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Council introduced bond ordinance for Lennar HOPA phase 2, sets $5.35M maximum
Summary
On first reading the council was presented Ordinance 2026‑10 to authorize Economic Development Revenue Bonds (Series 2026 B) for Lennar's HOPA phase 2; staff said the series would be limited to a maximum of $5,350,000 and proceeds would fund roads, sidewalks, utilities and stormwater for that phase.
Legal counsel introduced Ordinance 2026‑10 as a first reading, describing it as the bond ordinance for phase 2 of the Eastern Grama Lennar project (the HOPA phase 2 allocation area). Counsel said the issuance would be structured as Economic Development Revenue Bonds (Series 2026 B) intended to fund roads, sidewalks, water, sanitary sewers, stormwater and other infrastructure for the development.
Counsel said the ordinance establishes guardrails for issuance, approves supplemental financing and covenant agreements and links the issuance to a trust indenture. The ordinance text as read in the meeting set a maximum principal amount for this bond series of $5,350,000, with repayment terms not to exceed 25 years; counsel noted the developer is expected to purchase the bonds and that market interest assumptions were illustrative (counsel cited a market estimate of roughly 6–6.5% but noted a maximum interest cap shown in the draft of 8%). Council members asked clarifying questions about how remaining funds would roll into later phases if construction costs are lower than estimated. This item was introduced as first reading and will return for a subsequent action if council chooses to adopt it.
