HomeMy WebLinkAbout2004-06-22; City Council; 17679; CFD 1 Annexation 03/04-2 Carlsbad Oaks NorthCITY OF CARLSBAD - AGENDA BILL
AB# 17,679
MTG. 06-22-04
TITLE:
COMMUNITY FACILITIES DISTRICT NO. I
ANNEXATION NO. 03/04-02
DEPT. CARLSBAD OAKS NORTH
DEPT.HD. /?
CITY ATTY.
CITY MGR
RECOMMENDED ACTION:
Adopt Resolution No. 2004-205 , certifying and adding property to an existing
Community Facilities District.
ITEM EXPLANATION:
Background
Property owners of vacant land in Carlsbad and the City worked together to form Community
Facilities District (CFD) No. 1. The CFD provides funding for a variety of infrastructure projects,
which will be necessary to meet the requirements of the Growth Management Program. Council
formed CFD No. 1 in 1991, following an election by property owners for a special tax to be levied
upon their property to fund construction or acquisition of capital projects.
The Carlsbad philosophy is that CFD financing is not intended to relieve any property owner of the
responsibility to provide funding for infrastructure improvements related to a single development.
Because our guidelines ensure that the obligation on a residential unit is paid in full when the
building permit is issued, a City CFD affects no homeowner in Carlsbad. No homeowner will pay
City-imposed Mello-Roos taxes.
Many Local Facilities Management Zones were not included in CFD No. I. Annexation
proceedings were anticipated to occur as each zone progressed through the development process.
With the exception of the more developed areas, each zone plan requires either annexation to the
CFD or developer funding of all required facilities.
In April 1993, Council authorized future annexation of the remaining undeveloped land into CFD
No. 1. This action permits developers to use the simplified annexation procedure and allows
development to proceed without additional public hearings or special elections. The simplified
annexation procedure lets property owners administratively petition to annex into CFD No. 1. Upon
Council approval, property will be annexed into CFD No. 1, thus fulfilling their obligation for certain
public facilities.
Annexation No. 03/04-02 - Carlsbad Oaks North
As a condition of approval for discretionary action, the Carlsbad Oaks North property is required to
annex into CFD No. 1. The applicants, Carlsbad Oaks North Partners LP, have completed the
required Consent and Waiver to Shortening of Time for Conducting a Special Election in Property
Proposed to be Annexed (Exhibit 2) and cast positive ballots for the annexation of property and the
levy of the special tax. The election was held on May 17, 2004. The City Clerk completed a
Statement of Votes Cast showing four hundred fifteen votes cast in favor of the proposition and
zero votes cast against the proposition (Exhibit 1). Council may formally authorize the annexation
by certifying and adding the property into the original Community Facilities District. After Council
authorization, a Notice of Annexation (Exhibit 3) will be filed with the County Recorder as a lien
against the property.
PAGE 2 OF AGENDA BILL NO. 17,679
FISCAL IMPACT:
When CFD No. 1 was established, it was anticipated that all vacant, undeveloped or underdeveloped
land would annex as it developed, thus providing the necessary cash flow to finance the construction
of certain public facilities. The following estimates are based upon CFD No. 1, 2003-04 actual tax
rates.
Annexation No. 03/04-02-Carlsbad Oaks North
The property being annexed has been approved for the development of approximately 1,900,000 square feet of planned industrial development comprised of approximately 194.5 net acres. The
property will be subject to CFD No. 1 Special Tax - Undeveloped Property beginning in fiscal year
2004-05; although there are currently no taxes being levied on undeveloped property. The property
is also subject to the CFD No. 1 Special Development Tax - One-Time at the time of building permit
issuance. Using the 2003-04 tax rates for an industrial-commercial business park of $1.63 per
square foot, the total taxes generated by this property, is estimated at $3,105,000.
Through the use of the simplified annexation procedure, both the City and the owner are able to
avoid election costs and additional time delays. A fee of $900 to cover annexation processing, map
preparation, and filing costs has been paid by each property owner.
EXHIBITS:
1. Resolution No. 2004-205 certifying and adding property to an existing Community
Facilities District No. 1.
2. Consent and Waiver to Shortening of Time for Conducting a Special Election in Property
Proposed to be Annexed to City of Carlsbad Community Facilities District No. 1 and
Appointment of Authorized Representative Annexation No. 03/04-02 - Carlsbad Oaks North.
3. Notice of Annexation No. 03/04-02.
4. Community Facilities District No. 1, 2003-04 maximum tax rates.
DEPARTMENT CONTACT: Lisa Hi ldabrand , (760) 602-2430, I hild @ci .carls bad. ca. us
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Exhibit 1
RESOLUTION NO. 2004-205
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, CERTIFYING THE RESULTS OF
AN ELECTION AND ADDING PROPERTY TO COMMUNITY
FACILITIES DISTRICT NO. 1
WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD, CALIFORNIA (the “City
Council”), has previously formed a Community Facilities District pursuant to the provisions of the
“Mello-Roos Community Facilities Act of 1982”, being Chapter 2.5, Part 1, Division 2, Title 5 of the
Government Code of the State of California, said Article 3.5 thereof. The existing Community
Facilities District being designated as COMMUNITY FACILITIES DISTRICT NO. 1 (the “District”);
and,
WHEREAS, the legislative body has also established a procedure to allow and provide for
future annexations to the District and the territory proposed to be so annexed in the future was
designated as COMMUNITY FACILITIES DISTRICT NO. 1, FUTURE ANNEXATION AREA; and
WHEREAS, at this time the unanimous consent to the annexation of certain territory to the
District has been received from the property owner or owners of such territory, and such territory has
been designated as ANNEXATION NO. 03/04-02 (the “Annexed Area“); and
WHEREAS, less than twelve (12) registered voters have resided within the territory of
Annexed Area for each of the ninety (90) days preceding May 17, 2004, therefore, pursuant to the
Act the qualified electors of the Annexed Area shall be the “landowners” of such Annexed Area as
such term is defined in Government Code Section 53317(f) and each such landowner who is the
owner of record as of May 17, 2004, or the authorized representative thereof, shall have one vote for
each acre or portion of an acre of land that she or he owns within such Annexed Area; and
WHEREAS, the time limit specified by the Act for conducting an election to submit the levy of
the special taxes on the property within the Annexed Area to the qualified electors of the Annexed
Area and the requirements for impartial analysis and ballot arguments have been waived with the
unanimous consent of the qualified electors of the Annexed Area; and
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Page 2 of Resolution No. 2004-205 Exhibit 1
WHEREAS, the City Clerk of the City of Carlsbad has caused ballots to be distributed to the
qualified electors of the Annexed Area, has received and canvassed such ballots and made a report
to this City Council regarding the results of such canvas, a copy of which is attached as Exhibit A
hereto and incorporated herein by this reference; and
WHEREAS, at this time the measure voted upon and such measure did receive the favorable
2/3’s vote of the qualified electors, and this City Council desires to declare the results of the election;
and
WHEREAS, a map showing the Annexed Area and designated as Annexation No. 03/04-02
(the “Annexation Map”), a copy of which is attached as Exhibit B hereto and incorporated herein by
this reference, has been submitted to this legislative body.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Carlsbad, California as
follows:
RECITALS
SECTION 1, The above recitals are all true and correct.
