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HomeMy WebLinkAbout2026.07.21 SVCFD1Superstition Vistas Community Facilities District No. 1 City of Apache Junction, Arizona Special Meeting Agenda City Council Chambers 300 E Superstition Blvd Apache Junction, AZ 85119 apachejunctionaz.gov Ph: (480) 982-8002 Doors are open to the public at least 15 minutes prior to the posted meeting start time. City Council Chambers6:30 PMTuesday, July 21, 2026 A.Call to Order B.Roll Call C.Agenda Items 1.26-276 Consideration of approval of minutes of the meeting of May 19, 2026. SVCFD1MIN_2026_05_19_MINUTES DRAFTAttachments: D.Public Hearing 2.26-277 Conduct a 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. 8 Special Assessment Bonds. 3.26-278 Presentation, discussion and consideration of Resolution No. SVCFD1 2026-008, 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. 8; and ordering the public infrastructure projects performed. Resolution No. SVCFD1 2026-008 SVCFD No. 1 Feasibility Report SVCFD No. 1 AA8 Waiver and Development Agreement Attachments: Page 1 City of Apache Junction, Arizona Printed on 7/20/2026 July 21, 2026Superstition Vistas Community Facilities District No. 1 Special Meeting Agenda 4.26-279 Presentation, discussion and consideration of Resolution No. SVCFD1 2026-009, a resolution of the district board of Superstition Vistas Community Facilities District No. 1 approving the levying of an assessment and assessment diagram for Assessment Area No.8 within the district. Resolution No. SVCFD1 2026-009 SVCFD No. 1 Assessment Diagram Attachments: E.District Manager Report F.District Director Report G.District Treasurer Report H.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 internet conferencing. Page 2 City of Apache Junction, Arizona Printed on 7/20/2026 Agenda Item Cover Sheet City of Apache Junction, Arizona 300 E Superstition Boulevard Apache Junction, AZ 85119 File ID: 26-276 Agenda Item No. 1. Agenda Date: 7/21/2026 Sponsor: In Control: Superstition Vistas Community FacilitIndex: Consideration of approval of minutes of the meeting of May 19, 2026. Page 1 City of Apache Junction, Arizona Printed on 7/20/2026 City Council Chambers 300 E Superstition Blvd Apache Junction, AZ 85119 apachejunctionaz.gov Ph: (480) 982-8002 City of Apache Junction, Arizona Special Meeting Minutes Superstition Vistas Community Facilities District No. 1 Doors are open to the public at least 15 minutes prior to the posted meeting start time. 6:00 PM City Council ChambersTuesday, May 19, 2026 Call to OrderA. Chair Wilson called the meeting to order at 6:00 p.m. Roll CallB. Chairperson Wilson Vice Chair Schroeder Boardmember Heck Boardmember Johnson Boardmember Nesser Boardmember Cross Boardmember Soller Present:7 - Staff in Attendance: Bryant Powell, District Manager Matt Busby, Assistant District Manager Amy Greening, Deputy District Clerk Joel Stern, District Attorney Connie Chow, District Controller Angelie Hawley, District Treasurer Matthew Hoshall, Deputy Finance Director Anna McCray, Human Resources Director Rob Wisler, District Management Analyst Agenda ItemsC. 1.26-239 Consideration of approval of minutes of the special meeting of April 21, 2026. Vice Chair Schroeder moved, seconded by Boardmember Heck that the minutes of the April 21, 2026, Special Meeting be approved. Yes:Chairperson Wilson, Vice Chair Schroeder, Boardmember Heck, Boardmember Johnson, Boardmember Nesser, Boardmember Cross and Boardmember Soller 7 - No:0 Public HearingD. Page 1City of Apache Junction, Arizona May 19, 2026Superstition Vistas Community Facilities District No. 1 Special Meeting Minutes 2.26-240 Presentation, discussion and consideration of Resolution No. SVCFD1 2026-006, approving the proposed District budget for FY 2026/27 and ordering a hearing on and calling for public testimony on the District budget. Boardmember Soller moved, seconded by Boardmember Nesser that Resolution No. SVCFD1 2026-006 be approved. Yes:Chairperson Wilson, Vice Chair Schroeder, Boardmember Heck, Boardmember Johnson, Boardmember Nesser, Boardmember Cross and Boardmember Soller 7 - No:0 Zach Sakas, Esq. of Greenberg Traurig, outside counsel for the Superstition Vistas Community Facilities District No. 1, presented agenda items 2, 3 and 4 to the Board regarding approval of the annual SVCFD No. 1 budget. Mr. Sakas explained that the CFD approval process is a two-step process. The first step is the consideration of the tentative budget for the district. He stated the district has four sources of revenue; ·operations and maintenance property taxes used to pay for district operations, maintenance, and administration. ·general obligations bond debt service property taxes; special assessment installment payments. ·cash contributions from the developer. Item 2 approves Resolution No. SVCFD1 2026-006, the consideration of the proposed budget. Item 3 is conducting a public hearing on the tentative or proposed budget, and item 4, Resolution No. SVCFD1 2026-007 is the adoption of the final budget for the CFD for the upcoming fiscal year. Mr. Sakas further explained that the tax levy increased following the amendment of the CFD agreement establishing a target tax rate of $5.00 and would remain at a combined levy of $5.30 for the fiscal year. Chair Wilson opened the public hearing. Receiving no comments, he closed the public hearing. 3.26-261 Conduct a public hearing regarding the proposed District budget for FY 2026/27. This Item was addressed under Item No. 2. 