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3/17/2004 - STAFF REPORTS (27)
DATE: March 17, 2004 TO: City Council FROM: Director of Public Works/City Engineer ASSESSMENT DISTRICT 162 RECOMMENDATION: It is recommended that after consideration of a review of the Assessment District application, the City Council consider one of the following options: 1. Approve the application for further processing of the formation of Assessment District 162, submitted by Ironwood Homes, doing business as Palm Springs Modern Homes, and allow the formation of Assessment District 162 to proceed with an initial estimated bond amount less than the $2,000,000 minimum established by the City's Policies and Procedures for Special Assessment and Mello-Roos Community Facilitiy District (CFD) Municipal Bond Financing for Public Improvements for Development Projects; authorize staff to select and negotiate contracts with consultants for an assessment engineer's report, appraisal and market absorption study; and collect necessary deposits from the applicant to fund consultant contracts. 2. Deny the application for further processing of the formation of Assessment District 162, submitted by Ironwood Homes, doing business as Palm Springs Modern Homes. SUMMARY: An application has been filed with the City in October 2003 and modified in February 2004 for formation of a 1913 Act Assessment District using 1915 Act Bonds for two separate development projects: "The Villas", Tract No. 29077, located on the south side of Tahquitz Canyon Way west of Cahuilla Road; and "48 @ Baristo", Tract No. 30941, located on Baristo Road west of Sunrise Way. These developments are being constructed by Ironwood Homes, doing business as Palm Springs Modern Homes. The City has established Policies and Procedures for Special Assessment and Mello-Roos Community Facilitiy District(CFD) Municipal Bond Financing for Public Improvements for Development Projects that outlines the minimum criteria for Assessment Districts formed in the City, as well as the guidelines and process for their formation. The subject application requires special consideration with regard to the minimum bond amount, as well as a review of the potential benefit to the City as a result of the Assessment District formation. BACKGROUND: Ironwood Homes, doing business as Palm Springs Modern Homes, is the developer for Tract No. 29077 located on the south side of Tahquitz Canyon Way west of Cahuilla Road The Tract Map was approved and recorded in September 2003 and consists of 47 single family residential lots. They are also the developer of Tract No. 30941 located on Baristo Road west of Sunrise Way which consists of 48 condominium units. Ernie Vincent, Vice-President of Palm Springs Modern Homes, has submitted an application for formation of a 1913 Act Assessment District using 1915 Act Bonds for the public improvements for both of their approved developments. In accordance with the City's Statement of Policies and Procedures for Special Assessment and Mello-Roos Assessment District 162 March 17, 2004 Page 2 Community Facility District (CFD) Municipal Bond Financing for Public Improvements for Development Projects, a pre-application conference with staff was held and the applicant submitted a $10,000 initial application fee. On February 27, 2004, the applicant met with the City's Special Districts Committee to review the proposed application. The applicant is proposing that the Assessment District fund public sewer improvements, water improvements, street improvements, sewer fees, drainage fees, water fees, engineering costs, and all district formation and financing costs for both development projects. In addition, relatively extensive utility undergrounding adjacent to the property being developed as Tract No. 29077 is proposed to be funded by the Assessment District. The total estimated bond amount for Tract No. 29077, known as "The Villas" is$1,083,626 and the total estimated bond amount for Tract No. 30941, known as "48 @ Baristo" is $418,208 for a total Assessment District bond amount of $1,501,834. The Committee noted that this total was less than the $2,000,000 minimum bond amount established by the City's Policy. This minimum bond amount was established by City Council for reasons of cost effectiveness, because there are certain fixed costs associate with all district formations. These fixed costs are a higher percentage of the overall district improvement costs, when the districts consisted of relatively limited amounts of improvements. The developer is requesting an exception to the minimum bond amount requirement, which is allowed by formal action by the Council, as specified by the Policy in Section 4(2)(C). The main reason the developer is requesting the exception is that they are proposing to complete the utility undergrounding work in and around the neighborhood adjacent to Tract No. 29077 including construction of new underground services to existing residential and commercial properties, if the Assessment District is approved. The City Council, as a requirement of its conditional approval of Tentative Tract Map 29077, required the developer to underground all overhead utilities on or adjacent to the site. However, the overhead utilities on the south property line have overhead service connections to existing properties, which would require 100% property owner concurrence to allow the developer to enter onto the properties and convert the overhead services to underground services for each existing property. The developer is proposing to fund these on-site conversion costs, if the Assessment District is approved, thereby resulting in the undergrounding of all adjacent overhead utilities. The utility undergrounding of the overhead lines adjacent to Tract No. 29077 was a commitment that was made to the neighborhood by the original tract developer. The current developer subsequently acquired the property from the original developer after it was entitled and the requirement to underground the existing overhead utilities was imposed. Additionally, improvements to the west end of Tahquitz Canyon Way (near Museum Way) were an important item discussed during the entitlement process for Tentative Tract Map 29077. The current proposal by the developer includes removal of existing street improvements and construction of decorative pavers, a landscaped median, and other aesthetic improvements within Tahquitz Canyon Way that will greatly enhance the public right-of-way. A final factor to consider with regard to public benefit is the improvements related to flood control and storm drainage in the area. The existing property, when vacant, was subject to extensive flooding during severe storms. The runoff from the adjacent hillsides would subject downstream properties that were constructed 20, 30, and even 50 years ago to Assessment District 162 March 17,2004 Page 3 potential flooding. As a result of this project, flood control improvements are proposed that will redirect storm water runoff to existing storm drain facilities; and the development itself will collect and convey runoff in a manner that provides greater flood control protection for downstream properties than existed previously. The developer estimates that for"The Villas" project, the bond amount assessed to each lot will be$23,454 (approximate$1,383 annual payment per lot); and forthe"48 @ Baristo" project, the bond amount assessed to each lot will be $8,578 (approximate $523 annual payment per lot) which are both below the City's policy requiring a value to lien ratio of 4 to 1. At a 4 to 1 ratio, the minimum property value for "The Villas" project would be $92,224; and the minimum propertyvalue forthe"48 @ Baristo" projectwould be$34,851. The developer has indicated that pre-sale prices of"The Villas"are approximately$600,000 and pre-sale prices for the "48 @ Baristo" project are approximately $400,000. The controlling criteria established in the City's policy on the formation of Assessment Districts is outlined under Section 4, "Minimum Requirements," Section 1, "Benefit". This section indicates that the City should consider formation of Assessment Districts if the following minimum "benefit" criteria are met: 1. The proposed project shall provide major infrastructure improvements that significantly benefit the general public, and/or 2. The project shall provide significant financial benefit to the City. Determining whetherthe proposed Assessment District application meets these two general criteria is somewhat subjective. However, the application does propose to convert existing overhead utility lines to underground facilities which is a major infrastructure improvement that affects "The Villas" project as well as the adjacent properties. Furthermore, development of the vacant land into individual residential properties that may sell for $600,000 each at "The Villas" project and $400,000 each at "48 @ Baristo" project has some financial benefit to the City in terms of additional property tax revenue as well as the spill-over effect of additional property owners living and working in our City and contributing to the overall economy of the community. SUBMITTED: 1 � ' DAVID J. BARAKIAN Director of Public Works/City Engineer APPROVED: READY City Manager � f l City ATTACHMENTS: REVIEWED BY DEPI OF FINANCE 1. Assessment District Application ir(r 2. Resolution (approving formation of assessment district) - t,r N 3. Minute Order (denying formation of assessment district) CITY OF PALM SPPINGS Special Assessment District and Mello-Roos District Community Facilities District Public Finance Program Application of Ironwood Homes dba Palm Springs Modern Homes Jf �%. .. SdF x4iNT�°eYll k�*PV+`�N(.XTHeYfR�A',I�Y�1�'Y55�N uy � ^Y1 fd palm springs t gg ITM a P Attachment 1 —Application Information, Etc. Attachment Z—City Planning Approvals � x " � t� a�yf �,ta1? X,ihg��I:rt Attachment 3 - Previous Projects Attachment 4—Improvement Cost MI Breakdown Attachment 5—Current Property Taxes w rFb K t .Attachment 6—Value to Lien /Appraisals Attachment 7—Developer Experience With Public Financing q g� Attachment 8—Developer Experience Past Projects Attachment 9—The Need For Public Financing Im Attachment 10—Public En i ief£s Owning Improvements s, k :#ty�^yiyk; ac men il - Lffec�on�ur_— ing " "W WAr y Property Owners �;ri��dM N i ���., ig" d r, R", Previous Defaults r ' .