HomeMy WebLinkAboutItem 11 - Presentation
Community Facilities District 16 City Council March 16, 2021 Improvement Area 2 BondsI (Millenia) -
Millenia (Eastern Urban Center)
Improvement Area 2 (Zones A and B)
CFD GuidelinesWhen Special Tax Bonds can be Issued and Meet City Improvement Area No. 2 has Reached Development Stage Improvement Area No. 2 was Amended in 2020Improvement Area No.
1 Issued Special Tax Bonds in 2018formed in 2016 with 2 Improvement AreasCFDIMPROVEMENT AREA NOS. 1 AND 21 (MILLENIA) -NO. 16
CURRENT RESIDENTIAL DEVELOPMENT IN *JV between SLF (master developer) and Meridian 11071317335$558,000$364,900 to3711117117Cleo–Lennar $547,000 $483,900 to29249292Vibe-Lennar $626,900$467,900
to4436108126Pinnacle*PriceEscrowIn March 1Sold as of IssuedPermits Units ZONE A
LOT 19 SLF (master developer) has not Developed Final Plan for Lot 19225 Residential Units-Commercial Development With Minimum 800,000 Square Feet-Business District is Entitled for
SLFLocated in Improvement Area No. 2; 8 Acres Owned by Lot 19 -SLFLocated in Improvement Area No. 1; 11 Acres Owned by Lot 1-Millenia “Business District”ZONE B–
IMPROVEMENT AREA NO. 2 SPECIAL TAX BONDSNo Additional Bonds PermittedSpecial Tax Bonds Debt ServiceSpecial Taxes on currently support $11.3 million in up to $21,000,000Formation CFDBonded
Indebtedness Approved at
VALUE 1:24.5Lien Ratio-to-Value000,255,11$Par Amount of Bonds108,994,58$Total108,754,20Individual Homeowners000,170,11000,835,9Cleo–Lennar 000,600,13Vibe–Lennar 000,635,3$SLF (Lot 19)November
15, 2020Appraised Value as of Owner LIEN RATIO-TO–
SPECIAL TAX RATES1.96%-Total combined tax rates = 1.85% > 1,450 Sq. Ft. = $1,798< 1,450 Sq. Ft. = $1,502
INFRASTRUCTUREDocumentationInfrastructure Costs Upon Submission of Required for SLFProceeds Available to Reimburse Approximately $10.5 Million in Special Tax Bond and Millenia Parkhas
Commenced Construction of Metro Park SLFBackbone Infrastructure Substantially Complete
BONDS $ 11,255,000 Bonds to be Issued(756,000)Original Issue PremiumFinancing CostsCapitalized InterestReserve Fund$ 10,562,000 Infrastructure USE OF PROCEEDS–
DOCUMENT APPROVALS Deposit Agreement with SLFContinuing Disclosure AgreementBond Purchase AgreementPreliminary Official StatementIndenture
DEPOSIT AGREEMENT WITH Preliminary Official StatementDeposit Will be Funded Prior to Distribution of Taxes are Actually Collectedto be Reimbursed When Special SLFIf Deposit is Spent,
Levied on the Tax Roll, orDeposit is Released When Special Taxes Can be SLFDelay in Special Tax LeviesDepositing Approximately $1 million to Fund Potential is SLFDue to Timing of
Parcel Segregation by County, SLF
BOND SALE SCHEDULEClosing April 15ththMarket to Investors Next Week