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HomeMy WebLinkAboutRes 2021-051 1 1 RESOLUTION NO. 2021-05 A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT TO ESTABLISH CITY OF PALM DESERT COMMUNITY FACILITIES DISTRICT NO. 2021-1 (UNIVERSITY PARK) AND TO AUTHORIZE THE LEVY OF A SPECIAL TAX WITHIN CITY OF PALM DESERT COMMUNITY FACILITIES DISTRICT NO. 2021-1 (UNIVERSITY PARK) RECITALS: WHEREAS, the City Council of the City of Palm Desert (the "City Council") has received a petition (the "Petition") signed by the owner of certain of the land which is proposed for inclusion in a proposed community facilities district which meets the requirements of Sections 53318 and 53319 of the Mello -Roos Community Facilities Act of 1982, as amended, commencing with Section 53311 of the California Government Code (the "Act"); and WHEREAS, the Act authorizes the City Council to establish a community facilities district and to levy special taxes within that district; and WHEREAS, in accordance with the request set forth in the Petition, the City Council desires to undertake proceedings to establish a community facilities district pursuant to the Act, to finance the acquisition, purchase, construction, expansion, improvement, modification, or rehabilitation of certain public facilities necessary to meet the increased demands placed upon the public infrastructure, the City, and the Coachella Valley Water District as a result of the development of the property within the boundaries of the District, including development impact fees therefor, and to prepay the special taxes of an existing community facilities district (the "CFD No. 2005-1 Special Tax") and refinance the facilities previously financed thereby, all as hereinafter described; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE, FIND, DECLARE AND ORDER AS FOLLOWS: Section 1. Intention. In accordance with the request set forth in the Petition, the City Council hereby declares its intention to conduct proceedings for the formation of a community facilities district under the terms of the Act. Section 2. Name of District. The name of the proposed community facilities district is "City of Palm Desert Community Facilities District No. 2021-1 (University Park)" (the "District"). Section 3. Boundaries of District. The exterior boundaries of the District and the zones therein are shown on the map now on file in the office of the City Clerk entitled "Map of Proposed Boundaries, Community Facilities District No. 2021-1 (University Park)" (the "Map"). The Map indicates, by a boundary line, the extent of the territory included in the proposed District and the extent of the territory in each zone and shall govern for all details as to the extent of the District and the zones. On the original -1- W \Staff Reports - Shared 2\Staff Reports 3-11-202114 -City Clerk - 03-11-2021113 UPI Refunding103 Reso of Intention to Establish CFD (Palm Desert Unw Park CFD 2021-1) 3.11.21 Final.docx RESOLUTION NO. 2021-05 and one copy of the Map, the City Clerk shall endorse the certificate evidencing the date and adoption of this Resolution. The City Clerk shall file the original of the Map in her office and, within fifteen (15) days after the adoption of this Resolution, the City Clerk shall file a copy of the Map so endorsed in the records of the County Recorder, County of Riverside, State of California, and in any event the Map shall be filed no later than fifteen (15) days before the public hearing specified in Section 7 below. Section 4. Facilities. The types of public facilities proposed to be financed, or refinanced, under the Act shall consist of those facilities set forth on Exhibit "A", attached hereto and incorporated herein by reference. The Facilities have a useful life of five years or longer and are public facilities as defined by the Act, which the City and the Coachella Valley Water District are authorized by law to construct, acquire, own, operate, or contribute revenue to. The City Council intends to execute a joint community facilities agreement with the Coachella Valley Water District. The City Council hereby finds and determines that the description of the Facilities herein is sufficiently informative to allow taxpayers within the proposed District to understand what the funds of the District may be used to finance. The City Council hereby finds that the proposed Facilities, including development impact fees therefor, are necessary to meet increased demands placed upon the public infrastructure, the City, and the Coachella Valley Water District as a result of development occurring in the proposed District. Section 5. Special Tax. (a) Except where funds are otherwise available, it is the intention of the City Council to levy annually in accordance with procedures contained in the Act a special tax (the "Special Tax") within the District sufficient to pay for (1) the Facilities (including without limitation the prepayment of the CFD 2005-1 Special Tax to refinance those facilities previously financed by CFD 2005-1), and (2) the principal and interest and other periodic costs on bonds or other indebtedness issued by the District to finance the Facilities, including without limitation, the establishment and replenishment of any reserve funds deemed necessary by the District, any remarketing, credit enhancement and liquidity facility fees (including such fees for instruments which serve as the basis of a reserve fund in lieu of cash), financing of the costs associated with the issuance of the bonds, and all other costs necessary to finance the Facilities which are permitted to be financed pursuant to the Act. The Special Tax will be secured by recordation of a continuing lien against all non-exempt real property in the District and will be collected in the same manner as ordinary ad valorem property taxes are collected, or in such other manner as may be provided by the City Council including, without limitation, direct billing of the affected property owner, and shall be subject to the same penalties, procedure, sale and lien priority in case of delinquency as applicable for ad valorem property taxes. In the first year in which the Special Tax is levied, the levy shall include a sum sufficient to repay to the City all amounts, if any, transferred to the District pursuant to Section 53314 of the Act and interest thereon. (b) The proposed rate and method of apportionment of the Special Tax among parcels of real property in the District (the "Rate and Method"), in sufficient detail to allow each resident or landowner within the proposed District to estimate the maximum -2- W:\Staff Reports - Shared 21Staff Reports 3-11-202114 -City Clerk - 03.11-2021113 UPI Refunding\03 Reso of Intention to Establish CFD (Palm Desert Univ. Park CFD 2021-1) 3 11 21 Final docx RESOLUTION NO. 2021-05 1 1 amount such resident or owner will have to pay, is shown in Exhibit "B," attached hereto and incorporated herein by reference. The City Council hereby determines the Rate and Method set forth in Exhibit "B" to be reasonable. The obligation to pay the Special Tax may be prepaid as set forth in Exhibit "B." (c) In the case of any Special Tax to pay for the Facilities to be levied against any parcel