�'°it"�fC� '�, �...,_ Attachment 13—Unusual Opportunities Attachment 14— Financial Information � H � b � '"`4+ �l 1 P d ti r 1��ii t Attachment 15—Property Maps, Etc... DISTRICT AP.PUCATION CITY OF PALM SPRINGS Special Assessment and Mello-Roos District Community Facilities District Public Finance Program Instructions: 1. Please complete the following:Sections in To be Comol'eted by City the spaces provided. 2 Attach additional sheets it necessary. County/Dis trict Accounting No. 3. Attach S5,000 non-refundable application Fee. A Applicant Information Date Application Fee Received OpA 11 t Name RD,t/&✓ODD /�irfES Name of Civil Engineer for Project to Date Relationship to LandownerSEE/Q7Ti5E'&1v1eiy7- / Name SEEAT7AeH�?EryT / Mailing Address Contact Address Contact Title Phone L_) Phone B. Landowner Information Preferred Proceedings (Check) Landowner Name S!Fe-d ~1_f9e/VT Improvement Act of 1911 Mailing Address Improvement Acts of 1913/15 All" Mello-Roos Community Facilities Act Contact Undecided Title Fxplanation Phone L_) S_ 45 i97x%—_�eyr / Project Land Use Summary (Le.,number of units/acres by land use category) Name of Project Provide map identifying SEE AT7iyCh'ME�vT zoning title or ordinance number. Additional Project Information 1. City planning approvals (subdivision approvals received to date including processing numbers, dates of approval, current processing status and development agreement reference,if any). SSE iJ7'TAe�6/rerE�yT' 2. 2 Previous names:under which this project has been known or processed by the City (list names and dates). SEf AT7�lc.,S+�E�dT 3 3. Improvements or fael ties proposed for assessment district or community facilities district financing. (Provide a cost breakdown, map and construction timetable for each facility or improvement proposed.) SFE' /977+�if�cr�NT ¢ 4. All eusting and proposed taxes, assessments, liens or other secured interests on aQ propertyivithin the proposed district (Provide a copy of recent property tax bill.) SEE' i92�9e Hitt��%yT S^ 5. Fstimated property value-to-lien ratio including the value of public improvements to be financed (to be documented by letter from MAI appraiser or other qualified party). 6- 'Prior,experience developer/landowner has had with assessment and/or community facilities district financing. 5F� �97�E�T r7 -2- 7. Other land development ventures by landowner and/or developer in the City of Riverside and in California within the last five years (include location,land use summary, period of construction,etc) Other District FormationNinancinu Information 1. Projecfs need for assessment and/or community facilities district financing. S� �9Tr.9cr,Pi►rE.yr 9 2 Public entities anticipated to own, operate or maintain facilities or improvements proposed. SSE /I7'T/r'Ch'rN�ryT /O 3. Surrounding property owners which may be affected by or be included in the proposed district financings and percentage of total acreage owned by applicant (Attach a map identifying their property locations, affected facilities, and evidence indicating support for the proposed district financing.) aE�^ /`JTT�9C/,atiJfNT // Miscellaneous 1. Indicate whether an application for assessment and/or community facilities district financing has ever been previously denied by the City Council for this property. If so, explain the circumstances and reasons. $Eg /?'7'7a9CH�slENT / Z Indicate whether the landowner/developer and/or joint venture participant has ever been party to an abandoned, defaulted and/or court challenged assessment or community facilities district financing. If so,state when,where, issue size, circumstances and reasons. -3- 3. Do you foresee any unusual requirements, problems, unique opportunities, etc, that may east in the requested financing of the project? S�� i9-7/lcNMr�trz- /3 4. Provide recent financial statements of landowner, developer, joint venture, etc, or provide lead baaker/lender references or other information demonstrating past financial performance. /}- Submitted By. Firm 2i CWs,/dOD IA?ES Name E,VWOS7-p• 4'2�Y�--%Y77 Title !/lCc� G'�6siDE�vT Date Signature ✓//CO. Y.�C/ lD �� T -4- CITY OF PALM SPRINGS ASSESSMENT DISTRICT NO. 162 PETITION OF PROPERTY OWNERS We, the undersigned, being owners of property within the area of a proposed assessment district to be established under the Municipal Improvement Act Of 1913, Division 12 (Section 10000, et seq.) of the Streets and Highways Code of the State of California (the "Act"), do hereby petition the City Council of the City of Palm Springs (the "City")to forthwith commence and carry through to completion under the provisions of said Act, all proceedings for the formation of a Special Assessment District as hereinafter described and for the acquisition of the hereinafter mentioned improvements within the City of Palm Springs and the County of Riverside, State of California. The area within the District, which we hereby request the City Council to form as a Special Assessment District, as hereinabove mentioned, is shown on a map attached hereto as Exhibit "A" entitled "Map Of Proposed Assessment District No. 162." The improvements which we hereby request to be acquired for the benefit of the property within the above mentioned proposed assessment district are street, sewer, water, and public art. The estimated acquisition cost of the improvements to be financed from Assessment District No. 162 is One Million Three Hundred Thousand and 00/100 Dollars ($1,300,000.00), exclusive of formation and financing costs. We, and each of us, hereby request said assessment proceedings and the acquisition of the improvements, and do hereby waive and request the District to dispense with any and all proceedings and all limitations under the Special Assessment Investigation, Limitation And Majority Protest Act Of 1931, Division 4 (Section 2800, et seq.) of the Streets and Highways Code of the State of California. This petition is filed with you under and pursuant to the provisions of Section 2804 of the Streets and Highways Code of the State of California, as amended, a part of the Special Assessment Investigation, Limitation And Majority Protest Act Of 1931. The petition may be filed in counterpart or may be joined with other petition for a similar work. 4eA10 A-1 DOCSOC\995272v I\24547.0000 LANDOWNER LAND-TAX PARCEL DATE SIGNATURE AND ADDRESS NO. &ACREAGE OF SIGNING Zone 1: Palm Spr' s dern I mes V, LLC, A Cal' r�'a limite iabilit mpa 513-120-056 5.48 Acres - 1-012 0.79 Acres rin , A r res rve 12/11/03 c/o Ironwood Homes 74-140 El Paseo, Suite 4 PMB 520 Palm Desert, CA 92260 Zone 2: Palm S gs Mod Homes 11, LLC, 508- - -° 1.27 Acres COA omia li ted liability c any 508-100-003 1.27 Acres 508-100-009 1.06 Acres y: - 508-100-010 1.06 Acres Autho ' sentative 12/11/03 c/o Ironwood Homes 74-140 El Paseo, Suite 4 PMB 520 Palm Desert, CA 92260 A-2 DOCSOC\995272v 1\24547,0000 If the proposed improvements as they relate to any parcel of property are to be constructed pursuant to a contract entered into or proposed to be entered into between the developer and the City or County pursuant to Section 66462 of the Government Code (subdivision of land) the following signatures must be obtained for that property: DEED OF TRUST HOLDERS LAND-TAX PARCEL DATE SIGNATURE AND ADDRESS NO. &ACREAGE OF SIGNING Zone 1: PFF Bank&Trust a California gcy,,julion 513-120-056 5.48 Acres By: L / / 513-141-012 0.79 Acres Syl i Faber, t Vio Presiden 9 ° VICE Pr'Eslcc-4-F 9467 Milliken Avenue Rancho Cucamonga, CA 91730 Zone 2: Pacific Western National Bank 508-100-002 1.27 Acres 508-100-003 1.27 Acres 508-100-009 1.06 Acres By: 508-100-010 1.06 Acres David Dangwillo Vice President 601 E. Tahquitz Canyon Way Palm Springs, CA 92262 A-3 DOCS OC\995272v 1\24547.0000 If the proposed improvements as they relate to any parcel of property are to be constructed pursuant to a contract entered into or proposed to be entered into between the developer and the City or County pursuant to Section 66462 of the Government Code(subdivision of land)the following signatures must be obtained for that property: DEED OF TRUST HOLDERS LAND-TAX PARCEL DATE SIGNATURE AND ADDRESS NO.