Loading...
HomeMy WebLinkAbout2002-06-25; City Council; 16805; Establish 2002-03 Special Tax46# 16,805 HTG. 06/25/02 IEPT. FIN CITY OF CARLSBAD -AGENDA BILL m: DEPT. HD. ESTABLISH 2002-03 SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT NO. 1 CITY ATTY. CITY MGR 3ECOMMENDED ACTION: Adopt Resolution NO. 2002-189 establishing the 2002-03 special tax for the Community Facilities District No. 1. TEM EXPLANATION: improvements by approving the Mello-Roos Community Facilities Act of 1982. This Act allows In 1982, the State Legislature responded to the need for a high quality method of financing public voters to approve a special tax to be levied upon their property to fund the construction or acquisition of facilities or services. In the City of Carlsbad, a Community Facilities District (CFD) is not intended to relieve any property owner of the responsibility to provide funding for infrastructure improvements related to development. The City’s CFD affects no homeowners in Carlsbad because under the City’s guidelines, any and all tax obligations on residential units must be paid in full when the building permit is issued. When a building permit is issued for non-residential development, property owners must choose whether to pay the CFD tax in full or pay pass-through taxes for twenty-five years. The City of Carlsbad and property owners of specific vacant land in Carlsbad worked together to form a CFD to provide funding for a variety of infrastructure projects needed to meet growth management requirements. Vacant land and a small percentage of developed non-residential land located in sixteen Local Facilities Management Zones are currently in the CFD, with other zones annexing as development plans progress. Community Facilities District (CFD) No. 1, on May 7, 1991. Through debt financing or available Following Mello-Roos legislation, Council held a public hearing and an election and formed cash balances, CFD No. 1 will fund, or has funded, the following capital projects: Civic Facilities Library 1-5 lnterchanqes Road Senments Palomar Airport Road La Costa Avenue OfficeNVarehouse Facilities La Costa Avenue City Hall Olivenhain Road Poinsettia Lane Cannon Road Veteran’s Memorial Park Faraday Avenue In June 1991, Council adopted an ordinance putting in place the tax formula for the district establishing the maximum tax rates that may be levied in CFD No. 1. The maximum tax rate for property within the CFD is adjusted each year by one-half of the annual change in the Los Angeles inflationary factor in the “Engineering News Record” (ENR) Cost Indexes in 22 Cities. The maximum tax rate for property not yet included within CFD No. 1 is adjusted by the full ENR percentage change until the fiscal year of annexation. Although the ordinance established a ceiling for future tax rates, it did not create the individual tax levy that will be placed on each parcel. Each year the City establishes the levy, as the funding needs for the next fiscal year are determined. I PAGE 2 OF AGENDA BILL NO. 16.805 Staff recommendations for the 2002-03 tax levy are presented in Exhibit A of the attached Resolution and show the tax rate schedule for property included within CFD No. 1 at formation, as well as for property annexed thereafter. The maximum tax rates reflect an increase of one-half of the ENR inflator (1.0%) as described above. For property planned for future residential development, staff is recommending that the City levy no tax on vacant property while decreasing the one-time tax levied at the time of building permit issuance from 80% to 70% of the maximum tax on each dwelling unit. The tax on vacant property zoned for future commercial or industrial development is proposed to remain the same at 20% of the maximum tax on each developable acre. The one-time tax levied at the time of building permit issuance on non-residential property is also proposed to remain the same at 60% of the maximum tax