4.26-243 Presentation, discussion and consideration of Resolution No. SVCFD1 2026-007, adopting the District budget for FY 2026/27 and ordering a tax levy. Boardmember Heck moved, seconded by Boardmember Soller that Resolution No. SVCFD1 2026-007 be approved. Yes:Chairperson Wilson, Vice Chair Schroeder, Boardmember Heck, Boardmember Johnson, Boardmember Nesser, Boardmember Cross and Boardmember Soller 7 - No:0 This Item was addressed under Item No. 2. Page 2City of Apache Junction, Arizona May 19, 2026Superstition Vistas Community Facilities District No. 1 Special Meeting Minutes District Manager ReportE. District Director ReportF. District Treasurer ReportG. AdjournmentH. Chair Wilson adjourned the meeting at 6:07 p.m. ACCEPTED THIS DAY OF , 2026, 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 , 2026. _________________________________ WALTER “CHIP” WILSON CHAIR PERSON ATTEST: _____________________________ EVIE MCKINNEY DISTRICT CLERK Page 3City of Apache Junction, Arizona Agenda Item Cover Sheet City of Apache Junction, Arizona 300 E Superstition Boulevard Apache Junction, AZ 85119 File ID: 26-277 Agenda Item No. 2. Agenda Date: 7/21/2026 Sponsor: In Control: Superstition Vistas Community FacilitIndex: Conduct a 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. 8 Special Assessment Bonds. Page 1 City of Apache Junction, Arizona Printed on 7/20/2026 Agenda Item Cover Sheet City of Apache Junction, Arizona 300 E Superstition Boulevard Apache Junction, AZ 85119 File ID: 26-278 Agenda Item No. 3. Agenda Date: 7/21/2026 Sponsor: In Control: Superstition Vistas Community FacilitIndex: Presentation, discussion and consideration of Resolution No. SVCFD1 2026-008, 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. 8; and ordering the public infrastructure projects performed. Page 1 City of Apache Junction, Arizona Printed on 7/20/2026 RESOLUTION NO. SVCFD1 2026-008 PAGE 1 OF 11 RESOLUTION NO. SVCFD1 2026-008 RESOLUTION OF THE 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 BENEFITING 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 THE 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.R.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 public infrastructure purposes provided for in the General Plan of the District and to be financed with the proceeds of the sale of special assessment bonds of the District, 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, if any, a copy of which is on file with the District Clerk; 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 on the Report and (ii) provided the Report and the notice of public hearing on the Report to the City Council of the RESOLUTION NO. SVCFD1 2026-008 PAGE 2 OF 11 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 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. 8 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 Assessment Area No. 8; (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 1 DEFINITIONS In this 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 Assessment Area No. 8 and attached hereto as Exhibit B, which map is on file with the Superintendent of Streets and the District Clerk. “Assessment Area No. 8” 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. RESOLUTION NO. SVCFD1 2026-008 PAGE 3 OF 11 “Bonds” shall mean the District’s Assessment Area No. 8 Special Assessment Bonds, Series 2026, or such other series designation as may be approved by the Board. “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 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, as amended by the First Amendment to District Development, Financing Participation, Waiver and Intergovernmental Agreement dated as of May 13, 2026, by and among the City of Apache Junction, Arizona, the District, and D.R. Horton, Inc., recorded May 13, 2026 at fee number 2026-040056 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 $410,000.00, together with Incidental Expenses ($228,880.00) and a Debt Service Reserve ($56,120.00), for a total cost not to exceed $695,000.00, all as described on Exhibit C. RESOLUTION NO. SVCFD1 2026-008 PAGE 4 OF 11 “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 are 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 Assessment Area No. 8 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. “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 July 21, 2026, and on file with the District Clerk, prior to the date and time hereof, discussing the matters required by A.R.S. § 48-715, 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. “Waiver” shall mean the Superstition Vistas Community Facilities District No. 1 Waiver and Development Agreement Pertaining to the To Be Formed Assessment Area No. 8, 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 RESOLUTION NO. SVCFD1 2026-008 PAGE 5 OF 11 proposed boundaries of Assessment Area No. 8, dated as of June 5, 2026 and recorded June 5, 2026, at fee number 2026-047841 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 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 stated 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. 8. 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 RESOLUTION NO. SVCFD1 2026-008 PAGE 6 OF 11 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. 8 Assessment Area No. 8 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 Assessment Area No. 8, 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 Assessment Area No. 8. 