record of the public hearing specified below. SECTION 10. Public Hearing. October 20, 2004, at 7 :00 p.m. or as soon as possible thereafter, in the City Council Chambers, Moorpark Community Center, 799 Moorpark Avenue, Moorpark, California 93021, be, and the same are hereby appointed and fixed as the time and place when and where this Council, as legislative body for the CFD, will conduct a public hearing on the establishment of the CFD and consider and finally determine whether the public interest, convenience and necessity require the formation of the CFD and the levy of the Special Tax. SECTION 11. Notice of Hearing. The City Clerk is hereby directed to cause notice of the public hearing to be given by publication one time in a newspaper published in the area of the CFD. The publication shall be completed at least seven days before the date of the public hearing referenced in Section 10. The notice shall be substantially in the form specified in Resolution No. 2004 -2239 Page 5 Section 53322 of the Act, with the form summarizing the provisions hereof hereby specifically approved. SECTION 12. Certification. The City Clerk shall certify to the adoption of this resolution and cause a certified resolution to be filed in the book of original resolutions. PASSED AND ADOPTED tr ATTEST: � I pOP� tQ Deborah S. Traffenste t, City Clerk 0 09 4 49TE� >l Attachments: Exhibit A Listing of Authorized Facilities Exhibit B Special Tax Report Exhibit C District Boundary Map Resolution No. 2004 -2239 Page 6 Exhibit A Facilities and Services List CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT NO. 2004 -1 (Moorpark Highlands) FACILITIES The Facilities which are proposed to be financed with the proceeds of the sale of bonds of the proposed community facilities district, or the payment of the fees to the appropriate jurisdiction with respect to such facilities proposed to be financed with the proceeds of the sale of bonds of the proposed community facilities district, generally described as follows: • City of Moorpark Infrastructure, including Development Impact Fees (i.e. Police Facilities, Fire Facilities /Equipment, Streets /Minor Bridges /Culverts, Traffic Signals /Controllers, Storm Drainage and Retention Facilities, General Facilities /Vehicles /Equipment, Open Space Acquisition, Park Land /Facilities, Community Center, Library Facilities /Collection and Major Bridge.) • Street Improvements for Spring Road, "A" Street, and "C" Street (including, but not limited to, the associated sidewalks, traffic controls, street lighting, curb and gutter, pedestrian access ramps, grading, design) • Wall Improvements (Los Angeles Avenue to Charles Street) • Calleguas Water District Capital Fee • School Facility Site and School Fees • Ventura County Watershed Protection District Fees • County Water /Sewer Improvements and Fees • Public Park, Recreation or Open Space Facilities • Landscaping of Public Streets, Right -Of -Ways, Storm Drain Facilities, Slopes, Mitigation Monitoring and Appurtenant Facilities The foregoing description of the types of Facilities eligible to be financed is general in nature and includes any appurtenant work and incidental expenses relating to the Facilities. The final nature and location of the facilities will be determined upon the preparation of final plans and specifications for such facilities. Resolution No. 2004 -2239 Page 7 ecrtsi ncc Service for the district include funding for Police services within or in the vicinity of the District, in addition to those services provided in the territory of the District and do not supplant services already available within that territory, to the extent authorized by the Mello -Roos Community Facilities Act of 1982, as amended. Other The bond related expenses authorized include the City, underwriters discount, financial advisor, appraisals, reserve fund deposit, capitalized interest, bond counsel, disclosure counsel, special tax consultant, bond and official statement printing and all other incidental expenses. Administrative fees include those of the City, the Community Facilities District, the Bond Trustee, the Special Tax Consultant and the Fiscal Agent, related to the Community Facilities District and the Bonds. Resolution No. 2004 -2239 Page 8 EXHIBIT B RATE AND METHOD OF APPORTIONMENT FOR COMMUNITY FACILITIES DISTRICT NO. 2004 -1 OF THE CITY OF MOORPARK (Moorpark Highlands) A special tax as hereinafter defined shall be levied on and collected for Community Facilities District No. 2004 -1 (Moorpark Highlands) of the City of Moorpark ( "CFD No. 2004 -1 ") each Fiscal Year, in an amount determined by the City Council of the City of Moorpark through the application of the appropriate Special Tax for "Developed Property," "Final Map Property," and "Undeveloped Property" as described below. All of the real property in CFD No. 2004 -1, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the manner herein provided. SECTION A DEFINITIONS The terms hereinafter set forth have the following meanings: "Acre or Acreage" means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an Assessor's Parcel Map, the land area shown on the applicable final map, parcel map, condominium plan, or other recorded County parcel map. The square footage of an Assessor's Parcel is equal to the Acreage multiplied by 43,560. "Act" means the Mello -Roos Communities Facilities Act of 1982 as amended, being Chapter 2.5, Division 2 of Title 5 of the Government Code of the State of California. "Administrative