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home : latest news : local February 7, 2016

4/16/2014 8:01:00 AM
StoneRidge homeowners vote to rescind millions in unissued bonds
PVTrib/file photo
PVTrib/file photo
Briana Lonas

StoneRidge homeowners scored a major coup earlier this month when a special election yielded an overwhelming "yes" vote to rescind $33 million in unissued bonds.

Out of the 633 ballots cast, the unofficial results display 601 "yes" votes and 32 "no" votes. Five ballots were rejected at the Signature Verification level.

The election cost the StoneRidge Community Facilities District $10,000. The town will pay the fee and the CFD will, in turn, reimburse the town from Fiscal Year 2014-2015 budgeted funds.

The costs include a breakdown of $15.81 per participating voter, $7.81 per registered voter, publication and postage fees.

The StoneRidge CFD Board called for the election in February after a group of concerned StoneRidge homeowners initiated action based upon the long contested bond authorization of $18.2 million.

Although the current StoneRidge developer, Univest, and the CFD board stated they would not request additional bond funding, the worry always existed that a future CFD board could issue those bonds.

In 2001, the original StoneRidge developer, SunCor, was authorized a ceiling amount of $33 million in general obligation bonds towards the building of necessary public improvements for the new master-planned community. The CFD board at that time authorized and issued $14.8 million in bonds.

The recession caused SunCor to file bankruptcy in 2012 and Univest took over the building of the remaining lots.

In May the Town Council approved a resolution to refinance the original $14.8 million carried over from 2001.

The council will decide whether or not to approve the resolution adopting the official canvass of the election during a special CFD Board meeting prior to Thursday's work-study meeting.

A discussion about the Regional Transportation Plan features at the top of the work-study agenda. Every five years, the plan receives updates to determine travel demand forecasts and transportation needs into the future.

The Public Works Department will present a traffic signal timing update to include recent traffic counts and observations of traffic turning activity at town intersections.

In addition, council will listen to a presentation by Parks and Recreation staff regarding the Antelope Park Expansion Project. Requested improvements to the park include more recreational turf space, a new ramada, a walking path, 19 additional parking spaces, more lighting, trees and fencing.

All improvements could see completion in July if council approves the project.

The work-study meeting will take place Thursday at 5:30 p.m. in the Prescott Valley Public Library auditorium.

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Reader Comments

Posted: Thursday, April 17, 2014
Article comment by: Robbie Edwards

The previous commenter should get his or her facts straight. The current owner was never employed by Suncor.

Posted: Wednesday, April 16, 2014
Article comment by: Congrats to Owners

I hope the residents realize the (new?) current owner worked for Suncor and was involved in setting up the original relationship. My opinion would be to not trust anyone.

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