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 Assessment Area No. 8. SECTION 6 EXCLUSION OF CERTAIN PROPERTY Any public or private street or alley within the boundaries of Assessment Area No. 8 is hereby omitted from Assessment Area No. 8. 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 Assessment Area No. 8 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. RESOLUTION NO. SVCFD1 2026-008 PAGE 7 OF 11 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 Assessment Area No. 8 in not to exceed twenty-five (25) 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, 2051. 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 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. RESOLUTION NO. SVCFD1 2026-008 PAGE 8 OF 11 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. SECTION 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, (i) 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. SECTION 12 RATIFICATION OF PRIOR ACTS All acts of the Chairman of this Board, District Clerk, District Engineer, District Manager, the Superintendent of Streets, and any person acting for such official in furtherance of this resolution are hereby ratified and confirmed, including the engagement by the District of Schnepf Ellsworth Appraisal Group, LLC, the engagement RESOLUTION NO. SVCFD1 2026-008 PAGE 9 OF 11 by the District of Entellus, Inc., and the execution and delivery of the Waiver. SECTION 13 SEVERABILITY; AMENDMENT; 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. The District Board hereby declares that this resolution would have been adopted with each and every other section, paragraph, subdivision, sentence, clause or phrase hereof and approved the Report and made the same findings and determinations pursuant hereto irrespective of the fact that any one or more sections, paragraphs, subdivisions, sentences, clauses or phrases of this resolution may be held illegal, invalid or unenforceable. SECTION 14 EFFECTIVE DATE This resolution shall be effective immediately. [Signature Page to Follow.] RESOLUTION NO. SVCFD1 2026-008 PAGE 10 OF 11 PASSED AND ADOPTED BY THE BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1, THIS 21ST DAY OF JULY, 2026. SIGNED AND ATTESTED TO THIS ____ DAY OF _______, 2026. WALTER “CHIP” WILSON Chairman, Board of Directors ATTEST: EVIE MCKINNEY District Clerk APPROVED AS TO FORM: RICHARD JOEL STERN District Counsel Attachments: EXHIBIT A – Legal Description of Assessment Area No. 8 EXHIBIT B – Maps of the District and Assessment Area No. 8 EXHIBIT C – Estimated Costs EXHIBIT D – Description of Project RESOLUTION NO. SVCFD1 2026-008 PAGE 11 OF 11 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 July 21, 2026, 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. SVCFD1 2026-008 EXHIBIT A EXHIBIT A LEGAL DESCRIPTION OF ASSESSMENT AREA NO. 8 Lots 2184 through 2322, inclusive, according to the Final Plat for Superstition Vistas – Phase 2B – Parcel 19.26, recorded as Fee No. 2026-016899, Records of Pinal County, Arizona. RESOLUTION NO. SVCFD1 2026-008 EXHIBIT B EXHIBIT B MAPS OF THE DISTRICT AND ASSESSMENT AREA NO. 8 (attached hereto) RESOLUTION NO. SVCFD1 2026-008 EXHIBIT B THE DISTRICT RESOLUTION NO. SVCFD1 2026-008 EXHIBIT B ASSESSMENT AREA NO. 8 RESOLUTION NO. SVCFD1 2026-008 EXHIBIT C EXHIBIT C ESTIMATED COSTS Project Costs $410,000.00 Debt Service Reserve 56,120.00 Incidental Expenses 228,880.00 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. 8. RESOLUTION NO. SVCFD1 2026-008 EXHIBIT D EXHIBIT D 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 COMPLETION1 Peralta Drive (SVR WW-011, SVR W-011, and SVR TR-011). The work includes construction of approximately 1,480 lineal feet of roadway, including fifty-five feet (55’) of right-of-way street improvements with four and one-half inches (4 ½”) of asphalt concrete over an asphalt base course subgrade of eight inches (8”), and vertical curb, storm drain, storm drain manholes, catch basins, water fire hydrants, water valves, six foot (6’) detached concrete sidewalks, concrete ramps, pavement, pavement striping, traffic signage, dry utilities and street lighting. $1,732,998 May 2026 TOTAL: $1,732,998 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. FEASIBILITY REPORT For The Issuance of Not to Exceed $695,000 Principal Amount OF SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 ASSESSMENT AREA NO. 8 SPECIAL ASSESSMENT BONDS, SERIES 2026 Public Hearing Date: July 21, 2026 TABLE OF CONTENTS SECTION Introduction; Purpose of Feasibility Report; General Description of District I Description of Public Infrastructure II Map of the District Showing Location of Public Infrastructure and Area to be Benefited III Estimate of Costs and Timetable for Acquisition of Public Infrastructure IV Plan of Finance V APPENDIX Legal Description for Assessment Area No. 8 1 Executive Summary of Appraisal for Assessment Area No. 8 2 (Complete copy of appraisal report is available upon request) SECTION I INTRODUCTION; PURPOSE OF FEASIBILITY REPORT; GENERAL DESCRIPTION OF DISTRICT I - 1 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. 8 Special Assessment Bonds, Series 2026 (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 II; (ii) maps showing, in general, the location of the Public Infrastructure and the area to be benefited by the Public Infrastructure – Section III; (iii) an estimate of the cost to acquire, operate and maintain the Public Infrastructure and timetable for the acquisition of the Public Infrastructure – Section IV; and (iv) a plan for financing the Public Infrastructure – Section V. 