 In December 2002, the Val Verde Unified School District engaged our special tax consulting team to assist in the formation of a Mello Roos District for an area slated for development by Citation Homes. The project included the development of an estimated 142 residential units averaging 2,500 square feet. This project utilized a Community Facilities District as an important funding mechanism for providing backbone public facilities and ongoing maintenance. Taking into account the nature of the public facilities to be maintained and/or constructed and the area served an analysis was required to determine an equitable spread of the overall tax burden. This analysis included a value-to-lien ratio analysis for developed and undeveloped property, adequately accounting for potential changes in development plans in the rate and method of apportionment (RMA), as well as an equitable distribution of the special tax to the different land uses. Finally, our work included determining the eligible improvements and reviewing costs to ensure they were reasonable. Based on the successful completion of this project, the School District engaged our firm for the formation of a CFD including approximately 150 residential units to be developed by John Laing Homes - CFD 2003-2. In both cases, bonds were issued for the CFD. MuniFinancial continues to assist the District by completing all on-going administration for the bonds, including levying the special taxes, compiling the continuing disclosure reports to bondholders, and calculating any arbitrage liability on the bonds. Our firm has also been engaged to perform all arbitrage rebate calculations and prepare all continuing disclosure reports for the District's outstanding debt.
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