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July 21, 004
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
COMMUNITY FACILITIES DISTRICT NO. 04-1
(GRAY'S CROSSING
BOARD OF DIRECTORS
E; Joseph R. Aguera
J. Ron Hemig
James A. Maass
Patricia S. Sutton
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Nelson Van Gundy
DISTRICT STAFF
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Peter Holzmeister, General Manager
Stephen Hollabaugh, Assistant General Manager
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Community Facilities District No. 04-1
(Gray's Crossing)
TABLE OF CONTENTS PAGE
INTRODUCTION................................................................................................................ I
A. DESCRIPTION OF FACILITIES.......
....... ...............................................................................................2
B. BOUNDARIES OF THE COMMUNITY FACILITIES DISTRICT......................................................4
C. COST ESTIMATES FOR FACILITIES.....................................................................................................5
D.� RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES............................................5
Y,=,
E. GENERAL TERMS AND CONDITIONS..........................................-..................................................5
F. CONCLUSION............-.............................................................................................................................6
ss EXHIBIT A
' BOUNDARIES OF DISTRICT AND MAP ............................................A-1
EXHIBIT B
COSTESTIMATES................................................................................. B-1
'. EXHIBIT C
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX...C-1
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
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COMMUNITY FACILITIES DISTRICT NO. 04-1
(GRAY'S CROSSING)
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INTRODUCTION
k > WHEREAS, the Board of Directors of the Truckee Donner Public Utility District ("TDPUD"),
(hereinafter referred to as the "Board of Directors" or "legislative body of the Public Utility
District"), in the State of California, did, pursuant to the provisions of the Mello-Roos
Community Facilities Act of 1482, being Chapter 2.5 of Part 1, of Division 2, of Title 5 of the
Government Code of the State of California, and specifically Section 53321.5 thereof, expressly
order the filing of a written Community Facilities District Report ("Report") with the Public
Utility District for a proposed Community Facilities District, which Community Facilities
V§s District shall be referred to as the Truckee Donner Public Utility District, Community Facilities
District No. 04-1 (Gray's Crossing), (hereinafter referred to as "CFD"); and
WHEREAS, the Report generally contains the following:
a. a brief description of the facilities by type which are required to adequately meet the needs
" of the CFD;
b. an estimate of the cost of financing the facilities, including incidental expenses and
including the costs of the proposed bond financing and all other related costs as provided
for in Section 53345.3 of the Act, and including the cost of planning and designing the
s'>= Facilities to be financed pursuant to the Act, including the cost of environmental
evaluations of such facilities,all costs associated with the creation of the CFD,issuance of
bonds,determination of the amount of any special taxes,collection of any special taxes,or
costs otherwise associated with the creation of the CFD,issuance of bonds,determination
of the amount of any special taxes, collection of any special taxes, or costs otherwise
incurred in order to carry out the authorized purposes of the Public Utility District with
respect to the CFD and any other expenses incidental to the construction,completion and
inspection of the authorized work to be paid through the proposed financing.
c. the rate and method of apportionment of the special tax in sufficient detail to allow each
landowner or resident within the proposed CFD to estimate the maximum annual amount
r.. of payment.
WHEREAS,an authorized representative of the property owner has signed a petition requesting
July 13, 2004 Page 1 Truckee Donner Public Utility District
Community Facilities District No, 04-1
Gray's Crossing
the formation of CFD 04-1.
WHEREAS,the authorized representative of the TDPUD and the appointed responsible officer
have caused the Report to be prepared by MuniFinancial pursuant to the provisions or the
Resolution of Intention. For particulars, reference is made to the Resolution of Intention as
previously approved.
-' NOW THEREFORE MuniFinancial does hereby submit the following:
_ A. DESCRIPTION OF FACILITIES
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The facilities described below are proposed to be financed by Truckee Donner Public
Utility District Community Facilities District No. 04-1 (Gray's Crossing) (the "CFD").
The facilities shall include the attributable costs of engineering, design, planning and
coordination,together with the expenses related to the issuance and sale of any special tax
bonds, including underwriter's discount, appraisal fee, amounts to be maintained in the
reserve fund, amounts necessary to pay capitalized interest, bond counsel fees, financial
advisor fees, special tax consultant fees, bond and official statement printing costs and all
other expenses incidental thereto (collectively including facilities, the "Facilities"). The
Facilities will be constructed pursuant to plans and specifications approved by the
TDPUD and the officials thereof.
Facilities
The Facilities include certain real or other tangible property described below,to serve the
area located within the CFD, including all furnishings, equipment and appurtenances
related thereto, which Facilities have a useful life of five years or longer and which the
TDPUD is authorized, pursuant to an agreement meeting the requirements of Section
53316.2 of the Act or otherwise to contribute revenue to or construct,own or finance,and
which are required to adequately meet the needs of the CFD.
A general description of the Facilities is as follows:
It is intended that the District will finance all or a portion of the costs of the following:
1. Acquisition or construction of the following public improvements:
a. water distribution and supply and fire suppression facilities including:
Jutp 73, 2004 Page 2 Truckee Danner Public Utility District
Community Facilities District No. 04-1
Grav's Crossing
i. 24" water pipeline connecting Sanders Well to the Fiberboard
under-crossing;
ii. water source (well) development including surveys, design,
drilling, pump installation, building construction and connection
to water system;
iii. water distribution system serving all residential and commercial
properties within District;
iv. all other water facilities required to service properties within
District;
b. electrical supply and distribution facilities including:
" i. electrical infrastructure installed for service to residential and
commercial parcels within the boundaries of the District
including design, conduit, trenching, transformers and
installation of cabling;
ii. electrical facilities fees;
iii. all other electrical facilities required to service properties within
District;
C. public roadways, roundabouts and other road improvements including but
not limited to medians, curbs, gutters, sidewalks, traffic signals, street
signage, street lighting, pavement striping and any associated landscaping
and erosion control;
d. public plazas, including non-conforming signage;
e. public access parks and trails;
f. sanitary sewer facilities;
i. sewer lift station including but not limited to wet wells,
mechanical, electrical, pumping and building systems;
H. onsite sanitary facilities connecting residential and commercial
parcels to lift station;
iii. all other sanitary facilities required to service residential and
commercial parcels within the boundaries of the District;
g. storm drains and flood control facilities including but not limited to v —
Judy 13, 2004 Page 3 Truckee Donner Public Utility District
` - Comuuuniry Facilities District No. 04-1
Gray's Crossing
F
ditches, culverts, and infiltration ponds;
h. wetlands and mitigation associated with construction of any public
facility;
i. natural gas, telephone, electric, and telecommunications facilities and
r, trenching and appurtenant work and improvements, including the
j relocation of existing electric transmission facilities and the installation of
natural gas transmission facilities owned or to be owned by shareholder
j owned utility companies regulated by the California Public Utilities
}_ Commission, but excluding all other facilities owned or to be owned by
such companies;
s
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j, relocation of any existing public improvements or utility Improvements in
connection with any of the items described in (a) through (i) above; and
k. any other public improvements (not inconsistent with the foregoing)
identified in accordance with the Development Agreement between the
Truckee Donner Public Utility District and Gray's Crossing, LLC
pertaining to the Gray's Crossing development project;
2. Any soft cost associated with the design and construction of the above described
improvements including but not limited to engineering,environmental review,inspection,
surveying and staking, and environmental mitigation.
B. BOUNDARIES OF THE COMMUNITY FACILITIES DISTRICT
The boundaries of the CFD coincide with the proposed development and include all
properties and parcels on which special taxes may be levied to pay for the costs and
expenses of the Facilities. The development is proposed as a mixed use project on
approximately 757 acres. Development proposed includes a mix of commercial,
residential, lodging, golf course, church and open space components.