&ACREAGE OF SIGNING Zone 1: PFF Bank&Trust a California corporation 513-120-056 5.48 Acres By: 513-141-012 0.79 Acres Sylvia Faber, Vice President �—�--- 9467 Milliken Avenue Rancho Cucamonga, CA 91730 Zone 2. Pacific Western National Bank 508-100-002 1.27 Acres 508-100-003 1.27 Acres 509-100-009 1.06 Acres B 508-100-010 1.06 Acres David" 601 E. Taliquitz Canyon Way Palm Springs, CA 92262 13 A-3 DOCSOC1995272v1124547.0000 City of Palm Springs Special Assessment District and Mello-Roos District Community Facilities District Public Finance Program A. Applicant Information Applicant Name: Ironwood Homes, dba Palm Springs Modern Relationship to Landowner: Zone 1: Managing Member of the LLC which owns the property and General Contractor on the Project Zone 2: Managing Member of the LLC which owns the property and General Contractor on the Project Preferred Proceedings: Applicant prefers a 1913/1915 Act Assessment District as this is the easiest to form and administer. Name of Project: (for maps, etc., see Attachment 15) Zone 1: The Villas in Old Palm Springs Zone 2: 48 @ Baristo Name of Civil Engineer for Project to Date: Mainiero, Smith&Associates ---Marvin Roos 777 Tahquitz Canyon Way Palm Springs, CA 92262 Phone: (760) 320-9811 Telecopier: (760) 323-7893 B. Landowner Information: Zone 1: Palm Springs Modern Homes V,LLC 74-140 El Pasco, Suite 4 PMB —520 Palm Desert, CA 9260 / Telephone: (760) 776-6587 Telecopier: (760) 776-9516 Contact: Ernie Vincent Vice President (760) 320-8841 Zone 2: Palm Springs Modern Homes II, LLC 74-140 El Paseo, Suite 4 PMB—520 Palm Desert, CA 92260 Telephone: (760) 776-6587 Telecopier: (760) 776-9516 Contact: Ernie Vincent Vice President (760)320-8841 Project Land Use Summary: Number Number Density Of Acres of Units Per Acre Zoning The Villas 6.5 47 7.23 Units Residential 48 @ Baristo 4.5 48 10.7 Units Residential (See Attachment 15 for Zone Maps and additional project information) oil A1.5000 Additional Project Information 1. City planning approvals (subdivision approvals received to date including processing numbers, dates of approval, current processing status and development reference, if any). Zone 1 -- The Villas in Old Palm Springs, consists of 47 single-family, planned-unit- development lots, both attached and detached, with all entitlements in place. Please refer to Final Tract Map No, 29077 Zone 2—48 @ Baristo consists of 48 condominium units, per Final Tract Map No. 30941 and as per recorded condominium plans. Additional Proiect Information 2. Previous names under which this project has been known or processed by the City (list names and dates). Zone 1 —formerly known as "Tahquitz Villas" 2000—2003 Zone 2—no prior project names dtefiO Additional Project Information 3. Improvements or facilities proposed for assessment district or community facilities district financing. (Provide a cost breakdown, map and construction timetable for each facility or improvement proposed). See attached Spreadsheet I City of Palm Springs AD No. 162 Preliminary Draft 2 Improvement Costs 3 AD-CFD 2-Zone Spreadsheet 4 5 Zone 1 Zone 2 Total 6 The Villas Baristo All Zones 7 47 Lots 48 Units 95 Lots/units 8 Hard Construction Costs 9 10 Sewer Improvements 11 Adjust Manhole to Grade 600 0 600 12 Hook up to Main 7 000 14,250 21,250 13 Subtotal Sewer 7,600 14,250 21,850 14 15 Water Improvments 16 200 ft. of 12" Main @$50 per ft. 10,000 0 10,000 17 One 10"Fire Service 12,000 0 12,000 18 One 8" Fire Service 0 13,593 13,593 19 Five 2" Services @ $1200 each 6,000 0 6,000 20 Two 2"Services with 2" meters 0 20,640 20,640 21 Inspection Fees 3,000 3,000 6,000 22 Five 2" Meters @ $8,645 each 43,225 0 43,225 23 Five 2" D.C. @ $700 ea. (backflow) 3,500 0 3,500 24 Two 2"R.P Backflow on meters @$800 0 1,600 1,600 25 One 2"Service with 1.5 meter on Baristo 0 5,995 5,995 26 One 1 1/2" backflow 0 1,300 1,300 27 Mainline Taps &Tie-Ins Q $3K ea. 5,000 5,000 28 Maintenance Bond 2,500 2,600 5,100 29 Water Front Footage Fees 5500 T243 12.743 30 Subtotal Water 90,725 55,971 146,696 31 32 Street Improments 33 Traffic Signal Contribution 12,500 0 12,500 34 Curb&Gutter on Public Street 3,630 1,430 5,060 35 Grading &Base on Public Street 8,800 6,636 15,436 36 Cross Gutter&Spandrels 700 3,420 4,120 37 City Sidewalk 1,600 2,743 4,343 38 Pavers in Public Right of Way 93,500 0 93,500 39 Median (including lighting & landscape) 6,000 0 6,000 40 Remove Existing Pavement 11,700 2,464 14,164 41 Temporary Asphalt Pavement 12,000 0 12,000 42 Asphalt Pavement 0 1,093 1,093 43 Slurry Coat Public Right of Way 0 3,060 3,060 44 Utility Undergrounding 240,000 0 240,000 45 Handicapped Ramp 750 0 750 46 Driveway Approach in Public Right of Way 2,500 4,648 7,148 47 Total Street Improvements 393,680 26,494 419,174 48 49 Drainage Improvements 75,000 0 75,000 50 51 7 52 Subtotal Construction 567,005 95,715 983,122 53 10% Construction Contingency 56,701 9,572 66,272 54 Total Hard Construction 623,706 105,287 728,992 55 56 Impact Fees 58 Sewer Connection Fee 113,176 115,584 228,760 59 Drainage Fee 45,219 33,680 78,899 60 Water Front Footage Fees 5,500 7,243 12,743 61 Total Impact Fees 163,895 156,507 320,402 62 63 64 Engineering Costs 65 66 Engineering & Planning 50,000 30,000 80,000 67 10% Engineering Contingency 5,000 3,000 8,000 68 Total Engineering 55,000 33,000 88,000 69 70 Total Construction Hard/Soft 842,601 294,794 1,137,394 71 Developer Contribution (100,000) (20,000) (120,000) 72 Net Construction Costs 742,601 274,794 1,017,394 73 74 District Formation Costs 75 76 Assessment Engineer 17,500 7,500 25,000 77 Financial Advisor 20,000 10,000 30,000 78 Bond Counsel 25,000 10,000 35,000 79 Miscellaneous Fees/Consultants 30,000 20,000 50,000 80 Total District Formation Costs 92,600 47,500 140,000 81 82 Financing Costs 83 84 Bond Discount @ 2% 20,710 7,993 28,703 85 Bond Reserve @ 10% 103,552 39,964 143,517 86 Cap. Interest 6% -2 Years 124,263 47,957 172,220 87 Total Financing Costs 248,626 95,916 344,440 88 89 Total Bond Amount $1,083,626 $418,208 1,501,834 90 91 Bond Amount Per Lot $23,056 $8,713 92 93 Typical Annual Payment $1,383 $523 94 95 Monthly Cost per Lot $115 $44 Minimum Lot Value @ 4 to 1 $92,224 $34,851 Additional Proiect Information 4. All existing and proposed taxes, assessments, liens or other secured interest on all property within the proposed district(Provided a copy of recent property tax bill). Zone 1 APN 513-141-012 APN 513-120-056 Zone 2 APN 508-100-002 APN 508-100-003 APN 508-100-009 APN 508-100-010 See attached Ao� ! Page 1 of 2 FIRST AMERICAN TITLE October 28,2003 11:27:23 am PST Report Origination ID:03-RO3-3460 RIVERSIDE COUNTY2003.04 TAX ROLL Title Officer: 01 Order:3333333 APN 513-141.012-6 PAYMENTS AS OF 10/17/2003 TRA 011-037-CITY OF PALM SPRINGS Legal LOTS 16, 17,18&19 BLK 8 MB 0091432 SD MAP OF PALMSPRINGS FOR TOTAL DESCRIPTION SEE ASSESSORS MAPS Situs 389 TAHQUITZ DR Mail 74140 EL PASEO NO 4 PALM DESERT CA 92260 Acq.Date:Doc No. 12/2002 : 0744640 Assessed Owner PALM SPRINGS MODERN HOMES V Assessed Values Taxes 1st Half 2nd Half Land 435,000 Status OPEN OPEN Payment Date Total Tax 4,874.26 Tax Install 2,437.13 2,437.13 Penalty 243.71 263.71 Balance Due 2,437.13 2,437.13 Net 435,000 Total Taxes Due 4,874.26 Additional Property Information TAX CODE USE CODE VESTING PUI CODE STAMP AMOUNT TAX RATE 000 CY CO C24 3410.00 F 1.12052% Reference Notices • T/O 01 ORDER 3333333 • BILL:000231977 • SEE PRIOR YEAR DELQ TAXES; NO BONDS T 1 file://C:\Program%20Files\BackWeb\NewSTS\litml\O\report?300 html Page 1 of Y FIRST.AMERICAN TITLE October 28,2003 11:27:35 am PST Report Origination ID:03-R03.3460 RIVERSIDE COUNTY2003-04 TAX ROLL Title Officer: 01 Order:3333333 APN 513-120-056-1 PAYMENTS AS OF 10/17/2003 TRA 011-037-CITY OF PALM SPRINGS Legal 5.28 ACRES M/L IN POR ELKS 1 &6 MB 009/432 SD MAP OF PALM SPRINGS Mail 74140 EL PASEO NO 4 PALM DESERT CA 92260 Acq.Date:Doc No. 12/2002 : 0744640 Assessed Owner PALM SPRINGS MODERN HOMES V Assessed Values Taxes 1st Half 2nd Half Land 2,665.000 Status OPEN OPEN Payment Date Total Tax 29,865.30 Tax Install 14,932.65 14,932.65 Penalty 1,493.27 1,513.27 Balance Due 14,932.65 14,932.66 Net 2,665,000 Total Taxes Due 29,865.30 Special Assessments Included In Tax Amounts Fund Type Description Amount 68-1864 MISC ASMNT CSA 152 PALM SPRINGS 2.50 68-1378 FLOOD CONT NPDES-WHITEWATER .96 Total Of Special Assessments 3.46 Additional Property Information TAX CODE USE CODE VESTING PUI CODE ACREAGE STAMP AMOUNT TAX RATE 000 CY CO C24 5.00 3410.00 F 1.12052 Reference Notices • T/O 01 ORDER 3333333 • BILL:000231934 • SEE PRIOR YEAR DELQ TAXES; NO BONDS file://C:\Program%2OFiles\BackWeb\NewSTS\html\O\renort2400 Mull A'age 1 or z FIRST AMERICAN TITLE October 28,2003 11:27:45 am PST Report Origination ID:03-RO3.3460 ( RIVERSIDE COUNTY 2003-04 TAX ROLL Title Officer: 01 Order:3333333 APN 508-100-002-2 PAYMENTS AS OF 10/17/2003 TRA 011.052-CITY OF PALM SPRINGS Legal 1.25 ACRES M/L IN POR SE 114 OF SEC 14 T4S R4E FORTOTAL DESCRIPTION SE E ASSESSORS MAPS Mail 74140 EL PASEO NO 4 