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CITY OF MORENO VALLEY
COMMUNITY FACILITIES DISTRICT NO. 87-1
(TOWNGATE)
SPECIAL TAX REPORT
FOR FISCAL YEAR 2007/2008
FINAL
August 2007
Prepared by:
PUBLIC WORKS DEPARTMENT
SPECIAL DISTRICTS DIVISION
City of Moreno Valley
TABLE OF CONTENTS
LIST OF TABLES, ATTACHMENTS, AND MAPS ..........................................................ii
LIST OF PARTICIPANTS ............................................................................................... iii
I. INTRODUCTION
A. Description of Proceedings ........................................................................ 1
B. Public Facilities .......................................................................................... 3
C. Boundaries of the District........................................................................... 3
D. Construction Progress ............................................................................... 4
E. Major Events.............................................................................................. 5
II. DATA REVIEW
A. Debt Service Requirements - Fiscal Year (FY) 2007/08 ............................ 7
B. Reserve Account Deficiency ...................................................................... 8
C. Delinquencies in Payments........................................................................ 8
D. Administrative Needs ................................................................................. 8
E. Capital Expenditures.................................................................................. 9
III. FUND STATUS
A. Special Tax Fund ..................................................................................... 10
Transfer Priority............................................................................. 10
Delinquent Special Tax Payments ................................................ 10
Special Tax Fund Excess.............................................................. 11
B. Revenue Fund ......................................................................................... 11
Interest Accounts .......................................................................... 11
Principal Accounts......................................................................... 11
Redemption Account..................................................................... 12
Reserve Accounts ......................................................................... 13
Excess Reserve Funds ................................................................. 13
C. Rebate Fund ............................................................................................ 13
D. Refunding and Cost of Issuance Accounts .............................................. 13
E. Administrative Expense Fund................................................................... 14
IV. COLLECTED REVENUES - FY 2006/07 ........................................................... 14
V. ARBITRAGE LIABILITY .................................................................................... 15
VI. TAX INCREMENT CONTRIBUTIONS
A. Prior Year Actual Tax Increment and Pass Through Adjustment............. 16
B. Supplemental Tax Increment .................................................................. 17
C. Projected Tax Increment.......................................................................... 17
D. Educational Revenue Augmentation Fund (ERAF).................................. 18
VII. METHOD OF SPECIAL TAX SPREAD.............................................................. 19
VIII. COMPUTATION OF THE SPECIAL TAX REQUIREMENT............................... 20
IX. SPECIAL TAX ALLOCATION (TAX ROLL) ...................................................... 20
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City of Moreno Valley
LIST OF TABLES, ATTACHMENTS, AND MAPS
TABLES
1 Description of Proceedings................................................................................... 2
2 Debt Service Requirements - Refunding Series A Bonds..................................... 8
3 Debt Service Requirements - Refunding Series B Bonds..................................... 8
4 Mandatory Sinking Fund Redemption Summary – Series A (2015) ................... 12
5 Mandatory Sinking Fund Redemption Summary – Series A (2021) ................... 12
6 Mandatory Sinking Fund Redemption Summary – Series B (2009) ................... 12
7 Excess Reserve Fund Transfers ........................................................................ 13
8 Collected Revenue to Pay FY 2006/07 Total Gross Requirement...................... 14
9 Arbitrage Calculation Summary .......................................................................... 15
10 Prior Year Actual Tax Increment and Pass Through Adjustment........................ 16
11 FY 2006/07 Supplemental Tax Allocation........................................................... 17
12 Estimated FY 2007/08 Towngate Tax Increment Calculation ............................. 18
13 ERAF Allocation ................................................................................................. 19
ATTACHMENTS
A Computation of Special Tax Levy - FY 2007/08 ................................................. 21
B FY 2007/08 Special Tax Allocation..................................................................... 22
C Estimated Tax Increment – FY 2007/08 ............................................................. 24
D Actual Tax Increment for CFD 87-1 ............................................................. 25 - 28
E Debt Service Schedule ....................................................................................... 29
MAPS
CFD 87-1 BOUNDARY .......................................................................................... 30 - 34
CFD 87-1 TAX INCREMENT BOUNDARY ............................................................ 35 - 36
CFD 87-1 TAX INCREMENT PARCELS............................................................... 37 – 51
TOWNGATE DEVELOPMENT SITES .......................................................................... 52
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City of Moreno Valley
LIST OF PARTICIPANTS
City Contacts: Underwriter:
Steven M. Chapman Mark Holmstedt
Finance Director/City Treasurer Westhoff, Cone & Holmstedt
City of Moreno Valley 1777 Botelho Dr., Suite 370
14177 Frederick Street Walnut Creek, CA 94596
P.O. Box 88005 (925) 472-8747
Moreno Valley, CA 92552-0805 mark@wcah.com
(951) 413-3074
stevec@moval.org
Financial Arbitrage Administration:
Sue A. Maxinoski
Special Districts Division Manager Trevor Speer
City of Moreno Valley NBS
Special Districts 32605 Highway 79 South, Suite 100
14325 Frederick Street, Suite 9 Temecula, CA 92592
P.O. Box 88005 (800) 676-7516
Moreno Valley, CA 92552-0805 tspeer@nbsgov.com
(951) 413-3480
suem@moval.org
Bond Counsel: Fiscal Agent:
Warren Diven Dania D. Samai
Best, Best & Krieger, LLP Wells Fargo Bank
655 West Broadway, 15th Floor Corporate Trust Services
San Diego, CA 92101 707 Wilshire Blvd., 17th Floor
(619) 525-1300 Los Angeles, CA 90071
warren.diven@bbklaw.com (213) 614-3328
dania.d.samai@wellsfargo.com
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City of Moreno Valley
I. INTRODUCTION
A. DESCRIPTION OF PROCEEDINGS
Community Facilities District No. 87-1 (TownGate) (“CFD 87-1”) was formed
by the City Council of the City of Moreno Valley (the “City Council”) by adoption of the
Resolution of Formation on October 20, 1987. On April 12, 1988, the City Council adopted
the Resolution of Issuance to issue debt in order to finance a portion of the public facilities
related to the TownGate Development. During April 1988, the City of Moreno Valley (the
“City”) issued $9,000,000 of the $21,000,000 of authorized debt in the original CFD 87-1
Series A Bonds (“Series A”). During August 1991, $12,000,000 of original CFD 87-1 Series
B Bonds (“Series B”) were issued.
On May 24, 1994, the City Council authorized and provided for the issuance
of CFD 87-1 Special Tax Refunding Series A and Refunding Series B Bonds. The
Refunding Series A and Refunding Series B Bonds may be referred to collectively as
“Refunding Series A and B Bonds.” On June 24, 1994, CFD 87-1 Refunding Series A and
B Bonds were sold. The refunding accomplished a net reduction in debt as a result of
favorable interest rates received. Within the refunding activity, the bond dates were
changed from April/October to June/December to more closely align with revenue receipts
and debt requirements.
The Refunding Series A Bonds are Senior Bonds, issued in the amount of
$14,170,000. These Bonds are rated by Moody's Investors Service as "Aaa" and are rated
by Standard & Poor's Ratings Group as "AAA." The Refunding Series A Bonds are also
guarantied by a financial guaranty bond issued by Capital Guaranty Insurance Company.