FINDINGS
SECTION 2. That this legislative body does hereby further determine as follows:
A. The unanimous consent to the annexation of the Annexed Area to the District has
been given by all of the owners of the Annexed Area and such consent shall be kept on file in the
Office of the City Clerk.
B. Less than twelve (12) registered voters have resided within the territory of Annexed
Area for each of the ninety (90) days preceding May 18,2004, therefore, pursuant to the Act the
qualified electors of the Annexed Area shall be the “landowners” of such Annexed Area as such term
is defined in Government Code Section 5331 7(9.
C. The qualified electors of the Annexed Area have unanimously voted in favor of the
levy of special taxes within the Annexed Area upon its annexation to the District.
ANNEXEDAREA
SECTION 3. The boundaries and parcels of territory within the Annexed Area and on
which special taxes will be levied in order to pay for the costs and expenses of authorized public
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Exhibit 1 Page 3 of Resolution No. 2004-205
facilities are shown on the Annexation Map as submitted to and hereby approved by this legislative
body.
DECLARATION OF ANNEXATION
SECTION 4. This legislative body does hereby determine and declare that the Annexed
Area is now added to and becomes a part of the District. The City Council of the City, acting as the
legislative body of the District, is hereby empowered to levy the authorized special tax within the
Annexed Area.
NOTICE
SECTION 5. Immediately upon adoption of this Resolution, notice shall be given as follows:
A. A copy of the annexation map as approved shall be filed in the Office of the County
Recorder no later than fifteen (15) days after the date of adoption of this Resolution.
E. An Amendment to the Notice of Special Tax Lien (Notice of Annexation) shall be
recorded in the Office of the County Recorder no later than fifteen (15) days after the date of
adoption of this Resolution.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad City Council
held on the 22nd day of ~une , 2004 by the following vote, to wit:
AYES: Council Members Lewis, Finnila, Kulchin, Hall and Packard
NOES: None
ABSENT: None
ATTEST: ,
(SEAL)
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EXHIBIT “A”
CERTIFICATE OF ELECTION OFFICIAL
AND STATEMENT OF VOTES CAST
STATE OF CALIFORNIA 1 COUNTY OF SAN DIEGO
CITY OF CARLSBAD )
) ss.
The undersigned, ELECTION OFFICIAL OF THE CITY OF CARLSBAD, COUNTY OF SAN
DIEGO, STATE OF CALIFORNIA, DOES HEREBY CERTIFY that pursuant to the provisions of
Section 53326 of the Government Code and Division 12, commencing with Section 17000 of the
Elections Code of the State of California, I did canvass the returns of the votes cast at the
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. 1
SPECIAL ELECTION
ANNEXATION NO, 03/04-02
in such City, held May 17, 2004.
I FURTHER CERTIFY that this Statement of Votes Cast shows the whole number of votes cast in the
area proposed to be annexed to Community Facilities District No. 1 of such City for or against the
Measure are full, true and correct.
VOTES CAST ON PROPOSITION 1 : YES Y If
No 4
WITNESS my hand this 1 5 day of b‘k+$, ,203.
CITY OF CARL$BAD
STATE OF CALIFORNIA
Exhibit B
e4 0
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W 8
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Exhibit 2
CONSENT AND WAIVER TO SHORTENING OF TIME
FOR CONDUCTING A SPECIAL ELECTION IN
PROPERTY PROPOSED TO BE ANNEXED TO
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. 1
AND APPOINTMENT OF AUTHORIZED REPRESENTATIVES
ANNEXATION NO. 03/04-02
TO: CITY COUNCIL
COMMUNITY FACILITIES DISTRICT NO. 1
OF THE CITY OF CARLSBAD
THE UNDERSIGNED DOES HEREBY CERTIFY UNDER PENALTY OF PERJURY
AS FOLLOWS:
1. The undersigned is the owner, or the duly authorized representative of such owner, of the
real property described in Exhibit "A" attached hereto and incorporated herein by reference (the
"Property"), and, in such capacity, possesses all legal authority necessary to execute this Consent
and Waiver as and on behalf of the owner of the Property (the "Owner") in connection with the
annexation of the Property to the District (as defined below).
2. The Owner is aware of and understands the following:
A. The City of Carlsbad has conducted proceedings pursuant to the "Mello-Roos
Community Facilities Act of 1982", (Government Code $533 11 and following)
(the "Act") to form a community facilities district known and designated as
Community Facilities District No. 1 (the "District") to finance the following
described public facilities (the "Public Facilities"):
Public facilities generally described as new library facility, major addition
to an existing library building, a City Hall complex, and the addition of
office and warehouse facilities at the public safety center;
Park improvements generally described as the Macario Canyon Park;
Major street improvements in portions of the following designated public
streets:
(a.) Faraday Avenue;
(b.) Cannon Road;
(c.) La Costa Avenue;
(d.) (e.) Leucadia Boulevard.
OlivenhaidRancho Santa Fe Road; and
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Exhibit 2
(4) Major bridge and overpass facilities generally described as:
(a.) La Costa Interchange;
(b.) Poinsettia Interchange; and
(c.) Palomar Airport Road Interchange.
B. The City and the qualified electors of the District did authorize the issuance of
bonds of the District in an aggregate principal amount of $130,000,000 subject to
inflation to finance the acquisition or construction of the Public Facilities and the
levy of the special tax set forth in Exhibit “BI’ hereto (the “Special Tax”) within
the District to pay for the Public Facilities, to pay debt service on bonds of the
District, or both.
C. The City Council of the City (the “City Council”) has also undertaken
proceedings pursuant to Article 3.5 of the Act to provide for the future annexation
of certain territory, including the Property, to the District. On May 18, 1993, the
City Council held a public hearing as required by the Act to consider the fbture
annexation of such territory, including the Property, to the District. Notice of
such public hearing was given in the form and manner as required by law. A
protest to such fbture annexation was not received from 50% or more of the
registered voters, or six registered voters, whichever is more, residing in the
territory proposed to be annexed in the future or the owners of one-half or more of
the area of land in the territory proposed to be annexed in the future. At the
conclusion of such public hearing, the City Council did approve and provide for
the annexation of the territory, including the Property, proposed for annexation in
the future upon the unanimous approval of the owner or owners of each parcel or
parcels at the time that such parcel or parcels ‘are annexed, without additional
hearings.
D. The Act fbrther requires, as a prerequisite to the levy of any special taxes within
the Property or the issuance of bonds secured by such special taxes, that the City
Council must submit the question of whether or not to levy any special tax within
the Property to the qualified electors of the Property at a special election. The Act
further provides that 2/3’s of the qualified electors must vote in favor of the levy
of the special tax.
E. The Act provides that the qualified electors of the Property shall be the voters
registered to vote within Property if at least twelve (12) persons, who need not
necessarily be the same twelve (12) persons, have been registered to vote within
the Property for each of the ninety (90) days preceding the close of the public
hearing to consider the annexation of the Property to the District. Otherwise, the
Act provides that the vote shall be by the landowners of the Property with each
such landowner who is the owner of record at the close of such public hearing, or
the authorized representative of such owner, having one vote for each acre or
portion of an acre of land that such landowner owns within the Property.