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, municipal 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 (the “Project”). The Project is located east of Meridian Road, west of Ironwood Drive, south of Elliot 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. 8 consists of 139 lots (the “Assessed Lots”) and is approximately 20 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. I - 2 The following chart characterizes the approximate acreage within the District as well as the acreage within Assessment Area No. 8, which is fully within the boundaries of the District. Total District Approximate District Acres Approximate Assessment Area No. 8 Lot Area Acres Single Family Residential 700 20 Non-Residential (a) 675 0 Total 1,375 20 (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 II 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. 8 is included in Appendix 1. Maps of the District, Assessment Area No. 8, including the location, in general, of the Public Infrastructure, are included in Section III. The proposed acquisition of the Public Infrastructure as defined in this Report is consistent with the approved General Plan for the District. SECTION II DESCRIPTION OF PUBLIC INFRASTRUCTURE II - 1 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. Acquisition Project Description Total Estimated Cost Certified Engineer’s Cost Paid by Prior Bonds Eligible for Funding from Bonds and Future Bonds Completion Date* Peralta Drive (SVR WW-011, SVR W-011, and SVR TR-011) $1,732,998 $1,732,998 $ - $1,732,998 May 2026 Total $1,732,998 $1,732,998 $ - $1,732,998 *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 Peralta Drive Phase 2, and includes construction of approximately 1,480 lineal feet of roadway, including fifty-five feet (55’) of right-of-way street improvements with four and one-half inches (4 ½”) of asphalt concrete over an asphalt base course subgrade of eight inches (8”), and vertical curb, storm drain, storm drain manholes, catch basins, water fire hydrants, water valves, six foot (6’) detached concrete sidewalks, concrete ramps, pavement, pavement striping, traffic signage, dry utilities and street lighting. The Public Infrastructure was completed by the Developer and was accepted by the City of Apache Junction, or other governmental entity, in May 2026. 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, recorded on February 23, 2022, at Fee No. 2022- 021689 in the records of Pinal County, Arizona (the “County”), as amended by the First Amendment to the District Development, Financing Participation, Waiver and Intergovernmental Agreement dated as of May 13, 2026, by and among the City of Apache Junction, Arizona, the District, and D.R. Horton, Inc., recorded May 13, 2026 at fee number 2026-040056 in the records of the County, (collectively, the “District Development Agreement”), 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. SECTION III MAPS OF THE DISTRICT SHOWING LOCATION OF PUBLIC INFRASTRUCTURE AND AREA TO BE BENEFITED III - 1 The District Assessment Area No. 8 Phase 2B – Parcel 19.26 SECTION IV ESTIMATE OF COSTS AND TIMETABLE FOR ACQUISITION OF PUBLIC INFRASTRUCTURE IV - 1 ESTIMATE OF COSTS AND TIMETABLE FOR ACQUISITION OF PUBLIC INFRASTRUCTURE The table in Section II 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 II. Listed below are the remaining Public Infrastructure costs eligible for funding from, and the estimated draw schedule of, the proceeds of the Bonds for acquisition of the Public Infrastructure. Public Infrastructure Remaining Eligible Project Costs Completion Date (a) Funds Draw Date Peralta Drive $1,732,998 May 2026 September 2026 Total $1,732,998 (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. SECTION V PLAN OF FINANCE V - 1 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. 8. This Plan of Finance is subject to modification to 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 included herein. It is anticipated that the Bonds will be sold and delivered in September 2026. 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 $421.00 per home, or approximately $35.00 per month, assuming an approximate 25-year maturity and a 6.00% interest rate. The special assessments are expected to be collected on behalf of the District by the Pinal County Treasurer’s Office. V - 2 (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 II 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 $410,000.00 Debt Service Reserve Fund 56,120.00 Bond Fund (representing capitalized interest) 32,201.67 Estimated Costs of Issuance 196,678.33 Total $695,000.00 ESTIMATED COSTS OF ISSUANCE* Underwriter’s Compensation $22,200.00 Bond Counsel 60,000.00 Underwriter’s Counsel 20,000.00 Financial Advisor 50,000.00 District Engineer 15,000.00 Appraisal Fee 5,000.00 Registrar & Paying Agent 1,000.00 Official Statement Publishing 22,500.00 Miscellaneous 978.33 Total $196,678.33 (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. 8, prepared by Schnepf Ellsworth Appraisal Group, LLC on June 30, 2026. The appraisal demonstrates a value-to-lien ratio on a per lot basis of at least 22 to 1. A complete copy of the appraisal report is available upon request. (vi) Disclosure of Assessment Payments. A.R.S. Section 32-2181 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. V - 3 (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 (a) Proportion applicable to Assessment Area No. 8 is not available. In future years, proportion applicable to the District will be used instead. For Tax Year 2025, 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. 