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Boards approve bonds and assessments for Montecito Assessment District No. 4
Summary
Community Facilities District boards approved final assessments and authorized up to $10.668 million in special assessment revenue bonds for Montecito Assessment District No. 4 in Estrella Mountain Ranch; the per‑lot assessment is about $21,000. Votes were unanimous (7–0).
Deputy Finance Director Kevin Custer told the joint community facilities district meeting that Montecito Assessment District No. 4 covers roughly 172 acres and about 508 single‑family lots. Staff presented a financing plan totaling about $11.3 million — bond proceeds of roughly $10.7 million, a majority‑landowner contribution of $626,000 and reserves and issuance costs — that leaves an…
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