Mystic CFD votes to call public hearing and approve issuance plan for limited bond sale

At the Mystic at Lake Pleasant Heights Community Facilities District meeting on April 22, the district moved to call a public hearing on a feasibility report and approved a resolution to sell general obligation CFD bonds to acquire roadway segments constructed by a developer.

CFO Sean Bridal and consultants explained the feasibility report’s purpose: it lists projects eligible for CFD bond acquisition, maps infrastructure, estimates acquisition cost and financing plans. The district has roughly $61 million in remaining bond capacity; the developer may be reimbursed either via CFD bond purchases or impact-fee reimbursements, but not both.

Bridal said the current action covers the purchase of roughly 1,187 linear feet of El Mirage Road and a first segment of Westland Road. The board asked for clarification that the debt will be paid only by properties inside the Mystic district; staff confirmed the secondary property-tax levy will apply only to property owners in the district. The resolution before the board authorized the sale of bonds not to exceed $2,500,000 though Bridal said he expected the sale to be closer to $1.8 million depending on pricing; debt service would be serviced by a secondary property tax levy with a maximum rate of $2.65 per $100 limited assessed value.

The board approved item 5R (call public hearing on feasibility report) and item 6R (resolution for sale/issuance of bonds) by unanimous votes. Recorded outcome for both motions: passes 7–0.

Staff noted timelines: anticipated pricing around May 1 and closing on May 15, followed by acquisition/reimbursement to the developer. The district’s documents include a developer standby agreement to cover shortfalls should the levy not produce sufficient revenues for debt service.

The council later confirmed the CFD board motion outcomes during the joint portion of the meeting; no opposition or public speakers were recorded on the call for the public hearing.