HomeMy WebLinkAboutPacket, Vanderbilt Farms CFD Tentative Budget
VANDERBILT FARMS COM1\rfUNlTY FACILITIES DISTRICT
AGENDA
11555 W. Civic Center Drive
July 5, 2005 - AFTER 7:00 p.m.
District Board Members:
Chairperson
Ed Honea
Herb Kal
.r1JJl Blake
Patti Comerford
Tim Escobedo
Carol McGorray
Secretary
Jocelyn Bronson
I. CALL TO ORDER
A. BOARD ACTION
1. VFCFD Resolution No. 2005-02: RELATING TO VANDERBn.T FARMS
COMMUNITY FACn.JTIES DISTRICT; CONSIDERATION AND POSSIBLE
ADOPTION OF A TENTATIVE BUDGET FOR FISCAL YEAR 2005-2006;
SETTING A PUBLIC HEARING DATE ON SAID TENTATIVE BUDGET;
Fn.ING CERTAIN STATEMENTS AND ESTIMATES, INCLUDING WITH
RESPECT TO AMOUNTS TO BE PROVIDED FOR BY THE LEVY AND
COLLECTION OF AD VALOREM TAXES ON THE ASSESSED VALUE OF
ALL THE REAL AND PERSONAL PROPERTY IN THE DISTRICT; AND
PROVIDING FOR NOTICE OF Fn.ING THE STATEMENTS AND
ESTIMATES, AND NOTICE OF A PUBLIC HEARING ON THE BUDGET
AND SUCH STATEMENTS AND ESTIMATES.
D. ADJOURNMENT.
1
VANDERBILT FARMS COMMUNITY FACILITES DISTRICT
MEETING DATE:
July 5, 2005
AGENDA ITEM:
I. A. 1.
TO:
DISTRICT BOARD OF DIRECTORS
FROM:
Roy Cuaron, District Treasurer
SUBJECT: VFCFD Resolution 2005-02: Relating to Vanderbilt Farms
Community Facilities District; consideration and possible adoption of a tentative
budget for fiscal year 2005-2006; setting a public hearing date on said tentative
hudget; filing certain statements and estimates, including with respect to amounts
to be provided for by the levy and collection of ad valorem taxes on the assessed
value of all the real and personal property in the district; and providing for notice
of filing the statements and estimates, and notice of a public hearing on the budget
and such statements and estimates.
DISCUSSION
On or before July 15th, the District Treasurer submits to the District Board a proposed budget for the new
fiscal year. The proposed budget includes statements and estimates of the operation and maintenance
expenses of the District, the costs of capital improvements to be financed by the voter authorized ad
valorem tax levy, and the amount of all other expenditures for public infrastructure and enhanced
municipal services proposed to be paid from the tax levy and the amount to be raised to pay the District's
general obligation bonds. The Treasurer has submitted the budget for FY 2005-2006 and has filed the
necessary statements and estimates.
If the District Board approves this tentative budget for FY 2005-2006, the attached notice will be
published giving notice of filing the required statements and estimates, and giving notice of a public
hearing on July 19, 2005 to receive comment on the tentative budget and, particularly, on the portions of
the statements and estimates not relating to debt service on general obligation bonds.
After the public hearing, the District Board may adopt a final budget by resolution and may order the
fixing, levying and assessment of required ad valorem taxes.
ATTACHMENTS
Proposed Budget, Summary Schedule of Estimated Revenues and Expenditures/Expenses and
Notice of Filing Statements and Estimates and Notice of Public Hearing.
RECOMMENDATION
Staff recommends adoption ofVFCFD Resolution No. 2005-02, adopting the tentative budget
for fiscal 2006 in the amount of$3,296,000.
SUGGESTED MOTION
I move to adopt VFCFD Resolution No. 2005-02.