PALM DESERT CA 92260 Acq.Date:Doc No. 11/2002 : 0697650 Assessed Owner PALM SPRINGS MODERN HOMES II Assessed Values Taxes 1st Half 2nd Half Land 262,500 Status OPEN OPEN Payment Date Total Tax 2,941.36 Tax Install 1,470.68 1,470.68 Penalty 147.07 167.07 Balance Due 1,470.68 1,470.68 Net 262,500 Total Taxes Due 2,941.36 Additional Property Information TAX CODE USE CODE VESTING PUI CODE ACREAGE STAMP AMOUNT TAX RATE 000 YR CO R07 1.00 1177.00 F 1 A 2052 Reference Notices • T/O 01 ORDER 3333333 • BILL:000228276 • SEE PRIOR YEAR DELQ TAXES; NO BONDS file://C:\Prograln%20Filcs\BackWcb\NeWSTS\html\0\i=linrt2500lit,nl 1n/,) lqr,i Pagel of 2 FIRST AMERICAN TITLE October 26,2003 11:27:55 am PST Report Origination ID:03-RO3-3460 RIVERSIDE COUNTY 2003-04 TAX ROLL Customer Service Request APN 508.100-003-3 PAYMENTS AS OF 10/17/2003 TPA 011-052-CITY OF PALM SPRINGS Legal 1.25 ACRES M/L IN POR SE 114 OF SEC 14 T4S R4E FORTOTAL DESCRIPTION SE EASSESSORS MAPS Mail 74140 EL PASEO NO 4 PALM DESERT CA 92260 Acq.Date:Doc No. 11/2002 : 0697650 Assessed Owner PALM SPRINGS MODERN HOMES II Assessed Values Taxes 1st Half 2nd Half Land 262,5,00 Status OPEN OPEN Payment Date Total Tax 2,941.36 Tax Install 1,470.68 1,470.68 Penalty 147.07 167.07 Balance Due 1,470.68 1,470.68 Net 262,500 Total Taxes Due 2,941.36 Additional Property Information TAX CODE USE CODE VESTING PUI CODE ACREAGE STAMP AMOUNT TAX RATE 000 YR CO R07 1.00 1177.00 F 1.12052 Reference Notices • BILL:000228277 file://C: Program%20Files\BackWeb\NeWSTS\html\O\rA,io rt2r;nn bfinl rage 1 01 L FIRST AMERICAN TITLE October 28,2003 11:28:03 am PST Report Origination ID: 03-11O3.3460 RIVERSIDE COUNTY 2003-04 TAX ROLL Customer Service Request APN 508-100-009-9 PAYMENTS AS OF 10/17/2003 TRA 011-052-CITY OF PALM SPRINGS Legal 1.06 ACRES M/L IN POR SE 1/4 OF SEC 14 T4S R4E FORTOTAL DESCRIPTION SE E ASSESSORS MAPS Mail 74140 EL PASEO NO 4 PALM DESERT CA 92260 Acq.Date:Doc No. 11/2002 : 0697650 Assessed Owner PALM SPRINGS MODERN HOMES II Assessed Values Taxes 1st Half 2nd Half Land 262,500 Status OPEN OPEN Payment Date Total Tax 2,941.36 Tax Install 1,470.68 1,470.68 Penalty 147.07 167.07 Balance Due 1,470.68 1,470.68 Net 262,500 Total Taxes Due 2,941.36 Additional Property Information TAX CODE USE CODE VESTING PUI CODE ACREAGE STAMP AMOUNT TAX RATE 000 YR CO R07 1.00 1177,00 F 1.12052% Reference Notices • BILL:000228278 a� file://C: Program%2OFiles\BackWeh\NCWSTS\html\O\rAI1nrt27M l,tn,l �� Additional Project Information 5. Estimated property value-to-lien ratio including the value of public improvements to be financed (to be documented by letter from MAT appraiser or other qualified ply). See attached appraisals a� � a7 MICHAEL FRAUENTHAL & ASSOCIATES INC. Real Estate Appraisers • Consultants January 30, 2004 Mr. Kenneth F. Kurasz, Vice President/Chief Appraiser PFF BANK&TRUST 9467 Milliken Avenue Rancho Cucamonga, CA 91729-2729 RE: APPRAISAL OF ONE MODEL,20 PHASE I AND 26 PHASE II HOMES WITHIN THE VILLAS IN OLD PALM SPRINGS, PALM SPRINGS, CALIFORNIA 92262 LOAN NUMBER: 070208209 Dear Mr. Kurasz: At your request,we have inspected and appraised the above-referenced property.The purpose of this appraisal is to estimate the"as is"market value and prospective finished lot value of the 47 subject lots representing Phases I&II, the prospective aggregate retail value of the proposed model home and two Phases individually(46 homes), as well as the bulk prospective value of the two phases(46 homes)at completion.The appraised values are based on existing and forecasted market conditions as of January 23,2004, and are subject to the definitions, assumptions and limiting conditions, and certification contained in the attached report. The interest appraised is the fee simple estate. A complete description of the subject property and explanations of the appraisal procedures followed are presented in the body of the report. The subject property is identified as 1 model,20 Phase I and 26 Phase H homes within The Villas in Old Palm Springs. The subject property is a 6.54±-acre site proposed for 47 lots located in Tract 29077. Palm Springs Modem Homes proposes to develop the lots with 47 single-family paired and detached homes. The homes will range in size from 1,795 to 2,976 square feet. A complete description ofthe property appraised,together with explanations in the appraisal procedures used,are presented in the body of this report. This appraisal conforms to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FJRREA), the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute,the Uniform Standards of Professional Appraisal Practice(USPAP) adopted by the Appraisal Foundation, and the appraisal policies and guidelines of PFF Bank &Trust. Under USPAP guidelines,as amended and effective January 1,2004,this is a complete appraisal, and the results are transmitted herewith in a self-contained report. Based upon the data and conclusions presented in the attached report, it is our opinion the market value of the subject property are as follows: 1) The "as is"value estimate of the subject 47 lots in Tract 29077 as of January 23, 2004, is: $7,690,000 SEVEN JV�LGL1��1301�SITIUIRED NINETY T FIOIY5D DOL'L2rR", 34237 Via Santa Rosa 9 Capistrano Beach, CA 92624 e (949)496-1676 9 FAX (949)489-1745 Mr. Kenneth F. Kurasz PFF BANK& TRUST January 30, 2004 Page Two 2) The prospective market value of 47 subject lots in Tract 29077 "as if' complete to a finished status, expected to occur by March 1, 2004 is: $8,200,000 EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS 3) The prospective aggregate retail value of the proposed homes including the model home, Phase I and Phase H homes,assuming completion,which is expected to occur by January 15, 2005 is: Lot Numbers Sum of Phase No.of Homes(47) ' Tentative Tract 29077 Retail Values Model Lot 24 1 $606,275 1 Lots 4-23 20 $11,555,000 2 Lots 1-3 &25-47 26 $19,137,575 1.Surn of retail values of individual homes.Does not represent the market value of subject property considered as a whole. 4) The prospective market value for the Phase I and lI homes individually, assuming they are completed and sold to a single investor,which is expected to occur by January 15,2005 date is: Lot Numbers Bulk Value at Phase No.of Homes(46) t Tentative Tract 29077 Completion 1 Lots 4-23 20 $10,322,000 2 Lots 1-3 &25-47 26 $16,150,000 1.Assuming single bulk transaction of all homes in a phase Respectfully submitted, MICHAEL FRAUENTHAL&ASSOCIATES, INC. A ,tom n Michael F. Frauenthal, MAI i7 Donald J. Owings, Associat California State Cert.No. AGO02952 California State Cert.No. AG026083 -4 CAPITAL REALTY ANALYSTS REAL ESTATE APPRAISERS -ANALYSTS -ADVISORS 99t, L January 30, 2004 41-865 BOARDWALK, SUITE 201 ZR PALM DESERT, CA 92211 oc yfN Pacific Western Bank ICU i Attn: Mr. Chris Clesceri r�afe�+ �r. ra r"f 601 East Tahquitz Canyon Way :' Palm Springs, CA. 92262 RE: 48 @ Baristo, A 48-Lot SFR Subdivision Site, Proposed to be Developed o! With 24 Units In Phase II; Palm Springs, CA. Otherwise Known As APN's: 508-100-002, 003, 009, and 010; City of Palm Springs, CA. on Dear Mr. Clesceri: ' � a1 G At your request and authorization, I have performed a complete appraisal, setting forth in this summary report, my opinion of the market value of the fee simple estate in the subject property as of January 20, 2004. Per your request, three values are ' reported for the property being appraised. These are as follows: ; ♦ "As Is" Market Value s ♦ "Aggregate Retail Market Value" - ♦ "Prospective Market Value Upon Completion Of Construction" j My report identifies the subject property and its market area, and presents the market data and analysis leading to my estimates of value. This report is subject to the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The appraisal report complies with the appraisal standards of the Office of Thrift Supervision's requirements, Title A of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA") and the Uniform Standards of Professional Appraisal Practice (°USPAP"), adopted '! by the Appraisal Standards Board of the Appraisal Foundation. Additionally, this report is intended to comply with the appraisal requirements of Pacific Western Bank. I have personally inspected the subject property. I have located and reviewed current sales and listings of comparable properties in the subject neighborhood and competing areas, and have analyzed this data in order to arrive at my estimates of market value. The table on the following page shows the value indicators by approach, and the final value estimates for each of the required values: PHONE: (760)779-9004 FAx: (760)779-9815 's littp://realtyadvisor.com January 30, 2004 Capital Realty Analysts / Mr. Chris Clesceri 48 @ Baristo Market Value Aggregate Prospective Estimated Approach ..As Is,, Retail Value Value Completion Date Cost Approach $ 1,080,000 $ 9,145,000 $ 6,920,000 Sales Comparison Approach N/A $10,920,000 N/A Income Apprach N/A N/A $ 8,895,000 Final Value Estimate $ 1,080,000 $10,920,000 $ 8,895,000 1011104 The undersigned have no personal interest either present or contemplated in the subject property and certify that my employment was not dependant upon producing a specific value, or a value within a given range. No fee, received or to be received for the employment of my services is in any way contingent on the opinions reported herein. I hope you find the details of this appraisal report relevant to your decisions. Thank you for the opportunity to be of service. Respectfully submitted, CAPITAL REALTY ANALYSTS Micha A. Scarcella, MAI State Certification No.: AGO19463 p Expiration Date: October 24, 2005 �1Ai I I Cost Approach, "As is" Land Value, Land Sales Analysis Conclusion (cont'd) Based on the available data, it is .my opinion that the market perception of the market value of the fee simple estate in the subject property "As Is" is as follows: $45,00.0 Per Lot x 24:Lots =$1,080,000 (One Million Eighty Thousand Dollars) I I I (69) CAPITAL REALTY ANALYSTS REAL ESTATE APPRAISERS•ANALYSTS•ADVISORS Additional Project Information 6. Prior experience developer/landowner has had with assessment and/or community facilities district financing. Dennis Cunningham the principal officer of the Developer, has over 35 years experience in the building industry. In 1991, Dennis began the construction of Topaz in La Quinta. When the project was sold to another developer in 1993, Dennis continued as the project director, and was ultimately responsible for the formation of a 1913-1915 Act Assessment District on the last 111 Lots in the project. The Assessment District was sponsored by CV WD and paid for water capacity fees. This application is being processed for the Developer by Ernest Vincent, its Vice President and in-house counsel. Prior to joining the Developer in 2001, Ernie was house counsel to Century Crowell Communities for approximately 10 years. In the course of his duties, Ernie was responsible for the formation of five separate assessment districts covering 12 different projects. The Developer's experience is that there are virtually no problems with Assessment Districts provided that the amount of the lien attaching to each lot is relatively small in relation to the total purchase price of the homes, which is the ease in the current application. 33 Additional Project Information 7. Other land development ventures by landowner and/or developer in the County of Riverside and in California within the last five years (include location, land use summary, period of construction, etc.). (See attached information) d& N3 PALM SPRINGS MODERN HOMES I VANTAGE POINTE HOMES, LP Projects Completed from 1998 thru 2003 Development Sale Price Stone Ridge I Rancho Mirage-U.S. Bank (Single Family Residential 1998 thru 2000 Lots 1 thru 45 (Approximate Average Sales Price) $450,000 Total Sales $20,260,000 Dunes Court I Palm Springs (Single Family Residential 1998 thru 1999 Lots 1 thru 12 (Approximate Average Sales Price $212,000 Total Sales $2,544,000 Sisters I Palm Springs One Custom Home 1999 $295,000 Millwood I Palm Springs One Custom Home 1999 $239,000 Two Attorneys I Palm Springs (One Custom Home) 2000 $395,000 Miraleste I Palm Springs (Single Family Homes 2000 thru 2001 Lots 1 thru 5 (Approximate Average Sales Price $300,000 Total Sales $1,500,000 48 @ Arenas I Palm Springs Condominiums 2001-2003 Units 1 thru 48 Approximate Average Sales Price) $315,000 Total Sales $16,120,000 Total Sales All Projects $40,343,000 AVERAGE YEARLY SALES REVENUE $6,723,833 Other District Formation/FinancinLy Information 1. Project's need for assessment and/or community facilities district financing. Zone 1 Because of the unique location of the property within two blocks of the central downtown area,the developer is being required to make substantial improvements within the public right of way, above and beyond those normally required, including 7,200 square feet of decorative concrete pavers, landscaped medians and utility under-grounding. In addition, at the time the Developer acquired this property, it was entitled with an approved Tentative Map. In the process of bringing the map to a final state, it was discovered that the original grading plan was based on a flawed hydrology study. Accordingly, a new grading plan had to be developed which raised the final grade of the entire site, resulting in substantial cost increases. Payment of public improvements through the Assessment District will assist the developer in offsetting these additional costs. Zone 2 The addition of Zone 2 to the Assessment District is necessary to allow for a large enough bond issue to ensure formation cost efficiency and to attract municipal bond investors. In addition, due to its status as a condominium project,the Development is burdened by extremely high general liability insurance rates. Payment of public improvements through the Assessment District will assist the developer in offsetting these additional costs. Other District Formation/Financins Information 2. Public entities anticipated to own, operate or maintain facilities or improvements proposed. The City of Palm Springs will be the owner of the improvements to be paid for through City fees, and will also own the street and sewer improvements. Water improvements will be owned by the Desert Water Agency. A portion of the Drainage Improvements will be owned by Riverside County Flood Control. A 37 Other District Formation/Financing Information 3. Surrounding property owners which may be affected by of be included in the proposed district financing and percentage of total acreage owned by applicant. (Attach a map identifying their property locations, affected facilities and evidence indicating support for the proposed district financing). Only properties owned by the Developer and its related entities will be included in the District. Adjacent property owners will not be affected, except to the extent that they benefit from the improvements. � 4iff38 Miscellaneous 1. Indicate whether an application for assessment and/or community facilities district financing has ever been previously denied by the City Council for this property. If so, explain the circumstances and reasons. Zone 1 To the best of Developer's knowledge, there has been no previous application to the City of Palm Springs for public financing. Zone 2 The owner of the subject property who sold it to the developer had owned the property since 1960; made no improvements to the property; and, to the best of Developer's knowledge, had never applied for public financing of any kind. 2. Indicate whether the landowner/developer and/or joint venture participant has ever been party to an abandoned, defaulted and/or court challenged assessment or community facilities district financing. If so, state when, where, issue size, circumstances and reasons. The above-referenced parties have never been involved in any public financing default. Miscellaneous 3. Do you foresee any unusual requirements, problems, unique opportunities, etc, that may exist in the requested financing of the project? Public Benefits of the Project include the following: • Substantial improvements within the public right of way, above and beyond those normally required, including 7,200 square feet of decorative concrete pavers and landscaped medians (See attached) • Substantial over-head power line under-grounding above and beyond what may be required in the conditions of approval. • Construction of drainage improvements in the public right-of-way not required by the conditions of approval, which will eliminate pre-existing nuisance drainage over Tahquitz Canyon Way, at no cost to the City. • Increased affordability to the homebuyer. (See attached analysis). • Dramatic upgrade of The Villas project by the developer from the minimum architectural standards to upscale, authentic Mediterranean appearance, including extra-thick framing,roof, stucco and other exterior upgrades, cobblestone pavers, etc. These upgrades have brought the average home price from$385,000 per home to $650,000 per home. 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J I t i YP v ¢Vi � ofl '} 1 '� p i�d > > I I 1 u1" J ,�u.4 yyi'iy � <a ✓'' '�C'�ae eyR'y j�S p"" �* li' 1 " I ?`�_ � � 3filY y✓i`ia^art '.F(� al,Wa of 4 � 1 1' I TW4S. ✓ ���' 1.�14� W I �it^i iX�ji nq � C �a 11 ~G Y.✓ � ll uaa ;P �,���5yo- r NSbf l 5� 1✓1 1 SJ��Ya w'"���1 s�3�,} ,Fhf,4� }}�If 1 J la'M rai qi u"kir� { T�w w n7i�1.,�3�mi4 rl p 4 ay 1 �-rt,aa 1 44 'a }uy �I- IPrt IN 1 p u1,1 aeo-xi lfi synVd�4'p a 1� 1 k ; 1 MFn l :nj f le r 1 w'41l1 a ,Y at ,wr a ilig a hP;q p 1 is as J f 5 7 RAT+. 9 Fy� ✓ y�, f4,q, f u ,� s ^rry'1,nf r~ "�'+ Jw I�Id"t. }f� a ✓ �,g a ,� i. �" �e a Y 1 ' r i� ) . 4_ 1 �dn ' fly) ✓ Y,p3, Cy++ w ar ,} �"' J:' V 4GC�a1N I 1 1 j{Y°k It �`- �y �PI� AIyaN A✓ i� � � 9t, '� }I N�aY tt ?� ' u �ly} �.. 4.rt1 'I. � ". v '4 4 G`4 1 dF p� f1 PI" �FY l�v P,I - � Y , 0J t ✓ F 1 la, � a I dd _ V_y i i"�1��i yl I >nfJ SAS yf � 5Z, `F v 1 �} a '6a 4`k �iMl ,-4 Il AN � 1 y �a "��s a ✓ ��F �� a��1 �kY i,�p� ��� p� � f a0✓!fi�'Y� �; �uJ 4 1.9 dJ�} y ,l yyf "vaArw. eft 4.a�,.��14;✓�* a11 x 3, 7� 1 0 1 b k� wnaj�li r eW�'f 1 � jil r..I i ....... tl l a l o- °F w lyN' a } Fi"lu a a a J4a �'���1�1.Fp,al�,4��� viCv.F,i ��...,v!yyt. :wd„1.' r ^, ,w?!♦1.