Board adopts intent resolution to consider Asensia Public Improvement District; levies, bond plan outlined
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Summary
Santa Fe County adopted an intent resolution to consider formation of the Asensia Public Improvement District (approx. 240 acres). Staff described the PID structure, two levies (A for infrastructure with affordable‑unit exemption; B for enhanced services assessed to all properties), an anticipated 2027 bond series of about $22.4 million, and the county's role as bond conduit without obligation to repay defaults.
Santa Fe County commissioners on Jan. 27 adopted an intent resolution to consider the formation of the Asensia Public Improvement District (PID) and to continue the PID formation proceedings, with a developer presentation scheduled for Feb. 10.
Staff said the petitioner is Asensia Holdings LLC and Santa Fe Land Development Partners LLC, and that the proposed PID would contain roughly 240 acres to be developed in phases. Public improvements eligible for PID financing include on‑site roads, sidewalks, on‑site water systems and water rights, and sanitary sewer improvements; soft costs and administrative expenses associated with issuance are also allowable under state PID law.
Staff described the financing plan as a series of tax‑exempt special levy revenue bonds, expected as a 2027 series estimated at $22.4 million with a 30‑year term and an average coupon around 7.5 percent. The county would serve as a conduit issuer; bonds are not county obligations and the county would not be responsible for repayment in the event of default. Levy A would fund infrastructure improvements at market rate (affordable units exempt from levy A); Levy B would fund enhanced services and is assessed to all properties and escalates 2% annually to fund operations, maintenance and oversight. Staff noted a $2,000,000 developer contribution already committed for Avenida De Sud West extension design and construction.
Commissioners asked whether PID levies shift costs to homebuyers or taxpayers; staff and counsel said levies are assessed only to properties inside the district and are disclosed to potential buyers by law. Commissioners also discussed transitions of PID governance: the county could act as the initial PID board but the ordinance contemplates transition to homeowners within six years as residents occupy units.
The board voted to adopt the intent resolution so commissioners could consider the final formation resolution and a public hearing on Feb. 10. Staff said additional details and developer presentations would be provided at that hearing.
What's next: final formation and public hearing scheduled for Feb. 10; staff will provide maps, feasibility study and developer disclosures at that meeting.