Expenses" means any ordinary and necessary expense of the City of Moorpark to carry out the administration of CFD No. 2004 -1 related to the determination of the amount of the levy of Special Taxes, the collection of Special Taxes including the expenses of collecting delinquencies, the administration of Bonds, the payment of salaries and benefits of any City employee whose duties are directly related to the administration of CFD No. 2004 -1, and costs otherwise incurred in order to carry out the authorized purposes of CFD No. 2004 -1. Resolution No. 2004 -2239 Page 9 "Assessor's Parcel" means a lot or parcel of land designated on an Assessor's Parcel Map with an assigned Assessor's Parcel Number within the boundaries of CFD No. 2004 -1. "Assessor's Parcel Map" means an official map of the Assessor of the County designating parcels by Assessor's Parcel Number. "Assigned Annual Special Tax" means the Special Tax of that name described in Section D below. "Assigned Special Tax" means the Special Tax of that name described in Section D below. "Backup Special Tax for Facilities" means the Special Tax of that name described in Section E below. "Bonds" means any obligation to repay a sum of money, including obligations in the form of bonds, notes, certificates of participation, long -term leases, loans from government agencies, or loans from banks, other financial institutions, private businesses, or individuals, or long- term contracts, or any refunding thereof, to which Special Taxes have been pledged. "Boundary Map" means the map of the boundaries for CFD No. 2004 -1, as approved by the City Council. "Building Permit" means a permit for new construction for a residential dwelling or non - residential structure. For purposes of this definition, "Building Permit" shall not include permits for construction or installation, retaining walls, utility improvements, or other such improvements not intended for human habitation. "Building Square Footage" or "BSF" means the square footage of assessable internal living space, exclusive of garages or other structures not used as living space, as determined by reference to the building permit application for such Assessor's Parcel. "Calendar Year" means the period commencing January 1 of any year and ending the following December 31. "CFD Administrator" means an official of the City, or designee thereof, responsible for determining the Special Tax Resolution No. 2004 -2239 Page 10 Requirement and providing for the levy and collection of the Special Taxes. "CFD No. 2004 -1" means Community Facilities District No. 2004 -1 (Moorpark Highlands) established by the City under the Act. "City" means the City of Moorpark. "City Council" means the City Council of the City, acting as the Legislative Body of CFD No. 2004 -1, or its designee. "City Police Services" means the Proportional costs of police services for and within the vicinity of CFD No. 2004 -1. "Consumer Price Index" means the index published monthly by the U.S. Department of Labor, Bureau of Labor Statistics for all urban consumers in the Los Angeles- Riverside - Orange County area. "County" means the County of Ventura. "Developed Property" means all Assessor's Parcels within Zones 1, 2, 3, and 4 of CFD No. 2004 -1 for which Building Permits were issued on or before April 1 preceding the Fiscal Year for which Special Taxes are being levied, provided that such Assessor's Parcels were created on or before January 1 of the prior Fiscal Year and that each such Assessor's Parcel is associated with a Lot, as determined reasonably by the City. "Exempt Property" means all Assessor's Parcels within Zones 1, 2, 3, and 4 of CFD No. 2004 -1 designated as being exempt from the Special Tax as determined in Section J. "Final Map" means a subdivision of property evidenced by the recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or the recordation of a condominium plan pursuant to California Civil Code 1352 that creates individual lots for which Building Permits may be issued without further subdivision. "Final Map Property" means all Assessor's Parcels: (i) that are included in a Final Map that was recorded prior to the January 1st preceding the Fiscal Year in which the Special Tax is being levied, and (ii) for which a Building Permit was not Resolution No. 2004 -2239 Page 11 issued prior to the March 1 preceding the Fiscal Year in which the Special Tax is being levied. "Fiscal Year" means the period commencing on July 1 of any year and ending the following June 30. "Land Use Type" means any of the land use types listed in Tables 1 to 4 below. "Lot" means an individual legal lot created by a Final Map for which a Building Permit could or has been issued. "Maximum Special Tax" means the maximum Special Tax for Facilities and the Maximum Special Tax for Services, determined in accordance with Section C, which can be levied by CFD No. 2004 -1 in any Fiscal Year on any Assessor's Parcel within Zones 1, 2, 3, or 4. "Maximum Special Tax for Facilities" means the Maximum Special Tax, determined in accordance with Section C, that can be levied by CFD No. 2004 -1 in any Fiscal Year on any Assessor's Parcel. "Maximum Special Tax for Services" means the Maximum Special Tax, determined in accordance with Section C, that can be levied by CFD No. 2004 -1 in any Fiscal Year on any Assessor's Parcel. "Non Residential Property" means all Assessors' Parcels of Developed Property for which a building permit was issued for any type of non - residential use. "Partial