VFCFD RESOLUTION NO. 2005-02
V ANDERBIL T FARMS COMMUNITY FACILITIES DISTRICT
RELATING TO VANDERBILT FARMS COMMUNITY FACILITIES DISTRICT;
CONSIDERATION AND POSSIBLE ADOPTION OF A TENTATIVE BUDGET FOR
FISCAL YEAR 2005-2006; SETTING A PUBLIC HEARING DATE ON SAID TENTATIVE
BUDGET; FILING CERTAIN STATEMENTS AND ESTIMATES, INCLUDING WITH
RESPECT TO AMOUNTS TO BE PROVIDED FOR BY THE LEVY AND COLLECTION OF
AD VALOREM TAXES ON THE ASSESSED VALUE OF ALL THE REAL AND
PERSONAL PROPERTY IN THE DISTRICT; AND PROVIDING FOR NOTICE OF FILING
THE STATEMENTS AND ESTIMATES, AND NOTICE OF A PUBLIC HEARING ON THE
BUDGET AND SUCH STATEMENTS AND ESTIMATES.
WHEREAS, on April 19, 2005 the Mayor and Council of the Town of Marana ("Town")
adopted Resolution No. 2005-46 creating within Sections 26 and 27, RIlE, T1IS G&SRB&M of
the Town the Vanderbilt Farms Community Facilities District ("VFCFD"), a community
facilities district in accordance with ARS 948-701 et seq. (see Exhibit "A" attached hereto and
expressly made a part hereof); and
WHEREAS, VFCFD is a special purpose district for purposes of Article IX, Section 19,
Constitution of Arizona, a tax-levying public improvement district for the purposes of Article
XIII, Section 7, Constitution of Arizona, and a municipal corporation for all purposes of TitIe 35,
Chapter 3, Articles 3, 3.1., 3.2, 4 and 5, Arizona Revised Statutes, as amended, and [except as
otherwise provided in 948-708(B), as amended] is considered to be a municipal corporation and
political subdivision of the State of Arizona, separate and apart from the Town; and
WHEREAS, a primary purpose for creating VFCFD was to finance construction and
maintenance of certain public improvements needed for the Vanderbilt Farms development
through assessment of ad valorem taxes on all real and personal property within the
development; and
WHEREAS, in accordance with ARS 9948-719 and 48-723, a special election was held
on June 28, 2005 wherein the qualified electors of VFCFD voted to issue general obligation
bonds in the maximum amount of thirty one million five hundred thousand dollars ($31,500,000)
to cover costs of constructing required public improvements, and to levy and collect an annual ad
valorem tax at a rate not to exceed thirty cents (30~) per one hundred dollars ($100) of assessed
valuation for VFCFD operation and maintenance expenses; and
WHEREAS, in accordance with ARS 9948-716 and 48-723, the VFCFD Treasurer has
submitted to the VFCFD Board a proposed budget for Fiscal Year 2005-2006 which includes
statements and estimates of the operation and maintenance expenses of VFCFD, the costs of
capital improvements to be financed by the authorized ad valorem tax levy, and the amount of all
other expenditures for public infrastructure and enhanced municipal services proposed to be paid
from the tax levy and of the amount to be raised to pay VFCFD general obligation bonds, all of
which shall be provided for by the levy and collection of ad valorem taxes on the assessed value
of all the real and personal property within VFCFD; and
WHEREAS, the VFCFD Board desires now to approve said tentative budget for Fiscal
Year 2005-2006 to publish notice of having filed the required statements and estimates, and to
set a date (and publish a notice thereof) for a public hearing to receive comment on the tentative
budget and, particularly, on the portions of the statements and estimates not relating to debt
service on general obligation bonds; and
WHEREAS, after said public hearing (and on or before October 1), the VFCFD Board
expects to adopt a final budget by resolution; and
WHEREAS, on or before the third Monday in August, the VFCFD Board also expects to
order the fixing, levying and assessment of required ad valorem taxes and to cause certified
copies of the order to be delivered to the Pima County Board of Supervisors and the Arizona
Department of Revenue;
NOW, THEREFORE, BE IT RESOLVED BY THE DISTRICT BOARD OF THE
VANDERBILT FARMS COMMUNITY FACILITIES DISTRICT, AS FOLLOWS:
1. That that certain proposed budget prepared by the VFCFD Treasurer for Fiscal
Year 2005-2006, attached hereto and expressly made a part hereof as Exhibit "B", is hereby
tentatively approved.
