HomeMy WebLinkAboutCFD 03; Techbilt Construction/Carlsbad North Oaks Partners; 2005-0998004; Notice of Tax Lien. RECORDING REQUESTED BY
WHEN RECORDED, RETURN TO:
CITY CLERK
1200 CARLSBAD VILLAGE DRIVE
CARLSBAD, CA 92008
1 fl CITY OF CARLSBAD
DOC # 20054998004
NOV 17,2005 1 :47 PM
OFF1 ClAL RECU RD S SAN DIEGO COLINTY RECORDER’S OFFICE GEEGOR‘i J SMITH, UUUNTr‘ RECORDER
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NOTICE OF SPECIAL TAX LIEN
Pursuant to the requirements of Section 3 1 14.5 of the Streets and Highways Code and
Section 53328.3 of the Government Code, the undersigned Clerk of the City of Carlsbad
(“City”), acting on behalf of COMMUNITY FACILITIES DISTRICT NO. 3 (the “District”),
HEREBY GIVES NOTICE that a lien is hereby imposed on the properties within
Improvement Area 2 of the District to secure payment of a special tax which the Board of
Education of the School District, County of San Diego, State of California, is authorized to
annually levy for the following purpose:
To pay directly for the public facilities described in Exhibit A attached hereto
and incorporated herein by this reference, to pay debt service on bonds issued
to finance the acquisition or construction of such public facilities, to replenish
any reserve fund established for such bonds, and to pay the costs of
administering the bonds and the District.
The special tax is authorized to be levied within Improvement Area 2 of the District,
which has now been officially designated, 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, permanently satisfied and canceled 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
Exhibit B attached hereto and incorporated herein by this reference. 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; provided, however, the District may utilize
a direct billing procedure for any special taxes that cannot be collected on the County tax roll
or may, by resolution, elect to collect the special taxes at a different time or in a different
manner if necessary to meet its financial obligations. Conditions under which the obligation
to pay the special tax may be prepaid and permanently satisfied and the lien of the special tax
canceled are set forth in Exhibit B.
Notice is hrther 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 all non-
Page 1 of3
exempt real property within Improvement Area 2 of the District in accordance with Section
3 115.5 of the Streets and Highways Code.
The (a) names of the owner(s) of the real property included within Improvement Area
2 of the District as they appear on the last secured assessment roll as of the date of recording
of this Notice and (b) the Assessor’s tax parcel(s) numbers of all parcels or any portion
thereof which are included within Improvement Area 2 of the District are as set forth on the
attached, referenced and incorporated Exhibit C.
Reference is made to the amended boundary map of the District and the improvement
areas designated therein, including Improvement Area 2, recorded at Book 39, Page 83,
Document No. 2005-899437 of Maps of Assessment and Community Facilities Districts in
the Office of the County Recorder for the County of San Diego, State of California, which
map is now the final boundary map of the District.
For fbrther 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:
FINANCE DEPARTMENT
1635 Faraday Avenue
Carlsbad, CA 92008
(760) 602-2430
[Remainder of this page intentionally left blank.]
Page 2 of 3
This Notice of Special Tax Lien for Improvement Area 2 of Carlsbad CFD No. 3 was
executed on the date set forth below.
CITY OF CARLSBAd"
STATE OF CALIFORNIA
Page 3 of 3
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. 3
1.
NOTICE OF SPECIAL TAX LIEN
EXHIBIT B
DESCRIPTION OF PUBLIC FACILITIES
DESCRIPTION OF CITY IMPROVEMENTS
Improvement B - Faraday Avenue from Orion Street to Melrose Drive. Full
width grading to secondary arterial standards (but not to include grading outside of
the right-of-way in future developed areas), erosion control landscaping and irrigation
(located within an easement granted to the City), parkway landscaping and irrigation
(located within an easement granted to the City), asphalt pavement to secondary
arterial standard width, curb and gutter, sidewalk, storm drain facilities within the
right-of-way (excluding Master Drainage Plan facilities subject to reimbursement
from Local Drainage Area Fees), sewer, water and reclaimed water lines and
appurtenances within the right-of-way (excluding any portion of such costs
reimbursable from sewer and/or water connection fees), dry utilities which are non-
refundable or non-reimbursable by the utility agency and which are located within the
right-of-way, street lights, new traffic signals and a modification of any existing
traffic signal (excluding those portions reimbursed from Traffic Impact Fees and
Public Facilities Fees), relocation of existing utilities, environmental mitigation and
incidental costs of construction to the extent permitted in the AcquisitiodFinancing
Agreement.