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A
Exhibit 2
F. The provisions of the Act require that such special election be held at least ninety
(90) but not more than one hundred eighty days (180) following the date of the
submission of the question of levying the special tax to the qualified electors of
the Property; provided, however, any such special election time limit specified by
the Act or requirement pertaining to the conduct of such a special election may be
waived with the unanimous consent of the qualified electors of the Property and
the concurrence of the official conducting the election. As is stated below, it is
proposed that the special election shall be held on Monday, May 17, 2004 at
1O:OO a.m. or such other date upon which all of the qualified electors of the
Property and the official conducting the election may concur.
3. The Owner consents to and expressly approves the annexation of the Property to the
District and the authorization for the levy of the Special Tax within the Property without hrther
public hearing conducted pursuant to the provisions of the Act. The Owner waives any right
which the Owner may have to make any protest or complaint or undertake any legal action
challenging the validity of the proceedings of the City to authorize the hture annexation of the
Property to the District or any necessity, requirement, right or entitlement for hrther public
hearing pertaining to the annexation of the Property to the District and the levy of the Special
Tax within the Property.
4.
the ninety (90) days preceding the date of this Consent and Waiver.
Owner certifies that there have been no persons residing within the Property for each of
5. Owner desires that the special election be held on Monday, May 17, 2004 at 1O:OO a.m.
or such other date as the qualified electors and the City Clerk of the City, acting as the official
conducting the election (the “City Clerk”), may mutually agree.
6. Owner expressly consents to the following:
A. To the conduct of the special election on Monday, May 17,2004 at 1O:OO a.m. or
such other date as the qualified electors and the City Clerk may mutually agree.
B. Owner expressly waives any right which owner may have to have the special
election conducted within the time periods specified in Government Code Section
53326.
C. Owner waives any requirement for the mailing of the election ballot.
D. Owner fbrther waives any right or entitlement which Owner may have to have the
ballot for such election accompanied by arguments for or against the ballot
measure and the impartial analysis as otherwise required by Government Code
Section 53327, and/or the statement required by Elections Code Section 5300 and
following pertaining to the issuance of bonds. ‘
E. Owner waives any protest, complaint or legal action of any nature whatsoever
pertaining to the procedures to be undertaken for the conduct of such election,
including but not limited to, the shortening of all time periods pertaining to the
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Exhibit 2
special election, including but not limited to, the time for holding the special
election and the necessity and requirement for any newspaper publication of the
notice of such special election and the lack of arguments and impartial analysis.
[Remainder of this page intentionally left blank.]
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Exhibit 2
THIS CONSENT AND WAIVER AND APPOINTMENT OF AUTHORIZED
REPRESENTATIVES was executed this Z$*day of A,opl\ , 20& in
San Diego , CA
Carlsbad Oaks North Partners, L.P.
a CaliforniAi
by: Sun Tech Investments Corp. , a Calif.
by: Paul K. Tchang, President
corporation
Type or Print Name of Signor
If the person executing this document is not the owner of the property for which this document is
being submitted but is signing for and on behalf of such owner, please fill in the name of the
owner of the property on the line provided below:
(Type or print name of the Owner)
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Exhibit 2
PROPERTY OWNER APPO~~~NT OF AUTHORIZED REPRESEN?ATIVES
The owner hereby appoints Paul K. Tchang or ,
alternatively, as its authorized representative to vote in the subject special election, and the
owner certifies that the true and exact signature of each alternative representative is set forth
below:
Paul K. Tchang
(Type or Print Name of Representative)
Signature of Representative (Type or Print Name of Representative)
PROPERTY OWNER DESIGNATION OF ADDRESS FOR MAILING OF MATERIALS
The owner requests that all materials related to this annexation be mailed to the following
address:
Carlsbad Oaks North Partners, L.P.
P .O. Box 80036
San Diego, CA 92138
Street address: 3575 Kenyon St., San Diego, CA 92110
The owner waives any right or requirement to have such materials mailed to the address shown
on the assessor’s roll of the County of San Diego.
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Exhibit 2
CERTIFICATE
I, Genevieve Tchana, Secretary of Sun Tech Investments Corporation, do hereby
certify that the following resolution was unanimously adopted at a regular
meeting of the Board of Directors held on February 7, 2004:
RESOLVED, that Paul K. Tchang, acting individually, has the aut.hority to
sign for Sun Tech Investments with respect to any and all transactions relating to
its assets or its duties as General Partner of Carlsbad Oaks North.
I HEREBY CERTIFY that the above authority is still in force and effect.
DATE: April 29.2004
Lc
0
/ Genevieve Tchang, Secret&
SUN TECH INVESTMENTS CORP.
Exhibit 2
RESTATEMENT OF
LIMITED PARTNERSHIP AGREEMENT
OF
CARLSBAD OAKS NORTH PARTNERS, L.P.
A CALIFORNIA LIMITED PARTNERSHIP
WHEREAS, the Partnership known as CARLSBAD OAKS NORTH PARTNERS, L.P.,
a California Limited Partnership was formed on May 1, 2000, by and between SUN TECH
INVESTMENTS CORP., a California corporation (hereafter referred to as "General Partner"), and
PAUL K. TCHANG, Trustee UTA June 16, 1978 (hereinafter referred to as "Limited Partners").
WHEREAS, effective July 1, 2000 additional limited partners were admitted into
CARLSBAD OAKS NORTH PARTNERS, L.P., a California Limited Partnership; and
WHEREAS, the Partners desire to restate the realignment of ownership.
NOW THEREFORE, the Limited Partnership Agreement of CARLSBAD OAKS NORTH
PARTNERS, L.P., a California limited partnership dated May 1, 2000, is hereby restated in its
entirety hereafter.
ARTICLE 1
FORMATION, NAME, PURPOSE
Section 1.1 Formation. The General Partner and the Limited Partner hereby agrees to
form a Limited Partnership (hereinafter referred to as the "Partnership"), pursuant to the provisions
of the California Uniform Limited Partnership Act.
Section 1.2 Name. The name of the Partnership shall be "CARLSBAD OAKS NORTH
PARTNERS, L.P., a California Limited Partnership." The business of the Partnership shall be
conducted under that same name.
Section 1.3 Pumose. The purpose of the Partnership is to (a) invest in real estate;
and (b) engage in such other activities as are reasonably incident to the foregoing.
Section 1.4 PrinciDal Place of Business. The principal place of business ofthe Partnership
shall be in 3575 Kenyon Street, San Diego, California 921 10, or at such other place as the General
Partner may designate upon written notice to the Partners as provided in Section 6.3 hereof.
Exhibit 2
Section 1.5 Term. The term of the Partnership shall commence on the date on the earlier
date of this Agreement, or the date on which the Partnership's Certificate of Limited Partnership is
filed with the Secretary of State of California in the manner required by the California Uniform
Limited Partnership Act and shall continue for forty (40) years, unless earlier dissolved as herein
provided.
Section 1.6 Certificate and Other Statements. Any General Partner shall immediately
execute a Certificate of Limited Partnership (Form LP-1) and cause that Certificate to be filed in the
Office of the Secretary of the State of California, which Certificate shall set forth the matters
required by the California Uniform Limited Partnership Act. Thereafter, any General Partner shall
execute and cause to be filed certificates of amendment of the Certificate of Limited Partnership
(Form LP-2) whenever required by the California Uniform Limited Partnership Act or this
Agreement. Any General Partner shall execute and cause to be filed andor recorded any other
instrument(s) as may be required to be filed andor recorded by the Partnership under the laws of the
State of California or of any other state in which the Partnership determines to do business, including
(but not limited to) a new Fictitious Business Name Statement.
