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Estrella Mountain Ranch boards approve formation of Montecito Assessment District No. 4
Summary
At a joint Oct. 6 meeting, the community facilities districts covering Estrella Mountain Ranch unanimously adopted resolutions to form Montecito Assessment District Number 4, order construction work and levy assessments to reimburse infrastructure costs estimated at about $11.3 million.
The joint boards of the community facilities districts for Estrella Mountain Ranch and associated CFDs in Goodyear, Arizona, voted unanimously Oct. 6 to form Montecito Assessment District Number 4 and to approve related financing and assessment actions.
The boards adopted a feasibility report and a resolution of intention to form the district, separately ordered public infrastructure work already underway to be performed as described in the report, and approved the levy and assessment diagram for the district. The actions implement a landowner-requested special assessment district intended to reimburse construction of collector roads and related infrastructure within a roughly 172-acre area planned for about 508 single-family lots.
Why it matters: The district will issue special assessment revenue bonds under Title 48, Chapter 4, Article 6 of the Arizona Revised Statutes to reimburse the acquisition and construction of road improvements and related costs. The moves set the legal and financing…
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