My Mello Roos got reduced!

Vinster

Vinster

New member
Just got a letter from the city of Irvine that the city council approved refinancing and a partial redemption of the Mello Roos bond for my community. This will reduce my Mellos Roos by $1800 from $6500 to $4700.

Way to go city council!
 
They refinanced, what did they do to the term?

Granted CG is only about 5 years old, but MR's are time bound typically at 30 or 40 years.
 
HOMEOWNER SIMPSON said:
I'm guessing this is going to be across the board for all CG?
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I think it's just the Irvine area of Columbus Grove.

I looked up the property tax bill of a house in the Tustin area of Columbus Grove and the contact phone number for the Mello Roos is different from the one on my property tax bill.
 
Done out of the goodness of their hearts? That's pretty rare. Why else might they have taken this step?

Not to be too "tin-foil hattery" here, but there's prior experience with this in Rancho Santa Margarita. The City renegotiated the Mello Roos with some of the bond holders in the early 1990's (from what I recall) and it turns out the $$$ per month was lower, but the overall cost over time was higher. Bonds that should have paid off right about in 2015 are now paying off in 2020.

The Toll Road refinanced it's bonds as well when the 73 Toll Road was sinking. The new bonds also were a terrible deal since the 241's tolls now have to support the 73 toll road debt.

Nice to have a significant reduction, but at what price? Any details on the "why?" question?

My .02c.
 
I also got a letter for WBE regarding a refinance of our MR bond.  They have reduced our MR by a whopping $78 down to $2607 for this year.
 
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