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Financing Plan for Seal Beach Project

May 22, 1988

In a recent Real Estate section, an ad for a Riverside tract of homes caught my eye. It says no "hidden assessments" and "no Mello-Roos." Apparently the home shoppers in Riverside are becoming savvy enough to discern these add-on tax-assessment time-bombs. At least, this home builder thought it was enough of an incentive for this project that does not have these special community facilities district charges that it is mentioned in bold-face type.

The city of Seal Beach is about to embark on this Mello-Roos financing device in order to fund various improvements to the last large piece of undeveloped land in the city. This property is the Hellman parcel, which is to have a condo project, homes and a golf course. The golf course is really the sales gimmick for the project and will be paid for via tax-assessments through the Mello-Roos financing act.

If the lack of Mello-Roos assessments is the key to selling homes in Riverside, I wonder what effect the presence of these fees will have on this project, which will have to support the cost of the golf course. And if these homes can't pay the assessment, will the tab fall to the rest of the town to pay?

LARRY PETERS

Seal Beach

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