Section 1.7 Definitions. Except as otherwise stated in this Agreement, or as the context
of this Agreement requires, the terms defined in this Section shall have the meanings herein
specified.
(a) "Affiliate" shall mean any person who (i) is directly or indirectly controlling,
controlled by or under common control with another person; (ii) owns or controls ten percent (1 0%)
or more of the outstanding voting securities of such other person; (iii) is an officer, director or
general partner of such person; and (iv) if such other person is an officer, director or partner, in any
company for which such person acts in any such capacity.
(b) "Assignee" shall mean a person who has acquired a beneficial interest in the
limited partnership interest of a Limited Partner but who is not a substituted Limited Partner in
accordance with Section 7.4 hereof, or, in the case of an Assignee of a General Partner, has not been
admitted to the Partnership as a Partner.
(c) "Assigning Limited Partner" shall mean a Limited Partner who has assigned
a beneficial interest in that Partner's Partnership interest.
(d) "Capital Account" shall mean that account for each Partner maintained on a
federal income tax basis by the Partnership, which, as of any given date, reflects increases for all of
such Partner's actual Capital Contributions, as defined herein, paid to the Partnership, and has been
adjusted in accordance with Section 2.4 hereof. Such Capital Account shall in all cases be adjusted
and maintained in accordance with the requirements of Treasury Regulation Section 1.704-
l(b)(2)(iv) fiom time to time constituted.
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Exhibit 2
(e) "Capital Contribution" means the total amount of money and the fair market
value (determined without regard to Code Section 7701(g)) of other property (not including
promissory notes not readily tradeable in an established securities market when the Partner is the
maker of such note, unless and until there is a taxable disposition of such note by the Partnership)
contributed by each Partner to the Partnership, net of liabilities securing such contributed property
that the Partnership is considered to assume or take subject to pursuant to Code Section 752. Money
contributed by a Partner to the Partnership includes the amount of any liabilities that are assumed
by such Partner pursuant to Treasury Regulation Section 1.704-1 (b)(2)(iv)(c) from time to time
constituted.
(f) "Cash Available for Distribution" shall mean, for each calendar quarter, such
cash on hand as in the General Partner's discretion is available for distribution to the Partners after
all debts and obligations of the Partnership have been paid or provision therefore has been made, and
a reasonable reserve has been set aside for operating expenses for the continuing conduct of the
business of the Partnership for a period of not less than one year and for normal working capital
(which reserve shall be determined by the General Partner in its sole discretion).
(g) "Code" shall mean the Internal Revenue Code of 1986, as amended.
(h) "Distribution" shall mean any cash distribution to the Partners from Cash
Available for Distribution. In appropriate circumstances, a Distribution shall also include a
Distribution of Partnership property in kind.
(i) "General Partner" shall refer to SUN TECH INVESTMENTS CORP., a
California corporation.
(i) "Limited Partners" shall refer to PAUL K. TCHANG, Trustee UTA June 16,
1978, LORNA TCHANG ALCALA, Trustee ofthe LORNATCHANG TRUST dated December
30, 1992, GENEVIEVE TCHANG, Trustee of the GENEVIEVE TCHANG TRUST dated
November 14,1978, THEODORE TCHANG, Trustee of the THEODORE TCHANG TRUST
dated May 18, 1994.
(k) "Minimum Gain" ofthe Partnership is determined by computing, with respect
to each nonrecourse liability of the Partnership, the amount of gain (of whatever character), if any,
that would be realized by the Partnership if it disposed of (in a taxable transaction) the Partnership
property subject to such liability in 111 satisfaction thereof, and by then aggregating the amounts so
computed. For the purpose of determining the amount of such gain (i) the adjusted basis of
Partnership property subject to two or more liabilities of equal priority shall be allocated among such
liabilities in proportion to the respective outstanding balances of such liabilities, and (ii) the adjusted
basis of Partnership property subject to two or more liabilities of unequal priority shall be allocated
to the liabilities of an inferior priority (in accordance with (i) above) only to the extent of the excess,
if any, of the adjusted tax basis of such Partnership property over the aggregate outstanding balance
of the liabilities of a superior priority. Only the portion of the Partnership property's adjusted basis
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Exhibit 2
Distribution shall be made to those persons who were Partners on the date of such distribution,
subject to Section 7.3(a) and (b) hereof.
ARTICLE 4
STATUS AND RIGHTS OF THE LIMITED PARTNER
Section 4.1 Liabilitv of the Limited Partners. The Limited Partner shall not have any
personal liability whatsoever, whether to the Partnership, to any other Partner, or to the creditors of
the Partnership, for the debts of the Partnership, or any of its losses beyond the amount contributed
to by such Limited Partners to the capital of the Partnership in accordance with Sections 2.1 and 2.2
hereof, and except as provided in this Agreement in the case of a liquidation of the Partnership or
such Partner's interest in the Partnership.
Section 4.2 No Control and Management. The Limited Partner shall take no part in or
interfere in any manner with the conduct or control of the business of the Partnership and shall have
no authority to act for or to bind the Partnership.
Section 4.3 Actions of the Limited Partner. The Limited Partner shall have the right to
vote on the following matters:
(a) Removal of a General Partner;
(b) Election of a successor General Partner, election of an additional General
Partner, or the election to continue the business of the Partnership; provided, however, that the
election of a General Partner or an election to continue the business of the Partnership after a General
Partner ceases to be a General Partner, other than by removal where there is no remaining or
surviving General Partner, may be taken only by unanimous vote of the Limited Partner;
(c) Termination and dissolution of the Partnership;
(d) A change in the nature of the business of the Partnership; and
(e) An amendment to this Agreement, except as otherwise expressly provided in
Section 10.1 hereof.
ARTICLE 5
POWERS, RIGHTS AND DUTIES OF THE GENERAL PARTNER
Section 5.1 Management and Control. The General Partner shall have the exclusive
authority to manage and control the operations and affairs of the Partnership. In particular, the
General Partner shall have exclusive authority and control over the receipts and the disbursement
of funds of the Partnership, and over all other day-to-day management functions. Any Partner other
14
Exhibit 2
than the General Partner shall have no authority whatsoever over the operations and affairs of the
Partnership except as otherwise provided in this Agreement.
Sections 5.2 Powers and Duties. The General Partner shall have a fiduciary responsibility
for the safekeeping and use of all funds and assets of the Partnership whether or not in its immediate
possession or control. The General Partner shall have the authority, rights and powers conferred by
law and those required or appropriate to the management of the Partnership business, including, but
not limited to, the right, authority and power, subject only to the provisions of Section 5.5 hereof:
(a) To borrow money and, as security therefor, to mortgage, pledge or otherwise
encumber the Partnership property;
(b) To sell or exchange all or any portion of the Partnership's assets (but if such
sale or exchange is not in the ordinary course of the Partnership's business, only after first having
obtained the approval of the Partners owning at least eighty (80%) percent ofthe percentage interests
of the Partnership);
(c) To lease, mortgage or pledge all or substantially all of the assets of the
Partnership, in the ordinary course of the Partnership's business or otherwise;
(d) To cause to be paid all amounts due and payable by the Partnership to any
person or entity and to collect all amounts due to the Partnership; and
(e) To enter into, execute, acknowledge, and deliver any and all contracts,
agreements or other instruments necessary or appropriate to carry on the business of the Partnership
as set forth herein.