2. Improvement C - Melrose Drive from Palomar Airport Road to the Vista City
Limits (as shown on Drawing No. 399-4). Full width grading to prime arterial
standards (but not to include grading outside of the right-of-way in future developed
areas), erosion control landscaping and irrigation (located within an easement granted
to the City), parkway landscaping and irrigation (located within an easement granted
to the City), asphalt pavement to prime arterial standard width on either side of a
raised median, median curb, median hardscaping and landscaping with irrigation,
curb, gutter and sidewalk, storm drain facilities within the right-of-way (excluding
any Master Drainage Plan facilities subject to reimbursement from Local Drainage
Area Fees), sewer, water and reclaimed water lines and appurtenances within the
right-of-way (excluding any portion of such costs reimbursable from sewer and/or
water connection fees), dry utilities which are non-refundable or non-reimbursable
by the utility agency and which are located within the right-of-way, street lights, one
new traffic signal and a modification of an existing traffic signal at Palomar Airport
Road (excluding those portions reimbursed from Traffic Impact Fees and Public
Facilities Fees), relocation of existing utilities, environmental mitigation, and
incidental costs of construction to the extent permitted in the AcquisitiodFinancing
Agreement.
A- 1
3. Improvement D - Melrose Drive construction of right turn lane south of
Palomar Airport Road.
4. Improvement E - El Fuerte from northerly terminus to the future extension of
Faraday Avenue. Full width grading to secondary arterial standards (but not to
include grading outside of the right-of-way in fbture developed areas), erosion
control landscaping and irrigation (located within an easement granted to the City),
parkway landscaping and irrigation (located within an easement granted to the City)
asphalt pavement to secondary arterial standard width, curb and gutter, sidewalk
(excluding any Master Drainage Plan facilities subject to reimbursement fi-om Local
Drainage Area Fees). Sewer, water and reclaimed water lines and appurtenances
within the right-of-way (excluding any portion of such costs reimbursable fiom sewer
and/or water connection fees), dry utilities which are non-refundable or non-
reimbursable by the utility agency and which are located within the right-of-way,
street lights, one new traffic signal (excluding those portions reimbursed fi-om Traffic
Impact Fees and Public Facilities Fees), relocation of existing utilities, environmental
mitigation and incidental costs of construction to the extent permitted in the
AcquisitiodFinancing Agreement.
A-2
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. 3
NOTICE OF SPECIAL TAX LIEN
EXHIBIT B
RATE AND METHOD OF APPORTIONMENT FOR
COMMUNITY FACILITIES DISTRICT NO. 3
IMPROVEMENT AREA 2
[SEE ATTACHED]
B-1
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX
COMMUNITY FACILITIES DISTRICT NO. 3
IMPROVEMENT AREA 2
OF THE CITY OF CARLSBAD
A Special Tax shall be levied and collected in Improvement Area 2 ("IA 2") of Community Facilities
District No. 3 (the "CFD No. 3") of the City of Carlsbad each Fiscal Year, in an amount determined
by the City Council of the City of Carlsbad acting in its capacity as the legislative body of CFD No.
3 through the application of the procedures described below. All of the real property in IA 2, unless
exempted by the provisions hereof, shall be taxed for the purposes, to the extent and in the manner
herein provided.
A. DEFINITIONS
The terms used herein shall have the following meanings:
"Acquisition Agreement" means that certain AcquisitiodFinancing Agreement pursuant to
which public improvements, authorized to be financed by CFD No. 3, are acquired by the
City from the proceeds of Bonds or Special Taxes, as such agreement may be modified,
amended and/or supplemented from time to time, and any instrument replacing or
supplementing the same.
