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Anna hears $33.95M preliminary finance plan for Shirley Farms PID improvement area 1
Summary
City financial advisor Hilltop Securities presented a preliminary plan for Shirley Farms Public Improvement District improvement area 1, describing an assessment-backed bond of roughly $33,950,000 to finance public improvements for the first phase and estimating average homeowner assessments of about $4,800 per year; staff moved the public-hearing schedule to late February to complete appraisals.
At the Jan. 13 Anna City Council meeting, Andre Ila of Hilltop Securities presented a preliminary financing plan for Shirley Farms Public Improvement District (PID) improvement area 1 and answered council questions about assessments and resident impacts.
Ila said the developer is asking the city to facilitate financing for what he described as roughly "4 18" lots in the first phase and that the plan under discussion included an approximate $33,950,000 assessment bond to finance about $27,400,000 in public improvements for this phase. Ila gave an average expected home price of about $573,000 for the phase…
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