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Developers, financial advisor present Phase 2 finance plan for Heritage PID; council calls public hearing
Summary
MI Homes and Hilltop Securities presented Phase 2 of the Heritage Public Improvement District: $6.873M fixed assessment for Phase 2, anticipated average homeowner payment of about $3,600 beginning 2026, and council approved resolutions calling a Sept. 17 hearing and authorizing distribution of bond offering documents.
Representatives from MI Homes and Hilltop Securities outlined Phase 2 of the Heritage Public Improvement District and a preliminary plan of finance for special assessment bonds.
Royce Rippee of MI Homes reviewed project phasing and sales activity and said construction and vertical building are underway. Andre Iello of Hilltop Securities, the city’s financial advisor on the PID, said the phase 2 assessment and bond sizing under consideration is $6,873,000 as part of an overall $27.5 million not‑to‑exceed authorization. Iello said average home values in the development are above earlier estimates, which lowers per‑lot assessment pressure; he reported phase‑2 average assessment per unit of about $42,900 and an average homeowner payment when levied of about $3,600 per year, with billing planned to begin in 2026.
Iello emphasized that, under the plan presented, the bonds for Phase 2 would be secured only by Phase 2 assessments and would not be backed by the city’s general fund or enterprise funds. Council voted to call a public hearing on Sept. 17 to consider the assessments and to approve the form and distribution of the preliminary limited offering memorandum for the Phase 2 special assessment revenue bond series 2024. Both motions carried by voice vote.
