Tag Archives: Mello-Roos

San Marcos, CA: City refinances bonds to save San Elijo Hills taxpayers $3.9 million

Good New Update from The City of San Marcos – This summer, the City of San Marcos refinanced $20.6 million of bonds that will save some property owners money on their Mello-Roos taxes that help pay for important things like grading, streets, utilities, parks, and trails.

Property owners in the San Elijo communities of Saverne, Azure, Cambria, Woodley’s Glen, Crest View, Waterford, Village Square and Westridge will see an average annual savings of $120 to $450 per residence on a portion of their property tax bill next year. The bond refinancing will collectively save residents in these neighborhoods about $3.9 million over the life of the bonds.

The refunding reduced the net interest cost from 4.82 percent to 3.55 percent and was accomplished without extending the term of the bonds.

Rear about your CFD/Mello Roos here  

City of San Marcos refinances bonds to save taxpayers more than $4.6 million

San Marcos
City refinances bonds to save taxpayers more than $4.6 million
 

On October 23, the City of San Marcos refinanced bonds to save money for more than 1,700 property owners in Twin Oaks Valley Ranch and certain areas of San Elijo Hills. Without extending the bond payback period, this move will save taxpayers more than $4.6 million in Mello-Roos special taxes over the next 24 years. Average annual savings per homeowner are expected to range from $150 and $600.

The bonds are part of Community Facilities District (CFD) 91-01 and CFD 99-01 and help pay for public infrastructure such as roads, utilities, and water and sewer facilities. Marking the fourth bond refinancing in the last three years, this move refinances $37.4 million of outstanding bonds and reduces interest rates from 4.9 percent to 3.1 percent.

Similar action was taken in 2012 when the City refinanced $54.2 million in bonds to save taxpayers in Old Creek Ranch, certain areas of San Elijo Hills and the Paloma/Santa Fe Hills area an estimated $4.1 million. The outstanding bonds are for Community Facilities Districts (CFD) 2002-01 and certain areas of CFD 99-01 and CFD 88-1.

Community Facilities Districts, or Mello-Roos as they are more commonly known, help finance local public facilities and services such as law enforcement, fire, landscaping, lighting and other community services. Cities often consider refinancing these long-term bonds if market conditions are favorable enough to save money – something San Marcos has done at least a half a dozen times over the past 20 years to capture similar savings.

For more information about the City’s budget, please visit www.san-marcos.net/finance.

City of San Marcos posting interactive maps online

San Marcos Maps

City of San Marcos is now posting interactive maps online — Fire danger maps, elevations, parks, trails, and traffic lights.

The mapping information available online now includes a PDF map gallery, an interactive map gallery and links to the City’s interactive mapping application. Maps available in the new interactive gallery are also cross-compatible so residents can enjoy viewing them on mobile devices.

The fire hazard zone map, shows fire risk ratings from low for San Elijo Hills, to extreme for areas Attebury or Coronado Hills.

PDF Map showing Community Facilities District  (CFD/Mello Roos 99-01 Tax District – San Elijo Hills

To view the new maps, visit www.san-marcos.net/maps.

 

San Elijo Hills Mello Roos Reductions

San Elijo Hills Mello Roos Reductions

The City of San Marcos uses Community Facilities Districts (CFD), which are commonly referred to as Mello-Roos Districts, to finance local public facilities and services. Property owners in a San Marcos CFD are taxed annually for their share of the debt service on any bonds that the CFD has issued and/or to pay for the cost of City services.

Some San Marcos City communities have recently benefited from reduced Mello Roos, and recently some San Elijo Hills neighborhoods have also received letters of reduction from the City of San Marcos. The CFDs have been refinanced, but they still have the same term of 2036.

San Elijo Hills is under one area district, however, with further research that each neighborhood is under a different sub-district, which makes sense with each community having different fees.  The specific communities this will benefit according city website is Mariners Landing, Meridian and Creek Side Cottages.  Each of these happen to have the highest Mello Roos in San Elijo Hills in their respective home types (condo / detached) except it is missing Atherton which has the highest in San Elijo Hills.

Please see the link to the City website discussing Mello Roos and the link to the district map.

Link to City Website Discussing Mello Roos – http://www.san-marcos.net/index.aspx?page=54

Link to Map – http://www.ci.san-marcos.ca.us/Modules/ShowDocument.aspx?documentid=2537

Link to break down for each San Elijo Hills Neighborhood Community Facilities District No. 99-01(San Elijo Hills)

Do your research

 

San Marcos City Council plans to refinance bonds to save taxpayers more than $1 million

The San Marcos City Council approved a resolution last night giving staff the green light to refinance bonds for Community Facilities District (CFD) 88-1. By refinancing the $22.59 million of outstanding bonds from 5.8 percent to approximately 4 percent, taxpayers in the Santa Fe Hills area of San Marcos could save an estimated $1.2 million in tax payments over the next 16 years.

Community Facilities Districts, or Mello-Roos as they are more commonly known, help finance local public facilities and services like law enforcement, fire, landscaping, lighting and other community services. Cities often consider refinancing these long-term bonds if market conditions are favorable enough to save taxpayers money, something San Marcos has done at least a half a dozen times over the past 20 years to capture similar savings.

The city oversees several CFDs; however, CFD 88-1 would be the only bond refinanced under this action. About 1,749 residential units would experience an annual special tax savings ranging anywhere from $50 to $145. This estimate could change given market conditions when the bonds have actually been priced and sold.

“This move will bring real savings to many San Marcos taxpayers,” explained City Manager Paul Malone. “And in this economy, every little bit helps.”