per square foot of building area. Certain non-residential property owners elected not to pay off their CFD obligation at the time building permits were issued. Instead, they chose to assume an annual special tax for developed property for twenty-five years. According to the CFD documents, the annual special tax on developed property shall not exceed 13.81% of the authorized one time payoff tax for commercial and industrial property. This percentage rate was determined based on the average cost of bond financing (1 1%) plus financing costs. The proposed 2002-03 tax rate for developed property is 8.70% of each property's one time payoff tax. This rate is unchanged from last year. The tax rates proposed for CFD No. 1 are based on the cash flow requirements needed to fund the remaining projects considering the most recent growth projections for the City and the project schedules as shown in the Capital Improvement Program. The tax rates are adjusted annually and are expected to decrease over time as projects are completed. FISCAL IMPACT: The levying of taxes on parcels within CFD No. 1 has created the necessary cash flow to finance the construction of the 1-5 Interchanges, the Carlsbad library on Dove Street, La Costa Blvd., portions of Rancho Santa Fe Road, the Public Works center, Veterans Memorial Park and a City Faraday Ave., as well as other road projects. Future projects to be financed by the CFD include Hall complex. Setting the CFD tax at the recommended rates will result in a tax levy on vacant property of about $203,000 for fiscal year 2002-03. The revenue generated by the one-time tax levied at building permit will be determined by the amount of development activity that occurs. The one-time special tax for residential property, based on growth projections, is estimated to be $1.3 million for the 2002-03 fiscal year. An additional $1.4 million is anticipated to be collected from the non- residential developed special tax. The current delinquency rate is approximately 2%. This should not have any significant fiscal impact because delinquencies are factored into future revenue projections. The CFD will eventually receive these delinquent taxes; it is just a matter of when the collection occurs. EXHIBITS: 1. Resolution No. 2002-189 establishing the 2002-03 special taxes for Community Facilities District No. 1. 1 2 u 1 4 5 6 7 a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 2002-189 RESOLUTION OF THE CITY COUNCIL OF THE CITY SPECIAL TAXES FOR COMMUNITY FACILITIES DISTRICT NO.l OF CARLSBAD, CALIFORNIA, ESTABLISHING THE 2002-03 WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD. CALIFORNIA, (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.l982", being Chapter 2.5. Part 1, Divkion 2, Title 5 of the Government Code of th6 State of California. This Community Facilities District shall hereinafter be referred to as COMMUNITY FACILITIES DISTRICT NO. 1 (hereinafter referred to as the "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, BE IT RESOLVED by the City Council of the City of Carlsbad, California as follows: SECTION 1. The above recitals are all true and correct. SECTION 2. That the specific rate and amount of the special tax to be collected for fiscal year 2002-03 to pay for the costs and expenses for the referenced District is hereby determined and established as set forth in the attached, referenced and incorporated Exhibit A. Ill 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 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. SECTION 4. That the proceeds of the special tax shall be used to pay, in whole or in part, the costs of the following, in the following order of priority: A. Payment of principal of and interest on any outstanding authorized bonded indebtedness; 6. Necessary replenishment of bond reserve funds or other reserve funds; C. Payment of costs and expenses of authorized public facilities and public services; D. Repayment of advances and loans, if appropriate. 