used for private residential purposes: (i) the maximum Special Tax shall be specified as a dollar amount which shall be calculated and thereby established not later than the date on which the parcel is first subject to the tax because of its use for private residential purposes and which amount shall not be increased over time over two percent (2%) per year; (ii) the tax year after which no further Special Tax subject to this sentence shall be levied or collected shall be as set forth in Exhibit "B" hereto; and (iii) under no circumstances will the Special Tax levied against any parcel used for private residential purposes be increased as a consequence of delinquency or default by the owner of any other parcel within the District by more than ten percent (10%). For the purposes hereof, a parcel is used for "private residential purposes" not later than the date on which an occupancy permit for private residential use is issued. Section 6. Bonds. It is the intent of the City Council, acting as the legislative body of the District, to cause one or more series of bonds to be issued under the Act by the District to finance, in whole or in part, the Facilities. If so issued, bonds will be in the aggregate principal amount of not to exceed $50 million. All such bonds issued by the District shall bear interest payable semi-annually or in such other manner as the City Council shall determine at a maximum interest rate not in excess of twelve percent (12)/0) per annum or such rate not in excess of the maximum rate permitted by law at the time the bonds are issued, and the term of the bonds of each series shall not exceed forty (40) years from the date of issuance of such series thereof or such longer term as is then permitted by law. Section 7. Hearing. A public hearing on the establishment of the District, the extent of the District, the furnishing of Facilities to meet increased demands on infrastructure as a result of development in the District, and the proposed Rate and Method (the "Hearing") shall be held on April 22, 2021, at 4:00 p.m., or as soon thereafter as practicable, at the chambers of the City Council of the City of Palm Desert, 73-510 Fred Waring Drive, Palm Desert, California 92260. At the Hearing, any interested person or taxpayer, including all persons owning lands or registered to vote within the proposed District, may appear and be heard. Section 8. Report. Each City officer who is or will be responsible for the Facilities to be financed by the District, if it is established, is hereby directed to study the proposed District and, at or before the time of the above -mentioned Hearing, file, or cause to be filed, a report with the City Council, which is to be made a part of the record of the Hearing, containing the following: (a) a brief description of the Facilities which will, in the City officer's opinion, be required to adequately meet the needs of the District; and -3- W \Staff Reports - Shared 2\Staff Reports 3-11-202114 -City Clerk - 03-11-2021113 UPI Refunding103 Reso of Intention to Establish CFD (Palm Desert Unix Park CFD 2021-1) 3 11.21 Final docx RESOLUTION NO. 2021-05 (b) an estimate of the fair and reasonable cost of financing the Facilities. Section 9. In accordance with Section 53314.9 of the Act, the City and/or District may accept advances of funds or work in -kind from any source, including, but not limited to, private persons or private entities, and is authorized and directed to use such funds or that work in -kind for any authorized purpose, including, but not limited to, paying any cost incurred by the City in creating the District. The City and/or District may enter into an agreement with the person or entity advancing the funds or work -in -kind, to repay all or a portion of the funds advanced, or to reimburse the person or entity for the value, or cost, whichever is less, of the work -in -kind, as determined by the City Council, with or without interest. Without limiting the foregoing, the District is hereby authorized to reimburse University Park Investor, LLC, for moneys advanced pursuant to the terms of that certain Deposit and Reimbursement Agreement dated as of January 14, 2021 and previously entered into by and between University Park Investor, LLC, and the City, a copy of which agreement is on file in the office of the City Clerk. Section 10. Published Notice. The City Clerk is hereby directed to publish a notice of the Hearing ("Notice") pursuant to Section 6061 of the California Government Code in a newspaper of general circulation published in the area of the proposed District. Such Notice shall be substantially in the form specified in Section 53222 of the Act. Publication of the Notice shall be completed at least seven (7) days prior to the date of the Hearing. Section 11. Mailed Notice. The City Clerk is hereby directed to send a copy of the Notice of the Hearing by first-class mail, postage prepaid, to each registered voter and to each landowner within the proposed District as shown on the last equalized assessment roll. Mailing of the Notice shall be completed at least fifteen (15) days prior to the date of the Hearing. Section 12. Voting. Should the City Council determine to form the District, a special election will be held within the District to authorize the issuance of bonds and the levy of the Special Tax in accordance with the procedures contained in Section 53326 of the Act. If held, the proposed voting procedure at the election will be a landowner vote with each landowner who is the owner of record of land within the District at the close of the Hearing, or the authorized representative thereof, having one vote for each acre or portion thereof owned within the District. Ballots for the special election may be distributed by mail with return postage prepaid or by personal service. Section 13. Tender of Bonds. Except to the extent limited in any bond resolution or trust indenture related to the issuance of bonds, the City Council hereby reserves to itself all rights and powers set forth in Section 53344.1 of the Act (relating to tenders of bonds in full or partial payment of any installment of the Special Tax or the interest or penalties thereon which may be due or delinquent). Section 14. Exemptions from Special Tax. Except as may otherwise be provided in Exhibit "B" hereto or by law, all lands owned by any public entity, including the United States, the State of California and/or the City, or any departments or political -4- W \Staff Reports - Shared 2lStaff Reports 3-11-202114 -City Clerk - 03-11-2021\13 UPI Refunding103 Reso of Intention to Establish CFD (Palm Desert Univ. Park CFD 2021-1) 3.11 21 Final docx RESOLUTION NO. 2021-05 1 1 1 subdivisions thereof, shall be omitted from the levy of the Special Tax to be made to cover the costs and expenses of the Facilities. In addition, reference is hereby made to Exhibit "B" hereto for a description of other lands which shall be omitted from the levy of the Special Tax. Section 15. Election to Perform Work. Pursuant to 53329.5(c) of the Act, the City Council finds that, in its opinion, the public interest will not be served by allowing property owners in the District to enter into a contract pursuant