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Josephine council approves reimbursement agreements to clear path for two PIDs
Summary
The council authorized reimbursement agreements with Brightland Homes and Meritage Homes to enable bond financing for Josephine Public Improvement District No.1 (Morningside) and the Morgan Farms PID, allowing developers to file final plats and proceed toward assessment‑backed bonds.
At its Dec. 8 meeting the City of Josephine approved two reimbursement agreements tied to public improvement districts that underpin upcoming bond financings for local housing developments.
Legal and financial counsel explained the agreements — one associated with Josephine Public Improvement District No.1 (marketed as Morningside and being developed by Brightland Homes) and the other connected to Morgan Farms (Meritage Homes of Texas LLC) — reimburse developers for infrastructure once assessments or PID bonds are issued. Rudy Segura of McCall Parkhurst described the agreements as a ‘‘reimbursement’’…
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