WHAT IS MELLO ROOS, WHY DO WE HAVE TO PAY IT,
HOW MUCH DO WE HAVE TO PAY AND FOR HOW LONG??
Basically, the original developer of Anaverde took out a loan from bond investors back in 2004 to build the infrastructure of Phase I of Anaverde (that is the part that is complete as of January 2011).
The loan was for
$30 Million, with a term of 40 years.
The homeowners in Phase I of Anaverde are repaying the loan.
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, Anaverde is in the City of Palmdale CFD 2003-1. Approximately $30 Million in bonds were sold to help pay for infrastructure within Phase I of Anaverde.