"Acreage" or "Acre" of an Assessor's Parcel means (i) prior to the recordation of a Final
Subdivision Map that acreage shown on the Assessor's Parcel Map for each such Assessork
Parcel less the acreage, as shown on a tentative map or similar land use entitlement approved
by the City, to be owned by, irrevocably offered or dedicated to, or for which an easement
for purposes of public right-of-way or other public purpose will be granted to the federal
government, the State of California, the County, the City, or any local government or other
public agency or designated with specific boundaries and acreage as open space and (ii) after
recordation of a Final Subdivision Map that acreage shown on or determined from the
applicable Final Subdivision Map for each such Assessor's Parcel. For Condominiums, the
Acreage applicable to each Condominium shall be determined by allocating the acreage of
the underlying lot on which the Condominiums are or are to be constructed in proportion to
each such Condominium's building square footage.
"Act" means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter
2.5, Part 1, Division 2 of Title 5 of the Government Code of the State of California.
"Administrative Expenses" means the following actual or reasonably estimated costs
directly related to the administration of IA 2, including, but not limited to, the costs of
IA 2 of CFD No. 3 Page 1 of 11 September 2,2005
computing the Special Taxes and of preparing the annual Special Tax collection schedules;
the costs of collecting the Special Taxes; the costs of remitting the Special Taxes to the fiscal
agent or trustee for any Bonds; the costs of the fiscal agent or trustee (including its legal
counsel) in the discharge of the duties required of it under any Indenture; the costs of the
City, or designee thereof, in complying with the disclosure requirements of applicable
federal and state securities laws and of the Act, including public inquiries regarding the
Special Taxes, the costs associated with the release of funds from any escrow account (to the
extent not paid from other sources).
"Annual Maximum Special Tax" means the maximum Special Tax, determined in
accordance with Section C and escalated in accordance with Section D that can be levied by
the Council in any Fiscal Year on any Assessor's Parcel.
"Assessor's Parcel" means a lot or parcel shown on an Assessor's Parcel Map with an
assigned Assessor's Parcel number.
"Assessor's Parcel Map" means an official map of the Assessor of the County designating
parcels by Assessor's Parcel number.
"Bonds" means any bonds or other debt (as defined in the Act), whether in one or more
series, secured by the levy of Special Taxes within IA 2.
"CFD Administrator" means an official of the City, or designee thereof, responsible for
determining the Special Tax Requirement and providing for the levy and collection of
Special Taxes.
"CFD No. 3" or "District" means Community Facilities District No. 3 of the City of
Carlsbad.
"City" means the City of Carlsbad, California.
"Condominium" means a separate interest or unit meeting the statutory definition of a
condominium contained in the California Civil Code, Section 1351, and for which a
condominium plan has been recorded pursuant to California Civil Code, Section 1352.
"Council" means the City Council of the City, acting as the legislative body of CFD No. 3.
"County" means the County of San Diego, California.
"Developable Property" means all Taxable Property, exclusive of Final Map Property.
IA 2 of CFD No. 3 Page 2 of 11 September 2,2005
"Exempt Property" means all property located within the boundaries of IA 2 that is exempt
from the Special Tax pursuant Section F below.
"Final Map Property" means all Taxable Property included within a Final Subdivision
Map which is approved by City Council prior to March 1 of each Fiscal Year.
"Final Subdivision Map" means a subdivision of property created by recordation of a final
map or parcel map approved by the City pursuant to the Subdivision Map Act (California
Government Code Section 66410 et seq.), a lot line adjustment or recordation of a
condominium plan pursuant to California Civil Code 1352.
"Fiscal Year" means the period starting on each July 1 and ending on the following June
30.
"IA 2" or "Improvement Area 2" means Improvement Area No. 2 of the District.
"Improvement" or "Improvements" means an improvement or improvements authorized
to be acquired by the City pursuant to the terms and conditions of the Acquisition
Agreement.
"Improvement Costs" means the estimated cost to construct the Improvements as set forth
in Exhibit B to the Acquisition Agreement.
"Indenture" means the indenture, fiscal agent agreement, trust agreement, resolution or
other instrument pursuant to which Bonds are issued, as modified, amended and/or
supplemented from time to time, and any instrument replacing or supplementing the same.
"Index" means for the purpose of calculating the escalation of the Annual Maximum Special
Tax each Fiscal Year, the lesser of (a) the annual percentage increase, if any, in the
"Construction Cost Index for ENR 20 Cities" for the City of Los Angeles as published in the
"Engineering News Record" for the twelve-month period ending with the month of March
preceding each Fiscal Year or (b) 3%.
"Open Space" means property within the boundaries of IA 2 in which prior to March lSt of
the preceding Fiscal Year (a) has been designated with specific boundaries and acreage on a
tentative map or Final Subdivision Map as open space, (b) is classified by the County
Assessor as open space by the County assigning a zero assessed value, (c) has been
irrevocably offered for dedication as open space to the federal government, the State of
California, the County, the City, or any other public agency or (d) is encumbered by an
easement or other restriction required by the City limiting the use of such property to open
space.
IA 2 of CFD No. 3 Page 3 of 11 September 2,2005
"Public Property" means property within the boundaries of IA 2 which prior to March 1''
of the preceding Fiscal Year is owned by, irrevocably offered or dedicated by Final
Subdivision Map or other recorded document, or for which an easement for purposes of
public right-of-way, habitat mitigation preserve, pedestrian trails or other public purpose has
been granted to the federal government, the State of California, the County, the City, or any
local government or other public agency. Notwithstanding the foregoing, the leasehold
interest or other possessory interest granted by any public agency in property owned by such
public agency to a private entity or person shall be subject to taxation under Section 53340.1
of the Act and shall be classified as Taxable Property.
"Special Tax" means the Special Tax to be levied in each Fiscal Year on each Assessor's
Parcel of Taxable Property to fund the Special Tax Requirement.
"Special Tax Requirement" means:
(a) that amount required in any Fiscal Year prior to the issuance of Bonds to:
(1) pay the Administrative Expenses; and
(2) pay directly for acquisition or construction of the aggregate
Improvements in proportion to the allocation of the Improvement
Costs to IA 2 specified in Appendix A attached hereto but only to the
extent such costs are not expected to be funded with the proceeds of
the Bonds;
or (b) that amount required in any Fiscal Year after the issuance of Bonds to:
(1) pay the Administrative Expenses,
(2) pay debt service on any outstanding Bonds,
(3) replenish any reserve funds attributable to IA 2 and established in
connection with Bonds,
(4) pay the costs of remarketing, credit enhancement and liquidity
facility fees (including such fees for instruments that serve as the
basis of a reserve fund in lieu of cash related to any Bonds),
(5) pay directly for acquisition or construction of the Improvements of
IA 2, but only to the extent such costs cannot be funded with the
proceeds of Bonds, and
IA 2 of CFD No. 3 Page 4 of 11 September 2,2005
(6) less available funds as directed under the Indenture.
"Taxable Property" means all property located within the boundaries of IA 2 that is not
Exempt Property.
B. CLASSIFICATION OF PROPERTY
Prior to the beginning of each Fiscal Year, all property within IA 2 shall be classified as
either Taxable Property or Exempt Property. Taxable Property shall be further classified as
Final Map Property or Developable Property.
C. ANNUAL MAXIMUM SPECIAL TAX
The Annual Maximum Special Tax per Acre for Fiscal Year 2005-2006 for all Taxable
Property is shown in Table 1 below:
Table 1
Annual Maximum Special Tax per Acre
For Fiscal Year 2005-2006
$12,600.00
D. ESCALATION OF THE ANNUAL MAXIMUM SPECIAL TAX
Each Fiscal Year beginning Fiscal Year 2006-2007, the Annual Maximum Special Tax shall
escalate at the applicable Index. The escalation shall cease in the Fiscal Year following the
earlier of (1) the completion of the construction and acquisition of all of the Improvements
pursuant to the Acquisition Agreement or (2) the sale of the final series of Bonds.
