Title Slide

1
Title Slide
Los Banos Unified School District

• Moving Forward with Funding
• Community Facilities District No. 1

Presented by Lori Raineri February 24, 2005
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Executive Summary

• On October 14, 2004, the Board directed District
  staff to develop a special tax formula and set an
  election date, in conjunction with a subcommittee
  of the Board and the Facilities Options
  Committee.
• On the January 20, 2005, the Board adopted the
  Resolution of Intent to form a Community
  Facilities District, made the necessary findings,
  and established a date for a public hearing.
• Tonight, the Board will hold a public hearing and
  may decide to proceed with submitting a ballot
  measure to the voters on May 24th.

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Projected Facilities Build-Out

• In 2007-08 Construction begins on
• New High School - Phase I
• Completed by 2009-10
• New Elementary School 1
• Completed by 2008-09

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Projected Facilities Build-Out (contd)

• In 2009-10 Construction begins on
• New Junior High School
• Completed by 2011-12

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Projected Facilities Build-Out (contd)

• In 2010-11 Construction begins on
• New Elementary School 2
• Completed by 2011-12

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Projected Facilities Build-Out (contd)

• In 2011-12 Construction begins on
• New High School - Phase II
• Completed by 2013-14

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Projected Facilities Build-Out (contd)

• In 2013-14 Construction begins on
• New Elementary School 3
• Completed by 2014-15
• District Support Facilities
• Completed by 2014-15

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Projected Facilities Build-Out (contd)

• In 2015-16 Construction begins on
• New Elementary School 4
• Completed by 2016-17

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Projected Facilities Build-Out (contd)

• In 2017-18 Construction begins on
• New Elementary School 5
• Completed by 2018-19

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Proposed Special Tax Formula

• 13,585 per certificate of occupancy issued for
  single family residential property
• 4.11 per square foot, per certificate of
  occupancy issued for multi-family residential
  property
• These Special Tax rates were adjusted for
  inflation in January 2005.

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Proposed Special Tax Formula (contd)

• 339 per year, per residential dwelling unit
  obtaining a certificate of occupancy on or after
  July 1, 2005, for 30 years
• 50 per year, per residential dwelling unit
  obtaining a certificate of occupancy before July
  1, 2005, for 30 years.

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Inflation Adjustments to the Formula

• The One Time Tax of 13,585 and 4.11 per
  square foot, and Annual Tax of 339 per year
  will increase annually for inflation at the
  greater of
• (a)The change in the index set forth in the
  Engineering News-Record for the California Region
  All Construction, or
• (b)The rate of increase on the Districts school
  impact fee authorized by Government Code Section
  65995 to be applied and increased on an annual
  basis, until a certificate of occupancy is issued
  for the residential unit.

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Inflation Adjustments (contd)

• Once a certificate of occupancy is issued, the
  Annual Tax will be locked in and subject to an
  annual inflation adjustment of no more than 2.
• The 50 per year Annual Tax for those units
  already constructed will increase annually for
  inflation at no more than 2.

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Exemptions From the Special Taxes

• Tax-Exempt Property
• Non-Residential Property
• Additions, Remodels or Replacements to
  .Existing Residences
• Senior Citizen Property Owners

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Exemptions From the Special Taxes (contd)

• Deed Restricted Senior Communities
• Approved Low Income Properties
• Property Subject to a Mitigation .Agreement

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Mitigation Agreements

• As of tonight, five developers have entered into
  either a Memorandum of Understanding or a
  Mitigation Agreement with the District.
• Ranchwood Homes
• Anderson Homes
• Watt Communities
• BG Development
• Amador Development

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Mitigation Agreements (contd)

• The property subject to these agreements will be
  exempt from the One Time Tax.
• Instead they will mitigate the impact of their
  developments based on the terms of their
  respective mitigation agreements.
• The District has set May 12, 2005 500 pm as the
  deadline for developers to come to agreement with
  the District and qualify for the exemption from
  the One Time Tax.

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The Election

• The May 24th Election requires a 2/3 voter
  approval to pass.
• The vote will be via mail-in ballot.

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Implementing the Plan

• If the Board so chooses, after the public
  hearing, it can proceed with the May 24th
  Election.