Prepayment Amount" means the amount required to prepay a portion of the Special Tax for Facilities obligation for an Assessor's Parcel, as described in Section H. "Prepayment Amount" means the amount required to prepay the Annual Special Tax for Facilities obligation in full for an Assessor's Parcel, as described in Section G. "Proportionately" means that the ratio of the actual Annual Special Tax levy to the applicable Special Tax is equal for all applicable Assessor's Parcels within Zones 1, 2, 3, and 4. Resolution No. 2004 -2239 Page 12 "Residential Property" means all Assessors' Parcels of Developed Property within Zones 1, 2, 3, and 4 of CFD No. 2004 -1 for which a building permit has been issued for purposes of constructing one or more residential dwelling units. "Special Tax" means any of the special taxes authorized to be levied by CFD No. 2004 -1 (including the Special Tax for Facilities and the Special Tax for Services) pursuant to the Act to fund the Special Tax Requirement. "Special Tax for Facilities" means any of the special taxes authorized to be levied by CFD No. 2004 -1 pursuant to the Act to fund the Special Tax Requirement for Facilities. "Special Tax for Services" means any of the special taxes authorized to be levied by CFD No. 2004 -1 pursuant to the Act to fund the Special Tax Requirement for Services. "Special Tax Requirement for Facilities" means the amount required in any Fiscal Year for CFD No. 2004 -1 to pay: (i) the debt service or the periodic costs on all outstanding Bonds due in the Calendar Year that commences in such Fiscal Year, (ii) Administrative Expenses, (iii) the costs associated with the release of funds from an escrow account, and (iv) any amount required to establish or replenish any reserve funds established in association with the Bonds, (v) the collection of funds in any Fiscal Year for the payment of City Police Services authorized by CFD No. 2004 -1 provided that the inclusion of such amount does not cause an increase in the levy of Special Tax on Final Map Property or Undeveloped Property, less (vi) any amount available to pay debt service or other periodic costs on the Bonds pursuant to any applicable bond indenture, fiscal agent agreement, or trust agreement. "Special Tax Requirement for Services" means the amount determined in any Fiscal Year for CFD 2004 -1 equal to (i) the budgeted costs of the City Police Services during the current Fiscal Year, (ii) Administrative Expenses, and (iii) anticipated delinquent Special Taxes for Services based on the delinquency rate in CFD 2004 -1 for the previous Fiscal Year. "Taxable Property" means all Assessors' Parcels within Zones 1, 2, 3, and 4 of CFD No. 2004 -1 that are not Exempt Property. Resolution No. 2004 -2239 Page 13 "Undeveloped Property" means all Assessors' Parcels within Zones 1, 2, 3, and 4 of CFD No. 2004 -1 of Taxable Property which are not Developed Property or Final Map Property. "Zone(s)" means Zone 1, 2, 3, or 4 as geographically identified on the boundary map of the CFD No. 2004 -1. "Zone 1" means the specific area identified on the Boundary Map as Zone 1 of CFD No. 2004 -1. "Zone 2" means the specific area identified on the Boundary Map as Zone 2 of CFD No. 2004 -1. "Zone 3" means the specific area identified on the Boundary Map as Zone 3 of CFD No. 2004 -1. "Zone 4" means the specific area identified on the Boundary Map as Zone 4 of CFD No. 2004 -1. SECTION B CLASSIFICATION OF ASSESSOR'S PARCELS Each Fiscal Year, beginning with Fiscal Year 2005 -2006, each Assessor's Parcel within CFD No. 2004 -1 shall be categorized into Zones 1, 2, 3, or 4 and shall be classified as Taxable Property or Exempt Property. In addition, each Fiscal Year, beginning with Fiscal Year 2005 -2006, each Assessor's Parcel of Taxable Property shall be further classified as Developed Property, Final Map Property, or Undeveloped Property. Lastly, each Fiscal Year, beginning with Fiscal Year 2005 -2006, each Assessor's Parcel of Developed Property shall further be classified as Residential Property or Non Residential Property. Resolution No. 2004 -2239 Page 14 SECTION C MAXIMUM SPECIAL TAXES FOR ZONES 1, 2, 3, AND 4 1. Developed Property a. The Maximum Special Tax for each Assessor's Parcel of Residential Property that is classified as Developed Property in any Fiscal Year shall be the amount determined by the greater of (i) the application of the Assigned Special Tax for Facilities or (ii) the application of the Backup Special Tax for Facilities. b.The Maximum Special Tax for each Assessor's Parcel of Non - Residential Property that is classified as Developed Property in any Fiscal Year shall be the Assigned Annual Special Tax for Facilities. c. The Maximum Special Tax for Services for each Assessor's Parcel of Residential Property that is classified as Developed Property in Fiscal Year 2004 -2005 shall be $350 per Lot. The Maximum Special Tax for Services for each Assessor's Parcel of Non - Residential Property that is classified as Developed Property in any Fiscal Year shall be $1,500 per Acre. On each July 1, commencing July 1, 2005, the Maximum Special Tax for Services for the prior Fiscal Year shall be adjusted by an amount equal to the greater of (i) two percent (2.00%), or (ii) the percentage change in the Consumer Price Index for the Calendar Year ending in December of the prior Fiscal Year. 2. Final Map Property The Maximum Special Tax for Facilities for each Assessor's Parcel classified as Final Map Property shall be the Assigned Special Tax for Facilities. 