A Simple Parcel Tax Versus….

 

…. A  COMMUNITY FACILITIES DISTRICT BUREAUCRACY

When the Wildomar City Council meets on June 27, 2012 to vote on the current staff-recommended Mello Roos/Communities Facilities District (“CFD”) measure, which was already defeated on June 07, 2011, they need to know the differences between their much-beloved CFD and a simple Parcel Tax.

As always, as a public service, Wildomar Magazine provides a comparison of the bureaucratic hierarchy required to implement a CFD, if successful, for a $28 per year assessment for parks and a parcel tax for the same amount.

PARCEL TAX:

The cost of administrating the collection of a parcel tax by the Tax Collector of the County of Riverside would be in the range of 1.5-2 % per year.

COMMUNITY FACILITIES DISTRICT:

The recommended consultant hierarchy for the administration of a Mello Roos/Community Facilities District, is as follows:

  1. Bond counsel
  2. Special tax consultant
  3. Financial advisor/Underwriter
  4. Engineering & Estimating consultant
  5. Appraiser
  6. Absorption analyst
  7. CFD Administrator
  8. Arbitrage/Rebate service provider
  9. Dissemination agent for continuing disclosure
  10. Foreclosure counsel

 I intend to be present at the Special Meeting on Wednesday evening to inquire of  the Wildomar city Council as to why they would be willing to choose a CFD over a simple parcel tax?

Comments can be made to gilrasmussen2012@gmail.com.

All we need is a simple funding mechanism to keep our parks maintained.

Advertisements

Comments are closed.

%d bloggers like this: