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Board approves amendment to Eastridge CFD financing documents, including higher bond authorization with price-point safeguards
Summary
The Board approved amendments to the CFD 2023-1 (Eastridge) special tax formula, authorizing increased indebtedness to address rising infrastructure costs but requiring price-point study to keep total tax rate under 2%. Vote passed 4-0.
The El Dorado County Board of Supervisors adopted an amendment to the special tax formula and increased the indebtedness limit for Community Facilities District (CFD) 2023-1 (Eastridge), allowing the developer greater flexibility to finance increased infrastructure costs while directing steps to limit homeowner tax exposure.
The auditor-controller explained that higher construction costs prompted the developer to request increases in bond authorization and changes to the rate-and-method-of-apportionment; staff said special taxes could theoretically reach as high as $15,000 for very large homes unless evidence produced by an applicant's price-point study demonstrates the overall tax rate (county base + Mello-Roos + school bonds) remains under 2%.
The hearing included public comments asking what infrastructure has been completed (roads, water tank) and what remains to be built. Staff said some roads and a water tank exist but few homes have yet been built; the county will require price-point and financial analyses prior to any bond sale.
After public testimony and board discussion, the board voted 4-0 to adopt the amendments described in the staff report.
What happens next: The county will require a price-point study and other evidence before any future bond issuance; staff will return with implementation details as required by the CFD and county procedures.
