Opportunity, Investment, Development

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Mendota housing tract back on track

By Sanford Nax-The Fresno Bee
March 23, 2004

City officials in Mendota say the sale of 62 lots in a once-troubled subdivision will lead to the construction of much-needed housing.  "There is definitely a need for housing," said Mendota City Council Member Joseph Riofrio. "Mendota has become a place where single-family residences have become minihotels with 20 to 30 people living in them."
Central Development of San Jose bought Hacienda Gardens subdivision north of the city from Tower Investment of Woodland for $1.3 million.  Central Development plans to build homes that will be priced from $120,000 to $130,000, said Darrell Souza of Sperry Van Ness.  Souza represented Central Development and Tower Investments.

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City finds solution for Deer Creek Subdivision

By Mary Weston-Oroville Mercury-Regsiter
September 24, 2003

The city has been working on a solution that would allow a subdivision to be developed after lying vacant for over 10 years.
The 150-unit subdivision runs northeast of Grand Avenue behind the county buildings on Table Mountain Boulevard and along the west side of the Feather River in Oroville.  Many of the lots, some overlooking the river, have already been developed with sidewalks, curbs and gutters.
However, the subdivision has more liens and assessments against it thatn the property is worth.  The city has been working with Tower Investments to solve the problem.

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Pittsburg A.D. 88-3 Cures Default

By California Municipal Bond Advisor
July 1, 2003

What do they say about patience having its virtues?  The defaulted City of Pittsburg A.D. No. 88-3 (Builders Industrial Park) Bonds that have appeared on our WatchList pages for a decade are being paid off, including past-due principal and interest.  The last debt service payment had been made on Sept. 2, 1993.  (Not much has changed in the meantime-the state had a budget crisis then, it has one now.)
There is a big caveat.  Pittsburg Equities, LLC, which has bought the bonds through tender offers as part of a workout plan, holds $1.775 million of the remaining debt.  So it's the biggest holder that will get paid off.  A recent notice said other bondholders own $155,000 of the principal maturing from 1994 to 2002.  They were getting paid an aggregate $275,511.11 once delinquent accrued interest was included from Sept. 1993 to June 12, 2003.  Another $275,000 of bonds due from this September to 2009 also were getting $222,062.50 of delinquent interest.  Funds are also being set aside to make an optional redemption call on September 2, 2003, at 103 percent.  If holders have questions, call Marissa Segismundo at U.S. Bank N.A., (213) 533-8743.

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City to sell municipal bonds

By Norene Fernandez-Tehachapi News
July 3, 2002

City has entered into agreements with Tower Tehachapi, LLC
The city of Tehachapi is anticipating to sign a purchase agreement for the Curry Highlands Mello-Roos Community Facilities District with Tower Tehachapi, LLC on July 1.  Curry Highlands, which is adjacent to the Blair Ranch residential development, is the last of the three Tehachapi Mello-Roos districts purchased by Tower.  The other districts are located in Capital Hills and the Summit area.
Initially, the Mello-Rood bonds were used to help landowners raise funds for infrastructure improvements and new facilities.  When the landowners passed the bond issue, they voted t tax themselves and property owners in the Mello-Roos districts or to sell the bonds to general funds for development improvements.  However, upon passing the bond issue, if the landowners default on their taxes, it's the city's responsibility to foreclose to protect bondholders.

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Wheatland CFD Sees Some Movement

By California Municipal Bond Advisor
November 1, 2001

The defaulted $2.1 million Wheatland CFD No. 1 Special Tax Bond (1990) finally are producing enough fodder for an update.  As we noted in April and in an earlier edition, the area around Sacramento has boomed (though sure to slow a bit with the economy), but not boomed quite enough to help Wheatland's district.
An affiliate of Tower Investment Inc.-a company we've mentioned before because it has scooped up delinquent land in other districts to seek development opportunities-recently acquired two major Wheatland parcels that have been behind on special tax payments for almost a decade.  Tower may meet its obligations on the land by turning in bonds it acquired in the secondary market, a district release said.

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