HomeMy WebLinkAbout16 Old Greenwood Grays Crossing Payment Status Agenda Item # 16
uUblic Utility District
WORKSHOP
To: Board of Directors
From: Mary Chapman
Date: August 05, 2009
Subject: Review of the Old Greenwood and Gray's Crossing Community
Facilities Districts Annual Levy Payment Status
1. WHY THIS MATTER IS BEFORE THE BOARD
This workshop is intended to update the Board on the status of delinquent Old
Greenwood and Gray's Crossing Community Facilities District (CFD) payments.
2. HISTORY
The Old Greenwood CFD was formed in 2003 to install infrastructure in the Old
Greenwood development. The Gray's Crossing CFD was formed in 2004 to install
infrastructure in the Gray's Crossing development. A second series of bonds were
sold in 2005 for additional Gray's Crossing infrastructure.
3. NEW INFORMATION
Through the 2007/08 annual levies, there weren't very many delinquent levies on both
Old Greenwood or Gray's Crossing. However, the number of delinquencies increased
significantly on the 2008/09 levies. Attached is a chart showing these changes.
Nevada County sends the District the exact amount they collect. At the end of June of
each year, Nevada County requires that we remove any delinquent amounts due from
the County tax rolls.
The District uses Willdan Financial Services to administer the annual levies including
sending out a series of delinquent letters. If property owners do not pay by the first of
October, the District is required to pursue foreclosure proceedings pursuant to the
covenants in the Trust Indentures. There will probably only be a few property owners
that will be sufficiently delinquent on October 1 st requiring the District to proceed with
foreclosure on their properties. We will bring this back to the Board for authorization
to proceed at that time.
4. FISCAL IMPACT
Delinquent CFD payments may lead to our not having sufficient monies to make the
semi-annual principal and interest payments due on each CFD. If this happens, we
will rely on any monies available in the Surplus Fund. As a last resort, we would rely
on the Reserve Fund but that would trigger a Significant Event requiring disclosure.
The Truckee Donner Public Utility District is not responsible for making any principal
and interest payments from District funds.
5. RECOMMENDATION
Review this report and provide comment.
O�n, � i'
Mary Chap n ichael D. Holley
Administrative Services Manager General Manager
RECAP OF DELINQUENT CFD ANNUAL LEVIES
OLD GREENWOOD PROPERTIES:
Tax Year Amount Past Due #of Parcels
2006/07 $4,681.80 2
2007/08 4,775.43 2
2008/09 29,658.66 11
Total Old Greenwood Past Due $39,115.89
GRAY'S CROSSING PROPERTIES:
Tax Year Amount Past Due #of Parcels
2006/07 $14,383.50 6
2007/08 15,957.90 6
2008/09 119,825.19 41
Total Gray's Crossing Past Due $150,166.59
Total Past Due $189,282.48