| ITEM #: 2. DATE: 12/05/2022 AI #:1064 |
 |
COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | HEARING FOR THE FEASIBILITY REPORT FOR THE LUCERO #2 SPECIAL ASSESSMENT DISTRICT WITHIN THE ESTRELLA MOUNTAIN RANCH CFD |
| STAFF PRESENTER(S): | Jared Askelson, Deputy Finance Director |
SUMMARY
The Board of Directors of the Estrella Mountain Ranch Community Facilities District (City of Goodyear, Arizona) (the “District”) will conduct a public hearing on the Feasibility Report for the issuance of Lucero Assessment District No. 2 Special Assessment Revenue Bonds, Series 2023 (the “Report”). This fulfills the statutory requirements in ARS Title 48 regarding a public hearing on the Report.
Recommendation
Conduct a Public Hearing on the Feasibility Report for the issuance of Lucero Assessment District No. 2 Special Assessment Revenue Bonds, Series 2023. (Jared Askelson, Deputy Finance Director)
FISCAL IMPACT
The feasibility report outlines the issuance of revenue bonds in the principal amount of $4,429,000 associated with this special assessment. 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 278 single family detached lots are requested to be assessed approximately $16,000.
BACKGROUND AND PREVIOUS ACTIONS
Estrella North, LLC (“Developer”), the majority landowner of the property, submitted a request to form Lucero Assessment District No. 2. The proposed district will create 278 individual assessments of approximately $16,000 to acquire Hillside Drive, 16 inch and 12 inch Water Mains, Lost Lift Station and Parallel Force Main, and Zone 2 Water System Upgrades.
Following this request, the District initiated the preparation of the feasibility report related to the Assessment District. The report includes a description of the infrastructure, an estimate of the costs to acquire the infrastructure, an estimated schedule to complete the infrastructure, a map of the area, and a plan for financing. In accordance with state statutes, the District Clerk has published a notice of public hearing on the feasibility report.
Following this request, the District initiated the preparation of the feasibility report related to the Assessment District. The report includes a description of the infrastructure, an estimate of the costs to acquire the infrastructure, an estimated schedule to complete the infrastructure, a map of the area, and a plan for financing. In accordance with state statutes, the District Clerk has published a notice of public hearing on the feasibility report.
STAFF ANALYSIS
The approval of the feasibility report is the first action taken by the District Board on the Assessment District. District staff has reviewed the assessment and related materials and found this resolution is in compliance with state law, the existing development agreement between the City, the District, and the developer and, the City’s CFD Guidelines.