to Section 53329.5(a). This Section is not intended to prevent the City from entering into an agreement with any property owner pursuant to which it agrees to acquire the Facilities or any portion thereof, from that property owner. Section 16. Effective Date. This Resolution shall take effect immediately upon adoption. PASSED, APPROVED and ADOPTED by the City Council of the City of Palm Desert, California, on this 11th day of March, 2021, by the following vote, to wit: AYES: HARNIK, JONATHAN, NESTANDE, QUINTANILLA, and KELLY NOES: NONE ABSENT: NONE ABSTAIN: NONE ATTEST: GRACE L. ROCHA, ACTING CITY CLERK CITY OF PALM DESERT, CALIFORNIA elQVI EN ELLY N1A KATHLE YO -5- W:lStaff Reports - Shared 21Staff Reports 3-11-202114 -City Clerk - 03-11-2021\13 UPI Refunding103 Reso of Intention to Establish CFD (Palm Desert Univ. Park CFD 2021-1) 3.11 21 Final docx EXHIBIT "A" DESCRIPTION OF FACILITIES The public facilities (the "Facilities") described below are proposed to be financed by City of Palm Desert Community Facilities District No. 2021-1 (University Park) (the "District') and include storm drainage facilities, street improvements, landscaping and irrigation facilities, public open space and recreational facilities, water facilities, and sewer improvements, together with all appurtenances and appurtenant work, such as related clearing and grubbing, grading, and any removal or temporary signage or markings related thereto. The cost of the Facilities shall include incidental expenses, including costs associated with forming the District, issuance of bonds, determination of the amount of the Special Tax, collection of the Special Tax, payment of the Special Tax, costs incurred in order to carry out the authorized purposes of the District, and the costs of engineering, inspecting, coordinating, completing, planning and designing the Facilities, including the costs of environmental evaluations. Any of the Facilities to be constructed shall be constructed, whether or not acquired in their completed states, pursuant to plans and specifications approved by the City of Palm Desert (or the Coachella Valley Water District, as applicable) and the officials thereof, including the City Engineer. In addition, inasmuch as the District is proposed to prepay special taxes levied by City of Palm Desert Community Facilities District No. 2005- 1 (University Park) ("CFD 2005-1"), the Facilities include such special tax prepayment and those facilities previously financed by CFD 2005-1 and proposed to be refinanced by such special tax prepayment (including, but not limited to, street improvements, water improvements, traffic signals, sewer improvements, storm drain improvements, utilities improvements, park improvement and park site land acquisition, and landscaping). The Facilities are necessary to meet the increased demands placed upon the public infrastructure, the City of Palm Desert, and the Coachella Valley Water District as a result of the development of the property within the boundaries of the District, including development impact fees therefor (including, but not limited to, City of Palm Desert development impact fees for traffic signals, drainage, parks, Art in Public Places, and fire facilities, and Coachella Valley Water District development impact fees for water and sewer facilities). The final nature and location of the Facilities will be determined upon the preparation of final plans and specifications for such Facilities. 1 1 1 A-1 W \Staff Reports - Shared 21Staff Reports 3-11-202114 -City Clerk - 03-11-2021113 UPI Refunding403 Reso of Intention to Establish CFD (Palm Desert Univ Park CFD 2021-1) 3 11 21 Final docx 1 1 1 EXHIBIT "B" RATE AND METHOD OF APPORTIONMENT FOR CITY OF PALM DESERT COMMUNITY FACILITIES DISTRICT NO. 2005-1 (UNIVERSITY PARK) [see attached] B-1 W.IStaff Reports - Shared 21Staff Reports 3-11-2021W -City Clerk - 03-11-2021113 UPI Refunding103 Reso of Intention to Establish CFD (Palm Desert Univ. Park CFD 2021-1) 3.11.21 Final.docx RESOLUTION NO. 2021-05 [This page has intentionally been left blank.] 1 RESOLUTION NO. 2021-05 1 1 1 RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX For the City of Palm Desert Community Facilities District No. 2021-1 (University Park), County of Riverside, State of California A Special Tax shall be levied on all Taxable Property within the boundaries of the City of Palm Desert Community Facilities District No. 2021-1 (University Park) ("CFD No. 2021-1") and collected each Fiscal Year commencing in Fiscal Year 2021-22, in an amount determined by the CFD Administrator through the application of the procedures described below. All of the real property within CFD No. 2021-1, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the manner herein provided. A. DEFINITIONS The terms hereinafter set forth have the following meanings: "Acre" or "Acreage" means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an Assessor's Parcel Map, the land area shown on the applicable Final Map. An Acre means 43,560 square feet of land. "Act" means the Mello -Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California. "Administrative Expenses" means the actual or reasonably estimated costs related to the administration of CFD No. 2021-1 including, but not limited to: the costs of preparing and computing the Special Tax (whether by the City or designee thereof or both); the costs of collecting the Special Taxes (whether by the City, the County or otherwise); the costs of remitting the Special Taxes to the Trustee; the costs of the Trustee (including its legal counsel) in the discharge of the duties required of it under the Indenture; the costs to the City, CFD No. 2021-1, or any designee thereof complying with arbitrage rebate requirements, including without limitation rebate liability costs and periodic rebate calculations; the costs to the City, CFD No. 2021-1, or any designee thereof complying with disclosure or reporting requirements of the City or CFD No. 2021-1, associated with applicable federal and State laws; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries regarding the Special Taxes; the costs to the City, CFD No. 2021-1, or any designee thereof related to an appeal of the Special Tax; and the City's annual administration fees and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2021-1 for any other administrative purposes of CFD No. 2021-1, including but not limited to attorney's fees and other costs related to commencing and pursuing any foreclosure of delinquent Special Taxes. "Annual Special Tax" means the Special Tax actually levied in any Fiscal Year on any Assessor's Parcel. "Apartment Property" means an Assessor's Parcel of Developed Property on which all or any portion of a structure or structures with multiple Apartment Units are located, and such Apartment Units are offered for rent and are not available for sale to individual owners. If Apartment Property is subsequently reclassified as Single Family Property, Special Taxes levied on such reclassified Assessor's Parcels shall be RESOLUTION NO. 2021-05 modified to match those of Single Family Property, provided that the Building Square Footage of such Single Family Property can be determined by the