�a..tI • In addition to the other public benefits cited, the developer has offered to the City the possibility of taking care of a nuisance water problem coming from a drainage outlet between the Willows and the Desert Museum, by connecting this outlet with the underground drainage system in Tahquitz Canyon Way. This is an approximate $50,000 to $100,000 cost which will eliminate potential City liability for slip-and-falls and protect the pavers to be installed by the developer in Tahquitz Canyon Way. - �t e -,.•.;r,.�'v'�. � NibTWrq� µ� §'I�(M�+' "�*�;�+ ; , x, e{ f t H. � Y � V / W rHukMt� xi n ,rti q x t s �. ttalt iw, , e i " i irty ,F t vF i Iv 4yat i htl � �� P _ wY ,. .rj t a 1 Y ! l �p5 4 f goal P, mmm,Igo pt, ¢ m ■ IaAf'�1�,"{t-ini r r, f T 0.a y et .wiW+✓;r� e ,i f y .4 f4 .,tly k hot r," g �•+.+9arr� �. r ! �� � i fl 6 1 1 t � Y � 5 r + ! i}"d k gm, _. fl N� a`Xt��.M�x }� T F Y XY��• �/.*1,�'"'k'4rF i+,. � ,£ 1�, 1 7 �k k � �g �• ' f ��Yr �w t r' r�Es `Lz n, '�s � enon Of 11 d M! ' y �t ` k 5 VVV x y14 }�9 � Y V1; d Miscellaneous 4. Provide recent financial statements of landowner, developer,joint venture, etc, or provide lead banker/lender references or other information demonstrating past financial performance. (See attached financial statements and Bank References) aG A S/ 9:41 AM Palm Springs Modem Homes V, LLC 08/21/03 Balance Sheet T> Ncerual Basis As of December 31, 2002 r. Dec 31, 02 ASSETS Current Assets Checking/Savings Pacific Western Bank 244,587.86 Total Checking/Savings 244,587,86 Accounts Receivable VPH, LP 65,000.00 Total Accounts Receivable 65,000.00 Other Current Assets Construction in Progress Land 3,013,172.00 In and Off Tract Improvements Consultants Civil Engineering Blueprints 1,003.47 Total Consultants 1,003.47 Total In and Off Tract Improvements 1,003.47 Permits and Fees Property Taxes 912.67 Total Permits and Fees 912.67 Marketing Agency Fees 110,000.00 Total Marketing 110,000.00 Construction in Progress - Other 824.00 Total Construction in Progress 3,125,912.14 Total Other Current Assets 3,125,912.14 Total Current Assets 3,435,500.00 TOTAL ASSETS 3,435,500.00 5, Par- 1 9:41 AM Palm Springs Modem Homes V, LLC 08121/03 Balance Sheet "'".' ccrual Basis As of December 31, 2002 Dec 31, 02 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities NIP Drew Winkler 110,000.00 Total Other Current Liabilities 110,000.00 Total Current Liabilities 110,000.00 Total Liabilities 110,000.00 Equity Vantage Pointe Homes, LP Vantage Pointe Homes Invstmnts 225,500.00 Total Vantage Pointe Homes, LP 225,500.00 Brandenburg Trust Equity Brandenburg Trust Invstmnts 3,100,000.00 Total Brandenburg Trust Equity 3,1 D0,000.00 Total Equity 3,325,500.00 TOTAL LIABILITIES & EQUITY 3,435,500.00 4 Ao5r3 Par 9:42 AM Palm Springs Modem Homes V, LLC 08/21/03 Profit & Loss 7 •accrual Basis January through December 2002 Jan - Dec ... Net Income 0.00 Page 1 Palm Springs Modern Homes II, LLC 09/26/02 Balance Sheet As of August 31, 2002 Aug 31, '02 ASSETS Current Assets Checking/Savings First Community Bank 120,076.00 Total Checking/Savings 120,076.00 Other Current Assets Construction in Progress 192,512.05 Land Costs 17,948.60 Total Other Current Assets 210,460.65 Total Current Assets 330,536.65 TOTAL ASSETS 330,536.65 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities PSModern Homes, I LLC 20,000.00 L/P4010E, LLC 10,863.15 Total Other Current Liabili... 30,863.15 Total Current Liabilities 30,863.15 Total Liabilities 30,863.15 Equity B & T Desert Investments, L... 300,000.00 Net Income -326.50 Total Equity 299,673.50 TOTAL LIABILITIES & EQUITY 330,536.65 a G P, s� Page 1 Palm springs Modern Homes 11, LLC 09/26/02 Profit and Loss January through August 2002 Jan -Aug '02 Ordinary Income/Expense Expense Professional Fees Legal Fees 326.50 Total Professional F... 326.50 Total Expense 326.50 Net Ordinary Income -326.50 Net Income -326.50 Pagel i 9:38 AM IRONWOOD HOMES, INC. 08/21/03 Balance Sheet T?;, ccrual Basis As of December 31, 2002 Dec 31, 02 ASSETS Current Assets Checking/Savings Pacific Western CD 50,000.00 Pacific Western Checking 490.00 Pacific Western Savings 1,766.06 Total Checking/Savings 52,256,06 i Total Current Assets 52,256.06 j TOTAL ASSETS 52,256.06 I LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities L/P-VPH, LP 800.00 Total Other Current Liabilities 800.00 Total Current Liabilities 800.00 Total Liabilities 800.00 I Equity Additional Paid in Capital 50,400.00 Capital Stock 100.00 j Net Income 956.06 Total Equity 51,456.06 TOTAL LIABILITIES & EQUITY 52,256.06 P- , 1 9:37 AM IRONWOOD HOMES, INC. 08/21L03 Profit & Loss 1CC1 l!d! Basis January through December 2002 I Jan - Dec 02 Ordinary Income/Expense Expense Bank Service Charges 10.00 Taxes I State 800.00 Total Taxes 800.00 Total Expense 810.00 Net Ordinary Income -810.00 Other Income/Expense Other Income Interest Income 1,766.06 Total Other Income 1,766.06 Net Other Income 1,766.06 i Net Income 956.06 i i i Pagel DENNIS AND CHERYL CUNNINGHAM STATEMENT OF FINANCIAL CONDITION OCTOBER 31, 2002 Estimated FMV Oct 31,2072 ASSETS Checking/Savings(Notc 1) 3,500.00 Paine Webber-Money Market 500,00 Investments Vantage Pointe Homes,LP(Note 2) 2,020,000.00 Vantage Development(Note 3) 9,082.00 Roth IRA-Cheryl Cunningham 34,257.00 IRA-Cheryl Cunningham 25,612.00 Provident Mutual Life Insurance 56,000.00 Personal Residence 1,200,000.00 Vacation Residence 400,000.00 Vehicles(Note 4) 39,000,00 Personal Effects 95,000.00 Jewelry 60,000.00 3,942,951.00 � i LIABILITIES Mortgage Payable-Personal Residence(Note 5) 511,469.00 Mortgage Payable-Vacation Residence(Note 6) 282,632.00 Credit Cards American Express#62008 5,128.00 American Express 471003 0.00 Elan Financial 0.00 Bank of America 0.00 Macy's 0.00 Loan Payable-Bank of America(Note 7) 0.00 Loan Payable-WFS Financial(Note 8) 0.00 Loan Payable-MB(Note 9) 250,006.00 1,049,229.00 NET WORTH 2,893,722.00 3,942,951.00 . rl Dennis and Cheryl Cunningham Notes As of October 31, 2002 Note 1 The estimated FMV balance is from the bank statement as of 10/31/02 Note 2 Investment in Vantage Pointe Homes, LP at Fair Market Value as of 10/31/02. This company is a holding company for all construction investment projects that Dennis and Cheryl Cunningham are involved in. Includes estimated FMV of projects under construction and in inventory not shown on the Balance Sheet of Vantage Pointe Homes. Note 3 Investment in Vantage Development at Fair Market Value as of 10131/02. Note 4 This is a 2001 Harley Davidson customized motorcycle and transport trailer. Note 5 This a mortage loan on the personal residence. Monthly payment is$4630,the interest rate is 6.875%. Vantage Pointe Homes, LP pays to Cunninghams rent of$3,000 per month to offset a portion of this mortgage payment. Note 6 This a mortage loan on the vacation residence. Monthly payment is$2258, the interest rate is 7.0%. Note 7 This is a vehicle loan guaranteed by Cheryl Cunningham for her step-daughter, it is paid by the step-daughters trust fund. The balance owing to date is $0. Note 8 This is a vehicle loan guaranteed by Dennis Cunningham for his step-son, it is paid by the step-son directly. The balance owing to date is $0. Note 9 This is an unsercured personal loan payable with 10% annual interest at maturity on April 30, 2004. Note 10 Credit Line of 300,000 is in process for approval by Pacific Western Bank with a projected approval date of November 22, 2002. DENNIS AND CHERYL CUNNINGHAM STATEMENT OF FINANCIAL CONDITION APRIL 30, 2001 Estimated FMV Apr 30,101 ASSETS Checking/Savings(Note 1) 2,230.00 Paine Webber-Money Market 3,500.00 Investments Vantage Pointe Homes, LP(Note 2) 1,538,263.00 Vantage Development(Note 3) 19,152.00 Defined Benefit Plan-VPH,LP 149,227.00 Roth IRA-Cheryl Cunningham 33,750.00 IRA-Cheryl Cunningham 30,359,00 Personal Residence 1,200,000.00 Vehicles(Note 4) 22,000,00 Personal Effects 75,000.00 Jewelry 50,000.00 3,123,481,00 LIABILITIES Mortgage Payable-Personal Residence(Note 5) 502,867.00 Credit Cards American Express#62008 17,196.00 American Express#71003 2,613.00 Elan Financial 3,579.00 Bank of America 2,878,00 Macy's 992.00 Loan Payable-Bank of America(Note 6) 0.00 Loan Payable-WFS Financial(Note 7) 0.00 530,125.00 NET WORTH 2,593,356.00 3,123,481.00 Dennis and Cheryl Cunningham Notes As of April 30, 2001 Note 1 The estimated FMV balance is from the bank statement as of 4/30/01 Note 2 Investment in Vantage Pointe Homes,LP at Fair Market Value as of 4130101. This company is a holding company for all construction investment projects that Dennis and Cheryl Cunningham are involved in. Note 3 Investment in Vantage Development at Fair Market Value as of 4/30/01. Note 4 This is a 2001 Harley Davidson motorcycle and transport trailer. Note 5 This a mortage loan on the personal residence. Monthly payment is$4262, the interest rate is 8.625%. Vantage Pointe Homes, LP pays to Cunninghams rent of$3,000 per month to offset a portion of this mortgage payement. Note 6 This is a vehicle loan guaranteed by Cheryl Cunningham for her step-daughter, it is paid by the step-daughters trust fund. The balance owing to date is $13,67D. Note 7 This is a vehicle loan guaranteed by Dennis Cunningham for his step-son, it is xi,; paid by the step-son