Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City approves up to $8.5 million in special tax bonds for Nichols Ranch development
Summary
The council unanimously authorized a bond issuance not to exceed $8.5 million for Community Facilities District 2019-2 (Nichols Ranch) to reimburse Meritage Homes for infrastructure; staff estimated about $7.8 million in proceeds, required a two-year letter-of-credit (~$350,000) from Meritage, and cited average annual special taxes of roughly $2,600–$3,100.
The Lake Elsinore City Council unanimously approved a resolution authorizing the issuance of special tax bonds for Community Facilities District 2019-2 (Nichols Ranch), a 168-unit Meritage Homes development adjacent to Temescal Valley High School.
Bridal Forbath, staff presenting the item, said the resolution authorizes bond issuance in an amount not to exceed $8,500,000 and that current market sizing points to about $7,800,000 in bond proceeds to reimburse the developer for completed infrastructure and to pay project fees.…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