The Refunding Series B Bonds are Junior Bonds, issued in the amount of
$8,530,000 for a total refunding bond issue amount of $22,700,000. No rating was
requested for the Refunding Series B Bonds. The Refunding Series B Bonds are NOT
guarantied by a financial guaranty bond.
According to the June 1, 1994, Escrow Agreement, sufficient funds received
through the Refunding Series A and B Bonds were deposited with U. S. Trust Company of
California, as fiscal agent, to redeem the Series A and Series B Bonds. The redemption of
Series A Bonds was completed on October 1, 1995. The redemption of Series B Bonds
was completed October 1, 1998.
The fiscal year (FY) 2007/08 special tax levy is computed based upon the
Refunding Series A and B Bonds’ debt service schedules. This Special Tax Report is
required to demonstrate the special tax requirement for each parcel within CFD 87-1 in
order to meet the debt service requirements of the refunding bonds. TABLE 1 (page 2) is a
list of pertinent proceedings.
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City of Moreno Valley
TABLE 1
Community Facilities District 87-1
DESCRIPTION OF PROCEEDINGS
Current Number of Taxable Parcels (FY 2007/08) 76
Series A & Refunding
Series B Series A & B
SPECIAL TAX BONDS Bonds Bonds
Resolution of Intention or Issuance April 12, 1988 May 24, 1994
Resolution Document Number 88-13 94-28
Amount of Total Authorized Bond $21,000,000 $22,700,000
Issue
Special Tax Refunding Series A Bonds -
SPECIAL TAX BONDS Series A Bonds Senior
Date of Bond Issue (Dated Date) April 1, 1988 June 1, 1994
Amount of Bond Issue $9,000,000 $14,170,000
Maturity Date CUSIP Refunding Series A Remaining Principal
(December) Number Principal Amount Balance
$10,975,000
2015 616865CT6 $5,830,000 $5,145,000
2021 616865CE9 $5,145,000 $0
Moody’s = Aaa
Bond Rating Not Rated S & P = AAA
Current Date of Bond Redemption or
Maturity October 1, 1995 December 1, 2021
Special Tax Refunding Series B Bonds –
SPECIAL TAX BONDS Series B Bonds Junior
Date of Bond Issue (Dated Date) August 1, 1991 June 1, 1994
Amount of Bond Issue $12,000,000 $8,530,000
Maturity Date CUSIP Refunding Series B Remaining Principal
(December) Number Principal Amount Balance
$3,670,000
2009 616865CR0 $3,670,000 $0
Bond Rating Not Rated Not Rated
Current Date of Bond Redemption or
Maturity October 1, 1998 December 1, 2009
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City of Moreno Valley
B. PUBLIC FACILITIES
The TownGate Development has developed in phases. The development of
approximately 163 acres within CFD 87-1 was included in the first phase of the TownGate
Development (“Phase One”). Phase One consists of regional/mixed use commercial,
community commercial, and office/civic center uses, which includes Mervyn's, Ralph's
Grocery Co., Ross Dress-for-Less, Blockbuster Video, Olive Garden Restaurant, Acapulco
Restaurant, Carl's Jr., Bank of America, Red Robin Restaurant, Outback Steakhouse
Restaurant, BJ’s Brewery, Chili’s Restaurant, Washington Mutual, Wells Fargo Bank,
ExxonMobil, Cold Stone Creamery, and Staples.
The public facilities financed with Series A Bonds serve Phase One
development and consist of roadway improvements, including certain grading, paving,
base, curbs, gutters, sidewalks, landscaping, sewers, drainage, intersection work,
streetlights, signing, striping, traffic signals, irrigation conduit, and utilities, together with
appurtenances and appurtenant work on Eucalyptus Avenue (formerly Eastridge Avenue),
Heritage Way, a segment of Towngate Circle, Centerpoint Drive, and Frederick Street, as
well as storm drain improvements, water and sewer improvements, and the construction of
a freeway ramp.
The public facilities financed with Series B Bonds serve the remaining
portions of development within CFD 87-1 and consist of road improvements, including
certain grading, paving, base, curbs, gutters, sidewalks, landscaping, rights-of-way, sewers,
drainage, intersection work, streetlights, signing, striping, traffic signals, irrigation conduit,
and utilities, together with appurtenances and appurtenant work on Campus Parkway,
Gateway Drive, Day Street, Eucalyptus Avenues (northwest to southeast and southwest to
northeast, formerly Eastridge Avenue), as well as storm drain improvements, sewer
improvements, a sewer lift station, traffic signals, detention basin, and the construction of a
freeway ramp. The bonds purchased right-of-way within the second phase (“Phase Two”)
of the TownGate Development.
The City covenanted by Resolution to diligently acquire or construct the public
facilities in a sound and economical manner. Each respective purveyor further covenanted
to maintain their public facilities in accordance with customary and reasonable maintenance
and repair practices for such facilities.
C. BOUNDARIES OF THE DISTRICT
The Phase One and Phase Two areas consist of approximately 254 net
taxable developable acres of land located in the City bounded on the north by State Route
60, on the west by Day Street, on the south by Eucalyptus Avenue (formerly Eastridge
Avenue), and on the east by Frederick Street.
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City of Moreno Valley
D. CONSTRUCTION PROGRESS
Phase One and Phase Two improvements are complete as it relates to
certain State Highway 60 improvements, including an auxiliary lane between Day Street
and Frederick Street on the south side. On November 21, 2001, construction was
completed on the Line AA Storm Drain, and the facilities were accepted by the Riverside
County Floor Control District for continued maintenance.
The City of Riverside, CFD 87-1, and the master developer financially
cooperated to construct traffic signals on Day Street. The City of Riverside was the project
coordinator for the design and construction. Because of design constraints, the California
Department of Transportation (“CalTrans”) determined that the westbound exit ramp at
State Highway 60 and Day Street would not be modified. On March 23, 2004, the City
Council adopted Ordinance No. 658 to modify the TownGate Design Guidelines regarding
perimeters/edge landscape requirements for all properties that front State Highway 60.
The original requirement of providing landscape in the CalTrans designed right-of-way
(ROW) areas is not feasible, as CalTrans has not approved landscaping within their ROW.
The revision of the design guidelines provides the intended landscape edge design in the
original specific plan, and includes the landscape (20 feet of Eucalyptus trees) within the
private property instead of on the CalTrans property.
A maintenance agreement was executed between the City and the City of
Riverside, which defines the maintenance responsibilities of the two agencies. The
agreement covers all the improvements on Day Street between State Highway 60 and
Eucalyptus Avenue. A separate median landscape maintenance agreement between the
Moreno Valley Community Services District (the “CSD”) and City of Riverside was executed
with maintenance provided by the CSD. The City of Riverside pays financial consideration
for that maintenance effort.
The TownGate development required construction of storm drains and a
detention basin to handle storm water runoff from the area and other benefiting properties.
CFD 87-1 Bonds were used to pay for the construction of the storm drains and the
purchase of the detention basin ROW. The West End Area Drainage Plan (ADP) was
implemented to identify the storm drain improvements and establish an ADP fee. As ADP
fees are collected from future development within the area, they may be used to reimburse
CFD 87-1 for these improvements, subject to future adoption of a West End ADP
Administrative Manual. Any reimbursement revenues collected may be used to reduce
outstanding debt.
Community Facilities District 87-1, Improvement Area No. 1 (“CFD 87-1, I. A.