The taxable residential component includes 408 single family detached units, 61 single
family detached cottage units, 107 single family attached units, and 21 loft units.
The taxable commercial component includes 40,700 square feet of commercial
development.
t July 13, 2004 Page 4 Truckee Donner Public Utility District
Conununity Facilities District No. 04-1
Gray's Crossing
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The boundaries of the CFD are described on Exhibit "A", reduced scale maps entitled
"Proposed Boundaries of Community Facilities District No. 04-1 (Gray's Crossing)"and
"Amended Proposed Boundaries of Community Facilities District No. 04-1 (Gray's
Crossing)" which are attached hereto and incorporated herein. A full scale map is on file
with the Clerk of the Truckee Donner Public Utility District and was recorded with the
County Recorder, County of Nevada in Book 1 page 126 of Assessment Maps,Document
k . Number 2004-0026182. The amended diagram will be recorded upon approval of the
Board.
34
C. COST ESTIMATES FOR FACILITIES
It is proposed that the CFD incur a bonded indebtedness of up to $35,000,000 secured by
the levy of special taxes within the CFD for the purpose of financing the acquisition of the
Facilities including, but not limited to the financing of the costs associated with the
issuance of the bonds and all other incidental costs necessary to finance acquisition of the
Facilities.
For further particulars on the estimated costs of the Facilities,reference is made to Exhibit
"B", Cost Estimates.
D. RATE AND METHOD OF APPORTIONMENT OF SPECIAL
TAXES
The Resolution of Intention generally sets forth the rate and method of apportionment of
tt« the special tax which allows each owner or resident within the proposed CFD to estimate
the annual amount that would be required for payment if a special tax is levied.A method
of prepayment and procedure are outlined in the rate and method of apportionment.
For particulars of the rates and methods of apportionment, see Exhibit "C", Rate and
Method of Apportionment of Special Tax.
E. GENERAL TERMS AND CONDITIONS
Facilities
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July 73, 2004 Page 5 Truckee Donner Public Utility District
Community Facilities District No. 04-1
Grays Crossing
G
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The description of the Facilities, as set forth herein, is general in nature. The final nature
and location of the Facilities will be determined upon the preparation of final plans and
specifications.
Bonds
The financing of the acquisition of the Facilities, as set forth in this Report, requires that
bonds be issued pursuant to the terms, conditions and authorization of the Mello-Roos
Community Facilities Act of 1982, as amended.
F. CONCLUSION
Based on information provided by, and discussions with, the Board of Directors and the
tx
property owners, the Facilities listed in this Report are those that are necessary to meet
increased demands placed on the Truckee Donner Public Utility District or a public
agency providing services to the CFD as a result of development occurring within the
boundaries of the Truckee Donner Public Utility District. Further, it is my opinion that
f?' the special tax rate and method of apportionment as set forth in Exhibit "C"is equitable
and is not discriminatory or arbitrary and permits a purchaser of property subject to the
special tax a fair means of determining his or her obligation.
MuniFinancial
s By. ff —(_ ,
is Lyn',ruber
July 13, 2004 Page 6 Truckee Donner Public Utilitv District
Connnunity Facilities District No. 04-1
Gray's Crossing
EXHIBIT A
E,
BOUNDARIES OF DISTRICT AND MAP
Boundaries of District:
The exterior boundaries of the CFD are shown on that certain map now on file in the Office of
the Clerk of the Board entitled"Proposed Boundaries of Community Facilities District No. 04-1
(Gray's Crossing), Truckee Donner Public Utility District". This map indicates by a boundary
1: line the extent of the territory included in the proposed CFD and shall govern for all details as to
the extent of the CFD. The parcels of real property within the CFD are described more
particularly on the Assessor Parcel Maps that are on file in the office of the Nevada County
Assessor and are incorporated into this Report by reference.
Boundary Map:
A reduced copy of the Boundary Map follows. The original of such map is on file in the Office of
the Clerk of the Board and in the records of the County Recorder, County of Nevada, and State
of California.
Site Location:
r
The site consists of approximately 757 acres. The CFD is located in the eastern portion of Nevada
County, within the town of Truckee, north of Interstate Highway 80 and on both east and west
sides of State Highway 89 North. Tax Zone 2 is bisected by Prosser Dam Road. The development
is also north west of Truckee Donner Public Utility District Community Facilities District No.
r 03-1 (Old Greenwood).
July 13, 2004 A-1 Truckee Donner Public Utility District
Community Facilities District No. 04-1
Gray's Crossing
BOUNDARY MAP OF PROPOSED COMMUNITY FACILITIES
mosyu DISTRICT NO.04-1(GRAY'S CROSSING)
TO REND TRUCKEE DONNER PUBLIC UTILITY DISTRICT
COUNTY OF NEVADA
SITE daSTATE OF CALIFORNIA
x a N7*5r4YE JW MJ 47W llism SW2rWW "72 s8g-3Y2B" MSAT NH 352FW 2W.IT
19-370-22
DAM ROAD 19-370-07
TRUCKEE HIGHWAY 69 -------- 19-370-23
VICINTTY MAP
19-370-20
LINE TABLE:
—L.—-W.� CON 19-370-21
19-370-24
19.-370A.P.)-10
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1. 1 19-370-25
InWSW, 19-370-26
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CLJRVE TABLE: cl cis
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19-410-24
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19-410-19
19-410-21 ,
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SHEET I OF I
...........
AMENDED BOUNDARY MAP OF PROPOSED COMMUNITY
INARS TO RENO
FACILITIES DISTRICT NO.04-1(GRAY'S CROSSING)
SITE TRUCKEE DONNER PUBLIC UTILITY DISTRICT
COUNTY OF NEVADA
STATE OF CALIFORNIA
S87'5T4TE 1267.D'
-- NET'57-49W 1116 38- SM-2625V 2672AV
-- -
19-370-22
19-370-19 FILED IN THE OFFICE OF THE BOARD THIS DAY OF
20NI
TRUCKLE
I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING
VICINITY MAP AMENDED BOUNDARIES OF TRUCKEE DONNER PUBLIC UTILITY
19-370-17 z
R" 'PROSSER DISTR�TCOMMUNI�FACILITESOtMICINON.I(GMYS
ROAD 4z""
)MNCKEEOONN RATISLICUTILITYODDISICT,
DAM, NTYOCNEVADA STATE E
HIGHWAY 89 OF CALIFORNIA,WAS SUMMED BY
19-3170-23 BOARD UP DIRECTORS OF THE TRUCKEE DONNER PUBLIC
ITY.SIRATTATANCIALLA INEENNOTHERIOPH11N.R
9�L""AGDAYOF 20M.BY ITS RESOLUTION NO
IN
2
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19-370-20 CLERK OF THE BOARD
TRUCKEE OFINNER PUBLIC UT1111 DISTRICT
19-370-21 FDEDTHN_DFYOF—2.I.ATTRE HOUR OF
O'CLOCK
LINE TABLE: MANIF.ES OF MAP.OF
Q —,.E Ul ASSESSMENT AND 50MAN.JR,FACILITIES DISTRICTS AND AS
ULNGTH INSTRUMENT NO,
L, NSENLMW _WTHEOFFICEITHECOUNITY
T&28 19-370-24 COUNTY OF NEVADA.STATE OF CALIFORRID,
uu s"C"HIN S93
Pin L
CAB
H, EM'S KID 19-370-18
— S2j�NCOT n 25 COUNTY RECORDER
U Nm4wSr, 064Y
COSINTY OF NEVADA
La n3r+vrE STATE OF CALIFORNIA
.20 CURVE TABLE: gl 19-370-10
-Nii 121�l (N.A.P.) 19-370-26 REFERENCE IS MADE TO THAT BOUNDARY MAP OF COMMUSITY
TO 41—�E ST-11 -A & A PORTION OF
-W T'-"T'---IND E"A 81
"I -YATADE RF 11 Ci ST. IRIII z 19-370-07 FAOI DISTRICT NO, -I fORAIS CROSSIM01 OF THE
NNTDC�E -2'-E-9 TIRLICKEE DONNER PUBLIC UTILITY DISTRICT.RECORDED KIND
1 1 ;' K, 19-370-25 THE SELSOA COUNTY RECORDER'S OFFICE CRAINE DA MI 11
IM%
W4�iIIIIE US 11 'D SUN SAM 13111
L14 --w --u'---, A171- BOOK I OF MAPS CFASSESSIENTAND COMMUNITY FAEII
NNT3rffFf mi m NA Z IS r, DISTRICTS ON PAGE la,AS INSTRUMENT ME.