Section 5.3 Other Business Activities. The Partners, their Affiliates and their respective
shareholders, officers, directors, and employees may have interests in businesses other than the
Partnership business. Neither the Partnership nor any Partner shall have the right to the income or
proceeds derived by any such persons from such other business interests, and even if they are
competitive with the Partnership business, such business interests shall not be deemed wrongful or
improper.
Section 5.4 Liabilitv of the General Partner. The General Partner shall not be liable,
responsible or accountable for damages or othenvise to the Partnership or of the Limited Partners
for any act or omission performed or omitted by such General Partner in good faith on behalf of the
Partnership and in a manner reasonably believed by such General Partner to be within the scope of
the authority granted to it by this Agreement and to be in the best interests of the Partnership, if the
General Partner shall not have been guilty of gross negligence or willful misconduct with respect
to such act or omission.
15
Exhibit 2
Section 12.3 Attorneys' Fees. If any controversy, dispute or oth& disagreement should
arise between any of the parties hereto, or any party hereto and the Partnership, in connection with
the provisions of this Agreement or the operation of the Partnership generally, the prevailing party
shall be entitled to be reimbursed for costs incurred in instigating or defending such controversy,
including reasonable attorney's fees.
Section 12.4 Tax Matters Partner. SUN TECH INVESTMENTS CORP., shall be the
"Tax Matter Partner'' within the meaning of Code Section 623 1 (a)(7).
Section 12.5 Counterparts. This Agreement may be executed in several counterparts and
all counterparts so executed shall constitute one agreement which shall be binding on all of the
parties hereto, notwithstanding that not all of the parties are signatory to the original or the same
counterpart.
Section 12.6 Additional Documents. The parties hereto covenant and agree that they shall
execute all other instruments and documents that are or may become necessary or convenient to
effectuate and carry out the Partnership created by this Agreement.
Section 12.7 Waiver of Partition Rights. Each of the Partners hereby waive any partition
rights.
Section 12.8 Tax Election. The Partners may elect to exclude the partnership from
Subchapter K of the Internal Revenue Code of 1986, and the comparable California Revenue and
Taxation Code provisions.
IN WITNESS WHEREOF, the undersigned have executed this Restatement is effective as
of the date hereinabove first written.
General Partner:
SUN TECH INVESTMENTS CORP.,
a California corporation l PAUL K. TC NG, President
Address:
3575 Kenyon Street
San Diego, CA 92 1 10
0 GEMVTEVE TCHANG, Secretary
26
Limited Partners:
Exhibit 2
Address:
n
PAUL K. TCHANG , TdsMTA 6/16/78
r
LORNA TCHANG TRUST
dated December 30, 1992
G ALCALA, Trustee
GENEVIEVE TCHANG SEPARATE
PROPERTY TRUST dated November 14,1978
GENEVIEVE TCHANG, Trustee 6
THEODORE TCHANG SEPARATE
PROPERTY TRUST dated May 18,1994
/ THEODORE TCHANG, Trustee
3575 Kenyon Street
San Diego, CA 92 1 10
3575 Kenyon Street
San Diego, CA 92 1 10
3575 Kenyon Street
San Diego, CA 92 1 10
3575 Kenyon Street
San Diego, CA 921 10
27
Exhibit 2
Ownership:
Carlsbad Oaks North Partners LP
Total
EXHIBITA
Assessor Parcel Number(s): Acreage:
209-050-04-00 ’ 12.45
209-050-2 1-00 90.70
209-05 0-22-00 109.55
209-050-23-00 99.3 1
209-050-24-00 102.58
5 Parcels 414.59
DESCRIPTION OF PROPERTY
The Property is identified and described as:
A
Exhibit 2
EXBWIT “B”
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX
COMMUNITY FACILITIES DISTRICT NO. 1
CITY OF CARLSBAD
PROPERTY CATEGORIES AND MAXIMUM TAX
All taxable property within the boundaries of the Future Annexation Area shall be
subject to ANNUAL SPECIAL TAXES as applicable based upon the rates as
established for the original Community Facilities District No. 1 and further based upon
the property categories, maximum tax rates, increases and status of the issuance of
building permits, all as hereinafter set forth. Improvement Area I refers to all properties
within the boundaries of the City of Carlsbad Bridge and Thoroughfare District.
Improvement Area II is for all remaining properties within the Community Facilities
District, not within the Bridge and Thoroughfare District.
RESIDENTIAL PROPERTY
ANNUAL SPECIAL TAX - UNDEVELOPED PROPERTY
All taxable property prior to the issuance of a building permit shall be subject to the
following maximum annual special taxes, subject to increases as set forth herein:
MAXIMUM ANNUAL SPECIAL TAX - UNDEVELOPED PROPERW
PER DEVELOPABLE ACRE FOR FISCAL YEAR 199011 991
IMPROVEMENT IMPROVEMENT
PROPERTY CATEGORY AREA I AREA II
Residential Low $ 281.00
Residential Low to Medium 772.00
Residential Medium 1,294.00
Residential Medium to High 1,984.00
Residential High 2,793.00
$ 277.00
760.00
1,217.00
1,868.00
2,739.00
SPECIAL DEVELOPMENT TAX - ONE TIME
Upon the issuance of a building permit, all Residential properties shall be subject to the
following described SPECIAL DEVELOPMENT TAX - ONE TIME, also subject to
increases as set forth herein, as follows:
B-1
Exhibit 2
MAXIMUM SPECIAL DEVELOPMENT TAX - ONE TIME PER
RESIDENTIAL DWELLING UNIT FOR FISCAL YEAR 1990/1991
IMPROVEMENT IMPROVEMENT
PROPERTY CATEGORY AREA I AREA II
Residential Low $ 4,452.00
Residential Low to Medium 4,452.00
Residential Medium 2,810.00
Residential Medium to High 2,810.00
Residential High 2,810.00
$ 3,835.00
3,835.00
2,312.00
2,312.00
2,312.00
COMMERCIAL, INDUSTRIAL AND OTHER PROPERTY
ANNUAL SPECIAL TAX - UNDEVELOPED PROPERTY
All taxable Commercial and Industrial Property prior to the issuance of a building permit
shall be subject to the following maximum annual special taxes, also subject to
increases as set forth herein:
MAXIMUM ANNUAL SPECIAL TAX - UNDEVELOPED PROPERTY
PER DEVELOPABLE ACRE FOR FISCAL YEAR 1990/1991
IMPROVEMENT IMPROVEMENT
AREA I AREA II
Commercial Property $ 2,400.00 $ 1,600.00
Industrial Property 1,200.00 960.00
Agricultural Property -0- -0-
All Commercial and Industrial Property, upon the issuance of a building permit, shall
have the option to (1) pay the SPECIAL DEVELOPMENT TAX - ONE TIME or (2)
assume the ANNUAL SPECIAL TAX - DEVELOPED PROPERTY for a period of not to
exceed twenty-five (25) years, generally in the amounts per property category as
follows:
B-2
Exhibit 2
MAXIMUM SPECIAL DEVELOPMENT TAX - ONE TIME FOR FISCAL
YEAR 1990/91 PER SQUARE FOOT OF BUILDING AREA
PROP E RTY CATEG 0 RY
COMMERCIAL USE
DESIGNATIONS
Restaurant - Fast Food
Outdoor Tennis Courts
Convenience Market
Bank with Drive-thru
Campground
Restaurant - Sit Down
Marina
Bank - Walk In
Auto - Gasoline
Grocery Store
S & L with Drive-thru
Bowling Center
Restaurant - Quality
Neighborhood Shopping Center
Auto Car Wash
S & L -Walk In
Race Track
Library
Community Shopping Center
Hospital - General
Hotel - Conv. FadComm.
