To better understand the benefit of why the Rilington Group would pay down the CFD for Lido Phase 1, it is important to first understand what it means for a community to have a Mello-Roos CFD.
In 1978 Californians enacted Proposition 13, which limited the ability of local public agencies to increase property taxes based on a property’s assessed value. In 1982, the Mello-Roos Community Facilities Act was created to provide an alternate method of financing. The Act permitted the California Statewide Communities Development Authority (CSCDA) to establish a Mello-Roos Community Facilities District (a “CFD”) which allowed for the financing of public improvements and services. The services and improvements that Mello-Roos CFDs can finance include streets, sewer systems and other basic infrastructure, police protection, fire protection, ambulance services, schools, parks, libraries, museums and other cultural facilities.
A CFD is created by a sponsoring local government agency. The proposed district will include all properties that will benefit from the improvements to be constructed or the services to be provided. Once approved, a Special Tax Lien is placed against each property in the CFD. Property owners then pay a Special Tax each year.
As an incentive to Phase 1 home buyers, the Rilington Group has agreed to pay down the CFD* for the Phase 1 at close of escrow (*CFD 2004-3 IMP Area 1 (Terra Lago) Mello Roos CFD). This savings translates to approximately $350 per month or $4,200 annually*.
Interested parties should reach out to our Community Sales Manager today to discuss details. 760.347.9971.
(n.d.). Retrieved from https://www.californiataxdata.com/A_Mello_Roos/index.asp
Download the PDF Mello-Roos2
Mello-Roos Community Facilities Districts. (n.d.). Retrieved from https://www.indio.org/your_government/finance/assessments/cfd.htm
*All numbers provided are approximate.
Lido at Terra Lago is located at Avenue 44 and Lago Vista, Indio, 92203. For additional information visit: https://lidoterralago.com/ or call 760- 347-9971. The sales center is open daily from 10:00 a.m. to 5:00 p.m.
About the Rilington Group
As an industry leader with a respected reputation that spans over four decades, the Rilington Group is a family owned and operated full-service real estate development, sales, and construction company. The Rilington Group, founded by partners Mickie and Hansi Riley, is fueled by a passion for innovative designs, dedication to the highest level of quality, and an unwavering commitment to outstanding customer care. The company has received numerous industry recognition awards including “Builder of the Year” in 2006. Whether a small neighborhood of entry-level homes or a high-end community, if it’s a Rilington Group Community, it is built with pride and a deep commitment to exceed the expectations of its homebuyers. For additional information visit www.rilingtongroup.com or phone 760.777.4040.