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 annual 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 Finance Director is hereby directed to calculate the installment of the annual special tax for each parcel within the District and provide a list of those special taxes to the Auditor of the County. 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 affected in a space marked "public improvements, special tax" or by any other suitable designation, the installment of the special tax. Ill Ill Page 2 of 3 of Resolution No. 2002-189. 1 2 3 4 5 6 7 a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 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 by the City Council of the City of Carlsbad at its regular meeting held on the 25th day of JUNE , 2002, by the following vote. to wit: AYES: Council Members Lewis, Nygaard% Hall NOES: None ABSENT: Council Members Kulc ATTEST: - LORRAJhE M. WOOD, City Clerk . 'age 3 of 3 of Resolution No. 2002-189. kLAUDE A. LEWIS, Mayor EXHIBIT A Page 1 I PROPERTY NON-RESIDENTIAL COMMERCIAL INDUSTRIAL RLM RM RMH RH 1 INDUSTRIAL CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 TAX RATES UNDEVELOPED PROPERTY FOR PROPERTY ORIGINALLY IN THE DISTRICT MAY 7, 1991 FISCAL YEAR 2001-02 MAXIMUM TAX TAX RATES r AREA 1; (M% OF MAXIMUM 2,198 3,095 $2,659 1,434 287 440 (20% OF MAXIMUM $532 r AREA 11; $307 842 2,070 1,349 3,035 51,773 1,064 (20% OF MAXIMUM $6 1 270 168 414 607 $355 213 (20% OF MIMUM MAXIMUM FISCAL YEAR 2002-03 I TAX .... ~ ~ ~~~ ~~ TAX RATES (0% OF MAXIMUM $314 $0 864 2,220 1,448 3,126 $2,686 1,343 I $31 0 851 2,091 1,362 3,065 $1,791 1,074 0 0 0 0 $537 269 (20% OF MRXIMUM (0% OF MAXIMUM $0 0 0 0 0 $358 215 (20% OF MAXIMUM ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY TAX ON DEVELOPED PROPERTY MAXIMUM PERCENTAGE 13.81% 2002-03 8.70% % OF ONE-TIME SPECIAL TAX 2001-02 I 8.70% NOTES: TAX RATE AREA I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. TAX RATE AREA II EXCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. EXHIBIT A Page 2 COMMUNITY FACILITIES DISTRICT NO. 1 CITY OF CARLSBAD TAX RATES FOR PROPERTY ANNEXED INTO THE DISTRICT FISCAL YEAR 1993194 UNDEVELOPED PROPERTY I PROPERTY NON-RESIDENTIAL COMMERCIAL INDUSTRIAL TAX RA TE lMPROVEM/ RESIDENTIAL RMH 1 INDUSTRIAL FISCAL YEAR 2001-02 TAX RATES MAXIMUM TAX T AREA I: (20% OF MAXIMUN 1,485 2,277 455 3,206 $2,755 1 377 (20% OF MAXIMUM $551 275 T AREA II: (20% OF MAXIMUM 1,397 2,144 3,144 279 429 (20% OF MAXIMUM $1,836 $367 1,102 MAXIMUM FISCAL YEAR 2002-03 TAX TAX RATES (0% OF MAXlMUk 1,500 2,300 3,238 (20% OF MAXIMUN $2,782 $556 278 L $321 881 1,411 2,165 3,175 $1,855 1,113 (0% OF MAXIMUM $0 0 0 0 0 $371 223 (20% OF MAXIMUN ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY MAXIMUM PERCENTAGE 2001-02 2002-03 TAX ON DEVELOPED PROPERTY % OF ONE-TIME SPECIAL TAX 13.81% 8.70% 8.70% I NOTES: TAX RATE AREA I1 EXCLUDES PROPERTY WrHlN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 TAXRATE AREA I INCLUDES PROPERNWITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. EXHIBIT A Page 3 CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 TAX RATES UNDEVELOPED PROPERTY FOR PROPERTY ANNEXED INTO THE DISTRICT FISCAL YEAR 1994/95 1 PROPERTY RLM RM RMH RH RLM RM RMH RH NON-RESIDENTIAL COMMERCIAL I INDUSTRIAL MAXIMUM FISCAL YEAR 2001-02 I TAX $326 896 2,302 1,501 3,240 $2,784 TAX I RATES (20% OF MAXIMUN $65 179 300 460 648 $557 278 (M% OF MAXIMUN 1,392 I T AREA 11: (20% OF MAXIMUM 2,167 1,412 3,178 636 $371 223 $1,856 1114 P% OF MAXIMUM MAXIMUM FISCAL YEAR 2002-03 TAX TAX RATES $329 905 2,325 1,516 3,273 $2,812 1,406 (0% OF MAXIMUN $0 0 0 0 0 $562 281 (20% OF MAXIMUN (0% OF MAXIMUM 2,189 1,426 3,210 (20% OF MAXIMUM $1.875 $375 1 125 225 ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY I MAXIMUM PERCENTAGE mnr-n? TAXONDEVELOPEDPROPERTY % OF ONE-TIME SPECIAL TAX 13.81% I I R 7nok 1 NOTES: TAX RATE AREA I INCLUDES PROPERN WITHIN BRIDGE AND THOROUGHFARE DISTRCT NO. 1 TAX RATE AREA II EXCLUDES PROPERNWITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. ENGINEERING NEWS RECORD INFLATION RATEWPSZ%. 