3. Undeveloped Property The Maximum Special Tax for each Assessor's Parcel classified as Undeveloped Property shall be the Assigned Special Tax for Facilities. Resolution No. 2004 -2239 Page 15 SECTION D ASSIGNED SPECIAL TAX FOR FACILITIES FOR ZONES 1, 2, 3, AND 4 1. Developed Property Each Fiscal Year, each Assessor's Parcel of Developed Property within Zones 1, 2, 3, and 4 shall be subject to an Assigned Special Tax. The Assigned Special Tax applicable to an Assessor's Parcel of Developed Property within Zones 1, 2, 3, and 4 for any Fiscal Year shall be determined pursuant to Tables 1 through 4 below. TABLE 1 ZONE 1 - DEVELOPED PROPERTY ASSIGNED ANNUAL SPECIAL TAX RATES FOR FACILITIES On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Developed Property within Zone 1 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. Assigned Annual Special Tax For Building Square Land Use Type Footage Fiscal Year 2004 -2005 1. Residential Less than 2,201 $3,600 per Unit Property 2. Residential 2,201 - 2,500 $3,726 per Unit Property 3. Residential Greater than $3,979 per Unit Property 2,500 4. Non Residential NSA $38,566 per Acre Property On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Developed Property within Zone 1 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. Resolution No. 2004 -2239 Page 16 TABLE 2 ZONE 2 - DEVELOPED PROPERTY ASSIGNED ANNUAL SPECIAL TAX RATES FOR FACILITIES On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Developed Property within Zone 2 shall be increased by two percent (2.00 %) of the amount in effect in the prior Fiscal Year. Assigned Annual Building Square Special Tax For Land Use Type Footage Fiscal Year 2004 -2005 1. Residential Property Less than 1,201 $2,120 per Unit 2. Residential Property 1,201 - 1,400 $2,204 per Unit 3. Residential Property 1,401 - 1,600 $2,550 per Unit 4. Residential Property Greater than $2,987 per Unit 1,600 5. Non Residential N/A $86,553 per Acre Property On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Developed Property within Zone 2 shall be increased by two percent (2.00 %) of the amount in effect in the prior Fiscal Year. Resolution No. 2004 -2239 Page 17 TABLE 3 ZONE 3 - DEVELOPED PROPERTY ASSIGNED ANNUAL SPECIAL TAX RATES FOR FACILITIES On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Developed Property within Zone 3 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. Land Use Type Building Square Footage Assigned Annual Special Tax For Fiscal Year 2004 -2005 1. Residential Property Less than 2,601 $4,232 per Unit 2. Residential Property 2,601 - 2,800 $4,358 per Unit 3. Residential Property 2,801 - 3,000 $4,484 per Unit 4. Residential Property 3,001 - 3,200 $4,652 per Unit 5. Residential Property 3,201 - 3,400 $4,968 per Unit 6. Residential Property 3,401 - 3,600 $5,284 per Unit 7. Residential Property 3,601 - 3,800 $5,452 per Unit 8. Residential Property 3,801 - 4,000 $5,957 per Unit 9. Residential Property Greater than 4,000 $6,462 per Unit 10. Non Residential Property N/A $25,618 per Acre On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Developed Property within Zone 3 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. Resolution No. 2004 -2239 Page 18 TABLE 4 ZONE 4 - DEVELOPED PROPERTY ASSIGNED ANNUAL SPECIAL TAX RATES FOR FACILITIES On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Developed Property within Zone 4 shall be increased by two percent (2.00 %) of the amount in effect in the prior Fiscal Year. 2. Final Map Property and Undeveloped Property Each Fiscal Year, each Assessor's Parcel of Final Map Property and Undeveloped Property within Zones 1 to 4 shall be subject to an Assigned Special Tax. The Assigned Special Tax rate for an Assessor's Parcel classified as Final Map Property and Undeveloped Property for Fiscal Year 2004 -2005 shall be $38,566 per Acre for Zone 1, $86,553 per Acre for Zone 2, $25,618 per Acre for Zone 3, and $10,684 per Acre for Zone 4. On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Final Map and Undeveloped Property shall be increased by two percent (2.00 %) of the amount in effect in the prior Fiscal Year. SECTION E BACKUP SPECIAL TAXES FOR FACILITIES FOR ZONES It 2, 3, AND 4 Each Fiscal Year, each Assessor's Parcel of Developed Property classified as Residential Property within Zones 1, 2, 3, or 4 shall be subject to a Backup Special Tax for Facilities. In each Fiscal Year, the Backup Special Tax for Facilities rate for Developed Property classified as Residential Property within a Assigned Annual Building Special Tax For Land Use Type Square Footage Fiscal Year 2004 -2005 1. Residential Property Less than 3,401 $5,831 per Unit 2. Residential Property 3,401 - 3,700 $6,252 per Unit 3. Residential Property 3,701 - 4,000 $6,589 per Unit 4. Residential Property Greater than $7,094 per Unit 4,000 5. Non Residential N/A $10,684 per Acre Property On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Developed Property within Zone 4 shall be increased by two percent (2.00 %) of the amount in effect in the prior Fiscal Year. 2. Final Map Property and Undeveloped Property Each Fiscal Year, each Assessor's Parcel of Final Map Property and Undeveloped Property within Zones 1 to 4 shall be subject to an Assigned Special Tax. The Assigned Special Tax rate for an Assessor's Parcel classified as Final Map Property and Undeveloped Property for Fiscal Year 2004 -2005 shall be $38,566 per Acre for Zone 1, $86,553 per Acre for Zone 2, $25,618 per Acre for Zone 3, and $10,684 