HomeMy WebLinkAbout04/25/2006 Blue Sheet Relating to the Formation of the Tangerine Farms Road Improvement District
TOWN COUNCIL
MEETING
INFORMATION
TOWN OF MARANA
MEETING DATE:
April 25, 2006
AGENDA ITEM:
C.3
TO: MAYOR AND COUNCIL
FROM: James R. DeGrood, P.E. Assistant Town Manager
SUBJECT: Discussion/Direction: Relating to the formation of the Tangerine
Farms Road Improvement District
DISCUSSION
The plans for the Tangerine Farms Improvement District have now reached the 95% level of
development, and it is now time to begin the formal process of district formation.
This project will consist of the construction of approximately 3.8 miles of new 4 lane divided
roadway with median landscaping, onstreet bike lanes, a multi-use lane, storm drains, street
lighting, potable and irrigation water, and utility relocations. The project is estimated to have
design and construction costs of$22,669,100.
The improvement district will be comprised of six property owners, including the Town of
Marana. The properties to be assessed are generally referred to as: Cottonwood Properties,
Granite Construction, Gladden Farms, Gladden Farms II, and Westcor.
Staff, the Town's Financial Advisor, Bond Counsel and the Project Engineer will be prepared to
discuss the improvement district formation process, financing and design in detail.
It is anticipated that a Resolution of Intention to form the improvement district will ready for
Mayor and Council consideration by the May 16th regular Council meeting.
ATTACHMENTS
Draft resolution and power point presentation.
RECOMMENDATION
None required.
SUGGESTED MOTION
None required.
DRAFT
03/22/06
04/05/06
04/11/06
04/12/06
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE TOWN OF MARANA,
ARIZONA, (A) (1) DECLARING ITS INTENTION TO IMPROVE, AND ADOPTING
PRELIMINARY PLANS AND AN ENGINEER'S ESTIMATE FOR THE IMPROVEMENT OF,
CERTAIN STREETS, RIGHTS-OF-WAY AND EASEMENTS WITHIN THE CORPORATE
LIMITS OF THE TOWN BY THE CONSTRUCTION OF TRAVEL LANES FOR TANGERINE
ROAD AND TANGERINE FARMS ROAD FROM INTERSTATE TEN TO MOORE ROAD AS A
FOUR-LANE DIVIDED ROADWAY ALONG WITH STREETS TO CONNECT TANGERINE ROAD
TO THE INTERSTATE TEN FRONTAGE ROAD AND RELATED INTERSECTION
IMPROVEMENTS, ADJUNCTS AND APPURTENANCES, ALL AS SHOWN ON SUCH
PRELIMINARY PLANS; (2) DESIGNATING..SUCHIMPtt<OVEMENTS AS FOR "TOWN OF
MARANA, ARIZONA TANGERINE FARMS ROAD IMPROVEMENT DISTRICT";
(3) DETERMINING THAT IMPROVEMENTi<l30NDS WILL BE ISSUED TO REPRESENT THE
COSTS AND EXPENSES THEREOF; (4) DECLARING SUCH IMPROVEMENTS TO BE OF
MORE THAN A LOCAL OR ORDINARY PUBLIC <BENEFIT AND THAT THE COSTS
THEREOF BE ASSESSED UPON SUCH DISTRICT; (5) PROVIDING THAT SUCH
IMPROVEMENTS BE PERFORMJ;;t) UNDER THE PROVlp.IONS OF TITLE 48, CHAPTER 4,
ARTICLE 2 , ARIZONA REVISED. STATUTES, ANDhLL AMENDMENTS THERETO AND
(6) FIXING THE TIME AND PLACE FOR HEARING OFALL\PROTESTS WITH RESPECT
TO SUCH IMPROVEMENTS AND OBJECTIONS TO THE EXTENT OF SUCH DISTRICT AND
(B) DECLARING, FOR PURPOSES OF SECTIONJ;.150-2 OF THE FEDERAL TREASURY
REGULATIONS, OfFICIAL INTENT TO BE REIMBURSED FROM THE PROCEEDS OF THE
SALE OF SUCH <BONDS IN CONNECTION WITH CERTAIN EXPENDITURES FOR SUCH
IMPROVEMENTS [???]
BE IT RESOLVED BY THECQMMON COUNCIL OF THE TOWN OF MARANA,
ARIZONA, that:
Section 1. Definitions. In this Resolution, the following
terms shall have the following meanings:
"Assessment t)iagrams" shall mean the duplicate diagrams of
the lots, pieces and parcels of land lying within the District, filed
with the Clerk prior to the adoption of this Resolution and approved
by the Governing Body.
