Agenda - View Meetings (All)

ITEM #: 2.
DATE: 10/06/2025
AI #:2786

COMMUNITY FACILITIES DISTRICT REPORT

SUBJECT:

PUBLIC HEARING FOR THE FEASIBILITY REPORT FOR THE MONTECITO #4 SPECIAL ASSESSMENT DISTRICT WITHIN THE ESTRELLA MOUNTAIN RANCH COMMUNITY FACILITIES DISTRICT

STAFF PRESENTER(S):

Jared Askelson, Finance Director

SUMMARY

The Board of Directors of the Estrella Mountain Ranch Community Facilities District (CFD) (City of Goodyear, Arizona) will hold a public hearing on the Feasibility Report for the issuance of Montecito Assessment District No. 4 Special Assessment Revenue Bonds, Series 2025. This fulfills the statutory requirements in ARS Title 48 regarding a public hearing on the Feasibility Report.

Recommendation

Conduct a Public Hearing on the Feasibility Report for the issuance of Montecito Assessment District No. 4 Special Assessment Revenue Bonds, Series 2025. (Jared Askelson, Finance Director)

FISCAL IMPACT

The Feasibility Report outlines the issuance of revenue bonds in the principal amount of $10,668,000 associated with this special assessment. These bonds will acquire the infrastructure, pay appropriate capitalized interest, establish a reserve fund, and pay for the 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 the Maricopa County Treasurer by adding the amount due from each property owner to their annual property tax bill. The 508 single family detached lots are requested to be assessed approximately $21,000.

BACKGROUND AND PREVIOUS ACTIONS

Estrella North, LLC (“Developer”), the majority landowner of the property, submitted a request to form the Montectio Assessment District No. 4. The proposed district will create 508 individual assessments of approximately $21,000 to acquire Calistoga Drive 3-1, Calistoga Drive Phase 4, and West Mountain Vista Drive Phase 2.

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.

STAFF ANALYSIS

The approval of the Feasibility Report, included here as Attachment A, 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. In accordance with state statutes, the District Clerk has published a Notice of the Public Hearing on the Feasibility Report included here as Attachment B.

Attachments

Attachment A - Feasibility Report

Attachment B - Notice of Public Hearing

Attachment C - Presentation