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Home My WebLink About1995-08-15; City Council; 13283; La Costa Downs AD 92-01 First Public HearingCl-’ OF CARLSBAD - LA COSTA DOWNS FIRST PUBUC HEARING RECOMMENDED ACTION: Open the public hearing for those who wish to speak. No action is required at this public hearing. ITEM EXPLANATION: La Costa Downs is a very OM subdivision; the final map was recorded in 1927. The property consists of 40 lots and is located immediately north of the Lanikai Mobile Home Park and just east of Carlsbad Boulevard. Because no streets or public utilities have been constructed, all 40 lots are still vacant today. These lots are currently owned by many different individuals, not one developer, making construction of improvements difficult. On July 11, 1995, Council took a number of actions regarding this proposed assessment district, some of which were: 1. Adopted a Boundary Map. 2. Declared intention to order installation of improvements and issue bonds. 3. Approved a preliminary Engineer’s Report and set public hearings. 4. Authorized advertising for construction bids. Notices were mailed to every property owner on July 19,1995, informing them of the dates and times of the two public hearings and of the preliminary assessment amount. The Boundary Map was recorded on July 14, 1995. The City has advertised for bids for the construction of the project. Bids are scheduled to be opened at 4:00 p.m., on August 14, 1995. it is anticipated that staff will give a verbal presentation of the apparent low bidder. The revisions to the assessments in the Engineer’s Report will not be presented until the second public hearing on September 5, 1995. Owners of the lots in this proposed assessment district are eager for the distrid to be formed. The City has received petitions in favor of the district from 100% of the owners. No action need be taken at this first public hearing. At the hearing on September 5, 1995, the final Engineer’s Report with assessments based on the bid price for construction will be presented. Council will then be asked to approve the Report, authorize the sale of bonds, award the construction contract and approve the Assessment Diagram and assessment amounts. Individual lot assessments (right-hand column) and appraised values (column b.) are shown on Exhibit 2. The overall district value-to-lien ratio exceeds 4: 1. Page 2 of Agenda Bill No. /<27 9 FISCAL IMPACT: The La Costa Downs Assessment Distrii Engineer’s Report shows an estimated cost for construction and incidental expenses totaling $1.2 million. Previously incurred out-of-pocket costs have been funded from property owner contributions, with property owners contributing a total of $23,500 for the consulting assessment engineer and property appraisal. Ail remaining costs will be funded from the sale of 1911 Act bonds. Design engineer, attorney, undetwriier, and financial services are contingent upon the sale of the la Costa Downs bonds. 1911 Act Bonds After the La Costa Downs assessments are confirmed by Council on September 5, 1995, property owners will have a 30day periid to pay their assessment, thus saving financing charges. Bonds to be issued for the remaining assessments for construction of the La Costa Downs improvements will be 1911 Act bonds. One bond will be sold in an amount equal to the final assessment on each of the 49 lots within the La Costa Downs Assessment District. A lien in the amount of the final assessment is also placed on each parcel. Property owners will pay the principal and interest on their property’s bond on a bi-annual basis. The Finance Department will issue invoices, due April 15 and October 15 each year, for the 15year term of the bonds. Although the interest rate will not be known until the bonds are issued, a property owner could expect to make annual debt service payments of approximately $3,650 at 9% interest rate. Property owner annual assessments for bond payments are subject to a 2% penalty for each month’s delinquency after June 2 and January 2. Payments from property owners are remitted by the City to the bondholder. The assessment district lien is junior only to property taxes and bondholders may foreclose upon delinquent properties. MHIBITB: 1. Location map. 2. Order of Procedure. 