Developer outlines Val Nova buildout, bonds and wastewater upgrades in CID presentation

Nick Weaver, representing developer Clyde Capital Group, updated the board on the Val Nova (formerly Spring Valley) master plan and related infrastructure funding.

Weaver said the Spring Valley CID boundary covers roughly 5,610 acres and described planned buildout, completed lots and multiple series of special-assessment bond financings. He reported that special assessment area #1 issued $121,000,000 in bonds (about $104,000,000 of which he said remains outstanding) and that nearly $17,000,000 has been repaid through lot sales and paydowns. For special assessment area #2, he said series funding totaled about $113,000,000 across two series. Weaver also described planned projects funded through these mechanisms — a highway overpass, Val Nova Drive and Ari Way extensions, irrigation and stormwater improvements, wastewater treatment plant expansions and sewer lift stations — and told the board the CID/developer will fund construction while Eagle Sewer District will operate and maintain the wastewater facilities.

Weaver spoke to timing and sequencing, saying some improvements will be engineered in the next 18 months and that water reuse technology (MBR membrane reactor) is planned for treatment upgrades. "The Spring Valley CID is 5,610 acres," Weaver said during his presentation. Board members asked clarifying questions about special-assessment expansion and coordination with Eagle Sewer District; Weaver and staff indicated those arrangements are documented in agreements and facility planning studies and that coordination is ongoing.