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HomeMy WebLinkAbout2024 03.19 SVCFD 1 Cityof Apache Junction Arizona City Council Chambers 300 E Superstition Blvd Apache Junction,AZ 85119 Special Meeting Agenda apachejunctionaz.gov Superstition Vistas Community Ph:(480)982-8002 Facilities District No. 1 Tuesday, March 19,2024 6:00 PM City Council Chambers A. Call to Order B. Roll Call C. Agenda Items 1. 4-106 Approval of minutes of special meeting of October 17, 2023. Sponsors: Matt Busby Attachments: Special Meeting Minutes for October 17,0023 2. 4-107 Presentation, discussion, and public hearing on the feasibility report for a proposed project to be financed by the issuance of the Superstition Vistas Community Facilities District No. 1 Assessment Area No. 3 Special Assessment Bonds. Sponsors: Matt Busby Attachments: FEAST REPORT SVCFD 1 AA 3 SAB Srs 24 vF 3-12-24 3. 24-106 Presentation, discussion and consideration of Resolution No. 2024-001 SVCFD No. 1, a resolution of the district board of Superstition Vistas Community Facilities District No. 1 relating to approval of the feasibility report for the acquisition and financing of certain improvements benefiting the district; approving the prior giving of notice of hearing relating to the feasibility report; declaring the district board's intention to acquire the improvements described in the feasibility report; forming an assessment district; determining that special assessment bonds may be issued to finance the costs and expenses of the improvements; declaring the improvements to be of more than local or ordinary public benefit and that the costs of the improvements will be assessed upon Assessment Area No. 3; and ordering the public infrastructure projects performed. Sponsors: Matt Busby Attachments: RESOLUTION 2024-001 SVCFD No. 1 Assessment Bonds 20 FEAST REPORT"SVCFD 1 AA 3 SAB Srs 24 vF 3-12-24 695747791 v 1 SVCFD 1 AA 3 Waiver and Development Agra 692111538 v 1 NTC-SVCFD 1 AA 3 2024-Notice of Feasibili City of Apache Junction,Arizona Page 1 Printed on 311412024 Superstition Vistas Community Special Meeting Agenda March 19,2024 Facilities District No.1 4. 24-109 Presentation, discussion and consideration of Resolution No. 2024-002 SVCFD No. 1, a resolution of the district board of Superstition Vistas Community Facilities District No. 1 approving the levying of an assessment diagram for Assessment Area No. 3 within the district. Sponsors: Matt Busby Attachments: RESOLUTION-2024-002 SVCFQ No. 1 -Resolution-6pproVinc SV CFD No.1 AA No.3-Assessment Diaoram Plan Set--2024- D. District Manager Report E. District Director Report - Presentation and discussion of the following items: F. District Treasurer Report - Presentation and discussion G. Adjournment Copies of this agenda and additional information on any of the items listed above may be obtained from the office of the city clerk/district clerk, 300 E Superstition Blvd,Apache Junction,AZ 85119, Monday through Thursday, 7:00a to 6:00p, excluding holidays. The City of Apache Junction invites and welcomes people of all abilities to use our programs, sites and facilities. Specific requests may be made by contacting the Human Resources Office at(480)474-2617 or TDD(480)983-0095. Members of this board will attend either in person or by telephone, video or intemet conferencing. City of Apache Junction,Arizona Page 2 Printed on 311412024 City of Apache Junction, Arizona 300 E Superstition Boulevard Agenda Item Cover Sheet Apache Junction,AZ 85119 Agenda Item No. 1. File ID: 24-106 Sponsor: Matt Busby Agenda Date:3/19/2024 Index: In Control: Superstition Vistas Community Facilit Approval of minutes of special meeting of October 17, 2023. City of Apache Junction,Arizona Page 1 Printed on 311412024 City of Apache Junction, Arizona City Council Chambers 300 E Superstition City Blvd Blvd Apache Junction,AZ 85119 Special Meeting Minutes apachejunctionaz.gov Ph: (480)982-8002 Superstition Vistas Community Facilities District No. 1 Tuesday, October 17, 2023 5:30 PM City Council Chambers A. Call to Order Chair Wilson called the meeting to order at 5:30 p.m. B. Roll Call Present 7- Chairperson Wilson Vice Chair Schroeder Boardmember Heck Boardmember Johnson Boardmember Nesser Boardmember Cross Boardmember Soller Staff in attendance: Bryant Powell, District Manager Matt Busby,Assistant District Manager Joel Stern, District Legal Counsel Leslie DeReche, District Treasurer Jennifer Pena, District Clerk Evie McKinney, Deputy District Clerk Kimberly Heldt, District Purchasing Administrator Brittany Decker, District Management Analyst Rob Wisler, District Management Analyst Eli Richardson, District Management Analyst C. Agenda Items 1. Approval of minutes of special meeting of September 19, 2023. Chair Wilson called for a motion. Boardmember Heck moved, Boardmemeber Nesser seconded. Yes 7- Chairperson Wilson,Vice Chair Schroeder, Boardmember Heck, Boardmember Johnson, Boardmember Nesser, Boardmember Cross, and Boardmember Soller No 0 2. Public hearing on the final assessment for the Superstition Vistas Community Facilities District No. 1,Assessment Area No. 2. Chair Wilson opened the public hearing at 5:39 p.m. No members of the public were present and wished to speak. Chair Wilson closed the public hearing at 5:39 p.m. Zach Sakas, Esq. of Greenberg Trauig, LLP, outside counsel for the Superstition Vistas Community Facilities District No. 1 indicated to the board that per the District Engineer, all work relating to the project has been completed in accordance with the approved plans and City of Apache Junction,Arizona Page 1 Superstition Vistas Community Special Meeting Minutes October 17,2023 Facilities District No. 1 specification. He also explained the two resolutions to be considered for a vote after the public hearing. 3. Presentation, discussion and consideration of Resolution No. 2023-009 SVCFD No. 1, a resolution of the district board of the Superstition Vistas Community Facilities District No. 1 approving the final assessment for Assessment Area No. 2, determining that the work has been completed in accordance with the approved plans and specifications, and ordering the collection of the assessment in Assessment Area No. 2. Chair Wilson called for a motion. Boardmember Heck moved,seconded by Boardmember Nesser. Yes 7- Chairperson Wilson,Vice Chair Schroeder, Boardmember Heck, Boardmember Johnson, Boardmember Nesser, Boardmember Cross, and Boardmember Soller No 0 4. Presentation, discussion and consideration of Resolution No. 2023-010 SVCFD No.1, a resolution of the district board of Superstition Vistas Community Facilities District No. 1, authorizing the issuance of the District's Assessment Area No. 2 Special Assessment Bonds, Series 2023; approving the bonds to a purchaser; appointing a registrar, transfer agent and paying agent for the bonds; and authorizing the taking of other actions securing the payment of and relating to the bonds. Chair Wilson called for a motion. Boardmember Cross moved,seconded by Boardmember Soller. Yes 7- Chairperson Wilson,Vice Chair Schroeder, Boardmember Heck, Boardmember Johnson, Boardmember Nesser, Boardmember Cross, and Boardmember Soller No 0 D. District Manager Report E. District Director Report - Presentation and discussion of the following items: F. District Treasurer Report - Presentation and discussion G. Adjournment Chair Wilson adjourned the meeting at 5:42 p.m. ACCEPTED THIS DAY OF 2024, BY THE CHAIR PERSON AND DISTRICT BOARD OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 , (CITY OF APACHE JUNCTION,ARIZONA). SIGNED AND ATTESTED TO THIS DAY OF , 2024. WALTER "CHIP"WILSON Chairperson City of Apache Junction,Arizona Page 2 Superstition Vistas Community Special Meeting Minutes October 1T,2U23 Facilities District No. 1 ATTEGT- JENN|FEf{ PENA District Clerk SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 MINUTES CERTIFICATION I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the special meeting of Superstition Vistas Community Facilities District No. 1 of the City of Apache Junction, Arizona, held on the 17th day of October, 2U23. | further certify that the meeting was duly called and held and that a quorum was present. Dated this day of . 2024. JENN|FERPENA District Clerk City nr Apache Junction,Arizona Page City of Apache Junction, Arizona 300 E Superstition Boulevard Agenda Item Cover Sheet Apache Junction,AZ 85119 Agenda Item No.2. File ID: 24-107 Sponsor: Matt Busby Agenda Date:3/19/2024 Index: In Control: Superstition Vistas Community Facilit Presentation, discussion, and public hearing on the feasibility report for a proposed project to be financed by the issuance of the Superstition Vistas Community Facilities District No. 1 Assessment Area No. 3 Special Assessment Bonds. City of Apache Junction,Arizona Page 1 Printed on 311412024 FEASIBILITY REPORT For The Issuance of Not to Exceed $695,000 Principal Amount OF SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 ASSESSMENT AREA NO. 3 SPECIAL ASSESSMENT BONDS, SERIES 2024 Public Hearing Date: March 19, 2024 TABLE OF CONTENTS SECTION Introduction; Purpose of Feasibility Report; General Description of District ONE Description of Public Infrastructure TWO Map of the District Showing Location of Public Infrastructure and Area to be Benefited THREE Estimate of Costs and Timetable for Acquisition of Public Infrastructure FOUR Plan of Finance FIVE APPENDIX Legal Description for Assessment Area No. 3 1. Summary of Appraisal for Assessment Area No. 3 2 (Complete copy of appraisal report is available upon request) SECTION ONE INTRODUCTION; PURPOSE OF FEASIBILITY REPORT; GENERAL DESCRIPTION OF DISTRICT INTRODUCTION This Feasibility Report(this"Report")has been prepared for presentation to the Board of Directors of the Superstition Vistas Community Facilities District No. 1 (the "District") in connection with the proposed issuance by the District of its Assessment Area No.3 Special Assessment Bonds, Series 2024(the "Bonds") in a principal amount of not to exceed$695,000,pursuant to the Community Facilities District Act of 1988,Title 48, Chapter 4, Article 6 of Arizona Revised Statutes ("A.R.S."). PURPOSE OF FEASIBILITY REPORT This Report has been prepared for consideration of the feasibility and benefits of the Public Infrastructure(as defined in A.R.S.Section 48-701)to be financed by the Bonds(the"Public Infrastructure") and of the plan for financing the Public Infrastructure in accordance with the provisions of A.R.S.Section 48- 715. Pursuant to A.R.S. Section 48-715, this Report includes (i) a description of the Public Infrastructure to be financed—Section Two; (ii) maps showing, in general, the location of the Public Infrastructure and the area to be benefited by the Public Infrastructure—Section Three; (iii)an estimate of the cost to acquire, operate and maintain the Public Infrastructure and timetable for the acquisition of the Public Infrastructure —Section Four; and(iv)a plan for financing the Public Infrastructure—Section Five. This Report has been prepared for the consideration of the Board of Directors of the District only.It is not intended or anticipated that this Report will be relied upon by other persons,including,but not limited to,purchasers of the Bonds. This Report does not attempt to address the quality of the Bonds as investments or the likelihood of repayment of the Bonds. In preparing this Report,financial advisors,appraisers,counsel, engineers, District staff, City (as defined herein) staff and other experts have been consulted as deemed appropriate. GENERAL DESCRIPTION OF THE DISTRICT The District consists of approximately 1,375 acres of a larger 2,783-acre project within the City of Apache Junction, Arizona (the "City"), where D. R. Horton, Inc., a corporation organized and existing pursuant to the laws of the State of Delaware (the "Developer"), was the successful bidder at the public auction conducted by Arizona State Land Department("ASLD")and pursuant to the terms of the Certificate of Purchase 53-120190 executed November 12, 2020, as thereafter amended. The Developer is now developing the mixed use, master planned community known as Radiance at Superstition Vistas, on approximately 1,375 acres of a larger 2,783-acre project (the "Project"). The Project is located east of Meridian Road, west of Ironwood Drive, south of Solina (Radiance) Avenue and north of Ray Avenue. Construction on the Project commenced in November 2021, and the first home closings occurred in June 2023. Single family residential units represent approximately 700 acres within the Project.Non-residential development comprises approximately 675 acres within the Project and includes churches, government, police and fire stations, schools, civic and commercial uses and common area, and neighborhood open space. The real property comprising Assessment Area No.3 consists of 139 lots(the"Assessed Lots")and is approximately 26 acres. The Assessed Lots have been finally established by the approval of final plats by the City, and all of the Assessed Lots will be developed by the Developer. ONE- 1 The following chart characterizes the approximate acreage within the District as well as the acreage within Assessment Area No. 3,which is fully within the boundaries of the District. Approximate Approximate Assessment Area Total District District Acres No. 3 Lot Area Acres Single Family Residential 700 26 Non-Residential(a) 675 0 Total 1,375 26 (a) Includes churches,police and fire stations, schools, civic and commercial uses and common area, and neighborhood open space. The District was created to assist with financing the acquisition of public infrastructure and public infrastructure purposes, including the Public Infrastructure, within the District. See Section Two for a description of the Public Infrastructure to be financed with a portion of the proceeds of the Bonds. A legal description of Assessment Area No. 3 is included in Appendix 1. Maps of the District, Assessment Area No. 3, including the location, in general, of the Public Infrastructure, are included in Section Three. The proposed acquisition of the Public Infrastructure as defined in this Report is consistent with the approved General Plan for the District. ONE- 2 SECTION TWO DESCRIPTION OF PUBLIC INFRASTRUCTURE DESCRIPTION OF PUBLIC INFRASTRUCTURE The Public Infrastructure subject to this Report has been publicly bid pursuant to State statutes and District guidelines and will be financed by the Bonds and/or subsequent bond issues and other sources, if necessary. It is expected that the Public Infrastructure listed below will be acquired from the Developer with estimated cost and construction timing as noted. Total Certified Eligible for Funding Acquisition Project Estimated Engineer's Paid by Prior from Bonds and Completion Description Cost Cost Bonds Future Bonds Date* 1. Reverence Road $2,373,110.63 $2,373,110.63 $1,501,311.71 $871,798.92 May 2023 * Completion represents the date by which the Public Infrastructure was constructed,which may differ by the date that it was accepted by the City or other governmental entities,as applicable. The Public Infrastructure is comprised of the construction of a roadway within the District known as Reverence Road. The work includes approximately 2,325 lineal feet of two-lane, full street improvements with landscaped median. These improvements include concrete curb and gutter,concrete sidewalk,paving, striping,public signage, streetlights, entry monument, landscaping, and irrigation. The roadway consists of two paved driving lanes made up of four and one-half inches (41/2") of asphaltic concrete over eight inches (8")of aggregate base course.Acceptance of such Public Infrastructure by the City and other governmental entities occurred in May 2023. Proceeds of the Bonds are reasonably expected to be used to finance the acquisition of all or a portion of the Public Infrastructure upon acceptance by the District and the City, or other governmental entities, as applicable, of such Public Infrastructure pursuant to the terms of the District Development, Financing Participation,Waiver and Intergovernmental Agreement(the"District Development Agreement"),recorded on February 23,2022, at Fee No. 2022-021689 in the records of Pinal County,Arizona(the"County"), and the terms and provisions of all applicable laws, ordinances, codes and rules. All interests in such Public Infrastructure financed by the District will be dedicated or otherwise transferred to the City or other governmental entities, as applicable, after acceptance. Additional portions of public infrastructure, as contemplated by the District's formational documents, may be constructed and will be subject to administrative approval by the District before such additional public infrastructure is eligible for funding from future bonds, if any. TWO- 1 SECTION THREE MAP OF THE DISTRICT SHOWING LOCATION OF PUBLIC INFRASTRUCTURE AND AREA TO BE BENEFITED The District rT " fit' . . . 777 ............ CF O, 1.375 Al R * WARNER _ ENUI ' .,;E } 2000 "b4RWV Horz, i i , THREE- 1 Assessment Area No. 3 L ,o: . ASSESSED IMPROVEMENTS (REVERENCE ROAD) AssEssMrxr AREA any MATCH LINE LOT UNE rag LOT NUMBER ` x (4#LO TSN w 3 A S `kK.w ''.,. g * s + , arm F T 3 LOTS 10-14-1171 fQ8 LOTS f_. sec ({ € 4 )„ .. Ia ' # L i I,rar#.ae#..w.t ),._ .4 . "pia' ). -" i, 1 I, .awr�"wnf 6 r". KEY MAP V -LE AM T „ oy THREE-2 SECTION FOUR ESTIMATE OF COSTS AND TIMETABLE FOR ACQUISITION OF PUBLIC INFRASTRUCTURE ESTIMATE OF COSTS AND TIMETABLE FOR ACQUISITION OF PUBLIC INFRASTRUCTURE The table in Section Two outlines the cost estimate and completion dates for the construction of the Public Infrastructure. Proceeds of the Bonds, after payment of the costs of issuance,will be used to finance the acquisition of all or a portion of the Public Infrastructure projects listed in Section Two. Listed below is an estimated draw schedule of the proceeds of the Bonds for acquisition of the Public Infrastructure. Estimated Acquisition Public Infrastructure Price Completion.Date (a) Funds Draw Date Reverence Road $871,798.92 May 2023 June 2024 Total $871,798.92 (a) Represents the date by which the Public Infrastructure was constructed,which may differ from the date that it was accepted by the City, or other governmental entities, as applicable. FOUR- 1 SECTION FIVE PLAN OF FINANCE PLAN OF FINANCE Below is a financing plan that describes the process for financing a portion of the Public Infrastructure benefiting the property within the Assessment Area No. 3. This Plan of Finance is subject to modificationto accommodate market conditions at the time of the actual sale of the Bonds and to the extent necessary to comply with federal and State law. (i) Formation and Authorization. In response to a petition from the Developer, the City Council formed the District on October 5,2021.As contemplated by the District Development Agreement,the District has the authority to issue the Bonds. (ii) Proposed Bond Sale. The estimated debt service schedule for the Bonds is attached in this section as Table One. It is anticipated that the Bonds will be sold and delivered in May 2024.The amount shown on the cover of this Report is a not-to-exceed amount; the actual aggregate principal amount of the Bonds issued may be lower. It is currently estimated that the Bonds will have a final maturity of not more than 25-years and be structured to achieve generally level annual debt service. The Bonds will not be rated by any rating agency. (iii) Per Lot Assessment Amount The per residential lot assessment amount is expected to be no more than$5,000.00 at the time of issuance of the Bonds. The Developer currently expects that at the time of sale of a home to the buyer, this amount will be assumed by the homebuyer and the assessment payments made over time. The $5,000.00 per residential lot assessment results in an annual assessment payment of approximately $432 per home, or approximately $36 per month, assuming a 25- year maturity and a 6.75% interest rate. The special assessments are expected to be collected on behalf of the District by the Pinal County Treasurer's Office. FIVE- I (iv) Estimated Sources and Uses of Funds. The proceeds of the Bonds will be applied by the District to finance the acquisition of all or a portion of the Public Infrastructure listed in Section Two of this Report. The estimated sources and uses of funds related to the sale of the Bonds is: SOURCES: Principal Amount of Bonds $695,000.00 Total $695,000.00 USES*: Cost of Public Infrastructure $411,000.00 Debt Service Reserve Fund 61,000.00 Deposit to Bond Fund 53,000.00 (representing capitalized interest) Estimated Costs of Issuance 170,000.00 Total $695,000.00 ESTIMATED COSTS OF ISSUANCE* Underwriter's Compensation $20,000.00 Bond Counsel 70,000.00 Underwriter's Counsel 18,000.00 Financial.Advisor 38,000.00 District Engineer 15,000.00 Appraisal Fee 5,000.00 Registrar&Paying Agent 1,000.00 Miscellaneous 3,000.00 Total $170,000.00 (v) Value to Lien Ratio. Included as Appendix 2 is a summary of the appraisal relating to the parcels to be included in Assessment Area No. 3, prepared by Schnepf Ellsworth Appraisal Group, LLC on March 8, 2024. The appraisal demonstrates a value-to-lien ratio on a per lot basis of at least 20.5 to 1. A complete copy of the appraisal report is available upon request. (vi) Disclosure of Assessment Payments. A.R.S. Section 32-21.81 et seq. requires the disclosure of all property taxes and assessments to be paid by a homeowner in the Arizona Department of Real Estate Subdivision Public Report (the "Public Report"). The Developer must supply each of its homebuyers a Public Report and, prior to any home sale, the homebuyer must acknowledge by signature that they have read and accepted the Public Report. In addition, the Developer will require the homebuyer to sign an additional form that highlights and discloses the additional assessment payments as a result of District financing. Preliminary, subject to change. FIVE-2 (vii) Operation and Maintenance of Public Infrastructure. All infrastructure financed by the District will be dedicated to and accepted by the City,or other governmental entities, as applicable. The obligations pertaining to the operation and maintenance of the Public Infrastructure have been negotiated between the City, the District and the Developer and are set forth in the various development agreements among the parties. The administrative costs of the District and those costs associated with the operation and maintenance of the Public Infrastructure which are not the obligation of the City will be provided by several sources of funds: the levy of a $0.30 per $100 of net assessed limited property valuation ad valorem tax in the District(the"O&M Tax"),Homeowner's Association fees and Developer contributions, if any. (viii) Other District Information. Shown in the table below is the District's overlapping general obligation bonded indebtedness including a breakdown of each overlapping jurisdiction's applicable general obligation bonded indebtedness, net assessed limited property value and combined tax rate per $100 of net assessed limited property value. OVERLAPPING GENERAL OBLIGATION BONDED INDEBTEDNESS & OVERLAPPING NET ASSESSED LIMITED PROPERTY VALUES—2023/24 Portion.Applicable to the District(a) Total Tax General Proportion Applicable Rates Per$100 Net Assessed Obligation to the District(a) Net Assessed Linited Bonded Approximate Net Debt Limited Property Overlapping Jurisdiction Property Value Debt(b) Percent Amount Property Value(c) State of Arizona $ 83,026,530,244 None % 0.00 None None Pinal County 3,390,905,658 None 0.01 None $3.8810 (d) Pinal County Community College District 3,390,905,658 $ 54,905,000 0.01 $ 7,901 1.9200 Central Arizona Water Conservation District 3,390,905,658 None 0.01 None 0.1400 (d) East Valley Institute of Technology 862,566,705 None 0.06 None 0.0500 Apache Junction Unified School District No.43 536,976,475 10,225,000 0.09 9,292 4.1254 Superstition Fire&Medical District 521,438,586 1,977,000 0.09 1,850 3.5900 City of Apache Junction 198,538,048 None 0.25 None 0.0000 Superstition Vistas Community Facilities District No.1(e) 487,977 None 100.00 None 3.6000 $ 19,043 (a) Proportion applicable to Assessment Area No. 3 is not available. In future years, proportion applicable to the District will be used instead.For Tax Year 2023,portions of the land within the boundaries of the District were still owned by ASLD and therefore not subject to property taxes and assessed values were not assigned to such portions of the District. Because the area that encompasses Assessment Area No. 3 only encompasses the area shown on the maps in Section Three, which is a smaller area than the area of the District, these amounts are greater than what actually overlaps such area.If the assessed value within the District increases at a faster rate than the overlapping jurisdictions, the amount of overlapping debt allocated for payment within the District will increase. FIVE- 3 (b) Includes total stated principal amount of general obligation bonds outstanding. Does not include outstanding principal amounts of certificates of participation or revenue obligations outstanding for the jurisdictions listed above. Also does not include outstanding principal amounts of bonds of various assessment districts or areas as the obligations of these districts or areas are presently being paid from special assessments against property within the various districts or areas. Does not include authorized but unissued general obligation bonds of such jurisdictions which may be issued in the future. Also does not include the obligation of the Central Arizona Water Conservation District ("CAWCD") to the United States Department of the Interior the ("Department of the Interior"), for repayment of certain capital costs for construction of the Central Arizona Project("CAP"), a major reclamation project that has been substantially completed by U.S. Department of the Interior. In April of 2003, the United States and CAWCD agreed to settle litigation over the amount of the construction cost repayment obligation, the amount of the respective obligations for payment of the operation, maintenance and replacement costs and the application of certain revenues and credits against such obligations and costs. Under the agreement, CAWCD's obligation for substantially all of the CAP features that have been constructed so far will be set at $1.646 billion, which amount assumes (but does not mandate) that the United States will acquire a total of 667,724 acre-feet of CAP water for federal purposes. The United States will complete unfinished CAP construction work related to the water supply system and regulatory storage stages of CAP at no additional cost to CAWCD. Of the $1.646 billion repayment obligation, 73% will be interest bearing and the remaining 27% will be non-interest bearing. These percentages have been fixed for the entire 50-year repayment period, which commenced October 1, 1993. CAWCD is a multi-county water conservation district having boundaries coterminous with the exterior boundaries of Arizona's Maricopa, Pima and Pinal Counties. The obligation is evidenced by a master contract between CAWCD and the Department of the Interior. CAWCD was formed for the express purpose of paying administrative costs and expenses of the CAP and to assist in the repayment to the United States' portion of the CAP capital costs. Repayment will be made from a combination of power revenues, subcontract revenues (i.e., agreements with municipal, industrial and agricultural water users for delivery of CAP water) and a tax levy against all taxable property within CAWCD's boundaries. At the date of this Report, the tax levy is limited to 14 cents per $100 of Net Assessed Limited Property value, of which 14 cents is currently being levied. (See Arizona Revised Statutes, Sections 48-3715 and 48-3715.02) There can be no assurance that such levy limit will not be increased or removed at any time during the life of the contract. (c) The combined tax rate includes the tax rate for debt service payments and the tax rate for all other purposes such as maintenance and operation and capital outlay. (d) The County's tax rate includes the $0.1.693 tax rate of the Pinal County Flood Control District, the$0.0965 tax rate of the Pinal County Free Library,the$0.0552 tax rate for the contribution to the Pinal County Fire District Assistance and the$3.5600 tax rate of the County. The net assessed limited property value of the County Flood Control District does not include the personal property assessed valuation within the County. The net assessed limited property value for the CAWCD reflects the assessed valuation located within the County only. The County is mandated to levy a tax annually in support of fire districts in the County. All levies for library districts, hospital districts,fire districts,technology districts,water conservation districts and flood control districts are levied on the net full cash assessed value. (e) Does not include the Bonds. Does not include special assessment bonds outstanding in the aggregate principal amount of $3,395,000, or other special assessment bonds or general. obligation bonds expected to be issued by the District in the future. The District levied the O&M Tax in fiscal year 2023-24 to collect revenues from the portion of the land within the District FIVE-4 boundaries patented by the Developer and no longer owned by ASLD. The lien for taxes for both debt service and operation and maintenance purposes would be superior and paramount to that for the Special Assessments with respect to the Bonds. Source: Pinal County Assessor Department, the various entities, the Pinal County Finance Department and Property Tax Rates and Assessed Values, Arizona Tax Research Association. FIVE- 5 TABLE ONE ESTIMATED DEBT SERVICE SCHEDULE* Total. Estimated Annual Fiscal Debt Service Year Principal Interest(a) Requirements* 2024/25 $ 52,777 $ 52,777 2025/26 $ 14,000 46,913 60,913 2026/27 14,000 45,968 59,968 2027/28 15,000 45,023 60,023 2028/29 16,000 44,010 60,010 2029/30 1.7,000 42,930 59,930 2030/31 19,000 41,783 60,783 2031/32 20,000 40,500 60,500 2032/33 21,000 39,150 60,150 2033/34 23,000 37,733 60,733 2034/35 24,000 36,180 60,180 2035/36 26,000 34,560 60,560 2036/37 28,000 32,805 60,805 2037/38 29,000 30,915 59,915 2038/39 31,000 28,958 59,958 2039/40 34,000 26,865 60,865 2040/41 36,000 24,570 60,570 2041/42 38,000 22,140 60,140 2042/43 41,000 19,575 60,575 2043/44 44,000 16,808 60,808 2044/45 46,000 1.3,838 59,838 2045/46 50,000 10,733 60,733 2046/47 53,000 7,358 60,358 2047/48 56,000 3,780 59,780 $ 695,000 (a) Interest column reflects total interest payments for each fiscal year;interest will be paid semi-annually on January 1 and July 1, commencing on January 1,2025*. Interest is estimated at 6.75%. *Preliminary, subject to change. FIVE- 6 Reviewed and accepted by: DEVELOPER: D.R.HORTON,INC.,a Delaware corporation By:__ Name:Brent Davis Its:Division President—Phoenix East FIVE- 7 APPENDIX 1 LEGAL DESCRIPTION FOR ASSESSMENT AREA NO. 3 LEGAL DESCRIPTION OF ASSESSMENT AREA NO. 3 Lots 1074 through 1212,inclusive,according to the Final Plat for Superstition Vistas—Phase 1B—Parcels 19.10, 19.11 &Model Complex,recorded as Fee No.2024-002323,Records of Pinal County,Arizona. APPENDIX 1- 1 APPENDIX 2 SUMMARY OF APPRAISAL FOR ASSESSMENT AREA NO. 3 An Appraisal Report of the Market Value of the fee simple interest Superstition Vistas Community Facilities District No. 1 Assessment Area No. 3 139 lots within the Final Plat of Superstition Vistas - Phase 113 - Parcels 19.10, 19.11 & Model Complex, located southeast of Radiance Avenue and Reverance Road,Apache Junction, Pinal County, AZ j �x� cs87 `tta z* list ff Cr 0 Prepared For: Superstition Vistas Community Facilities District No. 1 300 E. Superstition Boulevard Apache Junction,AZ 85119 Inspection Date: March 1, 2024 Valuation Date: March 1, 2024 Prepared by: Real Estate Appraisers/Consultants - P.O. Box 2829, Mesa,Arizona, 85214 Phone 480.497.1113 E-mail larry@schnepfellsworth.com Job # 24-2591 Copy 1 of 1 Copyright 2024 by Schnepf Ellsworth Appraisal Group LLC ©SCHNEPFELLSWORTHAPPRA/SAL GROUP—24 2591 Executive Summary Type of Property: The subject consists of a single-family residential subdivision site Type of Report: Appraisal Report Class: Single-family residential subdivison land Job No.: 24-2591 Job Name: Superstition Vistas Community Facilities District No. 1 Assessment Area No. 3 Location: The subject is located northwest of Ironwood Drive and Ray Road and is a part of the Radiance at Superstition Vistas, Apache Junction, Arizona. Legal Description: A full legal description is included within the report. The legal description was obtained from public records. Statement of Ownership: Documents detailing the ownership retained in the addenda. Form of Ownership: Fee Simple Interest Property Rights Appraised: Market Value of the fee simple interest. Intended User/Intended Use (Function) of the Report: The intended users of this report are Superstition Vistas Community Facilities District No. 1 (Client and Intended User), the financial advisor Piper Sandler&Co.,City of Apache Junction,Arizona and special counsel Greenberg Traurig LLP (Intended Users). The intended use (function) of this appraisal will be in conjunction with the sale of tax-exempt assessment bonds,the proceeds of which will be used to finance public infrastructure within the Superstition Vistas Community Facilities District No. 1, Assessment Area No. 3. Improvements Summary: The subject consists of a master-platted parcel consisting of 139 planned lots within the final plat for Radiance at Superstition Vistas Phase IB. ii ©SCHNEPFELLSWORTHAPPRA/SAL GROUP—24 2591 Assessor's Parcel: Assessor parcel numbers are not yet available. Flood Zone Designation: Zone X (with some in Zone A), Panel number 04021 CO200E, Effective date December 4, 2007. Site Area: The aggregate net total for the 139 lots is 1,117,475 square feet or 25.6537 acres. The proposed development has a density of 3.32 du/gross acres. Zoning: MPC (Master Planned Community), City of Apache Junction Topography: The property is basically level. No soil reports were provided to the appraisers. Easements: Except for zoning restrictions, no other hazards or nuisances were noted which would adversely affect the subject site. The appraisers assume no conditions exist that would adversely affect title. Nuisance and Hazards: No environmental reports were provided to the appraiser. No adverse environmental conditions were noted within this report. No known nuisances, hazards or environmental problems exist. Highest and Best Use: As Is— Single-family residential Marketing Time: 9 to 12 months Unit Type: The most applicable site unit measurement is price per square foot(vacant land) and price per lot. Date of Inspection: March 1, 2024 Date of Valuation: March 1, 2024 Valuation Conclusions: As is-90% As is-90% Total As if-Complete As if-Complete Complete Complete Parcel Lots Per lot Parcel Value Per lot Parcel Value SV CFD1,AD3 139 $114,000 $15,846,000 $102,500 $14,247,500 Aggregate Total** 139 $15,846,000 $14,247,500 Average $114,000 $102,500 **Sum of the individual lot totals iii (V SCHNEPFELLSWORTHAPPRA/SAL GROUP-24 2591 Sub'ect Photo ra hS �March 1, 2024) s o f f r r t` ctSrSk`'�k}r �t3c r? ; 4 1— Subdivision entry at Ray Road and Reverence Road. 2—Looking north along Reverence Road and Shelly Ave. Fa r 3 —Looking north along Hale Drive at Shelly Ave. 4—Looking east along Stradling Avenue. iv ©SCHNEPFELLSWORTHAPPRA/SAL GROUP-24 2591 'r tKr s i�11tt t�S1t�s�i�tt`st�1�t'N2�j��tS'�� 1t���� JJ zS r4 i, i 5—Looking north across Stradling Ave. 6—Looking north along Caballo Drive. r,t sjiyt�4�A{��4S�1}t� SS 7—Looking south along Los Picos Drive at Stanton Ave. 8 —Looking south along Stanton Avenue. v ©SCHNEPFELLSWORTHAPPRA/SAL GROUP-24 2591 { r �v t l r a jf x } £ 10—Looking north Los Picos Drive at Stanton Ave. 9—Looking south along Hale Drive and Stanton Avenue. {its } £ . .r ft£ } 11 —Looking east from Los Picos Drive. 