3. Excerpt from Engineer’s Report showing assessments and appraised values. 4. Preliminary Engineer’s Report (on file in the City Clerk’s Office). 5. Boundary Map (on file in the City Clerk’s Offiie). 2 : \ 1 5-s \ P ‘I r \ _*- \ \ s \ POlNS& LANIKAI LANE MOBILE HOME PARK 1/7 CONNECTS LOTS UNDER 4 COMMON OWNERSHIP city d Clrlsbd CITY OF CARLSBAD-LA COSTA DOWNS1 EXHIBIT I ORDEROFPROCEDURE CITY OF CARLSBAD ASSESSMENT DISTRICT NO. 92-1 (LA COSTA DOWNS) DATE OF FIRST PUBLIC HEARING: AUGUST 15, 1995 PUBLIC HEARING HEARING REQUIRED PURSUANT TO THE “MUNICIPAL FOR CONSIDERATION: IMPROVEMENT ACT OF 1913” MAYOR: CITY CLERK: STAFF: MAYOR: Announce that this is the time and place fixed for the first of two (2) public hearings relating to the proceedings for the formation of ASSESSMENT DISTRICT NO. 92-1 (LA COSTA DOWNS). Announce that notice of the Public Hearings has been given as required by law and a Certificate of Compliance is on file certifying the following: - Mailing notice to property owners within the District - Filing proposed boundary map in office of County Recorder - Publication of Notice Inviting Sealed Bids - Explain purpose for Public Hearing. - Describe improvements and boundaries of District. - Present and summarize “Report”. - Explain method and formula of assessment spread. - Report on number of protests (% of area) received. - General summary. END OF STAFF REPORT - OPEN FOR PUBLIC DISCUSSION ASK EACH SPEAKER TO IDENTIFY THEMSELVES AND THEIR PROPERTY. First, ask to hear from anyone who wishes to speak against the improvement or the Assessment District. Then, ask to hear from anyone who wishes to speak in favor of the proceedings. General Discussion. NOTIFY THE AUDIENCE THAT NO ACTION WILL BE TAKEN AT THE CONCLUSION OF THIS PUBLIC HEARING, AND GIVE THE DATE, TIME AND PLACE FOR THE SECOND PUBLIC HEARING. 2ND PUBLIC HEARING: SEPTEMBER 5, 1995 EXHIBIT 2 . Assessment Numbw 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24AEcB 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Totals Property Lot 1, Block 22 Lot 2, Block 22 Lot 3, Block 22 Lot 4, Block 22 Lot 5, Block 22 Lot 6, Block 22 Lot 7, Block 22 Lot 8, Block 22 Lot 9, Block 22 Lot 10, Block 22 Lot 11, Block 22 Lot 1, Block 23 Lot 2, Block 23 Lot 3, Block 23 Lot 4, Block 23 Lot 5, Block 23 Lot 6, Block 23 Lot 7, Block 23 Lot 8, Block 23 Lot 9, Block 23 Lot 10, Block 23 Lot 11, Block 23 Lot 12, Block 23 Lot 13, Block 23 Lot 14, Block 23 Lot 15, Block 23 Lot 16, Block 23 Lot 17, Block 23 Lot 18, Block 23 Lot 19, Block 23 Lot 20, Block 23 Lot 1, Block 24 Lot 2, Block 24 Lot 3, Block 24 Lot 4, Block 24 Lot 5, Block 24 Lot 6, Block 24 Lot 7, Block 24 Lot 8, Block 24 Lot 9, Block 24 ENGINEER'S "REPORT" PART III (A) ASSESSMENTS a. County Assessor Rolea b. True Value of Parcel 31 Act) $25,091 $120,000 $25,091 $120,000 $25,091 $120,000 $25,091 $120,000 $25,091 $120,000 $25,091 $120,000 $25,091 $120,000 $25,091 $120,000 $25,091 $125,000 $25,091 $125,000 $25,091 $115,000' $81,600 $130,000 $102,405 $125,000 $7,832 $125,000 $8,412 $125,000 $48,450 $125,000 $28,812 $125,000 $70,000 $125,000 $86,700 $125,000 $2,843 $125,000 $29,876 $120,000 $29,876 $115,000 $3,664 $125,000 $46,430 $125,000 $102,405 $125,000 $22,971 $125,000 $102,405 $125,000 $17,923 $125,000 $7,832 $125,000 $23,898 $125,000 $24,375 $130,000 $4,341 $140,000 $4,341 $140,000 $3,664 $135,000 $26,359 $135,000 $50,407 $135,000 $50,407 $135,000 $100,398 $135,000 $4,341 $135,000 $4,341 $130,000 $1,373,309 $5,040,000 As Prelim- As Finally inarily Confirmed BgDroved ti Recorded $29,749 $29,781 $29,814 $29,848 $29,881 $29,914 $29,947 $29,981 $29,965 $25,944 $29,803 $28,821 $29,923 $29,923 $28,898 $28,898 $28,898 $29‘923 $28,923 $28,833 $28,954 $28,610 $24,923 $29,278 $29,023 $29,023 $29,923 $28,923 $29,023 $28,923 $28,871 $28,973 $28,923 $29,023 $28,923 $28,923 $29,723 $28,923 $28,728 $24,357 EXHIBIT 3 $1,159,636 Note: All of the legal descriptions (i.e. Lot 2, Block 24) are a part of La Costa Downs Subdivision, UniL No. 1, according to Map 2013, located in the City of Carlsbad, County of San Diego, State of California. 5