Santee CDC Successor (CA)
NAME: Successor Agency of the City of Santee (San Diego County), CA.
BONDHOLDER SECURITY: 2016 refunding bonds are secured by taxes annually allocated and paid to the agency pursuant to the redevelopment plan and deposited into the agency's redevelopment property tax trust fund, which consist of tax increment revenues generated by the Santee Community Redevelopment Project.
USE OF BOND PROCEEDS: 2016 bonds will fully refund the former redevelopment agency's series 2005, 2011A, and 2011B tax allocation bonds.
RATINGS: A+ (underlying S&P rating)/ AA (S&P rating for Build American Mutual Assurance. “BAM”)
OBLIGOR PROFILE: Santee, with a population of nearly 56,757, is located in San Diego County about 18 miles east of downtown San Diego. The city is a part of the East County region and is located 18 miles from the Pacific Ocean. The city has acted as SA (successor agency) to the former RDA (redevelopment agency) since the state legislature and a subsequent court ruling dissolved all RDAs in California as of February 2012. The project area is large and encompasses 1,767 acres in Santee, Calif., roughly 16% of the city's total acreage. AV (assessed value) has grown from 2012 to 2017, increasing by 12.8% during that time, with growth of 3.8% expected in 2017. The project area's land use categories are primarily residential (36% of AV) and commercial (33%), with some industrial (18%) properties. The top 10 taxpayers in fiscal 2016 accounted for 20.6% of incremental AV, and 16.5% of total AV. The largest taxpayer, Vestar Kimco, accounts for about 4.5% of incremental AV.
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