E. METHOD OF APPORTIONMENT OF THE SPECIAL TAX
Commencing with Fiscal Year 2006-2007 and for each following Fiscal Year, the CFD
Administrator shall determine the Special Tax Requirement. No Special Tax shall be levied
until any property is classified as Final Map Property. After any property has been classified
as Final Map Property, the Special Tax shall be levied on all Taxable Property within the
Improvement Area as necessary to fund the Special Tax Requirement as follows:
IA 2 of CFD No. 3 Page 5 of 11 September 2,2005
First: The Special Tax shall be levied in equal percentages on each Assessor’s Parcel of
Taxable Property, exclusive of Open Space Property and Public Property, up to 100% of the
applicable Annual Maximum Special Tax; and
Second: If additional Special Taxes are needed after the first step, the Special Tax shall be
levied in equal percentages on each remaining Assessor’s Parcel of Taxable Property (Le.,
Open Space Property and Public Property which is not exempt from the Special Tax), up to
100% of the applicable Annual Maximum Special Tax.
F. EXEMPTIONS
The CFD Administrator shall classifL the following as Exempt Property: (i) Public Property,
(ii) Open Space and (iii) Assessor Parcels with public or utility easements making
impractical their utilization for other than the purposes set forth in the easement; provided
however, that no such classification shall reduce the sum of all Taxable Property to less than
150.57 Acres. Assessor‘s Parcels which cannot be classified as Exempt Property because
such classification would reduce the Acreage of all Taxable Property to less than the amount
stated above will be classified as Taxable Property and shall be taxed pursuant to Section E.
Exempt status for purposes of this paragraph will be assigned by the CFD administrator in
the chronological order in which property becomes Exempt Property.
The Annual Maximum Special Tax obligation for any property which would be classified as
Public Property upon its transfer or dedication to a public agency but which is classified as
Taxable Property pursuant to the preceding paragraph shall be prepaid in full by the seller
pursuant to Section J prior to the transfeddedication of such property to such public agency.
Until the Annual Maximum Special Tax obligation for any such Public Property is prepaid,
the property shall continue to be subject to the levy of the Special Tax as Taxable Property.
If the use of an Assessor’s Parcel of previously classified Exempt Property changes so that
such Assessor Parcel is no longer classified as Exempt Property as defined above, such
Assessor Parcel shall cease to be classified as Exempt Property and shall be deemed to be
Taxable Property.
The Special Tax may not be levied (a) longer than the tenth Fiscal Year following the final
maturity of the last series of Bonds or (b) longer than is needed to pay the cost and incidental
expenses of the construction of the Improvements, whichever is later.
IA 2 of CFD No. 3 Page 6 of 11 September 2,2005
H. APPEALS
I.
Any landowner or resident who feels that the amount of the Special Tax levied on their
Assessor's Parcel is in error shall first consult with the CFD Administrator regarding such
error. If following such consultation, the CFD Administrator determines that an error has
occurred the CFD Administrator may amend the amount of the Special Tax levied on such
Assessor's Parcel. If following such consultation and action (if any by the CFD
Administrator), the landowner or resident believes such error still exists, such person may
file a written notice with the Finance Director of the City who shall establish, as part of the
proceedings and administration of CFD No. 3, a special three-member Review/Appeal
Committee. The Review/Appeal Committee may establish such procedures, as it deems
necessary to undertake the review of any such appeal. The Review/Appeal Committee shall
interpret this Rate and Method of Apportionment of Special Tax and make determinations
relative to the annual administration of the Special Tax and any landowner or resident
appeals, as herein specified. The decision of the Review/Appeal Committee shall be final
and binding as to all persons.
MANNER OF COLLECTION
The Special Tax will be collected in the same manner and at the same time as ordinary ad
valorem property taxes; provided, however, that the CFD Administrator may directly bill the
Special Tax, or may collect Special Taxes at a different time or in a different manner if
necessary to meet the financial obligation of CFD No. 3 for IA 2 or as otherwise determined
appropriate by the CFD Administrator.