1”) financed the acquisition and construction of additional public improvements. The
boundaries and status of acquisition are discussed in the CFD 87-1 I. A. 1, FY 2007/08
Annual Report.
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City of Moreno Valley
E. MAJOR EVENTS
Commercial Developments
TownGate Center and Plaza is the site of initial commercial development
within the TownGate development. This site consists of 50.15 acres and offers mixed-use
and community/commercial facilities. Anchoring this site is a 400,000 square (sq.) foot (ft.)
retail shopping center, constructed between 1988 and 1991, with such major retailers as
Mervyn’s Department Stores, Ralph’s Supermarket, Staples, and Ross Dress for Less.
Following development of the shopping center, construction of the Olive Garden Restaurant
was completed in 1991. Additional site development includes Bank of America, Wells
Fargo Bank, Regency Theaters (formerly Ultra Star Theaters), Chili’s Grill & Bar
Restaurants, Acapulco Mexican Restaurant & Cantina, Carl’s Jr. Restaurants, Block Buster
Video, Del Taco, ExxonMobile, Washington Mutual, Outback Steak House, and BJ’s
Restaurant & Brewery. In spring 2007, Panera Bread signed a letter of intent to construct a
bakery-café.
TownGate Regional Mall opened on October 14, 1992. The 1.3 million sq. ft.
regional mall includes four anchor stores: J.C. Penney, Harris/Gottschalks, Sears &
Roebuck, and Macy’s (formerly Robinson’s-May) Department Stores. The regional mall
includes 430,000 sq. ft. of gross lease area, of which approximately 89% is currently
leased. A fifth anchor site, Harkins Theatres, an upscale theatre complex with 16-
auditorium style screening rooms to accommodate 3,500-stadium style seats, broke ground
on October 5, 2004, and opened on June 23, 2006. A new Mall entrance proposed on the
parking deck between Harkin’s Theatres and Macy’s, shall allow up to 16,000 sq. ft. of
future restaurant space in the remaining area between the theatre and the Mall ring road
(Towngate Circle). Site plans for the Macaroni Grill Restaurant have been submitted to the
City, and TGI Friday’s has signed a letter of intent for future development within this area.
TownGate Promenade is a 35-acre site designated for commercial
development. The anchor of this site, Costco Wholesale (formerly Price Club), opened
September 25, 1992, and in 2007 expanded their warehouse to include 14,000 sq. ft. of
additional retail space. West of Costco, four nationally recognized restaurants have
developed and are in operation including Baker’s Burgers opened August 30, 2005, Mimi’s
Café opened February 10, 2006, Applebee’s Restaurants opened May 14, 2007, and
Panda Express, an express Chinese food restaurant with drive-thru, which opened on July
16, 2007. Scheduled to begin construction during late 2007 is Johnny Carino’s Restaurant.
Plans have been submitted to the City for the development of On the Border Restaurant
and Famous Dave’s BBQ. Northwest of Costco, a 141,000 sq. ft. retail center is proposed,
which will accommodate future retail and additional restaurant sites. Letters of intent
received by the City to open within this area include: Chipotle, Corner Bakery Café, Go
Roma, Italian Kitchen Restaurants, Beverages & More, Party City, and Orchard Supply
Hardware (OSH). Ayers Suites, a 127-room, four story European boutique style hotel with
meeting room and restaurant, and Hampton Inn and Suites, a four story hotel consisting of
115 rooms with meeting room facilities, have been approved to begin construction in fall
2007.
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City of Moreno Valley
TownGate Crossing is anchored by Lowes Home Improvement Warehouse,
which purchased a 15-acre parcel and constructed a 139,095 sq. ft. retail home
improvement center and a 33,555 sq ft. garden center on the southeast corner of State
Highway 60 and Day Street. Lowes opened on January 29, 2003. Circuit City relocated
from TownGate Plaza and opened a new 33,989 sq. ft. retail store on February 19, 2004.
Additional site development at TownGate Crossing includes Wendy’s Hamburgers, a 3,245
sq. ft. restaurant with a drive-thru, which opened in December of 2003, and a Starbuck’s
Coffee with drive-thru, which opened on August 16, 2004. Jamba Juice, Nextel, and
Moreno Valley Dental opened in September 2004. Tarbell Realtors opened in January
2006. Qdoba Mexican Grill opened in late summer 2006, and Boston Pizza is scheduled to
start construction in 2007. Adjacent to TownGate Crossing, CalTrans acquired four parcels
and completed construction of a new State Route 60 eastbound on ramp.
TownGate Square (formerly TownGate South) is a 28.57-acre site located at
the southeast corner of Day Street and Gateway Drive. Proposed development on the 12
lots consists of a 306,000 sq. ft. mixed-use complex, which will include 136,000 sq. ft. of
restaurant/retail space and 170,000 sq. ft. of office space. The first anchor tenant, Winco
Foods, Inc., completed construction of a 96,000 sq. ft. grocery store and opened in fall
2006. Approval has been given to begin construction on Portillo’s restaurant, a 7,500 sq. ft.
Chicago style sit down restaurant and drive-thru.
Residential Developments
Western Pacific Housing, Inc. acquired seven parcels totaling 110 acres,
located on the northeast corner of Day Street and Cottonwood Avenue, to construct 557
single-family residences, TownGate Memorial Park Phase II, and TownGate Community
Center. The Renaissance Park residential development is complete. TownGate
Elementary School opened on September 9, 2004, to house approximately 800 students.
Within the TownGate project area on property adjacent to the CFD 87-1
boundary is a 17-acre park site, TownGate Memorial Park, Phase I, which was dedicated to
the City on June 3, 2000. The park includes fully improved baseball/softball fields,
restrooms, and child's play area. TownGate Memorial Park, Phase II (including a 4,000 sq.
ft. TownGate Community Center) was dedicated to the City on November 17, 2003. The
Phase II park site includes a tot lot, multipurpose trail, picnic tables, BBQs, covered
shelters, bike racks, and drinking fountains. Western Pacific Housing constructed the park
site and Community Center as a condition of their residential development.
Three (3) apartment projects have been constructed within the TownGate
Development. On May 22, 2003, the Planning Commission approved TownGate Villas, a
394-unit apartment project located on the southeast corner of Day Street and Eucalyptus
Avenue, the former site of LJ’s Golf Club. This project began leasing apartments units in
fall 2005. Galleria at TownGate, a 268-unit apartment complex on the southwest corner of
Frederick Street and Eastridge Avenue, also began leasing apartment units in fall 2005.
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City of Moreno Valley
Stonegate Apartments at TownGate (formerly known as Legacy at TownGate), a 556-unit
apartment complex located south of Towngate Circle and north of Towngate Boulevard
between Memorial Way and Heritage Way, completed construction and began leasing
apartments in spring 2006.
Parkside at TownGate, a 67-unit detached condominium project, located on
the southwest corner of Eucalyptus Avenue, began construction of the models and
residential units in summer 2007.
Adjacent to CFD 87-1 boundaries within the TownGate project area is a joint
use fire station. The fire station construction was funded through a cooperative agreement
between the City and the City of Riverside. The fire station opened August 25, 1996, and
was dedicated to the cities on October 19, 1996.