U NEI03TIS-E .3. CA -57F.--ZFITI-
SUT2 1 R,
LIB i•14� .'IS a n'a -ssi-w C201� 'q REFERENCE 15 ALSO MADE TO THAT CERTAIN MAP OF WSO6C-OT
.10 C, I..
LINE ADJUSTMENT,FILED ON THE ST.DAY OF JULY.2C01,AT THE
FOUR OF 2 allMK PM AS INSTRUMENT NO.S 20M-27862 AND
"I NS`ClI-K IS I —cl -719-N -5--w 71-11-1 CI cis 20011-27863 W THE OFFICE OF THE COUNTY RECORDER IN THE
-Tn- �wk—1 11 COUNTY
;u�c ...P, LN I.. IS. D,'.1, C14 OF NEVADA.STATE OF CAUPORNA
WrIFIS�lz 1-11 -7�1-6. Tl�-.--. .x'. 19-410-24
--7. . 14. -715-——— I
LO 4UPSWE DH --.a" SIAS "SIT ,,. THE LINES ADD DIMENSIONS OF EACH ll.R PARCEL 5.0�ON
P"n ...UN L THIS DARRAM STALL BE THOSE LINES AM DIMENSIONS AD
SANPI ---C-14 US 3? KMN 19-41 -19 SHOWN ON THE NEVADA COUSHY ASSESSORS MAPS FOR THO
.a- A SE
135 yyy
$DNDDlN VS,
M,42 KIM D.A., PARCINDUSTER,
LZS SI .1. IB -'a'.w L.
Lei W 'A ISIA .11, -1' -SW-70 -930-.- P, 19-410-21 THE NEVADA EUUNTY�ASESSORS MAPS SHUNT GOVERN FOR ALL
L22 DETAILS CONCERNING THE LINES AND DIMENSIONS OF SUCH
900 -C ID
LJO SODOCHE C16 LOTS OR PARCELS,
US
'5,
c," LEGEND:
DID 1-24
'15- Y"%b K (NAP)NOT A PART
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PLANNING
ENGINEERING,INC. L PROPOSED BOUNDARY(ZONE 1)
1140 -OTON ON, SUITE 210, FRACA YALCY CA 95945 PROPOSED BOUNDARY(ZONE 2)
NION DONNER PASS ROAD, SUITE JC, CA ..I.I
SHEET I OF I
----------
EXHIBIT B
COST ESTIMATES
Facilities Budget Estimated Costs
zl ' Water $8,916,000
Electric 8,248,000
1; Sewer 8,385,000
Roads 12,396,000
Storm Drain 3,725,000
Natural Gas Facilities 1,032,000
Power Line Relocation 1,331,000
Highway Improvements 2,662,000
Fiber Infrastructure 1,162,000
Total Public Improvements $47,857,000
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SUBSTITUTION OF FACILITES
The description of the Facilities, as set forth herein, is general in its nature. The final nature and
;. location of the Facilities will be determined upon the preparation of final plans and
specifications. The final plans may show substitutes in lieu of, or modification to,the proposed
Facilities in order to provide the public facilities necessitated by development occurring in the
CFD, and any such substitution shall not be a change or modification in the proceedings as long
as such substitute facilities serve a function or provide a service substantially similar to that
function served or the service provided by the Facilities described in this Report.
z.:
July 13, 2004 B-1 Truckee Donner Public Utility District
Community Facilities District No. 04-1
s
Grays Crossing
i
EXHIBIT C
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
COMMUNITY FACILITIES DISTRICT NO. 04-1
(GRAY'S CROSSING)
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX
A Special Tax applicable to each Assessor's Parcel in the Truckee Donner Public Utility District
Community Facilities District No.04-1 (Gray's Crossing)[herein"CFD No.04-1"1 shall be levied
and collected according to the tax liability determined by the Board of Directors or its designee,
through the application of the appropriate amount or rate for Taxable Property, as described
below. All of the property in CFD No. 04-1, unless exempted by law or by the provisions of
Section G below, shall be taxed for the purposes, to the extent, and in the manner herein
provided, including property subsequently annexed to the CFD unless a separate Rate and
Method of Apportionment is adopted for the annexation area.
A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
"Acre"or"Acreage"means the land area of an Assessor's Parcel as shown on an Assessor's Parcel
Map, or if the land area is not shown on an Assessor's Parcel Map, the land area shown on the
x»
applicable Final Map or other parcel map recorded with the County.
"Act" means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5,
(commencing with Section 53311), Division 2 of Title 5 of the California Government Code.
"Administrative Expenses"means any or all of the following: the fees and expenses of any fiscal
agent or trustee (including any fees or expenses of its counsel) employed in connection with any
Bonds,and the expenses of the TDPUD carrying out its duties with respect to CFD No.04-1 and
the Bonds, including, but not limited to, levying and collecting the Special Tax, the fees and
expenses of legal counsel,charges levied by the County Auditor's Office,Tax Collector's Office,
- and/or Treasurer's Office, costs related to annexing property into the CFD, costs related to
property owner inquiries regarding the Special Tax, amounts needed to pay rebate to the federal
government with respect to the Bonds, costs associated with complying with any continuing
Jul Y v 21, 2004
C-1 Truckee Donner Public Utility District
Conununitv Facilities District No. 04-1
Gray's Crossing 1
f
disclosure requirements for the Bonds and the Special Tax,and all other costs and expenses of the
TDPUD in any way related to the establishment or administration of the CFD.
"Administrator" means the person or firm designated by the TDPUD to administer the Special
Tax according to this Rate and Method of Apportionment of Special Tax.
s
"Affordable Unit"means any Unit within CFD No. 04-1 which is subject to (i) a deed-restricted
cap limiting the appreciation that can be realized by the owner of the Unit for thirty(30)years,or
(ii) another such deed restriction that replaces the 30-year appreciation cap in future years. In the
Fiscal Year after the Fiscal Year in which the deed-restriction on an Affordable Unit expires,such
w Unit shall be taxed as Single Family Detached Property or Single Family Attached Property, as
F3i applicable.
"Assessor's Parcel" or "Parcel" means a lot or parcel, including an airspace parcel for a
condominium unit or Loft Unit,shown on an Assessor's Parcel Map with an assigned Assessor's
1;
Parcel number.
"Assessor's Parcel Map" means an official map of the County Assessor designating parcels by
Assessor's Parcel number.
