The Coral Mountain Specific Plan area (including the proposed Wave property, Andalusia, and Trilogy) is within the boundary of the former County Thermal Airport Redevelopment Area (RDA). As such, the County of Riverside retains all property taxes paid for the retirement of outstanding bond debt until at least the mid-2030s.
This means that none of the existing developments in the former RDA boundary pay for City emergency and general services. The cost of these services, estimated at $2,125 per home annually, generates a City budget deficit of approximately $3.7 million. The City currently must make up this deficit from other General Fund revenue sources.
When the Specific Plan area was annexed in the early 2000s, the City studied the fiscal impacts and considered imposing a supplemental tax assessment on all homes. However, it deferred and opted not to take this step.
Coral Mountain would avoid this undesirable condition by paying its own way for the cost of City services. A Fiscal Impact Analysis conducted by the City indicates that Coral Mountain’s tax generation exceeds the cost of services. Excess proceeds can be applied to budget shortfalls associated with the other neighborhoods in the Specific Plan area.