The County of Riverside developed the Transportation Uniform Mitigation Fee
(TUMF) program to assist with the financing of regional transportation corridors within the
county. Measure A sales tax moneys are allocated based on the participation of the cities
in the TUMF program. On March 25, 2003, the City of Moreno Valley adopted Ordinance
No. 623 to authorize participation in the Western Riverside County TUMF program, to
become effective as of June 1, 2003. A Settlement Agreement was finalized on May 6,
2003, which exempted all affected properties located within CFD 87-1 from the TUMF. All
development projects on the affected properties located within the TownGate development
but outside of CFD 87-1 shall be exempt from TUMF fees except for single-family
residential developments.
Proposition 218, a constitutional initiative known as the Right to Vote on
Taxes Act, was approved by California voters in November 1996. CFD 87-1 was
established to finance the capital costs for roadway improvements, including grading,
paving, sewers, sidewalks, landscaping, etc. Bonds were issued to provide funding for
these improvements. Only properties benefiting from the improvements have annual
special tax levies placed on the property tax roll to repay the bonded indebtedness. Due to
these factors, CFD 87-1 Bonds are in compliance with the provisions of Proposition 218.
Subsequent increases, not addressed in the Community Facilities District Report Phase II
Communities Facilities District No. 87-1 (the “Report”), will be subject to a two-thirds voter
approval.
II. DATA REVIEW
A. DEBT SERVICE REQUIREMENTS - FY 2007/08
According to the Official Statement, or bond offering statement, TABLE 2
(page 8) is the debt service required for the Refunding Series A Bonds:
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City of Moreno Valley
TABLE 2
Community Facilities District 87-1
DEBT SERVICE REQUIREMENTS – REFUNDING SERIES A BONDS
REFUNDING SERIES A
BONDS PRINCIPAL INTEREST TOTAL
June 1, 2008 $ 0 $292,250 $ 292,250
December 1, 2008 465,000 292,250 757,250
TOTAL $465,000 $584,500 $1,049,500
According to the Official Statement, or bond offering statement, the following
TABLE 3 (below) is the debt service required for the Refunding Series B Bonds:
TABLE 3
Community Facilities District 87-1
DEBT SERVICE REQUIREMENTS – REFUNDING SERIES B BONDS
REFUNDING SERIES B BONDS PRINCIPAL INTEREST TOTAL
June 1, 2008 $ 0 $52,325 $52,325
December 1, 2008 780,000 52,325 832,325
TOTAL $780,000 $104,650 $884,650
B. RESERVE ACCOUNT DEFICIENCY
Debt service payments have been made as scheduled; therefore, as of June
2007, there are no Refunding Series A or Refunding Series B Reserve Account
deficiencies.
C. DELINQUENCIES IN PAYMENTS
During FY 2006/07, tax increment generated from CFD 87-1 was sufficient to
cover the annual debt service. No special taxes were levied on the properties; therefore,
there are no delinquencies in special tax payments.
D. ADMINISTRATIVE NEEDS
The following describes the anticipated administrative expenses payable
during the applicable debt service payment period. The actual estimates for these
administrative expenses are contained in Section IX of this report.
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City of Moreno Valley
Estimated expenses for FY 2007/08 are included in the levy computations. All
expenses of this type are paid from the CFD 87-1 Administrative Expense Fund. The
maximum Priority Administrative Expense Amount for FY 2006/07 is $186,505 and will
increase 2% per year. Therefore, the FY 2007/08 priority allowable maximum is $190,235.
Special Tax Report This expense relates to the cost for preparing the Special Tax Report
and for preparing the special tax installment information to give to the
County Tax Collector. Checking for delinquencies is included as part
of this scope of work. This expense includes the County Tax
Collector’s estimated fee of 36 cents per parcel to levy and collect the
tax installments on the property tax bill. Riverside County
administrative charges for necessary adjustments to the property tax
bill are also included.
Fiscal Agent Fees This expense relates to the fees of the Fiscal Agent responsibilities
associated with bond and fund administration. Wells Fargo Bank
provides the estimated expense for FY 2007/08.
Arbitrage Rebate This expense is related to the cost of calculating the arbitrage rebate
as required by Federal Law. The estimated cost for this service is
based upon the NBS contract for the FY 2007/08.
The fee will cover one year of rebate calculations through:
June 2008 for Refunding Series A Bonds and
June 2008 for Refunding Series B Bonds.
City Costs:
Personnel This cost relates to the City's estimated expense in coordinating the
consultants, attorneys, bankers, investment bankers, and other
administrative contractors, as well as administrative services and
project management provided by the City staff in monitoring tax
installments, bond proceeds, and related laws.
Accounting This relates to the costs of the City's accounting of the bond proceeds,
fund monitoring, and administration of the debt service requirements,
as well as costs associated with outside auditors.
General This relates to the costs of the City's General Administrative services
Administration overhead for: personnel support, building rental and maintenance,
insurance, City Council support, City Manager support, purchasing,
and communications.
E. CAPITAL EXPENDITURES
There is no allocation for Capital Expenditures included in the tax formula.
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City of Moreno Valley
III. FUND STATUS
The Bond Indenture (Section 3.01) requires the Fiscal Agent to establish
funds and accounts for the administration and control of the revenues and the proceeds of
the bonds. The following is information regarding these funds and accounts.
A. SPECIAL TAX FUND
According to Section 3.02 of the Bond Indenture, the Treasurer shall within 10
business days transfer the Revenues to the Fiscal Agent for deposit into the Special Tax
Fund. These Revenues will be transferred or deposited into the following funds:
Transfer Priority
1. To CFD 87-1 for deposit into the Administrative Expense Fund in an amount
not to exceed the Priority Administrative Expense Amount.
2. To the Revenue Fund, as follows:
a. Refunding Series A Interest Account in an amount equal to the
interest due on the Series A Bonds.
b. Refunding Series A Principal Account in an amount equal to the
amount of principal on the Outstanding Series A Bonds.
c. Refunding Series A Reserve Account in an amount necessary to
equal the Series A Reserve Requirement.
d. Refunding Series B Interest Account in an amount equal to the
interest due on the Series B Bonds.
e. Refunding Series B Principal Account in an amount equal to the
amount of principal on the Outstanding Series B Bonds.
f. Refunding Series B Reserve Account in an amount necessary to
equal the Series B Reserve Requirement.
3. To CFD 87-1 for deposit into the Administrative Expense Fund, if the annual
expenses exceed the Priority Administrative Expense Amount.
Delinquent Special Tax Payments
According to the Bond Indenture (Section 3.02), any Revenues resulting from
the payment of delinquent special taxes, penalties, and interest shall be applied in the
following order of priority:
1. Refunding Series A Reserve Account in an amount that equals any
withdrawal from the account as a result of delinquency.
2. For reimbursement to the Insurer for any calls on the Financial Guaranty
Bond.
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City of Moreno Valley
3. Refunding Series B Reserve Account in an amount that equals any
withdrawal from the account as a result of delinquency.
4. Any remaining Revenues shall be applied as listed above.
Special Tax Fund Excess
Any amounts remaining in the Special Tax Fund after the above transfers and
deposits shall be deposited into the Revenue Fund in the priority listed above.
B. REVENUE FUND
The Revenue Fund shall be established and maintained by the Fiscal Agent
(Section 3.05 of the Bond Indenture) and shall contain the following accounts:
Refunding Series A Interest Account Refunding Series B Interest Account
Refunding Series A Principal Account Refunding Series B Principal Account
Refunding Series A Reserve Account Refunding Series B Reserve Account
Redemption Account
The June 30, 2007, balance in the Revenue Fund is $2,794,788.28.