"Association Property" means any property within the CFD that is owned by a homeowners
association, excluding such property under the pad or footprint of a Unit. Association Property
shall also include property designated as open space in a recorded Final Map whether or not such
f property has yet been dedicated to a homeowners association,public agency,or private land trust.
"Board of Directors" or "Board" means the Board of Directors of the TDPUD.
"Bonds"means bonds or other debt(as defined in the Act),whether in one or more series,issued,
insured or assumed by CFD No. 04-1 related to public infrastructure and/or improvements that
are authorized to be funded by CFD No. 04-1.
"Building Square Footage" means the total gross square footage of the floor area of a non-
residential building determined by calculating the combined floor area contained within the
building's exterior walls including the area of an addition where floor area is increased. Parking
# areas and exterior walkways shall not be included in the calculation of Building Square Footage.
"Capitalized Interest" means funds in any capitalized interest account available to pay debt
service on Bonds.
AN 21, 2004 C-2 Truckee Donner Public Utility District
Community Facilities District No. 04-1
Gray's Crossing
i
i
p.,
"Center for the Arts Property"means the property on which a building permit has been issued
for construction of the"Center for the Arts" required pursuant to the Development Agreement,
subject to the limitation set forth in Section G below.
"CFD Formation"means the date on which the Resolution of Formation to form CFD No.04-1
was adopted by the Board of Directors.
"Church Property" means, in any Fiscal Year, any Parcel in CFD 04-1 that meets both of the
following criteria: (i) the Parcel is owned by a religious organization which is exempt from ad
valorem property tax, and (ii) a building permit has been issued for construction of a building on
the Parcel that will be used solely as a place of worship. The amount of Church Property within
the CFD shall be subject to the limitation set forth in Section G below.
r "County" means the County of Nevada.
"Developed Property" means, in any Fiscal Year, the following:
• for Single Family Detached Property, all parcels for which a Final Map was
recorded prior to May 1 of the preceding Fiscal Year
• for Single Family Attached Property, all parcels for which a building permit for
new construction of a residential structure was issued prior to May 1 of the
preceding Fiscal Year
i for Golf Course Property,all Parcels that make up the Golf Course Property if the
certificate of occupancy for the proshop or clubhouse associated with the golf
course was issued at least twenty-four (24) months in advance of May 1 of the
preceding Fiscal Year
fs>:
• for Non-Residential Property, all parcels for which a building permit for new
construction of a non-residential structure (which may include Loft Units) was
issued prior to May 1 of the preceding Fiscal Year
"Development Agreement" means the Development Agreement executed between the Town
and Gray's Crossing LLC on March 25, 2004.
"Excess Public Property"means the acres of Public Property that exceed the acreage exempted in
Section G below. In any Fiscal Year in which a Special Tax must be levied on Excess Public
July 21, 2004 C-3 Truckee Donner Public Utility District
Conununity Facilities District No. 04-1
Gray's Crossing ;
T,
Property pursuant to Step 5 in Section E below, Excess Public Property shall be those Assessor's
Parcel(s) that most recently became Public Property based on the dates on which Final Maps
r recorded creating such Public Property or, if an Assessor's Parcel became Public Property other
than through a Final Map, as determined by the Administrator.
"Expected Affordable Units" means a total of 36 Units within CFD No. 04-1 that are expected
to be Affordable Units. If, in any Fiscal Year, the Administrator identifies a total number of
Affordable Units within CFD No. 04-1 that exceeds 36 Units, only the first 36 Units for which
s building permits were issued shall remain exempt from the Special Tax pursuant to Section G
below. Affordable Units for which permits are issued after building permits for the 36 Expected
:= Affordable Units have been issued shall be taxed as follows: (i) based on the size of the lot if the
Unit is Single Family Detached Property, as Single Family Attached Property if the Unit meets
the definition set forth for such property below,or(iii) as a Loft Unit if the Unit is located above
"s a retail establishment.
"Expected Land Uses" means the total number of Units and size of SFD Lots expected to be
i> constructed within the CFD as determined from time to time by the Administrator after applying
the steps in Section D below. At CFD Formation,the Expected Land Uses were those expected
to be reflected in the Tentative Map. The Expected Land Uses at CFD Formation are
summarized in Attachment 1 hereto; the Administrator shall update Attachments 1 and 2 each
time a change occurs to the land use plans for property in the CFD.
"Expected Maximum Special Tax Revenues" means the amount of annual revenue that would
is> be available if the Maximum Special Tax was levied on the Expected Land Uses. The Expected
£' Maximum Special Tax Revenues as of CFD Formation are shown in Attachment 1 of this Rate
s<,
and Method of Apportionment of Special Tax.
1<<`
"Final Bond Sale" means the last series of Bonds that will be issued on behalf of CFD No. 04-1
(excluding any Bond refundings), as determined in the sole discretion of the TDPUD.
"Final Map" means a final map, or portion thereof, recorded by the County pursuant to the
Subdivision Map Act (California Government Code Section 66410 et seq.) that creates individual
lots on which building permits for new construction may be issued without further subdivision
and for which no further subdivision is anticipated pursuant to the Tentative Map.
"Fiscal Year" means the period starting July 1 and ending on the following June 30.
July 21, 2004 C-4 Truckee Donner Public Utility District
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r "Fitness Facility Property"means any Assessor's Parcels within the CFD that meets both of the
following criteria (i) a building permit has been issued for construction of a swim or fitness
facility on the Parcel, and (ii) based on the size of the Parcel, no other buildings can be
constructed on the Parcel.
£�`!t "Fractional Unit"means a single family detached unit or a single family attached unit for which
multiple owners may each purchase a fractional share of ownership (also referred to as a timeshare
unit by the California Department of Real Estate).
"Golf Course Property" means any property within CFD No. 04-1 that is used as a golf course,
F-. includingbut not limited to a driving range, clubhouse pro shop, parking, outbuildings, and
� g g > > P P> P g>
other golf-related amenities. Golf Course Property shall also include any property within the
CFD that is used or expected to be used for a swim and/or fitness facility if such facility is located
won the same Assessor's Parcel as the clubhouse, pro shop or other golf-related buildings.
"Lodging Unit" means a unit that is (i) offered for rent to the general public on an overnight or
limited stay basis, as defined in the Development Agreement, and (ii) constructed within the
geographic area labeled Neighborhood Commercial in Attachment 2. If Fractional Units are built
j' within the Neighborhood Commercial area, all such units shall be taxed at the same rate as other
Units of Single Family Attached Property within the CFD.
"Loft Unit"means a residential Unit located above and attached to a commercial establishment,
which shall not under any circumstance include a residential Unit within which the owner of
such Unit operates an at-home business operation.
r; "Maximum Special Tax" means the greatest amount of Special Tax that can be levied on an
El"', Assessor's Parcel in any Fiscal Year determined in accordance with Section C below, as may be
adjusted pursuant to Step 3 in Section D below.
i '
"Non-Residential Property"means,in any Fiscal Year, all Parcels of Taxable Property which are
not Single Family Detached Property,Single Family Attached Property,Golf Course Property,
Loft Units, Association Property, Excess Public Property, or Undeveloped Property. As
discussed below, Loft Units shall be taxed separately from the non-residential Building Square
Footage on the Parcel.
"Proportionately" means, for Developed Property,that the ratio of the actual Special Tax levied
in any Fiscal Year to the Maximum Special Tax authorized to be levied in that Fiscal Year is equal
for all Assessor's Parcels of Developed Property, and for Undeveloped Property that the ratio of
July 21, 2004 C-5 Truckee Donner Public Utility District
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the actual Special Tax to the Maximum Special Tax is equal for all Assessor's Parcels of
Undeveloped Property.
