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Cave Creek council authorizes pursuit of $11.4 million financing to secure Harquahala water allocation; resolution passes 5‑2
Summary
After a multi‑hour debate about timing, costs and alternatives, Cave Creek council voted 5‑2 to authorize staff to pursue a Water Infrastructure Finance Authority (WIFA) augmentation loan and direct‑placement excise‑tax obligations to finance the town’s approved Harquahala water purchase. The package would total about $11.4 million including issuance costs.
CAVE CREEK, Ariz. — The Cave Creek Town Council on Tuesday authorized staff to pursue debt financing options to pay for a previously approved purchase of Harquahala water, voting 5‑2 to move forward with resolutions that allow application to the Water Infrastructure Finance Authority of Arizona (WIFA) and the potential sale of direct‑placement excise tax revenue obligations.
Town staff and outside advisers told the council the Harquahala purchase price is $11,250,000 and that, with estimated issuance costs, the financing need was roughly $11,400,000. Staff outlined two primary financing paths: a WIFA water‑augmentation loan (subject to a competitive, not‑yet finalized application process that officials said might total about $96.2 million available statewide in fiscal year 2026) and…
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