…. 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.
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:
- Bond counsel
- Special tax consultant
- Financial advisor/Underwriter
- Engineering & Estimating consultant
- Absorption analyst
- CFD Administrator
- Arbitrage/Rebate service provider
- Dissemination agent for continuing disclosure
- 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?
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All we need is a simple funding mechanism to keep our parks maintained.