"Public Property" means any property within the boundaries of CFD No. 04-1 that is owned by
the federal government, the State of California, the County, the Town, the TDPUD, or other
i-'
public agency.
"Rental Property" means, in any Fiscal Year, all Parcels within the CFD for which a building
permit was issued for construction of a residential structure with multiple Units that share
common walls,all of which are offered or are expected to be offered for rent to the general public
and/or employees. Fractional Units and Loft Units within the CFD shall at no time be
categorized as Rental Property. Lodging Units shall also be categorized as Rental Property for
purposes of this Rate and Method of Apportionment of Special Tax.
"SFD Lot"means an individual residential lot,identified and numbered on a recorded Final Map,
it on which a building permit has been or is permitted to be issued for construction of a single
family detached unit without further subdivision of the lot and for which no further subdivision
of the lot is anticipated pursuant to the Tentative Map.
"Single Family Attached Property"means,in any Fiscal Year,all Parcels of Developed Property
for which a building permit was issued for construction of a residential structure consisting of two
or more Units that share common walls and are offered or expected to be offered as for-sale units,
including, but not limited to, such residential structures that meet that statutory definition of a
condominium contained in Civil Code Section 1351.
u•e
"Single Family Detached Property" means, in any Fiscal Year, all Parcels of Developed
s.r Property for which a building permit was issued or is permitted to be issued for construction of a
Unit that does not share a common wall with another Unit,including detached Fractional Units.
t:?! "Special Tax"means a Special Tax levied in any Fiscal Year to pay the Special Tax Requirement.
"Special Tax Requirement"means the amount necessary in any Fiscal Year to: (i) pay principal
and interest on Bonds which is due in the calendar year that begins in such Fiscal Year; (ii) create
and/or replenish reserve funds for the Bonds; (iii) cure any delinquencies in the payment of
principal or interest on Bonds which have occurred in the prior Fiscal Year or, based on existing
delinquencies in the payment of Special Taxes, are expected to occur in the Fiscal Year in which
the tax will be collected; (iv) pay Administrative Expenses; and (v) pay the costs of public
improvements and public infrastructure authorized to be financed by CFD No. 04-1. The
July 21, 2004 C-6 Truckee Donner Public Utility District
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amounts referred to in clauses (i) and (ii) of the preceding sentence may be reduced in any Fiscal
Year by: (i) interest earnings on or surplus balances in funds and accounts for the Bonds to the
k`- extent that such earnings or balances are available to apply against debt service pursuant to a Bond
indenture, Bond resolution, or other legal document that sets forth these terms t proceeds
g > t( •)
received by CFD No. 04-1 from the collection of penalties associated with delinquent Special
Taxes (' ) y y
�,:.. ;and ui an other revenues available to pay debt service on the Bonds as determined b the
Administrator.
;.; "Taxable Property" means all of the Assessor's Parcels within the boundaries of CFD No. 04-1
which are not exempt from the Special Tax pursuant to law or Section G below.
"Tax Zone" means one of the two mutually exclusive geographic areas defined below and
identified in Attachment 2 of this Rate and Method of Apportionment of Special Tax, and any
subsequent Tax Zones created to contain property annexed into the CFD after CFD Formation.
"Tax Zone #1" means the geographic area that is specifically identified in Attachment 2 of this
Rate and Method of Apportionment of Special Tax as Tax Zone #1.
"Tax Zone #2" means the geographic area that is specifically identified in Attachment 2 of this
Rate and Method of Apportionment of Special Tax as Tax Zone #2.
"TDPUD" means the Truckee Donner Public Utility District.
"Tentative Map" means the tentative subdivision map for the Gray's Crossing Planned
=f Development approved by the Town on February 5, 2004.
"Town" means the incorporated Town of Truckee.
.J;
"Undeveloped Property" means, in any Fiscal Year, all Parcels of Taxable Property within the
CFD that are not Developed Property.
"Unit" means (i) for Single Family Detached Property,an individual single-family detached unit,
(ii) an individual Loft Unit, and (iii) for Single Family Attached Property, an individual
residential unit within a duplex, triplex, fourplex, townhome, or condominium structure.
t Jul v 21, 2004
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B. DATA FOR ANNUAL ADMINISTRATION
r<
On or about July 1 of each Fiscal Year, the Administrator shall identify the current Assessor's
Parcel numbers for all Parcels of Taxable Property. The Administrator shall also determine: (i)
whether each Assessor's Parcel of Taxable Property is Developed Property or Undeveloped
Property, (ii) for Developed Property,which Parcels are Single Family Detached Property,Single
Family Attached Property, Loft Units, Golf Course Property and Non-Residential Property,(iii)
for Parcels of Single Family Attached Property, the number of Units on each Parcel, (iv) for
Single Family Detached Property,the size of each residential lot within Final Maps that have been
3
recorded, (v) whether there are Parcels of Rental Property, Excess Public Property, or Parcels
with Affordable Units, and (vi) the Special Tax Requirement.
tz
For Single Family Attached Property,the number of Units shall be determined by referencing the
site plan, condominium plan, or other development plan. For Non-Residential Property that
includes Loft Units, the Administrator shall reference the condominium map or other such
development plan to determine the Building Square Footage, or if such map or plan is not
available,the Administrator shall determine the Building Square Footage associated with the Loft
Units and subtract the square footage thereof from the total Building Square Footage to determine
the square footage that will be subject to the Maximum Special Tax for Non-Residential Property.
If, in any Fiscal Year, an Assessor's Parcel includes both Developed Property and Undeveloped
Property,the Administrator shall determine the Acreage associated with the Developed Property,
subtract this Acreage from the total Acreage of the Assessor's Parcel, and use the remaining
Acreage to calculate the Special Tax that will apply to Undeveloped Property within the
Assessor's Parcel.
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t
In addition, the Administrator shall, on an ongoing basis, monitor whether changes in land use
€` have been proposed that will affect the Expected Land Uses and whether Final Maps that have
been proposed for approval by the Town are consistent with the Expected Land Uses. If changes
to the Expected Land Uses are proposed, the Administrator shall apply the steps set forth in
Section D below.
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C. MAXIMUM SPECIAL TAX
1. Single Family Detached Property
is
The Maximum Special Tax for Single Family Detached Property for Fiscal Year 2004-05 is shown
in Table 1 below:
TABLE 1
TDPUD CFD No. 2004-1
MAXIMUM SPECIAL TAX FOR SINGLE FAMILY DETACHED PROPERTY
Maximum Special Tax in Maximum Special Tax
Tax Zone#1 in Tax Zone#2
—Type of Property Lot Size Fiscal Year 2004-05 Fiscal Year 2004.05
Single Family Greater than $3,300 per $4,125 per
f Detached Property 22,000 square feet SFD Lot SFD Lot
Single Family 20,001 to 22,000 $3,200 per $4,000 per
Detached Pro ert square feet SFD Lot SFD Lot
Single Family 18,001 to 20,000 $3,100 per $3,875 per
Detached Pro ert Far
re feet SFD Lot SFD Lot
Single Family 10 18,000 $3,000 per $3,750 per
Detached Pro ert re feet SFD Lot SFD Lot
#; Single Family 10 16,000 $2,900 per $3,625 per
Detached Pro ert e feet SFD Lot SFD Lot
Single Family 10 14,000 $2,800 per $3,500 perDetached Pro ert e feet SFD LotSFD LotSingle Family 12,000 $2,700 per $3,375 perDetached Pro ert e feet SFD LotSFD Lot
Single Family than $1,800 er $1,800 perDetached Pro ert 8uare feet SFD Lot SFD Lot
On July 1, 2005 and on each July 1 thereafter, the Maximum Special Taxes shown in Table I
,. above shall be increased by an amount equal to two percent(2%)of the amount in effect for the
prior Fiscal Year.
