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Council moves to authorize up to $7.5 million in CFD bonds for Altus, Beaumont; acquisition agreement amended
Summary
Council considered and moved to adopt resolutions authorizing issuance of special-tax bonds for Community Facilities District 2016-3 (Altus, Beaumont) and approving a first amendment to the acquisition agreement; staff outlined parcel counts, expected conveyances, and financing costs.
Beaumont City Council considered resolutions to authorize the issuance of special-tax bonds for Community Facilities District (CFD) 2016-3, which will finance public improvements in the age-restricted Altus (Beaumont) community, and to approve a first amendment to the district’s acquisition agreement.
City staff explained that the CFD covers 704 parcels and that, as of Jan. 17, 556 homes had been completed, sold and conveyed to individual homeowners; staff reported 11 model homes still owned by the developer, 40 homes under construction, and 97 finished lots. TriPoint, the developer, told staff it expects to convey the remaining homes to individual…
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