2. That the statements and estimates of the operation and maintenance expenses of
VFCFD, the costs of capital improvements to be financed by the approved ad valorem tax levy,
and the amount of all other expenditures for public infrastructure and enhanced municipal
services proposed to be paid from the tax levy and of the amount to be raised to pay VFCFD
general obligation bonds in Fiscal Year 2005-2006 are hereby filed on forms of the Auditor
General in accordance with ARS 9942-17101(3) and 48-723(C), and are attached hereto and
expressly made a part hereof as Exhibit "C".
3. That a public hearing date of Tuesday, July 19, 2005, beginning at or after 7:00
p.m. in the council chambers of the Town of Marana Civic Center located at 11555 W. Civic
Center Drive, Town of Marana, Arizona, is hereby set to consider said tentative budget
(including, but expressly not limited to, consideration of those portions of the statements and
estimates not relating to debt service on VFCFD general obligation bonds), and said notice
(attached hereto and expressly made a part hereof as Exhibit "D") shall be published once in The
Dailv Territorial no later than ten (10) days prior to said hearing date.
4. That if any provision in this Resolution is held invalid by a Court of competent
jurisdiction, the remaining provisions shall not be affected but shall continue in full force and
effect.
5. That this Resolution shall be effective after its passage and approval according to
law.
2
RESOLVED by the District Board ofthe Vanderbilt Farms Community Facilities District
this 5th day of July 2005.
ATTEST:
Jocelyn C. Bronson, District Clerk
Vanderbilt Farms Community Facilities District
APPROVED AS TO FORM:
Frank Cassidy, Legal Counsel
Vanderbilt Farms Community Facilities District
Ed Honea, Chairman
District Board
Vanderbilt Farms Community Facilities District
3
EXHIBIT A
LEGAL DESCRIPTION OF THE PROPERTY
Parcel I
That portion of the South Half of Section 26, Township 11 South, Range
11 East, Gila and Salt River Rase and Meridian, pima CounLy, Arizorlu,
lying Southerly and Westerly of that portion conveyed to Cor taro-
Marana Irrigation District in Docket 1985 at page 243.
EXCEPT the South 30 feet within the right of way of Grier Road #112
(Moore Road) as shown in Book 2 of Road Maps at page 126;
AND EXCEPT the West 30 feet wi thin the right of way of Postvale Road
#28 as shown in Book 1 of Road Maps at page 70;
AND EXCEPT
recorded in
follows:
that portion conveyed to
Docket 9014 at page 1524,
the Town of Marana by Deed
more particularly described as
BEGINNING at the Northwest corner of the Southwest Quarter of said
Section 26, Township 11 South, Range 11 East;
THENCE North 89 degrees 45 minutes 37 seconds East, along the North
line of said Southwest Quarter of Section 26, a distance of 1605.05
feet to a point in the Southwest right of way line of Interstate
Highway 10;
THENCE South 49 degrees 36 minutes 21 seconds East, along said
Southwest right of way line, 47.90 feet;
THENCE Northwesterly
radius of 25.00 feet
seconds, 18.17 feet;
along a curve concave to the South having a
and a central angle of 41 degrees 38 minutes 02
THENCE South 89 degrees 45 minutes 37 seconds West parallel
25.00 feeL South of the North line ot said Southwest Quarter,
feet;
to and
1569.80
THENCE Southerly along a
radius of 25.00 feet and a
seconds, 39.21 feet;
curve concave to the Southeast having a
central angle of 89 degrees 51 minutes 26
THENCE South 89 degrees 45 minutes 37 seconds West, 30.00 feet to a
point in the West line of said Southwest Quarter of Section 26;
THENCE North 00 degrees 05 minutes 49 seconds West, 49.94 feet to the
POINT OF BEGINNING, EXCLUDING THEREFROM any portions previously dedi-
cated as public right of way.