12—Looking east along Savannah Avenue at Los Picos Drive vi ©SCHNEPFELLSWORTHAPPRA/SAL GROUP-24 2591 Fill 13 —Looking south along Los Pieos Drive from Radiance Ave. 14—Looking west along Radiance Ave on the north side. 3 .... �.... £z t £rr } t f £ „rq N . ti Ev. hi 15 —Looking south along Reverence Road at Radiance Ave. 16 — Community Center under construction just north of the subject. vii City of Apache Junction, Arizona 300 E Superstition Boulevard Agenda Item Cover Sheet Apache Junction,AZ 85119 Agenda Item No. 3. File ID: 24-108 Sponsor: Matt Busby Agenda Date:3/19/2024 Index: In Control: Superstition Vistas Community Facilit Presentation, discussion and consideration of Resolution No. 2024-001 SVCFD No. 1, a resolution of the district board of Superstition Vistas Community Facilities District No. 1 relating to approval of the feasibility report for the acquisition and financing of certain improvements benefiting the district; approving the prior giving of notice of hearing relating to the feasibility report; declaring the district board's intention to acquire the improvements described in the feasibility report; forming an assessment district; determining that special assessment bonds may be issued to finance the costs and expenses of the improvements; declaring the improvements to be of more than local or ordinary public benefit and that the costs of the improvements will be assessed upon Assessment Area No. 3; and ordering the public infrastructure projects performed. City of Apache Junction,Arizona Page 1 Printed on 311412024 RESOLUTION NO. 2024-001 SVCFD NO. 1 RESOLUTION OF TIME BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 APPROVING THE FEASIBILITY REPORT RELATING TO THE ACQUISITION AND FINANCING OF CERTAIN IMPROVEMENTS BENEFI`T'TING" THE DISTRICT; APPROVING THE PRIOR GIVING OF NOTICE OF HEARING RELATING TO THE FEASIBILITY REPORT; DECLARING ITS INTENTION TO ACQUIRE CERTAIN IMPROVEMENTS DESCRIBED IN THE FEASIBILITY REPORT; FORMING AN ASSESSMENT AREA; DETERMINING THAT SPECIAL, .ASSESSMENT BONDS MAY BE ISSUED TO FINANCE THE COSTS AND EXPENSES THEREOF UNDER THE PROVISIONS OF TITLE 48 , CHAPTER 4 , ARTICLE 6 , ARIZONA REVISED STATUTES, AND ALL AMENDMENTS THERETO; DECLARING THE IMPROVEMENTS TO BE OF MORE THAN LOCAL OR ORDINARY PUBLIC: BENEFIT AND THAT 'I'I3E COSTS OF SAID IMPROVEMENTS WILL BE ASSESSED UPON THE ASSESSMENT AREA; AND ORDERING THE PUBLIC INFRASTRUCTURE PROJECTS PERFORMED WHEREAS, pursuant to Arizona Revised Statutes ( "A. .,S. " ) 48-715, as amended, the Board. of Directors of the Superstition Vistas Community Facilities District No. 1 has caused the Report (as such term and all other initially capitalized terms are defined herein) to be prepared., relating to certain public infrastructure and pudic infrastructure purposes provided for in the General Plan of the Distract and to be financed with the proceeds of the sale of special assessment bonds of the Distract, which Report includes, among other things, a description of certain public infrastructure and public infrastructure purposes to be acquired and all other information useful to understand the Project, an estimate of the cost to acquire, operate and maintain the Project, an estimated schedule for completion of the Project, a map or description of the area to be benefited by the Project and a plan and expected method for financing the Project, including the nature and timing of the issuance of bonds, of any, a copy of which is o file with the Distract Clergy; and WHEREAS, pursuant to A.R. S. 48-715, as amended, the District Clerk has, not less than. ten (10) days in advance of the date of public hearing on the Report, (i) published a notice of public hearing can the Report and (ai) provided the Report and the notice of public hearing on the Report to the City Council of the City of Apache Junction, Arizona . A public hearing on the Report was held on the date hereof, after the aforementioned timely publication of notice thereof as provided by law; and 6920894i RESOLUTION NO. 2024-001 SVCFD NO. 1 PAGE 1 OF 9 WHEREAS, the District, developer and all property owners and any other persons having an interest in the real property within the proposed boundaries of Assessment Area No. 3 have heretofore executed and delivered to the District the Waiver wherein the parties thereto have : (i) waived any and all requirements for notice and time for protests and objections relating to, among other things, the Project and the extent of the Assessment Area No. 3 ; (ii) acknowledged that the District shall levy the Assessments pursuant to the Act; and (iii) waived certain procedural requirements; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 AS FOLLOWS : SECTION I DEFINITIONS Inthis resolution, the following terms shall have the following meanings : "Act" shall mean Title 48 , Chapter 4 , Article 6 , Arizona Revised Statutes, as amended. "Assessment Area Map" shall mean the map showing the Assessment Area No. 3 and attached hereto as Exhibit B, which map is on file with the Superintendent of Streets and the District Clerk. "Assessment Area No. 3" shall mean the real property contained within the boundaries described in Exhibit A attached hereto. For a more general description, reference is hereby made to the Assessment Area Map attached to this resolution as Exhibit B. "Board" shall mean this Board of Directors of the District . "Bond Counsel" shall mean Greenberg Traurig, LLP, and any successor thereto. "Bonds" shall mean the District' s Assessment Area No. 3 Special Assessment Bonds, Series 2024 , or such other series designation as may be approved by the Board. RESOLUTION NO. 2024-001 SVCFD NO. 1 PAGE 2 OF 9 "Debt Service Reserve" shall mean the debt service reserve fund funded with the proceeds from the sale of the Bonds, authorized pursuant to the Act . "Development Agreement" shall mean the District Development, Financing Participation, Waiver and Intergovernmental Agreement No. 1 dated as of February 22 , 2022 , by and among the City of Apache Junction, Arizona, the District and D.R. Horton, Inc . ; recorded February 23 , 2022 at fee number 2022-021689 in the office of the Pinal County Recorder. "District" shall mean the Superstition Vistas Community Facilities District No. 1 . "District Clerk" shall mean the Clerk of the District . "District Engineer" shall mean, initially, Entellus, Inc . , and, thereafter, such engineer or firm of engineers as appointed by the District Manager. "District Manager" shall mean the City Manager of the City of Apache Junction, Arizona. "Estimate" shall mean the estimate of costs and expenses of the Project described in the Report and this resolution, showing the estimated costs and expenses of acquisition of the Project to be not less than $411, 000 . 00 , together with Incidental Expenses ($223 , 000 . 00) and a Debt Service Reserve ($61, 000 . 00) , for a total cost not to exceed $695, 000 . 00, all as described on Exhibit C. "Final Plans" shall include all final plans, specifications and contract documents relating to the design of the Project, as have been approved by the City of Apache Junction, Arizona, and on file with the District Clerk. "Incidental Expenses" shall mean compensation paid to the Superintendent of Streets, District Engineer, costs of printing, advertising, posting, the expenses of making, administrating and collecting the assessments, appraiser' s fees, any underwriter' s discount on the Bonds, any financial advisor or placement agent' s fees, any paying agent' s fees, all legal and financial fees, all expenses and costs incurred in establishing the Assessment Area No. 3 and incurred in connection with the drafting of the proceedings and in connection with the sale of the Bonds, and all capitalized interest, if any, on the Bonds . RESOLUTION NO. 2024-001 SVCFD NO. 1 PAGE 3 OF 9 "Project" shall mean, collectively, the acquisition of public infrastructure and public infrastructure purposes (as such terms are defined in the Act) described in the Report including, particularly, the acquisition by the District of the public infrastructure described on Exhibit D hereto. "Report" shall mean the Feasibility Report dated March 19, 2024 , and on file with the District Clerk, prior to the date and time hereof, discussing the matters required by A.R. S . § 48-71S, as amended, as such matters relate to the Project . "Streets" shall mean the streets listed on Exhibit D and such other streets and public rights-of-way as are shown on the Final Plans . "Superintendent of Streets" shall mean, initially, Entellus, Inc . , and, thereafter, such person or firm appointed as Superintendent of Streets by the District Manager. "Wa i ver" shall mean the Superstition Vistas Community Facilities District No, 1 Waiver and Development Agreement Pertaining to the To Be Formed .Assessment Area No. 3 , by and among the District, D.R. Horton, Inc . and. all property owners and any other persons having an interest in the real property within the proposed boundaries of Assessment Area No® 3 , dated as of March 7 , 2024 and recorded March 7, 2024 , at fee number 2024-016791 in the office of the Pinal County Recorder. SECTION 2 APPROVAL OF THE FEASIBILITY REPORT Publication of the notice of the public hearing on the Report and providing the Report and notice of the public hearing on the Report to the City Council of the City of Apache Junction, Arizona, are hereby ratified and approved. Based on the review by this Board and the presentation of the Report and testimony presented at the public hearing on the date hereof, the Report is hereby adopted and approved in the form submitted to this Board. SECTION 3 RESOLUTION OF INTENT This Board hereby identifies the public infrastructure of the Project, the areas benefited (all located within the District) , the expected method of financing, including the nature and timing of the issuance of the Bonds, and the system of providing revenues RESOLUTION NO. 2024-001 SVCFD NO. 1 PAGE 4 OF 9 to operate and maintain the Project, all as identified and provided for in the Report, for any and all purposes of the Act . This Board hereby declares its intent to proceed with the financing of the acquisition of the Project in substantially the manner presented in the Report and pursuant to the terms of the Development Agreement . SECTION 4 ORDERING THE PERFORMANCE OF THE PROJECT The public interest and convenience require and it is the intention of this Board to order the Project to be acquired and performed as Mated. herein and contemplated by the Report and in conformance with the Final Plans . In accordance with A.R. S . § 48-579, this Board hereby finds there are no protests against the Project and there are no objections to the extent of Assessment Area No. 3 . By virtue of the authority vested in the Act, and all amendments thereto, this Board hereby orders the acquisition and performance of the Project at a cost not to exceed the Estimate . When applicable, the District Engineer is authorized to modify the Final Plans to show the as-built condition of the Project . The acquisition of any portion of the Project may be performed upon the sale and delivery of the Bonds in an amount sufficient to pay the costs of acquisition. SECTION 5 DETERMINATION OF NEED; FORMATION OF ASSESSMENT AREA, NO. 3 The Assessment Area No. 3 is hereby formed, consisting of the property described on Exhibit A attached hereto. In the opinion of this Board, the Project is of more than local or ordinary public benefit, the Project principally benefits the land within the Assessment Area No. 3 , and this Board hereby orders that amounts due or to become due with. respect to financing the costs and expenses of the Project, together with the Debt Service Reserve and all Incidental Expenses (the "Assessment" ) , shall be chargeable upon the respective lots, pieces and parcels of land within the Assessment Area No. 3 . The amount of the total Assessment shall not be greater than the product of $5, 000 . 00 times the number of developable residential lots located within the Assessment Area No. 3 . SECTION 6 EXCLUSION OF CERTAIN PROPERTY Any public or private street or alley within the boundaries of the Assessment Area No. 3 is hereby omitted from the Assessment Area RESOLUTION NO. 2024-001 SVCFD NO. 1 PAGE 5 OF 9 No. 3 . Any lot, the legal owner of which on this date is the United States of America, the State of Arizona, a county, a city, a school district or any political subdivision or institution of the State of Arizona or a county, which is included within the Assessment Area No. 3 shall be omitted from the assessments hereafter made except as otherwise agreed between the District and such owner. Any acquisition of an assessed parcel. by the United States of America, the State of Arizona or other political subdivision of the State of Arizona or charter school after the date hereof shall not extinguish the Assessment with, respect thereto, which shall continue in full force and effect until payment in full . SECTION 7 DETERMINATION AND NOTICE OF NECESSITY TO ISSUE BONDS A. This Board finds that the public convenience requires that the Bonds shall be issued to finance the costs and expenses of the Project, the Debt Service Reserve and Incidental Expenses . This Board hereby determines that the Bonds shall be issued in the name of the District payable, however, solely and only out of a special fund collectible from the Assessments levied and assessed upon the lots, pieces and parcels of land within the Assessment Area No. 3 in not to exceed twenty-five (2 5) annual principal installments from the Assessments of twenty-five dollars ($25 . 00) or over. B. The Bonds shall be issued in fully registered form as to principal and interest in the principal amounts of $5, 000 or any integral multiples of $1, 000 in excess thereof (or such other denominations as approved by this Board and set forth in the resolution authorizing the Bonds) . The Bonds shall mature on the first day of July in the years and in amounts to be set by this Board prior to their issuance; provided, however, the Bonds shall mature not later than July 1, 2048 (or, if the Bonds are issued after July 1, 2024 , shall mature not later than July 1, 2049) . C. The Bonds shall bear interest at rate or rates of not to exceed. ten percent (10 . 0%) per annum, payable on the first day of January and July of each year, commencing on such date as set forth in the resolution authorizing the Bonds . The yield (as determined pursuant to the regulations of the Internal Revenue Code of 1986, as amended) on all of the Bonds shall not exceed ten percent (10 . 0%) . If the Bonds are directly sold to a bank or financial institution, any default interest rate or taxable interest rate RESOLUTION NO. 2024-001 SVCFD O. 1 PAGE 6 OF 9 shall not exceed ten percent (10 . 0%) . This Board reserves the right to call the Bonds for prior redemption, in whole or in part, on such terms as may hereafter be established by this Board. D. Principal installments of each Assessment shall be due on the first day of June immediately preceding the maturity date of any Bonds and installments of interest of each Assessment shall be due on the first day of June and December. SECTION 8 ESTABLISHMENT OF GRADE The grades and elevations for the Streets are hereby officially changed to correspond with the grades and elevations shown on the Final Plans . SECTION 9 STATUTORY AUTHORITY The Project and all proceedings pertaining thereto shall be acquired and performed under the provisions of the Act . SECT-ION 10 DELEGATION OF AUTHORITY The District Engineer and the Superintendent of Streets are hereby authorized to complete the Final Plans, specifications and any contract documents . SECTION 11 RIGHT TO REDUCE SCOPE OF WORK If, because of pending or threatened litigation concerning any one or more parcels subject to the Assessment, W the District receives a written opinion of Bond Counsel stating that the Bonds cannot be issued against such parcel or parcels or (ii) the District is unable to obtain any right-of-way necessary for the acquisition of the Project, the District may then cause the acquisition or construction contract to be modified to exclude from the applicable contract some or all of the Project which will benefit the parcel or parcels in question, or which was located in the right-of-way which was not obtained. The filing of a certificate and request that no Bonds be issued against any parcel pursuant to A.R. S . § 48-540 and § 48-597, as amended, may be deemed to be threatened litigation. RESOLUTION NO. 2024-001 SVCFD NO. 1 PAGE 7 OF 9 SECTION 12 RATIFICATION OF PRIOR ACTS All acts of the Chairman of this Board, District Clary, District Engineer, Distract Manager, the Superintendent of Streets, and any person acting for such officinal in furtherance of this Resolution are hereby ratified and confirmed, including the engagement by the District of Schnepf Ellsworth Appraisal Croup, LL , the engagement by the District of Entellus, Inc . , and the execution and delivery of the Waiver. SECTION 13 VE EILITysAMENDMENT; RATIFICATION If any section, paragraph., clause or provision of this Resolution. shall for any reason be held to be .invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution. SECTION 14 EFFECTIVE DATE This Resolution shall be effective immediately. [Signature Rage to Follow. ] RESOLUTION NO. 2024_001 SVCFD NO. 1 PASSED AND ADOPTED BY THE BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1, THIS DAY OF 1 2024 . SIGNED AND ATTESTED TO THIS DAY OF g 2024 . WALTER "CHIP" WILSON Chairman, Board of Directors ATTEST: JENNIFER PENA District Clerk APPROVED AS TO FORM: ............. S'i RICHARD JOi STERN � ' I District C tinsel Attachments : EXHIBIT A - Legal Description of Assessment Area No. 3 EXHIBIT B - Maps of the District and Assessment Area No. 3 EXHIBIT C - Estimated Costs EXHIBIT D - Description of Project CERTIFICATE I hereby certify that the above and foregoing resolution was duly passed by the Board of Directors of the Superstition Vistas Community Facilities District No. 1 at a regular meeting held on March 19, 2024, and that a quorum was present thereat and that the vote thereon was ayes and - nays; did not vote or were absent . District Clerk RESOLUTION NO, 2024-001 SVCFD NO. 1 PAGE 9 OF 9 EXHIBIT GAL DESCRIPTION OF ASSESSMENT AREA NO. 3 Lots 1074 through 1212 , inclusive, according to the Final Plat for Superstition Vistas - Phase 1B - Parcels 19e10, 19 . 11 & Model Complex, recorded as Fee No. 2024--002323 , Records of Pinal County, Arizona. RESOLUTION NO. 2 24-001 SVCFD NO. 1 EXHIBIT A EXHIBIT MAPS OF THE DISTRICT AND ASSESSMENT AREA (attached hereto) RESOLUTION O, 20 -001 E1TEF'E NO. 1. EXHIBIT E THE DiSTRICT ELLIMAVEM E — CID NO. 1 WARNER AVENUE �tt g 0 1000 2000 Harz, 1 in.=2000 fi. + RESOLUTION NO. 0 4-001 SVCFD NO. 1 EXHIBIT 1 AsSESsmENT AREA No. ...._...._....... a€ 1 ell s r� k ky 1 ✓ R�ti�v a"��'a.. n � �y✓� i � k �2 .x �s i � s r„ Lcmq KEY MAP s"r �r,rsa sk e, iO pm-, EXHIBIT B EXHIBIT C ESTIMATED COSTS Project Costs $411, 000 . 00 Debt Service Reserve 61, 000 . 00 Incidental Expenses 223, 000 . 00 Total Cost $695,000 .00 Total Costs shall not exceed the total Assessment of the product of $5, 000 . 00 times the number of developable residential lots located within Assessment Area No. 3 . As applicable, the par amount of the Bonds will be rounded down to the nearest $1, 000 integral from the Assessment amount. RESOLUTION NO. 2024-001 SVCFD NO. 1 EXHIBIT C EXHIBIT DESCRIPTION OF PROJECT The Bonds will finance the acquisition of all or a portion of the Project consisting of public infrastructure and public infrastructure purposes (as such terms are defined in the. Act) described in the Report, including particularly the acquisition by the District of the following: DESCRIPTION ESTIMATED COST COMPLETIOW: Reverence Road. The work includes $2,373, 111 May 2023 approximately 2,325 lineal feet of two- lane, full street improvements with landscaped median. 