8 only encompasses the area shown on the maps in Section III, 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. (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. Total Tax 2025/26 General Proportion Applicable Rates Per $100 Net Assessed Obligation to the District (a)Net Assessed Limited Bonded Approximate Net Debt Limited Property Overlapping Jurisdiction Property Value Debt (b)Percent Amount Property Value (c) State of Arizona 92,371,826,506$ None 0.01%None None Pinal County 4,073,510,894 None 0.27%None $3.6659 (d) Pinal County Community College District 4,073,510,894 43,990,000$ 0.27% 119,544$ 1.7611 Central Arizona Water Conservation District 4,073,510,894 None 0.27%None 0.1400 (d) East Valley Institute of Technology 1,024,276,220 None 1.08%None 0.0500 Apache Junction Unified School District No. 43 631,945,919 None 1.75%None 3.5123 Superstition Fire & Medical District 609,939,494 16,674,000 1.81% 302,620 3.8000 City of Apache Junction 238,509,446 None 4.64%None None The District (e)11,069,917 7,100,000 100.00% 7,100,000 3.6000 7,522,164$ V - 4 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 $0.1620 tax rate of the Pinal County Flood Control District, the $0.0890 tax rate of the Pinal County Free Library, the $0.0519 tax rate for the contribution to the Pinal County Fire District Assistance and the $3.3630 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 $9,056,000, 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 and taxes for general obligation bond debt service in fiscal year 2026/27 to collect revenues from the portion of the land within the District boundaries patented by the Developer and no longer owned by ASLD. The lien for taxes for both debt service and operation and maintenance purposes is 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. V - 5 ESTIMATED DEBT SERVICE SCHEDULE* (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, 2027*. * Preliminary, subject to change. Period Ending Principal Coupon Interest (a)Debt Service Annual Debt Service 1/1/2027 $11,351.67 $11,351.67 7/1/2027 20,850.00 20,850.00 $32,201.67 1/1/2028 20,850.00 20,850.00 7/1/2028 $14,000 6.000% 20,850.00 34,850.00 55,700.00 1/1/2029 20,430.00 20,430.00 7/1/2029 15,000 6.000% 20,430.00 35,430.00 55,860.00 1/1/2030 19,980.00 19,980.00 7/1/2030 15,000 6.000% 19,980.00 34,980.00 54,960.00 1/1/2031 19,530.00 19,530.00 7/1/2031 16,000 6.000%19,530.00 35,530.00 55,060.00 1/1/2032 19,050.00 19,050.00 7/1/2032 17,000 6.000%19,050.00 36,050.00 55,100.00 1/1/2033 18,540.00 18,540.00 7/1/2033 18,000 6.000% 18,540.00 36,540.00 55,080.00 1/1/2034 18,000.00 18,000.00 7/1/2034 19,000 6.000% 18,000.00 37,000.00 55,000.00 1/1/2035 17,430.00 17,430.00 7/1/2035 21,000 6.000% 17,430.00 38,430.00 55,860.00 1/1/2036 16,800.00 16,800.00 7/1/2036 22,000 6.000% 16,800.00 38,800.00 55,600.00 1/1/2037 16,140.00 16,140.00 7/1/2037 23,000 6.000% 16,140.00 39,140.00 55,280.00 1/1/2038 15,450.00 15,450.00 7/1/2038 24,000 6.000% 15,450.00 39,450.00 54,900.00 1/1/2039 14,730.00 14,730.00 7/1/2039 26,000 6.000% 14,730.00 40,730.00 55,460.00 1/1/2040 13,950.00 13,950.00 7/1/2040 28,000 6.000% 13,950.00 41,950.00 55,900.00 1/1/2041 13,110.00 13,110.00 7/1/2041 29,000 6.000% 13,110.00 42,110.00 55,220.00 1/1/2042 12,240.00 12,240.00 7/1/2042 31,000 6.000% 12,240.00 43,240.00 55,480.00 1/1/2043 11,310.00 11,310.00 7/1/2043 33,000 6.000% 11,310.00 44,310.00 55,620.00 1/1/2044 10,320.00 10,320.00 7/1/2044 35,000 6.000% 10,320.00 45,320.00 55,640.00 1/1/2045 9,270.00 9,270.00 7/1/2045 37,000 6.000% 9,270.00 46,270.00 55,540.00 1/1/2046 8,160.00 8,160.00 7/1/2046 39,000 6.000% 8,160.00 47,160.00 55,320.00 1/1/2047 6,990.00 6,990.00 7/1/2047 41,000 6.000% 6,990.00 47,990.00 54,980.00 1/1/2048 5,760.00 5,760.00 7/1/2048 44,000 6.000% 5,760.00 49,760.00 55,520.00 1/1/2049 4,440.00 4,440.00 7/1/2049 46,000 6.000% 4,440.00 50,440.00 54,880.00 1/1/2050 3,060.00 3,060.00 7/1/2050 50,000 6.000% 3,060.00 53,060.00 56,120.00 1/1/2051 1,560.00 1,560.00 7/1/2051 52,000 6.000% 1,560.00 53,560.00 55,120.00 695,000 666,401.67 1,361,401.67 1,361,401.67 APPENDIX 1 LEGAL DESCRIPTION FOR ASSESSMENT AREA NO. 8 APPENDIX 1 - 1 LEGAL DESCRIPTION OF ASSESSMENT AREA NO. 8 Lots 2184 through 2322, inclusive, according to the Final Plat for Superstition Vistas – Phase 2B – Parcel 19.26, recorded as Fee No. 2026-016899, Records of Pinal County, Arizona. APPENDIX 2 EXECUTIVE SUMMARY OF APPRAISAL FOR ASSESSMENT AREA NO. 8 An Appraisal Report of the Market Value of the fee simple interest of Superstition Vistas Community Facilities District No. 1 Assessment Area No. 8 139 lots within the Final Plat of Superstition Vistas - Phase 2B, Parcel 19.26, located on the east side of Meridian Road between Radiance Avenue and Warner Avenue, Apache Junction, Pinal County, AZ Prepared For: Superstition Vistas Community Facilities District No. 1 300 E. Superstition Boulevard Apache Junction, AZ 85119 Inspection Date: May 20, 2026 Valuation Date: May 20, 2026 Prepared by: Real Estate Appraisers/Consultants - P.O. Box 2829, Mesa, Arizona, 85214 Phone 480.497.1113 E-mail larry@schnepfellsworth.com Job # 26-2633A Copy 1 of 1 Copyright 2026 by Schnepf Ellsworth Appraisal Group LLC www.SchnepfEllsworth.com © SCHNEPF ELLSWORTH APPRAISAL GROUP – 26-2633A ii Executive Summary Type of Property: The subject consists of a single-family residential subdivision sites Type of Report: Appraisal Report Class: Single-family residential subdivision land Job No.: 26-2633 Job Name: Superstition Vistas Community Facilities District No. 1 Assessment Area No. 8 Location: The subject is located east side of Meridian Road, north of Radiance Avenue and south of Warner Avenue and is a part of the Radiance at Superstition Vistas residential subdivision development in 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 benefiting the land within the Superstition Vistas Community Facilities District No. 1, Assessment Area No. 8. Improvements Summary: The subject consists of a master-platted parcel consisting of 139 planned lots within the final plat © SCHNEPF ELLSWORTH APPRAISAL GROUP – 26-2633A iii for Radiance at Superstition Vistas Phase 2B - Parcel 19.26. Assessor’s Parcel: Assessor parcel numbers for the individual lots are not yet assigned and no taxes have yet been assessed on the parcels. Currently the entire parcel is pending assignment of parcel numbers based upon the subdivision plat. Flood Zone Designation: Zone X, Panel number 04021C0200F, Effective date November 28, 2025. Site Area: The aggregate net total for the 139 lots is 20.2292 acres. The proposed development has a density of 3.86 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: May 20, 2026 Date of Valuation: May 20, 2026 © SCHNEPF ELLSWORTH APPRAISAL GROUP – 26-2633A iv Valuation Conclusions: The values above are the estimates for each parcel reflecting a wholesale (bulk) value of residential lots within each planning area. The wholesale value assumes a sale to a single purchaser. As if Complete As is Per Lot value Per Lot value Radiance As if As if to Assessment to Assessment at Superstition Vistas Total As is As is Complete Complete Ratio @ Ratio @ Parcel #Lots Per lot Parcel Value Per lot Parcel Value $5,000 $5,000 19.26 139 $110,000 $15,290,000 $115,000 $15,985,000 23.00 :1 22.00 :1 © SCHNEPF ELLSWORTH APPRAISAL GROUP – 26-2633A v Subject Photographs (May 20, 2026) 1– Looking north along Meridian Road at Starfire Avenue. 3 – Looking east along Starfire Avenue at Meridian Road. 2 – Looking south along Meridian Road at Starfire Avenue. 4 – Looking east along Sonrisa Avenue at Reverence Road. © SCHNEPF ELLSWORTH APPRAISAL GROUP – 26-2633A vi 5– Looking north along Midland Avenue at Sonrisa Avenue. 7 – Looking south along Smythe Drive at Sonrisa Avenue. 6 – Looking south across the subject from Sonrisa Avenue. 8 – Looking north across Tract F. © SCHNEPF ELLSWORTH APPRAISAL GROUP – 26-2633A vii 9 – Looking southeast across Smythe Drive and Stearn Avenue. 11 – Looking west along Starfire Avenue at Smythe Drive. 10 – Looking east along Tract A from Smythe Drive. 12 – Looking north across Sentiero Avenue at Smythe Drive. © SCHNEPF ELLSWORTH APPRAISAL GROUP – 26-2633A viii 13 – Looking northeast across the subject from Sentiero Avenue. 15 – Looking north along Reverence Road at Stearn Avenue. 14 – Park area on Tract A. 16 – Looking west towards the ALA school north of the subject. Agenda Item Cover Sheet City of Apache Junction, Arizona 300 E Superstition Boulevard Apache Junction, AZ 85119 File ID: 26-279 Agenda Item No. 4. Agenda Date: 7/21/2026 Sponsor: In Control: Superstition Vistas Community FacilitIndex: Presentation, discussion and consideration of Resolution No. SVCFD1 2026-009, a resolution of the district board of Superstition Vistas Community Facilities District No. 1 approving the levying of an assessment and assessment diagram for Assessment Area No.8 within the district. Page 1 City of Apache Junction, Arizona Printed on 7/20/2026 RESOLUTION NO. SVCFD1 2026-009 PAGE 1 OF 5 RESOLUTION NO. SVCFD1 2026-009 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. 8 WITHIN THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1. WHEREAS, on July 21, 2026, the Board of Directors (this “Board”) of the Superstition Vistas Community Facilities District No. 1 (the “District”) passed and adopted Resolution No. SVCFD1 2026-008 (the “Resolution of Intention”), declaring its intention to acquire the Project (as defined in the Resolution of Intention), together with all appurtenances and adjuncts pertaining thereto; determining that the District’s special assessment bonds shall be issued to represent the costs and expenses 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. 8 (as defined in the Resolution of Intention); and providing that the Project shall be performed under the 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 real property within the boundaries of Assessment Area No. 8 and any other persons having an interest in the real property within the boundaries of Assessment Area No. 8, waiving, among other things, all requirements for notice and time for protests against the Project and objections to the extent of Assessment Area No. 8; and WHEREAS, a $5,000.00 assessment shall be levied against all residential lots shown on the assessment diagram within Assessment Area No. 8 that have not prepaid such assessment; and WHEREAS, this Board has thereby acquired jurisdiction to order the acquisition and performance of the Project; RESOLUTION NO. SVCFD1 2026-009 PAGE 2 OF 5 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 AS FOLLOWS: SECTION 1 DEFINITIONS In this resolution, terms defined in the Resolution of Intention shall have the same meanings herein as therein. SECTION 2 PROJECT COST The estimate of costs