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Auditor-Controller recommending the Board adopt and authorize the Chair to sign “Resolution 108-2025 Authorizing the Issuance and Sale of Special Tax Bonds and Approving and Authorizing Forms of a Fiscal Agent Agreement, Preliminary Official Statement, Acquisition Agreement and Bond Purchase Agreement and Authorizing Additional Actions in Connection Therewith for Community Facilities District (CFD) No. 2024-1 (Carson Creek Heritage Village 11).”
FUNDING: Community Facilities District Special Taxes.
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DISCUSSION / BACKGROUND
The Board of Supervisors will recall that the developer of Carson Creek Heritage Village 11 (Lennar) previously submitted an application to the County to form Community Facilities District No. 2024-1 (Carson Creek Heritage Village 11) to help finance the acquisition and construction of public improvements necessary for the project, including through the funding of impact fees that pay for public facilities. In accordance with the County’s Development Agreement with Lennar for the project, the County is required to assist the Developer in obtaining community facilities district or assessment district financing for infrastructure needed for the project. The purpose of the CFD is to fund the construction of certain major infrastructure improvements, and to pay certain impact fees associated with projects of this nature.
On February 27, 2024, the Board formed the CFD, Improvement Area No. 1 of the CFD and a future annexation area for the CFD. At the same meeting, the Board held a public hearing and conducted a special election in which the sole landowner voted in favor of the levy of a special tax within Improvement Area No. 1 of the CFD and the bonded indebtedness limit for Improvement Area No. 1. The CFD is authorized to issue total indebtedness in an amount not to exceed $35,000,000, initially allocated $15,000,000 to land in Improvement Area No. 1 of the CFD and $20,000,000 to land in the Future Annexation Area of the CFD.
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