The square footage of SFD Lots shall be determined by reference to County Assessor's Parcel
Maps or, to the extent such Maps do not reflect square footage of the SFD Lots, by reference to
July 21, 2004 C-9 Truckee Dormer Public Utility District
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Y.:
the lot size summary provided by the engineering firm that produced the Final Map.
i ; 2. Single Family Attached Property
The Maximum Special Tax for Single Family Attached Property for Fiscal Year 2004-05 is$1,800
per Unit. On July 1, 2005 and on each July 1 thereafter, this Maximum Special Tax shall be
increased by an amount equal to two percent (2%) of the amount in effect for the prior Fiscal
Year.
3. Loft Units
The Maximum Special Tax for Loft Units for Fiscal Year 2004-05 is $1,200 per Unit. On July 1,
2005 and on each July i thereafter, this Maximum Special Tax shall be increased by an amount
l s
equal to two percent (2%) of the amount in effect for the prior Fiscal Year.
4. Non-Residential Property
The Maximum Special Tax for Non-Residential Property for Fiscal Year 2004-05 is $2.50 per
`; square foot of Building Square Footage. On July 1, 2005 and on each July 1 thereafter, this
Maximum Special Tax shall be increased each Fiscal Year thereafter by an amount equal to two
percent (2%) of the amount in effect the prior Fiscal Year.
5. Golf Course Property
'.; The Maximum Special Tax assigned to Golf Course Property for Fiscal Year 2004-05 is$200,000.
On July 1, 2005 and on each July 1 thereafter, this Maximum Special Tax shall be increased each
z% Fiscal Year thereafter by an amount equal to two percent (211/o) of the amount in effect the prior
' Fiscal Year. If the Golf Course Property is fully contained within one Assessor's Parcel, the
- Maximum Special Tax identified above shall be collected from the Parcel. If the Golf Course
l! Property is spread over more than one Assessor's Parcel, the following steps shall be applied in
the first Fiscal Year in which the Golf Course Property is Developed Property to determine the
Maximum Special Tax to be assigned to each Parcel:
Step 1: Multiply the total Maximum Special Tax assigned to the Golf Course
Property by fifty percent (50%);
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Step 2: Determine the combined Acreage of all Assessor's Parcels on which the
clubhouse,pro shop,driving range,parking lot,and other outbuildings are
located;
Step 3: Divide the amount determined in Step 1 by the Acreage identified in Step 2
to calculate a per-acre Special Tax;
Step 4: Multiply the per-acre Special Tax calculated in Step 3 by the Acreage of
1. each Assessor's Parcel on which the clubhouse, pro shop, driving range,
parking lot, and other outbuildings are located to calculate the Maximum
Special Tax for each of the Parcels;
Step 5: Determine the combined Acreage of all Assessor's Parcels of Golf Course
Property that were not included in the Acreage calculated in Step 2 above;
Step 6: Divide the amount determined in Step 1 by the Acreage calculated in Step 5
to calculate a per-acre Special Tax;
s:
Step 7: Multiply the per-acre Special Tax calculated in Step 6 by the Acreage of
each Assessor's Parcel included in the figure determined in Step 5 to
calculate the Maximum Special Tax for each of the Parcels.
The Maximum Special Tax determined for each Assessor's Parcel of Golf Course Property
pursuant to the steps set forth above shall be increased on July 1 of the following Fiscal
Year, and on each July 1 thereafter, by an amount equal to two percent (2%) of the
amount in effect the prior Fiscal Year. If an Assessor's Parcel of Golf Course Property is
further subdivided or otherwise reconfigured, the Maximum Special Tax assigned to the
Parcel shall be allocated to the new Parcels on an Acreage basis.
6. Undeveloped Property
The Maximum Special Tax for Undeveloped Property for Fiscal Year 2004-05 is $17,500 per Acre.
On July 1,2005 and on each July 1 thereafter,this Maximum Special Tax shall be increased by an
amount equal to two percent (2%) of the amount in effect for the prior Fiscal Year.
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D. BACK-UP FORMULA
The Maximum Special Taxes set forth in Section C above were calculated based on the Expected
Land Uses at CFD Formation. The Administrator shall review Tentative Map revisions and
other changes to the land uses within the CFD and compare the revised land uses to the Expected
Land Uses to evaluate the impact on the Expected Maximum Special Tax Revenues. In addition,
the Administrator shall review Final Maps to ensure they reflect the number and size of SFD Lots
that were anticipated in the Tentative Map.
4.F If,prior to the Final Bond Sale, a change to the Expected Land Uses (a "Land Use/Entitlement
Change") is proposed that will result in a reduction in the Expected Maximum Special Tax
Revenues, no action will be needed pursuant to this Section D as long as the reduction in
Expected Maximum Special Tax Revenues does not reduce debt service coverage on outstanding
Bonds below the amount committed to in the Bond documents. Upon approval of the Land
Use/Entitlement Change, the Administrator shall update Attachment 1 to show the reduced
Expected Maximum Special Tax Revenues, and the reduced Expected Maximum Special Tax
Revenues shall be the amount used to by the TDPUD to make future decisions with respect to
Bonds.
If a proposed Land Use/Entitlement Change would reduce the debt service coverage required on
outstanding Bonds or if the Land Use/Entitlement Change is proposed after the Final Bond Sale,
the following steps shall be applied:
Step 1: By reference to Attachment 1 (which will be updated by the Administrator
each time a Land Use/Entitlement Change has been processed according to
this Section D), the Administrator shall identify the Expected Maximum
<.., Special Tax Revenues for CFD No. 04-1;
Step 2: The Administrator shall calculate the Maximum Special Tax revenues that
could be collected from property in the CFD if the Land Use/Entitlement
Change is approved;
Step 3: If the amount determined in Step 2 is higher than that calculated in Step 1,
the Land Use/Entitlement Change may be approved without further
action. If the revenues calculated in Step 2 are less than those calculated in
Step 1, and if:
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(a) The landowner does not withdraw the request for the Land
Use/Entitlement Change that was submitted to the Town; or
(b) Before approval of the Land Use/Entitlement Change, the
landowner requesting the Land Use/Entitlement Change does not
prepay a portion of the Special Tax for the CFD in an amount that
corresponds to the lost Maximum Special Tax revenue, as
determined by applying the steps set forth in Section H below;
then, the amount of the prepayment determined in Step 3.b shall be
at
1;« allocated on a per-acre basis and included on the next property tax bill for
all Assessor's Parcels within the property affected by the Land
E<<' Use/Entitlement Change. The amount allocated to each Assessor's Parcel
shall be added to and, until paid, shall be a part of, the Maximum Special
Tax for the Assessor's Parcel.
r�
If multiple Land Use/Entitlement Changes are proposed at one time
(which may include approval of multiple Final Maps at one time), the
Administrator may consider the combined effect of all the Land
Use/Entitlement Changes to determine if there is a reduction in Expected
Maximum Special Tax Revenues that necessitates implementation of Step
3.b. If, based on this comprehensive analysis, the Administrator
determines that there is a reduction in Expected Maximum Special Tax
Revenue, and all of the Land Use/Entitlement Changes are being
proposed by the same land owner, the Administrator shall determine the
required prepayment (pursuant to Step 3.b) by analyzing the combined
impact of all of the pChanges.
p pro proposed Land Use/Entitlement
Notwithstanding the foregoing, if the Administrator analyzes the
# ' combined impacts of multiple Land Use/Entitlement Changes, and the
Town subsequently does not approve one or more of the Land
Use/Entitlement Changes that was proposed,the Administrator shall once
again apply the three steps set forth above to determine the combined
impact of those Land Use/Entitlement Changes that were approved
is
simultaneously by the Town.
s<>
If, based on the comprehensive analysis,the Administrator determines that
there is a reduction in Expected Maximum Special Tax Revenue, and the
Land Use/Entitlement Changes are not all being proposed by the same
July 21. 2004 C-13 Truckee Donner Public Utility District f
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land owner, the Administrator shall consider the proposed Land
Use/Entitlement Changes individually to determine the required
prepayment from each owner.