CFD Administrator. Otherwise, the property will continue to be classified as Apartment Property. "Apartment Unit" means one (1) for -rent residential unit on Apartment Property. "Approved Property" means all Assessor's Parcels of Taxable Property: (i) that are included in a Final Map that was recorded prior to the January 1st preceding the Fiscal Year in which the Special Tax is being levied, and (ii) that have not been issued a Building Permit on or prior to the May 1st preceding the Fiscal Year in which the Special Tax is being levied. "Assessor" means the Assessor of the County of Riverside. "Assessor's Parcel" means a lot or parcel shown on an Assessor's Parcel Map with an assigned Assessor's Parcel Number. "Assessor's Parcel Map" means an official map of the Assessor designating parcels by Assessor's Parcel Number. "Assessor's Parcel Number" means the number assigned to an Assessor's Parcel by the County for purposes of identification. "Assigned Special Tax" means the Special Tax of that name described in Section C.1 below. "Backup Special Tax" means the Special Tax of that name described in Section C.2 below. "Bonds" means any bonds or other Debt of CFD No. 2021-1, whether in one or more series, secured by the levy of Special Taxes. "Building Permit" means a building permit for construction of a Residential Unit within CFD No. 2021-1 issued by the City. "Building Square Footage" means all of the square footage of usable area within the perimeter of a residential structure or dwelling unit, as applicable, not including any carport, walkway, garage, overhang, or similar area. The determination of Building Square Footage shall be made by reference to the Building Permit(s) issued for such Assessor's Parcel and/or by reference to appropriate records kept by the City. "Calendar Year" means the period commencing January 1st of any year and ending the following December 31. "CFD Administrator" means an authorized representative of the City, or designee thereof, responsible for determining the Special Tax Requirement, for preparing the Special Tax roll and/or calculating the Backup Special Tax. "CFD No. 2021-1" means the City of Palm Desert Community Facilities District No. 2021-1 (University Park). "City" means the City of Palm Desert, California. "Council" means the City Council of the City acting as the legislative body of CFD No. 2021-1 under the Act. 2 RESOLUTION NO. 2021-05 1 1 1 "County" means the County of Riverside, California. "Debt" means any binding obligation to pay or repay a sum of money, including obligations in the form of bonds, certificates of participation, long-term leases, loans from government agencies, or loans from banks, other financial institutions, private businesses, or individuals, or long-term contracts. "Debt Service" means for each Fiscal Year, the total amount of principal and interest payable on any Outstanding Bonds during the Calendar Year commencing on January 1st of such Fiscal Year. "Developed Property" means for each Fiscal Year, all Taxable Property, exclusive of Provisional Property, for which a Building Permit was issued prior to May 1st of the previous Fiscal Year. An Assessor's Parcel classified as Developed Property but for which the Building Permit that caused such Assessor's Parcel to be classified as Developed Property has been cancelled and/or voided prior to the Fiscal Year for which Special Taxes are being levied shall be reclassified as Approved Property, provided that and only if the levy of the Special Tax Tess Administrative Expenses after such reclassification shall not be less than 1.1 times the annual Debt Service on all Outstanding Bonds. If Bonds have not been issued, an Assessor's Parcel classified as Developed Property for which such a Building Permit has been cancelled and/or voided shall be reclassified as Approved Property. "Exempt Property" means for each Fiscal Year, all Assessor's Parcels designated as being exempt from Special Taxes pursuant to Section H below. "Final Map" means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil Code 4285 that creates individual Lots for which Building Permits may be issued without further subdivision. "Fiscal Year" means the period starting on July 1 and ending the following June 30. "Indenture" means the indenture, fiscal agent agreement, resolution or other instrument pursuant to which Bonds are issued, as modified, amended and/or supplemented from time to time, and any instrument replacing or supplementing the same. "Land Use Class" means any of the classes listed in Table 1 and Table 2 under Section C.1 below. "Lot" means a parcel created by a Final Map capable of conveyance or rental, separate from adjacent parcels or dwelling units and/or on which one or more Residential Units can be constructed. "Lower Income Households Welfare Exemption Property" means, for each Fiscal Year, an Assessor's Parcel that is entitled to a welfare exemption under subdivision (g) of Section 214 of the California Revenue and Taxation Code (or any successor statute), as indicated in the County Assessor's roll finalized as of January 1 of the previous Fiscal Year; provided that such property is not exempt from the Special Tax if debt is outstanding and the property was subject to the Special Tax prior to receiving the exemption, in which case the property shall remain subject to the Special Tax and the Special Tax shall be enforceable against the property. "Maximum Special Tax" means for each Assessor's Parcel, the maximum Special Tax, determined in accordance with Sections C.3 and C.4 below, which may be levied in a given Fiscal Year on such Assessor's Parcel of Taxable Property. RESOLUTION NO. 2021-05 "Non -Residential Property" means all Assessor's Parcels of Developed Property for which a building permit has been issued for the purpose of constructing one or more non-residential units or facilities. "Outstanding Bonds" means all Bonds, which are deemed to be outstanding under the Indenture. "Prepayment Amount" means the amount required to prepay the Special Tax Obligation in full for an Assessor's Parcel as described in Section F.1 below or in part for an Assessor's Parcel as described in Section F.2 below. "Property Owner Association Property" means any Assessor's Parcel within the boundaries of CFD No. 2021-1 owned in fee by a property owner association, including any master or sub- association. "Proportionately" or "Proportionate" means for Developed Property, that the ratio of the actual Special Tax levy to the applicable Assigned Special Tax or Backup Special Tax is equal for all Assessor's Parcels of Developed Property. For Approved Property or Undeveloped Property, "Proportionately" means that the ratio of the actual Special Tax levy per Acre to the Maximum Special Tax per Acre is equal for all Assessor's Parcels of Approved Property or Undeveloped Property. "Proportionately" may similarly be applied to other categories of Taxable Property as listed in Section D below. "Provisional Property" means all Assessor's Parcels of Public Property, Property Owner Association Property, Non -Residential Property or property that would otherwise be classified as Exempt Property pursuant to the provisions of Section H, but