A-I
Parcel II
The South Half of Section 27, Township 11 South, Range 11 East, Gila
and Salt River Base and Meridian, Pima County, Arizona.
EXCEPT the East 30 feet within the right of way of Postvale Road #28
as shown in Book 1 of Road Maps at page 70;
AND EXCEPT the South 30 feet wi thin the right of way of Grier Road
#112 (Moore Road) as shown in Book 2 of Road Maps at page 127;
AND EXCEPT the West 30 feet within the right of way of Grier Road #117
(Sandario Road) as shown in Book 2 of Road Maps at page 174;
AND EXCEPT the North 25 feet wi thin the right of way of Barnett Road
as shown in Book 14 of Road Maps at page 21;
AND EXCEPT any portion thereof wi thin Farm Field Five, a subdivision
of record in the Office of the Pima County Recorder in Book 57 of Maps
and Plats at page 2.
AND EXCEPT that portion conveyed in Deed recorded in Docket 12459 at
page 7508 and re-recorded in Docket 12485 at page 379, described as
follows:
A portion of the South Half of Section 27, Township 11 South, Range 11
East, Gila and Salt River Meridian, pima County, Arizona, described as
follows:
Commencing at the South Quarter corner of said Section 27;
Thence North 00 degrees 35 minutes 52 seconds West, along the mid-
section line of said Section 27, a distance of 30.00 feet to the POINT
OF BEGINNING;
Thence South 89 degrees 25 minutes 06 seconds West, along a line 30.00
feet North of and parallel to the South line of said Section 27, a
distance of 720.01 feet;
Thence North 00
95.00 feet to the
of record in Book
County, Arizona;
degrees 35 minutes 37 seconds West, a distance of
Southeast corner of FARM FIELD FIVE, a subdivision
52 of Maps and Plats at page 2, records of Pima
Thence continue North 00 degrees 35
East line of said FARM FIELD FIVE,
Northeast corner thereof;
minutes 37 seconds West along the
a distance of 1325.37 feet to the
Thence North 89 degrees 27 minutes 05 seconds East, a distance of
1271.45 feet to the beginning of a tangent curve concave to the North
having a radius of 2045.00 feet;
A-2
...............--~-~.,~~.~_._~...,-' ,.
Thence Easterly, along said curve, through a
degrees 15 minutes 06 seconds, an arc distance
point of tangency;
central angle of 11
of 401.59 feet to a
Thence North 78 degrees 11 minutes 59 seconds
218.49 feet to the beginning of a tangent curve
west, having a radius of 64.00 feet;
East, a distance of
concave to the South-
Thence Easterly and Southerly
angle of 90 degrees 00 minutes
feet to a point of tangency;
along said
00 seconds,
curve, through a central
an arc distance of 100.53
Thence
642.08
having
South 11 degrees 48 minutes 01 seconds
feet to the beginning of a tangent curve
a radius of 1955.00 feet;
East, a distance of
concave to the West,
Thence South along said curve,
48 minutes 01 seconds, an arc
tangency;
through a central angle of 11 degrees
distance of 402.64 feet to a point of
Thence South 00 degrees 00 minutes 00 seconds West, a distance of
438.54 feet to a point on a line 30.00 feet North of and parallel to
the South line of said Section 27;
Thence South 89 degrees 25 minutes 03 seconds West, along said line, a
distance of 1393.93 feet to the North-South mid-section line of said
Section 27, and the POINT OF BEGINNING.
