In December the City of Beaumont Reimbursed Pardee Homes Mitigation Fees with Bond Debt. Guess Who Pays for the Bond Debt?
Mitigation Fees are collected from the Developers by the City in order to ‘mitigate’ the impact of the development. Mitigation Fees pay for schools, libraries, roads, fire stations, parks, recycled water, and expansion of sewer plant to accommodate the increased population.
For the past 1/4 century the City of Beaumont has reimbursed developer’s mitigation fees with bond debt, which is why Beaumont is severely lacking in schools, libraries, roads, fire stations, parks, recycled water, and expansion of sewer plant
This dirty deal that Judge Chaffee called “Fraud by clear and convincing evidence” makes it virtually free for the developers to build in Beaumont, then sticking the costs of the mitigation fees onto the ‘future’ property owners in the form of Mello Roos CFD Bond Debt. The property owners pay $60,000 – $70,000 more for their houses, but it’s not included in their property values.
In 2018 the Beaumont City Council acquired $37 Million in CFD bond debt for Pardee Homes alone, but has refused to release the Bond Requisitions or Bond Fund Accounts.
The money collected from the Bond Fund Accounts and payouts should all be approved by the City Council, but just like the ‘old Beaumont’, the ‘new Beaumont’ hides the bond activity.
PRR: The Bond Fund Requisitions and backup Invoices for the PardeeHomes DIF reimbursements.And where’s the Bond Fund Accounts?I also want to see the monthly in-house reconciliation of the BondFund Accounts from July, 2017 through December, 2018.
Serfdom: The status of many peasants under feudalism, specifically relating to manorialism. It was a condition of debt bondage, which developed primarily during the High Middle Ages in Europe and lasted in some countries until the mid-19th century.