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Council approves up to $13 million special‑tax CFD bonds for Joiner East infrastructure
Summary
Council approved a resolution authorizing issuance of special‑tax Community Facilities District bonds (not to exceed $13,000,000) to finance infrastructure in the Joiner East development; staff indicated the likely issuance will be a little under $12 million and about $1.2 million will be held in escrow pending an appraisal to meet a 4:1 value‑to‑lien policy.
The City Council voted on Nov. 18 to approve documents authorizing the issuance of special‑tax Community Facilities District (CFD) bonds to finance infrastructure for the Joiner East subdivision.
Bond counsel described the project as a multi‑phase residential subdivision with the master developer responsible for infrastructure and with planned future…
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