8 -r PROPERTY RL RLM RM RMH RH TAX RATE IMPROVEMI RESIDENTIAL INDUSTRIAL NON-RESIDENTIAL COMMERCIAL EXHIBIT A Page 4 CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 TAX RATES UNDEVELOPEDPROPERTY FOR PROPERTY ANNEXED INTO THE DISTRICT FISCAL YEAR 1995-96 I MAXIMUM FISCAL YEAR 2001-02 FISCAL YEAR 2002-03 I TAX MAXIMUM I TAX TAX RATES TAX RATES T AREA I: I 120% OF MAXIMUM) I (0% OF MAXIMUM 1,501 2,302 3,240 $2,784 T AREA 111 $321 1,412 882 2,167 3,178 $1,856 1,114 $65 179 $329 905 300 1,516 460 2,325 648 3,273 $0 0 0 0 0 (m% OF MAXIMUM $562 278 1,406 281 (20% OF MAXIMUM) $557 $2,812 I (20% OF MAXIMUM) $64 $325 891 2,189 1,426 3,210 $1,875 1,125 (0% OF MAXIMUM $0 0 0 0 0 $375 225 (20% OF MAXIMUM ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY TAXONDEVELOPEDPROPERTY MAXIMUM PERCENTAGE 13.81% 2002-03 8.70% 56 OF ONE-TIME SPECIAL TAX 2001-02 I 8.70% NOTES: TAX RATE AREA I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 TAX RATE AREA II EXCLUDES PROPERN WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. EXHIBIT A Page 5 PROPERTY TYPE TAX RATE IMPROVEMI RESIDENTIAL RL RLM RM RMH RH COMMERCIAL INDUSTRIAL NON-RESIDENTIAL TAXRATE IMPROVEMI RESIDENTIAL RL RLM RM RMH RH COMMERCIAL INDUSTRIAL NON-RESIDENTIAL COMMUNITY FACILITIES DISTRICT NO. 1 CITY OF CARLSBAD TAX RATES FOR PROPERTY ANNEXED INTO THE DISTRICT FISCAL YEAR 1996-97 UNDEVELOPED PROPERTY MAXIMUM FISCAL YEAR 2001-02 I TAX TAX 'T AREA I: RATES $326 1,503 897 2,304 3,244 $2,787 1,394 T AREA 11: $322 1,413 883 2,169 3,181 $1,858 1,115 L (20% OF MAXIMUL $65 179 301 461 649 (20% OF MAXIMUL $557 279 (20% OF MMIMUN $64 177 283 434 636 (2% OF MAXlMUH $372 223 € MAXIMUM I FISCAL YEAR 2002-03 TAX TAX RATES I $330 906 2,327 1,518 3,276 $2,815 1,408 $325 1.428 891 2,191 3,213 $1,877 1,126 (0% OF MAXIMUL $0 0 0 0 0 $563 282 (20% OF MANMUL (0% OF MAXIMUN $0 0 0 0 0 $375 225 (20% OF MAXIMUN ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY MAXIMUM PERCENTAGE 2002-03 TAX ON DEVELOPED PROPERTY % OF ONE-TIME SPECIAL TAX 13.81% 8.70% 8.70% 2001-02 I NOTES TAX RATE AREA I INCLUDES PROPERNWlTHlN BRIDGE AND THOROUGHFARE DISTRET NO. 1. TAX RATE AREA II EXCLUDES PROPERNWlTHlN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. EXHIBIT A Page 6 I PROPERTY RLM RM RMH RH COMMERCIAL NON-RESIDENTIAL NON-RESIDENTIAL COMMERCIAL INDUSTRIAL CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 TAX RATES UNDEVELOPEDPROPERTY FOR PROPERTY ANNEXED INTO THE DISTRICT FISCAL YEAR 1997-98 FISCAL YEAR 2001-02 MAXIMUM TAX TAX RATES TAREA I: (20% OF MMIMUN 1,512 2,318 3,263 $2,804 (m% OF MAXIMUN $561 T AREA I/: $324 888 2,182 1,422 3,200 $1,869 1,122 (20% OF MMIMUM $65 284 178 436 640 $374 224 (20% OF MAXIMUM MAXIMUM FISCAL YEAR 2002-03 TAX RATES TAX $332 I (0% OF MMIMUM 50 91 1 2,341 1,527 3,296 $2,832 1,416 I $327 897 1,436 2,204 3,232 $1,888 1,133 0 0 0 0 $566 283 (ZOBOF MAXIMUM (0% OF MMXIMUM $0 0 0 0 0 $378 227 (20% OF MAXIMUM ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY TAX ON DEVELOPED PROPERTY % OF ONE-TIME SPECIAL TAX MAXIMUM PERCENTAGE 2002-03 13.81% 8.70% 8.70% 2001-02 I NOTES: TAX RATE AREA I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. TAX RATE AREA II EXCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. EXHIBIT A Page 7 CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 TAX RATES UNDEVELOPEDPROPERTY FOR PROPERTY ANNEXED INTO THE DISTRICT FISCAL YEAR 1998-99 FISCAL YEAR 2001-02 FISCAL YEAR 2002-03 PROPERTY TAX MAXIMUM TAX MAXIMUM TYPE RATES TAX RATES TAX TAX RATE IMPROVEMENT RESIDENTIAL AREA I: RL $0 RLM 0 3,315 657 3,283 RH 0 2,355 466 2,332 RMH 0 1,536 304 1,521 RM 0 916 181 907 (20% OF MAXIMUM) $330 $334 $66 (0% OF MIMUM) NON-RESIDENTIAL (20% OF MAXIMUMI COMMERCIAL INDUSTRIAL 285 1,424 282 1,410 (20% OF MAXIMUM) $2,821 $570 $2,849 $564 RESIDENTIAL TAX RATE IMPROVEMENT AREA 11: RL 0 3,251 644 3,219 RH 0 2,217 439 2,195 RMH 0 1,445 286 1,430 RM 0 902 179 893 RLM $65 $0 $329 $326 COMMERCIAL $1,880 $376 $1,899 $380 INDUSTRIAL 1,128 226 1,140 228 (20% OF MAXIMUM) (0% OF MAXIMUM) NON-RESIDENTIAL (208 OF MAXIMUM) (20% OF MAXIMUM) ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY TAXONDEVELOPEDPROPERTY % OF ONE-TIME SPECIAL TAX MAXIMUM PERCENTAGE 8.70% 2002-03 13.81% 2001-02 I 8.70% NOTES: TAX RATE AREA I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. TAX RATE AREA II EXCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. EXHIBIT A Page 8 I PROPERTY NON-RESIDENTIAL COMMERCIAL INDUSTRIAL RESIDENTIAL RLM RM RMH RH 1 INDUSTRIAL CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 TAX RATES UNDEVELOPEDPROPERTY FOR PROPERTY ANNEXED INTO THE DISTRICT FISCAL YEAR 1999-00 MAXIMUM FISCAL YEAR 2001-02 TAX FISCAL YEAR 2002-03 MAXIMUM TAX TAX RATES TAX RATES T AREA I: (20% OF MAXIMUM) $334 $67 184 $0 927 0 1,538 308 0 3,353 664 3,320 0 2,382 472 2,358 0 1,553 $571 $2,881 $576 (0% OF MAXIMUM 918 $337 $2.853 (20% OF MAXIMUM1 (20% OF MIMUM .. 1,426 1 285 I 1,441 I 280 AREA I/: I 120% OF MIMUMII $329 903 $66 1,461 181 289 1,447 $333 1,152 228 $1,921 3,289 651 2,243 444 2,220 912 3,256 (20% OF MAXIMUM) $1,902 $380 1,141 "il (0% OF MAXIMUM) ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY TAXONDEVELOPEDPROPERTY % OF ONE-TIME SPECIAL TAX MAXIMUM PERCENTAGE 8.70% 2002-03 13.81% 2001-02 I 8.70% NOTES: TAX RATE AREA I INCLUDES PROPERW WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. TAX RATE AREA I1 EXCLUDES PROPERN WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. EXHIBIT A Page 9 CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 TAX RATES UNDEVELOPED PROPERTY FOR PROPERTY ANNEXED INTO THE DISTRICT FISCAL YEAR 2000-01 PROPERTY ..... RESIDENTIAL $339 RL (20% OF MAXIMUM) $68 I RIM I 933 I 187 I v (0% OF MAXIMUM) . RM 0 3,407 675 3,374 RH 0 2,420 479 2,397 RMH 0 1,579 313 1,563 COMMERCIAL $2.899 $580 $2,928 $586 INDUSTRIAL 293 1,464 290 1,449 ~~~ NON-RESIDENTIAL (20% OF MAXIMUM) (20% OF MAXIMUM) TAYDATC IUDDnVCMENT ARCA If. ... RESIDENTIAL ,M,.-.b,.... ..-.-...-... -..” RL (20% OF MAXIMUM) $335 $0 $338 $67 (0% OF MAXIMUM) RI M 0 927 184 918 ~~ . RM 234 1,171 232 1,160 INDUSTRIAL $390 $1,952 $387 $1,933 COMMERCIAL (20% OF MAXIMUM) (20% OF MAXIMUM) NON-RESIDENTIAL 0 3,342 662 3,308 RH 0 2,279 451 2,256 RMH 0 1,485 294 1,470 ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY TAXONDEVELOPEDPROPERTY % OF ONE-TIME SPECIAL TAX MAXIMUM PERCENTAGE 2002-03 13.81% 8.70% 2001-02 I 8.70% NOTES: TAX RATE AREA I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. I TAX RATE AREA II EXCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 ENGINEERING NEWS RECORD INFLATION RATE WAS 2% ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. EXHIBIT A Page 10 CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 TAX RATES UNDEVELOPEDPROPERTY FOR PROPERTY ANNEXED INTO THE DISTRICT FISCAL YEAR 2001-02 FISCAL YEAR 2001-02 FISCAL YEAR 2002-03 PROPERTY TAX MAXIMUM TAX MAXIMUM TYPE RATES TAX RATES TAX TAX RATE IMPROVEMENT RESIDENTIAL AREA I: RL $344 $594 $2,971 NA $2,942 COMMERCIAL NON-RESIDENTIAL 0 3,456 NA 3,424 RH 0 2,456 NA 2,432 RMH 0 1,602 NA 1,566 RM 0 956 NA 946 RLM $0 $346 NA ~ INDUSTRIAL 1,471 NA 1,466 297 TAX RATE IMPROVEMENT AREA 11: RESIDENTIAL (20% OF MAXIMUM) (0% OF MAXIMUM) RL $340 NA $343 $0 RLM 932 NA 941 0 RM 1,492 NA 1,507 0 RMH 0 3,391 NA 3,357 RH 0 2,313 NA 2,290 COMMERCIAL NA $1,961 $396 INDUSTRIAL 1,177 NA 1,169 236 (20% OF MAXIMUM) (0% OF MAXIMUM) (20% OF MAXIMUM) (20% OF MAXIMUM) NON-RESIDENTIAL (20% OF MAXIMUM) $1,961 (20% OF MAXIMUM) ANNUAL NON-RESIDENTIAL TAX - DEVELOPED PROPERTY TAXONDEVELOPEDPROPERTY % OF ONE-TIME SPECIAL TAX MAXIMUM PERCENTAGE 6.70% 2002-03 13.81% 2001-02 I 8.70% NOTES: TAX RATE AREA I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 TAX RATE AREA 11 