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Avamore developer summarizes bond history: $13.7M in GO bonds, about $43.3M in special assessments; voluntary caps applied
Summary
Jeff Bauer, land use attorney for Avamore development, told the board the district is authorized to issue up to $226 million in general obligation (GO) bonds, the board has issued $13.7 million in GO bonds to date and about $43.3 million in special assessment bonds, and the development agreement imposes lower caps (3 mills and $6,500 per-lot special assessment cap on resale).
Jeff Bauer, a land use attorney with Givens Persley representing Avamore development, reviewed the project's history and financing at the Jan. 26 meeting.
Bauer said the Avamore CID was originally approved in 2008 and later annexed into the city of Eagle; the board is authorized to issue up to $226,000,000 in GO bonds as a result of an election held in 2015. To date, Bauer said, the district has issued four series of GO bonds totaling $13,700,000 and about $43,300,000 in special assessment bonds. He emphasized that the development agreement places voluntary limits below statutory maxima — for example the agreement limits certain mill levies to 3 (well below a statute-based 9% assessment reference) and caps special-assessment amounts at $6,500 per lot at resale.
Bauer also walked the board through how special assessment areas are created, how assessments are prorated across lots, and explained that developers typically pay down the assessment before lot sale so that resale lots carry a consistent capped assessment. He described risk scenarios (if buildout is incomplete, the developer remains liable for assessments on unsold lots).