E. METHOD OF LEVY OF THE SPECIAL TAX
Each Fiscal Year,the Administrator shall determine the Special Tax Requirement to be collected
in that Fiscal Year, and the Special Tax shall be levied according to the steps outlined below.
Step 1: The Special Tax shall be levied Proportionately on each Parcel of
Developed Property within the CFD that is Single Family Detached
Property, Single Family Attached Property, or a Loft Unit up to 100% of
the Maximum Special Tax for each Parcel for such Fiscal Year until the
amount levied on such Developed Property is equal to the Special Tax
Requirement prior to applying any Capitalized Interest that is available in
s> the CFD accounts.
Step 2: If additional revenue is needed after Step 1, and after applying Capitalized
Interest to the Special Tax Requirement, the Special Tax shall be levied
Proportionately on each Parcel of Developed Property within the CFD
that is Non-Residential Property up to 100%of the Maximum Special Tax
for such Developed Property for such Fiscal Year determined pursuant to
Section C.
Step 3: If additional revenue is needed after Step 2, the Special Tax shall be levied
Proportionately on each Parcel of Developed Property within the CFD
that is Golf Course Property up to 100%of the Maximum Special Tax for
such Developed Property for such Fiscal Year determined pursuant to
s
Section C.
Step 4: If additional revenue is needed after Step 3, the Special Tax shall be levied
Proportionately on each Assessor's Parcel of Undeveloped Property within
the CFD, up to 100% of the Maximum Special Tax for Undeveloped
Property for such Fiscal Year determined pursuant to Section C.
Step 5: If additional revenue is needed after Step h, the Special Tax shall be levied
Proportionately on each Parcel of Association Property within the CFD,
July,21, 2004 C-14 Truckee Donner Public Utility,District
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up to 100% of the Maximum Special Tax for Undeveloped Property for
such Fiscal Year determined pursuant to Section C.
Step 6: If additional revenue is needed after Step 5, the Special Tax shall be levied
Proportionately on each Assessor's Parcel of Excess Public Property,
f` exclusive of property exempt from the Special Tax pursuant to Section G
below, up to 100%of the Maximum Special Tax for Undeveloped Property
for such Fiscal Year determined pursuant to Section C.
F. COLLECTION OF SPECIAL TAX
The Special Taxes for CFD No.04-1 shall be collected in the same manner and at the same time as
ordinary ad valorem property taxes, provided, however, that prepayments are permitted as set
forth in Section H below and provided further that the TDPUD may directly bill the Special Tax,
z may collect Special Taxes at a different time or in a different manner,and may collect delinquent
Special Taxes through foreclosure or other available methods. The Special Tax for Fractional
Units may be billed either directly to individual fractional share owners or to a homeowners
association, which shall then bill the individual fractional share owners; non-payment of Special
Taxes billed by the homeowners association shall result in interest and penalties, and the
fractional ownership shall be subject to foreclosure proceedings as set forth in the Bond
covenants.
( The Special Tax shall be levied and collected until principal and interest on Bonds have been
repaid, TDPUD's costs of constructing or acquiring authorized facilities from Special Tax
proceeds have been paid,and all administrative expenses have been reimbursed. However,in no
event shall a Special Tax be levied after Fiscal Year 2043-44. Pursuant to Section 53321 (d) of the
1«; Act, the Special Tax levied against a Parcel used for private residential purposes shall under no
x. circumstances increase more than ten percent (10%) as a consequence of delinquency or default by
the owner of any other Parcel or Parcels and shall,in no event,exceed the Maximum Special Tax
in effect for the Fiscal Year in which the Special Tax is being levied.
G. EXEMPTIONS
Notwithstanding any other provision of this Rate and Method of Apportionment of Special Tax,
no Special Tax shall be levied on up to 42.2 acres of Public Property, 237.7 acres of Association
Property, 1.7 acres of property on which Lodge Units have been or, based on building permits
E
July 21, 2004 C-15 Truckee Donner Public Utility District
-' Conununity Facilities District No. 04-1
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that have been issued, are expected to be built, 0.67 of an acre of Center for the Arts Property,
Fitness Facility Property, and 9 acres of Church Property. A separate amount of public acreage
may be exempted each time property annexes into CFD No. 04-1,and such additional exemption
- shall only apply to property within the annexation area. A Special Tax may be levied on Excess
Public Property pursuant to Step 5 of Section E; however, a public agency may prepay or cause
the prepayment of the special tax obligation on land conveyed to it that would be classified as
Excess Public Property.
In addition, no Special Tax shall be levied in any Fiscal Year on Rental Property or Affordable
Units.
i H. PREPAYMENT OF SPECIAL TAX
�:ax
The following definitions apply to this Section H:
f.
"Outstanding Bonds"means all Previously Issued Bonds which remain outstanding,with
the following exception: if a Special Tax has been levied against, or already paid by, an
Assessor's Parcel making a prepayment,and a portion of such Special Tax will be used to
pay a portion of the next principal payment on the Bonds that remain outstanding (as
determined by the Administrator), that next principal payment shall be subtracted from
the total Bond principal that remains outstanding, and the difference shall be used as the
amount of Outstanding Bonds for purposes of this prepayment formula.
�5
"Previously Issued Bonds" means all Bonds that have been issued on behalf of the CFD
prior to the date of prepayment.
Fiz!
"Public Facilities Requirements" means either$24,000,000 in 2004 dollars, which shall
increase on January 1, 2005,and on each January 1 thereafter by the percentage increase,if
._ any, in the construction cost index for the San Francisco region for the prior twelve (12)
month period as published in the Engineering News Record or other comparable source if
the Engineering News Record is discontinued or otherwise not available, or such other
number as shall be determined by the TDPUD to be an appropriate estimate of the net
construction proceeds that will be generated from all Bonds that have been or are expected
1 to be issued on behalf of CFD No. 2004-1. The Public Facilities Requirements shown
above may be adjusted or a separate Public Facilities Requirements identified each time
property annexes into CFD No. 04-1; at no time shall the added Public Facilities
Requirement for that annexation area exceed the amount of public improvement costs that
Julv 21, 2004 C-16 Truckee Donner Public Utility District
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are expected to be supportable by the Maximum Special Tax revenues generated within
that annexation area. In addition,the Public Facilities Requirement may be adjusted if the
total number of Units authorized to be constructed within the CFD is increased by the
Town; this adjustment to the Public Facilities Requirement shall not exceed the amount of
public improvement costs that are expected to be supportable by the Maximum Special
Tax revenues generated by the additional number of Units approved by the Town.
"Remaining Facilities Costs" means the Public Facilities Requirements (as defined
above), minus public facility costs funded by Outstanding Bonds (as defined above),
developer equity, and/or any other source of funding.
