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Home My WebLink About17 Attachment 2 GC MOU CFD 04-1 Continuing DisclosurerA TRUCKEE DONNER PUBLIC UTILITY DISTRICT Community Facilities District No. 04-1 (Gray's Crossing) Special Tax Bonds Series 2004 $1573757000 Dated: September 14, 2004 Series 2005 $1971557000 Dated: July 13, 2005 Nevada County, California Base CUSIP+: 897817 2020/2021 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT DECEMBER H, 2021 W"WILLDAN + Copyright, American Bankers Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number. W WILLDAN LIST OF PARTICIPANTS In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein. W WILLDAN L INTRODUCTION Pursuant to Official Statements dated August 31, 2004 and June 21, 2005, respectively, the Truckee Donner Public Utility District ("TDPUD") Community Facilities District No. 04-1 (Gray's Crossing) issued $15,375,000 Special Tax Bonds, Series 2004 ("Series 04 Bonds") and $19,155,000 Special Tax Bonds, Series 2005 ("Series 05 Bonds"), (collectively, the "Bonds"). The Bonds were issued to construct and acquire various public improvements needed with respect to the development within TDPUD's, Community Facilities District No. 04-1 (the "District"), to fund the Reserve Account securing the Bonds, to fund capitalized interest on the Bonds and to pay costs of issuance of the Bonds. The Series 05 Bonds were issued on parity with the Series 04 Bonds. The District is located in Nevada County in the Town of Truckee, California. The Town of Truckee lies just north of the Lake Tahoe Basin; however, due to its location, proximity and recreational orientation, it is identified as a Lake Tahoe community. The Town of Truckee is located on Interstate 80 near the California - Nevada State line. The District consists of approximately 757.2 gross acres and is located north of Interstate 80 in the eastern portion of the Town of Truckee, on both the east and the west sides of Highway 89. The District is developing into a mountain resort community that was originally planned at the time of formation to include 408 single-family lots, 89 freestanding cottages, 115 attached townhomes, 21 residential lofts, 40,700 square feet of commercial and community space, as well as on -site amenities. The development in the District is known as "Gray's Crossing." On August 20, 2019, the Town of Truckee Planning Commission approved a Tentative Map to re -subdivide the existing Final Map No. 02-007, called the Village at Gray's Crossing Phase I Subdivision Map, into seven commercial lots, three common space/open space lots, one right-of-way lot, 24 townhome lots, 21 condominiumized lofts, one fourplex lot with four condominiumized units, and associated easements and public improvements including realignment of the Class I trail, bus shelter on Edwin Way, and an offsite bus turnout on the south side of Henness Road. The Bonds are limited obligations of the District payable solely from Net Taxes, as defined within the Official Statement, pledged and from certain other amounts held in the Special Tax Fund pursuant to the Indenture. The faith and the credit of neither the District, TDPUD, the State of California nor any political subdivision thereof is pledged to the payment of the principal of, premium, if any, or interest of the Bonds. The issuance of the Bonds shall not directly, indirectly or contingently obligate the District, TDPUD, the State of California or any political subdivision thereof to levy or pledge any form of taxation whatsoever other than the Special Taxes, or to make any appropriation for their payment other than from Net Taxes and from certain other amounts held in the Special Tax Fund. This Annual Continuing Disclosure Information Statement (the "Report") is being provided pursuant to covenants