per Acre for Zone 4. On each July 1, commencing on July 1, 2005, the Assigned Special Tax for each Assessor's Parcel of Final Map and Undeveloped Property shall be increased by two percent (2.00 %) of the amount in effect in the prior Fiscal Year. SECTION E BACKUP SPECIAL TAXES FOR FACILITIES FOR ZONES It 2, 3, AND 4 Each Fiscal Year, each Assessor's Parcel of Developed Property classified as Residential Property within Zones 1, 2, 3, or 4 shall be subject to a Backup Special Tax for Facilities. In each Fiscal Year, the Backup Special Tax for Facilities rate for Developed Property classified as Residential Property within a Resolution No. 2004 -2239 Page 19 Final Map shall be the rate per Lot calculated according to the following formula: R x A B= ------------- - - - - -- L The terms above have the following meanings: B = Backup Special Tax for Facilities per Lot in each Fiscal Year. R = Maximum Special Tax for Facilities rate per Acre for Undeveloped Property for the applicable Fiscal Year. A = Acreage of Developed Property classified or to be classified as Residential Property in such Final Map. L = Lots in the Final Map which are classified or to be classified as Residential Property. Each July 1, commencing on July 1, 2005, the Backup Special Tax for Facilities for each Assessor's Parcel shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. Notwithstanding the foregoing, if all or any portion of the Final Map(s) described in the preceding paragraph is subsequently changed or modified, then the Backup Special Tax for each Assessor's Parcel of Developed Property classified or to be classified as Residential Property in such Final Map area that is changed or modified shall be a rate per square foot of Acreage calculated as follows: 1. Determine the total Backup Special Tax for Facilities anticipated to apply to the changed or modified Final Map area prior to the change or modification. 2. The result of paragraph 1 above shall be divided by the Acreage of Developed Property classified or to be classified as Residential Property which is ultimately expected to exist in such changed or modified Final Map area, as reasonably determined by the City. 3. The result of paragraph 2 above shall be divided by 43,560. The result is the Backup Special Tax for Resolution No. 2004 -2239 Page 20 Facilities per square foot of Acreage which shall be applicable to Assessor's Parcels of Developed Property classified as Residential Property in such changed or modified Final Map area for all remaining Fiscal Years in which the Special Tax for Facilities may be levied. SECTION F METHOD OF APPORTIONMENT OF THE SPECIAL TAX FOR FACILITIES AND THE SPECIAL TAX FOR SERVICES FOR ZONES 1, 2, 3, AND 4 1. Commencing Fiscal Year 2005 -2006 and for each subsequent Fiscal Year, the City Council shall levy a Special Tax on all Taxable Property within Zones 1, 2, 3, and 4 until the amount of Special Tax equals the Special Tax Requirement in accordance with the following steps: Step One: The Special Tax shall be levied Proportionately on each Assessor's Parcel of Developed Property within Zones 1, 2, 3, and 4 at up to 1000 of the applicable Assigned Special Tax for Facilities rates as presented in Tables 1, 2, 3, and 4 as needed to satisfy the Special Tax Requirement for Facilities. Step Two: If additional moneys are needed to satisfy the Special Tax Requirement for Facilities after the first step has been completed, the Special Tax for Facilities shall be levied Proportionately on each Assessor's Parcel of Final Map Property within Zones 1, 2, 3, and 4 at up to 100% of the Assigned Special Tax for Facilities applicable to each such Assessor's Parcel as needed to satisfy the Special Tax Requirement for Facilities. Step Three: If additional moneys are needed to satisfy the Special Tax Requirement for Facilities after the first two steps have been completed, the Special Tax for Facilities shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property within Zones 1, 2, 3, and 4, excluding any Undeveloped Property pursuant to Section J, at up to 100% of the Assigned Special Tax for Facilities applicable to each Resolution No. 2004 -2239 Page 21 such Assessor's Parcel as needed to satisfy the Special Tax Requirement for Facilities. Step Four: If additional moneys are needed to satisfy the Special Tax Requirement for Facilities after the first three steps have been completed, then for each Assessor's Parcel of Developed Property within Zones 1, 2, 3, and 4 whose Maximum Special Tax for Facilities is the Backup Special Tax for Facilities shall be increased Proportionately from the Assigned Special Tax for Facilities up to 1000 of the Backup Special Tax for Facilities as needed to satisfy the Special Tax Requirement for Facilities. Step Five: If additional moneys are needed to satisfy the Special Tax Requirement for Facilities after the first four steps have been completed, the Special Tax for Facilities shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property within Zones 1, 2, 3, and 4 classified as Undeveloped Property pursuant to Section J at up to 1000 of the Assigned Special Tax for Facilities applicable to each such Assessor's Parcel as needed to satisfy the Special Tax Requirement for Facilities. Notwithstanding the above, under no circumstances will the Special Taxes for Facilities levied against any Assessor's Parcel of Residential Property for which an occupancy permit for private residential use has been issued be increased by more than ten percent (100) per Fiscal Year as a consequence of delinquency or default by the owner of any other Assessor's Parcel within CFD No. 2004 -1. 