EXCLUDES PROPERN WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. EXHIBIT A Page 11 1 CITYOFCARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 SPECIAL DEVELOPMENT TAX - ONE-TIME TAX RATES FOR FISCAL YEAR 2002-03 0 - 1.5 DU IACRE 1 SI - 4.0 DUIACRE 4.1 -8.ODUlACRE 8.1 - 15.0 DUIACRE 15.1 - 23.0 DU/ACRE p AUTO - GASOLINE AUTO - REPAIR &SALES (60% of the Maximum Tax) AUTO CAR WASH BANK-WALKIN BANK- WITH DRIVETHRU BOWLING ALLEY CAMPGROUND CHURCH COMMUNITY SHOPPING CENTER COMMERCIAL SHOPS CONVENIENCE MARKET DISCOUNTSTORE GOLF COURSE IGROCERY STORE HEALTH CLUB HELIPORTS HOSPITAL - CONVALESCENT HOSPITAL - GENERAL HOTEL - CONV. FAC/COMM. INDOOR SPORTS ARENA INDUSTRIAL - COMMERCIAL BUSINESS PARK JUNIOR COLLEGE LIBRARY LUMBERIHARDWARE STORE MARINA MOTEL NEIGHBORHOOD SHOPPING CENTER OFFICE -COMMERCIAL (C 1W.WO SF) OFFICE - HIGH RISE OFFICE - GOVERNMENT OFFICE - MEDICAL OUTDOOR TENNIS COURT RACE TRACK REGIONAL SHOPPING CENTER RESORT HOTEL RESTAURANT - FAST FOOD RESTAURANT-QUALITY RESTAURANT - SIT DOWN S&L-WALKIN S & L - WITH DRIVE THRU UNIVERSITY ALL OTHER COMMERCIAL USES ALL OTHER INDUSTRIAL USES NOT IDENTIFIEDABOVE I NOT IDENTIFIED ABOVE r L i AAY 7,1991 FY 1993-94 FY 1994-95 N 1995-96 FORMATION OR ANNEXATION DATE $3,487.76 2,201.39 3,487.76 2,201.39 2,201.39 $5.45 4.24 2.29 8.62 12.13 4.45 11.76 2.01 1.95 2.85 18.34 2.16 2.05 5.22 1.94 7.14 2.61 1.56 2.33 1.56 1.44 1.47 2.86 9.97 1.66 1.81 4.34 1.72 1.97 1.79 18.90 1.63 3.42 2.25 19.11 1.54 10.19 4.41 3.70 5.10 1.52 1.44 1.17 $3,612.52 2,280.14 3,612.52 2,280.14 2,280.14 $5.64 2.37 4.39 12.56 8.92 12.18 4.61 2.08 2.02 2.95 18.99 2.24 2.13 5.41 2.01 7.39 2.70 1.62 2.41 1.62 1.49 1.52 2.96 10.33 1.72 1.87 4.49 2.04 1.78 1.86 1.68 19.57 3.55 2.33 1.60 19.79 4.57 10.55 3.83 5.28 1.57 1.49 1.21 $3.651.83 3,651.83 2,304.95 2,304.95 2,304.95 $5.70 2.40 4.44 12.70 9.02 12.31 4.66 2.10 2.04 2.98 19.20 2.26 2.15 5.47 2.03 7.47 2.73 1.64 2.44 1.64 1.50 1.54 3.00 10.44 1.74 4.54 1.89 2.06 1.80 1.88 1.70 19.78 3.59 2.36 1.62 20.01 4.62 10.67 3.87 5.34 1.59 1.50 1.22 NOTES: TAX RATE AREA I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO 1. TAX RATE AREA I1 EXCLUES PROPERTY WlTHlN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. $3,651.83 3,651 .E3 2,304.95 2,304.95 2,304.95 $570 2.40 4.44 12.70 9.02 12.31 4.66 2.10 2.04 2.98 19.20 2.26 2.15 5.47 2.03 7.47 2.73 1.64 2.44 1.64 1 SO 1.54 3.w 10.44 1.74 4.54 1.89 1.80 2.06 1.88 1.70 19.78 3.59 2.36 1.62 20.01 4.62 10.67 3.87 5.34 1.59 150 1.22 N 1996-97 $3,655.47 3,655.47 2,307.25 2,307.25 2,307.25 $5.71 2.40 4.44 9.03 12.71 4.67 12.32 2.10 2.98 2.04 19.22 2.27 2.15 5.48 2.03 7.48 2.73 1.64 2.44 1.64 1.51 3.02 1.54 1.74 10.45 1.89 4.55 1.80 2.06 1.88 19.80 1.70 3.59 2.36 20.03 1.62 10.68 4.62 3.88 5.34 1.59 1 SI 1.22 lb EXHIBIT A Page 12 CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 SPECIAL DEVELOPMENTTAX- ONE-TIME TAX RATES FOR FISCAL YEAR 2002-03 I I 0 - 1.5 DU /ACRE 4.1 -8.0 DUIACRE 1.51 - 4.0 DUiACRE 18~1 - 15.0 DUIACRE ~~ ~~~~ 15.1 - 23.0 DU/ACRE NON-RESIDENTIAL (PER SQ.FT.) AUTO - GASOLINE (60% of the Maximum Tax) AUTO - REPAIR 8 SALES AUTO CAR WASH BANK- WALK IN BANK - WITH DRIVE THRU BOWLING ALLEY CAMPGROUND CHURCH COMMERCIAL SHOPS COMMUNITY SHOPPING CENTER CONVENIENCE MARKET GROCERY STORE HEALTH CLUB HELIPORTS INDOOR SPORTS ARENA INDUSTRIAL - COMMERCIAL JUNIOR COLLEGE BUSINESS PARK STORE MARINA MOTEL NEIGHBORHOOD SHOPPING CENTER OFFICE -COMMERCIAL (< 100,000 SF) OFFICE -GOVERNMENT IOFFICE - HIGH RISE OFFICE - MEDICAL OUTDOOR TENNIS COURl IRACE TRACK REGIONAL SHOPPING CENTER RESORT HOTEL IRESTAURANT- FAST FOOD RESTAURANT - QUALITY RESTAURANT-SIT DOWN S8L-WALKIN S 8 L - WITH DRIVE THRU ALL OTHER COMMERCIAL USES UNIVERSITY NOT IDENTIFIEDABOVE ALL OTHER INDUSTRIAL USES I NOT IDENTIFIED ABOVE FY 1997-98 FY 1998-99 $3,677.28 3,677.28 2,321.01 2,321.01 2,321.01 PROPERTYTYPE TAX RATE IMPROVEMENT AREA 1: RESIDENTIAL (PER DWELLING UNIT) FORMATION OR ANNEXATION DATE FY 1999-00 