Interest Accounts
All amounts in the interest accounts will be used to pay interest on their
respective bonds: Refunding Series A or Refunding Series B (Section 3.06 of the Bond
Indenture). All interest accrued in the accounts will be retained in their respective interest
accounts. The June 30, 2007, balance in the Refunding Series A Interest Account is
$17.82. The June 30, 2007, balance in the Refunding Series B Interest Account is
$232.00.
Principal Accounts
All amounts in the principal accounts shall be used solely to pay the principal
on the respective bonds: Refunding Series A or Refunding Series B (Section 3.07 of the
Bond Indenture). The June 30, 2007, balance in the Refunding Series A Principal Account
is $0.00. The June 30, 2007, balance in the Refunding Series B Principal Account is $0.00.
The $5,830,000 Refunding Series A term bonds maturing on December 1,
2015, are subject to the mandatory sinking fund redemption schedule, TABLE 4 (page 12),
which commenced December 1, 2005.
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City of Moreno Valley
TABLE 4
Community Facilities District No. 87-1 (Towngate)
Mandatory Sinking Fund Redemption Summary – Refunding Series A (2015)
Redemption Date Principal Redemption Date Principal
(December 1) Amount (December 1) Amount
2005 $390,000 2011 $550,000
2006 415,000 2012 585,000
2007 440,000 2013 620,000
2008 465,000 2014 655,000
2009 495,000 2015 (maturity) 695,000
2010 520,000
The $5,145,000 Refunding Series A term bonds maturing on December 1,
2021, are subject to the mandatory sinking fund redemption schedule, TABLE 5 below,
which commences December 1, 2016.
TABLE 5
Community Facilities District No. 87-1 (Towngate)
Mandatory Sinking Fund Redemption Summary – Refunding Series A (2021)
Redemption Date Principal Redemption Date Principal
(December 1) Amount (December 1) Amount
2016 $735,000 2019 $880,000
2017 780,000 2020 930,000
2018 830,000 2021 (maturity) 990,000
The $3,670,000 Refunding Series B term bonds maturing on December 1,
2009, are subject to the mandatory sinking fund redemption schedule, TABLE 6 below,
which commenced December 1, 2005.
TABLE 6
Community Facilities District No. 87-1 (Towngate)
Mandatory Sinking Fund Redemption Summary – Refunding Series B (2009)
Redemption Date Principal Redemption Date Principal
(December 1) Amount (December 1) Amount
2005 $645,000 2008 $780,000
2006 685,000 2009 (maturity) 830,000
2007 730,000
Redemption Account
All prepayments shall be deposited in the Redemption Account and shall be
used for redeeming bonds (Section 3.08 of the Bond Indenture). The June 30, 2007,
balance in the Redemption Account is $0.00.
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City of Moreno Valley
Reserve Accounts
The Fiscal Agent shall maintain separate reserve accounts for the Refunding
Series A and B Bonds. Amounts from the reserve accounts may be deposited into their
respective interest and principal accounts, if needed, to cure deficiencies (Section 3.09 of
the Bond Indenture). The balance of the Refunding Series A Reserve Account on June 30,
2007, is $1,052,380.85. The balance of the Refunding Series B Reserve Account on June
30, 2007, is $858,639.41.
Excess Reserve Funds
Any excess funds in the Refunding Series A Reserve Account are to be
transferred to the Refunding Series A Interest Account. Any excess funds in the Refunding
Series B Reserve Account are to be transferred to the Refunding Series B Interest Account.
Excess funds in the Refunding Series A Reserve Account and Refunding
Series B Reserve Account are reflected in TABLE 7 below.
TABLE 7
Community Facilities District 87-1
EXCESS RESERVE FUND TRANSFERS
Excess Reserve Transfer December 2006 May 2007 Total Transfer
Refunding Series A $32,911 $32,911 $65,822
Refunding Series B $26,656 $26,656 $53,312
Total $59,567 $59,567 $119,134
The excess funds reflect Reserve Fund interest earnings and are used to pay
debt service. The excess Reserve Fund transfers for December 2006 and May 2007 shall
be credited towards the Special Tax Requirement for FY 2007/08.
C. REBATE FUND
The Rebate Fund shall be maintained by the Fiscal Agent and any interest
accrued will remain in the Rebate Fund. The June 30, 2007, balance in the Rebate Fund is
$0.00.
D. REFUNDING FUND AND COST OF ISSUANCE ACCOUNTS
The Refunding Fund, which contained the Refunding and Escrow Accounts
used to retire Series A and Series B Bonds had final balances distributed as of October
1998. All funds in The Cost of Issuance Account were distributed as of April 1995. These
accounts are now closed.
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City of Moreno Valley
E. ADMINISTRATIVE EXPENSE FUND (To be maintained by CFD 87-1.)
CFD 87-1 shall pay Administrative Expenses from the Administrative Expense
Fund. On or before the date amounts are needed to pay Administrative Expenses, CFD
87-1 shall write a request for the Fiscal Agent to withdraw from the Special Tax Fund and
transfer to CFD 87-1 the amount necessary to pay the Administrative Expenses.
IV. COLLECTED REVENUES – FY 2006/07
Below in TABLE 8 is the revenue collected during FY 2006/07 to pay debt
service and administration.
TABLE 8
Community Facilities District 87-1
COLLECTED REVENUE TO PAY FY 2006/07 TOTAL GROSS REQUIREMENT
Tax Increment Adjustment Allocation From FY 2005/06
(See Special Tax Report for FY 2006/07) <$277,220>
Prior Years Supplemental Tax Allocation
(See Special Tax Report for FY 2006/07) $212,713
FY 2006/07 Actual Tax Increment Allocation
(See Attachment D, page 25 Special Tax Report for FY 2007/08) $4,692,592
FY 2006/07 Special Tax
(See Special Tax Report for FY 2006/07) <$133,728>
Prior Year Actual Riverside County Pass Through
(See Special Tax Report for FY 2007/08, page 16) <$2,568,171>
Excess Reserve Fund Interest Earnings
(See Special Tax Report for FY 2006/07) $119,083
Prior Years ERAF Pass Through Adjustment
(See Special Tax Report for FY 2006/07) $21,308
TOTAL FY 2006/07 COLLECTED REVENUE $2,066,577
FY 2006/07 TOTAL GROSS REQUIREMENT
(See Special Tax Report for FY 2006/07) $2,069,200
EXCESS:
Identified As Prior Year Adjusted Tax Increment
(See Attachment A, page 21 Special Tax Report for FY 2007/08) <$2,623>
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City of Moreno Valley
V. ARBITRAGE LIABILITY
Series A - The final arbitrage rebate liability was calculated on all Series A
funds through October 1, 1995. The issue had no liability for the period beginning April 20,
1988, and ending October 1, 1995.
Series B - The final arbitrage rebate liability was calculated on all Series B
funds through October 1, 1998. The issue had no liability for the period beginning August
14, 1991, and ending October 1, 1998.
Refunding Series A and B – The first installment date computation was June
23, 1999, the end of the fifth bond year. The second installment date computation was
June 23, 2004, the end of the tenth bond year. The issue has no rebate liability for the
period beginning June 23, 1994, and ending June 23, 2006. The arbitrage calculation is
shown in TABLE 9 below.