Auto - Repair & Sales
Regional Shopping Center
Discount Store
Golf Course
Church
Office - Government
Commercial Shops
Health Club
Motel
Office - High Rise
Office - Commercial, 100,000 SF
LumberIHardware Store
Office - Medical
Hospital - Convalescent
Indoor Sports Arena
IMPROVEMENT
AREA I
$ 28.46
28.14
27.31
18.06
17.51
15.17
14.85
12.83
8.1 1
7.78
7.59
6.63
6.57
6.46
6.31
5.51
5.10
4.26
4.24
3.88
3.47
3.41
3.35
3.22
3.06
2.99
2.93
2.90
2.89
2.69
2.67
2.56
2.47
2.42
2.33
2.33
IMPROVEMENT
AREA ll
$ 7.58
7.26
6.74
5.72
4.99
4.73
4.41
4.60
2.89
2.56
3.48
2.83
3.09
2.27
2.52
3.03
2.33
2.86
1.80
3.18
2.52
1.58
1.61
1.58
2.14
1.94
1.88
1.58
1.85
2.06
1.84
1.75
1.58
2.07
2.23
2.23
B-3
Exhibit 2
PROPERTY CATEGORY
COMMERCIAL USE IMPROVEMENT IMPROVEMENT
DES I G N AT I 0 N S AREA I AREA I1
Resort Hotel
University
Junior Callege
2.30
2.26
2.19
All other Commercial Properties
not identified above 2.14
1.98
1.91
1 .so
1.44
INDUSTRIAL USE IMPROVEMENT IMPROVEMENT
DES IG N AT10 N S AREA I AREA I1
Heliports $ 10.63 $ 3.67
Industrial-Commercial
Business Park 2.14 1.51
All other Industrial Properties
not identified above 1.74 1.42
OR, IN THE ALTERNATE,
ANNUAL SPECIAL TAX
The "Maximum Annual Special Tax - Developed Property" for any Fiscal Year shall not
exceed 13.81 % of the authorized "Maximum Special Development Tax - One Time" for
the various Commercial and Industrial Property categories as set forth above in the
amount applicable and annually adjusted for each Fiscal Year.
ANNUAL TAX INCREASE
The above SPECIAL TAXES for the taxable properties are applicable for the fiscal year
1990/91, and are all subject to annual increases to reflect increases in construction
costs. The Construction Cost Index of the Engineering News-Record, titled "ENR Cost
Indexes in 22 Cities" will be used. The Index published for the month of April for the
City of Los Angeles under the column heading of "Percentage Change from Last Year"
will annually inflate each of the Maximum Annual Taxes for each year for properties as
follows:
B -4 ab
1,
Exhibit 2
A. PROPERTIES WITHIN THE DISTRICT: Not to exceed 50% of the
above-referenced increase.
B. PROPERTIES TO BE SUBSEQUENTLY ANNEXED: Not to exceed 100%
of the above-referenced increase until annexed.
TERM OF TAX
The above taxes shall be levied until all bonds have been discharged and facilities
funded and/or guaranteed, and the SPECIAL DEVELOPMENT TAX - ONE TIME has
been paid; however, the ANNUAL SPECIAL TAX - DEVELOPED PROPERTY shall not
be levied for a period in excess of twenty-five (25) years per parcel.
Residential:
Once a building permit has been issued for Residential property and the SPECIAL
DEVELOPMENT TAX - ONE TIME has been paid, the property no longer will be
subject to any annual special tax.
Commercial and Industrial:
The Commercial and Industrial properties, upon the issuance of a building permit, have
the option to (1) pay the SPECIAL DEVELOPMENT TAX - ONE TIME or (2) assume
the ANNUAL SPECIAL TAX - DEVELOPED PROPERTY, as set forth above. Upon the
issuance of any building permit, no further increase or escalation is authorized.
ALLOCATION OF COST AND TAX
Total capital costs for all authorized facilities shall be allocated as follows: 65% to
Residential property, 35% to Commercial and Industrial property. The above costs
exclude costs of issuance as needed.
Residential property shall be taxed in an amount sufficient to meet the 65% share of
facilities, which tax will include costs of issuance, interest and other costs, including
sinking fund payments for future construction as applicable.
Commercial and Industrial property shall be taxed in an amount sufficient to meet the
35% share of facilities, which tax will include costs of issuance, interest and other
costs, including sinking fund payments for future construction as applicable.
B-5
Exhibit 2
COLLECTION OF ANNUAL TAX
Residential:
Determine monies necessary to make payment on bond debt service, replenish
reserve, call bonds, pay bonds and Community Facilities District No. 1 administrative
costs, and pay for public capital facilities. FIRST: Reduce this amount by the funds
collected from Special Development Tax - One Time levied against residential
properties. SECOND: The remaining funds needed are to be collected by the levy of
the annual Special Tax - Undeveloped Property on undeveloped taxable residential
acreage, in the proportional amounts of each property category as required, not to
exceed the maximum authorized tax.
Commercial and Industrial:
Determine monies necessary to make payment on bond debt service, replenish
reserve, call bonds, pay bonds, and Community Facilities District No. 1 administrative
costs, and pay for current or future public capital facilities. FIRST: Reduce this amount
by the funds collected from Special Development Tax - One Time and annual Special
Tax - Developed Property levied against Commercial and Industrial properties.
SECOND: Levy the annual Special Tax - Undeveloped Property on undeveloped
taxable Commercial and Industrial acreage in the proportional amounts for each
property category as’required, not to exceed the maximum tax.
***
B-6
I
JON 29s 2004 11:06 FSM
WICM REWRDS
GREGORY J. !!HIM, lXllWlY REWRWZ
‘$6 WHEN RECORDED, RETURN TO:
I of,, CITY CLERK
e CITY OF CARLSBAD m: 0.00
W DIEUJ COUNTY REMRDER’S mICE
1200 CARLSBAD VILLAGE DRIVE
a ’ CARLSBAD, CA 92008
AMENDMENT TO THE NOTICE OF SPECIAL TAX LIEN
(NOTICE OF ANNEXATION NO. 03/04-02)
Pursuant to the requirements of Section 3117.5 of the Streets and Highways Code and Section
53339.8 of the Government Code, the undersigned City Clerk of the City of Carlsbad, acting for
and on behalf of Community Facilities District No. 1 (the “District”), State of California,
HEREBY GIVES NOTICE that a lien is hereby imposed on certain real property annexed to the
District to secure payment of a special tax which the City Council of the City of Carlsbad,
County of San Diego, State of California, acting in its authority as the legislative body of the
District, is authorized to annually levy for the following purpose:
To pay for certain public capital facilities including the payment of principal and interest on
bonds, said facilities generally described as follows:
(1) Public facilities generally described as new library facility, major addition
to an existing library building, a City Hall complex, and the addition of
office and warehouse facilities at the public safety center;
(2) Park improvements generally described as the Macario Canyon Park;
(3) Major street improvements in portions of the following designated public
streets:
(a.) Faraday Avenue;
(b.) Cannon Road;
(c.) La Costa Avenue;
(d.) (e.) Leucadia Boulevard.
