ORANGE COUNTY, CA – At the October 4, 2022 Orange County Board of Supervisors meeting, Supervisor Katrina Foley and her colleagues unanimously voted to consider reducing Mello Roos taxes by a potential $870 a year for Ladera Ranch homeowners through the refinancing of Community Facility District (CFD) Bonds issued to fund the development of the community.
“Whenever we have an opportunity to cut taxes and give the taxpayers back their money we must do so,” said Supervisor Foley. “I support utilizing these CFD bonds to finance the development of essential community assets such as sheriff and fire stations, parks, street maintenance, and other essential infrastructure. Once we have paid those expenses, any extra money must go back to the homeowners -- not into government coffers.”
The Board authorized Fieldman, Rolapp & Associates, a municipal advisory firm, to analyze and determine if refinancing the bonds in the current market will benefit taxpayers. According to preliminary estimates homeowners in Ladera Ranch could immediately save up to $870 a year if the market remains stable. After the refinanced bonds sunset in 2034, the Board of Supervisors would also have the ability to refund extra taxes collected that exceed the costs of the required infrastructure.
The County of Orange has issued Community Facility District Bonds since the 1980s to finance the development of unincorporated communities throughout Orange County. In 2021, the Supervisor Foley and the Board voted to refund $8 million in excess Mello Roos taxes collected to homeowners in Newport Coast, Coto de Caza, Foothill Ranch, and Rancho Santa Margarita.
###
Orange County Supervisor Katrina Foley was elected to the Board of Supervisors in 2021 to represent Costa Mesa, Cypress, Huntington Beach, La Palma, Los Alamitos, Newport Beach, Seal Beach, Stanton, the unincorporated area of Rossmoor, and portions of Buena Park and Fountain Valley. Following redistricting, the Board appointed her to additionally serve as caretaker for the future District 2, which includes the communities of Santa Ana and portions of Anaheim, Garden Grove, Orange, Tustin, and unincorporated North Tustin.
Supervisor Foley serves on the Airport Ad Hoc Committee & Fly Friendly working group, the Sober Living Home Ad Hoc Committee, and boards of the Orange County Transportation Authority, CalOptima, Juvenile Justice Coordinating Council, Law Library, Newport Bay & South Orange County Watershed Management Area Executive Committees & the Santa Ana River Flood Control Protection.
