A Southern California real estate developer said yesterday that it had made payment on about $619,000 of overdue property taxes that help secure a special tax bond issue in Orange County.
Village Properties, the developer, said in a release that the taxes relate solely to commercial property it owns within the Portola Hills development. Community Facilities District 87-2, commonly known as a Mello-Roos district, was formed by Orange County in 1987 to finance certain infrastructure -- primarily roadway and fire station improvements -- in the development.
Two series of Mello-Roos bonds, one for $15.6 million and another for $9.2 million, were sold in 1988 to finance the improvements, Eisen Walsh, Orange County's director of public finance and advocacy, said yesterday.
Payments on those bonds have remained current, Walsh said, and the county has not had to tap reserve funds to cover any delinquent taxes. Walsh said a surety bond is in place to cover Village Properties' delinquent tax payments.
Walsh said the developer owes roughly $690,000, including penalties. She added that her office had not received any Village Properties payment as of midday yesterday, which would reduce the amount due. A Village Properties official said yesterday afternoon that he had ordered his accounting department to make the payment, but he said it may have been mailed rather than hand-delivered.