Parcel III
A portion of the South Half of Section 27, Township 11 South, Range 11
East, Gila and Salt River Meridian, Pima County, Arizona, described as
follows:
Commencing at the South Quarter corner of said Section 27;
Thence North 00 degrees 35 minutes 52 seconds West, along the mid-
section line of said Section 27, a distance of 30.00 feet to the POINT
OF BEGINNING;
Thence South 89 degrees 25 minutes 06 seconds West, along a line 30.00
feet North of and parallel to the South line of said Section 27, a
distance of 720.01 feet;
Thence North 00 degrees 35 minutes 37 seconds West, a distance of
95.00 feet to the Southeast corner of FARM FIELD FIVE, a subdivision
of record in Book 52 of Maps and Plats at page 2, records of Pima
County, Arizona;
Thence continue North 00 degrees 35
East line of said FARM FIELD FIVE,
Northeast corner thereof;
minutes 37 seconds West along the
a distance of 1325.37 feet to the
A-3
.-..-......-......-~-~~~~"~'~.._~.- '.
Thence North 89 degrees 27 minutes 05 seconds East, a distance of
1271.45 feet to the beginning of a tangent curve concave to the North
having a radius of 2045.00 feet;
Thence Easterly, along said curve, through a
degrees 15 minutes 06 seconds, an arc distance
point of tangency;
central angle of 11
of 401.59 feet to a
Thence North 78 degrees 11 minutes 59 seconds
218.49 feet to the beginning of a tangent curve
west, having a radius of 64.00 feet;
East, a distance of
concave to the South-
Thence Easterly and Southerly along
angle of 90 degrees 00 minutes and
100.53 feet to a point of tangency;
said curve,
00 seconds,
through a central
an arc distance of
Thence
642.08
having
South 11 degrees 48 minutes 01 seconds
feet to the beginning of a tangent curve
a radius of 1955.00 feet;
East, a distance of
concave to the West,
Thence South along said curve,
48 minutes 01 seconds, an arc
tangency;
through a central angle of 11 degrees
distance of 402.64 feet to a point of
Thence South 00 degrees 00 minutes 00 seconds West, a distance of
438.54 feet to a point on a line 30.00 feet North of and parallel to
the South line of said Section 27;
Thence South 89 degrees 25 minutes 03 seconds West, along said line, a
distance of 1393.93 feet to the North-South mid-section line of said
Section 27, and the POINT OF BEGINNING.
Parcel IV
Lots 1 through 248 and Common Areas "A" through "K" of FARM FIELD
FIVE, a subdivision of Pima County, Arizona, according to the map of
record in the Office of the Pima County Recorder in Book 57 of Maps
and Plats at page 2, as amended by Declaration of Scrivener's Error
recorded in Docket 12369 at page 1453.
A-4
EXHIBIT B
VANDERBILT FARMS COMMUNITY FACILITIES DISTRICT (VFCFD)
PROPOSED BUDGET
FISCAL 2005-2006
REVENUES
Budget
Amount
Property Tax - General (Operating)
Property Tax- Secondary (Debt Service)
Developer Contributions
Total Revenues
$0
$0
$1,001,000
$1,001,000
EXPENDITURES
CFD Administration
Costs of Issuance
Accounting/Auditing
Public Notification Expenses
Consultant Services
Outside Legal Counsel
Debt Service
Trustee Fees
Capital Improvements Acquisition
Replacement Reserve
Total Expenditures
$25,000
$90,000
$2,000
$2,000
$10,000
$10,000
$235,000
$2,000
$2,910,000
$10,000
$3,296,000
Excess (Deficiency) of Revenues
Over (Under) Expenditures
($2,295,000)
Other Financing Sources (Uses)
General Obligation Bonds
$3,000,000
Total Other Financing Sources
$3,000,000
Excess (Deficiency) of Revenues and
Other Financing Sources Over (Under)
Expenditures and Other Financing Uses
$705,000
BEGINNING FUND BALANCE
$25,000
ENDING FUND BALANCE
$730,000
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EXHIBIT C
VANDERBILT FARMS COMMUNITY FACILITIES DISCTRICT
Summary of Tax Levy and Tax Rate Information
Fiscal Year 2005-06
2004-05 2005-06
FISCAL YEAR FISCAL YEAR
1. Maximum allowable primary property tax levy.
A.R.S. ~42-17051(A). $ $
2. Amount received from primary property taxation in
the 2004-05 fiscal year in excess of the sum of that
year's maximum allowable primary property tax levy.