made by the District for the benefit of the holders of the Bonds and includes the information specified in the Continuing Disclosure Certificates for the Bonds. For 2020/21 CFD 04-1 (Gray's Crossing) Page 1 of 7 WVVILLDAN further information and a more complete description of the District and the Bonds, reference is made to the Official Statements. The information set forth herein has been furnished by the TDPUD and by other sources, which is believed to be accurate and reliable but are not guaranteed as to accuracy or completeness. Statements contained in this Report which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Report will not, under any circumstances, create any implication that there has been no change in the affairs of the TDPUD or any other parties described herein. THIS REPORT IS OF A FACTUAL NATURE WITHOUT SUBJECTIVE ASSUMPTIONS, OPINIONS, OR VIEWS AND MAY NOT BE RELIED UPON AS ADVICE OR RECOMMENDATION TO PURCHASE OR SELL ANY PRODUCT OR UTILIZE ANY PARTICULAR STRATEGY RELATING TO THE ISSUANCE OF MUNICIPAL SECURITIES OR PURCHASE OF FINANCIAL PRODUCTS. IN PROVIDING THIS REPORT, WILLDAN FINANCIAL SERVICES AND ITS EMPLOYEES (COLLECTIVELY "WILLDAN") DO NOT RECOMMEND ANY ACTIONS AND ARE NOT ACTING AS AN ADVISOR TO ANY MUNICIPAL ENTITY, BOARD, OFFICER, AGENT, EMPLOYEE OR OBLIGATED PERSON PURSUANT TO SECTION 15B OF THE EXCHANGE ACT UNLESS SPECIFICALLY AGREED TO IN A SEPARATE WRITING WITH THE RECIPIENT. PRIOR TO ACTING ON ANY INFORMATION OR MATERIAL CONTAINED IN THIS REPORT, YOU SHOULD DISCUSS IT WITH APPROPRIATE INTERNAL OR EXTERNAL ADVISORS AND EXPERTS AND ONLY RELY UPON THEIR ADVICE. 2020/21 CFD 04-1 (Gray's Crossing) Page 2 of 7 W WILLDAN IL BOND INFORMATION A. PRINCIPAL OUTSTANDING CFD 04-1 Gray's Crossing Special Tax Bonds Series 2004 $12,870,000 CFD 04-1 Gray's Crossing Special Tax Bonds Series 2005 15,615,000 B. FUND BALANCES 2004 Project Account $0 2004 Rebate Fund $0 2005 Bond Proceeds Account $0 2005 Capitalized Interest Account $0 2005 Project Account $0 2005 Cost of Issuance Account $0 Interest Account $0 Capitalized Interest Account $0 Principal Fund $0 Redemption Fund $0 Prepayment Fund $3,719 Surplus Fund $0 Special Tax Fund $973,893 Administrative Expense Fund $65,529 Reserve Fund $3,102,872 Reserve Requirement (2) $3,329,465 (') The Acquisition and Construction Fund is closed. (2) The Reserve Requirement means, as of any date of calculation by the District, an amount equal to the lowest of (i) 10% of the original proceeds of the Bonds, less original issue discount, if any, plus original issue premium, if any, or (ii) Maximum Annual Debt Service, or (iii) 125% of the average Annual Debt Service. Source: Fund Balances provided by Truckee Donner Public Utility District. C. SIGNIFICANT/LISTED EVENT — UNSCHEDULED DRAW ON DEBT SERVICE RESERVES On September 1, 2021, a draw on the Reserve Fund for $214,815.39 was performed in order to pay the September 1, 2021 Debt Service Payment on the Bonds. The District had insufficient funds to make the full debt service payment of $1,732,298.75 on the Series 2004 and Series 2005 Bonds. The unscheduled draw is due to a consistently high delinquency rate in the District. The notice for this significant event was filed with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access website ("EMMA") on September 1, 2021. 