cannot be classified as Exempt Property because to do so would reduce the Acreage of all Taxable Property below the required minimum Acreage as set forth in Section H. "Public Property" means any property within the boundaries of CFD No. 2021-1, which is owned by, or irrevocably offered for dedication to the federal government, the State of California, the County, the City or any other public agency; provided however that (i) any property owned by a public agency and leased to a private entity and subject to taxation under Section 53340.1 of the Act and (ii) any property subject to taxation pursuant to Section 53317.3 of the Act shall be taxed and classified in accordance with its use. "Residential Property" means all Assessor's Parcels of Developed Property for which a Building Permit has been issued for the purpose of constructing one or more Residential Units. "Residential Unit" means each separate residential dwelling unit that comprises an independent facility capable of conveyance or rental, separate from adjacent residential dwelling units. "Single Family Property" means all Assessor's Parcels of Residential Property not classified as Apartment Property. "Special Tax" means any special tax levied within CFD No. 2021-1 pursuant to the Act and this Rate and Method of Apportionment of Special Tax. "Special Tax Obligation" means the total obligation of an Assessor's Parcel of Taxable Property to pay the Special Tax for the remaining life of CFD No. 2021-1. "Special Tax Requirement" means that amount required in any Fiscal Year to: (i) pay regularly scheduled Debt Service on all Outstanding Bonds; (ii) pay periodic costs on the Outstanding Bonds, including but not limited to, credit enhancement and rebate payments on the Outstanding Bonds; (iii) pay Administrative Expenses; (iv) pay any amounts required to establish or replenish any reserve funds for all Outstanding 4 RESOLUTION NO. 2021-05 1 1 1 Bonds; (v) accumulate funds to pay directly for acquisition or construction of facilities, provided that the inclusion of such amount does not cause an increase in the Special Tax to be levied on Approved Property, Undeveloped Property, or Provisional Property, until the date that all Bonds have been issued; and (vi) pay for reasonably anticipated delinquent Special Taxes based on the delinquency rate for Special Taxes levied in the previous Fiscal Year; less (vii) a credit for funds available to reduce the Special Tax levy, as determined by the CFD Administrator pursuant to the Indenture. "State" means the State of California. "Taxable Property" means all of the Assessor's Parcels within the boundaries of CFD No. 2021-1, which are not exempt from the levy of the Special Tax pursuant to law or Section H below. "Trustee" means the trustee or fiscal agent under the Indenture. "Undeveloped Property" means, for each Fiscal Year, all Taxable Property not classified as Developed Property, Approved Property or Provisional Property. "Zone 1" means the area within CFD No. 2021-1 depicted as such in Exhibit A hereto. "Zone 2" means the area within CFD No. 2021-1 depicted as such in Exhibit A hereto. "Zone 3" means the area within CFD No. 2021-1 depicted as such in Exhibit A hereto. B. LAND USE CLASSIFICATION Each Fiscal Year, beginning with Fiscal Year 2021-22, each Assessor's Parcel within CFD No. 2021-1 shall be classified as Taxable Property or Exempt Property. In addition, all Taxable Property shall further be classified as Developed Property, Approved Property, Undeveloped Property or Provisional Property, and all such Taxable Property shall be subject to the levy of Special Taxes in accordance with this Rate and Method of Apportionment of Special Tax determined pursuant to Section C below. Furthermore, each Assessor's Parcel of Developed Property shall be classified as Single Family Property, Apartment Property, or Non -Residential Property. Finally, each Assessor's Parcel of Single Family Property shall be classified according to its applicable Land Use Class based on its Building Square Footage. C. SPECIAL TAX RATES 1. Assigned Special Tax for Developed Property The Assigned Special Tax applicable to an Assessor's Parcel classified as Developed Property commencing in Fiscal Year 2021-22 shall be determined pursuant to Tables 1 and 2 below. RESOLUTION NO. 2021-05 Table 1 Zone 1 Assigned Special Tax Rates Land Use Land Use Type Class 1 Single Family Property 2 Single Family Property 3 Single Family Property 4 Single Family Property 5 Single Family Property 6 Single Family Property 7 Single Family Property 8 Single Family Property 9 Single Family Property 10 Non -Residential Property Building Assigned Square Footage Special Tax >_ 2,500 $2,300 per Residential Unit 2,400 — 2,499 $2,225 per Residential Unit 2,300 — 2,399 $2,175 per Residential Unit 2,200 — 2,299 $2,100 per Residential Unit 2,100 — 2,199 $2,025 per Residential Unit 2,000 — 2,099 $1,925 per Residential Unit 1,900 — 1,999 $1,600 per Residential Unit 1,800 —1,899 $1,550 per Residential Unit < 1,800 $1,275 per Residential Unit NA NA 6 RESOLUTION NO. 2021-05 1 1 1 Table 2 Zone 2 Assigned Special Tax Rates Land Use Building Square Land Use Type Assigned Special Tax Class Footage 1 Single Family Property >_ 3,400 $3,025 per Residential Unit 2 Single Family Property 3,200 —3,399 $2,975 per Residential Unit 3 Single Family Property 3,000 — 3,199 $2,875 per Residential Unit 4 Single Family Property 2,800 — 2,999 $2,800 per Residential Unit 5 Single Family Property 2,600 — 2,799 $2,675 per Residential Unit 6 Single Family Property 2,400 — 2,599 $2,625 per Residential Unit 7 Single Family Property 2,200 — 2,399 $2,600 per Residential Unit 8 Single Family Property 2,000 — 2,199 $2,575 per Residential Unit 9 Single Family Property < 2,000 $2,475 per Residential Unit 10 Non -Residential Property NA NA RESOLUTION NO. 2021-05 Land Use Class 1 2 3 4 5 6 7 8 9 10 11 Land Use Type Table 3 Zone 3 Assigned Special Tax Rates Building Square Footage Single Family Property >_ 2,500 Single Family Property 2,400 — 2,499 Single Family Property 2,300 — 2,399 Single Family Property 2,200 — 2,299 Single Family Property 2,100 —2,199 Single Family Property 2,000 — 2,099 Single Family Property 1,900 — 1,999 Single Family Property 1,800 — 1,899 Single Family Property < 1,800 Apartment Property I NA Non -Residential Property I NA 8 Assigned Special Tax $2,300 per Residential Unit $2,225 per Residential Unit $2,175 per Residential Unit $2,100 per Residential Unit $2,025 per Residential Unit $1,925 per Residential Unit $1,600 per Residential Unit $1,550 per Residential Unit $1,275 per Residential Unit I$750 per Residential Unit INA RESOLUTION NO. 2021-05 1 1 1 On each July 1, commencing July 1, 2022, the Assigned Special Tax for Developed Property shall be increased by two percent (2%) of the amount in effect in the prior Fiscal Year. 2. Backup Special Tax for Developed Property The Backup Special Tax for Developed Property commencing in Fiscal Year 2021-22 shall be $15,419 per Acre for Zone 1, $19,322 per Acre for Zone 2 and $22,662 per Acre for Zone 3. Each July 1, commencing July 1, 2022, the Backup Special Tax for Developed Property shall be increased by two percent (2%) of the amount in effect in the prior Fiscal Year. For the purpose of calculating the Backup Special Tax, the land area applicable to Apartment Property shall be computed from the Acreage of the Lot on which the Apartment Property is located, with the Acreage for such Lot allocated equally among all of the Apartment Property located or to be located on such Lot. 3. Maximum Special Tax for Developed Property The Maximum Special Tax for Developed Property shall be the greater of the Assigned Special Tax for Developed Property or the Backup Special Tax for Developed Property. 