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Council approves CSCDA refunding for Wilder CFD to reduce homeowner special‑tax burden
Summary
Orinda approved a staff recommendation to cooperate with the California Statewide Communities Development Authority to refund Wilder Community Facilities District bonds; savings are estimated at about 8.4% present value and roughly $843,000 over the remaining life of the bonds.
The Orinda City Council unanimously approved staff recommendations on March 18 to cooperate with the California Statewide Communities Development Authority (CSCDA) in issuing special tax revenue refunding bonds for the Wilder Community Facilities District (CFD).
Staff summarized the history: in February 2007 the city authorized CSCDA to issue CFD bonds for the Wilder project. CSCDA previously refunded those bonds in February 2015. About $6.335 million remains outstanding on the Wilder bond issue. CSCDA staff estimated the proposed refunding would yield roughly an 8.4% present‑value savings and about $843,000 in nominal cash‑flow savings over the remaining 12 years — about $1,000 per year in savings for each of the roughly 71 Wilder homes that have not prepaid their special tax.
Staff advised there would be no fiscal impact to the city; all issuance costs would be paid from the financing and savings would be passed to CFD taxpayers. Council members said members of the Wilder homeowners association who met in the council’s Wilder subcommittee welcomed the refunding.
The council closed the public hearing with no public comment and approved the resolution authorizing CSCDA to refund the outstanding Wilder CFD bonds and to cooperate on issuance and retirement of the old bonds.