The Special Tax obligation applicable to an Assessor's Parcel in the CFD may be prepaid and the
:i
obligation of the Assessor's Parcel to pay the Special Tax permanently satisfied as described
s herein, provided that a prepayment may be made only if there are no delinquent Special Taxes
with respect to such Assessor's Parcel at the time of prepayment. An owner of an Assessor's
r> Parcel intending to prepay the Special Tax obligation shall provide the TDPUD with written
notice of intent to prepay. Within 30 days of receipt of such written notice, the TDPUD or its
designee shall notify such owner of the prepayment amount for such Assessor's Parcel.
Prepayment must be made not less than 75 days prior to any redemption date for Bonds to be
redeemed with the proceeds of such prepaid Special Taxes. The Prepayment Amount shall be
calculated as follows: (capitalized terms as defined below):
Bond Redemption Amount
plus Remaining Facilities Amount
E plus Redemption Premium
;.' plus Defeasance Requirement
plus
Administrative Fees and Expenses
less Reserve Fund Credit
equals Prepayment Amount
As of the proposed date of prepayment, the Prepayment Amount shall be determined by
application of the following steps:
Step 1. Compute the total Maximum Special Tax that could be collected from the
Assessor's Parcel prepaying the Special Tax in the Fiscal Year in which
prepayment would be received by the TDPUD or, in the event of a
prepayment pursuant to Step 3.b in Section D, compute the amount by
which the Maximum Special Tax revenues would be reduced by the Land
F
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Use/Entitlement Change and use the amount of this reduction as the figure
for purposes of this Step 1.
"- Step 2. Divide the Maximum Special Tax from Step 1 by the then-current
Expected Maximum Special Tax Revenues for the CFD.
Step 3. Multiply the quotient computed pursuant to Step 2 by the Outstanding
i< Bonds to compute the amount of Outstanding Bonds to be retired and
prepaid (the `Bond Redemption Amount').
Step 4. Compute the current Remaining Facilities Costs (if any).
i..., Step 5. Multiply the quotient computed pursuant to Step 2 by the amount
determined pursuant to Step 4 to compute the amount of Remaining
Facilities Costs to be prepaid (the `Remaining Facilities Amount').
Step 6. Multiply the Bond Redemption Amount computed pursuant to Step 3 by
the applicable redemption premium, if any, on the Outstanding Bonds to
be redeemed (the Redemption Premium').
Step 7. Compute the amount needed to pay interest on the Bond Redemption
Amount starting with the first Bond interest payment date after which the
prepayment has been received until the earliest redemption date for the
Outstanding Bonds, which, depending on the Bond offering document,
may be as early as the next interest payment date.
>s;
Step 8: Compute the amount of interest the TDPUD reasonably expects to derive
from reinvestment of the Bond Redemption Amount plus the Redemption
Premium from the first Bond interest payment date after which the
prepayment has been received until the redemption date for the
Outstanding Bonds.
Step 9: Take the amount computed pursuant to Step 7 and subtract the amount
computed pursuant to Step 8 (the "Defeasance Requirement').
Step 10. Determine the costs of computing the prepayment amount, the costs of
redeeming Bonds, and the costs of recording any notices to evidence the
prepayment and the redemption(the `Administrative Fees and Expenses').
July 21, 2004 C-18 Truckee Donner Public Utility District
Community Facilities District No. 04-1
Gray's Crossing
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Step 11. If and to the extent so provided in the indenture pursuant to which the
Outstanding Bonds to be redeemed were issued, a reserve fund credit shall
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be calculated as a reduction in the applicable reserve fund for the
Outstanding Bonds to be redeemed pursuant to the prepayment (the
"Reserve Fund Credit').
Step 12. The Special Tax prepayment is equal to the sum of the amounts computed
pursuant to Steps 3, 5, 6, 9, and 10,less the amount computed pursuant to
Step 11 (the Prepayment Amount').
A partial prepayment may be made in an amount equal to any percentage of full prepayment
desired by the party making a partial prepayment. The Maximum Special Tax that can be levied
<1 on an Assessor's Parcel after a partialprepayment is made is equal to the Maximum Special Tax
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that could have been levied prior to the prepayment, reduced by the percentage of a full
prepayment that the partial prepayment represents,all as determined by or at the direction of the
Administrator.
I. INTERPRETATION OF SPECIAL TAX FORMULA
The TDPUD reserves the right to make minor administrative and technical changes to this
document that do not materially affect the rate and method of apportioning Special Taxes. In
addition, the interpretation and application of any section of this document shall be left to the
TDPUD's discretion. Interpretations may be made by the TDPUD by ordinance or resolution
for purposes of clarifying any vagueness or ambiguity in this Rate and Method of Apportionment
of Special Tax.
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July 21, 2004 C-19 Truckee Donner Public Utility District
u_ Community Facilities District No. 04-1
Crays Crossing
ATTACHMENT
EXPECTED LAND USES AND
EXPECTED MAXIMUM SPECIAL TAX REVENUES
AT CFD FORMATION
Number of
Expected Maximum Special Total
Lots/Units/ Tax Expected
�K" Acres/ Per Unit/ Maximum
Expected Land Uses Building Square Foot, Special Tax
Square Feet FY 2004-05 Revenues
TAX ZONE#1
SFD Lots Greater than 22,000 Square Feet 2 $3,300 per SFD Lot $6,600
SFD Lots, 20,001 to 22,000 Square Feet 4 $3,200 per SFD Lot $12,800
SFD Lots, 18,001 to 20,000 Square Feet 12 $3,100 per SFD Lot $37,200
SFD Lots, 16,001 to 18,000 Square Feet 32 $3,000 per SFD Lot $96,000
SFD Lots, 14,001 to 16,000 Square Feet 46 $2,900 per SFD Lot $133,400
SFD Lots, 12,001 to 14,000 Square Feet 5 $2,800 per SFD Lot $14,000
SFD Lots, 8,000 to 12,000 Square Feet 0 $2,700 per SFD Lot $0
SFD Lots Less than 8,000 Square Feet 1 61 $1,800 per SFD Lot $109,800
TAX ZONE#2
SFD Lots Greater than 22,000 Square Feet 10 $4,125 per SFD Lot $41,250
SFD Lots, 20,001 to 22,000 Square Feet 7 $4,000 per SFD Lot $28,000
SFD Lots, 18,001 to 20,000 Square Feet 19 $3,875 per SFD Lot $73,625
SFD Lots, 16,001 to 18,000 Square Feet 100 $3,750 per SFD Lot $375,000
SFD Lots, 14,001 to 16,000 Square Feet 118 $3,625 per SFD Lot $427,750
SFD Lots, 12,001 to 14,000 Square Feet 43 $3,500 per SFD Lot $150,500
SFD Lots, 8,000 to 12,000 Square Feet 10 $3,375 per SFD Lot $33,750
SFD Lots Less than 8,000 Square Feet 0 $1,800 per SFD Lot $0
Single Family Attached Units 107 $1,800 per Unit $192,600
Loft Units 21 $1,200 per Unit $25,200
Non-Residential Building Square Footage 40,700 $2.50 per square foot $101,750
Golf Course N/A N/A $200,000
Total Expected Maximum Special Tax Revenues
*Figures are shown in fiscal year 2004-05 dollars and will escalate two percent(29i,)per year thereafter.
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July 21, 2004 C-20 Truckee Donner Public Utility District
Community Facilities District No. 04-
Gra.v's Crossing
ATTACHMENT
P:? TRUCKEE DONNER PUBLIC UTILITY DISTRICT
COMMUNITY FACILITIES DISTRICT No. 04-1
(GRAY'S CROSSING)
IDENTIFICATION OF TAX ZONES
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Juli,21, 2004
Truckee Donnei Pttbli, Ilititi District
Cvr"lllllility F(Wilities DivrictVo. 04-
Glu) 'r Crossing