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Home My WebLink About102803 TPFA Minutes MINUTES OF A REGULAR MEETING OF THE TEMECULA PUBLIC FINANCING AUTHORITY OCTOBER 28, 2003 A regular meeting of the City of Temecula Public Financing Authority was called to order at 8:26 P.M., in the City Council Chambers, 43200 Business Park Drive, Temecula. ROLL CALL PRESENT: 4 AGENCY MEMBERS: Comerchero, Naggar, Pratt, and Stone ABSENT: 1 AGENCY MEMBER: Roberts Also present were Executive Director Nelson, Assistant City Attorney Curley, and City Clerk Jones. PUBLIC COMMENTS No input. RECONVENE CITY COUNCIL MEETING AND COMMUNITY SERVICES DISTRICT MEETING JOINT CITY COUNClL/TEMECULA COMMUNITY SERVICES DISTRICT/TEMECULA PUBLIC FINANCING AUTHORITY PUBLIC HEARING Formation of Temecula Public Financinq Authority Community Facilities District No. 03- 03 0Nolf Creek) RECOMMENDATION: 1.1 That the City Council hold a public hearing regarding ~he proposed bond financing by the Temecula Public Financing Authority Community Facilities District No. 03-03 (Wolf Creek) of various public improvements and adopt the resolutions entitled: RESOLUTION NO. 03-159 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA MAKING FINDINGS WITH RESPECT TO AND APPROVING THE ISSUANCE OF BONDS BY THE TEMECULA PUBLIC FINANCING AUTHORITY - WOLF CREEK 03-03 RESOLUTION NO. 03-160 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA APPROVING JOINT COMMUNITY FACILITIES AGREEMENTS RELATING TO THE FINANCING OF PUBLIC IMPROVEMENTS AND SERVICES AND IMPLEMENTATION OF ACQUISITION AGREEMENT - WOLF CREEK R:minutes.tpfa\102803 1 1.2 That the Temecula Community Services District adopt the resolution entitled: 1.3 1.4 RESOLUTION NO. CSD 03-20 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA COMMUNITY SERVICES DISTRICT APPROVING JOINT COMMUNITY FACILITIES AGREEMENT RELATING TO THE FINANCING OF PUBLIC IMPROVEMENTS AND SERVICES - WOLF CREEK That the Public Financing Authority hold public hearings regarding the formation of the proposed Temecula Public Financing Authority Community Facilities District No. 03-03 (Wolf Creek) (the "CFD"), the levy of special taxes in the CFD, and the issuance of bonds by the Public Financing Authority for the CFD, and adopt the resolutions entitled: RESOLUTION NO TPFA 03-22 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORrFY OF FORMATION OF TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-03 (WOLF CREEK), AUTHORIZING THE LEVY OF A SPECIAL TAX WITHIN THE DISTRICT, PRELIMINARILY ESTABLISHING AN APPROPRIATIONS LIMIT FOR THE DISTRICT AND SUBMrI'I'ING LEVY OF THE SPECIAL TAX AND THE ESTABLISHMENT OF THE APPROPRIATIONS LIMIT TO THE QUALIFIED ELECTORS OF THE DISTRICT RESOLUTION NO. TPFA 03-23 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY DETERMINING THE NECESSITY TO INCUR BONDED INDEBTEDNESS WITHIN TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-03 (WOLF CREEK) AND SUBMITFING PROPOSITION TO THE QUALIFIED ELECTORS OF THE DISTRICT RESOLUTION NO. TPFA 03-24 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY CALLING SPECIAL ELECTION WITHIN COMMUNITY FACILITIES DISTRICT NO. 03-03 (WOLF CREEK) That the Public Financing Authority hold an election regarding the CFD, and adopt a resolution entitled: R:minutes.tpfa\102803 2 RESOLUTION NO. TPFA 03-25 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY DECLARING RESULTS OF THE SPECIAL ELECTION, AND DIRECTING RECORDING OF NOTICE OF SPECIAL TAX LIEN AND EXECUTION AND DELIVERY OF AN ACQUISITION AGREEMENT - WOLF CREEK 03-03 1.5 That the Public Financing Authority introduce and read by title only an ordinance entitled: ORDINANCE NO. TPFA 03-02 AN ORDINANCE OF THE TEMECULA PUBLIC FINANCING AUTHORITY LEVYING SPECIAL TAXES WITHIN TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-03 (WOLF CREEK) Reviewing the staff report (of record) and clarifying the proposed action, Bond Counsel Thimmig, for Mayor Pro Tern Naggar, provided additional information with regard to the steps involved in a Community Facilities District, highlighting the following: · That the appraisal report includes information of the properties within the District; that it does not include information with regard to surrounding homes; · That the taxing formula is based on the size of the home, not on the dollar amount; that, as per State law, a tax may not be levied ad valorem; that the levied tax is not intended as a value tax; · That the proposed methodology has been used for Wolf Creek as well any other Community Facilities Districts; · That the variables are the amenities a housing tract may bring to the area. Providing additional input, Public Works Director Hughes noted that the method of taxing is actually based on square footage of the homes and is then tested to ensure that the does not exceed 2% of the home value; and that the market analysis does include various selling prices in the area. Advising that the security of the bonds is based on the appraisal of the land with only the bond financed improvements without any homes, Mr. Thimmig noted that the appraised value must be at least three times the value of the bonded indebtedness. In order to further address Mayor Pro Tem Naggar's questions, Bond Counsel Thimmig advised that the City's tax consultants will be available at the next meeting to further address his questions. Echoing Bond Counsel Thimmig, Public Works Director Hughes reiterated that the District will only finance public facilities, not private. At this time, the public hearing was opened; there being no public input, the hearing was closed. R:minutes,tpfa\102803 3 MOTION: Councilman Comerchero moved to approve staff recommendation 1.1. The motion was seconded by Councilman Pratt and voice vote reflected approval with the exception of Councilman Roberts who was absent. MOTION: Councilman Comerchero moved to approve staff recommendation 1.2. The motion was seconded by Councilman Pratt and voice vote reflected approval with the exception of Councilman Roberts who was absent. At this time, a short recess was taken in order for Assistant City Manager O'Grady to sign the four joint community facilities agreements. At this time, the continued public hearings were opened. It was indicated that no property owner or registered voter within the District was present to file a written protest. The public hearings were closed. MOTION: Councilman Comerchero moved to approve staff recommendation 1.3. The motion was seconded by Councilman Pratt and voice vote reflected approval with the exception of Councilman Roberts who was absent. Having opened the ballots, City Clerk Jones announced the results, as follows: and Michael White and Jeffrey Brouelette - 207 yes votes and William Griffith - 262 yes votes. MOTION: Councilman Comerchero moved to approve staff recommendation 1.4. The motion was seconded by Councilman Pratt and voice vote reflected approval with the exception of Councilman Roberts who was absent. Assistant City Attorney Curley read by title only and introduced the ordinance. MOTION: Councilman Comerchero moved to approve staff recommendation 1.5. The motion was seconded by Councilman Pratt and voice vote reflected approval with the exception of Councilman Roberts who was absent. At this time, the City Council meeting was recessed. EXECUTIVE DIRECTOR'S REPORT No comment. BOARD OF DIRECTORS' REPORTS No comments. R:minutes.tpfa\102803 4 ADJOURNMENT At 8:20 P.M., the Temecula Public Financing Authority meeting was formally adjourned. ATTEST: Age~ry 9~'~ E.(,,,e~', Chairman R:minutes.tpfa\102803 5