OlivenhaidRancho Santa Fe Road; and
(4) Major bridge and overpass facilities generally described as:
(a.) La Costa Interchange;
(b.) Poinsettia Interchange; and
(c.) Palomar Airport Road Interchange.
The special tax is authorized to be levied on the property described in Exhibit “A” attached
hereto (the “Annexed Property”) which has been annexed to Community Facilities District No.
1, and the lien of the special tax is a continuing lien which shall secure each annual levy of the
special tax and which shall continue in force and effect until the special tax obligation is prepaid,
Page 1 of 3
18725
permanently satisfied and cancelled in accordance with law or until the special tax ceases to be
levied and a notice of cessation of special tax is recorded in accordance with Section 53330.5 of
the Government Code.
The rate and method of apportionment of the authorized special tax is as shown on the attached,
referenced and incorporated Exhibit “B”, and the 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 the same procedure, sale and lien priority in case of delinquency as is provided for
ad valorem taxes. Conditions under which the obligation to pay the special tax may be prepaid
and permanently satisfied and the lien of the special tax cancelled are as follows:
Any special tax may be prepaid and satisfied by the payment
of the maximum present value of the special tax obligation.
Notice is further given that upon the recording of this notice in the Office of the County
Recorder, the obligation to pay the special tax levy shall become a lien upon the Annexed
Property in accordance with Section 3 115.5 of the Streets and Highways Code.
The names of the owner(s) of the Annexed Property as they appear on the last secured
assessment roll as of the date of recording of this Notice and the Assessor’s tax parcel(s)
numbers of all parcels or any portion thereof which are included within the Annexed Property
are as set forth on the attached, referenced and incorporated Exhibit “A”.
Reference is made to the following:
1. Notice of Special Tax Lien for the original Community Facilities District recorded May
20, 1991 as Document No. 91-236959, in the Office of the County Recorder for the County of
San Diego, State of California, which Notice is amended by the recordation of this document..
2. Boundary map of the original District recorded at Book 24, Page 56, Document No. 90-
6741 18, Maps of Assessment and Community Facilities Districts in the Office of the County
Recorder for the County of San Diego, State of California.
3. q\ , Document No.
the Office of the County Recorder for the County of San Diego, State of California.
Boundary map of pation Area No. 03/04-02 recorded at Book 38 , Page
Maps of Assessment and Community Facilities Districts in 2Ec1-
For further information concerning the current and estimated future tax liability of owners or
purchasers of real property subject to this special tax lien, interested persons should contact the
following designated person:
Lisa Hildabrand, Finance Director
City of Carlsbad
1635 Faraday Avenue
Carlsbad, CA 92008
Telephone: (760) 602-2490
Page 2 of 3
18726
w
I City of Carlsbad
State of California
Page 3 of 3
18727
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. 1
PROPERTY OWNER NAMES AND ASSESSORS PARCEL NUMBERS
"EXHIBIT A"
Property Owner:
Assessor's Parcel No.:
Carlsbad Oaks North Partners LP
209-050-04-00
209-050-21 -00
209-050-22-00
209-050-23-00
209-050-24-00
18738
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. I
RATE AND METHOD OF APPORTIONMENT
EXHIBIT “B”
PROPERTY CATEGORIES AND MAXIMUM TAX
All taxable property within the boundaries of the Future Annexation Area shall be
subject to ANNUAL SPECIAL TAXES as applicable based upon the rates as
established for the original Community Facilities District No. 1 and further based upon
the property categories, maximum tax rates, increases and status of the issuance of
building permits, all as hereinafter set forth. Improvement Area I refers to all properties
within the boundaries of the City of Carlsbad Bridge and Thoroughfare District.
Improvement Area II is for all remaining properties within the Community Facilities
District, not within the Bridge and Thoroughfare District.
RES1 DENTIAL PROPERTY
ANNUAL SPECIAL TAX - UNDEVELOPED PROPERTY
All taxable property prior to the issuance of a building permit shall be subject to the
following maximum annual special taxes, subject to increases as set forth herein:
MAXIMUM ANNUAL SPECIAL TAX - UNDEVELOPED PROPERTY
PER DEVELOPABLE ACRE FOR FISCAL YEAR 1990/1991
IMPROVEMENT IMPROVEMENT
PROPERTY CATEGORY AREA I AREA II
Residential Low $ 281.00
Residential Low to Medium 772.00
Residential Medium 1,294.00
Residential Medium to High 1,984.00
Residential High 2,793.00
$ 277.00
760.00
I ,217.00
1,868.00
2,739.00
SPECIAL DEVELOPMENT TAX - ONE TIME
Upon the issuance of a building permit, all Residential properties shall be subject to the
following described SPECIAL DEVELOPMENT TAX - ONE TIME, also subject to
increases as set forth herein, as follows:
MAXIMUM SPECIAL DEVELOPMENT TAX - ONE TIME PER
RESIDENTIAL DWELLING UNIT FOR FISCAL YEAR 1990/1991
IMPROVEMENT IMPROVEMENT
PROPERTY CATEGORY AREA I AREA II
Residential Low !§ 4,452.00
Residential Low to Medium 4,452.00
Residential Medium 231 0.00
Residential Medium to High 2,810.00
Residential High 231 0.00
$ 3,835.00
3,835.00
2,312.00
2,312.00
2,312.00
COMMERCIAL, INDUSTRIAL AND OTHER PROPERTY
ANNUAL SPECIAL TAX - UNDEVELOPED PROPERTY
All taxable Commercial and I’ndustrial Property prior to the issuance of a building permit
shall be subject to the following maximum annual special taxes, also subject to
increases as set forth herein:
MAXIMUM ANNUAL SPECIAL TAX - UNDEVELOPED PROPERTY
PER DEVELOPABLE ACRE FOR FISCAL YEAR 1990/1991
IMPROVEMENT IMPROVEMENT
AREA I AREA I1
Commercial Property !§ 2,400.00 $ 1,600.00
Industrial Property 1,200.00 960.00
Ag ricu I tu ral Property -0- -0-
All Commercial and Industrial Property, upon the issuance of a building permit, shall
have the option to (1) pay the SPECIAL DEVELOPMENT TAX - ONE TIME or (2)
assume the ANNUAL SPECIAL TAX - DEVELOPED PROPERTY for a period of not to
exceed twenty-five (25) years, generally in the amounts per property category as
follows:
18730
MAXIMUM SPECIAL DEVELOPMENT TAX - ONE TIME FOR FISCAL
YEAR 1990/91 PER SQUARE FOOT OF BUILDING AREA
PROP E RTY CATEGORY
COMMERCIAL USE
DES I G NATlO N S
Restaurant - Fast Food
Outdoor Tennis Courts
Convenience Market
Bank with Drive-thru
Campground
Restaurant - Sit Down
Marina
Bank -Walk In
Auto - Gasoline
Grocery Store
S & L with Drive-thru
Bowling Center
Restaurant - Quality
Neighborhood Shopping Center
Auto Car Wash
S & L -Walk In
Race Track
Library
Community Shopping Center
Hospital - General
Hotel - Conv. FaclComm.