TABLE 9
Community Facilities District 87-1 (Towngate)
ARBITRAGE CALCULATIONS SUMMARY
Prior Rebate Liability ($425,624.81)
Reserve Account – Refunding Series A (566.38)
Reserve Account – Refunding Series B (2,772.65)
Improvement Fund (Custody Account) (19,304.07)
Total ($448,267.91)
Rebate Liability (90% of Total) $0
VI. TAX INCREMENT CONTRIBUTIONS
CFD 87-1 receives a contribution of tax increment from the City's
Redevelopment Agency (RDA). The Specific Plan Area 200 documents define the property
within the Project Area. The tax increment has two components, as defined in more detail
below. All available tax increment within the Project Area, less a 20% housing set-aside,
and less a proportionate share of Riverside County pass through, will be available to the
CFD or distributed to property owners according to the November 3, 1987, Moreno Valley
Redevelopment Project Mixed Use Development Participation Agreement. The base year
for the tax increment computation was 1986/87, but was changed to FY 1987/88 by
Resolution No. RDA 87-4 adopted in July 1987.
On June 14, 1994, the City of Moreno Valley approved Resolution No. 94-35
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City of Moreno Valley
and the Moreno Valley RDA approved Resolution No. RDA 94-7 to approve the First
Amendment (the “Amendment”) to the November 4, 1987, Cooperation and
Reimbursement Agreement. The rating agency and Capital Guaranty Insurance Company,
the municipal bond insurer for the Refunding Series A Bonds, requested this Amendment.
The Amendment continues the 1987 pledge of tax increment contribution towards the debt
service for the Refunding Series A and B Bonds. The Amendment also specifies that the
RDA will not cause the reimbursement tax increments to be reduced to an amount less
than $1,600,000 per fiscal year so long as the Refunding Series A Bonds are outstanding.
The Agency is directed to pay to the Fiscal Agent the reimbursement tax increments within
10 days of receipt by the Agency.
A. PRIOR YEAR ACTUAL TAX INCREMENT AND PASS THROUGH ADJUSTMENT
Tax increment can be generally defined as the increase in property tax
generated by the properties within the RDA, including Specific Plan Area 200 (TownGate),
from FY 1987/88 to FY 2007/08, less the 20% housing set-aside and less a proportionate
share of Riverside County pass through. As indicated in the Specific Plan Area 200
(TownGate) documents, tax increment is included and applied to the property within the
Project Area. Actual tax increment detail calculations from FY 1988/89 through FY 2006/07
are provided within Attachment D.
Excluding supplemental taxes, in FY 2006/07, the City received $5,865,740 of
incremental taxes. The total tax increment collected, less the 20% housing set-aside of
$1,173,148 equals $4,692,592. In last year's levy calculation we estimated the net tax
increment collection to be $2,127,044. Additionally, the FY 2006/07 Special Tax Report
estimated that the total tax increment generated by the RDA would be more than the $7
million threshold; therefore, the Riverside County pass through expense was estimated at
$2,555,840. The actual County pass through was $2,568,171. Taking into account the
($12,331) difference between the estimated and actual Riverside County pass through, the
($44,832) difference between the estimated and the actual tax increment, and the $54,540
contingency amount for FY 2006/07, an adjustment of ($2,623) is included in the FY
2007/08 special tax levy. See TABLE 10 below for the adjustment calculation.
TABLE 10
Community Facilities District 87-1
PRIOR YEAR ACTUAL TAX INCREMENT AND PASS THROUGH ADJUSTMENT
Actual Estimated
FY 2006/07 FY 2006/07 Adjustment
Total Tax Increment $5,865,740 $5,921,780 ($56,040)
Less 20% Housing Set-Aside (1,173,148) (1,184,356) 11,208
Net FY 2006/07 Tax Increment $4,692,592 $4,737,424 ($44,832)
Less Riverside County Pass Through (2,568,171) (2,555,840) (12,331)
Less 2.5% Contingency 0 (54,540) 54,540
Allocated Increment $2,124,421 $2,127,044 ($2,623)
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City of Moreno Valley
B. SUPPLEMENTAL TAX INCREMENT
According to data obtained from Riverside County, the total unallocated
supplemental taxes billed through April 2007 for Specific Plan Area 200 (TownGate) is
$355,069. CFD 87-1 will receive 80% of the supplemental tax, due to the 20% reduction for
the housing set-aside; therefore, the total contribution towards the debt service is $284,055.
TABLE 11 (below) lists the supplemental tax allocation for FY 2006/07.
TABLE 11
Community Facilities District 87-1
FY 2006/07 SUPPLEMENTAL TAX ALLOCATION
SUPPLEMENTAL TAX
TAX YEAR TAX RATE AREA BILLED
021-310 $217,758
FY 2006/07 021-379 26,322
021-385 110,989
Total Supplemental Reported in FY 2006/07 $355,069
20% Reduction For Low-Income Housing 71,014
Total Supplemental Tax Allocated in FY 2006/07 $284,055
C. PROJECTED TAX INCREMENT
Working closely with the County Assessor's Office, the City estimates the tax
increment CFD 87-1 should receive during tax year 2007/08. According to the Bond
Indenture, City staff is to add to the total tax increment contribution the projected tax
increment to be received in the upcoming FY 2007/08.
The estimated tax increment for FY 2007/08 is $6,703,918, less the 20%
housing set-aside of $1,340,783, for a net tax increment of $5,363,135. The total
Redevelopment Project Area tax increment is projected to be over $7 million for FY
2007/08; therefore, CFD 87-1’s proportionate share of the Riverside County pass through
for FY 2007/08 is $2,989,514, which represents 44.59% of the total estimated TownGate
tax increment. Because the County will not finalize the tax area rates until later in the year,
the anticipated tax increment for FY 2007/08 is reduced by a two and one-half percent
(2.5%) contingency, which is a $59,341 reduction. The total available tax increment is
estimated to be $2,314,280 and is calculated in TABLE 12 (page 18).
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City of Moreno Valley
TABLE 12
Community Facilities CFD 87-187-1
ESTIMATED FY 2007/08 TOWNGATE TAX INCREMENT CALCULATION
Total Estimated Tax
$6,703,918
Increment
Less 20% Housing Set
20% x $6,703,918 <$1,340,783>
Aside
Net Increment $5,363,135
Less Proportionate Share
of County Pass Through See Attachment C, page 24 <$2,989,514>
Reduction
Tax Increment Prior to $2,373,621
2.5% Estimate Adjustment
Less 2.5% Estimate
Adjustment 2.5% x $2,373,621 <$59,341>
Tax Increment Available
$2,314,280
For Debt Service
D. EDUCATIONAL REVENUE AUGMENTATION FUND (ERAF)
In FY 1992/93 and FY 1993/94, in response to serious state budgetary
shortfalls, the California State Legislature permanently redirected over $4 billion of property
taxes from cities, counties, and special districts to schools and community college districts.
In doing so, they reduced the state’s funding obligations by passing on this responsibility to
local governments, including Redevelopment Agencies.
As a result of this shift, the Moreno Valley Redevelopment Agency paid into
ERAF $172,943 in FY 2002/03, $322,039 in FY 2003/04, $609,304 in FY 2004/05, and
$682,410 in FY 2005/06, the final year of the shift. Because TownGate receives property
tax increment from the RDA, the ERAF payment was allocated proportionally to the CFD
87-1 based on the percentage of tax increment generated by Towngate to the total tax
increment received by the RDA in a particular year. TABLE 13 (page 19) shows the ERAF
Allocation History for TownGate’s share of the ERAF payments.