4. Maximum Special Tax for Provisional Property, Approved Property and Undeveloped Property The Maximum Special Tax for Provisional Property, Approved Property, and Undeveloped Property commencing in Fiscal Year 2021-22 shall be $15,419 per Acre for Zone 1, $19,322 per Acre for Zone 2 and $22,662 per Acre for Zone 3. Each July 1, commencing July 1, 2022, the Maximum Special Tax for Provisional Property, Approved Property and Undeveloped Property shall be increased by two percent (2%) of the amount in effect in the prior Fiscal Year. D. METHOD OF APPORTIONMENT For each Fiscal Year, commencing Fiscal Year 2021-22, the CFD Administrator shall levy the Special Tax on all Taxable Property in accordance with the following steps: Step 1: The Special Tax shall be levied Proportionately on each Assessor's Parcel of Developed Property at up to 100% of the applicable Assigned Special Tax as needed to satisfy the Special Tax Requirement. Step 2: If additional monies are needed to satisfy the Special Tax Requirement after Step 1 has been completed, the Special Tax shall be levied Proportionately on each Assessor's Parcel of Approved Property in an amount up to 100% of the Maximum Special Tax for Approved Property. RESOLUTION NO. 2021-05 Step 3: If additional monies are needed to satisfy the Special Tax Requirement after Step 2 has been completed, the Special Tax shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property in an amount up to 100% of the Maximum Special Tax for Undeveloped Property. Step 4: If additional monies are needed to satisfy the Special Tax Requirement after the first three steps have been completed, then the Special Tax amount determined in Step 1 shall be increased Proportionately on each Assessor's Parcel of Developed Property in an amount up to 100% of the Maximum Special Tax for Developed Property. Step 5: If additional monies are needed to satisfy the Special Tax Requirement after the first four steps have been completed, then the Special Tax shall be levied Proportionately on each Assessor's Parcel of Provisional Property in an amount up to 100% of the Maximum Special Tax for Provisional Property. Notwithstanding the above, under no circumstances will the Special Tax levied in any Fiscal Year against any Assessor's Parcel of Residential Property for which an occupancy permit for private residential use has been issued be increased as a result of a delinquency or default in the payment of the Special Tax applicable to any other Assessor's Parcel within CFD No. 2021-1 by more than ten percent (10%) above what would have been levied in the absence of such delinquencies or defaults. E. COLLECTION OF SPECIAL TAXES Collection of the Special Tax shall be made by the County in the same manner as ordinary ad valorem property taxes are collected and the Special Tax shall be subject to the same penalties and the same lien priority in the case of delinquency as ad valorem taxes; provided, however, that the Council may provide for (i) other means of collecting the Special Tax, including direct billings thereof to the property owners; and (ii) judicial foreclosure of delinquent Special Taxes. F. PREPAYMENT OF SPECIAL TAX OBLIGATION 1. Prepayment in Full Property owners may prepay and permanently satisfy the Special Tax Obligation by a cash settlement with the City as permitted under Government Code Section 53344. The following definitions apply to this Section F: "CFD Public Facilities Costs" means $30,000,000 or such lower number as (i) shall be determined by the CFD Administrator as sufficient to acquire or construct the facilities to be financed under the Act and financing program for CFD No. 2021-1, or (ii) shall be determined by the Council concurrently with a covenant that it will not issue any more Bonds (except refunding bonds). "Construction Fund" means the fund (regardless of its name) established pursuant to the Indenture to hold funds, which are currently available for expenditure to acquire or construct the facilities or pay fees authorized to be funded by CFD No. 2021-1. "Future Facilities Costs" means the CFD Public Facilities Costs minus (i) costs previously paid from the Construction Fund to acquire or construct the facilities, (ii) monies currently on deposit in the Construction 10 RESOLUTION NO. 2021-05 1 1 Fund, and (iii) monies currently on deposit in an escrow or other designated fund that are expected to be available to finance CFD Public Facilities Costs. "Outstanding Bonds" means all Previously Issued Bonds, which remain outstanding as of the first interest and/or principal payment date following the current Fiscal Year excluding Bonds to be redeemed at a later date with proceeds of prior Special Tax prepayments. "Previously Issued Bonds" means all Bonds that have been issued prior to the date of prepayment. The Special Tax Obligation applicable to an Assessor's Parcel of Developed Property, Approved Property, Undeveloped Property, or Provisional Property that has been included in a Final Map may be prepaid and the obligation to pay the Special Tax for such Assessor's Parcel permanently satisfied as described herein, provided that a prepayment may be made with respect to a particular Assessor's Parcel only if there are no delinquent Special Taxes with respect to such Assessor's Parcel at the time of prepayment. An owner of an Assessor's Parcel eligible to prepay the Special Tax Obligation shall provide the CFD Administrator with written notice of intent to prepay and designate or identify the company or agency that will be acting as the escrow agent, if any. The CFD Administrator shall provide the owner with a statement of the Prepayment Amount for such Assessor's Parcel within thirty (30) days of the request and may charge a reasonable fee for providing this service. Prepayment must be made at least 60 days prior to any redemption date for the CFD No. 2021-1 Bonds to be redeemed with the proceeds of such prepaid Special Taxes, unless a shorter period is acceptable to the Trustee and the City. The Prepayment Amount shall be calculated for each applicable Assessor's Parcel or group of Assessor's Parcels as follows (capitalized terms are defined below): Bond Redemption Amount plus Redemption Premium plus Future Facilities Costs plus Defeasance Amount plus Administrative Fees and Expenses less Reserve Fund Credit less Capitalized Interest Credit Equals: Prepayment Amount The Prepayment Amount shall be determined as of the proposed prepayment date as follows: 1. Confirm that no Special Tax delinquencies apply to such Parcel. 