A.R.S. ~42-17102(A)(18). $
3. Property tax levy amounts
A. Primary property taxes $ $
B. Secondary property taxes
C. Total property tax levy amounts $ $
4. Property taxes collected*
A. Primary property taxes
(1) 2004-05 year's levy $
(2) Prior years' levies
(3) Total primary property taxes $
B. Secondary property taxes
(1) 2004-05 year's ievy $
(2) Prior years' levies
(3) Total secondary property taxes $
C. Total property taxes collected $
5. Property tax rates
A. DISTRICT tax rate
(1) Primary property tax rate
(2) Secondary property tax rate 2.8000 2.8000
(3) Total city/town tax rate 2.8000 2.8000
B. Special assessment district tax rates
Secondary property tax rates - As of the date the proposed budget was prepared, the
DISTRICT was operating NO special assessment districts for which secondary
property taxes are levied.
* Includes actual property taxes collected as of the date the proposed budget was prepared, plus
estimated property tax collections for the remainder of the fiscal year.
SCHEDULE B
-~_.---"~------_._~-~-_."~,~-~._.<,-_.
EXHIBIT "D"
VFCFD Published Notice
VANDERBILT FARMS COMMUNITY FACILITIES DISTRICT
NOTICE OF FILING STATEMENTS AND ESTIMATES
AND
NOTICE OF PUBLIC HEARING
NOTICE OF FILING STATEMENTS AND ESTIMATES OF THE OPERATION AND
MAINTENANCE EXPENSES OF THE VANDERBILT FARMS COMMUNITY FACILITIES
DISTRICT, THE COSTS OF CAPITAL IMPROVEMENTS TO BE FINANCED BY THE AD
VALOREM TAX LEVY, AND THE AMOUNT OF ALL OTHER EXPENDITURES FOR
PUBLIC INFRASTRUCTURE AND ENHANCED MUNICIPAL SERVICES PROPOSED TO
BE PAID FROM THE TAX LEVY AND OF THE AMOUNT TO BE RAISED TO PAY
GENERAL OBLIGATION BONDS OF THE DISTRICT; AND NOTICE OF A PUBLIC
HEARING ON THE PROPOSED FISCAL YEAR 2005-2006 BUDGET OF THE DISTRICT,
INCLUDING A HEARING ON THOSE PORTIONS OF THE STATEMENTS AND
ESTIMATES NOT RELATING TO DEBT SERVICE ON GENERAL OBLIGATION BONDS.
Notice is hereby given that statements and estimates have been filed in the Office of the District
Clerk of the Vanderbilt Farms Community Facilities District of the operation and maintenance
expenses of the District, the costs of capital improvements to be financed by the voter-approved
ad valorem tax levy, and the amount of all other expenditures for public infrastructure and
enhanced municipal services proposed to be paid from the tax levy and of the amount to be
raised to pay general obligation bonds of the District, all of which shall be provided for by the
levy and collection of ad valorem taxes on the assessed value of all the real and personal
property in the District. Notice is further given of a public hearing on the proposed Fiscal Year
2005-2006 budget of the District, including (but not limited to) a hearing on those portions of the
statements and estimates not relating to debt service on general obligation bonds, all pursuant to
Arizona Revised Statutes 9948-716 and 48-723. Such hearing will be held by the District Board
on Tuesday, July 19, 2005, at or after 7:00 p.m. in the council chambers of the Town of Marana
Civic Center, 11555 W. Civic Center Drive, Marana, Arizona. Copies of the budget are
available from the Office of the District Treasurer, 11555 W. Civic Center Drive, Town of
Marana, Arizona 85653, telephone number: (520) 382-1930.
Dated this 6th day of July 2005
/s/ Michael A. Reuwsaat
District Manager
Vanderbilt Farms Community Facilities District
Published: July 8, 2005
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