Board approves up to $10.5 million lease financing for Riverstone Fire Station; public finance authority adopts mirroring resolution

The Madera County Board of Supervisors voted to adopt a resolution authorizing property lease financing to fund the Riverstone Fire Station (Fire Station No. 6) and other public improvements.

County administration staff told the board the project’s total estimated cost is about $14.5 million. The county reported roughly $5 million in available fire impact fee funds and said it planned to finance the remaining amount. Staff recommended a principal financing amount of $10.5 million amortized over a 20‑year term at an estimated interest rate of about 4.38 percent; the resolution allowed a maximum principal amount of $11 million and an annual interest rate not to exceed 4.5 percent.

Staff emphasized that debt service would be paid from fire impact fees collected from new development and would not be charged to the county general fund. The board approved the resolution on a recorded roll call vote. Immediately afterward, the board — sitting as the Madera County Public Finance Authority — adopted a mirror resolution as the finance authority’s board of directors; that vote passed as well.

Supervisors praised the financing structure as self‑supporting through development impact fees and noted the station will benefit surrounding areas beyond the new development. No members moved to delay the item or propose alternate financing during the meeting.

The actions authorized staff to proceed with the financing documents and related steps to execute the lease financing for the Riverstone Fire Station and related public improvements.