2020/21 CFD 04-1 (Gray's Crossing) Page 3 of 7 W WILLDAN Ill. FINANCIAL INFORMATION TDPUD'S ANNUAL FINANCIAL STATEMENT IS PROVIDED SOLELY TO COMPLY WITH THE SECURITIES EXCHANGE COMMISSION STAFF'S INTERPRETATION OF RULE 15C2-12. NO FUNDS OR ASSETS OF TDPUD ARE REQUIRED TO BE USED TO PAY DEBT SERVICE ON THE BONDS AND TDPUD IS NOT OBLIGATED TO ADVANCE AVAILABLE FUNDS FROM TDPUD'S TREASURY TO COVER ANY DELINQUENCIES. INVESTORS SHOULD NOT RELY ON THE FINANCIAL CONDITION OF TDPUD IN EVALUATING WHETHER TO BUY, HOLD OR SELL THE BONDS. There will not be separate audited financial statements prepared for the District. The activities of the District are reported within TDPUD's audited financial statements. The audited financial statements for TDPUD for the fiscal year ended December 31, 2021 will be separately filed with EMMA and are hereby incorporated by reference into this Report. Per the Continuing Disclosure Agreement, the due date for dissemination of the Report is six months after the end of the District's fiscal year, commencing not later than January 1, 2005. However, the District's fiscal year ends December 31, 2021, not June 30, 2021. Therefore, the audited financial statements will be disseminated when completed by June 30, 2022 and still within the six months following the end of the District's fiscal year. 2020/21 CFD 04-1 (Gray's Crossing) Page 4 of 7 W WILLDAN IV. OPERATING INFORMATION A. DELINQUENCY SUMMARY The following table sets forth a summary of the delinquent Annual Special Taxes within the District. 2009/10 416 3 $2,239,928 $76,733 3.43% 2010/11 416 3 $2,330,364 $405,825 17.41% 2011/12 416 3 $2,390,301 $423,351 17.71% 2012/13 416 3 $2,473,472 $456,787 18.47% 2013/14 416 3 $2,529,460 $470,525 18.60% 2014/15 416 3 $2,569,162 $472,250 18.38% 2015/16 415 3 $2,599,116 $470,186 18.09% 2016/17 413 3 $2,639,727 $477,069 18.07% 2017/18 413 3 $2,482,162 $323,344 13.03% 2018/19 408 3 $2,505,684 $321,936 12.85% 2019/20 407 8 $2,579,312 $227,056 8.80% 2020/21 407 6 $2,605,423 $350,530 13.45% 0) Amount delinquent as of September 16, 2021. Source: Nevada County Tax Collector, as compiled by Willdan Financial Services The following table lists the parcels delinquent over $2,500: 019-770-002-000 12/ 10/2009 4,298 $1, 931, 901 019-870-011-000 12/ 10/2020 280 $4, 976 019-900-020-000 12/ 10/2020 280 $5, 491 043-010-005-000 12/ 10/2009 4,298 $933, 379 043-010-007-000 12/ 10/2009 4,298 $1, 585,166 043-020-014-000 4/ 10/2020 524 $2, 776 043-020-018-000 4/ 10/2020 524 $2, 692 043-020-029-000 4/ 10/2020 524 $2, 692 (') Amount delinquent as of September 16, 2021. Source: Nevada County Tax Collector, as compiled by Willdan Financial Services. B. FORECLOSURE PROCEEDINGS The District has covenanted to commence judicial foreclosure proceedings against all parcels where the aggregate delinquent Special Taxes on such parcels is greater than $7,500 by the October 1 following the close of each Fiscal Year in which such Special Taxes were due. The District will commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it receives Special Tax in an amount which is less than 95% of 2020/21 CFD 04-1 (Gray's Crossing) Page 5 of 7 W WILLDAN the total Special Tax levied for such Fiscal Year. The District is pursuing foreclosure actions on delinquent parcels pursuant to the Trust Agreement. On September 1, 2021, six (6) parcels were sent to the Foreclosure Attorney for collection. As of this date, the parcels remain delinquent. All are in the process of Foreclosure (see listing below). 019-770-002-000 2009/10 019-800-001-000 2020/21 019-870-011-000 2020/21 019-900-020-000 2020/21 043-010-005-000 2009/10 043-010-007-000 2009/10 Amount delinquent as of September 16, 2021. Source: Nevada County Tax Collector, as compiled by Willdan Financial Services. C. VALUE TO LIEN RATIOS $1,931,901.25 $2,127.81 $4,976.34 $5,491.14 $933,378.74 $1,585,166.20 The following table sets forth the Assessed Value to Lien Ratio for the properties within the District based on land use. Residenti Golf Course Undeveloped(3) 386 $293,890,299 $16,285,300 6 3,890,388 2,404,355 15 5,833,415 9,795,344 18.05 1.62 0.60 $1,896,837 280,048 1,140,917 57.17% $1,896,833 8.44% 280,048 34.39% 478,845 M Calculated as the pro-rata share of the Maximum Tax times the principal outstanding on the Bonds as of June 30, 2021. (2) The Residential Category contains 175 parcels that have no structure value. (3) The Undeveloped Category consists of 5 Commercial parcels. Source: Nevada County 2021122 Secured Property Roll, as compiled by Willdan Financial Services. 