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Council approves formation of CFD No. 75 (Spring Hill), related tax and financing measures, and funding agreement with Lennar
Summary
Council held a noticed hearing and approved resolutions forming Community Facilities District No. 75 (Spring Hill), authorizing bonded indebtedness, levying a special tax, and approving an acquisition and funding agreement with Lennar Homes of California LLC; the city clerk reported all ballots in the territory were in favor.
The council opened a noticed public hearing on the formation of Community Facilities District (CFD) No. 75, Spring Hill, and associated financing measures. The city clerk confirmed notice and that affidavits of compliance were filed; the County Registrar of Voters certified there were no registered voters within the CFD territory. With no public speakers the council closed the hearing and moved through a series of related actions.
Council adopted a resolution forming CFD No. 75, deemed it necessary to incur bonded indebtedness, and called a special election for the district. Later items declared results of the special election, directed recording of notices of special tax liens, and approved an acquisition and funding agreement with Lennar Homes of California LLC; the clerk reported that "all ballots are in favor of the ballot measures and all propositions passed." The council also adopted a declaration of official intent to reimburse facilities expenditures with funded proceeds.
The record shows these financial and development-related items passed by vote during the meeting; implementation will proceed according to the adopted resolutions and the acquisition and funding agreement with Lennar.