FY 2000-01 FY 2001-02 170% of the Maximum Tad $5.74 2.41 4.47 9.08 12.79 4.69 12.40 2.12 2.05 3.00 19.34 2.28 2.17 5.51 2.05 7.53 1.65 2.75 2.46 1.65 1.52 3.02 1.55 1.75 10.51 1.90 4.57 1.81 2.07 1.89 19.92 1.71 3.61 2.37 20.15 1.63 10.74 4.65 3.x 5.37 1.6C 1.52 1.23 $3,699.21 3,699.21 2,334.86 2,334.86 2,334.86 $5.78 2.43 4.49 9.14 12.86 4.72 12.47 2.13 2.07 3.02 19.45 2.29 2.16 5.54 2.06 7.57 1.66 2.76 2.47 1.66 1.52 3.03 1.56 1.76 10.5€ 4.6C 1.92 1.82 2.0s 1 .x 20.04 1.72 3.63 2.3s 20.27 1.64 10.8C 4.R 3.92 5.41 1.61 1.52 1.24 $3,741.27 3.741.27 2,361.40 2,361.40 2,361.40 $5.84 2.46 4.55 9.24 13.01 4.78 12.61 2.15 2.09 3.05 19.67 2.32 2.20 5.60 2.08 7.66 2.79 1.68 2.50 1.68 1.54 1.58 3.07 1.78 10.70 1.94 4.65 1.84 2.11 1.92 20.27 1.74 3.67 2.41 1.66 20.50 4.73 10.93 3.97 5.47 1.63 1.54 1.25 $3,801.99 3,801.99 2,399.73 2,399.73 2,399.73 $5.94 2.50 4.62 13.22 9.39 12.82 4.85 2.19 2.12 19.99 3.10 2.36 2.24 5.69 2.12 7.78 2.84 1.71 2.54 1.71 1.57 3.12 1.60 10.87 1.81 4.73 1.97 2.14 1.87 1.95 1.77 20.60 3.73 2.45 1.68 20.83 4.81 11.10 4.03 5.56 1.65 1.57 1.27 $3,858.18 3.858.18 2,435.20 2,435.20 2,435.20 $6.02 2.53 4.69 13.42 9.53 13.01 4.92 2.22 2.15 20.29 3.15 2.39 2.27 5.78 2.15 7.90 2.88 1.73 2.58 1.73 1.59 3.16 1.63 11.03 1.83 2.00 4.80 1.90 2.18 1.98 1.80 20.90 3.79 2.49 1.71 21.14 4.88 11.27 4.09 5.64 1.68 1.59 1.29 1 FY 2002-03 $3,896.38 3,89638 2,459.31 2,459.31 2.459.31 $6.08 2.56 4.73 9.62 13.55 4.97 13.14 2.24 2.18 3.18 20.49 2.42 2.30 5.84 2.17 7.97 1.75 2.91 2.60 1.75 1.61 1.64 3.20 1.85 11.14 2.02 4.85 1.92 2.20 2.00 21.11 1.82 3.83 2.51 21.35 1.73 11.38 4.93 4.13 5.69 1.70 1.61 1.31 NOTES: TAX RATE AREA I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO 1. TAX RATE AREA I1 EXCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1 ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES. ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. EXHIBIT A Page 13 CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 SPECIAL DEVELOPMENTTAX - ONE-TIME TAX RATES FOR FISCAL YEAR 2032-03 0 - 1.5 DU /ACRE 4.1 - 8.0 DUIACRE 1.51 - 4.0 DUIACRE 8.1 - 15.0 DUIACRE 15.1 - 23.0 DUIACRE NON-RESIDENTIAL (PER SQ.FT.1 (60% of the Maximum Tax) AUTO - GASOLINE AUTO - REPAIR a SALES AUTO CAR WASH BANK - WALK IN BANK- WITH DRIVETHRU CAMPGROUND BOWLING ALLEY CHURCH COMMERCIAL SHOPS COMMUNITY SHOPPING CENTER CONVENIENCE MARKET GOLF COURSE DISCOUNTSTORE GROCERY STORE HEALTH CLUB HELIPORTS HOSPITAL - CONVALESCENT HOSPITAL - GENERAL HOTEL - CONV. FACICOMM. INDOOR SPORTS ARENA INDUSTRIAL - COMMERCIAL BUSINESS PARK JUNIOR COLLEGE LIBRARY LUMBERIHARDWARE STORE MARINA MOTEL NEIGHBORHOOD SHOPPING CENTER OFFICE -COMMERCIAL (C 100,000 SF) OFFICE -GOVERNMENT OFFICE - HIGH RISE OFFICE - MEDICAL OUTDOOR TENNIS COURT RACE TRACK REGIONAL SHOPPING CENTER RESORT HOTEL RESTAURANT- FASTFOOD RESTAURANT - QUALITY RESTAURANT - SIT DOWN S8L-WALKIN S 8 L - WITH DRIVE THRU UNIVERSITY IALL OTHER COMMERCIAL USES I NOT IDENTIFIED ABOVE ALL OTHER INDUSTRIAL USES I NOT IDENTIFIED ABOVE AAY 7,1991 $3.W4.39 3,004.39 1,811.25 1,811.25 1,811.25 TAXRATEIMPROVEMENTAREA 11: h FY 1993-94 FY 1994-95 FY 1995-96 FY 1996-97 RESIDENTIAL (PER DWELLING UNIT) PROPERTYTYPE FORMATION OR ANNEXATION DATE (70% of the Maximum Tax) I $1.94 1 .ffi 1.69 3.09 3.84 3.35 1.90 1.30 1.06 1.21 4.53 1 .ffi 1.44 1.72 1.24 2.46 1 SO 2.14 1.69 1 SO 1.01 1.28 1.92 2.96 1 .ffi 1.38 1.52 1.18 1.26 1.24 1.39 4.88 1.56 1.08 5.09 1.33 2.07 3.18 2.03 2.34 1.28 0.97 0.95 $3,111.86 3,111.86 1,876.04 1,876.04 1,876.04 $2.01 1.10 3.20 1.75 3.98 3.47 1.97 1.35 1.10 1.25 4.69 1.10 1.49 1.78 2.55 1.29 1.55 2.21 1.75 1.55 1.05 1.32 1.99 1.10 3.07 1.43 1.58 1.22 1.31 1.28 1 .44 5.05 1.62 1.12 5.27 1.38 2.15 3.29 2.11 2.42 1.33 1 .oo 0.99 $3,145.72 3,145.72 1,896.46 1,896.46 1,896.46 $2.03 1.11 3.23 1.77 4.02 1.99 3.51 1.36 1.11 1.27 4.74 1.11 1.50 1.80 2.58 1.30 2.24 1.57 1.77 1.57 1.06 1.34 2.01 1.11 3.10 1.45 1.60 1.23 1.32 1.29 5.10 1.46 1.64 1.13 5.33 1.39 2.17 3.33 2.13 2.45 1.34 1.01 1 .oo $3,14572 3,145.72 1,896.46 1.896.46 1.896.46 $2.03 1.11 3.23 1.77 4.02 3.51 1.99 1.36 1.11 1.27 4.74 1.11 1 SO 1.80 2.58 1.30 1.57 2.24 1.77 1.57 1 .ffi 1 .34 2.01 1.11 3.10 1.45 1.60 1.23 1.29 1.32 1.46 5.10 1 .a 1.13 5.33 1.35 2.17 3.33 2.13 2.45 1.34 1.01 1 .E $3,148.86 3,148.86 1,898.35 1,898.35 1,898.35 $2.03 1.11 3.24 1.77 4.03 3.51 1.99 1.37 1.11 1.27 4.74 1.11 1.51 1.80 2.58 1.30 1.57 2.24 1.77 1.57 1 .ffi 1.34 2.01 1.11 3.10 1.45 1.60 1.23 1.32 1.25 1.46 5.11 1.64 VI? 5.32 1.35 2.17 3.3? 