'These improvements include concrete curia and gutter, concrete sidewalk, paving, striping, public signage, streetlights, entry monument, landscaping, and irrigation. The roadway consists of two paged driving lanes made up of four and one- half inches (4 �A") of asphaltic concrete over eight inches ( ") of aggregate base course. TOTAL: $2,373,11.1 Completion represents the date by which the Developer expected the public infrastructure to be constructed, which may differ from the date that it was or is accepted by the City or other governmental entities, as applicable. RESOLUTION NO. 202 -001. SVCFD NO. 1 EXHIBIT D FEASIBILITY REPORT For The Issuance of Not to Exceed $695,000 Principal Amount OF SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 ASSESSMENT AREA NO. 3 SPECIAL ASSESSMENT BONDS, SERIES 2024 Public Hearing Date: March 19, 2024 TABLE OF CONTENTS SECTION Introduction; Purpose of Feasibility Report; General Description of District ONE Description of Public Infrastructure TWO Map of the District Showing Location of Public Infrastructure and Area to be Benefited THREE Estimate of Costs and Timetable for Acquisition of Public Infrastructure FOUR Plan of Finance FIVE APPENDIX Legal Description for Assessment Area No. 3 1. Summary of Appraisal for Assessment Area No. 3 2 (Complete copy of appraisal report is available upon request) SECTION ONE INTRODUCTION; PURPOSE OF FEASIBILITY REPORT; GENERAL DESCRIPTION OF DISTRICT INTRODUCTION This Feasibility Report(this"Report")has been prepared for presentation to the Board of Directors of the Superstition Vistas Community Facilities District No. 1 (the "District") in connection with the proposed issuance by the District of its Assessment Area No.3 Special Assessment Bonds, Series 2024(the "Bonds") in a principal amount of not to exceed$695,000,pursuant to the Community Facilities District Act of 1988,Title 48, Chapter 4, Article 6 of Arizona Revised Statutes ("A.R.S."). PURPOSE OF FEASIBILITY REPORT This Report has been prepared for consideration of the feasibility and benefits of the Public Infrastructure(as defined in A.R.S.Section 48-701)to be financed by the Bonds(the"Public Infrastructure") and of the plan for financing the Public Infrastructure in accordance with the provisions of A.R.S.Section 48- 715. Pursuant to A.R.S. Section 48-715, this Report includes (i) a description of the Public Infrastructure to be financed—Section Two; (ii) maps showing, in general, the location of the Public Infrastructure and the area to be benefited by the Public Infrastructure—Section Three; (iii)an estimate of the cost to acquire, operate and maintain the Public Infrastructure and timetable for the acquisition of the Public Infrastructure —Section Four; and(iv)a plan for financing the Public Infrastructure—Section Five. This Report has been prepared for the consideration of the Board of Directors of the District only.It is not intended or anticipated that this Report will be relied upon by other persons,including,but not limited to,purchasers of the Bonds. This Report does not attempt to address the quality of the Bonds as investments or the likelihood of repayment of the Bonds. In preparing this Report,financial advisors,appraisers,counsel, engineers, District staff, City (as defined herein) staff and other experts have been consulted as deemed appropriate. GENERAL DESCRIPTION OF THE DISTRICT The District consists of approximately 1,375 acres of a larger 2,783-acre project within the City of Apache Junction, Arizona (the "City"), where D. R. Horton, Inc., a corporation organized and existing pursuant to the laws of the State of Delaware (the "Developer"), was the successful bidder at the public auction conducted by Arizona State Land Department("ASLD")and pursuant to the terms of the Certificate of Purchase 53-120190 executed November 12, 2020, as thereafter amended. The Developer is now developing the mixed use, master planned community known as Radiance at Superstition Vistas, on approximately 1,375 acres of a larger 2,783-acre project (the "Project"). The Project is located east of Meridian Road, west of Ironwood Drive, south of Solina (Radiance) Avenue and north of Ray Avenue. Construction on the Project commenced in November 2021, and the first home closings occurred in June 2023. Single family residential units represent approximately 700 acres within the Project.Non-residential development comprises approximately 675 acres within the Project and includes churches, government, police and fire stations, schools, civic and commercial uses and common area, and neighborhood open space. The real property comprising Assessment Area No.3 consists of 139 lots(the"Assessed Lots")and is approximately 26 acres. The Assessed Lots have been finally established by the approval of final plats by the City, and all of the Assessed Lots will be developed by the Developer. ONE- 1 The following chart characterizes the approximate acreage within the District as well as the acreage within Assessment Area No. 3,which is fully within the boundaries of the District. Approximate Approximate Assessment Area Total District District Acres No. 3 Lot Area Acres Single Family Residential 700 26 Non-Residential(a) 675 0 Total 1,375 26 (a) Includes churches,police and fire stations, schools, civic and commercial uses and common area, and neighborhood open space. The District was created to assist with financing the acquisition of public infrastructure and public infrastructure purposes, including the Public Infrastructure, within the District. See Section Two for a description of the Public Infrastructure to be financed with a portion of the proceeds of the Bonds. A legal description of Assessment Area No. 3 is included in Appendix 1. Maps of the District, Assessment Area No. 3, including the location, in general, of the Public Infrastructure, are included in Section Three. The proposed acquisition of the Public Infrastructure as defined in this Report is consistent with the approved General Plan for the District. ONE- 2 SECTION TWO DESCRIPTION OF PUBLIC INFRASTRUCTURE DESCRIPTION OF PUBLIC INFRASTRUCTURE The Public Infrastructure subject to this Report has been publicly bid pursuant to State statutes and District guidelines and will be financed by the Bonds and/or subsequent bond issues and other sources, if necessary. It is expected that the Public Infrastructure listed below will be acquired from the Developer with estimated cost and construction timing as noted. Total Certified Eligible for Funding Acquisition Project Estimated Engineer's Paid by Prior from Bonds and Completion Description Cost Cost Bonds Future Bonds Date* 1. Reverence Road $2,373,110.63 $2,373,110.63 $1,501,311.71 $871,798.92 May 2023 * Completion represents the date by which the Public Infrastructure was constructed,which may differ by the date that it was accepted by the City or other governmental entities,as applicable. The Public Infrastructure is comprised of the construction of a roadway within the District known as Reverence Road. The work includes approximately 2,325 lineal feet of two-lane, full street improvements with landscaped median. These improvements include concrete curb and gutter,concrete sidewalk,paving, striping,public signage, streetlights, entry monument, landscaping, and irrigation. The roadway consists of two paved driving lanes made up of four and one-half inches (41/2") of asphaltic concrete over eight inches (8")of aggregate base course.Acceptance of such Public Infrastructure by the City and other governmental entities occurred in May 2023. Proceeds of the Bonds are reasonably expected to be used to finance the acquisition of all or a portion of the Public Infrastructure upon acceptance by the District and the City, or other governmental entities, as applicable, of such Public Infrastructure pursuant to the terms of the District Development, Financing Participation,Waiver and Intergovernmental Agreement(the"District Development Agreement"),recorded on February 23,2022, at Fee No. 2022-021689 in the records of Pinal County,Arizona(the"County"), and the terms and provisions of all applicable laws, ordinances, codes and rules. All interests in such Public Infrastructure financed by the District will be dedicated or otherwise transferred to the City or other governmental entities, as applicable, after acceptance. Additional portions of public infrastructure, as contemplated by the District's formational documents, may be constructed and will be subject to administrative approval by the District before such additional public infrastructure is eligible for funding from future bonds, if any. TWO- 1 SECTION THREE MAP OF THE DISTRICT SHOWING LOCATION OF PUBLIC INFRASTRUCTURE AND AREA TO BE BENEFITED The District rT " fit' . . . 777 ............ CF O, 1.375 Al R * WARNER _ ENUI ' .,;E } 2000 "b4RWV Horz, i i , THREE- 1 Assessment Area No. 3 L ,o: . ASSESSED IMPROVEMENTS (REVERENCE ROAD) AssEssMrxr AREA any MATCH LINE LOT UNE rag LOT NUMBER ` x (4#LO TSN w 3 A S `kK.w ''.,. g * s + , arm F T 3 LOTS 10-14-1171 fQ8 LOTS f_. sec ({ € 4 )„ .. Ia ' # L i I,rar#.ae#..w.t ),._ .4 . "pia' ). -" i, 1 I, .awr�"wnf 6 r". KEY MAP V -LE AM T „ oy THREE-2 SECTION FOUR ESTIMATE OF COSTS AND TIMETABLE FOR ACQUISITION OF PUBLIC INFRASTRUCTURE ESTIMATE OF COSTS AND TIMETABLE FOR ACQUISITION OF PUBLIC INFRASTRUCTURE The table in Section Two outlines the cost estimate and completion dates for the construction of the Public Infrastructure. Proceeds of the Bonds, after payment of the costs of issuance,will be used to finance the acquisition of all or a portion of the Public Infrastructure projects listed in Section Two. Listed below is an estimated draw schedule of the proceeds of the Bonds for acquisition of the Public Infrastructure. Estimated Acquisition Public Infrastructure Price Completion.Date (a) Funds Draw Date Reverence Road $871,798.92 May 2023 June 2024 Total $871,798.92 (a) Represents the date by which the Public Infrastructure was constructed,which may differ from the date that it was accepted by the City, or other governmental entities, as applicable. FOUR- 1 SECTION FIVE PLAN OF FINANCE PLAN OF FINANCE Below is a financing plan that describes the process for financing a portion of the Public Infrastructure benefiting the property within the Assessment Area No. 3. This Plan of Finance is subject to modificationto accommodate market conditions at the time of the actual sale of the Bonds and to the extent necessary to comply with federal and State law. (i) Formation and Authorization. In response to a petition from the Developer, the City Council formed the District on October 5,2021.As contemplated by the District Development Agreement,the District has the authority to issue the Bonds. (ii) Proposed Bond Sale. The estimated debt service schedule for the Bonds is attached in this section as Table One. It is anticipated that the Bonds will be sold and delivered in May 2024.The amount shown on the cover of this Report is a not-to-exceed amount; the actual aggregate principal amount of the Bonds issued may be lower. It is currently estimated that the Bonds will have a final maturity of not more than 25-years and be structured to achieve generally level annual debt service. The Bonds will not be rated by any rating agency. (iii) Per Lot Assessment Amount The per residential lot assessment amount is expected to be no more than$5,000.00 at the time of issuance of the Bonds. The Developer currently expects that at the time of sale of a home to the buyer, this amount will be assumed by the homebuyer and the assessment payments made over time. The $5,000.00 per residential lot assessment results in an annual assessment payment of approximately $432 per home, or approximately $36 per month, assuming a 25- year maturity and a 6.75% interest rate. The special assessments are expected to be collected on behalf of the District by the Pinal County Treasurer's Office. FIVE- I (iv) Estimated Sources and Uses of Funds. The proceeds of the Bonds will be applied by the District to finance the acquisition of all or a portion of the Public Infrastructure listed in Section Two of this Report. The estimated sources and uses of funds related to the sale of the Bonds is: SOURCES: Principal Amount of Bonds $695,000.00 Total $695,000.00 USES*: Cost of Public Infrastructure $411,000.00 Debt Service Reserve Fund 61,000.00 Deposit to Bond Fund 53,000.00 (representing capitalized interest) Estimated Costs of Issuance 170,000.00 Total $695,000.00 ESTIMATED COSTS OF ISSUANCE* Underwriter's Compensation $20,000.00 Bond Counsel 70,000.00 Underwriter's Counsel 18,000.00 Financial.Advisor 38,000.00 District Engineer 15,000.00 Appraisal Fee 5,000.00 Registrar&Paying Agent 1,000.00 Miscellaneous 3,000.00 Total $170,000.00 (v) Value to Lien Ratio. Included as Appendix 2 is a summary of the appraisal relating to the parcels to be included in Assessment Area No. 3, prepared by Schnepf Ellsworth Appraisal Group, LLC on March 8, 2024. The appraisal demonstrates a value-to-lien ratio on a per lot basis of at least 20.5 to 1. A complete copy of the appraisal report is available upon request. (vi) Disclosure of Assessment Payments. A.R.S. Section 32-21.81 et seq. requires the disclosure of all property taxes and assessments to be paid by a homeowner in the Arizona Department of Real Estate Subdivision Public Report (the "Public Report"). The Developer must supply each of its homebuyers a Public Report and, prior to any home sale, the homebuyer must acknowledge by signature that they have read and accepted the Public Report. In addition, the Developer will require the homebuyer to sign an additional form that highlights and discloses the additional assessment payments as a result of District financing. Preliminary, subject to change. FIVE-2 (vii) Operation and Maintenance of Public Infrastructure. All infrastructure financed by the District will be dedicated to and accepted by the City,or other governmental entities, as applicable. The obligations pertaining to the operation and maintenance of the Public Infrastructure have been negotiated between the City, the District and the Developer and are set forth in the various development agreements among the parties. The administrative costs of the District and those costs associated with the operation and maintenance of the Public Infrastructure which are not the obligation of the City will be provided by several sources of funds: the levy of a $0.30 per $100 of net assessed limited property valuation ad valorem tax in the District(the"O&M Tax"),Homeowner's Association fees and Developer contributions, if any. (viii) Other District Information. Shown in the table below is the District's overlapping general obligation bonded indebtedness including a breakdown of each overlapping jurisdiction's applicable general obligation bonded indebtedness, net assessed limited property value and combined tax rate per $100 of net assessed limited property value. OVERLAPPING GENERAL OBLIGATION BONDED INDEBTEDNESS & OVERLAPPING NET ASSESSED LIMITED PROPERTY VALUES—2023/24 Portion.Applicable to the District(a) Total Tax General Proportion Applicable Rates Per$100 Net Assessed Obligation to the District(a) Net Assessed Linited Bonded Approximate Net Debt Limited Property Overlapping Jurisdiction Property Value Debt(b) Percent Amount Property Value(c) State of Arizona $ 83,026,530,244 None % 0.00 None None Pinal County 3,390,905,658 None 0.01 None $3.8810 (d) Pinal County Community College District 3,390,905,658 $ 54,905,000 0.01 $ 7,901 1.9200 Central Arizona Water Conservation District 3,390,905,658 None 0.01 None 0.1400 (d) East Valley Institute of Technology 862,566,705 None 0.06 None 0.0500 Apache Junction Unified School District No.43 536,976,475 10,225,000 0.09 9,292 4.1254 Superstition Fire&Medical District 521,438,586 1,977,000 0.09 1,850 3.5900 City of Apache Junction 198,538,048 None 0.25 None 0.0000 Superstition Vistas Community Facilities District No.1(e) 487,977 None 100.00 None 3.6000 $ 19,043 (a) Proportion applicable to Assessment Area No. 3 is not available. In future years, proportion applicable to the District will be used instead.For Tax Year 2023,portions of the land within the boundaries of the District were still owned by ASLD and therefore not subject to property taxes and assessed values were not assigned to such portions of the District. Because the area that encompasses Assessment Area No. 3 only encompasses the area shown on the maps in Section Three, which is a smaller area than the area of the District, these amounts are greater than what actually overlaps such area.If the assessed value within the District increases at a faster rate than the overlapping jurisdictions, the amount of overlapping debt allocated for payment within the District will increase. FIVE- 3 (b) Includes total stated principal amount of general obligation bonds outstanding. Does not include outstanding principal amounts of certificates of participation or revenue obligations outstanding for the jurisdictions listed above. Also does not include outstanding principal amounts of bonds of various assessment districts or areas as the obligations of these districts or areas are presently being paid from special assessments against property within the various districts or areas. Does not include authorized but unissued general obligation bonds of such jurisdictions which may be issued in the future. Also does not include the obligation of the Central Arizona Water Conservation District ("CAWCD") to the United States Department of the Interior the ("Department of the Interior"), for repayment of certain capital costs for construction of the Central Arizona Project("CAP"), a major reclamation project that has been substantially completed by U.S. Department of the Interior. In April of 2003, the United States and CAWCD agreed to settle litigation over the amount of the construction cost repayment obligation, the amount of the respective obligations for payment of the operation, maintenance and replacement costs and the application of certain revenues and credits against such obligations and costs. Under the agreement, CAWCD's obligation for substantially all of the CAP features that have been constructed so far will be set at $1.646 billion, which amount assumes (but does not mandate) that the United States will acquire a total of 667,724 acre-feet of CAP water for federal purposes. The United States will complete unfinished CAP construction work related to the water supply system and regulatory storage stages of CAP at no additional cost to CAWCD. Of the $1.646 billion repayment obligation, 73% will be interest bearing and the remaining 27% will be non-interest bearing. These percentages have been fixed for the entire 50-year repayment period, which commenced October 1, 1993. CAWCD is a multi-county water conservation district having boundaries coterminous with the exterior boundaries of Arizona's Maricopa, Pima and Pinal Counties. The obligation is evidenced by a master contract between CAWCD and the Department of the Interior. CAWCD was formed for the express purpose of paying administrative costs and expenses of the CAP and to assist in the repayment to the United States' portion of the CAP capital costs. Repayment will be made from a combination of power revenues, subcontract revenues (i.e., agreements with municipal, industrial and agricultural water users for delivery of CAP water) and a tax levy against all taxable property within CAWCD's boundaries. At the date of this Report, the tax levy is limited to 14 cents per $100 of Net Assessed Limited Property value, of which 14 cents is currently being levied. (See Arizona Revised Statutes, Sections 48-3715 and 48-3715.02) There can be no assurance that such levy limit will not be increased or removed at any time during the life of the contract. (c) The combined tax rate includes the tax rate for debt service payments and the tax rate for all other purposes such as maintenance and operation and capital outlay. (d) The County's tax rate includes the $0.1.693 tax rate of the Pinal County Flood Control District, the$0.0965 tax rate of the Pinal County Free Library,the$0.0552 tax rate for the contribution to the Pinal County Fire District Assistance and the$3.5600 tax rate of the County. The net assessed limited property value of the County Flood Control District does not include the personal property assessed valuation within the County. The net assessed limited property value for the CAWCD reflects the assessed valuation located within the County only. The County is mandated to levy a tax annually in support of fire districts in the County. All levies for library districts, hospital districts,fire districts,technology districts,water conservation districts and flood control districts are levied on the net full cash assessed value. (e) Does not include the Bonds. Does not include special assessment bonds outstanding in the aggregate principal amount of $3,395,000, or other special assessment bonds or general. obligation bonds expected to be issued by the District in the future. The District levied the O&M Tax in fiscal year 2023-24 to collect revenues from the portion of the land within the District FIVE-4 boundaries patented by the Developer and no longer owned by ASLD. The lien for taxes for both debt service and operation and maintenance purposes would be superior and paramount to that for the Special Assessments with respect to the Bonds. Source: Pinal County Assessor Department, the various entities, the Pinal County Finance Department and Property Tax Rates and Assessed Values, Arizona Tax Research Association. FIVE- 5 TABLE ONE ESTIMATED DEBT SERVICE SCHEDULE* Total. Estimated Annual Fiscal Debt Service Year Principal Interest(a) Requirements* 2024/25 $ 52,777 $ 52,777 2025/26 $ 14,000 46,913 60,913 2026/27 14,000 45,968 59,968 2027/28 15,000 45,023 60,023 2028/29 16,000 44,010 60,010 