| ITEM #: 5. DATE: 12/05/2022 AI #:1221 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | LUCERO #2 ASSESSMENT DISTRICT APPROVING THE LEVYING OF ASSESSMENT |
| STAFF PRESENTER(S): | Jared Askelson, Deputy Finance Director |
SUMMARY
Lucero #2 Assessment District Approving the Levying of Assessment.
Recommendation
FISCAL IMPACT
As outlined in the feasibility report adopted prior to this action, the special assessment district may issue revenue bonds in the principal amount up to $4,429,000. 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 278 single family detached lots are requested to be assessed approximately $16,000.
BACKGROUND AND PREVIOUS ACTIONS
The Estrella Mountain Ranch Community Facilities District and Estrella North LLC, a Delaware limited liability company and Taylor Morrison/Arizona, Inc., an Arizona corporation, as the only landowners of the property within the District’s Lucero Assessment District No. 2, have 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 (as defined herein) 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 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.
The District Board previously conducted a public hearing on the feasibility report relating to the Assessment District and adopted EMRCFD RES 2022-151. The District Board subsequently adopted EMRCFD RES 2022-152, ordering the work related to the Project.
The District Board previously conducted a public hearing on the feasibility report relating to the Assessment District and adopted EMRCFD RES 2022-151. The District Board subsequently adopted EMRCFD RES 2022-152, ordering the work related to the Project.
STAFF ANALYSIS
This resolution ordering the work is required by statute and orders the construction and performance of the work related to the Assessment District. District staff has reviewed the feasibility report relating to the Assessment District 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.