and expenses for the Project, Incidental Expenses and Debt Service Reserve is as set forth hereafter, and the Estimate on file with the District is as follows: Project Costs Project Costs $410,000.00 TOTAL PROJECT COSTS $410,000.00 Incidental Expenses $228,880.00 Debt Service Reserve 56,120.00 GRAND TOTAL $695,000.00 SECTION 3 RATIFICATION OF LEVY OF ASSESSMENT The District Engineer has allocated the Project costs among the developable lots within Assessment Area No. 8 benefitting from the Project and the levy by the Superintendent of Streets of an assessment against the real property in Assessment Area No. 8 for an amount not greater than the grand total of costs set forth in Section 2 hereof, is hereby ratified; provided, however, the amount of the assessment may be reduced as actual costs are established and substituted for the estimated costs and as may be necessary to reduce any assessment made on any developable lot in Assessment Area No. 8 to not more than $5,000.00. The Superintendent of Streets is hereby directed to record in its offices the assessment and record with the Pinal County Recorder a Notice of Assessment. RESOLUTION NO. SVCFD1 2026-009 PAGE 3 OF 5 SECTION 4 ASSESSMENT DIAGRAM Those certain duplicate assessment diagrams of the area to be assessed, prepared by the District Engineer, and heretofore filed with the District Clerk and the Superintendent of Streets, are hereby ratified and approved, and the District Clerk is hereby directed to certify the fact of such ratification and approval on the face of each of such diagrams including the date hereof as the date of such ratification and approval and to deliver a copy of the diagrams so certified to the Superintendent of Streets. SECTION 5 ASSESSMENT AND COLLECTION The preparation and recording by the District Engineer and Superintendent of Streets of an assessment against the real property contained within Assessment Area No. 8 is hereby authorized and approved, or as applicable, ratified. The assessment shall be allocated among the parcels and residential lots within Assessment Area No. 8 as shown on the Assessment Diagram, in the manner established by the District Engineer. The District Treasurer and Superintendent of Streets are each hereby authorized and directed to collect the assessment, and the District’s execution and delivery of a Community Facilities District Assessment Collection Agreement, by and between the District and the Treasurer of Pinal County, Arizona, in accordance with Arizona Revised Statutes § 48-721, is hereby authorized. SECTION 6 RATIFICATION All acts of the District Clerk, the District Engineer, the Superintendent of Streets and any person acting for such officials in furtherance of this resolution, whether such actions were prior to or are subsequent to the adoption of this resolution, are hereby ratified and confirmed. SECTION 7 SEVERABILITY 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 RESOLUTION NO. SVCFD1 2026-009 PAGE 4 OF 5 this resolution. The Board hereby declares that this resolution would have been adopted with each and every other section, paragraph, subdivision, sentence, clause or phrase hereof and would have approved the assessment diagram and made the same findings and determinations pursuant hereto irrespective of the fact that any one or more sections, paragraphs, subdivisions, sentences, clauses or phrases of this resolution may be held illegal, invalid or unenforceable. SECTION 8 EFFECTIVE DATE This resolution shall be effective immediately. [Signature Page to Follow.] RESOLUTION NO. SVCFD1 2026-009 PAGE 5 OF 5 PASSED AND ADOPTED BY THE BOARD OF DIRECTORS OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1, THIS 21ST DAY OF JULY, 2026. SIGNED AND ATTESTED TO THIS ____ DAY OF _______, 2026. WALTER “CHIP” WILSON Chairman, Board of Directors ATTEST: EVIE MCKINNEY District Clerk APPROVED AS TO FORM: RICHARD JOEL STERN District Counsel 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 July 21, 2026, and that a quorum was present thereat and that the vote thereon was ____ ayes and _____ nays; _____ did not vote or were absent. _______________________________ District Clerk COVER SHEET ASSESSMENT AREA NO. 8 DISTRICT ENGINEER CERTIFICATION SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO.1 ASSESSMENT AREA NO. 8 THIS PROJECT SHEET INDEX SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 APACHE JUNCTION, ARIZONA e ™ A C RE IT CFI N O . TE KEY MAP ASSESSMENT AREA NO. 8 ASSESSMENT AREA (AA) NO. 8 - SITE DATA LEGEND: SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 APACHE JUNCTION, ARIZONA e ™ A C RE IT CFI N O . TE MATCH LIN E SEE ABOV E R I G H T 218921842188218721862185 2208 2209 2207 2210 2206 2211 2205 2212 2204 2213 2203 2214 2199220222012200 2215 2216 2217 21972198 2196 2218 2219 2220 2221 2190 2191 2192 2193 2194 2195 2226 2225 2224 2233 2227 2229 2228 2223 2230 2234 2235 2236 2231 2232 2256 2255 2257 2254 2258 2253 2259 2252 2260 2251 2261 2250 2239 2238 2241 2240 2249 22422243 2268 2269 2270 2271 2272 2273 2274 2262 2263 2264 2265 2266 2287 2286 2285 2284 2283 2282 2289 2290 2288 2291 2292 2293 2294 2295 2296 2297 2302 2301 23002299 2298 23052306230723082309 2310 2311 2312 2313 2314 2315 2316 2317 2318 2319 2320 2321 2278 2279 2280 2281 2275 2276 2277 224622482247 22442245 2267 2222 2322 2304 2303 2237 SHEET 02 LOTS 2184 - 2322 (139 LOTS) PERA L T A D R I V E MAT C H L I N E SEE B E L O W L E F T PE R A L T A D R I V E RADIANCE AVENUE AA NO.8 LOT