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Council approves $6.395 million special-assessment bonds for Trails at Cottonwood Creek PID
Summary
After a public hearing, the council adopted an assessment plan and authorized issuance of Series 2026 special-assessment revenue bonds for improvement areas 2 and 3 in the Trails at Cottonwood Creek Public Improvement District; staff said the issue was sized at $6,395,000 with a TIC of about 5.83%.
City staff presented two related items asking the council to levy special assessments for the Trails at Cottonwood Creek Public Improvement District and to authorize the issuance and sale of Series 2026 special-assessment revenue bonds to finance neighborhood-improvement projects in Areas 2 and 3.
Michael Kuhn explained the PID's history and noted the bond sale was priced at a par amount of $6,395,000 with a true interest cost (TIC) of approximately 5.83%. He described the phased improvements — roads, water, sewer, drainage and landscaping — and said improvement area No. 2 is estimated to be completed by December 2026. The council opened and closed the statutorily required public hearing, heard one supporting statement from the master developer Preston Walhut, and then approved the assessment ordinance and the bond authorization; both actions passed unanimously.
Council members said they had the necessary supporting documents on hand (development agreement amendments, previous council approvals) and invited questions from financial advisors and bond counsel who were present. The approval authorizes issuance of special-assessment revenue bonds and related transaction documents; staff noted the par amount came in slightly lower than shown in the preliminary plan.