J. PREPAYMENT OF SPECIAL TAX
1. Prepayment in Full
The Annual Maximum Special Tax for any Assessor's Parcel may be prepaid and
permanently satisfied as described herein, provided that a prepayment may be made
only if at the time of the prepayment there are no delinquent Special Taxes with
respect to such Assessork Parcel and all other Assessorts Parcels which are under the
same ownership and located within IA 2. An owner of an Assessorts Parcel
intending to prepay the Special Tax shall provide the CFD Administrator with
written notice of intent to prepay. Within 30 days of receipt of such written notice,
the CFD Administrator shall notify such owner of the prepayment amount for such
Assessor's Parcel and the date through which the amount any such prepayment shall
be valid.
IA 2 of CFD No. 3 Page 7 of 1 1 September 2,2005
The "Prepayment" shall be an amount equal to the sum of (1) Principal, (2) Premium,
(3) Defeasance, (4) Fees, and (5) Unfunded Improvements minus the Reserve Fund
Credit, as such terms are defined as follows:
"Principal" means the principal amount of Bonds to be redeemed from the
proceeds of such Prepayment and equals the quotient derived by dividing (a)
the applicable Annual Maximum Special Tax for the Assessor's Parcel
intending to prepay by (b) the expected aggregate Annual Maximum Special
Taxes for all Taxable Property within IA 2 (and excluding from (b) any
Annual Maximum Special Taxes for Assessor's Parcels which have fully
prepaid the Annual Maximum Special Tax), and multiplying the quotient by
the portion of the principal amount of Bonds outstanding.
"Premium" means an amount equal to the Principal multiplied by the
applicable redemption premium, if any, for the Bonds established pursuant to
the Indenture so redeemed with the proceeds of any such Prepayment.
"Defeasance" means an amount equal to the amount needed to pay interest
on the Principal to be redeemed until the earliest redemption date for the
outstanding Bonds permitted under the Indenture less the amount of earnings
estimated to be received from the reinvestment of the Prepayment and the
Fees to such date. Credit shall also be given for any Special Tax heretofore
paid and received by the City which has not yet been utilized to pay the
Special Tax Requirement or which is remaining after having paid the Special
Tax Requirement.
"Fees" equal the fees and expenses of CFD No. 3 directly related to the
Prepayment.
"Unfunded Improvements" means an amount equal to the estimated cost of
the unfunded Improvements authorized to be financed from the proceeds of
the Bonds or Special Taxes allocable to the Assessor's Parcel for which the
Prepayment is being calculated and is computed by multiplying the quotient
calculated when determining Principal by the Improvement Costs allocable to
IA 2, as set forth in the Acquisition Agreement, less the estimated cost of any
Improvements financed by previously issued Bonds or the proceeds of
Special Taxes. Unfunded Improvements shall equal zero following the
issuance of all of the Bonds.
"Reserve Fund Credit" shall equal the lesser of (i) the expected reduction
in the applicable reserve fund requirement (as defined in the Indenture), if
IA 2 of CFD No. 3 Page 8 of 11 September 2,2005
any, following the redemption of Bonds from proceeds of the Prepayment or
(ii) the amount derived by subtracting the new reserve fund requirement in
effect after the redemption of Bonds from the balance in the reserve fund (as
such term is defined in the Indenture) on the prepayment date, but in no event
shall such amount be less than zero. The Reserve Fund Credit shall apply
only when the Reserve Fund for the Bonds shall at least equal the Reserve
Requirement as defined in the Indenture.
The sum of the amounts calculated in the preceding steps shall be paid to CFD No. 3
and shall be used to pay and redeem Bonds in accordance with the Indenture and to
pay the Fees. Upon the receipt of such Prepayment by CFD No. 3, the obligation to
pay the Special Tax for such Assessor's Parcel shall be deemed to be permanently
satisfied, the Special Tax shall not be levied thereafter on such Assessor's Parcel, and
the CFD Administrator shall cause notice of cessation of the Special Tax for such
Assessor's Parcel to be recorded within 30 working days of receipt of the Prepayment
and receipt of proof of Special Tax payments made to the County used in the
calculation of the Prepayment, if any.
