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Lincoln staff and bond counsel outline proposed overhaul of CFD policy
Summary
City bond counsel briefed the council on a draft update to the city’s community facilities district (CFD) policy that would expand when developers may finance impact fees, limit third-party conduit issuers for large developments, and authorize taxing premiums or credit enhancements in some market conditions.
City bond counsel and staff presented a draft update to Lincoln’s Community Facilities District policy and sought preliminary council feedback on several policy choices that would affect how new development is financed.
Brian Forbath, the city’s bond counsel, told the council the city’s existing CFD policy dates to about 50 years ago and that state law and market practices have changed. “There’s been a growing trend in community facilities districts that developers want to finance … development impact fees,” Forbath said, describing the legal and federal-tax constraints that require prompt use of bond proceeds when impact fees are financed.
The draft policy would allow the city to permit financing of certain development impact fees but…
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