2029/30 1.7,000 42,930 59,930 2030/31 19,000 41,783 60,783 2031/32 20,000 40,500 60,500 2032/33 21,000 39,150 60,150 2033/34 23,000 37,733 60,733 2034/35 24,000 36,180 60,180 2035/36 26,000 34,560 60,560 2036/37 28,000 32,805 60,805 2037/38 29,000 30,915 59,915 2038/39 31,000 28,958 59,958 2039/40 34,000 26,865 60,865 2040/41 36,000 24,570 60,570 2041/42 38,000 22,140 60,140 2042/43 41,000 19,575 60,575 2043/44 44,000 16,808 60,808 2044/45 46,000 1.3,838 59,838 2045/46 50,000 10,733 60,733 2046/47 53,000 7,358 60,358 2047/48 56,000 3,780 59,780 $ 695,000 (a) Interest column reflects total interest payments for each fiscal year;interest will be paid semi-annually on January 1 and July 1, commencing on January 1,2025*. Interest is estimated at 6.75%. *Preliminary, subject to change. FIVE- 6 Reviewed and accepted by: DEVELOPER: D.R.HORTON,INC.,a Delaware corporation By:__ Name:Brent Davis Its:Division President—Phoenix East FIVE- 7 APPENDIX 1 LEGAL DESCRIPTION FOR ASSESSMENT AREA NO. 3 LEGAL DESCRIPTION OF ASSESSMENT AREA NO. 3 Lots 1074 through 1212,inclusive,according to the Final Plat for Superstition Vistas—Phase 1B—Parcels 19.10, 19.11 &Model Complex,recorded as Fee No.2024-002323,Records of Pinal County,Arizona. APPENDIX 1- 1 APPENDIX 2 SUMMARY OF APPRAISAL FOR ASSESSMENT AREA NO. 3 An Appraisal Report of the Market Value of the fee simple interest Superstition Vistas Community Facilities District No. 1 Assessment Area No. 3 139 lots within the Final Plat of Superstition Vistas - Phase 113 - Parcels 19.10, 19.11 & Model Complex, located southeast of Radiance Avenue and Reverance Road,Apache Junction, Pinal County, AZ j �x� cs87 `tta z* list ff Cr 0 Prepared For: Superstition Vistas Community Facilities District No. 1 300 E. Superstition Boulevard Apache Junction,AZ 85119 Inspection Date: March 1, 2024 Valuation Date: March 1, 2024 Prepared by: Real Estate Appraisers/Consultants - P.O. Box 2829, Mesa,Arizona, 85214 Phone 480.497.1113 E-mail larry@schnepfellsworth.com Job # 24-2591 Copy 1 of 1 Copyright 2024 by Schnepf Ellsworth Appraisal Group LLC ©SCHNEPFELLSWORTHAPPRA/SAL GROUP—24 2591 Executive Summary Type of Property: The subject consists of a single-family residential subdivision site Type of Report: Appraisal Report Class: Single-family residential subdivison land Job No.: 24-2591 Job Name: Superstition Vistas Community Facilities District No. 1 Assessment Area No. 3 Location: The subject is located northwest of Ironwood Drive and Ray Road and is a part of the Radiance at Superstition Vistas, Apache Junction, Arizona. Legal Description: A full legal description is included within the report. The legal description was obtained from public records. Statement of Ownership: Documents detailing the ownership retained in the addenda. Form of Ownership: Fee Simple Interest Property Rights Appraised: Market Value of the fee simple interest. Intended User/Intended Use (Function) of the Report: The intended users of this report are Superstition Vistas Community Facilities District No. 1 (Client and Intended User), the financial advisor Piper Sandler&Co.,City of Apache Junction,Arizona and special counsel Greenberg Traurig LLP (Intended Users). The intended use (function) of this appraisal will be in conjunction with the sale of tax-exempt assessment bonds,the proceeds of which will be used to finance public infrastructure within the Superstition Vistas Community Facilities District No. 1, Assessment Area No. 3. Improvements Summary: The subject consists of a master-platted parcel consisting of 139 planned lots within the final plat for Radiance at Superstition Vistas Phase IB. ii ©SCHNEPFELLSWORTHAPPRA/SAL GROUP—24 2591 Assessor's Parcel: Assessor parcel numbers are not yet available. Flood Zone Designation: Zone X (with some in Zone A), Panel number 04021 CO200E, Effective date December 4, 2007. Site Area: The aggregate net total for the 139 lots is 1,117,475 square feet or 25.6537 acres. The proposed development has a density of 3.32 du/gross acres. Zoning: MPC (Master Planned Community), City of Apache Junction Topography: The property is basically level. No soil reports were provided to the appraisers. Easements: Except for zoning restrictions, no other hazards or nuisances were noted which would adversely affect the subject site. The appraisers assume no conditions exist that would adversely affect title. Nuisance and Hazards: No environmental reports were provided to the appraiser. No adverse environmental conditions were noted within this report. No known nuisances, hazards or environmental problems exist. Highest and Best Use: As Is— Single-family residential Marketing Time: 9 to 12 months Unit Type: The most applicable site unit measurement is price per square foot(vacant land) and price per lot. Date of Inspection: March 1, 2024 Date of Valuation: March 1, 2024 Valuation Conclusions: As is-90% As is-90% Total As if-Complete As if-Complete Complete Complete Parcel Lots Per lot Parcel Value Per lot Parcel Value SV CFD1,AD3 139 $114,000 $15,846,000 $102,500 $14,247,500 Aggregate Total** 139 $15,846,000 $14,247,500 Average $114,000 $102,500 **Sum of the individual lot totals iii (V SCHNEPFELLSWORTHAPPRA/SAL GROUP-24 2591 Sub'ect Photo ra hS �March 1, 2024) s o f f r r t` ctSrSk`'�k}r �t3c r? ; 4 1— Subdivision entry at Ray Road and Reverence Road. 2—Looking north along Reverence Road and Shelly Ave. Fa r 3 —Looking north along Hale Drive at Shelly Ave. 4—Looking east along Stradling Avenue. iv ©SCHNEPFELLSWORTHAPPRA/SAL GROUP-24 2591 'r tKr s i�11tt t�S1t�s�i�tt`st�1�t'N2�j��tS'�� 1t���� JJ zS r4 i, i 5—Looking north across Stradling Ave. 6—Looking north along Caballo Drive. r,t sjiyt�4�A{��4S�1}t� SS 7—Looking south along Los Picos Drive at Stanton Ave. 8 —Looking south along Stanton Avenue. v ©SCHNEPFELLSWORTHAPPRA/SAL GROUP-24 2591 { r �v t l r a jf x } £ 10—Looking north Los Picos Drive at Stanton Ave. 9—Looking south along Hale Drive and Stanton Avenue. {its } £ . .r ft£ } 11 —Looking east from Los Picos Drive. 12—Looking east along Savannah Avenue at Los Picos Drive vi ©SCHNEPFELLSWORTHAPPRA/SAL GROUP-24 2591 Fill 13 —Looking south along Los Pieos Drive from Radiance Ave. 14—Looking west along Radiance Ave on the north side. 3 .... �.... £z t £rr } t f £ „rq N . ti Ev. hi 15 —Looking south along Reverence Road at Radiance Ave. 16 — Community Center under construction just north of the subject. vii Q�riA L :if , -' OFFICIAL RECORDS OF � + PINAL COUNTY RECORDER .- Dana Lewis •• Electronically Recorded DATE/TIME: 03/07/2024 1615 FEE: $15.00 PAGES: 20 FEE NUMBER: 2024-016791 WHEN RECORDED RETURN TO: Greenberg Traurig, LLP Attn: Zachary D. Sakas 2375 E. Camelback Road Suite 800 Phoenix, Arizona 85016 SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 WAIVER AND DEVELOPMENT AGREEMENT PERTAINING TO THE TO BE FORMED ASSESSMENT AREA NO. 3 This Superstition Vistas Community Facilities District No. 1 Waiver and Development Agreement Pertaining to the To Be Formed Assessment Area No. 3, dated as of March 7, 2024 (this "Agreement"), by and among the Superstition Vistas Community Facilities District No. 1 (the "District"), and D.R. Horton, Inc., a Delaware corporation (the "Developer"), and, if applicable, other owners executing this Agreement prior to formation of Assessment Area No. 3 (as defined herein). WHEREAS, the City of Apache Junction, Arizona, an Arizona municipal corporation (the "City"), and the Developer are parties to that certain Procedural Pre-Annexation Agreement recorded August 16, 2021 as Instrument No. 2021-102467 in the Official Records of Pinal County, as the same may be amended from time to time (the"Development Agreement"), in connection with the planned community development project on the land subject thereto known as "Superstition Vistas" (the"Project"); and WHEREAS,pursuant to the District Development,Financing Participation,Waiver and Intergovernmental Agreement by and among the City, the District and the Developer, dated as of February 22, 2022 and recorded February 23, 2022 as Instrument No. 2022-021689 in the Official Records of Pinal County (the"District Agreement"), the Developer intends to request the District to form assessment area number 3 (the "Assessment Area No. 3") comprised of the real property legally described on Exhibit A attached hereto (the "Property") in order to provide for certain public infrastructure improvements plus all costs connected with the public infrastructure purposes related thereto (as defined in Title 48, Chapter 4, Article 6, Arizona Revised Statutes, as amended (the"Act")), such public infrastructure improvements and public infrastructure purposes to be located on or off the Property; and WHEREAS, the Developer, and (if applicable) other owners executing this Agreement, and all persons hereafter taking an interest in the Property, or any portion thereof, shall be bound by the terms, waivers and agreements as set forth, and to the extent provided, in this Agreement and shall be bound by the Assessments (as defined herein) recorded against the Property; and WHEREAS, subject to the terms of the District Agreement, the proposed public infrastructure improvements and public infrastructure purposes to be provided by the Assessment Area No. 3 shall consist of: A. Acquisition, installation and/or construction of all or a portion of the public infrastructure (as such term is defined in the Act) described on Exhibit B attached hereto and all incidental improvements related thereto; B. All engineering, legal, financial and incidental costs and expenses incurred in completing the acquisition,installation and/or construction of the public infrastructure described in paragraph A above and the costs and expenses incurred in connection with the levy of the Assessments and the issuance and sale of the Assessment Area No. 3 bonds; C. Capitalized interest on such Assessment Area No. 3 bonds, if any, for a period not to exceed the period permitted by the Act; and D. A debt service reserve fund created for such Assessment Area No. 3 bonds. Collectively, the public infrastructure improvements and public infrastructure purposes described in paragraphs A through D above and the costs and expenses thereof shall hereinafter be referred to as the"World'; and WHEREAS, persons having or hereafter acquiring only a lienholder's interest or other security interest in the Property ("Lienholder" or "Lienholders", as applicable) consent to these terms and provisions of the District Agreement and this Agreement and the recording thereof and acknowledge the levying of the Assessments against the Property; NOW, THEREFORE, the District, the Developer, and all future owners or holders of any interest in any portion of the Property hereby agree as follows: 1. Development Agreement and Agreement Allocating Assessments. This Agreement is a "development agreement" within the meaning of Arizona Revised Statutes ("A.R.S.") § 9-500.05 and the written agreement allocating the Assessments is authorized pursuant to A.R.S. § 48-721, as amended. 2. Reliance on Agreement. This Agreement does not create a binding commitment on the part of the District to actually form the Assessment Area No. 3, or, if formed, of the District to sell or deliver such Assessment Area No. 3 bonds or construct, install or acquire any or all of the Work, or if it does construct, install or acquire any of the Work, to construct, install or acquire it pursuant to any existing proposals. However, the District and the Developer, -2- in going forward with the Work, are doing so in reliance upon this Agreement to have the Property included within the to-be-formed Assessment Area No. 3 and assessed for the costs thereof. 3. Review and Approval of the Boundaries and Scope of Work; Acknowledgement of Assessment. a. The Developer, as the sole owner of all the Property, has reviewed or had the opportunity and right to review the boundaries of the Assessment Area No. 3, the preliminary plans and specifications detailing the Work and the current estimate of the costs of the Work. The Developer agrees the costs of the Work shall be spread among the parcels (residential lots) comprising the Property within the proposed Assessment Area No. 3 utilizing a methodology determined by the District Engineer (the "Engineer") based on the expected benefit to the residential lots to be developed on the Property, provided the Engineer's estimate of the costs of Work(the"Engineer's Estimate")will not exceed $695,000.00 and such Assessment amount shall be allocated and levied to each developable parcel (residential lot) within the Assessment Area No. 3 in an amount not to exceed $5,000.00 per parcel (residential lot). b. The Developer and all future owners or holders of any interest in any portion of the Property expressly consent to the following: (i)the District may take all required actions as necessary to form the Assessment Area No. 3 in accordance with the provisions of the District Agreement and the Act; and (ii)the District may incur costs and expenses necessary to complete or acquire the Work. C. Furthermore, the Developer and all future owners or holders of any interest in any portion of the Property acknowledge that the District shall levy and collect an assessment on the Property sufficient to pay all costs and expenses of the Work (including Work benefitting the Property in the proposed Assessment Area No. 3, which Work may be constructed, installed or performed prior to or after the execution hereof) and the costs of levying the assessment and the issuance of the Assessment Area No. 3 bonds, but not in excess of the Engineer's Estimate prepared in accordance with the applicable requirements of the District and the Act (the "Assessments"). 4. No Protest, Obiection or Request for Hearings. The Developer and all future owners or holders of any interest in any portion of the Property agree to allow the formation of the proposed Assessment Area No. 3 and to acknowledge that the District shall take all steps necessary to levy, confirm and record Assessments against the Property and to issue such Assessment Area No. 3 bonds supported by the Assessments. The Developer and all future owners of any portion of the Property acknowledge and agree, to the fullest extent permitted by applicable law, that pursuant to A.R.S. § 9-500.05, the provisions of A.R.S. § 32-2181 do not apply and that pursuant to this Agreement the parties waive their right to appear before the Board of Directors of the District (the "District Board') on any hearing required at or prior to the confirmation of the Assessments and waive their right to: (a)protest and object to the extent of the Assessment Area No. 3 pursuant to A.R.S. §§ 48-579 and 48-580; (b)protest the award of contract pursuant to A.R.S. § 48-584; and (c) object to the Assessments on procedural grounds, or as to the legality of the Assessments, pursuant to A.R.S. § 48-590. -3- 5. Waiver of Procedural Deficiencies and Irregularities. The Developer and all future owners or holders of any interest in any portion of the Property, with full knowledge of the provisions of Title 48, Chapter 4, Articles 2 and 6, Arizona Revised Statutes, as amended, and their rights thereunder(or having obtained counsel to advise them of the provisions and their rights), expressly waive any and all irregularities, illegalities or deficiencies which may now or hereafter exist in the acts or proceedings resulting in the formation of the District, the formation of the Assessment Area No. 3, the adoption of the resolution of intention and the resolution ordering the Work, the levying of the Assessments against the Property and the issuance of Assessment Area No. 3 bonds secured by the Assessments levied against the Property. 6. Waiver. The Developer and all future owners or holders of any interest in any portion of the Property, with full knowledge of the provisions and their rights under the provisions of law hereafter referenced, expressly waive the following: a. any defect in the proceedings establishing the District, as required by A.R.S. § 48-702 through § 48-708, inclusive, and agree that, to the extent of any defect, this Agreement shall constitute the petitions required by law to form and establish the District without conducting an election; b. the providing of any and all notices and response time periods related to such notices provided by A.R.S. § 48-576 et seq., as amended, including but not limited to the following: i. mailing, posting and publication, as applicable, of any notice required in connection with: (A)the adoption of the resolution of intention, (B) the notice of proposed improvements, (C)the adoption of the resolution ordering the Work, (D) notice of passage of the resolution ordering the Work, (E) notice of award of contract and(F) any other steps necessary in connection with the Assessment Area No. 3 or the Work; and ii. any and all notices pertaining to the levying of the Assessments, including notice of any hearing on the Assessments; C. any and all objections and protests to the extent of the Assessment Area No. 3; d. any and all objections to the adoption and approval by the District of the Assessment Area No. 3 including, without limitation, the plans and specifications, the Engineer's Estimate and the assessment diagram, all of which provide for and effectuate the completion of the Work; e. any and all protest rights against the Work and objections to the awarding of one or more acquisition or construction contracts for the Work; f. any and all claims or defenses, known or unknown, they may now or subsequently have against the Assessments or the Assessment Area No. 3 bonds; and -4- g. all demands for cash payment of the Assessments. Nothing contained in this Agreement shall be construed as a waiver by any party to this Agreement of any notice required by A.R.S. §§ 48-600 or 48-601 of delinquent assessment installments. 7. Work as More Than Local and Ordinary Benefit. The Developer and all future owners or holders of any interest in any portion of the Property agree that the Work is of more than local or ordinary public benefit and that the Work constitutes public infrastructure improvements and public infrastructure purposes and that the Property which is subject to the Assessments receives the primary benefit from the Work in an amount not less than the Engineer's Estimate of the costs thereof, and not less than the portion of the Assessment levied against each parcel or lot comprising the Property. 8. Public Bidding. The public bidding requirements set forth in A.R.S. §§ 48-581 and 48-584 have been or will be complied with by the Developer on behalf of the District with respect to each contract comprising the Work. 9. Acquisition of the Work. The District may,immediately upon issuance of the Assessment Area No. 3 bonds, acquire all or part of the Work. 10. Developer's Acknowledgement of Assessment. The Developer and all future owners or holders of any interest in any portion of the Property acknowledge the District shall levy the Assessments in an amount not greater than the Engineer's Estimate against all developable parcels located within the boundaries of Assessment Area No. 3, as provided in Section 3.a, not in excess of $5,000.00 per developable parcel (residential lot); and that such Assessments shall be collected and foreclosed in accordance with A.R.S. § 48-601 et seq., as amended, and in accordance with any other documents executed and delivered in connection with the delivery of the Assessment Area No. 3 bonds. 