HomeMy WebLinkAbout2024 11.19 SVCFD No. 1 Minutes Arizona City [a�cncii harnars
Junction,City of Apache 300 E Superstition Blvd
Apache Junction,AZ 85119
Special Meeting Minutes apachejunctionaz.gov
CommunitySuperstition Vistas
P :t30i982-8002
Facilities District No. I
Coors are opera to the public at feast 16 minutes prior to the
posted meetingstart flags.
Tuesday,November t ,202 6:60 PM City Council Chambers
OrderA. Call to
Chair Wilson called the meeting to order at 6; 6 pm
B. t Call
Staff in attendance.
Bryant Powell, District Manager
Matt Busby,Assistant District Manager
Joel Stern, District Attorney
vie McKinney, District Deputy Clerk
Ang lie Hawley, District Treasurer
Mike Loggins, District Director
Charles Briggs, District Project Manager
Rita Vineyard, District Administrative Assistant
tant
Connie Chow, District Finance Controller
Kayla Fulmer,District Director of Marketing and Communications
Rob WslerDistrict Management Analyst
Fi Richardson, District Management Analyst
ItemsC Agenda
1. Approval of minutes of special meeting of September 17,2024,
Chair Wilson called fora motion,Vice Chair Schroeder moved,seconded by Boardmember Hock
that the minutes of the September 17,2024,Special Meeting be approved.
. Conduct a public hearing on the feasibility report for a proposed project to be
financed by the issuance of general obligation bonds of Superstition Vistas
Community Facilities District No.1.
Chair Wilson opened the public hearing at 6:63 p.m.Recsiving no comments,chair Wilson closed
the public hearing at 6:03 p.m.
ach Sakas, Esq, of Greenberg Traurig, outside counsel for the Superstition Vistas Community
Facilities District No, 1 presented to the Board the feasibility report for Radiance Avenue. The
report explains repaying the bond issuance will be done with the levy of property taxes in the
amount of$3,30,on all taxable property, per 10 in net assessed limited property value within
the district
City of Ap&cho June on,Arizona Page I
Superstition vistas Community Special Meeting Minutes November 19,2024
Facilities District
. Presentation,discussion and consideration of Resolution No,2 24- 11
SVCFD No. 1 a resolution of the district board of Superstition Vistas
Community Facilities District No. 1 approving the prior notice of a public
hearing with respect to a feasibility report relating to the acquisition and
financing of certain improvements benefiting Superstition Vistas Community
Facilities District No, 1,approving the feasibility report; authorizing t e
issuance of theDistrict's General Obligation Bonds,Taxable Series 2024;
prescribing the terms of such bonds;delegating the determination of certain
terms to the Chairman, District Manager and District"Treasurer; levying an ad
valorem tax on taxable property within the strict; and authorizing the taxing
of other actions securing the payment of and relating to the bonds.
Chair Wilson called fora motion.Boarchnember Hock moved,seconded by BoardmemberCross
thatResolution No. 11 SVCFD No.1 be approved.
Zach Sakas, Esq. of Greenberg Traurig,outside counsel for the Superstition Vistas Community
Facilities District No. 1 presented to the`Board the background of Resolution No. 2 24- 11.
There are three ways that the CFD collects Money from property owners within the district:
1.A 30 cent operation and maintenance property tax that is levied on all taxable property with
entities within the district
.Special assessments on individual residential lots
3. General obligation bonds that are repaid over time with property tax collections on all taxable
property within the district(Resolution No.2 24- 11
The agreement with D.R. Horton at the time of formation of the district was to institute a target
tax rate of$3.30 per 100 of net assessed limited property value on taxable property within the
district.The benefit of a general obligation bond issuance is that it establishes the tax rate.
D.R. Horton has agreed to purchase the bond directly from the District to make things more
efficient and to not incur extra transaction costs in connection with the issuance. This allows the
District to reduce fees and not have an underwriting bank that can be seen on some other
assessment area transactions. The point is to set the tax rate within the District so that future
homeowners don't have a negative surprise with a fluctuating tax rate.
Property taxes are filly disclosed to all the homeowners when they're purchasing a home. They
are aware of being in a special taxing district,and the additional property tax related to owning a
hone within the district.
District Boardmember concerns included an estimated average tax bill amount, if this
information is in the feasibility report and how many years this will continue.
r, Sakes responded to all concerns.
D. District Manager Report
City otApache,Junction,Arizona page
Superstition Vistas CommunitySpecial Meeting MinutesNovember r g 2024
Facilities i tri t
E. District Director Presentation i i of the followingitems:
F. District Treasurer Report-Presentation
G. Adjournment
Chair Wilson adjourned the meeting at : ,
ACCEPTED THIS 51
DISTRICT A F THE SUPERSTITION I TA COMMUNITY FACILITIES DISTRICT NO,
,(CITY OF APACHE JUNCTION,A I A).
SIGNED AND ATTESTED TO THIS DAY OF_ft 0
AALTE III LSD
Chair Person
ATTEST:
t IIII
itrlt l I I
City f Apache Junction,Arizona Page