TABLE LOT NO.AREA (SQ.FT)ASSESSMENT NO. LOT : 2184 6,250 01-08-1-19.26-2184 LOT : 2185 6,250 01-08-1-19.26-2185 LOT : 2186 6,250 01-08-1-19.26-2186 LOT : 2187 6,250 01-08-1-19.26-2187 LOT : 2188 6,250 01-08-1-19.26-2188 LOT : 2189 6,307 01-08-1-19.26-2189 LOT : 2190 6,359 01-08-1-19.26-2190 LOT : 2191 6,355 01-08-1-19.26-2191 LOT : 2192 6,355 01-08-1-19.26-2192 LOT : 2193 6,355 01-08-1-19.26-2193 LOT : 2194 6,355 01-08-1-19.26-2194 LOT : 2195 6,355 01-08-1-19.26-2195 LOT : 2196 6,888 01-08-1-19.26-2196 LOT : 2197 6,825 01-08-1-19.26-2197 LOT : 2198 6,753 01-08-1-19.26-2198 LOT : 2199 6,696 01-08-1-19.26-2199 LOT : 2200 6,653 01-08-1-19.26-2200 LOT : 2201 6,624 01-08-1-19.26-2201 LOT : 2202 6,609 01-08-1-19.26-2202 LOT : 2203 6,050 01-08-1-19.26-2203 LOT TABLE LOT NO.AREA (SQ.FT)ASSESSMENT NO. LOT : 2204 6,050 01-08-1-19.26-2204 LOT : 2205 6,050 01-08-1-19.26-2205 LOT : 2206 6,050 01-08-1-19.26-2206 LOT : 2207 6,050 01-08-1-19.26-2207 LOT : 2208 6,655 01-08-1-19.26-2208 LOT : 2209 6,655 01-08-1-19.26-2209 LOT : 2210 6,050 01-08-1-19.26-2210 LOT : 2211 6,050 01-08-1-19.26-2211 LOT : 2212 6,050 01-08-1-19.26-2212 LOT : 2213 6,050 01-08-1-19.26-2213 LOT : 2214 6,050 01-08-1-19.26-2214 LOT : 2215 6,181 01-08-1-19.26-2215 LOT : 2216 6,181 01-08-1-19.26-2216 LOT : 2217 6,181 01-08-1-19.26-2217 LOT : 2218 6,181 01-08-1-19.26-2218 LOT : 2219 6,181 01-08-1-19.26-2219 LOT : 2220 6,181 01-08-1-19.26-2220 LOT : 2221 6,229 01-08-1-19.26-2221 LOT : 2222 6,580 01-08-1-19.26-2222 LOT : 2223 6,551 01-08-1-19.26-2223 LOT TABLE LOT NO.AREA (SQ.FT)ASSESSMENT NO. LOT : 2224 6,557 01-08-1-19.26-2224 LOT : 2225 6,569 01-08-1-19.26-2225 LOT : 2226 6,359 01-08-1-19.26-2226 LOT : 2227 6,609 01-08-1-19.26-2227 LOT : 2228 6,947 01-08-1-19.26-2228 LOT : 2229 7,398 01-08-1-19.26-2229 LOT : 2230 6,775 01-08-1-19.26-2230 LOT : 2231 6,689 01-08-1-19.26-2231 LOT : 2232 6,206 01-08-1-19.26-2232 LOT : 2233 6,524 01-08-1-19.26-2233 LOT : 2234 7,246 01-08-1-19.26-2234 LOT : 2235 7,000 01-08-1-19.26-2235 LOT : 2236 6,500 01-08-1-19.26-2236 LOT : 2237 7,446 01-08-1-19.26-2237 LOT : 2238 6,767 01-08-1-19.26-2238 LOT : 2239 6,766 01-08-1-19.26-2239 LOT : 2240 6,765 01-08-1-19.26-2240 LOT : 2241 6,764 01-08-1-19.26-2241 LOT : 2242 6,764 01-08-1-19.26-2242 LOT : 2243 6,763 01-08-1-19.26-2243 LOT TABLE LOT NO.AREA (SQ.FT)ASSESSMENT NO. LOT : 2244 6,762 01-08-1-19.26-2244 LOT : 2245 6,762 01-08-1-19.26-2245 LOT : 2246 6,762 01-08-1-19.26-2246 LOT : 2247 6,761 01-08-1-19.26-2247 LOT : 2248 6,761 01-08-1-19.26-2248 LOT : 2249 6,761 01-08-1-19.26-2249 LOT : 2250 6,050 01-08-1-19.26-2250 LOT : 2251 6,050 01-08-1-19.26-2251 LOT : 2252 6,050 01-08-1-19.26-2252 LOT : 2253 6,050 01-08-1-19.26-2253 LOT : 2254 6,050 01-08-1-19.26-2254 LOT : 2255 6,655 01-08-1-19.26-2255 LOT : 2256 6,655 01-08-1-19.26-2256 LOT : 2257 6,050 01-08-1-19.26-2257 LOT : 2258 6,050 01-08-1-19.26-2258 LOT : 2259 6,050 01-08-1-19.26-2259 LOT : 2260 6,050 01-08-1-19.26-2260 LOT : 2261 6,050 01-08-1-19.26-2261 LOT : 2262 6,207 01-08-1-19.26-2262 LOT : 2263 6,207 01-08-1-19.26-2263 LOT TABLE LOT NO.AREA (SQ.FT)ASSESSMENT NO. LOT : 2264 6,207 01-08-1-19.26-2264 LOT : 2265 6,207 01-08-1-19.26-2265 LOT : 2266 6,207 01-08-1-19.26-2266 LOT : 2267 6,207 01-08-1-19.26-2267 LOT : 2268 6,207 01-08-1-19.26-2268 LOT : 2269 6,207 01-08-1-19.26-2269 LOT : 2270 6,207 01-08-1-19.26-2270 LOT : 2271 6,207 01-08-1-19.26-2271 LOT : 2272 6,207 01-08-1-19.26-2272 LOT : 2273 6,207 01-08-1-19.26-2273 LOT : 2274 6,825 01-08-1-19.26-2274 LOT : 2275 6,096 01-08-1-19.26-2275 LOT : 2276 6,319 01-08-1-19.26-2276 LOT : 2277 6,127 01-08-1-19.26-2277 LOT : 2278 6,000 01-08-1-19.26-2278 LOT : 2279 6,000 01-08-1-19.26-2279 LOT : 2280 6,000 01-08-1-19.26-2280 LOT : 2281 6,000 01-08-1-19.26-2281 LOT : 2282 6,005 01-08-1-19.26-2282 LOT : 2283 6,005 01-08-1-19.26-2283 LOT TABLE LOT NO.AREA (SQ.FT)ASSESSMENT NO. LOT : 2284 6,005 01-08-1-19.26-2284 LOT : 2285 6,005 01-08-1-19.26-2285 LOT : 2286 6,005 01-08-1-19.26-2286 LOT : 2287 6,052 01-08-1-19.26-2287 LOT : 2288 6,447 01-08-1-19.26-2288 LOT : 2289 6,088 01-08-1-19.26-2289 LOT : 2290 6,983 01-08-1-19.26-2290 LOT : 2291 6,325 01-08-1-19.26-2291 LOT : 2292 6,050 01-08-1-19.26-2292 LOT : 2293 6,050 01-08-1-19.26-2293 LOT : 2294 6,050 01-08-1-19.26-2294 LOT : 2295 6,050 01-08-1-19.26-2295 LOT : 2296 6,076 01-08-1-19.26-2296 LOT : 2297 6,851 01-08-1-19.26-2297 LOT : 2298 6,064 01-08-1-19.26-2298 LOT : 2299 7,600 01-08-1-19.26-2299 LOT : 2300 6,000 01-08-1-19.26-2300 LOT : 2301 6,000 01-08-1-19.26-2301 LOT : 2302 6,000 01-08-1-19.26-2302 LOT : 2303 6,233 01-08-1-19.26-2303 LOT TABLE LOT NO.AREA (SQ.FT)ASSESSMENT NO. LOT : 2304 6,092 01-08-1-19.26-2304 LOT : 2305 6,000 01-08-1-19.26-2305 LOT : 2306 6,000 01-08-1-19.26-2306 LOT : 2307 6,000 01-08-1-19.26-2307 LOT : 2308 6,000 01-08-1-19.26-2308 LOT : 2309 6,000 01-08-1-19.26-2309 LOT : 2310 6,250 01-08-1-19.26-2310 LOT : 2311 6,250 01-08-1-19.26-2311 LOT : 2312 6,250 01-08-1-19.26-2312 LOT : 2313 6,250 01-08-1-19.26-2313 LOT : 2314 6,000 01-08-1-19.26-2314 LOT : 2315 6,000 01-08-1-19.26-2315 LOT : 2316 6,000 01-08-1-19.26-2316 LOT : 2317 6,000 01-08-1-19.26-2317 LOT : 2318 6,250 01-08-1-19.26-2318 LOT : 2319 6,250 01-08-1-19.26-2319 LOT : 2320 6,250 01-08-1-19.26-2320 LOT : 2321 6,937 01-08-1-19.26-2321 LOT : 2322 6,820 01-08-1-19.26-2322 PARCEL NO. 19.26 (LOTS 2184-2322) ASSESSMENT AREA NO. 8 LEGEND: SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 APACHE JUNCTION, ARIZONA e ™ A C RE IT CFI N O . TE PERA L T A D R I V E