2. Commencing Fiscal Year 2005 -2006 and for each subsequent Fiscal Year, the City Council shall levy a Special Tax for Services on all Taxable Property within CFD No. 2004 -1 until the amount of Special Tax for Services equals the Special Tax Requirement for Services as follows: The Maximum Special Tax for Services shall be levied Proportionately on each Assessor's Parcel of Developed Property at up to 1000 of the applicable Maximum Special Tax for Services as needed to satisfy the Special Tax Requirement for Services. Resolution No. 2004 -2239 Page 22 Notwithstanding the above, under no c: Special Taxes for Services levied against of Residential Property for which an private residential use has been issued than ten percent (100) per Fiscal Year delinquency or default by the owner of Parcel within CFD No. 2004 -1. Lrcumstances will the any Assessor's Parcel occupancy permit for be increased by more as a consequence of any other Assessor's SECTION G PREPAYMENT OF SPECIAL TAX FOR FACILITIES The following definitions apply to this Section G: "CFD Public Facilities" means $35,600,000 expressed in 2004 dollars, which shall increase by the Construction Inflation Index on January 1, 2005, and on each January 1 thereafter, or such lower number as (i) shall be determined by the City as sufficient to provide the public facilities under the authorized bonding program for CFD No. 2004 -1, or (ii) shall be determined by the City Council concurrently with a covenant that it will not issue any more Bonds to be supported by Special Taxes levied under this Rate and Method of Apportionment. "Construction Fund" means an account specifically identified in the Indenture or functionally equivalent to hold funds which are currently available for expenditure to acquire or construct public facilities eligible under CFD No. 2004 -1. "Construction Inflation Index" means the annual percentage change in the Engineering News - Record Building Cost Index for the City of Los Angeles, measured as of the Calendar Year which ends in the previous Fiscal Year. In the event this index ceases to be published, the Construction Inflation Index shall be another index as determined by the City that is reasonably comparable to the Engineering News - Record Building Cost Index for the City of Los Angeles. "Future Facilities Costs" means the public facility costs available to construction or escrow accounts or Bonds, and minus public facility earnings on the Construction Fund a date of prepayment. CFD Public Facilities minus be funded through existing funded by the Outstanding costs funded by interest ctually earned prior to the Resolution No. 2004 -2239 Page 23 "Outstanding Bonds" secured by the levy after the first int the current Fiscal later date with the Special Tax. means all previously issued bonds issued and of Special Tax which will remain outstanding Brest and /or principal payment date following Year, excluding bonds to be redeemed at a proceeds of prior prepayments of the Maximum The Special Tax for Facilities obligation of an Assessor's Parcel of Developed Property, an Assessor's Parcel of Final Map Property or Undeveloped Property for which a Building Permit has been issued or an Assessor's Parcel of Undeveloped Property that is classified as Undeveloped Property pursuant to Section J. may be prepaid in full, provided that there are no delinquent Special Taxes, penalties, or interest charges outstanding with respect to such Assessor's Parcel at the time the Special Tax obligation would be prepaid. The Prepayment Amount for an Assessor's Parcel eligible for prepayment shall be determined as described below. An owner of an Assessor's Parcel intending to prepay the Special Tax for Facilities obligation shall provide the City with written notice of intent to prepay, and within 5 days of receipt of such notice, the City shall notify such owner of the amount of the non - refundable deposit determined to cover the cost to be incurred by CFD No. 2004 -1 in calculating the proper amount of a prepayment. Within 15 days of receipt of such non - refundable deposit, the City shall notify such owner of the prepayment amount of such Assessor's Parcel. The Prepayment Amount for each applicable Assessor's Parcel shall be calculated according to the following formula (capitalized terms defined below): Bond Redemption Amount plus Redemption Premium plus Future Facilities Amount plus Defeasance plus Administrative Fee less Reserve Fund Credit equals Prepayment Amount As of the date of prepayment, the Prepayment Amount shall be calculated as follows: Resolution No. 2004 -2239 Page 24 1. For Assessor's Parcels of Developed Property, compute the Assigned Special Taxes and the Backup Special Taxes applicable to the Assessor's Parcel. For Assessor's Parcels of Final Map Property or Undeveloped Property, excluding any Undeveloped Property pursuant to Section J., compute the Assigned Special Tax and the Backup Special Tax applicable to the Assessor's Parcel as though it was already designated as Developed Property based upon the Building Permit issued or to be issued for that Assessor's Parcel. For Assessor's Parcels classified as Undeveloped Property pursuant to Section J., compute the Assigned Special Tax. 2. For each Assessor's Parcel of Developed Property, Final Map Property or Undeveloped Property to be prepaid, (a) divide the Assigned Special Tax computed pursuant to paragraph 1 for such Assessor's Parcel by the sum of the estimated Assigned Special Tax applicable to all Assessor's Parcels of Taxable Property at build out, as reasonably determined by the City, and (b) divide the Backup Special Tax computed pursuant to paragraph 1 for such Assessor's Parcel by the sum of the estimated Backup Special Tax applicable to all Assessor's Parcels of Taxable Property at build out, as reasonably determined by the City. 3. Multiply the larger quotient computed pursuant to paragraph 2(a) or 2(b) by Outstanding Bonds. The product shall be the "Bond Redemption Amount ". 4. Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed with the proceeds of the Bond Redemption Amount. This product is the "Redemption Premium." 5. Compute the Future Facilities Cost. 6. Multiply the larger quotient computed pursuant to paragraph 2 (a) or 2 (b) by the amount determined pursuant to paragraph 5. to determine the Future Facilities Cost to be prepaid (the "Future Facilities Amount "). Resolution No. 2004 -2239 Page 25 7. Compute the amount needed to pay interest on the Bond Redemption Amount, the Redemption Premium, and the Reserve Fund Credit (see step 11) to be redeemed with the proceeds of the Prepayment Amount until the earliest call date for the Outstanding Bonds. 8. Estimate the amount of interest earnings to be derived from the reinvestment of the Bond Redemption Amount plus the Redemption Premium until the earliest call date for the Outstanding Bonds. 9. Subtract the amount computed pursuant to paragraph 8 from the amount computed pursuant to paragraph 7. This difference is the " Defeasance." 10. Estimate the administrative fees and expenses associated with the prepayment, including the costs of computation of the Prepayment Amount, the costs of redeeming Bonds, and the costs of recording any notices to evidence the prepayment and the redemption. This amount is the "Administrative Fee." 11. Calculate the "Reserve Fund Credit" as the lesser of: (a) the expected reduction in the applicable reserve requirements, if any, associated with the redemption of Outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirements in effect after the redemption of Outstanding Bonds as a result of the prepayment from the balance in the applicable reserve funds on the prepayment date. Notwithstanding the foregoing, if the reserve fund requirement is satisfied by a surety bond or other instrument at the time of the prepayment, then no Reserve Fund Credit shall be given. Notwithstanding the foregoing, the Reserve Fund Credit shall in no event be less than $0. 12. The Prepayment Amount is equal to the sum of the Bond Redemption Amount, the Redemption Premium, the Future Facilities Amount, the Defeasance, and the Administrative Fee, less the Reserve Fund Credit. With respect to the Special Tax for Facilities obligation that is prepaid pursuant to this Section G, the City Council shall indicate in the records of CFD No. 2004 -1 that there has been a Resolution No. 2004 -2239 Page 26 prepayment of the Special Tax for Facilities obligation and shall cause a suitable notice to be recorded in compliance with the Act within thirty (30) days of receipt of such prepayment to indicate the prepayment of the Special Tax for Facilities obligation and the release of the Special Tax for Facilities lien on such Assessor's Parcel, and the obligation of such Assessor's Parcel to pay such Special Taxes for Facilities shall cease. Notwithstanding the foregoing, no prepayment will be allowed unless the amount of Special Tax for Facilities that may be levied on Taxable Property, net of Administrative Expenses, shall be at least 1.1 times the regularly scheduled annual interest and principal payments on all currently Outstanding Bonds in each future Fiscal Year. SECTION H PARTIAL PREPAYMENT OF SPECIAL TAX FOR FACILITIES The Special Tax for Facilities obligation of an Assessor's Parcel of Developed Property or an Assessor's Parcel of Undeveloped Property for which a building permit has been issued and will be classified as Developed Property in the next Fiscal Year, as calculated in this Section H. below, may be partially prepaid, provided that there are no delinquent Special Taxes, penalties, or interest charges outstanding with respect to such Assessor's Parcel at the time the Special Tax for Facilities obligation would be prepaid. The Partial Prepayment Amount shall be calculated according to the following formula: PP = PG x F The terms above have the following meanings: PP = the Partial Prepayment Amount. PG = the Prepayment Amount calculated according to Section G. F = the percent by which the owner of the Assessor's Parcel is partially prepaying the Special Tax obligation. With respect to any Assessor's Parcel that is partially prepaid, the City Council shall indicate in the records of CFD No. 2004 -1 Resolution No. 2004 -2239 Page 27 that there has been a partial prepayment of the Special Tax for Facilities obligation and shall cause a suitable notice to be recorded in compliance with the Act within thirty (30) days of receipt of such partial prepayment of the Special Tax for Facilities obligation, to indicate the partial prepayment of the Special Tax for Facilities obligation and the partial release of the Special Tax for Facilities lien on such Assessor's Parcel, and the obligation of such Assessor's Parcel to pay such prepaid portion of the Special Tax for Facilities for shall cease. Notwithstanding the foregoing, no partial