Community Financial District 2003-1 (Anaverde Mello Roos)
WHAT IS THE MELLO ROOS TAX?
The current Mello Roos tax was established to help pay for infrastructure within Phase I (that is the part that is currently developed). The legal term for "Mello Roos" is a Community Financial District (CFD). A Community Financial District is set up when Special Tax Bonds are sold to raise funds for a development. In our case, approximately $30 Million in bonds were sold to help pay for storm drainage, roadway improvements, park and landscape improvements, water improvements, dry utilities (gas, electric, phone, cable lines), Avenue S roadway improvements, a city maintenance facility in Anaverde, a weather station in Anaverde, and other administrative costs. Obviously, $30 Million would not pay for all of those things, so the funds are supplemental as needed.
Basically, the developer took out a loan from bond investors for $30 Million that we are paying back, with interest.
The term of the loan is 40 years.
As of January 6, 2010, the City of Palmdale took over management of the CFD funds for the purpose of completing the infrastructure within Phase 1.
You can find further information regarding this agreement between Anaverde LLC and the city as well as a punchlist of items they intend to complete by clicking here.
Anaverde is in City of Palmdale CFD 2003-1. You can request copies of the documents establishing the CFD by submitting a document request to the City of Palmdale for Resolution No. CC2004-242. This resolution lays out all the information regarding the CFD, including what the funds can be spent on, and the amount of taxes each homeowner will pay (it spells out a dollar amount based on square feet of your home). This document is about 75 pages long, and the city charges $.25 per page for copies.
Click Here to print a City of Palmdale document request form.
All the documents referenced her can be requested on the same form.
You can also request a copy of a current Statement of Account and a current Debt Schedule to find out how much of the money has been spent and what the remaining balance is on the bonds. These are a couple of pages each.
To find out how much money is left to be spent, make a request on the form for a
current Statement of Account for City of Palmdale CFD 2003-1 Anaverde Public Improvements Special Tax Bonds,
Series 2005-A and 2005-B Improvement Fund.
To find out how much money still needs to be paid back to the investors, make a request on the form for a
current Debt Schedule for CFD 2003-1 Anaverde Public Improvements Series A and B.