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City of Moreno Valley
TABLE 13
Community Facilities District No. 87-1 (Towngate Refunding)
ERAF Allocation History
Total
TownGate Total RDA Tax Total ERAF TownGate Share
Fiscal Year Tax Increment Increment Percentage Payment of ERAF*
2002/03 $2,221,015 $6,078,769 36.5% $172,943 $63,188
2003/04 $2,503,343 $7,314,255 34.2% $322,039 $110,220
2004/05 $3,989,537 $9,656,356 41.3 % $609,304 $249,815
2005/06 $4,712,263 $13,110,000 35.9% $682,410 $244,985
Total Actual ERAF Allocation $668,208
*Note: Variance in the above calculations are due to annual adjustments not shown in this table
VII. METHOD OF SPECIAL TAX SPREAD
The City has the power and as such is obligated to levy and collect the
Special Tax according to a rate and method of apportionment of Special Tax, which CFD
87-1 and the eligible landowner electors within CFD 87-1 have approved. The Special Tax
formula apportions the total debt service requirement (principal, interest, administrative
expenses, and restoration of the Bond Reserve Account, if required) each year and takes
into account the availability of other revenues.
The City has covenanted in the Bond Indenture to levy the Special Tax for
collection in each fiscal year so as to generate that amount of Special Tax revenues which,
when combined with:
1. The estimated reimbursement tax increments to be received by CFD
87-1 during such FY; and
2. All funds on deposit in the Special Fund and available for the payment
of Annual Debt Service payable, will yield an amount adequate to pay:
a) Annual Debt Service on the Bonds,
b) Replenishment of the Bond Reserve accounts to the reserve
requirements, and
c) Authorized costs of administration.
The Special Tax Levy will first be uniformly applied to the Developed Property
in an amount not to exceed $11,500 per net acre. The amount of the Special Tax has been
projected to generate revenues equal to approximately one and one half (1 1/2) times the
debt service requirement of the entire $21,000,000 of Series A and Series B indebtedness.
The Special Taxes and any penalties thereon constitute a lien against the lots
and parcels of land that will be annually imposed until they are paid. Such lien is on parity
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City of Moreno Valley
with all special taxes and special assessments and is co-equal to and independent of the
lien for general property taxes, regardless of when the taxes are imposed upon the same
property. The Special Taxes have priority over all existing and future private liens imposed
on the property. Although the Special Taxes constitute liens on taxed parcels within CFD
87-1, they do not constitute a personal indebtedness of the owners of property within CFD
87-1. There is no assurance that the owners will be financially able to pay the annual
Special Taxes or that they will pay such taxes even if financially able to do so. With certain
limitations, the City has covenanted to commence foreclosure proceedings in the event
delinquencies occur. These limitations are more fully described in Section 6.04 of the Bond
Indenture and in the "Sources of Payment for the Bonds - Covenant for Superior Court
Foreclosure" portion of the Official Statement for the Refunding Series A and B Bonds.
VIII. COMPUTATION OF THE SPECIAL TAX REQUIREMENT
ATTACHMENT A (page 21) is the computation for the Special Tax Levy.
IX. SPECIAL TAX ALLOCATION (TAX ROLL)
The special tax is allocated first to developed property, then to undeveloped
properties only if the special tax levy requirements exceed $11,500 maximum tax per acre.
ATTACHMENT B (pages 22-23) describes the development status for property within the
boundaries of CFD 87-1. Because the Total Contributions and Adjustments are greater
than the Total Gross Requirement, there is no special tax levy for FY 2007/08.
20
City of Moreno Valley ATTACHMENT A
CITY OF MORENO VALLEY CFD NO. 87-1
COMPUTATION OF SPECIAL TAX LEVY – FY 2007/08
TAPE DATE: 07/05/07
FY 2006/07 ADJUSTMENTS FY 2007/08
REFUNDING
FY
SERIES A SERIES A SERIES B SERIES B REFUNDING REFUNDING 2007/08
DESCRIPTION ESTIMATE ACTUALS ESTIMATE ACTUALS SERIES A SERIES B TOTAL
Annual Debt Service
(Bond Year 2008) $1,049,500 $884,650 $1,934,150
Reserve Fund Replenishment 0 0 0
Administrative Expenses:
Special Tax Report & Admin. $10,000 $10,000 $6,000 $6,000 0
Tax Increment Analysis 20,000 20,000 15,000 15,000 0
Bank Fees 1,500 2,209 1,500 2,209 1418
Arbitrage Rebate Calculation 1,000 875 1,000 875 (250)
Personnel
Special Districts 19,000 19,000 11,000 11,000 0
Outside Auditor 7,000 7,000 7,000 7,000 0
Accounting 12,000 12,000 8,000 8,000 0
General Administration 10,000 10,000 7,250 7,250 0
Administrative Expenses:
Special Tax Report & Admin. $10,000 $6,000 16,000
Tax Increment Analysis 20,000 15,000 35,000
Bank Fees 1,500 1,500 3,000
Arbitrage Rebate Calculation 1,000 1,000 2,000
City Costs:
Personnel
Special Districts 19,000 11,000 30,000
Outside Auditor 7,000 7,000 14,000
Accounting 12,000 8,000 20,000
General Administration 10,000 7,250 17,250
TOTAL GROSS REQUIREMENT $2,072,568
Less:
Estimated Tax Increment (FY 2007/08 Less 2.5% Contingency) (See Attachment C) $2,314,280
Excess Reserve Fund Interest Earnings $65,822 $53,312 119,134
Supplemental Tax (FY 2006/07 Allocation) 284,055
Prior Year Adjusted Tax Increment (See Table 10) (2,623)
TOTAL CONTRIBUTIONS AND ADJUSTMENTS $2,714,846
TOTAL NET REQUIREMENT $(642,278)
21
City of Moreno Valley ATTACHMENT B
CFD 87-1 (TOWNGATE) FY 2007/08 SPECIAL TAX ALLOCATION
DEVELOPED SPECIAL UNDEVELOPED SPECIAL
APN ACRES STATUS DESCRIPTION TAX ACRES STATUS DESCRIPTION TAX
291-110-017 26.09 Developed Stonegate Apartments $0.00
291-110-032 31.09 Developed Mall 0.00
291-110-033 7.43 Developed Harkins Theaters 0.00
291-110-034 9.58 Developed Harris 0.00
291-110-035 10.51 Developed Sears 0.00
291-110-036 10.13 Developed J. C. Penneys 0.00
291-110-037 11.41 Developed Robinsons/May 0.00
291-110-039 12.69 Developed Costco 0.00
