April 25, 2018 CUSD BOT Meeting Agenda Item #28 UPDATE ON FINANCING PLANS FOR THE PACIFICA SAN JUAN COMMUNITY FACILITIES DISTRICT

Board Agenda at page 616

Board Audio at 2:46:50

This is an information only item. No action was taken.

This is an up-date on financing plans for Pacifica San Juan Facilities District (CFD 98-1A and 98-1B)

CFD 98-1A

Original 98 homes built in mid-2000s

  • Received credit for pay-as-you-go funds through FY 2015-16
  • Pay pro-rata share of development mitigation (with credit)
  • Tax levy calculated to be 39.67% of the original maximum

New 318 homes

  • Pay same 39.67% tax levy to fund portion of their mitigation

Ritire 2043-44

CFD 98-1B – just covers the new 318 homes

Pay remaining share of development mitigation (without credit)

6 tiers of taxes based on 6 zones of location/housing product

ESTIMATED BONDS AND FUNDS RECEIVED

Bond Issuance $12,320,000

Upfront Costs ($539,509)

Debt Service Reserve ($1,040,034)

Capitalized Interest Fund (349,174)

Premium/Discount ($61,868)

Mitigation Fund $10,329,415

Allocation to CUSD $5,164,607

Allocation to City $5,164,607

Potential Facilities:

  • Harold Ambuehl
  • Marco Forster
  • Palasades
  • Shor Cliffs
  • San Juan Hills High School

The Board voted to amend the Boundaries (Agenda Item #31) so that this money will be spent on:

  • Palasades
  • Shor Cliffs
  • San Juan Hills High School

CUSD will use Hilltop Securities to underwrite Pacifica San Juan

The Board will vote to authorize the issuance of these bonds at tonights meeting