2. Prepayment in Part
The Annual Maximum Special Tax for any Assessor's Parcel may be prepaid in part
as described herein, provided that such a partial prepayment may be made only if at
the time of the prepayment there are no delinquent Special Taxes with respect to
such Assessor's Parcel and all other Assessor's Parcels which are under the same
ownership and located within IA 2. An owner of an Assessor's Parcel intending to
partially prepay the Special Tax shall provide the CFD Administrator with written
notice of intent to prepay. Within 30 days of receipt of such written notice, the CFD
Administrator shall notify such owner of the prepayment amount for such Assessor's
Parcel and the date through which the amount any such prepayment shall be valid.
The amount of the prepayment shall be computed pursuant to Section J.l above
substituting the portion of the Annual Maximum Special Tax to be prepaid for the
Annual Maximum Special Tax applicable to the Parcel when computing Principal.
The Annual Maximum Special Tax to be prepaid must result in an amount of
principal which is an even integral of the denomination of Bonds set forth in the
Indenture. If necessary, the prepayment amount shall be rounded up in order to
equal an even integral of the denomination of Bonds. The CFD Administrator shall
cause a notice of reduction of the Special Tax for such Assessor's Parcel to be
recorded within 30 working days of receipt of the prepayment.
Notwithstanding the foregoing, no prepayment shall be allowed unless the amount of Annual
Maximum Special Taxes that may be levied in IA 2 pursuant to Section E of this Rate and
IA 2 of CFD No. 3 Page 9 of 11 September 2,2005
*. ,.
Method of Apportionment of Special Tax after the proposed prepayment is at least the sum
of (i) the estimated Administrative Expenses and (ii) one hundred ten percent (1 10%) of the
maximum annual debt service for the Bonds, taking into account the Bonds to remain
outstanding after such prepayment.
IA 2 of CFD No. 3 Page 10 of 11 September 2,2005
I. ..
Facilities Fund Requirement by Area
Melrose
Melrose South of PAR
Federal Grant (Spread on percent of pad area)
Palomar Airport Road
PAR Turn Lane to Melrose South
Faraday
El Fuerte
Facilities Total
City of Carlsbad
Community Facilities District No. 3
(Faraday/Melrose)
Appendix A
Prior to the sale of the Bonds based upon the cost estimates at this time, the following provides the construction cost allocation percentage
of total funded which will be used to determine the Special Tax Requirement.
$5,498,088 $4,381.653 $15,212,644
$5,498,088 21.91% $4,381,653 17.46% $15,212,644
Construction Costs Allocation
Facilities Fund Requirement
Capitalized Interest (12 months at 7.5%)
Cost of Issuance
Discount of 2%
Reserve Fund Requirement(Est @ Max DS)
Contingency / Rounding
Principal Issued by Improvement Area:
Refund of Formation Deposit
Improvement Area 1 I lmprovemer
ZoneA 1 Percent I Zone B [Percent1 IA2 I I I I
$9,879,74 1 $1 5,212,644 $25,092,385
$952,125 $1,443,000 $2,395,125
$400,000 $500,000 $900,000
$1 33,333 $66,667 $200,000
$253,900 $384,800 $638,700
$2,703,976
$1,000 $3,814 $4,814
$12,695,000 $1 9,240,000 $31,935,000
$1,074,901 $1,629,075
Area2 I Total District
Percent I Total Cost I Percent I I
$4,954,843
$226,716
($3,000,000)
$2,798,853
$1 00,000
$1 5.956.550 I $4:055:423 I
60.63%] $25,092,385 I 100.000/
IA 2 of CFD No. 3 Page 11 of 11 September 2,2005
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. 3
NOTICE OF SPECIAL TAX LIEN
LIST OF PROPERTY OWNERS
EXHIBIT C
Name of Property Owner
Techbilt Construction Cop..
Carlsbad North Oaks Partners L.P.
Assessor's Parcel Number
209-1 20-01 -00
209-1 21 -01-00
209-1 20-02-00
209-1 20-03-00
209-1 20-04-00
209-1 20-05-00
209-1 20-06-00
209-1 20-07-00
209-1 21 -03-00
209-1 21 -04-00
209-1 20-08-00
209-1 20-09-00
PWAi321935.2
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