HomeMy WebLinkAbout11, WS Old Green - Grays Crossing CFD-foreclosure
Workshop Item # 11 August 1, 2012 Community Facilities Districts Gray’s Crossing Old Greenwood and
Old Greenwood & Gray’s Crossing 2 to collect assessments 2010/11Law firm, Burke, Williams, & Sorensen LLP (BWS), retained •assessments 2009/10Law firm, Sherman & Feller, retained to
collect delinquent •interestParcel owners assessed annually to pay bond principal and –Gray’s Crossing 2004 and 2005–Old Greenwood 2003–Formed to sell bonds to pay for infrastructure–Community
Facilities Districts (CFD’s)•Background / History Delinquency Update
New Information Delinquency UpdateOld Greenwood & Gray’s Crossing 3 Foreclosure process will begin–6 assessments remain unpaid–assessmentsSeptember 2011 there were 13 additional delinquent
–BWS collecting 2010/11 delinquencies•May auction again at a later date–No qualified bids received–Nevada County Sheriff auctioned all 4–Writ of sale has been received for 4 delinquencies–4
assessments remain unpaid–August 2010 there were 114 delinquent assessments–Sherman & Feller collecting 2009/10 delinquencies•
4 Delinquency UpdateOld Greenwood & Gray’s Crossing
New Information Delinquency UpdateOld Greenwood & Gray’s Crossing 5 collection, up to and including foreclosuretransferring remaining delinquencies to an attorney for In September, staff
will request Board to consider •Final notice before transferring to an attorney for collection–Second installment delinquent–First installment delinquent–Collection notices by Willdan–based
developer-22 owned by UDC, a Texas–81 owned by East West Subsidiary, Grays Station LLC–June 2012 there were 110 new delinquent assessments–2011/12 Delinquencies•
Fiscal Impact Delinquency UpdateOld Greenwood & Gray’s Crossing 6 responsibility of the property owners in the CFD’sPayment of the CFD collection fees and legal fees is the •There is
no direct fiscal impact to the TDPUD•
Recommendation Delinquency UpdateOld Greenwood & Gray’s Crossing 7 Review this report and provide comment•