Roripaugh Ranch developer delinquent on $2.93 million in property taxes

By Caroline Salls

Pittsburgh, March 14 - Developer Ashby USA, LLC was delinquent on payment of $2.93 million in taxes levied on properties it owns in connection with the Temecula Public Finance Authority's Roripaugh Ranch project, according to a notice filed in compliance with Temecula's $51.25 million Roripaugh Ranch 2006 special tax bonds.

The delinquent taxes include special taxes that the Temecula Public Finance Authority's community facilities district has levied on Ashby's land.

According to the notice, the authority directed a fiscal agent to draw on $1.5 million of a special taxes letter of credit that was provided by Ashby when the bonds were delivered.

The letter of credit was equal to two year's estimated annual special taxes to be levied on the county assessor's parcels for the property owned by Ashby and the Roripaugh entities.

Following the draw, $3.41 million is outstanding on the letter of credit.

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