2020/21 CFD 04-1 (Gray's Crossing) Page 6 of 7 W WILLDAN D. PRINCIPAL PROPERTY OWNERS The following table sets forth the principal property owners within the District for Fiscal Year 2021/22. The information in this table is based on the Nevada County 2021/22 Secured Property Roll and does not reflect any subsequent development and change of ownership, nor any increase in assessed value due to recent changes of ownership or re -assessments by the Nevada County Assessor. Siddiqui Family Partnership LP(') 2 $529,781 $222,350 $1,516,743 $0 $1,516,743 Abbate James A& Sabra Trstes Etal (1) 12 322,721 135,446 3,645,463 0 3,645,463 DkAlviso LLC (1) 1 288,415 121,048 671,209 0 671,209 Tahoe Club Co. LLC 6 280,048 280,048 1,246,984 2,643,404 3,890,388 Other Property Owners 386 1,896,837 1,896,833 55,567,362 238,322,937 293,890,299 (') Parcels are categorized as undeveloped. Source: Nevada County 2021122 Secured Roll as compiled by Willdan Financial Services. E. CHANGES TO THE RATE AND METHOD OF APPORTIONMENT There have been no changes to the Rate and Method of Apportionment of Special Tax approved or submitted to qualified electors for approval prior to the filing of the Report. F. CALIFORNIA DEBT INVESTMENT ADVISORY COMMISSION (CDIAC) REPORT Copies of the most recent State of California Debt and Investment Advisory Commission Mello -Roos Yearly Status Reports for the Bonds are attached to this Report. 2020/21 CFD 04-1 (Gray's Crossing) Page 7 of 7 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT (CFD) For Office Use Only Monday, October 25, 2021 YEARLY FISCAL STATUS REPORT 1:49:27PM Fiscal Year California Debt and Investment Advisory Commission CDIAC #: 2004-1553 915 Capitol Mall, Room 400, Sacramento, CA 95814 P.O. Box 942809, Sacramento, CA 94209-0001 (916) 653-3269 Fax (916) 654-7440 I. GENERAL INFORMATION A. Issuer Truckee Donner Public Utility District CFD No 04-1 B. Project Name Gray Crossing C. Name/ Title/ Series of Bond Issue 2004 Special Tax Bonds D. Date of Bond Issue 8/31/2004 E. Original Principal Amount of Bonds $15,375,000.00 F. Reserve Fund Minimum Balance Required Yes E Amount $3,329,465.00 No II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2021 A. Principal Amount of Bonds Outstanding $12,870,000.00 B. Bond Reserve Fund $3,102,871.81 C. Capitalized Interest Fund $0.00 D. Construction Fund(s) $0.00 III. ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A. Assessed or Appraised Value Reported as of: 7/1/2021 �X From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B. Total Assessed Value of All Parcels $303,614,102.00 IV. TAX COLLECTION INFORMATION A. Total Amount of Special Taxes Due Annually $2,605,423.24 B. Total Amount of Unpaid Special Taxes Annually $350,529.63 C. Does this agency participiate in the County's Teeter Plan? N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/16/2021 A. Total Number of Delinquent Parcels: 11 B. Total Amount of Taxes Due on Delinquent Parcels: $4,475,591.67 (Do not include penalties, penalty interest, etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aooreoate totals, if foreclosure commenced on same date) (Attach additional sheets if necessarv.) Date Foreclosure Commenced Total Number of Foreclosure Parcels Total Amount of Tax Due on Foreclosure Parcels 8/31 /2021 6 $350, 529.63 $0.00 $0.00 $0.00 $0.00 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT (CFD) Monday, October 25, 2021 YEARLY FISCAL STATUS REPORT 1:49:27PM California Debt and Investment Advisory Commission CDIAC #: 