| AGENDA ITEM #: 3. DATE: 08/23/2021 AI #:447 |
 |
COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | EMRCFD MONTECITO #3 ASSESSMENT DISTRICT ORDERING THE PUBLIC INFRASTRUCTURE |
| STAFF PRESENTER(S): | Jared Askelson, Deputy Finance Director |
SUMMARY
EMRCFD Montecito #3 Assessment District Ordering the Public Infrastructure
Recommendation
ADOPT RESOLUTION EMRCFD RES 2021-142 ORDERING THE PUBLIC INFRASTRUCTURE PROJECT PERFORMED AS DESCRIBED IN EMRCFD RES 2021-141. (Jared Askelson, Deputy Finance Director)
FISCAL IMPACT
As outlined in the feasibility report that will be adopted prior to this action, the special assessment district may issue 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.
BACKGROUND AND PREVIOUS ACTIONS
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.
The District Board previously conducted a public hearing and adopted a resolution relating to the feasibility report for the Assessment District. The feasibility report outlined the location, associated projects, and the financing plan.
The District Board previously conducted a public hearing and adopted a resolution relating to the feasibility report for the Assessment District. The feasibility report outlined the location, associated projects, and the financing plan.
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.