[Okay, the following was our little April Fool's day joke. Glad so many of you liked it and have a sense of humor, well most of you. Sorry if you're disappointed that Schwarzenegger won't be moving to La Costa Valley. We know this is a serious issue.]
In a surprising announcement, the High School District today reached settlement with homeowners who have been paying into Mello-Roos CFD 94-2. In addition, a parcel of land within the La Costa Valley (LCV) development which had been pegged for a middle school will be transferred to the LCV Homeowner’s Association.
“We simply made a math error,” said Peg Linch, School District Superintendent, in a prepared statement. She continued, “We had anticipated that middle-school enrollments would increase based on the many young children in La Costa Valley, along with irrational exuberance about continued population increase. Our consultants had assured us that life was so good in that area that families would get busy and have more children than average. Instead, those projections were optimistic.”
An advocacy group, sometimes going under the name FONC-Friends of North County and other times referred to as SOLD-Save Our Lawyers and Developers, claimed credit for the transaction.
A member of FONC/SOLD, who preferred to remain anonymous, disclosed “we were able to reach an agreeable formula which took into account the many hours we have spent on this single issue, in preparing and presenting meetings, creating graphics, keeping up with email, and other vital tasks.”
The total settlement of $55.9 million is made up of $7.6 million for accumulated Mello-Roos payments with interest, plus $48.3 million for the agreed-on value of the middle school property. The amount will be used to fund development of the land, provide rebates to LCV homeowners, and satisfy the financial claims of the FONC/SOLD group.
LCV Homeowners are expected to receive their rebates of approximately $1.3 million before the end of 2008, working out to $1,200 for each household. Another $1.3 million will be transferred to the LCV Homeowners’ Association for maintenance of the property and related reserves. The balance of the settlement, $53.4 million, will be transferred to the FONC/SOLD group for unspecified purposes.
An LCV homeowner who was interviewed shortly following the news release shared his sentiments. “Well, we never expected to get a nickel and everybody knew there would be no middle school, so at least it’s settled and behind us. Plus, now I’m getting $1,200 and won’t need to pay that $800 per year. So, it’s a win-win.”
Although plans for the vacant property have not been formally announced, unspecified sources have estimated that the settlement amount provided to the HOA might be enough to allow development of a mixed-use day and night moto-cross track, dog park, pet kennel, and compost-processing center.
See also: City of Carlsbad challenges settlement and State of California Overturns Decision by City of Carlsbad