prepayment will be allowed unless the amount of Special Tax for Facilities that may be levied on Taxable Property after such partial prepayment, net of Administrative Expenses, shall be at least 1.1 times the regularly scheduled annual interest and principal payments on all currently Outstanding Bonds in each future Fiscal Year. SECTION I TERMINATION OF SPECIAL TAX For each Fiscal Year that any Bonds are outstanding the Special Tax for Facilities shall be levied on all Assessor's Parcels within Zones 1, 2, 3, and 4 subject to the Special Tax for Facilities. If any delinquent Special Tax for Facilities remain uncollected prior to or after all Bonds are retired, the Special Tax for Facilities may be levied to the extent necessary to reimburse CFD No. 2004 -1 for uncollected Special Tax for Facilities associated with the levy of such Special Taxes for Facilities, but not later than the 2044 -45 Fiscal Year. The Special Tax for Services shall be levied for as long as the Special Tax for Services is needed to meet the Special Tax Requirement for Services as determined at the sole discretion of the City Council. SECTION J EXEMPTIONS The City shall classify as Exempt Property (i) Assessor's Parcels owned by the State of California, Federal or other local governments, (ii) 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, (iii) Assessor's Parcels used exclusively by a homeowners' association, or (iv) Assessor's Parcels with public or utility easements making Resolution No. 2004 -2239 Page 28 impractical their utilization for other than the purposes set forth in the easement, provided that no such classification would reduce the sum of all Taxable Property to (a) less than 9.90 Acres for Tax Zone 1, (b) less than 3.06 Acres for Tax Zone 2, (c) less than 67.17 Acres for Tax Zone 3, or (d) less than 23.64 Acres for Tax Zone 4. Notwithstanding the above, the City Council shall not classify an Assessor's Parcel as Exempt Property if such classification would reduce the sum of all Taxable Property to (a) less than 9.90 Acres for Tax Zone 1, (b) less than 3.06 Acres for Tax Zone 2, (c) less than 67.17 Acres for Tax Zone 3, or (d) less than 23.64 Acres for Tax Zone 4. Assessor's Parcels which cannot be classified as Exempt Property because such classification would reduce the Acreage of all Taxable Property to less than (a) less than 9.90 Acres for Tax Zone 1, (b) less than 3.06 Acres for Tax Zone 2, (c) less than 67.17 Acres for Tax Zone 3, or (d) less than 23.64 Acres for Tax Zone 4 will continue to be classified as Undeveloped Property, and will continue to be subject to Special Taxes accordingly. SECTION K APPEALS Any property owner claiming that the amount or application of the Special Tax is not correct may file a written notice of appeal with the City Council not later than twelve months after having paid the first installment of the Special Tax that is disputed. A representatives) of CFD No. 2004 -1 shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and rule on the appeal. If the representative's decision requires that the Special Tax for an Assessor's Parcel be modified or changed in favor of the property owner, a cash refund shall not be made (except for the last year of levy) , but an adjustment shall be made to the Special Tax on that Assessor's Parcel in the subsequent Fiscal Year(s). SECTION L MANNER OF COLLECTION The Annual Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 2004 -1 may collect the Special Tax at a different time or in a different manner if necessary to meet its financial obligations. o ' ZONE 3 Z N / 1696.03 PROPOSED BOUNDARY MAP OF THE CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT NO. 2004 -1 (MOORPARK HIGHLANDS) COUNTY OF VENTURA, STATE OF CALIFORNIA HWY DEDICATION ZONE 2 0 m 'LONE 3 w szo P ZONE 3 411.32' ?o V4 O 4 w ZONE 3 ZONE 1 ! � D'y`7j37S 'v - - o 733.3' o - ti 1849.94' m . `O h eN� N h N O v 602.6' h 600' O to N O p V 16 N 16 to h N p FILED IN THE OFFICE OF THE CITY CLERK OF THE CITY OF MOORPARK. THIS ___ DAY OF ----- 2004 CITY CLERK I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING BOUNDARIES OF THE CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT NO 2004 -1 (MOORPARK HIGHLANDS), COUNTY OF VENTURA, STATE OF CALIFORNIA, HAS APPROVED BY THE CITY COUNCIL Of THE CITY OF MOORPARK AT A REGULARLY SCHEDULED MELTING THEREOF. HELD ON THE _ DAY OF --, 2004 BY ITS RESOLUTION NOS. CITY CLERK THE BOUNDARIES OF THE DISTRICT INCLUDE ASSESOR PARCEL NUMBERS.' 500 -0 -160 -545, -555, k -705; 500 -0 -270 -075, -195, k -205; 500 -0- 240 -035. SELTION 33, TOWNSHIP 3 NORTH. k SECTION 4, / TOWNSHIP 2 NORTH, RANGE 19 WEST FILED THIS __ DAY OF , 2004, AT THE HOUR OF __ O'CLOCK __M IN BOOK -__ OF MAPS OF ASSESSMENT AND COMMUNITY FACILITIES DISTRICTS AT PACE - - -. AND AS INSTRUMENT N0.__ IN THE OFFICE OF THE COUNTY RECORDER, IN THE COUNTY OF VENTURA, STATE OF CALIFORNIA. -------------------------------- COUNTY RECORDER COUNTY OF VENTURA ro �0 w m t.Q m (D 0 N r- 110 Irt p- 0 z 0 N O C) N N W x tz H z Resolution No. 2004 -2239 Page 30 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2004 -2239 adopted by the City Council of the City of Moorpark at a regular meeting held on the 15th day of September, 2004, and that the same was adopted by the following vote: AYES: Councilmembers Harper, Mikos, Millhouse, Parvin and Mayor Hunter NOES: None ABSENT: None ABSTAIN: None WITNESS my hand and the official seal of said City this 7th day of October, 2004. Deborah S. Traffenste t, City Clerk (seal)