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Superstition Vistas CFD No. 2 board approves assessments and authorizes up to $2.012 million in bonds
Summary
The Superstition Vistas Community Facilities District No. 2 board on Feb. 17 approved final assessments for Assessment Area 3—575 lots at $3,500 per lot—and authorized issuance of up to $2,012,000 in special assessment bonds to fund a portion of Warner Avenue; both measures passed unanimously.
The District Board of the Superstition Vistas Community Facilities District No. 2 voted unanimously Feb. 17 to approve final assessments for Assessment Area 3 and to authorize the issuance of special assessment bonds not to exceed $2,012,000 to fund district work, including a portion of Warner Avenue.
Attorney Zach Sakas, who identified himself as counsel for CFD No. 2, told the board Assessment Area 3 covers 575 lots and that "they'll each be assessed at $3,500 per lot." He said the district engineer verified developer cost information and that the work was completed to city standards. "We put the assessments on each lot," Sakas said, and added that the assessments will appear on future homeowners’ title reports and may be prepaid "at any time upon request by the future homeowner." The district maintains a website where owners can check prepayment amounts, he said.
Sakas described two resolutions before the board. Resolution SVCFD22026-003 concludes the assessment process for Assessment Area 3 and orders collection of the assessments; resolution SVCFD22026-004 would authorize the issuance of Special Assessment Bonds, Series 2026, for the same assessment area, approve forms of the financing documents and related agreements, and allow the district to award the bonds to a purchaser. He estimated the bond amount at no more than $2,012,000—computed as 575 lots × $3,500 and rounded to the nearest $1,000.
The chair opened a public hearing and asked for comments; no members of the public spoke, and the chair closed the hearing. An unidentified board member moved to adopt resolution SVCFD22026-003; the motion was seconded and, after roll call, the motion "passed unanimously," with affirmative votes recorded from the seats present. The board then moved and seconded resolution SVCFD22026-004 and again approved it by unanimous roll call.
Board approval authorizes district staff and counsel to proceed with the actions set out in the adopted resolutions, including placing assessments on parcel records and moving forward with bond sale mechanics and required disclosure documents should the district pursue the bond sale. The board adjourned following the votes.
What happens next: the adopted assessment resolution allows the district to begin collecting assessments, and the bond authorization permits staff to execute financing documents and proceed toward a bond sale if market conditions and purchaser commitments are obtained. No dates for bond sale or next steps were specified in the meeting record.