11. Recording and Validity of Assessments. The Developer and all future owners or holders of any interest in any portion of the Property acknowledge the District shall record the Assessments against the Property and acknowledge such recording of the Assessments shall constitute valid and enforceable first liens against the respective parcels comprising the Property as shown and the amounts set forth in the Assessments, subject only to the lien for ad valorem taxes and prior special assessments. 12. Assessments to Go to Bond. Except as the Developer, or any future owner or holder of any interest in any portion of the Property, otherwise notifies the District in writing prior to the recording of the Assessments of their intent to pay all or part of their Assessment in cash, Assessments will not be paid in cash. With respect to Assessments not paid in cash, the Developer requests, and all future owners or holders of any interest in any portion of the Property agree, that a certified list of unpaid Assessments be filed as soon as possible after the recording of the Assessments and that Assessment Area No. 3 bonds amortizing the payment of the Assessments over not less than fifteen (15)years be issued and sold as soon as possible. -5- 13. No Reduction of Obligation of Developer. The inability of the District to assess all or any portion of the costs of the Work shall not reduce the obligation of the Developer, and all future owners or holders of any interest in any portion of the Property, so long as the Developer or future owner or holder of any interest in any portion of the Property own all or part of any parcel comprising the Property, to pay the Assessment levied against such portion of the Property, and provided that the aggregate costs of the Work are not reduced. 14. Waiver of Collateral Document Provisions. The Developer and all future owners or holders of any interest in any portion of the Property expressly waive any and all provisions of any collateral security instruments relating to the Property which prohibit the formation of the Assessment Area No. 3, completion of the Work, and levying and recording of the Assessments against the Property. 15. Dedication of Property Needed to Perform the Work. The Developer and all future owners or holders of any interest in any portion of the Property consent to the dedication, without cost, of the rights-of-way and easements and other property, as required pursuant to the applicable Final Plats listed on Exhibit A, the Map of Dedication and those certain final approved infrastructure improvement plans for the Work, each as described on Exhibit C attached hereto. The Developer and all future owners or holders of any interest in any portion of the Property agree to cooperate in effectuating any required dedication,including execution of any required document. 16. Indemnification Under Securities Act. a. The Developer hereby agrees to indemnify and hold the District and the City and each director, council member, officer, agent, legal counsel, independent contractor or employee thereof and each person, if any, who controls the District, and the City, its officers, employees and agents, within the meaning of the Securities Act of 1933, as amended (the "Securities Act") (together with the parties described in the last sentence of this Section 16.a, collectively the "Indemnified Persons") harmless for, from and against any and all losses, claims, damages or liabilities, including reasonable attorneys' fees arising from any challenge to the formation, activities or administration of the District or the Assessment Area No. 3, or any losses, claims, damages or liabilities, including reasonable attorneys' fees related to which any of the Indemnified Persons may become subject, under any statute or regulation at law or in equity or otherwise, insofar as such losses, claims, damages or liabilities, including attorneys' fees (or actions in respect thereof) arise out of or are based upon any untrue statement or any alleged untrue statement or material fact set forth in any official statement applicable to the Assessment Area No. 3 bonds or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or which is necessary to make the statements therein, in light of the circumstances in which they were made, not misleading in any material respect. For purposes of this Section 16 the Indemnified Persons further includes Apache Junction Sewer District (the "AJ Sewer District," which was formed as Superstition Mountains Community Facilities District No. 1 and subsequently adopted Resolution No. 23-01 which stated such district shall now be known as Apache Junction Sewer District) and Water Utilities Community Facilities District (City of Apache Junction, Arizona) (the "AJ Water District") and each director, officer, agent, legal counsel, independent contractor or employee -6- thereof and each person, if any, who controls such respective district within the meaning of the Securities Act, but only in connection with any public infrastructure (as defined in the Act) accepted by the AJ Sewer District or the AJ Water District, respectively. b. Section 16.a hereof shall, however, not be applicable to any of the following: (1) to the extent matters involve any gross negligence or willful misconduct of any Indemnified Person, or (2) matters arising from or involving any material breach of this Agreement by the District or any other Indemnified Person. C. Sections 8.1(b)(2) and 8.1(c) of the District Agreement are hereby incorporated by reference for purposes of available insurance, if any, to the Indemnified Persons, and the provision of notice by the Indemnified Persons to the Developer in connection with indemnification sought from the Developer, respectively. d. This Section 16 shall survive the termination hereof. 17. General Indemnification of District and Directors. a. The Developer hereby agrees to indemnify the District and each director, officer, agent, legal counsel, employee, and independent contractor thereof, and the City, and its officers, employees, agents,legal counsel,independent contractors and council members(together with the parties described in the last sentence of this Section 17.a, collectively, the "Indemnified Parties") and shall hold the Indemnified Parties harmless from, for and against any and all losses, damages, liabilities, claims and reasonable costs incurred, including but not limited to reasonable attorneys' fees and other administrative or out of pocket costs actually and directly incurred by the Indemnified Parties in connection with or as the result of acts of the District or the District Board which are(i) within the scope of the District or District Board's authority under the Securities Act, or (ii)undertaken by the District or District Board in a properly advertised public meeting. For purposes of this Section 17, the Indemnified Parties further includes the AJ Sewer District and the AJ Water District and each director, officer, agent, legal counsel, independent contractor or employee thereof, but only in connection with any public infrastructure (as defined in the Act) accepted by the AJ Sewer District or the AJ Water District, respectively. b. Section 17.a hereof shall, however, not be applicable to any of the following: (1) to the extent matters involve any gross negligence or willful misconduct of any Indemnified Parties, or (2) matters arising from or involving any material breach of this Agreement by the District or any other Indemnified Party. -7- C. Sections 8.1(b)(2) and 8.1(c) of the District Agreement are hereby incorporated by reference for purposes of available insurance, if any, to the Indemnified Parties, and the provision of notice by the Indemnified Parties to the Developer in connection with indemnification sought from the Developer, respectively d. This Section 17 shall survive the termination hereof. 18. Disclosure Document. The Developer and all future owners or holders of any interest in any portion of the Property hereby agree that any potential purchaser of any real property subject hereto, including each potential purchaser of a residential lot within the Assessment Area No. 3, shall receive a concise disclosure document that discloses the existence, the estimated payment amount and the payment terms of any portion of the Assessment applicable to the real property to be purchased. Each potential purchaser shall acknowledge in writing that the purchaser received and understood the concise disclosure document and has agreed to the terms, waivers and agreements contained in this Agreement. The Developer agrees to provide such disclosure document to the initial purchasers of the residential lots. For so long as the Developer owns any real property within the boundaries of the District, the Developer agrees to provide the form of disclosure document, upon reasonable request, to title companies, the District or a then-current owner of a residential lot within Assessment Area No. 3 for any future conveyance of a residential lot within Assessment Area No. 3. The District agrees to maintain records of the written acknowledgments. The provisions of this Agreement shall not apply to the sale, transfer or other conveyance of any real property which is not subject to the Assessment, and no disclosure document shall be required for such real property which is not subject to the Assessment. 19. Encumbrance of the Property. The provisions, terms and restrictions of this Agreement shall run with and bind the Property as equitable servitudes and also as covenants running with the land. Without limitation of the foregoing, in the event of any sale, transfer or other conveyance by the Developer, all future owners or holders of any interest in any portion of the Property shall continue to be bound by all of the terms, conditions and provisions hereof. Prior to the completion of the Work, the levy of the Assessments pertaining to the Work, the final hearing regarding the levy of the Assessments and the issuance of Assessment Area No. 3 bonds secured by the Assessments, and subject to Section 29 hereof, any grantee, transferee or other subsequent owner shall execute and deliver to the District ExhibitD-1 attached hereto, and any prospective buyer shall execute and deliver to the District Exhibit D-2 attached hereto, and shall take such property subject to all of the terms, conditions and provisions hereof and any prospective buyer, grantee, transferee or other subsequent owner shall take such property entitled to all of the rights, benefits and protections afforded the predecessor in interest thereof by the terms hereof. 20. Recording. This Agreement may be recorded in the office of the County Recorder of Pinal County, Arizona. 21. Continuing Disclosure. So long as any of the Developer or any future owner or holder of any interest in any portion of the Property is liable for twenty percent(20%) or more of the debt service on any Assessment Area No. 3 bonds, such Developer, or any such future owner or holder of any interest in any portion of the Property, solely with respect to its assessed -8- property, will provide, or make available on any electronic data gathering filing system created by the United States Securities and Exchange Commission, any and all information needed as may be reasonably requested by the District, or required to comply with the information reporting requirements contemplated by Rule 240.15c2-12, General Rules and Regulations, Securities Exchange Act of 1934, as amended. 22. Successors and Assigns. This Agreement shall inure to the benefit of and (except as otherwise expressly provided herein) be binding upon the Developer, and its future grantees, successors and assigns, and any future owner or holder of any interest in any portion of the Property. There shall be no third-party beneficiaries of this Agreement, except that solely for the purposes of receiving the benefits of the provisions of Sections 16 and 17 of this Agreement, the Developer hereby agrees that the City and, as applicable, the AJ Sewer District and the AJ Water District, shall each be a third-party beneficiary of the terms and provisions of Sections 16 and 17 of this Agreement. 23. Authority. The Developer warrants that it has the requisite authority to enter into this Agreement and bind the Property and,to the best of its knowledge,no other consents are required. 24. Further Assurances. Without limitation of the foregoing, the Developer and all future owners and holders of any interest in any portion of the Property shall execute and deliver to the Developer and the District, upon request but at no third-party cost, all further assurances and waivers as may be required by the District and the Act to give full effect to the provisions of this Agreement, each of which further assurances and waivers by this reference shall, upon such execution, delivery and recording, be deemed incorporated herein and have the same priority as this Agreement. In addition to the foregoing, until the later of the issuance of the Assessment Area No. 3 bonds or the final hearing regarding the levy of the Assessments, all owners of the Property (i) shall execute to the District, upon request, all further assurances, waivers and agreements as may be reasonably required by the District to effectuate the transactions contemplated by this Agreement, and (ii) shall engage legal counsel to deliver opinions as to, without limitation, the legality, validity and enforceability of this Agreement and such further assurances, waivers and agreements. 25. Counterparts. For convenience, this Agreement may be executed in one or more counterparts and each executed counterpart and all executed ExhibitD's shall for all purposes be deemed an original and shall have the same force and effect as an original, but all of which together shall constitute in the aggregate but one and the same instrument. This Agreement will constitute the entire agreement between the parties, and supersedes all previous written or oral agreements or understandings regarding the subject matter of this Agreement. 26. Waiver of Claims by Developer. a. Except as to matters which are subject to the express terms of the District Agreement and any other written agreement to which the District and the Developer are parties as of the date of this Agreement, the Developer knowingly and voluntarily forever releases and discharges the District and all of its past and present elected officials, officers, directors, agents, -9- employees, successors, assigns, attorneys, and representatives from all legal and equitable claims, causes of action, debts, accounts and damages occurring and existing prior to the date of this Agreement whether known or unknown, asserted or unasserted, and of every nature and extent whatsoever, that the Developer has against the District in connection with the Project arising from actions, omissions, delays or other events that occurred prior to the date of this Agreement. b. Except as to matters which are subject to the express terms of the Development Agreement and any other written agreement to which the City and the Developer are parties as of the date of this Agreement, the Developer knowingly and voluntarily forever releases and discharges the City and all of its past and present elected officials, officers, directors, agents, employees, successors, assigns, attorneys, and representatives from all legal and equitable claims, causes of action, debts, accounts and damages occurring and existing prior to the date of this Agreement whether known or unknown, asserted or unasserted, and of every nature and extent whatsoever, that the Developer has against the City in connection with the Project arising from actions, omissions, delays or other events that occurred prior to the date of this Agreement. C. None of the releases and discharges above are intended to, and do not, negate or otherwise relieve the District or the City of any executory contractual obligations under existing contracts or of any obligations under any applicable law, statute, or ordinance. 27. Failure to Sell Bonds. In the event the District fails or is otherwise unable to sell and/or deliver Assessment Area No. 3 bonds in an amount sufficient to allow the District to pay the amounts needed to pay the costs of the Work and upon written request of the Developer acting on behalf of the owner or owners of the Property, the District agrees to adopt proceedings that dissolve and terminate Assessment Area No. 3 or any Assessments (including termination of this Agreement), established by the District, encumbering the Property. 28. Consent. Subject to Section 29 hereof, until the later of the issuance of the Assessment Area No. 3 bonds or the final hearing regarding the levy of the Assessments, the Developer agrees that upon the sale of any portion of the Property owned by the Developer, the Developer will require the execution and delivery of Exhibit D-1 or Exhibit D-2 by each grantee, transferee, other subsequent owner or prospective purchaser, as applicable. 