Superstition Vista CFD approves final assessment for 191-lot Assessment Area No. 6

The Superstition Vista Community Facilities District No. 1 on Nov. 18 unanimously adopted Resolution SVCFD12025-009, finalizing a $5,000 special assessment on each of the 191 lots in Assessment Area No. 6 to fund a segment of Officer Fazio Drive.

Why it matters: The assessment puts a lien on each lot to secure repayment and allows the district to proceed with a related bond transaction to acquire the road segment from the landowner, developer D.R. Horton, the district’s special counsel said.

Special counsel Zach Sacas told the board the district recorded assessments against each lot after the board’s formation decision in October and that the assessments were structured to allow prepayment. "This is 191 lots. All of the lots are owned by D. R. Horton. The lots will each be assessed for $5,000," Sacas said, adding that recorded assessments and the finalized hearing are steps required before closing the bond transaction.

Sacas described prepayment mechanics and timing, saying owners or purchasers commonly prepay when a property is resold and that mortgage lenders often require prepayment or roll the assessment into the mortgage because the assessment lien is first in priority under Arizona law. "When that initial purchaser sells to a second purchaser, that's when we see a lot of times prepayments because it's just convenient," he said.

The chair opened the public hearing and received no public comment. Following the presentation and the close of the hearing, a motion to adopt Resolution SVCFD12025-009 — finding the work completed in accordance with approved plans and ordering collection of the assessment for Assessment Area No. 6 — was moved and seconded. The board then adopted the resolution by unanimous roll-call vote.

What the resolution does: The resolution confirms the final assessment for Assessment Area No. 6, establishes the district’s authority to collect the $5,000 assessment per lot, and clears the procedural step allowing the district to proceed with the associated bond issuance described separately by staff.

Next steps: Staff said the bonds to finance the acquisition will be sold in the coming weeks and are expected to close before the end of the year. The district will apply proceeds from the bond sale to acquire the identified road segment from D.R. Horton.

The meeting then moved to a separate resolution authorizing bond issuance, which the board also approved later in the session.