2004-1553 915 Capitol Mall, Room 400, Sacramento, CA 95814 P.O. Box 942809, Sacramento, CA 94209-0001 (916) 653-3269 Fax (916) 654-7440 VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title & CDIAC #: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Richelle Lane Title Senior Analyst Firm/ Agency Willdan Financial Services Address 27368 Via Industria Ste 200 City/ State/ Zip Temecula, CA 92590 Phone Number (951) 587-3519 E-Mail rlane@willdan.com IX. ADDITIONAL COMMENTS: A draw on the Reserve Fund was performed and reported. Date of Report 10/25/2021 For Office Use Only Fiscal Year Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law. Section 53359.5 of the California Government Code requires that all agencies issuing Mello -Roos Community Facilities bonds after January 1, 1993 to report specific information to the Commission by October 30th of each year. STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT (CFD) For Office Use Only Monday, October 25, 2021 YEARLY FISCAL STATUS REPORT 1:54:02PM Fiscal Year California Debt and Investment Advisory Commission CDIAC #: 2005-0453 915 Capitol Mall, Room 400, Sacramento, CA 95814 P.O. Box 942809, Sacramento, CA 94209-0001 (916) 653-3269 Fax (916) 654-7440 I. GENERAL INFORMATION A. Issuer Truckee Donner Public Utility District CFD No 04-1 B. Project Name Gray Crossing C. Name/ Title/ Series of Bond Issue 2005 Special Tax Bonds D. Date of Bond Issue 6/21/2005 E. Original Principal Amount of Bonds $19,155,000.00 F. Reserve Fund Minimum Balance Required Yes E Amount $3,329,465.00 No II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2021 A. Principal Amount of Bonds Outstanding $15,615,000.00 B. Bond Reserve Fund $3,102,871.81 C. Capitalized Interest Fund $0.00 D. Construction Fund(s) $0.00 III. ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A. Assessed or Appraised Value Reported as of: 7/1/2021 �X From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B. Total Assessed Value of All Parcels $303,614,102.00 IV. TAX COLLECTION INFORMATION A. Total Amount of Special Taxes Due Annually $2,605,423.24 B. Total Amount of Unpaid Special Taxes Annually $350,529.63 C. Does this agency participiate in the County's Teeter Plan? N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/16/2021 A. Total Number of Delinquent Parcels: 11 B. Total Amount of Taxes Due on Delinquent Parcels: $4,475,591.67 (Do not include penalties, penalty interest, etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aooreoate totals, if foreclosure commenced on same date) (Attach additional sheets if necessarv.) Date Foreclosure Commenced Total Number of Foreclosure Parcels Total Amount of Tax Due on Foreclosure Parcels 8/31 /2021 6 $350, 529.63 $0.00 $0.00 $0.00 $0.00 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT (CFD) Monday, October 25, 2021 YEARLY FISCAL STATUS REPORT 1:54:02PM California Debt and Investment Advisory Commission CDIAC #: 2005-0453 915 Capitol Mall, Room 400, Sacramento, CA 95814 P.O. Box 942809, Sacramento, CA 94209-0001 (916) 653-3269 Fax (916) 654-7440 VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title & CDIAC #: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Richelle Lane Title Senior Analyst Firm/ Agency Willdan Financial Services Address 27368 Via Industria Ste 200 City/ State/ Zip Temecula, CA 92590 Phone Number (951) 587-3519 E-Mail rlane@willdan.com IX. ADDITIONAL COMMENTS: A draw on the Reserve Fund was completed and reported. Date of Report 10/25/2021 For Office Use Only Fiscal Year Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law. Section 53359.5 of the California Government Code requires that all agencies issuing Mello -Roos Community Facilities bonds after January 1, 1993 to report specific information to the Commission by October 30th of each year.