29. Additional Representations, Warranties and Covenants of Developer. Other than any agreement previously disclosed in writing to the District, as of the date of this Agreement, the Developer represents and warrants, with respect to any portion of the Property owned by them, that no purchase and sale agreements, option agreements, deposit agreements, or other agreements conveying or intending to convey an interest in all or any portion of the Property have been entered into with any purchaser, optionee, depositor or other recipient of an interest in the Property, and that any purchaser, optionee, depositor or other recipient of an interest in the Property under a previously disclosed agreement shall consent to this Agreement. In accordance herewith, until the final hearing regarding the levy of the Assessments is complete, the Developer and all future owners and holders of any interest in any portion of the Property covenant and agree not to transfer title in any interest in the Property to any non-affiliated purchaser or other recipient, unless such interest is greater than ten (10)residential lots for any such non-affiliated purchaser. -10- 30. Arizona Law Provisions. a. The District may, within three years after its execution, cancel this Agreement, without penalty or further obligation, if any person significantly involved in initiating, negotiating, securing, drafting or creating this Agreement on behalf of the District is, at any time while this Agreement is in effect, an employee or agent of the Developer in any capacity or a consultant to the Developer with respect to the subject matter of this Agreement and may recoup any fee or commission paid or due any person significantly involved in initiating, negotiating, securing, drafting or creating this Agreement on behalf of the District from the Developer arising as the result of this Agreement. The Developer has not taken and shall not take any action which would cause any person described in the preceding sentence to be or become an employee or agent of the Developer in any capacity or a consultant to the Developer with respect to the subject matter of this Agreement. b. To the extent applicable, the Developer certifies that it is not currently engaged in, and agrees for the duration of this Agreement that it will not engage in a"boycott," as that term is defined in § 35-393, Arizona Revised Statutes, of Israel. c. To the extent applicable under A.R.S. § 41-4401, the Developer and its respective subcontractors warrant compliance with all federal immigration laws and regulations that relate to their employees and their compliance with the E-verify requirements under A.R.S. § 23-214(A). The failure by the Developer or its respective subcontractors' failure to comply with such warranty shall be deemed a material breach of this Agreement and may result in the termination of this Agreement by the District. d. To the extent applicable under A.R.S. § 35-394, the Developer hereby certifies it does not currently, and for the duration of this Agreement shall not use: (a)the forced labor of ethnic Uyghurs in the People's Republic of China, (b) any goods or services produced by the forced labor of ethnic Uyghurs in the People's Republic of China, and (c) any contractors, subcontractors or suppliers that use the forced labor or any goods or services produced by the forced labor of ethnic Uyghurs in the People's Republic of China. The foregoing certifications are made to the best knowledge of the Developer, without any current independent investigation or without any future independent investigation for the duration of this Agreement. If the Developer becomes aware during the duration of this Agreement that it is not in compliance with such certification, the Developer shall take such actions as provided by law, including providing the required notice to the District. If the District determines that the Developer is not in compliance with the foregoing certification and has not taken remedial action, such failure to comply with the certifications in this section shall be deemed a material breach of this Agreement and may result in the termination of this Agreement by the District. [SIGNATURES ON FOLLOWING PAGES] -11- IN WITNESS WHEREOF, the undersigned have duly affixed their signatures, all as of the day and year first written above. SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1,an Arizona political subdivision and municipal corporation By: Chairman, District Board ATTEST: istrict Clerk APPROVED AS TO FORM: Richard Joel Stern, District Counsel STATE OF ARIZONA ) ) ss. COUNTY OF PINAL ) The foregoing instrument was acknowledged before me this 5 day of MIL , 2024, by Walter "Chip" Wilson, Chairman of the Board of Directors of Superstition Vistas Community Facilities District No. 1, an Arizona political subdivision and municipal corporation. (Seal and Expiration Date) Yvette b Tacsr,rf, Notary PubMCKARIZONA No ry Public in and for the State of ona MARICOPA COUNTY Commission No.641223 My Commission Expires 11/14/2026 [Signature page to Superstition Vistas Community Facilities District No. 1 Waiver and Development Agreement Pertaining to the To Be Formed Assessment Area No. 3] Signature Page to Waiver and Development Agreement: DEVELOPER: D.R. HORTON, INC., a Delaware corporation By: Name: J- Its: STATE OF ARIZONA ) ss. COUNTY OF MARICOPA ) The f r oing instrument was acknowled befgr me this day of 2024, by , the of D.R. Horton, Inc., a Delaware corporation. (Seal and Expiration Date) Notary f 6 is in and for the State of Arizona R. RABORN /xe a f Notary Public,State of Arizona Maricopa County T Commission#609186 My Commission Expires TmZ,,• August 28,2025 [Signature page to Superstition Vistas Community Facilities District No. 1 Waiver and Development Agreement Pertaining to the To Be Formed Assessment Area No. 3] EXHIBIT A LEGAL DESCRIPTION OF PROPERTY Lots 1074 through 1212, inclusive, according to the Final Plat for Superstition Vistas —Phase 1B — Parcels 19.10, 19.11 &Model Complex,recorded as Fee No. 2024-002323,Records of Pinal County, Arizona. A-1 EXHIBIT B PUBLIC INFRASTRUCTURE The Project consists of a roadway within the District known as Reverence Road, and includes construction of approximately 2,325 lineal feet of two-lane, full street surface improvements with landscaped median. These improvements include potable water lines, storm drains, dry utility installation, concrete curb and gutter, concrete sidewalk, paving, striping, public signage, streetlights, entry monument, landscaping, and irrigation. The roadway consists of two paved driving lanes made up of four and one-half inches (4'/2") of asphaltic concrete over eight inches (8") of aggregate base course. All improvements are shown on the plans sealed by the engineer or the landscape architect as shown on Exhibit C to the Agreement to which this Exhibit B is attached, and approved by the City of Apache Junction, Arizona, which may be amended from time to time to allow for additional property uses adjacent to Reverence Road that are not yet known. The completion date for the Project was May 2023. Such completion date represents the date by which the Developer expected the public infrastructure to be constructed,which may differ from the date that it is accepted by the District, City of Apache Junction, Arizona, or other governmental entity. B-1 EXHIBIT C IMPROVEMENT PLANS (CFD INFRASTRUCTURE) Reverence at Superstition Vistas—Reverence Road Water Plans prepared by HilgartWilson, sealed July 22, 2022, and approved by Apache Junction Development Services on August 17, 2022, CFD Project SVR W-004. Reverence at Superstition Vistas — Reverence Road Paving Plans prepared by HilgartWilson, sealed July 22, 2022, and approved by Apache Junction Development Services on August 17, 2022, CFD Project SVR TR-004. Reverence at Superstition Vistas Reverence Road—Signing and Pavement Marking Plans prepared by HilgartWilson, sealed August 9,2022, and approved by Apache Junction Development Services on August 17, 2022, CFD Project SVR TR-004. Apache Junction Reverence at Superstition Vistas Reverence Road Public Street Lights prepared by Wright Engineering Corporation, sealed July 15, 2022, and approved by Apache Junction Development Services, CFD Project SVR TR-004. Landscape Plans prepared by ABLA For Reverence Road, sealed June 24, 2022, and approved by Apache Junction Development Services on July 19, 2022, CFD Project SVR LS-004. All work will be done within the right-of-way for Reverence Road as shown on the Map of Dedication for Superstition Vistas —Phase IA, recorded as Fee No. 2023-004457, Records of Pinal County, Arizona. C-1 EXHIBIT D-1 WHEN RECORDED RETURN TO: Greenberg Traurig, LLP Attn: Zachary D. Sakas 2375 E. Camelback Road, Suite 800 Phoenix, Arizona 85016 [PROPERTY OWNER/LIENHOLDER] CONSENT,WAIVER AND AGREEMENT [To be executed by Owners of property/lienholders within Assessment Area No. 3] Reference is made to that certain Superstition Vistas Community Facilities District No. 1 Waiver and Development Agreement Pertaining to the To Be Formed Assessment Area No. 3,initially by and between the District and the Developer (each as defined therein), dated as of , 2024, and recorded as Instrument No. 2024- in the Official Records of Pinal County (the "Agreement"), in respect of the Property, to which this [Property Owner/L,ienholder] Consent, Waiver and Agreement now attaches to and becomes part of the Agreement. All capitalized terms used and not otherwise defined in this [Property Owner/Lienholder] Consent, Waiver and Agreement shall have the meanings set forth in the Agreement. The undersigned, as [an owner/lienholder in respect] of real property within the Assessment Area No. 3, legally described on Exhibit 1 hereto, hereby consents to, and agrees to be bound by, the terms, waivers and agreements set forth in the Agreement, acknowledges that the Agreement shall run with and bind all the real property in which the undersigned holds an interest within Assessment Area No. 3, and acknowledges the recordation of the Agreement with respect to all such real property. DATED: 20 . [PROPERTY OWNER/LIENHOLDERI: By: Its: STATE OF ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of 20 , by the of , an (Seal and Expiration Date) Notary Public in and for the State of D-1-1 EXHIBIT 1 LEGAL DESCRIPTION OF PROPERTY [Insert Description of Parcel Subject to Property Owner/Lienholder Consent, Waiver and Agreement] D-1-2 EXHIBIT D-2 WHEN RECORDED RETURN TO: Greenberg Traurig,LLP Attn:Zachary D. Sakas 2375 E. Camelback Road, Suite 800 Phoenix,Arizona 85016 [PROSPECTIVE RETAIL BUYER] CONSENT,WAIVER AND AGREEMENT [To be executed by prospective retail buyers of residential lots within Assessment Area No. 3 and recorded upon prospective retail buyer acquiring the Lot described herein] Reference is made to that certain Superstition Vistas Community Facilities District No. 1 Waiver and Development Agreement Pertaining to the To Be Formed Assessment Area No.3,initially by and between the District and the Developer (each as defined therein), dated as of March 7, 2024, and recorded as Instrument No. 2024- in the Official Records of Pinal County(the `Agreement"),in respect of the Property,to which this Consent,Waiver and Agreement now attaches to and becomes part of the Agreement. All capitalized terms used and not otherwise defined in this Consent, Waiver and Agreement shall have the meanings set forth in the Agreement. The undersigned has executed an executory residential real estate sale agreement to acquire the subdivided residential lot within the Assessment Area No. 3, legally described on Exhibit 1 hereto (the "Lot'). So long as the executory residential real estate sale agreement is in effect and from and after the undersigned's acquisition of the Lot, the undersigned hereby consents to, and agrees to be bound by, the terms, waivers and agreements set forth in the Agreement, acknowledges that the Agreement shall run with and bind the Lot, and, if the undersigned acquires the Lot,authorizes the Developer to record this Consent,Waiver and Agreement and acknowledges the recordation of the Agreement with respect to the Lot. In addition to the foregoing, if the undersigned acquires title to the Lot prior to the later of the issuance of the Assessment Area No.3 bonds or the final hearing regarding the levy of the Assessments, the undersigned hereby agrees to execute such additional waivers,assurances and agreements as reasonably required by the District,and to engage legal counsel at the undersigned's expense to deliver opinions as to,without limitation, the legality, validity and enforceability of this Consent, Waiver and Agreement and any additional waivers and agreements as reasonably requested by the District. DATED AS OF: [Date of Executory Residential Real Estate Sale Agreement] 20 . [PROSPECTIVE RETAIL BUYERI: By: Its: STATE OF ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 20_,by the of , an (Seal and Expiration Date) Notary Public in and for the State of D-2-1 EXHIBIT 1 LEGAL DESCRIPTION OF LOT [Insert Description of Lot Subject to Consent, Waiver and Agreement] D-2-2 NOTICE OF PUBLIC HEARING TO THE GENERAL PUBLIC AND THE MEMBERS OF THE BOARD OF DIRECTORS OF SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1: NOTICE IS HEREBY GIVEN that the Board of Directors of the Superstition Vistas Community Facilities District No. 1 will meet on March 19, 2024, at 6:00 p.m., in the City Council Chambers, City of Apache Junction, 300 East Superstition Boulevard, Apache Junction, Arizona 85119, to conduct a public hearing on, and to consider and review a feasibility report relative to a proposed project to be financed by the issuance of special assessment bonds of Assessment Area No. 3 within the District. A copy of the feasibility report may be reviewed at the office of the City Clerk, 300 East Superstition Boulevard, Apache Junction, Arizona 85119. Publish once in the Arizona Business Gazette no later than March 7, 2024. City of Apache Junction, Arizona 300 E Superstition Boulevard Agenda Item Cover Sheet Apache Junction,AZ 85119 Agenda Item No.4. File ID: 24-109 Sponsor: Matt Busby Agenda Date:3/19/2024 Index: In Control: Superstition Vistas Community Facilit Presentation, discussion and consideration of Resolution No. 2024-002 SVCFD No. 1, a resolution of the district board of Superstition Vistas Community Facilities District No. 1 approving the levying of an assessment diagram for Assessment Area No. 3 within the district. City of Apache Junction,Arizona Page 1 Printed on 311412024 RESOLUTION NO. 2024-002 SVCFD NO. I RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 APPROVING THE LEVYTNG OF AN ASSESSMENT AND ASSESSMEUT DIAGRAM FOR ASSESSMEyr AREA NO. 3 WITFITN THE 10PERSTITION VISTAS C,OMMUNITY F'A(-,,,ILITTES DISTRICT NO, 1a WHEREAS, on March 19, 2024, the Board of Directors (this "Board"(t) of the Superstition Vistas CommuniLy Facilities District No. 1 he "District") passed and adopted Resolution No. 2024-001 SVC!FD No, 1 (the "ResoluLion of Tntention") , cleclar.ing its intention to acquire the Project (as defined in the Resolution of Tntention) , together VA th all appurtenances and adjuncts pertaining thereto; determining that. the District' s special assessment bonds shhcill 1-,)e issued to represent the costs and- exp enses thereof; declaring the Project to be of more than local or ordinary public benefit; declaring that the costs and expenses thereof shall be assessed upon the residential lots within the boundaries of Assessment Area No. 3 (as def-ined in the ResolutiorL of Tntention) ; and providing Lhat the Project shall be performecl under Lhe provisions of Title 48, Chapter 4, Article 6, Arizona Revised Statutes, and all amendments thereto; and WHEREAS, the Waiver (as defined in the Resolution of Intention) has been signed by the District, the developer, the landowners of the rt'.,a.-L property within Line bounda3,-ies of Assessrnent Area No. 3 and any other persons having an interest in the real property within the boundaries of Assessment Area No. 3, waiving, among other things, all requirements for notice and for protests against the Project and objections to the extent of the Assessment Area No. 3; and WHEREAS , a $5, 000 . 00 assessment shall be levied against all residential lots shown on the assessment diagram within Assessment-, Area No. 3 that have not prepaid such assessment; and WHEREA,�,-',, t1his Board has thereby acquired juxisdiction to order the acquisition and performance of the Project; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF' THE SUPERSTTTION VTSTAS COMMUNITY FACILITIES D-1STRTC`T' NO. 1 AS FTLLOWS : 6Q21 M589 RESOLUTION NO. 2024-002 SVCFD NO. I PAGE I OF 4 SECTION 1 DEFINITIONS In this resolution, terms defined in S 6 3,'+,.. Resolution of intention , shall have the same m+ ai3.! gs herein as therein. SECTION T;3`Okyd sl PROJECT COST ns h.e estimate of costs t..1.r'1...i, expenses f o t h e Project, Incidental Expenses ak"1.d Debt Service Reserve is as set forth hereafter,te5`p and C,'.hEx Estimate e:?k""k file € itxm; `:,h.: District is as follows : owoa : EEa ect Costs s t IncidentalProject Costs 0 . 00 TOTAL PROJECT COSTS $411, 00V00 r "Y , .a Debt Service Reserve 61, 00V00 GRAND TOTAL $695, 000 . 00 SECTION 3 RATIFICATION-1 OF LEVY OF ASSESSMENT The District Engineer has aliocated the Project costs among the developable lots within the Assessment k1.a..ea No. 3 bt`'7tce k Y ? g from the Project and the levy by t i a Superintendent of Streets of an ,.assw:`ssm...s.It iPirya.„.ySst t'_s.e rf„='a.€t_ property in the i .w :tsf ?snt Area No. for �: s t 4 .m . r; a. c,�.ii tkge.t,�iiSa�: T`_k2 ,. greater o-_ n �1c°i.� ..,1 �_,a.n",, Lt. e_€*l of C...e,s,,.,r...u.s ...,€.'s.,. d.w.:s. y..,i, in Section 2 hereof, is hereby ratified; provided, however, the e amount of the a'r.',.e s`%k"`t e ' rnay be 2 d 1.7€.¢,...t.:� as actual costs are established . x : substituted for the estimated costs and as may y be necessary_y'_se..,,°."y to reduce any assessment S,";.,.3.de on any developable Spable lot in "€' R s, r y x t t�" Arc,a- . e�€ `�,°y � S- �„ to„�r s -} s „„y 0 0 0 ;;''y,..€..,,. ... �.u.,w.,d+`., .e,,..>.��t?..,x„E... ....5.,. ..,z� w k ," .�� ...1..,.f ,..,..��.,� .:x.�s_ ..., s..,�...,::a z�k .'�7,� �.d iJ^.J �, .1 4�,� W R k.,,.., S,,.,€'i.3 e'k,'.i,n t e s a d.e a e.t of Streets is hereby d.t..i.e t;,..L e d to .record in 1 i�t. offices the assessment and k:t:€:ord TaJt.th the Pinal County Recorder r t Lce of s SECTION 4 ASSESSMENT DTAGRAM Those certain duplicate assessment diagrams of the area to b Ee s y� .. !7 4 assessed, prepared �'a 2, � cs District �x a"k y�.I � "` � 3.�li.,.A �2'.`.€.,."a_r'l.i.,.o r`'.,'. i_t,e,-y with the Dik. ce` kct Cle?.3: and the r.s?apek „t,ixtk,.dex'`ky_ of Streets,srF are i"4k:='nf.bys ratified and approved, and che District Clerk is hereby directed o certify the f,n ;..h,, of tisL.ich n.`r. t1fn.t_Mc?t „n arid approval, on _ E vss of each avi.i diagrams including the date hereof as = the RESOLUTION NO. dt 4-0 ' S4 Fl NO, date of such ratification and approval and to deliver ai copy of the diagrams so certified to the Superintendent of Streets. SECTION 5 ASSESSMENT AND (,''OLLECTION The preparation and recording by the District Engi_r�eer :d I�'u er"�iisten en�',: got Streets of a.n. c�a.s�aeu,ssm ':nt�. agai.,n. C.:.� 1`,:::he real property t;,tol?tasiiled 1T,.a,hi,.ri the r`�=ascasssment. Area No. 1s hereby eby lat,Tiorrztod ca.nd aatrpLovt:Ws':`1, or as a, applicable, ratified. The assessment shall be a_�_t oC a t�';�';"'� among the parcels and residential lots within the Assessment Area No. 3 as shown on the Assessment Diagram, in, the maiC"za1er established d by t:;i"le District 1'.]ng l,.i,tee:L:e. The t")istur:t_ctM Treasurer and Superintendent of Streets are each yEa1a'b authorized arid. directed.. 1- collect. t.,I�i d'a'.` assessment,. a n€...A the District' s execution .and rlr,-AA v r=y of a Cc>zmun i_t:.y Facilities District a:ict Assessment Collection; Agreement, by e;t1'lrt b 1:v:L^,t ',en the Dim)triC.`st and the Treasurer of I°1_nal_ C{Mali,nt.yr Arizona, in asc..i"t r�JeaC?ce with Arizona Revised Wit.- tuLes § 4 m-Tr'1, it hereby authorized. SECTION it R T IFI yTON x1.l acts of tto District Clerk, the District Engineer, t..lae Superintendent of Streets s and any person amitwt,intt for such raft1!`i_ra.t.s in furtherance of t.i!.iia resolution, whether such at,::C Trans were prior, to or as.a.e subsequent to the at,:lol-Dtitori of this resolution, are hereby SECTION TC N 7 . SEVETiTlBT Li_TY AMENDMENT;; RATIFICATION if any section, paragraph, clause or provision of this Resolution ;1..on shall for any reason be hast_d t::C7 be irivat1_1_d or: li.iaentoYceraly.I,.e, L .ae invalidity or unaintao "ciscabi..17_ttj" of s?aC®t4 section, paragraph, clause or provision stoislT_ isot astt;ec,t any of the awc.ma_l.iti..ng provisions of this Resolution. SECTION 8 EFFECTIVE DATE This Resolution shall be effective irardi i ly. r PAGE 3 OF 4 PASSED r.D AND ADOPTED BY THE BOARD RD OF DIRECTORS O4: THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO,, 1, THIS DAY OF 2024 . SIGNED AND ATTESTED TO T H S Tile. OF 2024 a Chairman, Board of Directors ATTEST: District Clerk APPROVED AS TO FORM: District Counsel CERTIFICATE certify that the above and foregoing resolution Ml7�..s duly passed.hereby b 5.,,.l x e Board of Directors of I_.h`,.,;, Superstition Vistas Community J'.aca.l:} ties District No. 1 at a regular meeting 2024 ,held on March 19, and that a quorum was present thereat and that the vote thereon was ayes and nays; did riot vote or were absent. µ..... ............ .......... District Clerk RESOLUTION NO. 2024-002 D PAGE 4 OF 4 SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO . 1 ASSESSMENT AREA NO . 