ITEM #: 4.
DATE: 10/06/2025
AI #:2791
|
 |
COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: |
RESOLUTION ADOPTING MONTECITO #4 ASSESSMENT DISTRICT ORDERING THE PUBLIC INFRASTRUCTURE
|
| STAFF PRESENTER(S): |
Jared Askelson, Finance Director |
|
|
|
| SUMMARY |
| Montecito #4 Assessment District ordering the public infrastructure. |
| Recommendation |
| ADOPT EMRCFD RES 2025-169 ORDERING THE PUBLIC INFRASTRUCTURE PROJECT PERFORMED AS DESCRIBED IN EMRCFD RES 2025-168. (Jared Askelson, Finance Director) |
| FISCAL IMPACT |
| As outlined in the Feasibility Report adopted prior to this action, the Assessment District may issue revenue bonds in the principal amount up to $10,668,000. 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 |
| The Estrella Mountain Ranch Community Facilities District (CFD) and Estrella North, LLC, as the Owner, with TPG AG EHC III (LEN) Multi State 5, LLC; Lennar Arizona, LLC; and Richmond American Homes of Arizona, Inc., as Interested Parties, of the property within the District’s Montecito Assessment District No. 4, 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 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. The District Board previously conducted a Public Hearing on the Feasibility Report relating to the Assessment District and adopted EMRCFD RES 2025-168. |
| STAFF ANALYSIS |
| This Resolution ordering the work, included as Attachment A, 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 included as Attachment B, and the Assessment Methodology included as Attachment C, 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. |
|
|
|
