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County staff asks to set public hearing on Sawmill Community Development Authority to fund road work
Summary
County finance staff asked the board to set a June public hearing to create a Sawmill Community Development Authority that would front-load about $6 million for road improvements on the Western/Hull Street corridor; staff said the CDA assessment would be paid by new property owners and would not count against county debt capacity.
County finance staff asked the board to set a public hearing in June on creating a Sawmill Community Development Authority to finance roughly $6 million in road work along the Western/Hull Street corridor.
The presenter said the CDA is an assessment district paid by landowners in the district and would not affect the county’s debt capacity or its ability to borrow for schools or other county projects. “It kind of serves as a HOA-type payment in the neighborhood,” the presenter said, describing how assessment revenue would be used to retire bonds issued for the improvements.
Staff told board members the developer has been consulted and is comfortable with the instrument, which staff expects would work alongside proffers and other infrastructure funding already committed to the neighborhood. Staff said some commercial components would be prepaid by the developer while residential components would be subject to the periodic assessment.
Board members asked for plain-language clarification of who would pay and how the assessment would be applied; staff replied that the fee would generally be charged on new residential units to help repay bonds for the improvements and that the district can provide funds up front to accelerate work such as turn lanes and road widenings on Hull Street.
Next steps: if the board approves setting a public hearing, staff said the item would be noticed for the June meeting and the hearing would let the public weigh in on the creation of the CDA and its assessment structure.