Auto - Repair & Sales
Regional Shopping Center
Discount Store
Golf Course
Church
Office - Government
Commercial Shops
Health Club
Motel
Office - High Rise
IMPROVEMENT
AREA I
$ 28.46
28.14
27.31
18.06
17.51
15.17
14.85
12.83
8.1 1
7.78
7.59
6.63
6.57
6.46
6.31
5.51
5.10
4.26
4.24
3.88
3.47
3.41
3.35
3.22
3.06
2.99
2.93
2.90
2.89
2.69
2.67
Office - Commercial, 100,000 SF 2.56
Lu m be r/H a rd wa re Store 2.47
Office - Medical 2.42
Hospital - Convalescent 2.33
Indoor Sports Arena 2.33
IMPROVEMENT
AREA II
$ 7.58
7.26
6.74
5.72
4.99
4.73
4.41
4.60
2.89
2.56
3.48
2.83
3.09
2.27
2.52
3.03
2.33
2.86
1.80
3.18
2.52
I .58
1.61
1.58
2.14
1.94
1.88
1.58
1.85
2.06
1.84
1.75
I .58
2.07
2.23
2.23
. COMMERCIAL USE
DES I G NATlO NS
Resort Hotel
University
Junior College
All other Commercial Properties
not identified above
18731
PROPERTY CATEGORY
INDUSTRIAL USE
DES I G N AT1 0 N S
Heliports
I ndustrial-Commercial
Business Park
All other Industrial Properties
not identified above
IMPROVEMENT
AREA I
2.30
2.26
2.19
2.14
IMPROVEMENT
AREA I
$ 10.63
2.14
1.74
IMPROVEMENT
AREA II
1.98
1.91
1.90
1.44
IMPROVEMENT
AREA II
$ 3.67
1.51
1.42
OR, IN THE ALTERNATE,
ANNUAL SPECIAL TAX
The “Maximum Annual Special Tax - Developed Property” for any Fiscal Year shall not
exceed 13.81 % of the authorized “Maximum Special Development Tax - One Time” for
the various Commercial and Industrial Property categories as set forth above in the
amount applicable and annually adjusted for each Fiscal Year.
ANNUAL TAX INCREASE
The above SPECIAL TAXES for the taxable properties are applicable for the fiscal year
1990/91, and are all subject to annual increases to reflect increases in construction
costs. The Construction Cost Index of the Enqineerinq News-Recordl titled “ENR Cost
Indexes in 22 Cities” will be used. The Index published for the month of April for the
City of Los Angeles under the column heading of “Percentage Change from Last Year”
will annually inflate each of the Maximum Annual Taxes for each year for properties as
follows:
I. 18732
A. PROPERTIES WITHIN THE DISTRICT: Not to exceed 50% of the
a bove-referenced increase.
B. PROPERTIES TO BE SUBSEQUENTLY ANNEXED: Not to exceed 100%
of the above-referenced increase until annexed.
TERM OF TAX
The above taxes shall be levied until all bonds have been discharged and facilities
funded and/or guaranteed, and the SPECIAL DEVELOPMENT TAX - ONE TIME has
been paid; however, the ANNUAL SPECIAL TAX - DEVELOPED PROPERTY shall not
be levied for a period in excess of twenty-five (25) years per parcel.
Residential:
Once a building permit has been issued for Residential property and the SPECIAL
DEVELOPMENT TAX - ONE TIME has been paid, the property no longer will be subject
to any annual special tax.
Commercial and Industrial:
The Commercial and Industrial properties, upon the issuance of a building permit, have
the option to (1) pay the SPECIAL DEVELOPMENT TAX - ONE TIME or (2) assume the
ANNUAL SPECIAL TAX - DEVELOPED PROPERTY, as set forth above. Upon the
issuance of any building permit, no further increase or escalation is authorized.
ALLOCATION OF COST AND TAX
Total capital costs for all authorized facilities shall be allocated as follows: 65% to
Residential property, 35% to Commercial and Industrial property. The above costs
exclude costs of issuance as needed.
Residential property shall be taxed in an amount sufficient to meet the 65% share of
facilities, which tax will include costs of issuance, interest and other costs, including
sinking fund payments for future construction as applicable.
Commercial and Industrial property shall be taxed in an amount sufficient to meet the
35% share of facilities, which tax will include costs of issuance, interest and other costs,
including sinking fund payments for future construction as applicable.
37
18733
COLLECTION OF ANNUAL TAX
Residential:
Determine monies necessary to make payment on bond debt service, replenish reserve,
call bonds, pay bonds and Community Facilities District No. 1 administrative costs, and
pay for public capital facilities. FIRST: Reduce this amount by the funds collected from
Special Development Tax - One Time levied against residential properties. SECOND:
The remaining funds needed are to be collected by the levy of the annual Special Tax -
Undeveloped Property on undeveloped taxable residential acreage, in the proportional
amounts of each property category as required, not to exceed the maximum authorized
tax.
Commercial and Industrial:
Determine monies necessary to make payment on bond debt service, replenish reserve,
call bonds, pay bonds, and Community Facilities District No. 1 administrative costs, and
pay for current or future public capital facilities. FIRST: Reduce this amount by the
funds collected from Special Development Tax - One Time and annual Special Tax -
Developed Property levied against Commercial and Industrial properties. SECOND:
Levy the annual Special Tax - Undeveloped Property on undeveloped taxable
Commercial and Industrial acreage in the proportional amounts for each property
category as required, not to exceed the maximum tax.
***
Exhibit 4
NOT IDENTIFIED ABOVE
ALL OTHER INDUSTRIAL USES
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. I
SPECIAL DEVELOPMENT TAX- ONE-TIME
IMPROVEMENT AREA I
$1 6343
I VALID JULY 1,2003 TO JUNE 30,2004
ANNEXED
FY 2003-04
I 11 FY2003-04 FORMATION OR ANNEXATION DATE:
RESIDENTIAL DEVELOPED LAND USE:
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Exhibit 4
NTIAL UNDEVELOPED LAND USE: PER NET-ACRE-
RESIDENTIAL LOW (RL) $357.6534
RESIDENTIAL LOW MEDIUM (RLM) $982 5924
RESIDENTIAL MEDIUM (RM) $1,6469877
RESIDENTIAL MEDIUM HIGH (RMH) $2,525.21 15
RESIDENTIAL HIGH (RH) $3,554.8970
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. 1
ANNUAL SPECIAL TAX UNDEVELOPED PROPERTY
I1 VALID JULY 1,2003 TO JUNE 30,2004 1
MAXIMUM
RESIDE
I $3.054 6913 I
T ~ $0 0000 I
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