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Auditor-Controller recommending the Board adopt and authorize the Chair to sign "Resolution 170-2017 to Reapportion Special Tax Rate for Certain Land Within Community Facilities District 2014-1 (Carson Creek)". (Est. Time: 10 Min.)
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DEPARTMENT RECOMMENDATION
The Auditor-Controller recommending the Board adopt "Resolution to Reapportion Special Tax Rate for Certain Land Within Community Facitlties District No. 2014-1 (Carson Creek)".
DISCUSSION / BACKGROUND
The Board of Supervisors will recall that in 2015 it formed Community Facilities District No. 2014-1 (Carson Creek) under the Mello-Roos Community Facilities Act and authorized the levy of special taxes on land within the CFD. Shortly after formation, the County issued, on behalf of the CFD, $12,850,000 original principal amount of County of El Dorado Community Facilities District No. 2014-1 (Carson Creek) Special Tax Bonds, Series 2016, secured by the CFD special taxes, with no general fund liability. The CFD is authorized to issue indebtedness in an amount not to exceed $50,000,000 to finance authorized improvements; proceeds of the 2016 Bonds were used to finance the construction of certain major infrastructure improvements associated with projects of this nature.
Lennar has requested the issuance of a second series of bonds, as originally contemplated under the bond authorization for the CFD. The Carson Creek development plan recently underwent a change for its development of Unit 3, Lot 4 from commercial to residential use and for that reason has requested a change to the Rate and Method of Apportionment for the CFD (the “RMA”), which is the document setting forth the various tax rates for each land use. The terms of the RMA permit such a change by resolution of the Board and vote of the landowner. The vote has been received by staff.
Unit 3, Lot 4 property was anticipated at 19.459 acres when the RMA was written. The base year maximum tax was $10,500 for total revenue (base year) of $...
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