2.12 2.45 1.34 1.01 1 .oc NOTES: TAX RATE ARE4 I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. TAX RATE AREA I1 EXCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO 1 ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES ENGINEERING NEWS RECORD INFLATION RATE WAS 2% CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 1 SPECIAL DEVELOPMENT TAX - ONE-TIME TAX RATES FOR FISCAL YEAR 2002-03 EXHIBIT A Page 14 0 - 1.5 DU /ACRE 4.1 - 8.0 DUIACRE 1.51 -4.0 DUIACRE 8.1 - 15.0 DUIACRE NON-RESIDENTIAL (PER SQ.FT.1 15.1 - 23.0 DUIACRE (60% of the Maximum Tax) AUTO - GASOLINE AUTO - REPAIR 8 SALES AUTO CAR WASH BANK- WALK IN BANK- WITH DRIVETHRU CAMPGROUND BOWLING ALLEY CHURCH COMMERCIALSHOPS COMMUNITY SHOPPING CENTER CONVENIENCE MARKET DISCOUNTSTORE GOLF COURSE GROCERY STORE HEALTH CLUB HELIPORTS HOSPITAL - CONVALESCENT HOSPITAL - GENERAL HOTEL - CONV. FACICOMM. INDOOR SPORTS ARENA INDUSTRIAL - COMMERCIAL JUNIOR COLLEGE BUSINESS PARK LIBRARY LUMBERIHARDWARESTORE MARINA MOTEL NEIGHBORHOOD SHOPPING CENTER I OFFICE - COMMERCIAL (< 100,000 SF) OFFICE - GOVERNMENT (OFFICE - HIGH RISE ~ OFFICE - MEDICAL OUTDOOR TENNIS COURT RACE TRACK REGIONAL SHOPPING CENTER RESORT HOTEL RESTAURANT - QUALITY RESTAURANT - FAST FOOD S8L-WALKIN RESTAURANT - SIT DOWN S 8 L - WITH DRIVE THRU ALL OTHER COMMERCIAL USES UNIVERSITY ALL OTHER INDUSTRIAL USES NOT IDENTIFIED ABOVE I I NOT IDENTIFIED ABOVE I $3.167.65 3,167.65 1,909.67 1,909.67 1,909.67 $2.05 1.12 3.26 1.78 4.05 2.00 3.53 1.37 1.12 4.77 1.27 1.12 1.52 1.31 1.81 2.60 2.25 1.58 1.78 1.58 1.07 2.02 1.35 1.12 3.12 1.46 1.61 1.24 1.33 1.30 1.47 5.14 1.65 1.14 5.37 1.40 2.19 3.35 2.15 2.46 1.35 1.02 1.01 PI 1998-99 $3,186.54 3,186.54 1.921.06 1,921.06 1,921.06 $2.06 1.13 3.28 1.79 4.07 3.55 2.02 1.38 1.13 4.80 1.28 1.13 1.52 1.82 2.61 1.32 1.59 2.26 1.79 1.59 1.08 1.35 2.04 1.13 3.14 1.47 1.62 1.34 1.25 1.31 1.47 5.17 1.66 1.15 5.40 1.41 2.20 3.37 2.16 2.48 1.36 1.03 1.01 PROPERTY TYPE TAX RATE IMPROVEMENT AREA 11: FY 1997-98 FORMATION OR ANNEXATION DATE -n I 170% of the Maximum Tax1 I I NOTES: PI 199900 $3,222.77 3,222.77 1,942.90 1,942.90 1,942.90 $2.08 1.14 1.82 3.31 4.12 3.59 2.04 1.40 1.14 1.30 4.85 1.14 1.54 1.84 2.64 1.33 1.61 2.29 1.82 1.61 1.09 1.37 2.06 3.18 1.14 1.48 1.64 1.35 1.26 1.33 5.23 1.49 1.38 1.16 1.43 2.23 5.46 3.41 2.18 2.51 1.38 1.04 1.02 FY 2000-01 $3,275.08 3,275.08 1,974.44 1,974.44 1,974.44 $2.12 1.16 1.84 3.37 4.19 3.65 2.07 1.42 1.16 4.93 1.32 1.16 1.57 1.87 2.69 1.35 2.33 1.63 1.34 1.63 1.11 1.39 2.09 3.23 1.16 1.51 1.66 1.38 1.28 1.35 1.52 5.31 1.71 1.18 1.45 2.26 5.55 3.46 2.22 2.55 1.40 1.05 1.04 PI 2001-02 $3,323.48 3.323.48 2,003.62 2,003.62 2,003.62 $2.15 1.17 1.87 3.42 4.25 2.10 3.71 1.44 1.17 5.01 1.34 1.17 1.59 1.90 2.73 1.37 2.36 1.66 1.87 1.66 1.12 1.41 2.12 3.28 1.17 1.53 1.69 1.40 1.30 1.37 1.54 5.39 1.73 1.20 1.47 2.30 5.63 3.51 2.25 2.56 1.42 1.07 1.05 PI 2002-03 $3,356.38 3,356.38 2,023.46 2,023.46 2,023.46 $2.17 1.19 1.89 3.45 4.29 3.74 2.12 1.46 1.19 1.35 5.06 1.19 1.61 1.92 2.75 1.39 1.67 2.39 1.89 1.67 1.13 1.43 2.15 3.31 1.19 1.55 1.70 1.41 1.31 1.38 1.55 5.45 1.75 1.21 1.49 2.32 5.69 3.55 2.27 2.61 1.43 1.08 1.07 TAX RATE AREA I INCLUDES PROPERTY WITHIN BRIDGE AND THOROUGHFARE DISTRICT NO. 1. TAX RATE AREA I1 EXCLUDES PROPERTY WITHIN BRIDGE AN0 THOROUGHFARE DISTRICT NO 1 ENGINEERING NEWS RECORD INFLATION RATE WAS 2%. ACTUAL TAX RATES CALCULATED TO FOUR DECIMAL PLACES.