3 SHEET INDEX SHEET DESCRIPTION 1 COVER SHEET 2 KEY MAP & LEGEND VICINITY MAP 3 PARCELS 19.10-19.11 (LOTS 1074-1171 ) NTS 4 PARCELS 19.10-19.11 (LOTS 1172-1212) FREEWAY 4THO AS �O �O WARNER AVENUE (AZ 202) MCDO EL 0Z CKE LIP -\j DISTRICT � � GIN � � R CERTITICATION B VY N RD I HEREBY CERTIFY THAT THE PARCEL BOUNDARIES SHOWN AS DEPICTED ON THESE PLANS WERE SUPPLIED BY HILGART WILSON, LLC. AND ARE CORRECT TO THE BEST OF MY KNOWLEDGE AND BELIEF. Q NIV RSI D AIN ST Q �J� -_ RO D G P o DISTRICT ENGINEER DATE Lr- z p o t Q �PO� 0 o F nHERN ry APPROVED BY RESOLUTION NO.2024-00—SV CFD NO. 1 AT A MEETING OF THE Q 10 � I t� BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIS DISTRICT i�� O� NO. 1 ON THE TH DAY OFmi--T— -� 1- ) -?\ I - 7- 7- 2024. F-I 7 B L E o� v ` C DISTRICT CLERK DATE U � �i co EE9 z S z J m J w SIGNED; THIS DAY OF ,2024 / ce: it ELLIOT a z m o S --- Y AVENUE L o N WARNER RA SUBMITTED: o co SUPERINTENDENT OF STREETS DATE (AZ 202) SANTAN FRWY to RAY AVE co Go THIS PROJECT C = WILLIAMS FIELD O a PECOS RD U Z O F9V o GERMANN RD j of / M QUEEN CREEK Z 3033 N. ul/ 2 'AZ 808 Te: th2144 kc 44847 10 —0 (n = m 0 www.entelfmoom p O C Ln U) Z X tTg1 � Z m m (n O O r D co Z o Z SUPERSTITION VISTAS 0 COMMUNITY FACILITIES Z X DISTRICT NO. 1 U N APACHT JUNCTION, ARIZONA U o Contact Arizona 811 at least two full COVER SHEET working days before you begin excavation / ASSESSMENT AREA NO.3 0 O i ; DRAWN BY: JB DESIGN BY: JB CHECK BY: TC SHEET TOTAL NO: SHEETS J 24 Call 811 or click Arizona811.com DATE: 03/05/20 ENT PROD #: 745.028C 01 04 F AA NO , 3 i tiff �� j ffse ♦ � fief ♦ ttas j ` 1too . ♦ Ilea SHEET 4 • lied IN$ 1 LOTS 1172-1212 rift �O tso4 tam (41 LOTS) Ila P ♦ . ♦ \ O - 18ds ♦ ♦ , ` ♦ tide it" ; \ \ lira tfr \ LEGEND: / tiff \ tide 1 � Ifre .11 z ♦ __ ASSESSED IMPROVEMENTS .1j40, ' ` ` ♦ Ila ----'/ _ ` _ (REVERENCE ROAD) /� fdfo ♦ __ ___ �' ASSESSMENT AREA EXTENTS ' �' �. MATCH LINE /' /' fsfs �` ♦ �i' lips tin ilia fire 11rr LOT LINE .0�� 0 �♦ 100 LOT NUMBER \ ilea �' \� \ \► lift tiro 1fa tiff Ilse ______ / "� ;,� ---- „�, ASSESSMENT AREA (AA) NO.3-SITE DATA / ` rise .11 � 1 flat ffe4 � I ttAN I I ► 1 PARCELS 19.10-19.11 ► it" ► Iles 1164 �' .� Ilea i lfeo ; i _ LOT COUNT: 139 ♦ ffas '�� 1 i list tin j 1 �_ _ "' j � Ila AA N0. 3'��� �� ; Ilse Ilex ► 1 __-- TOTAL LOT COUNT: 139 list ► flea i ► IN$ ttss \ 1 tf40 ftee 1 1 tin 1 ► �� �'� ff46 ► 1 1 ► I tors I 1 1 �♦ // tt4d 1 ► 1141 Ile ; tf80 Itsr ► I 1 ♦ /( ll4r I ► ► ' 1 t09s 1 Ilse � I 1 ♦; ♦ \ \ j ' i Ild4 ; i tt8t 11I9 i ► fern ► 1 Il60 ` \ ► 1 ► ► 1 lids Ila 1 1 ;♦ ` ; 11s8 11s4 ; 1 ; 1148 S H E T 3 rrdd _-- ► _------' LOTS 1074-1171 � 1148 _"'"'...-. ► ► fors .._._.—------ ---- (98 LOTS) IIIo ► \ — fIll ► 1 ♦ ► ` `��-'�" 111r life 11f6 fff4 n�a i ► to" \\ fist Ilfo fff8 ttt8 u; \ 1 1 1 feel o \\ tta j I \ flee lfor Ila 1 t too it" ` tta Li.i \ 1100 ttot ffos tra / Q tar Im toe .......... — __ to"\ / ___ fee6 ,� fad vi �\ — — fat o \ \ \ faa toad tat tow roe low \ tow to" 00 KEY MAP a SCALE: 1 " = 150' E CO / O / a U Z O U O 0 O of I FM&us0 M O Z p 3=Tel: 602.24 ?. 6N. �� Fcc 802.24(14 8947AZ 8501a YVWW.efltellu8.COR1 Q C G N E N co co ' SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 APACHE JUNCTION, ARIZONA N _ _ _ n ! AV G,v� — "��' Contact Arizona 811 at least two full KEY MAP working days before you begin excavation _-_____.._..--- ASSESSMENT AREA NO. 3 O DRAWN BY: 77FSIGN BY: JB CHECK BY: TC SHEET TOTAL _ NO: SHEETS J Call 811 or click Arizona811.com DATE: 03/05/2024FT PROD #: 745.028C 02 04 5- MATCH LINE LOT TABLE LOT TABLE LOT TABLE SEE s H EE 14 LOT NO. AREA(sLt M ASSESs1W No. LOT No. AREA(sQ M ASSESSMENT NO. LOT NO. AREA(MM ALIT No. LOT: 1074 0,039 01-03-1-1910-1074 LOT: 1094 7,740 01-03-1-19.10-1094 LOT: 1114 7,740 01-03-1-19.10-1114 LOT: 1075 elm 01-03-1-19.10-1075 LOT: 1095 7,740 01-03-1-19.10-1095 LOT: 1115 7,740 01-03-1-1WO-1115 X f f88 LOT: 1076 8,040 01-03-1-1910-1078 LOT: 1090 8,251 01-03-1-19.10-1090 LOT: 1116 7,740 01-03-1-1910-1116 � X ffs8 LOT: 1077 86040 01-03-1-19.10-1077 LOT: 1097 7.933 01-03-1-1910-1097 LOT: 1117 7,740 01-03-1-1910-1117 \ LOT: 1078 8,040 01-03-1-19.10-1078 LOT: 1098 7.740 01-03-1-1910-1098 LOT: 1118 7,740 01-03-1-1910-1118 1 ffyf ff9'0 LOT: 10791 8,040 01-03-1-19.10-1079 LOT: 1099 7.740 01-03-1-19.10-1099 LOT: 1119 7,740 01-03-1-19.10-1119 LOT: 1080 elm 01-03-1-19.10-1080 LOT: 1100 7.740 01-03-1-19.10-1100 LOT: 1120 7,740 01-03-1-19.10-1120 LOT: 1081 8AQ 01-03-1-19.10-1081 LOT: 1101 7.740 01-03-1-1910-1101 LOT: 1121 7,740 01-03-1-1&10-1121 / ♦♦��`�- - It" LOT: 1082 7.942 01-03-1-19.10-1082 LOT: 1102 7.740 01-03-1-19.10-1102 LOT: 1122 7AW 01-03-1-1&10-1122 ���/ ♦♦ ��,.-------"" ♦ LOT: 10831 7,949 01-03-1 1910-1083 LOT: 1103 7.740 01-03-1 1910-1103 LOT: 1123 74M 01-03-1 1910-1123 1168 ''���. / 1 --�_��...- ♦ ; LOT: 1084 8,100 01-03-1-1910-1084 LOT: 11041 7.740 01-03-1-19.10-1104 LOT: 11241 7,500 01-031-1910-1124 O' """"�♦� 1 LOT: 1085 7,740 01-03-1-19.10-1085 LOT: 1105 7.740 01-03-1-19.10-1105 LOT: 1125 7,740 01-03-1-19.10-1125 ��O ♦ ► /'r- - 1 LOT: 1086 7,740 01-03-1-19.10-1086 LOT: 1106 7,740 01-03-1-19.10-1106 LOT: 1125 7,740 01-03-1-19.10-1125 i� ^�♦ / 1 I it" LOT: 1057 7,740 01-03-1-19.10-1097 LOT: 1107 7,740 01-03-1-1&10-1107 LOT: 1127 7,740 01-03-1-19.10-1127 1158 �� ���' 1♦ ► 1fe4 1 1 LOT: 1088 7.740 01-03-1-19.10-1088 LOT: 1106 7.740 Ot-03-1-19.10-1108 LOT: 1128 7.740 01-03-1-19.10-1128 LOT: 1089 7.740 01-03-1-1910-1089 LOT: 1109 7.740 01-03-1-19.10-1109 LOT: 11291 7,740 01-03-1-1910-1129 i �� ice'' ���'� 1 1 ► LOT: 1090 7,740 01-03-1-19.10-1090 LOT: 1110 7.740 01-03-1-1910-1110 LOT: 1130 7,740 01-03-1-19.10-1130 1155 t la 1 1 lies LOT: 1091 7,740 01-03-1-1910-1091 LOT: 1111 7,740 01-03-1-19.10-1111 LOT: 1131 7.740 01-O3-1-19.10-1131 ' / i� ► I 1 fe0*1 1 1 1 I 1 LOT: 1092 7,740 01-03-1-19.10-1092 LOT: 1112 7.740 01-03-1-1910-1112 LOT: 1132 7,740 01-03-1-19.10-1132 t I I 1 flag 1 I 1 ♦I LOT: 1093 7,740 01-03-1-19.10-1093 LOT: 1113 7.740 01-03-1-1910-1113 LOT. 1133 4450 01-03-1-1&10-1133 It /( 1 ; free /i _ ttel 1 - LOT TABLE LOT TABLE i f f68 '/ ^� ` ; f f88 liar ; ► ; _--- (SOn ASSESSMENT No. LOT No. AREA(SQ.F1� ASSESSMENT No.�- LOT N0. AREA 1161 � 1 1 ► 1 /( LOT: 1134 8,450 01-03-1-19.10-1134 LOT: 1154 91100 01-03-1-1910-1154 ' \ I I 1 ► I f09'4 LOT: 1135 8,450 01-03-1-1910-1135 LOT: 1155 91100 Ot-03-1-19.10-1155 \ 1 1 Ilse ► I LOT: 1136 8,450 01-03-1-19.10-1136 LOT: 1156 91100 01-03-1-1910-1156 1144 ` \ 1 ff8e � � f1�88 I 1 � LOT: 1137 8,460 Ot-03-1-19.10-1137 LOT: 1157 9,100 01-03-1-19.10-1157 1140 �/ �` /�' /' �i�' � � 1 � I ► LOT: 1138 8,460 01-03-1-1910-1138 LOT: 1158 9,105 01-03-1-19.10-1158 . 1146 1 1 1 1 1 1 t09'S LOT: 1139 10AM 01-03-1-19.10-1139 LOT: 1159 7.880 01-03-1-1910-1159 It" 1 I i LOT: 1140 9.343 01-03-1-1&10-1140 LOT: 1160 7,680 01-03-1-19.10-1180 1 1 1146 1 1 1186 1 f t'�1 I I I 1 LOT: 1141 8,460 Ot-03-11910-1141 LOT: 1161 7,680 Ot-03-1-19.10-1181 1141 I 1 LOT: 1142 8,450 01-031-1910-1142 LOT: 1162 7A00 01-03-1 1910-1162 ` \ 1( 1147 1 1 ► 1 1 f078 L017: 1143 8,450 01-03-1-19.10-1143 LOT: 1183 7A00 01-03-1-19.10-1163 1 1 ► 1 f t.86 1 ► LOT: 1144 8,450 01-03-1-19.10-1144 LOT: 1164 7,800 01-03-1-1910-1164 I I ► 1 ► 1181 1 I 1 ` �` I ► 1184 1 ► 1 ► 1 ; LOT: 1145 8,450 01-03-1-1910-1145 LOT: 1185 9,425 01-03-1-1&10-1165 1 I lOgq LOT: 1146 8.450 01-03-1-19.10-1148 LOT: 1186 9,424 01-03-1-1910-4186 ► I 1 I 1 1 I ► I LOT: 1147 8,450 Ot-03-1-19.10-1147 LOT: 1167 12,679 Ot-03-1-19.10-1167 1185 1 ► I I 1 I 1160 1 ' ► I 1 1189 I / 1 1 LOT: 1148 8,947 01-03-1-1910-1148 LOT: ties 18,502 01-03-1-19.10-1168 t la 1 1 LOT: 110 8,775 01-03-1-19.10-110 LOT: 1169 9,635 01-03-1-1910-1189 I 1 1 1148 1 ♦ - / 1 f0y8 LOT: 1150 9,097 01-03-1-1910-1150 LOT: 1170 9,460 01-03-1-19.10-1170 ► ____ - 1 ffi&8 ilia ffB4 I 1 _ / ♦� ----� 1 LOT: 1151 8,771 01-03-1-19.10-1151 LOT: 11711 9.460 01-03-1-1910-1171 ff49 ; 1 ♦1 ..--- __ ��_., I 1 LOT: 1152 8,775 01-03-1-1910-1152 /// 1 ♦♦;--- -_., - _____ -♦-� ♦ ► 1 _LOT: 1153 9,100 01-031-1910-1153 d 1148 �� __ .. ► 1 C14 _ fff8 fill 11f0 1 I 11 ``'� ♦ - 1114 fff8 1 I Iwo♦` - Ills 1 I Ills 1 1 1 U 1118 t 119' ► 1 fff8 1 I \ 1 ff8f ff80 I 1 1 1081 LEGEND: �, Q tto9 I 1 ASSESSED IMPROVEMENTS �� ttos floc "a 1 ► j toes (REVERENCE ROAD) 1105 I 1108 f04 1f PARCEL LINE o ; 1108 __.1 \ ttoo 1101 -- ------- ---- / 1 ROW LINE 1080 / c loesr fo98 __-- --/ i LOT LINE ofobs -- - -- _-.__�__..._ / ; --------------- EASEMENT LINE CENTER LINE _______ -_-_ 100 LOT NUMBER - -- ASSESSMENT NO.= CFD # -ASSESSMENT AREA #- toss 1004 foss 01-01-1-19. 1-100 DEVELOPMENT UNIT # -PARCEL # -LOT # \ _ _ / / ---- - lour toes / fo88 w \` 1001 t080 fo88 \ 1008 Q \ 1096 f084 W \ \ \ O \ O0 \ oEntdlu '''''+'„��```♦ s M 6 ;r Tdi 22 &S F�dc r224'48947 8 \ Q \ www.entelfm om 2 C \ mco 1 co co SUPERSTITION VISTAS 0 COMMUNITY FACILITIES Z DISTRICT NO. 1 0 U N APACHE JUNCTION, ARIZONA U o Contact Arizona 811 at least two full PARCEL NO. 19. 10-19. 11 working days before you begin excavation ASSESSMENT AREA NO. 3 O SHEET TOTAL 80 40 0 80 160 rem 1DRAWN BY: JB DESIGN BY: JB CHECK BY: TC NO: SHEETS Uj Np SCALE: 1 "- 80 Call 811 or click Arizona811.com DATE: 03/05/2024 ENT PROD #: 745.028C 03 04 LOT TABLE LOT TABLE LOT NO. AREA(90 n AS IT NO. LOT N0. AREA(SIO n ASSESSIM NO. LOT: 1172 10,814 01-03-1-19.10-1172 LOT: 1193 7,250 01-03-1-19.10-1193 LOT: 1173 91100 01-03-1-1910-1173 LOT: 1194 8X8 01-03-1-1910-1194 LOT: 1174 91100 01-03-1-1910-1174 LOT: 1195 10.441 01-03-1-19.10-1195 LOT: 1175 9,100 M-03-1-1910-1175 LOT: 11061 10,482 01-03-1-1910-1196 LOt: 1176 9.100 01-03-1-19.10-1176 LO : 1197 9,417 01-03-1-19.10-1197 LOT: 1177 9,920 01-03-1-1910-1177 LO : 1198 8" 01-03-1-19.10-1198 LOT: 1178 6.734 01-03-1-1910-1178 LOT: 1199 8" 01-03-1-1910-1199 LOT: 1179 7,153 01-03-1-19.10-1179 LOT: 1200 8,692 01-03-1-1910-1200 LOT: 1180 8,478 01-03-1-1910-1180 LOT: 1201 7,968 01-03-1-19.10-1201 LOT: 1181 "7 Ot-03-1 1910-1181 LOT: 1202 7.957 01-031-19.10-1202 LOT: 1182 5,625 01-03-1-191"182 LOT: 1203 3.366 01-03-1-1910-1203 i LOT: 1183 5.625 01-03-1-19.10-1183 LOi: 1204 4JBI 01-03-1-19.10-1204 / LOT: 11841 500 01-03-1-19.10-1184 SOT: 1205 6,779 01-03-1-19.10-1205 LOT: 1185 500 01-03-1-1910-1185 LOT: 1206 6,400 01-03-1-19.10-1206 / LOT: 1186 49M 01-03-1-19.10-1186 LOT: 1207 7,200 01-03-1-1910-4207 i LOT: 1187 49M 01-03-1-1910-1187 LOT: 1208 7,200 01-03-1-19.10-1208 LOT: Iles 7,975 01-03-1-1910-1188 LOT: 1209 7,21D0 01-03-1-19.10-1209 LOT: 1189 7,975 01-03-1-19.10-1189 LOT: 1210 6,975 01-03-1-19.10-1210 LOT: 1190 8,700 01-03-1-1910-4190 LOT: 1211 7.750 01-03-1-1910-1211 i LOT: 1191 6,525 01-03-1-19.10-1191 LOt: 1212 7.750 01-03-1-19.10-1212 i LOT: 1192 8,526 01-03-1-19.wil 2 I � II I' 1 1 I I % II `J III I Ifar Q, lo, ffss 1180 1185 G ' p�P %`♦ • I I f fss ; ♦ ; 1184 ♦ t1 t 188 •' I;' � � 1a0tin �♦ I I O ; � �♦ ` ♦ � tree i I fa08 ,- �♦ IjW list � ♦ ` 1181 ♦ � figs ` flag 12" ` ` 1198 1180 C14 ` ♦ ` � 180s �` ` ♦� tin tfj 1194 t1r9 0 0 1809' ♦ ` ; 1 ` ♦ 1197 , 1 ♦ 1 lass Ilrs :♦ 11gs 11 ; LEGEND: 1209 ` tin _ -;� 1 �� ASSESSED IMPROVEMENTS (REVERENCE ROAD) �♦ ` --- -- ______-- PARCEL LINE _; � -__ -------- ------- ROW LINE latl `♦ ` " - ��- ', LOT LINE o � o lira 1 --------------- EASEMENT LINE Isla ; il� 1174 firs — — CENTER LINE ♦ It ltr8 1178 100 LOT NUMBER ASSESSMENT NO.= CFD # -ASSESSMENT AREA #- `♦ ; 01-01-1-19. 1-100 DEVELOPMENT UNIT # -PARCEL # -LOT # o � ♦ E to MATCH LINE SEE SHEE a C 0 / U Z O U O 0 O Of I 0 EntdlusM O 31MZ a AZ 8=8 Teft 602244 2 6N. �1 Fmc 60224k69477 YVWW.eflte11u8.COR1 Q C G N E N co co co VISTAS COMMUNITY FACILITIES Z 0 DISTRICT NO. 1 U N APACHE JUNCTION, ARIZONA U o Contact Arizona 811 at least two full PARCEL NO. 19. 10-19. 11 working days before you begin excavation / ASSESSMENT AREA NO. 3 0 SHEET TOTAL 80 40 0 80 160 rem 1DRAWN BY: JB DESIGN BY: JB CHECK BY: TC NO: SHEETS NIP 1JjSCALE: 1 "= 80 Call 811 or click Arizona8l l.com DATE: 03/05/2024 ENT PROD : 745.028C 04 04 SUPERSTITION VISTAS CFD NO 1 . ROLL CALL DATE: TIME: ► .`' YES EXCUSED NO CHAIRPERSON WILSON ✓ VICE CHAIRPERSON SCHROEDER BOARDMEMBER CROSS BOARDMEMBER HECK BOARDMEMBERJOHNSON V BOARDMEMBER NESSER BOARDMEMBER SOLLER District Manager Bryant Powell ✓ Assistant District Manager Matt Busby District Clerk Jennifer Pena V- Deputy District Clerk Evie McKinney District Attorney Joel Stern District Director Mike Loggins District Treasurer Connie Chow District Administrative Assistant Rita Vineyard District Billing Supervisor Stacey Ramirez District Controller Connie Chow Utility Director Ted Wolff District Project Manager Charles Briggs Public Information Officer Al Bravo Finance Kimberly Heldt S:\Templates&Forms\Roll Call-SVCFD NO 2-Attendance.doc SUPERSTION VISTAS CFD NO 1. VOTE - ROLL CALL NOTES: ITEM # MEETING OF MOTION BY: So XXe r SECONDED BY: SC40-e� YES NO ABSTAINED BOARD MEMBERS: BOARDMEMBER SOLLER ✓ VICE CHAIRPERSON ✓ SCHROEDER BOARDMEMBER NESSER_ BOARDMEMBER CROSS BOARDMEMBER HECK ✓ BOARDMEMBER JOHNSON CHAIRPERSON WILSON TOTAL UNANIMOUS IN FAVOR OPPOSED ABSTAINED TOTAL V Vote sheet 1 s:\templates &forms\vote call -svcfd no 1.docx SUPERSTION VISTAS CFD NO 1. VOTE ' ROLL CALL NOTES: ko CibNNre&1 I^mo CAI SP a4 edJ- Xur T-SoK66 6 07)A L04-s 614 <3<A I -�S t3Pe„_� �'Ir�Sed P.t1. ITEM # MEETING OF ZI MOTION BY: �(, SECONDED BY: SAM YES NO ABSTAINED BOARD MEMBERS: BOARDMEMBER NESSER ----------- BOARDMEMBER JOHNSON BOARDMEMBER CROSS BOARDMEMBER HECK BOARDMEMBER SOLLER ✓ VICE CHAIRPERSON SCHROEDER CHAIRPERSON WILSON TOTAL UNANIMOUS IN rrFA��VOR OPPOSED ABSTAINED TOTAL �-P Vote sheet 2 s:\templates &forms\vote call -svcfd no 1.docx Q ppACM�✓ CITY OF APACHE JUNCTION SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 '4R#ZON , Tuesday, March 19; 20.24 A. CALL TO ORDER —__.:- ---e t m-- -- ---- ------- - - - - - would liko call the Superstition Vistas Comunity.Facilities District No.-I 'Meeting of March 1.9,:2024,"'to order. BE- ROLL CALL:: : RoII Call C. AGENDA 1. Consideration:of approval of.the minutesof.the special meeting of October :17, . 2023. Do l:have a motion?i . wait for the motion, and the 2nd. Roll a IC I I r 2. Presentation, discussion, and-PUBLIC HEARING regarding.the feasibility report for a:proposed project to be financed by the issuance of the Superstition Vistas Community Facilities_ District No: 1 Assessment Area No. 3 Special Assessment Bonds. Callon Zach Sakas CFD Counsel so board can discuss : 1 will now.operi the PUBLIC HEARING. Would anyone like to speak on these; items public:can speak for 5:minutes - will now close the public hearing':: There is no motion.on this item. I - 3. Presentation; discussion and consideration of-Resolution.No. 2024-001 SVCF.D No. 1; relating to approval of the feasibility report: Call-on.,Zach Any discussion among the board?a. Board can discuss: Dolhavez motion?i Wait for the motion and second. Roll Call 4. Presentation discussion, and consideration of Resolution No. '2024,002 SVCFD No. 1 , a resolution approving the levying. of an -assessment and assessment diagram for Assessment Area No. 3 within the district: Call on Zach Any discussion among the boardl Board can discuss. Do I have a motion?] Wait for the.motion and second: Roll Call; E. DISTRICT MANAGER REPORT-.none F. DISTRICT.DIRECTOR REPORT- none::. G.. DISTRICT TREASURER REPORT -none N. ADJOURNMENT. : I believe our=next meeting will be Apnl_19;.2024. Meeting Adjourned SUPERSTION VISTAS CFD NO 1. VOTE - ROLL CALL NOTES: ITEM # MEETING OF MOTION BY: SECONDED BY: �.eck, YES NO ABSTAINED BOARD MEMBERS: BOARDMEMBER CROSS ✓ __�a BOARDMEMBER NESSER BOARDMEMBER SOLLER BOARDMEMBER JOHNSON VICE CHAIRPERSON SCHROEDER BOARDMEMBER HECK 1/ / CHAIRPERSON WILSON V TOTAL UNANIMOUS IN FAVOR OPPOSED ABSTAINED TOTAL Vote sheet 3 s:\templates&forms\vote call -svcfd no 1.docx 03/19/2024 MOTIONS ITEM NO. 1 - APPROVAL OF MINUTES I MOVE THAT THE MINUTES OF THE OCTOBER 17, 2023, SPECIAL MEETING (BE APPROVED) OR (BE DENIED). ITEM NO. 3 1 MOVE THAT RESOLUTION NO. 2024-001 SVCFD NO.1 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 RELATING TO APPROVAL OF THE FEASIBILITY REPORT FOR THE ACQUISITION AND FINANCING OF CERTAIN IMPROVEMENTS BENEFITTING THE DISTRICT; APPROVING THE PRIOR GIVING OF NOTICE OF HEARING RELATING TO THE FEASIBILITY REPORT; DECLARING THE DISTRICT BOARD'S INTENTION TO ACQUIRE THE IMPROVEMENTS DESCRIBED IN THE FEASIBILITY REPORT; FORMING AN ASSESSMENT DISTRICT; DETERMINING THAT SPECIAL ASSESSMENT BONDS MAY BE ISSUED TO FINANCE THE COSTS AND EXPENSES OF THE IMPROVEMENTS; DECLARING THE IMPROVEMENTS TO BE OF MORE THAN LOCAL OR ORDINARY PUBLIC BENEFIT AND THAT THE COSTS OF THE IMPROVEMENTS WILL BE ASSESSED UPON ASSESSMENT AREA NO. 3; AND ORDERING THE PUBLIC INFRASTRUCTURE PROJECTS PERFORMED. (BE APPROVED) OR (BE DENIED). ITEM NO. 4 1 MOVE THAT RESOLUTION NO. 2024-002 SVCFD NO. 1 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 APPROVING THE LEVYING OF AN ASSESSMENT AND ASSESSMENT DIAGRAM FOR ASSESSMENT AREA NO. 3 WITHIN THE DISTRICT. (BE APPROVED) OR (BE DENIED). City Council Chambers City of Apache Junction, Arizona 300 ESuperstition Blvd d Apache Junction,AZ 85119 Special Meeting Agenda � 8xy4� apachejunctionaz.gov Superstition Vistas Community Ph:(480)982-8002 Facilities District No:- 1 Tuesday,March 19,2024 6:00 PM City Council Chambers A. Call to Order B. Roll Call C. Agenda Items 1. 24-106 Approval of minutes of special meeting of October 17, 2023. 2. 24-107 Presentation, discussion, and public hearing on the feasibility report for a proposed project to be financed by the issuance of the Superstition Vistas Community Facilities District No. 1 Assessment Area No. 3 Special Assessment Bonds. 3. 24-108 Presentation, discussion and consideration of Resolution No. 2024-001 SVCFD No. 1, a resolution of the district board of Superstition Vistas Community Facilities District No. 1 relating to approval of the feasibility report for the acquisition and financing of certain improvements benefiting the district; approving the prior giving of notice of hearing relating to the feasibility report; declaring the district board's intention to acquire the improvements described in the feasibility report;forming an assessment district; determining that special assessment bonds may be issued to finance the costs and expenses of the improvements; declaring the improvements to be of more than local or ordinary public benefit and that the costs of the improvements will be assessed upon Assessment Area No. 3; and ordering the public infrastructure projects performed. 4. 24-109 Presentation, discussion and consideration of Resolution No. 2024-002 SVCFD No. 1, a resolution of the district board of Superstition Vistas Community Facilities District No. 1 approving the levying of an assessment diagram for Assessment Area No. 3 within the district. D. District Manager Report E. District Director Report - Presentation and discussion of the following items: F. District Treasurer Report - Presentation and discussion City of Apache Junction,Arizona Page 1 Printed on 311412024 Superstition Vistas Community Special Meeting Agenda March 19,2024 Facilities District No.1 G. Adjournment Copies of this agenda and additional information on any of the items listed above may be obtained from the office of the city clerk/district clerk, 300 E Superstition Blvd,Apache Junction,AZ 85119, Monday through Thursday, 7.00a to 6:00p, excluding holidays. The City of Apache Junction invites and welcomes people of all abilities to use our programs, sites and facilities. Specific requests maybe made by contacting the Human Resources Office at(480)474-2617 or TDD(480) 983-0095. Members of this board will attend either in person or by telephone, video or internet conferencing. e City of Apache Junction,Arizona Page 2 Printed on 311412024