| ITEM #: 3. DATE: 04/27/2026 AI #:3201 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | APPROVE THE FEASIBILITY REPORT RELATING TO ISSUANCE OF ESTRELLA MOUNTAIN RANCH COMMUNITY FACILITIES DISTRICT (EMRCFD) - CITY OF GOODYEAR GENERAL OBLIGATION BONDS, SERIES 2026 |
| STAFF PRESENTER(S): | Michael Shoemaker, Interim Finance Director |
SUMMARY
Resolution EMRCFD RES 2026-173 will approve the Feasibility Report relating to the sale, issuance, and delivery of general obligation bonds for the EMRCFD, in an amount not to exceed $5,250,000.
RECOMMENDATION
ADOPT EMRCFD RES 2026-173 ACCEPTING AND APPROVING THE FEASIBILITY REPORT RELATING TO THE ACQUISITION AND FINANCING OF CERTAIN IMPROVEMENTS BENEFITING THE DISTRICT; AND DECLARING ITS PRELIMINARY INTENTION TO ISSUE NOT TO EXCEED $5,250,000 GENERAL OBLIGATION BONDS TO FINANCE THE ACQUISITION OF CERTAIN IMPROVEMENTS AS DESCRIBED IN THE FEASIBILITY REPORT RELATING TO SUCH IMPROVEMENTS PURSUANT TO THE PROVISIONS OF TITLE 48, CHAPTER 4, ARTICLE 6, ARIZONA REVISED STATUTES, AND ALL AMENDMENTS THERETO. (Michael Shoemaker, Interim Finance Director)
FISCAL IMPACT
The bond proceeds will be used by the EMRCFD to acquire the public infrastructure identified in the Feasibility Report. Net proceeds will be transferred to the developer that constructed the improvements. While the not-to-exceed bond amount is $5,250,000, the expected issuance is approximately $5,000,000. Annual debt service will be paid by EMRCFD property owners through a secondary property tax levy of up to $1.00 per $100 of Net Limited Assessed Value, consistent with the current rate. Any debt service above this rate will be covered by the developer under a Standby Contribution Agreement.
BACKGROUND AND PREVIOUS ACTIONS
The EMRCFD previously issued General Obligation Bonds in 2001, 2005, 2007, and 2023 to fund public infrastructure improvements. EMRCFD is now evaluating the acquisition of additional completed infrastructure within the District. To support this, the EMRCFD Board commissioned a feasibility report analyzing the project’s benefits, costs, schedule, service area, and financing plan. Following a public hearing, the EMRCFD Board will consider approval of the report through EMRCFD Resolution 2026-173, included as Attachment A.
STAFF ANALYSIS
EMRCFD staff reviewed the feasibility report, included here as Attachment B, and related materials and determined that the resolution complies with state law, the existing development agreement between the City, the EMRCFD, and the developer, and the City’s CFD guidelines and the EMRCFD's general plan.