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Elbert County approves Pine Ridge Metropolitan District service plan, authorizing up to $70 million in debt
Summary
The Elbert County Board approved the Pine Ridge Metropolitan District service plan, authorizing a maximum general‑obligation debt limit of $70 million and a maximum debt levy of 65 mills; operations and maintenance levy is uncapped. The approval applies to the service plan only; district formation and bond issuances require later actions.
Elbert County commissioners voted to approve the Pine Ridge Metropolitan District service plan, a financing framework for an approximately 420‑acre development west of the town of Elizabeth.
The approved service plan authorizes a total general‑obligation debt limit of up to $70,000,000 and sets a proposed maximum debt levy of 65 mills (computed on a baseline assessment-rate example). The plan does not cap the district’s operations and maintenance (O&M) mill levy. The numerical plan included in the service plan illustrates a hypothetical buildout of 186 single‑family homes with an average market value of $1,050,000 and a one‑time tap & facility fee of $35,000 per home in the numerical example.
Graham Anderson of Anderson Analytics, the county’s financial reviewer on the item, told the board the numerical plan is a…
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