Community Facilities District No. 89-1 of the Temecula Valley Unified School District may be unable to fully meet its principal and interest payment due on Sept. 1, 1993 according to a recent disclosure statement released by Riverside County.
Based on current information, "the projected shortfall is approximately $299,000" below the scheduled September payment, the statement says.
The Mello-Roos district, commonly known as Redhawk, issued $12.8 million of special tax bonds in 1990. The Redhawk district "is continuing to diligently pursue foreclosure on the delinquent parcels" that have caused the shortfall in special tax collections, the statement says.
Riverside County recently provided the Mello-Roos district with fiscal 1993 tax collection information that helped indicate there could be a shortfall in September,
A judicial foreclosure action is pending against RDHK Ventures, the major tax delinquent among the district's property owners, the statement notes.
In addition, the Resolution Trust Corp, has approved a sale of the RDHK property, with a tentative closing date set for mid-June. The Redhawk district "has met with the buyer and requested immediate payment of all delinquent taxes," the statement says. Collection of the taxes would help the Mello-Roos district meet its full September payment.
The Redhawk district has a complicated history of land ownership, with Resolution Trust becoming involved when the federal agency took over the San Diego-based Great American Bank in August 1991.
Bond proceeds funded construction of a school and other infrastructure improvements. The district was initially expected to accommodate 4,200 homes, but the pace of home building failed to meet expectations.