291-110-040 0.79 Developed Baker’s Drive-thru 0.00
291-110-041 0.79 Developed Panda Express 0.00
291-570-001 0.61 Developed 'W' Building 0.00
291-570-002 2.42 Developed Ross Dress 0.00
291-570-003 2.08 Developed 'B' Building 0.00
291-570-005 0.40 Developed CA Bank & Trust 0.00
291-570-006 0.69 Developed Wells Fargo 0.00
291-570-007 2.30 Developed Staples 0.00
291-570-008 1.41 Developed 'F' Building 0.00
291-570-010 3.30 Developed Theatre 0.00
291-570-011 0.64 Developed Red Robin 0.00
291-570-013 0.76 Undeveloped Lot 6 (Sub 17) $0.00
291-570-014 0.85 Developed Washington Mutual 0.00
291-570-015 0.25 Undeveloped Lot 6 (Sub 13) 0.00
291-570-016 2.10 Undeveloped Lot 6 (Sub 14) 0.00
291-570-017 0.80 Developed ExxonMobil Gas Station 0.00
291-570-018 0.91 Developed 'I' Building 0.00
291-570-019 0.34 Developed Del Taco 0.00
291-570-020 0.49 Developed Block Buster 0.00
291-570-021 0.80 Developed Acapulco 0.00
291-570-022 4.69 Developed Ralphs 0.00
291-570-024 2.96 Developed TSC 0.00
291-570-026 0.90 Developed 'K' Building 0.00
291-570-027 3.40 Developed 'E' Building 0.00
291-570-028 1.18 Developed BJ’s Brewery 0.00
291-570-029 1.25 Undeveloped Lot 3 (Office) 0.00
291-570-030 0.83 Developed “A-3” Building 0.00
291-570-031 1.10 Developed Chili’s 0.00
291-570-032 0.64 Developed Bank of America 0.00
291-570-033 2.11 Developed Olive Garden 0.00
291-570-034 0.92 Developed Carl’s Jr. 0.00
291-570-035 2.34 Developed Outback Steak House 0.00
291-570-036 6.68 Developed Mervyn’s 0.00
291-590-002 4.48 Undeveloped Lot 1 (Sub 2) 0.00
291-590-003 1.02 Undeveloped Lot 1 (Sub 3) 0.00
291-590-011 1.55 Developed State of CA Dept. of Trans. Exempt
291-590-012 1.51 Developed State of CA Dept. of Trans. Exempt
291-590-014 1.36 Developed State of CA Dept. of Trans. Exempt
291-590-015 0.78 Developed Wendy’s 0.00
291-590-018 3.53 Developed Circuit City 0.00
291-590-019 0.89 Developed Gateway Co. 0.00
291-590-020 0.88 Developed Gateway Co. 0.00
291-590-021 1.52 Developed Gateway Co. 0.00
291-590-022 0.83 Developed Gateway Co. 0.00
291-590-023 14.29 Developed Lowes HIW, Inc. 0.00
291-590-024 0.66 Developed State of CA Dept. of Trans. Exempt
291-650-001 1.50 Undeveloped Lot 7 (Pad A) 0.00
22
City of Moreno Valley ATTACHMENT B
CFD 87-1 (TOWNGATE) FY 2007/08 SPECIAL TAX ALLOCATION
DEVELOPED SPECIAL UNDEVELOPED SPECIAL
APN ACRES STATUS DESCRIPTION TAX ACRES STATUS DESCRIPTION TAX
291-650-002 10.94 Developed Winco Foods $0.00
291-650-003 0.94 Undeveloped Lot 7 (Pad L) $0.00
291-650-004 1.96 Undeveloped Lot 7 (Office E) 0.00
291-650-005 1.95 Undeveloped Lot 7 (Office F) 0.00
291-650-006 1.90 Undeveloped Lot 7 (Office G) 0.00
291-650-007 1.56 Undeveloped Lot 7 (Office H) 0.00
291-650-008 1.98 Undeveloped Lot 7 (Office J) 0.00
291-650-009 2.07 Undeveloped Lot 7 (Office K) 0.00
291-650-010 1.38 Undeveloped Lot 7 (Pad C) 0.00
291-650-011 1.07 Undeveloped Lot 7 0.00
291-650-012 1.33 Undeveloped Lot 7 (Pad B) 0.00
291-650-017 1.25 Developed Fire Station Exempt
291-660-001 1.15 Developed Applebee’s 0.00
291-660-002 1.23 Developed Mimi’s Café 0.00
291-660-003 1.13 Undeveloped Lot 7 (Pad L) 0.00
291-660-004 1.13 Undeveloped Lot 7 (Office E) 0.00
291-660-005 1.40 Undeveloped Lot 7 (Office F) 0.00
291-660-006 1.19 Undeveloped Lot 7 (Office G) 0.00
291-660-007 2.03 Undeveloped Lot 7 (Office H) 0.00
291-660-008 1.15 Undeveloped Lot 7 (Office J) 0.00
291-660-009 0.84 Undeveloped Lot 7 (Office K) 0.00
291-660-010 2.52 Undeveloped Lot 7 (Pad L) 0.00
291-660-011 3.02 Undeveloped Lot 7 (Office E) 0.00
291-660-012 .91 Undeveloped Lot 7 (Office F) 0.00
291-660-013 1.79 Undeveloped Lot 7 (Office G) 0.00
291-660-014 1.00 Undeveloped Lot 7 (Office H) 0.00
81 208.67 52 $0.00 45.61 29 $0.00
23
City of Moreno Valley ATTACHMENT C
24
City of Moreno Valley ATTACHMENT D
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City of Moreno Valley ATTACHMENT D
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City of Moreno Valley ATTACHMENT D
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City of Moreno Valley ATTACHMENT D
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City of Moreno Valley ATTACHMENT E
DEBT SERVICE SCHEDULE
The following is the debt service schedule by year for each Series of bonds and an
annual combined total:
Refunding Refunding
Series A Bonds Series B Bonds
Year Ending Interest Interest Total Debt
December 1 Principal Payments Principal Payments Service
1994 $150,000 $402,661 $70,000 $254,300 $876,961
1995 250,000 800,821 380,000 505,975 1,936,796
1996 255,000 792,321 395,000 489,825 1,932,146
1997 270,000 781,611 410,000 471,655 1,933,266
1998 280,000 769,461 435,000 450,745 1,935,206
1999 295,000 756,581 455,000 427,255 1,933,836
2000 305,000 742,569 480,000 401,775 1,929,344
2001 320,000 727,929 510,000 373,935 1,931,864
2002 340,000 712,249 540,000 343,845 1,936,094
2003 355,000 695,249 575,000 311,445 1,936,694
2004 375,000 677,144 610,000 276,370 1,938,514
2005 390,000 657,644 645,000 238,550 1,931,194
2006 415,000 634,731 685,000 196,625 1,931,356
2007 440,000 610,350 730,000 152,100 1,932,450
2008 465,000 584,500 780,000 104,650 1,934,150
2009 495,000 557,181 830,000 53,950 1,936,131
2010 520,000 528,100 ----- ----- 1,048,100
2011 550,000 497,550 ----- ----- 1,047,550
2012 585,000 465,238 ----- ----- 1,050,238
2013 620,000 430,869 ----- ----- 1,050,869
2014 655,000 394,444 ----- ----- 1,049,444
2015 695,000 355,963 ----- ----- 1,050,963
2016 735,000 315,131 ----- ----- 1,050,131
2017 780,000 270,113 ----- ----- 1,050,113
2018 830,000 222,338 ----- ----- 1,052,338
2019 880,000 171,500 ----- ----- 1,051,500
2020 930,000 117,600 ----- ----- 1,047,600
2021 990,000 60,638 ----- ----- 1,050,638
TOTALS $14,170,000 $14,732,483 $8,530,000 $5,053,000 $42,485,483
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City of Moreno Valley
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City of Moreno Valley
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City of Moreno Valley
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