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Florence approves bond plan to reimburse Merrill Ranch developer, schedules phased tax increase
Summary
The Florence council and Merrill Ranch Community Facilities District board approved a feasibility report and resolution to issue general obligation bonds to reimburse Pulte for built public infrastructure and to stair-step the CFD tax rate toward the $3.25 cap set in the development agreement.
The Florence town council, sitting as the Merrill Ranch Community Facilities District (CFD) board, adopted a resolution May 20 approving a feasibility report and authorizing the next steps to issue general obligation bonds to reimburse the developer for completed public infrastructure.
The bonds will reimburse Pulte for public infrastructure already constructed in Merrill Ranch. Town financial adviser Mark Reeder told the board the issuance planned over the next weeks is expected to be in the neighborhood of $4 million, with about $3.6 million of public infrastructure identified for immediate reimbursement. The district currently has roughly $1.5 million outstanding in debt, Reeder said, and the proposed transactions would be…
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