| ITEM #: 4. DATE: 12/12/2022 AI #:1245 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | ADOPT ISSUANCE OF BONDS FOR LUCERO #2 |
| STAFF PRESENTER(S): | Jared Askelson, Deputy Finance Director |
SUMMARY
Adoption of Resolution EMRCFD RES 2022-155 will authorize the sale, issuance, and delivery of special assessment revenue bonds of the Estrella Mountain Ranch Community Facilities District (City of Goodyear, Arizona) Lucero Assessment District No. 2, in an amount not to exceed $4,429,000.
Recommendation
FISCAL IMPACT
The special assessment revenue bonds, if sold, are secured solely by the installment payments to be paid by owners of assessed property within the Assessment District. In the event of non-payment, the District may foreclose on assessed property and apply the foreclosure proceeds to repayment of the special assessment revenue bonds. Neither the City of Goodyear nor the District is required to purchase assessed property subject to a foreclosure action. Pursuant to prior Board action, assessments on individual lots will not exceed $16,000.
BACKGROUND AND PREVIOUS ACTIONS
The Estrella Mountain Ranch Community Facilities District (the “District”) and Estrella North, LLC, a Delaware limited liability company (the “Developer”), and Taylor Morrison/Arizona, Inc., an Arizona corporation, as the sole landowners of the property within the District’s Lucero Assessment District No. 2 (the “Assessment District”), have heretofore executed and delivered to the District, a Waiver and Development Agreement wherein the parties thereto, including any party executing an Interested Party Consent (as defined therein), have: (i) waived any and all requirements for notice and time for protests and objections relating to, among other things, the Project and the extent of the Assessment District; (ii) acknowledged that the District shall levy an assessment pursuant to Title 48, Arizona Revised Statutes, as amended; and (iii) waived certain procedural requirements.
The Developer has requested the District issue special assessment revenue bonds to finance the acquisition of the Project comprising various public infrastructure improvements including engineering, design, survey, review fees, construction permits, testing, grading, installation of wet utilities, dry utilities, storm drain, curb and gutter, asphalt pavement, landscaping and street lights within the Assessment District.
The District Board previously (i) conducted a public hearing on the feasibility report relating to the Assessment District; (ii) adopted EMRCFD RES 2022-151, accepting the feasibility report, ordering the acquisition of public infrastructure and public infrastructure purposes, and indicating its intent to form the Assessment District; (iii) adopted EMRCFD RES 2022-152, ordering the work related to the Project; (iv) adopted EMRCFD RES 2022-153, approving the assessment and form of assessment diagram based upon the estimated costs, and levying the assessment; (v) conducted a public hearing on the assessments; and (vi) adopted EMRCFD RES 2022-154, approving the assessments and proceedings heretofore had and taken, determining the work has been completed in accordance with the plans and specifications, and ordering the collection of the amount assessed.
The Developer has requested the District issue special assessment revenue bonds to finance the acquisition of the Project comprising various public infrastructure improvements including engineering, design, survey, review fees, construction permits, testing, grading, installation of wet utilities, dry utilities, storm drain, curb and gutter, asphalt pavement, landscaping and street lights within the Assessment District.
The District Board previously (i) conducted a public hearing on the feasibility report relating to the Assessment District; (ii) adopted EMRCFD RES 2022-151, accepting the feasibility report, ordering the acquisition of public infrastructure and public infrastructure purposes, and indicating its intent to form the Assessment District; (iii) adopted EMRCFD RES 2022-152, ordering the work related to the Project; (iv) adopted EMRCFD RES 2022-153, approving the assessment and form of assessment diagram based upon the estimated costs, and levying the assessment; (v) conducted a public hearing on the assessments; and (vi) adopted EMRCFD RES 2022-154, approving the assessments and proceedings heretofore had and taken, determining the work has been completed in accordance with the plans and specifications, and ordering the collection of the amount assessed.
STAFF ANALYSIS
District staff has reviewed the foregoing proceedings and has determined it is proper for the Board to adopt EMRCFD RES 2022-155 authorizing the sale, issuance, and delivery of special assessment revenue bonds of the Estrella Mountain Ranch Community Facilities District (City of Goodyear, Arizona) Lucero Assessment District No. 2, in an amount not to exceed $4,429,000.
Attachments
- Resolution
- Draft Bond Registrar, Transfer and Paying Agent Contract
- Draft Bond Purchase Agreement
- Draft Continuing Disclosure Undertaking
- Draft Preliminary Official Statement