CROSS POSTED w/ PERMISSION Of Terralago Mello Roos –
Indio CFD 2004-3
This is the Story of a botch Mello Roos Offering, the first for the City of Indio.
Indio Community Facilities District (CFD) 2004-3 is a Mello Roos Tax District issued by The City of Indio California, and it was their very first. An Intro to Mello Roos Tax Districts
Mello Roos Tax is an extra tax that a City may place on new development and the City gets say $26.3 million and splits it with the Developer.
Here they took $26.3 million, and used it for things that did not help the development.
It was 98% completed.
It was used to help another undeveloped area.
But should the undeveloped area pay it back?
The City says no.
That does not pass the smell test. Why would the City do that?
Rooftops, yes they want homes in Indio.
They now have a new developer and have worked out a secret deal which uses Area 1 money as credits for the new developer to build.
New homes coming soon
How is that possible?
The City issues a bond for the money and future residents or homeowners, who move in pay back the money over 30 years.
It is not easy to understand.
If there is a missed payment then the City can sell their house.
I forgot to mention, the Developer/landowner votes for the tax before they meet you.
It is hard to understand. When questioned by Area 1 home owners the City says. You signed the paper. Desert Sun February 4, 2014 by Tatiana Sanchez
I guess investors signed Bernie Madoff’s papers acknowledging they may loose money, but is it legal?
Why did this confusing tax happen in the first place?
It was created because California Proposition 13 limited property tax to 1%. Proposition 13 and Mello Roos Taxes
So California Cities needed money, and the California Government passed the Mello Roos Act in 1986. The Mello Roos Code CA Government Code 53311 – 53368
This allows Developers and a City uses their tax exempt status to help issue bonds and every deal is done behind closed doors, and there is no oversight.
None?
No None!
Is there a Mello Roos Police? No and believe you me I have begged for help to expose the problem.
No one other than the lawyers who make money from it who understand it.
Sounds like that should change.
I am trying, but I need help. All work done for free because it is right to do it. THE PETITION TO CHANGE THE RATE AND METHOD OF THE TAX
The Idea for the City (“ME”) to have instant money in their pockets and have future residents pay the bill over 30 years is appealing. To the City and Developer.
So what happened here?
It is really bad, and it would take a long to explain it.
So read this: The Petition to Amend CFD 2004-3 Rate Method and Apportionment (“RMA”)
If that interests you there is much more.
What happened here is really unfair, and the City appears to have mismanaged $26.3 million.
You mean they did not follow the rules?
Yes. CFD 2004-3 Formation Issues.
If you look at the map of Indio below, only 1 community pays $360.00 per month for 30 years. Or for that matter any Mello Roos Tax.
It paid for Wyndham Resorts Water problems and $9 million for others.
Certainly someone wants to pay them back. Don’t They? I mean it is only fair.
CROSS POSTED w/ PERMISSION Of Terralago Mello Roos –
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.