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Waldron Road IDD would place 30-year assessment on buyers, Winstead PC representative says
Summary
At a La Verne workshop, Keith Randall of Winstead PC told the board the proposed Waldron Road Infrastructure Development District would be disclosed in purchase agreements and that assessments run with the property for 30 years, are prepayable and secured by the land, not the city.
The La Verne Board of Mayor and Aldermen heard detailed explanations on April 30 about a proposed Waldron Road Infrastructure Development District that would attach a 30-year assessment to properties in the district.
Keith Randall of Winstead PC, the applicant’s representative, told the board the developers and homebuilders have committed to include a two-page statutory-style disclosure in every purchase and sale agreement that "will state very clearly what their assessment obligation is over 30 years, what happens if they don't pay that assessment, that they can refinance that assessment, that they can prepay that assessment without penalty." Randall said…
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