Larry (presenting for Brandon Swagger) summarized a proposed modification to assessments in the Watson Road Community Facilities District (CFD) and told the board the action reallocated remaining bond principal and interest to newly created lots at Tyler Ranch.

Larry said the Watson Road CFD was formed in February 2005 and issued approximately $49 million in special assessment revenue bonds to finance infrastructure; the Tyler Ranch parcel was about 71 acres and, after subdivision, became 303 lots. Under the proposed modification, the remaining principal and interest attributable to that parcel would be assessed pro rata to the 303 lots, producing an assessment of about $1,767 per lot, Larry said. He added the bond payoff date is July 2031 and property owners may pay the assessment off at any time or have it collected through annual property taxes.

Andrew McGuire, district counsel, advised the board that the clerk’s office had received at least one written objection. The board opened a public hearing; no public speakers appeared and no online comments were made, so the hearing was closed.

After closing the hearing the board moved to deny the written objection and approve Resolution No. 04‑25 (approving the modification of assessments in Assessment District No. 1). The motion passed unanimously, and the clerk recorded no individual roll‑call votes in the public transcript. Larry said several buyers had called staff with questions; staff told them the assessments were part of the CFD structure established in 2005 and that builders had not always explained the charge.

Key figures stated by staff during the presentation included: approximately 71 acres converted into 303 lots, initial CFD bond issuance of roughly $49,000,000, an estimated per‑lot assessment of about $1,767 after modification, and a bond payoff date of July 2031. Staff also said letters were sent to the affected property owners, that 38 notices were part of the outreach for the parcel, and that at least six property owners had contacted staff with questions prior to the hearing. One written objection had been received; the objection consisted of a single sentence that did not explain the basis for the protest, according to district staff.

The board’s approval directs staff to proceed with the modified assessments; there was no separate motion to change the assessments beyond the resolution approval. No appeal or further public action was recorded at the meeting.

The item concluded with the chair adjourning the meeting after the board vote.