Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
Estrella Mountain Ranch board approves bonds and assessment collection for Montecito Assessment District No. 4
Loading...
Summary
The Estrella Mountain Ranch Community Facilities District board unanimously authorized up to $10,668,000 in special-assessment revenue bonds for Montecito Assessment District No. 4 and approved ordering collection of the associated special assessments; the votes were 7-0 on both resolutions.
The Estrella Mountain Ranch Community Facilities District board voted unanimously Nov. 17 to authorize special-assessment revenue bonds and to order the collection of assessments for Montecito Assessment District No. 4 in the City of Goodyear.
The board adopted EMR CFD Resolution 2025-171, authorizing issuance of Montecito Assessment District No. 4 special-assessment revenue bonds, Series 2025, in an aggregate principal amount not to exceed $10,668,000, and approving related documents, and later adopted EMR CFD Resolution 2025-172, approving the assessment proceedings and ordering collection of the amounts assessed. Both measures passed on voice/roll-call outcomes reported as "Passes 7-0." (Chair Pizzillo presided.)
Why it matters: the approvals complete a financing step to fund infrastructure improvements already constructed in the Montecito Assessment District No. 4. The board had previously approved a feasibility report on Oct. 6 and levied the assessment; this meeting confirmed the engineer’s determination that the work was complete and that assessments are proportionate to benefit.
Details from the presentation: Deputy Finance Director Kevin Custer told the board the Montecito Assessment District covers roughly 172 acres and about 508 single-family lots. Custer summarized a financing plan of approximately $11.3 million, with project acquisition costs described as about $9.8 million, reserve and interest roughly $1.2 million, and issuance and underwriting costs cited as "about 304" in the transcript (the unit was not specified). He said expected bond proceeds are approximately $10.7 million and that a majority landowner contribution of $626,000 was included in the plan, leaving an assessment of about $21,000 per lot, according to the presentation.
On the engineer’s finding that the work is complete, Custer said the district engineer determined the work benefits the district and that the assessments are in proportion to that benefit. No members of the public spoke during the public hearing.
What was approved: Resolution 2025-171 authorizes the issuance and sale of bonds and the execution of supporting documents (registrar/transfer agent, paying agent, purchase contract, continuing disclosure and related documents) in forms approved by the board, and ratifies prior related actions. Resolution 2025-172 approves the assessment proceedings, confirms completion of the work in accordance with plans and specifications, and orders collection of the assessments for Montecito Assessment District No. 4.
Votes and next steps: Both resolutions were adopted by the board with outcomes reported as "Passes 7-0." The resolutions authorize staff to finalize bond documents and proceed with the bond issuance process and assessment collection as described in the resolutions.
Meeting context: The approvals followed a public hearing on the Montecito assessment district; there were no public comments. The meeting also approved routine minutes earlier on the consent agenda and then adjourned.