2. For an Assessor's Parcel of Developed Property, compute the Maximum Special Tax for the Assessor's Parcel as though all Assessor's Parcels of Taxable Property within CFD No. 2021-1 have been built out. For an Assessor's Parcel of Approved Property or Undeveloped Property for which a Building Permit has been issued, compute the Maximum Special Tax for the Parcel as though it was already designated as Developed Property, based upon the Building Permit which has been issued for the Assessor's Parcel. For an Assessor's Parcel of Approved Property or Undeveloped Property for which a Building Permit has not been issued or Provisional Property to be prepaid, compute the Maximum Special Tax for the Assessor's Parcel. 3. Divide the Maximum Special Tax derived pursuant to paragraph 2 by the estimated total amount 11 RESOLUTION NO. 2021-05 of Special Taxes that could be levied at build out of all Assessor's Parcels of Taxable Property based on the applicable Maximum Special Tax for all such Assessor's Parcels of Taxable Property not including any Parcels for which the Special Tax obligation has been previously prepaid. 4. Multiply the quotient derived pursuant to paragraph 3 by the principal amount of the Outstanding Bonds to determine the amount of Outstanding Bonds to be redeemed with the Prepayment Amount (the "Bond Redemption Amount"). S. Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the "Redemption Premium"). 6. Determine the Future Facilities Costs. 7. Multiply the quotient derived pursuant to paragraph 3 by the amount determined pursuant to paragraph 6 to determine the portion of the Future Facilities Costs applicable to the Assessor's Parcel (the "Future Facilities Amount"). 8. Determine the amount needed to pay interest on the Bond Redemption Amount from the first bond interest and/or principal payment date following the current Fiscal Year until the earliest redemption date for the Outstanding Bonds on which Bonds can be redeemed from Special Tax prepayments. 9. Determine the Special Taxes levied on the Assessor's Parcel in the current Fiscal Year which have not yet been paid. 10. Determine the amount the CFD Administrator reasonably expects to derive from the investment of the Bond Redemption Amount and the Redemption Premium from the date of prepayment until the redemption date for the Outstanding Bonds to be redeemed with the Prepayment Amount. 11. Add the amounts derived pursuant to paragraphs 8 and 9 and subtract the amount derived pursuant to paragraph 10 (the "Defeasance Amount"). 12. Verify the administrative fees and expenses associated with the prepayment, including the cost to invest the Prepayment Amount, the cost of redeeming the Outstanding Bonds, and the cost of recording notices to evidence the prepayment of the Special Tax obligation for the Assessor's Parcel and the redemption of Outstanding Bonds (the "Administrative Fees and Expenses"). 13. The reserve fund credit (the "Reserve Fund Credit") shall equal the lesser of: (a) the expected reduction in the reserve requirement (as defined in the Indenture), if any, associated with the redemption of Outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirement (as defined in the Indenture) in effect after the redemption of Outstanding Bonds as a result of the prepayment from the balance in the reserve fund on the prepayment date, but in no event shall such amount be less than zero. 14. If any capitalized interest for the Outstanding Bonds will not have been expended at the time of the first interest and/or principal payment following the current Fiscal Year, a capitalized interest credit shall be calculated by multiplying the quotient computed pursuant to paragraph 3 by the 12 RESOLUTION NO. 2021-05 1 1 1 expected balance in the capitalized interest fund after such first interest and/or principal payment (the "Capitalized Interest Credit"). 15. The amount to prepay the Special Tax Obligation is equal to the sum of the Bond Redemption Amount, the Redemption Premium, the Future Facilities Amount, the Defeasance Amount and the Administrative Fees and Expenses, less the Reserve Fund Credit and the Capitalized Interest Credit. 16. From the Prepayment Amount, the Bond Redemption Amount, the Redemption Premium, and Defeasance Amount shall be deposited into the appropriate fund as established under the Indenture and be used to redeem Outstanding Bonds or make Debt Service payments. The Future Facilities Amount shall be deposited into the Construction Fund. The Administrative Fees and Expenses shall be retained by the CFD. The Prepayment Amount may be sufficient to redeem an amount other than a $5,000 increment of CFD No. 2021-1 Bonds. In such cases, the increment above $5,000 or integral multiple thereof will be retained in the appropriate fund established under the Indenture to redeem CFD No. 2021-1 Bonds to be used with the next prepayment of CFD No. 2021-1 Bonds. The CFD Administrator will confirm that all previously levied Special Taxes have been paid in full. With respect to any Assessor's Parcel for which the Special Tax Obligation is prepaid in full, once the CFD Administrator has confirmed that all previously levied Special Taxes have been paid, the Council shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of the Special Tax and the release of the Special Tax lien on such Assessor's Parcel, and the obligation of the owner of such Assessor's Parcel to pay the Special Tax shall cease. Notwithstanding the foregoing, no Special Tax prepayment shall be allowed unless the aggregate amount of Maximum Special Taxes less Administrative Expenses that may be levied on Taxable Property, respectively, after the proposed prepayment is at least 1.1 times the Debt Service on all Outstanding Bonds in each Fiscal Year. 2. Partial Prepayment The Special Tax on an Assessor's Parcel of Developed Property, Approved Property, Undeveloped Property, or Provisional Property that has been included in a Final Map may be partially prepaid. The amount of the prepayment shall be calculated as in Section F.1; except that a partial prepayment shall be calculated according to the following formula: PP = (PE -A) x F+A These terms have the following meaning: PP = the partial prepayment PE = the Prepayment Amount calculated according to Section F.1 F = the percentage by which the owner of the Assessor's Parcel(s) is partially prepaying the Special Tax Obligation A = the Prepayment Administrative Fees and Expenses from Section F.1 13 RESOLUTION NO. 2021-05 The owner of any Assessor's Parcel who desires such partial prepayment shall notify the CFD Administrator of (i) such owner's intent to partially prepay the Special Tax Obligation, (ii) the percentage by which the Special Tax Obligation shall be prepaid, and (iii) the company or agency that will be acting as the escrow agent, if any. The CFD Administrator shall provide the owner with a statement of the amount required for the partial prepayment of the Special Tax Obligation for an Assessor's Parcel within sixty (60) days of the request and may charge a reasonable fee for providing this service. With respect to any Assessor's Parcel that is partially prepaid, the City shall (i) distribute the funds remitted to it according to Section F.1., and (ii) indicate in the records of CFD No. 2021-1 that there has been a partial prepayment