directly. The balance owing to date is approximately$4,700. Statement of Financial Condition Dennis and Cheryl Cunningham June 30, 2000 Maryanov Madsen Gordon & Campbell CERTIFIED PUBLIC ACCOUNTANTS -A Professional Corporation Maryanov Madsen Gordon & Campbell CERTIFIED PUBLIC ACCOUNTANTS -A Professional Corporation Dennis and Cheryl Cunningham Palm Desert, California We have compiled the accompanying statement of financial condition of Dennis and Cheryl Cunningham as of June 30, 2000, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The statement of financial condition is intended to present the assets of Dennis and Cheryl Cunningham at estimated current values and their liabilities at estimated current amounts. A compilation is limited to presenting in the form of financial statements information that is the representation of the individuals whose financial statements are presented. We have not audited or reviewed the accompanying statement of financial condition and, accordingly, do not express an opinion or any other form of assurance on it. However, we did become aware of departures from generally accepted accounting principles that are described in the following paragraphs. Generally accepted accounting principles require that personal financial statements include a provision for estimated income taxes on the differences between the estimated current values = of assets and the estimated current amounts of liabilities and their tax bases. The accompanying statement of financial condition does not include such a provision, and the effect of this departure from generally accepted accounting principles has not been determined. Dennis and Cheryl Cunningham have elected to omit substantially all of the disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the statement of financial condition, they might influence the user's conclusions about the financial condition of Dennis and Cheryl Cunningham. Accordingly, this financial statement is not designed for those who are not informed about such matters. September 11, 2000 1 PALM SPRINGS:801 E.Tahquitz Canyon Way,Suite 200,Palm Springs,CA 92262(760)320-6642 FAX:(760)327-6854 INDIAN WELLS:74-774 Highway 111,Suite A,Indian Wells,CA 92210(760)568-0032 FAX:(760)773-3981 DENNIS AND CHERYL CUNNINGHAM STATEMENT OF FINANCIAL CONDITION ^' JUNE 30, 2000 ASSETS Cash $ 30,000 Investments Vantage Pointe Homes, LP 1,000,000 Vantage Development 2,000 Land held for development 45,000 Stock 3,000 Personal residence 850,000 Vehicles 66,000 Individual retirement accounts 71,000 Personal effects 65,000 Jewelry 30,000 $ 2,162,000 LIABILITIES Payable to Vantage Pointe Homes, LP $ 12,000 Mortgage payable-personal residence 505,000 Notes payable-vehicles 60,000 Credit cards 12,000 589,000 NET WORTH 1,573,000 $ 2,162,000 Ace 65 See accountants' compilation report. 2 BANK LOAN STATUS Development Lending Institution Joint Venture Loan Amount Balance Due Pa ment Status Stone Rid e-45 SFR U.S. Bank Mesa Mission Hills, LLC 13,100,000 0 Paid off/1-8-01 Sheila Hansen 4100 Newport Place, Ste 100 Newport Beach,CA 92660 Dunes Court North County Bank Electric Avenue, LLC 1,482,000 0 Paid off/5-11-00 Tom Heckendorn 444 S. Escondido Blvd. Escondido, CA 92025 Thornhill-2 SFR First Community Bank Electric Avenue, LLC 417,000 0 Paid off/5-22-00 Chris Clesceri 601 E.Tah uitz Canyon Way Palm Springs,CA 92262 Cardillo 1-1 SFR First Community Bank Electric Avenue, LLC 177,000 0 Paid off/2-21-02 Chris Clesceri 601 E.Tah uitz Canyon Way Palm Springs, CA 92262 Cardillo 11-1 SFR First Community Bank Electric Avenue, LLC 216,000 0 Paid off/3-12-02 Chris Clesoeri 601 E.Tah uitz Canyon Way Palm Sp rin s, CA 92262 II Attorneys-1 SFR First Community Bank Electric Avenue, LLC 175,000 0 Paid off17-6-02 Chris Clesceri 601 E.Tah uiiz Canyon Way Palm Springs, CA 92262 Millwood-1 SFR Valley Independent Bank Electric Avenue, LLC 106,000 0 Paid off/10-19-00 Paul Palmer 39700 Bob Ho a Dr.,Ste 100 Rancho Mira e,CA 92270 i i Sisters4 SFR Valle-Independent Bank Electric Avenue, LLC 100,000 0 Paid Off/10-23-00 Paul Palmer 39700 Bob Hope Dr., Ste 100 Rancho Mirage,CA 92270 Keenan 4 SFR Palm Desert National Bank ML/PS, LLC 1,476,000 395,000 Current Robert Zachmann 73-745 ElPaseo Palm Desert,CA 92260 _ 1 Arenas 48 Condos Canyon National Bank Palm Springs Modern 81068,550 7,820,550 Phase 1-3,606,800 Bob Cross Cross Homes I, LLC Scheduled payoff- P. O. Box 2777 1/15/03 Palm S rin % CA 92264 Arenas h-Land La Jolla Bank Palm Springs Modern 312,000 0 Paid Off/7-30-02 Greg Shear Homes 1, LLC 74990 Highway 111 Indian Wells,CA 92210 25,629,550 8,215,550 J 3�#3lfdat! rtE ae�r:faR AgaNlaNAf.tI:AT6lIr IgTFE !3Iti£I..3C�JSt 31 r. _ _(7✓ �[ 1'3X iiP,3t'tG b.t. zd.LirAe 3;i4,s:-5rt4s5.r'.9., YiER 3 QF.8 SHEETS Y a ; IX ME Cf1T L�14L SPRING. CtlYIXIY 0:MYEMfCE. 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HO, AU62 am FOR LINE D A YE )o qBO' M M/27-26 RAMON ROAD _ J.N. 1613 77,,r, _ _ ONiM xmnl SITE PLAN "'' ` „ ' � n� fi',vh ti s �yy � I ARENAS ROAD _� lea I#r - 1 E u „ r`. �I: s_ h LH± 1 IF 21 l Rlrol, 1 F � r l i� I {�i � `�fa & 1 tv`�w✓��� '� r—,Y ; �,.I � r�,11��±��r 1, �Y� e. ;k r""[1;�� uil 1y _g lr� PI L a 4 wr ° �ti � C' ��� nw n. h ➢ 7 twL Iar�+ Il I��I R y J,I qqpp } '11 �'I� r�Ij}tl%fjji L=,�c� s f�,aa ;kjllh �l!}}hp���'hli' lnrnh�y, � r' II ��jf1 Yw�Y f} w3`S �I�1 't— Y 0 ,ei � Tu'P"16 SW ........... akl l" a a Y a +r PHASE 02 PHASE 01 f p - . fixw �i �t.rn � IIi'sll 1par r � �I I "a i5 ',Nit- p l 4 h l tly f 1 1 �- " r ia�h� r a+>�J111 '✓ a !i lrl r r '.lPn 4a°f14;Nr nth rM� � I ,4ae 'I xpll " «wA�nP lf� itikw ,r 1 ✓n� IY�I ni s nt t N e 7 p�i n 6 i4 1 'srMrl v � i� / ! 1 Ir ., n• rl ll I Y I I I I I Ill A l j ✓ j ( S 1 A 1 r y� °5 111dh 1 0 1 y. rl lltpri� 'Sa N ,_ � :� sAY �s s• II Eh I�!�� 71rr +rr c !x i y 41r� ilrl - kY7 � s yA }: CW �yshvl �'qt �h � I �� " .���t ti Y 1 fs I yitlk'!Y?" i pall�i s i�Y 1 rew�, I✓,I '7}r: � M i v,Y# }r rho, l �' .Iv d{r ', 461� kx 4y 141n0.1th,yx 1xstib�nx°WwY`'"�tth\7G'1 .rY, ps, 4 + MODULE REFERENCE PLAN `�Q� LOT 1 OF TRACT MAP NO. 30941 `�V. lea I N 89'44'20" E 329,29' ARENAS 226.17' ROAD - L=138.24, L=12.71' R=53.00' R=15.00' D=14926'28° n D=48'33'55" LINE DATA MODULE NO. 4 U' NUMBER DIRECTION DISTANCE L1 N 89'52'09" E 92.so' L5 L7 L2 N 00'08'03" W 133,04' o L3 �' L,g, °� L3 N 89'52'09" E 143,63' N � - - 0 O L4 N 00'08'03" W 21.23' V, L5 N 89'52'09" E 56.26' 1 LOSS b OF PARCEL C EL P Q L6 N 00'08'03" W 2.46' HAP HO0. 190g4T n Oo � L7 N 89'52'09" E 36.59' (6 Ls 0 LB N 00'08'03" W 89.02' d L9 N 89'51'57" E 143.63' NODULE HO. 3 CQ � L10 N 00'08'03" W 89.03' N C 111 N 89'52'09" E 91.82' d L12 N 00'08'03" W 110.96' n Q 9 L13 N 89'51'57" E 56.92' Lo L1 _L11 3 a L14 N 00'07'52" W 1.68' L15 N 89'52'09" E 14.90' 5514 L16 N 00'07'51" W 3.12' of no L17 N 89'52'09" E 15.04' 0O,l' J J� o L18 N 00'08'03" W 1.54' o z L19 N 89'51'57' E 56.78' L20 N 00'08'03" W 134.22' z L9 MODULE NO. 1 N r7 0 n L17 L15 n L19 L13 L18 L14 L16 NODULE NO. 2 Scale: 1" = 80' 92.82' 236.39' N 89'4D'10" E 329.21 — _ y � A *11 � BARISTO ROAD � --8/-4 palm lI springs w w w p al m s p r i n p s m ad e r n , c om March 17, 2004 City of Palm Springs Mayor and City Council Subject: Assessment District 162—The Villas in Old Palm Springs &48 @ Baristo Dear Mayor and Council; We are pleased to be here requesting your authorization and support to proceed with Assessment District #162. This Assessment District would, among other things, finance the conversion to underground of the overhead utility poles on the north and south sides of The Villas in Old Palm Springs. The City's long-term public policy has been to promote the conversion of overhead as reflected in its standard"Conditions of Approval"language regarding utility under- grounding. In furtherance of this policy, we have proposed to underground existing electrical poles over a far broader area than required. The proposed Assessment District #162 will make this possible, in addition to the other public benefits as outlined in our application package. Our project neighbors support the plan (see attached letters) and our home-buyers certainly support the plan and have all acknowledged their consent in writing to the Assessment District (see attached disclosure for both projects). We therefore request your approval of the Assessment District, and thank you in advance for your consideration and support. Sincerely, Palm Spri MG r� en n ni enc. endorsement letters sample disclosure i' id,l, -„ ru7•,` ll Nonnan Halliday 660 Palisades Drive Patin Springs, CA 92262 March 4, 2004 Patin Springs Modern Homes 180 E. Andreas Road Palm Springs, CA 92262 Attention: Mama Van Horn I wish to express our strong support for the undergrounding of the overhead utilities as relates to the Villas @ Old Palm Springs project. The visual benefit to the properties bordering on the project is invaluable. In order for all of the utility undergrounding to be financially feasible, we ask that the City Council approve the assessment district proposed for the project. Sincerely, Norman /Halliday ��(G� Dorothy C &Harold J. Meyerman 550 Palisades Drive Palm Springs, Ca. 92262 Tel: (760) 318-6674 Fax: (760) 318-8684 E-mail: himeye1932gaol.com