The 336 acres located east and west of Butterfield Ranch Road, south of Pine Avenue is currently being developed into a multi-tract community with 513 residential units known as "Vila Borba." Community Facilities District (CFD) No. 2015-1 was formed in July 2015 to finance certain maintenance services within Vila Borba. The services to be provided may include all or a portion of the following: maintenance of parks, landscaping, lighting, public streets, trail improvements and other services authorized or to be authorized by the Mello-Roos Community Facilities Act. The CFD levies an annual special tax on properties within the boundaries of the CFD and the special tax is used to pay for these services provided by the City.
As of June 1, 2020, a total of 332 permits were issued for residential properties, initiating the levy on six new parcels. The individual homeowner share of the cost is established by the Rate and Method of Apportionment section shown in the formation documents for CFD 2015-1 that is attached to this report. The annual escalation of the Maximum Special Tax shown in "Exhibit A" reflects a four percent increase; however, staff is recommending the levy remain at the prior year rate of $869.15 for Fiscal Year 2020-21.