of the Special Tax Obligation and that a portion of the Special Tax with respect to such Assessor's Parcel, equal to the outstanding percentage (1.00 - F) of the Maximum Special Tax, shall continue to be levied on such Assessor's Parcel. Notwithstanding the foregoing, no partial prepayment shall be allowed unless the aggregate amount of Maximum Special Taxes less Administrative Expenses that may be levied on Taxable Property, respectively, after the proposed partial prepayment is at least 1.1 times the Debt Service on all Outstanding Bonds in each Fiscal Year. G. TERM OF SPECIAL TAX The Special Tax shall be levied as long as necessary to meet the Special Tax Requirement for a period not to exceed forty-five (45) Fiscal Years commencing with Fiscal Year 2021-22, provided however that the Special Tax will cease to be levied in an earlier Fiscal Year if the CFD Administrator has determined that all required interest and principal payments on CFD No. 2021-1 Bonds have been paid. H. EXEMPTIONS The CFD Administrator shall classify as Exempt Property (i) Assessor's Parcels of Public Property, (ii) Assessor's Parcels of Property Owner Association Property, (iii) Assessor's Parcels which are used as places of worship and are exempt from ad valorem property taxes because they are owned by a religious organization, (iv) Assessor's Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement, (v) Lower Income Households Welfare Exemption Property, and (vi) Assessor's Parcels classified as Non -Residential Property as determined reasonably by the CFD Administrator, provided that no such classification would reduce the sum of all Taxable Property in CFD No. 2021-1 to Tess than 44.86 Acres in Zone 1, 48.84 Acres in Zone 2 or 11.12 Acres in Zone 3. Assessor's Parcels which cannot be classified as Exempt Property because such classification would reduce the sum of all Taxable Property in CFD No. 2021-1 to less than 44.86 Acres in Zone 1, 48.84 Acres in Zone 2 or 11.12 Acres in Zone 3 shall be classified as Provisional Property and will continue to be subject to the CFD No. 2021-1 Special Taxes accordingly. Tax exempt status for the purpose of this paragraph will be assigned by the CFD Administrator in the chronological order in which property becomes eligible for classification as Exempt Property, except for Non -Residential Property, which will be assigned tax exempt status only after all other eligible property types have been classified as Exempt Property. If the use of an Assessor's Parcel of Exempt Property changes so that such Assessor's Parcel is no longer classified as one of the uses set forth in the first paragraph of Section H above that would make such 14 RESOLUTION NO. 2021-05 1 1 1 Assessor's Parcel eligible to be classified as Exempt Property, such Assessor's Parcel shall cease to be classified as Exempt Property and shall be deemed to be Taxable Property. I. APPEALS AND INTERPRETATIONS Any property owner claiming that the amounts or application of the Special Taxes is not correct may file a written notice of appeal with the CFD Administrator not later than twelve months after having paid the first installment of the Special Taxes that are disputed. The CFD Administrator shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Taxes, and rule on the appeal. If the decision of the CFD Administrator requires that the Special Taxes for an Assessor's Parcel be modified or changed in favor of the property owner, a cash refund shall not be made but an adjustment shall be made to the Special Taxes on that Assessor's Parcel in the subsequent Fiscal Year(s) to compensate for the overpayment of the Special Taxes. Any landowner who pays the Special Tax and claims the amount of the Special Tax levied on his or her Assessor's Parcel is in error shall first consult with the CFD Administrator regarding such error not later than thirty-six (36) months after first having paid the first installment of the Special Tax that is disputed. If following such consultation, the CFD Administrator determines that an error has occurred, then the CFD Administrator shall take any of the following actions, in order of priority, in order to correct the error: i. Amend the Special Tax levy on the landowner's Assessor's Parcel(s) for the current Fiscal Year prior to the payment date, ii. Require the CFD to reimburse the landowner for the amount of the overpayment to the extent of available CFD funds, or iii. Grant a credit against, eliminate or reduce the future Special Taxes on the landowner's Assessor's Parcel(s) in the amount of the overpayment. If following such consultation and action by the CFD Administrator the landowner believes such error still exists, such person may file a written notice of appeal with the Council. Upon the receipt of such notice, the Council or designee may establish such procedures as deemed necessary to undertake the review of any such appeal. If the Council or designee determines an error still exists, the CFD Administrator shall take any of the actions described as (i), (ii) and (iii) above, in order of priority, in order to correct the error. The Council or designee thereof shall interpret this Rate and Method of Apportionment of Special Tax for purposes of clarifying any ambiguities and make determinations relative to the administration of the Special Tax and any landowner appeals. The decision of the Council or designee shall be final. 15 RESOLUTION NO. 2021-05 Exhibit A Zone Descriptions A-1 RESOLUTION NO. 2021-05 VICINITY MAP JULIE LN Legend OProposed CFD Boundary �Q I Map Reference Number Zone 1 Zona 2 I%r,I Zone 3 wi MAP OF PROPOSED BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2021-1 (UNIVERSITY PARK) CITY OF PALM DESERT COUNTY OF RIVERSIDE STATE OF CALIFORNIA YAROERim „0 W+��E SYYYYYY PARK DR 17, SHEET 1 OF 1 FILED IN THE OFFICE OF THE CITY CLERK THIS DAY OF 20 . HEREBY CERTIFY THAT THE WITHIN MAP SHOAMIG PROPOSED BOUNDARIES OF COMMUMTY FACILRES DISTRICT NO 2021-1 (UNNERSRY PARK) CITY OF PALM DESERT. COUNTY OF RIVERSIDE, STATE OF CALIOORNLA. WPSAPPRCNED BY THE CRY COUNCIL OF THE CITY OF PALM DESERT AT A REGULAR MEETING THEREOF. HELD OVINE DAY OF . 20_ BY ITS RESOLUTION NO. CRY CLERK CITY OF PALM DESERT FILED THIS DAY OF . 20 AT THE HOUR OF OCLOCK .M IN BOOK OF MAPS OF ASSESSMENT AND COMMUNITY FACILITIES DISTRICTS AT PAGES) IN THE OFFICE OF THE COUNTY RECORDER COUNTY OF RIVERSIDE STATE OF CALIFORNIA. PETERALDANA.ASSE55OR-COUNT' CLERK.RECOR DER BY DEPUTY COUNTY RECORDER COUNTY OF RIVERSIDE STATE OF CALIFORNIA THE UNE91WO CNNENSIONS OF EACH LOT OR PARCEL SHOWN ON THIS ONGRA4 SHALL BE THOSE LINES AND DIMENSIONS AS SFIOWII ON THE RIVERSIDE COUN'Y ASSESSORS MAPS FOR THOSE PARCELS USTED THE RIVERSIDE COUNTY ASSESSORS MAPS SHALL GOVERN FOR ALL DETAILS CONCERNING THE LINES AND DIMENSIONS OF 9UCH LOTS DR PARCELS MAP REFERENCE ASSESSOR'S IMP REFERENCE ASSESSOR'S MURDER PARCEL NUMBER wawa PARCEL NLRDER 1 894-(90-010 B 094190 056 2 694-190031 0 894-150-058 ......._......__?___._._._....__ 034_I210-036__. 10 .._..___ 694-150-070_._ 4 034190437 11 594150472 5 604190008 12 B94-130079 8 8114190063 13 994-290-013 7 894-190065 14 994-290-014 WWI LLDAN 21308 VIA INDUSTRIAL SUITE4200 T!MECUA, CA92590 (951) 587.6600 A-2