Palm Springs Modern Homes February 28, 2004 180 East Andreas Road Palm Springs, Ca. 92262 Attention: Ms Marna Van Horn Dear Ms Van Horn: We cannot tell you how pleased we are to hear that the unsightly utility poles and wires located along West Tahquitz Canyon Way,will be placed under ground. We tmderstand that the primary motivation is to appease the new residents of the Villas @ Old Palm Springs but I can assure you that we will be unintended beneficiaries driving along the road several times a day and seeing the overhead utilities from where we live. We cannot help but believe that the benefit to all of us in the area will be substantial. We thank you for taking the leadership on this matter and would strongly encourage the City Council of Palm Springs to approve the assessment district as proposed. Sincerely, Palm Springs Modem Homes ISO East Arenas Road Palm Springs, CA 92262 Attention: Marne We wish to express our strong support for undergrounding;the overhead utilities both along the north and south side of The Villas at Old Palm Springs project. Such undergrounding would be of great visual benefit to the immediate properties bordering the project as well as the entire historic Tennis Club District neighborhood. We definitely extend our support for this effort. Sincerely ---Wt- Frank Tysen Co-owner 7'c 9570 ....r vvr cw� .rc.v� rvo. cV1YCV JIrV HUG ul STEVEN CHEROSKE DESIGNS, CORP. 530 WZ$T TAHOUITZ CANYON WAY PALM SPRINOZ,CALIFORNIA 92202 1'HONL:760 320 4020 FAX: 760 3320 1420 EMAIL: RQO445@BTZ.N9T March 3,2004 PALM SPRINGS MODERN HOMES 180 E.ANDREAS ROAD PALM SPRINGS,CA 92262 ATTN:MARNA VAN HORN I WISH TO EXPRESS MY STRONG SUPPORT FOR THE UNDER GROUNDING OF THE OVERHEAD UTILITIES AS RELATES TO THE VILLAS AT OLD PALM SPRINGS PROJECT.THE VISUAL BENEFIT TO THE PROPERTIES BORDERING ON THE PROJECT IS INVALUABLE. IN ORDER FOR ALL OF THE UTILITY UNDER GROUNDING TO BE FINANCIALLY FEASIBLE, WE ASK THAT THE CITY COUNCIL APPROVE THE ASSESSMENT DISTRICT PROPOSED FOR THE PROJECT. SINCERELY, C"k- STEVE CHEROSKE Tmr� WILLows HISTORIC PALM SPRINGS INN March 3, 2004 Mayor Ron Oden Palm Springs City Council Dear Mr. Mayor and City Council, Please approve the assessment district for the Tahquitz Villas project to facilitate the undergrounding of utilities. It is the single most important aspect of this project for The Willows. I have been waiting ten years for the development of this piece of land so that the utilities could be placed underground. The assessment district is a reasonable way to achieve this and the new homeowners in the project will be extremely grateful to have tWs accomplished. Sincerely, Tracy Conrad Owner 412 West Tahquitz Canyon Way Palm Springs -California 92262 -Telephone:760-320-0771 - Fax: 760-320-0780 DISCLOSURE REGARDING ASSESSMENT DISTRICT LOT TRACT 29077 THE VILLAS IN OLD PALM SPRINGS, PALM SPRINGS, CALIFORNIA BUYER ACKNOWLEDGES THAT SELLER MAY FORM A SPECIAL ASSESSMENT DISTRICT 91913/1915 ACT OR CFD) THROUGH THE CITY OF PALM SPRINGS TO PAY FOR PUBLIC IMPROVMENTS BENEFITING BUYER'S LOT WHICH MAY INCLUDE, BUT ARE NOT NECESSARILY LIMITED TO, THE FOLLOWING: 1. STREET IMPROVEMENTS TO TAHQUITZ CANYON WAY, A PUBLIC STREET, INCLUDING, BUT NOT LIMITED TO: DECORATIVE PAVERS, LANDSCAPED MEDIAN, CURBS, GUTTERS AND SIDEWALKS, AND UTILITY UNDERGROUNDING. 2. PUBLIC SEWER AND WATER IMPROVEMENTS 3. PUBLIC DRAINAGE, TRAFFIC AND PUBLIC ART IMPROVEMENTS. IF FORMED, THE ASSESSMENT DISTRICT WILL BE PAID OFF OVER A PERIOD NOT TO EXCEED 30 YEARS AND WILL BE COLLECTED BY THE COUNTY TAX COLLECTOR AS A PART OF BUYER'S PROPERTY TAXES. THE ASSESSMENT MAY BE FULLY PAID OFF AT ANY TIME BY BUYER WITH SOME PREPAYMENT CHARGES. THE ANNUAL COST OF THE ASSESSMENT IS ESTIMATED TO BE $1,344 ($112 PER MONTH). BY SIGNING BELOW, BUYER HEREBY ACKNOWLEDGES DISCLOSURE OF THE ASSESSMENT DISTRICT, AND WAIVES ANY RIGHT TO PROTEST THE FORMATION OF THE ASSESSMENT DISTRICT. Buyer: Buyer: Date: Date: DISCLOSURE REGARDING ASSESSMENT DISTRICT LOT 1, UNIT-, TRACT 30941 48 @ BARISTO BUYER ACKNOWLEDGES THAT SELLER MAY FORM AN ASSESSMENT DISTRICT (1913/1915 ACT OR CFD) THROUGH THE CITY OF PALM SPRINGS TO PAY FOR PUBLIC IMPROVMENTS BENEFITING BUYER'S LOT WHICH MAY INCLUDE, BUT ARE NOT NECESSARILY LIMITED TO, THE FOLLOWING: 1. PUBLIC STREET IMPROVEMENTS 2. PUBLIC SEWER AND WATER IMPROVMENTS 3. PUBLIC DRAINAGE, TRAFFIC AND PUBLIC ART IMPROVEMENTS. IF FORMED, THE ASSESSMENT DISTRICT WILL BE PAID OFF OVER A PERIOD NOT TO EXCEED 30 YEARS AND WILL BE COLLECTED BY THE COUNTY TAX COLLECTOR AS A PART OF BUYER'S PROPERTY TAXES. THE ASSESSMENT MAY BE FULLY PAID OFF AT ANY TIME BY BUYER WITH SOME PREPAYMENT CHARGES. THE ANNUAL COST OF THE ASSESSMENT IS ESTIMATED TO BE $672 ($56 PER MONTH). BY SIGNING BELOW, BUYER HEREBY ACKNOWLEDGES DISCLOSURE OF THE ASSESSMENT DISTRICT, AND WAIVES ANY RIGHT TO PROTEST THE FORMATION OF THE ASSESSMENT DISTRICT. Buyer: Buyer: Date: Date: RESOLUTION NO. OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA,APPROVING THE APPLICATION FOR FURTHER PROCESSING OF THE FORMATION OF ASSESSMENT DISTRICT 162, SUBMITTED BY IRONWOOD HOMES, DOING BUSINESS AS PALM SPRINGS MODERN HOMES WHEREAS, the City of Palm Springs adopted Resolution No. 17774 on January 22, 1992, amended by Resolution No. 20304 on April 3, 2002, establishing Policies and Procedures for Special Assessment and Mello-Roos Community Facilitiy District(CFD) Municipal Bond Financing for Public Improvements for Development Projects; and WHEREAS,the City's Policies and Procedures establish minimum criteria forthe formation of Special Assessment and CFD municipal bond financing for public improvements for development projects, including a minimum bond amount of$2,000,000; and WHEREAS,the City's Policies and Procedures establish minimum criteria forthe formation of Special Assessment and CFD municipal bond financing for public improvements for development projects requiring that proposed public facilities to be finance must meet a public need, including the provision of major infrastructure improvements that significantly benefit the general public, and/or the provision for significant financial benefit to the City; and WHEREAS, the City has received an application from Ironwood Homes, doing business as Palm Springs Modern Homes, for formation of a 1913 Act Assessment District using 1915 Act Bonds for two separate development projects: "The Villas", Tract No. 29077, located on the south side of Tahquitz Canyon Way west of Cahuilla Road; and "48 @ Baristo", Tract No. 30941, located on Baristo Road west of Sunrise Way; and WHEREAS, the proposed Assessment District includes construction of public improvements, costs, and fees with an initial total bond estimate of$1,501,834 which is less than the City's required minimum bond amount; and WHEREAS, Section 4, 2 (c) "Bond Sale Minimum," of the City's Policies and Procedures for the formation of Special Assessment and CFD municipal bond financing for public improvements for development projects authorizes the City Council to take formal action to allow a minimum bond amount below the $2,000,000 requirement; and WHEREAS, the proposed Assessment District includes conversion of existing overhead utility lines, construction of decorative pavers and other aesthetic improvements to West Tahquitz Canyon Way, and construction of storm drain and flood control improvements which are of benefit to the general public; WHEREAS,the proposed Assessment Districtwill facilitate public improvements for private developmentthat will help stimulate the local economy and provide a financial benefitto the City. Resolution No. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs that: 1. The City Council does hereby approve the application for further processing of the formation of Assessment District 162, submitted by Ironwood Homes, doing business as Palm Springs Modern Homes; and 2. The City Council does hereby allow the formation of Assessment District 162 to proceed with an initial estimated bond amount less than the $2,000,000 minimum established by the City's Policies and Procedures for Special Assessment and Mello-Roos Community Facilitiy District(CFD) Municipal Bond Financing for Public Improvements for Development Projects; and 3. The City Council hereby authorizes staff to select and negotiate contracts with consultants for an assessment engineer's report, appraisal and market absorption study; and to collect necessary deposits from the applicant to fund consultant contracts. ADOPTED this 171" day of March, 2004. AYES: NOES: ABSENT: ATTEST: CITY OF PALM SPRINGS, CALIFORNIA By City Clerk City Manager REVIEWED & APPROVED AS TO FORM: MINUTE ORDER NO. DENYING THE APPLICATION FOR FURTHER PROCESSING OF THE FORMATION OF ASSESSMENT DISTRICT 162, SUBMITTED BY IRONWOOD HOMES, DOING BUSINESSAS PALM SPRINGS MODERN HOMES I HEREBY CERTIFY that this Minute Order, denying the application for further processing of the formation of Assessment District 162, submitted by Ironwood Homes,doing business as Palm Springs Modern Homes, was adopted by the City Council of the City of Palm Springs, California, in a meeting thereof held on the 17`h day of March, 2004. PATRICIA A. SANDERS City Clerk 2� 0'4 -