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Developer previews Slate Canyon public infrastructure district proposal; council seeks clearer 'but‑for' case
Summary
Lennar and counsel presented a proposed Public Infrastructure District (PID) for the Slate Canyon development. Council members sought a clearer ‘but‑for’ justification—what the PID would enable that could not be done otherwise—and asked staff to return with further analysis.
Developers and bond counsel presented a first look at a proposed Public Infrastructure District (PID) for the Slate Canyon subdivision during the Feb. 11 work meeting. The proposal, led by counsel and representatives from Lennar Homes, would tie a PID mill levy to financing about $4.7 million in public infrastructure for trails, utilities, open space and other site improvements.
City and outside counsel explained how a PID functions: the city is the creating entity and would adopt a governing document; the district issues bonds payable from a mill levy on the parcels inside the district. The developer asked for a maximum 6‑mill…
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