4/11/2013 8:15:00 AM Council to discuss CFD refinancing for StoneRidge
Prescott Valley Tribune
Meeting first as the community facilities district board, the Town Council Thursday will discuss potential bond refinancing for the CFD at the StoneRidge subdivision.
The council, meeting as the StoneRidge CFD board, issued $14.8 million in bonds Dec. 1, 2001, to finance streets and other public improvements at StoneRidge, a 2,832-lot subdivision located south of Highway 69 off StoneRidge Drive. However, the initial developer, SunCor, filed for bankruptcy Feb. 24, 2012, and a successor company, Univest, has taken over building homes on the remaining lots.
Now that the SunCor bankruptcy has been resolved, town officials again are exploring the possibility for bond refinancing before the bond payment is due in July, according to a two-page report that Town Manager Larry Tarkowski prepared.
The initial bond issue is due to expire in 2026 but could be extended to 2030 through refinancing to lower the interest rate and allow time for new homeowners to help cover the costs, Tarkowski's report stated. StoneRidge homeowners are paying $4.47 per every $100 in secondary assessed valuation to pay off the original bond for the CFD.
Tarkowski, who wears the hat of CFD district manager, did not make any recommendations to the council members on refinancing.
The regular council meeting will follow the CFD deliberations. The meeting begins at 5:30 p.m. and takes place in the library auditorium, 7401 E. Civic Circle.
Agenda items include:
Presentation by John Munderloh, water resources manager, on participation in, and activities related to, organizations dealing with water resources.
A recommendation to authorize Mayor Harvey Skoog to sign a letter requesting a reduction in membership for the Yavapai County Water Advisory Committee.
The final development plan from Larry Lemelson for Backstreet Mini Storage off Bennett Drive and Highway 169.
The final development plan for Dick's Sporting Goods in the Prescott Valley Crossroads shopping center next to Sam's Club.
A contract with the Arizona Department of Housing for $440,000 to support the town's Owner Occupied Housing Rehabilitation program.
An amendment for the engineering agreement with Dava & Associates for $60,140 for design services for improvements at Viewpoint and Spouse drives.
A separate agreement with the Department of Housing for accepting $296,084 in Community Development Block Grant money to pay for improvements on Loos Drive.