Approval of resolution EMRCFD RES 2021-145 will authorize the sale, issuance, and delivery of special assessment revenue bonds of the Estrella Mountain Ranch Community Facilities District (City of Goodyear, Arizona) Montecito Assessment District No. 3, in an amount not to exceed $598,000.

ADOPT RESOLUTION NO. EMRCFD RES 2021-145, AUTHORIZING THE ISSUANCE OF ITS MONTECITO ASSESSMENT DISTRICT NO. 3 SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2021, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $598,000; APPROVING THE FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND REGISTRAR, TRANSFER AGENT AND PAYING AGENT CONTRACT, A PURCHASE CONTRACT RELATING TO THE BONDS, A CONTINUING DISCLOSURE UNDERTAKING, AND CERTAIN OTHER DOCUMENTS SECURING THE PAYMENT OF OR RELATING TO THE BONDS; RATIFYING AND APPROVING A PRELIMINARY OFFICIAL STATEMENT RELATING TO THE BONDS; APPROVING A FINAL OFFICIAL STATEMENT RELATING TO THE BONDS; AWARDING THE BONDS TO THE PURCHASER THEREOF; APPOINTING A REGISTRAR, TRANSFER AGENT AND PAYING AGENT FOR THE BONDS; AND TAKING OTHER ACTIONS SECURING THE PAYMENT OF AND RELATING TO THE BONDS. (Jared Askelson, Deputy Finance Director)

This action authorizes the issuance of revenue bonds in the principal amount of up to $598,000.  These bonds will acquire the infrastructure, pay appropriate capitalized interest, establish a reserve fund, and pay for costs of issuance of the bonds.  Property owners within the Assessment District will pay the annual debt service payments for the special assessment revenue bonds.  The intention is to have the annual debt service payment collected by Maricopa County Treasurer by adding the amount due from each property owner on their annual property tax bill.  The 73 single family detached lots are requested to be assessed approximately $8,191.78.

NNP III – Estrella Mountain Ranch, LLC (“Developer”), the sole landowner of the property, submitted a request to form Montecito Assessment District No. 3.  The proposed district will create 73 individual assessments of $8,191.78 to acquire Calistoga Drive and associated engineering, design, survey, review fees, construction permits, testing, grading, installation of wet utilities, dry utilities, storm drain, curb and gutter, asphalt pavement, landscaping, and streetlights from approximately 184th Lane west to 186th Avenue. On August 23, 2021, the District Board conducted a public hearing and adopted a resolution relating to the feasibility report for the Assessment District.  The feasibility outlined the location, associated projects, and the financing plan.  On that date, the District Board also ordered the work for Calistoga Drive and approved the assessments on the District based on the approved feasibility report.

On August 30, 2021, the District Board will conduct a public hearing and approve the assessments based on the approved feasibility report.  These actions will complete the establishment of the Assessment District and will levy the assessments on the lots within the District.

District staff has reviewed the foregoing proceedings and has determined it is proper for the Board to adopt EMRCFD RES 2021-145 authorizing the sale, issuance, and delivery of special assessment revenue bonds of the Estrella Mountain Ranch Community Facilities District (City of Goodyear, Arizona) Montecito Assessment District No. 3, in an amount not to exceed $598,000.