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Council authorizes Great Park CFD bonds to finance infrastructure for Improvement Area 11
Summary
Council authorized issuance of special‑tax bonds for Community Facilities District No. 20, Improvement Area 11 (Great Park) with staff asking for a not‑to‑exceed authorization of $155 million to allow market variability. Advisors recommended market timing for issuance; staff expects about $134 million in borrowing for park infrastructure.
The council approved resolutions authorizing issuance of special‑tax bonds for Community Facilities District (CFD) No. 20, Improvement Area 11, to support Great Park infrastructure. Staff and the city’s financial advisors presented market conditions and the structure of the proposed financing: a 35‑year bond with a mix of current interest bonds and capital appreciation bonds. Based on market estimates and…
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