"Bonds" shall mean any bonds issued by the Town secured by
assessments against the lots, pieces and parcels of land wi thin the
District.
"Clerk" shall mean the Clerk of the Town.
"District" shall mean the Town of Marana, Arizona Tangerine
Farms Road Improvement District and shall include the lots, pieces and
parcels of land lying wi thin the boundaries described in Exhibit A
attached hereto. For a more particular description, reference lS
hereby made to the District Map.
"District
successors thereto.
Engineer"
shall
mean
MMLA
Psomas
and
any
"District Map" shall mean the map delineating the bound-
aries of the District attached hereto as Exhibit B.
"Estimate" shall mean with respect to
estimate of costs and expenses made by the District
with the Clerk prior to adoption of this Resolut~on.
the District the
Engineer and filed
"Governing Body" shall mean the Mayor a.nd Common Council of
the Town.
"Incidental Expenses" shall.mean.. wi threspect to the Dis-
trict the reasonable charges of the Town, costs of engineering,
printing, advertising, posting, the expenses of making the assessment,
appraiser's fees, all legal and financial fees, expenses and costs
incurred in drafting the proceedings and the sale of th~Bonds and all
interest to be paid on the Bonds for the period of construction and up
to six months beyond.
[???] "official
of the Town to reimburse
obligation.
intent" shall mean a declaration of intent
an original expenditure with proceeds of an
[???l"original expenditure" means an expenditure for a
governmental pUrpose that is originally paid from a source other than
a reimbursement bond.
"Plans" shall mean with. respect to the District the
preliminary plans and specificatiop. showing the location and the type
and character of the Work, filed with the Clerk prior to the adoption
of this Resolution and after the final construction plans and the
specifications and contract documents for the District are completed
then the term "Plans"shall refer to such final plans, specifications
and documents.
[???] "r~imbUrsement bond"
obligations allocated to reimburse
paid before the issue date of such
Bonds.
means the portion of an
an original expenditure
issue including in this
issue of
that was
case the
easements,
hereto.
"Streets" shall mean those streets, avenues, alleys,
rights of way and public land shown on Exhibit D attached
"Superintendent of Streets" shall mean the Town Engineer of
the Town and any successor to such person.
"Town" shall mean the Town of Marana, Arizona.
2
"Work" shall mean the proposed improvements described in
Exhibit C attached hereto, together with all appurtenances and
adjuncts necessary to serve the lots, pieces and parcels of land
within the District, all as to be shown in and on the final versions
of the Plans and the Estimate.
Section 2. Declaration of Intention to Order the Improve-
ment. The public interest and convenience require, and it is the
intention of the Governing Body to order, the Work to be performed
including, with respect thereto, the improvement of the Streets and to
assess the lots, pieces and parcels of land lying within the bounda-
ries of the District benefited by the Work for .the costs and expenses
thereof. All items of the Work shall be perfOl'med as prescribed by
the Plans, and no assessment for any lot, piece or parcel of land
lying within the boundaries of the Distr~~t with respect thereto shall
exceed its proportion of the Estimate.
Section 3. Determination of <Need . The Work is of more
than local or ordinary public b@t;"refit, and the Goverping Body hereby
orders that all amounts due or to become due with respect thereto
shall be chargeable upon the respebti ve lots, pieces and parcels of
land lying within the boundaries of the District, to which it is of
special benefit.
Section 4. Exclusion of certain Property. Any public
street or alley within the boundaries of the District is hereby
omitted from the District. Any lot, the legal owner of which on this
date is the United States, the State of Arizona, a county, city,
school district.. or any poli tical subdivision or institution of such
State or county, which is included within the District other than
those belonging to the Town and assigned assessment numbers on the
Assessment Diagrams shall be omitted from the assessment hereafter to
be made with respect to the Distl'ict, except as otherwise agreed
between the Town and the owner.
Section 5. Determination and Notice of Necessity to Issue
Bonds. The public cohveniepge requires that the Bonds shall be issued
to represent the costs and expenses of the Work to be assessed upon
the District and determines that the Bonds shall be issued in the name
of the Town payable, however, solely and only out of a special fund
collectible from special assessments levied and assessed upon the
lots, pieces and parcels of land lying wi thin the boundaries of the
District in not to exceed 25 annual installments from such of the
assessments of twenty-five dollars ($25.00) or over remaining unpaid
as of the date of the Bonds.
The Bonds shall mature on the first day of January in the
years and in amounts to be set by the Governing Body prior to their
issuance. With respect to assessments evidenced by the issuance of
Bonds, principal installments of such assessments shall be due on the
first day of December immediately preceding the maturity date of the
Bonds or any of them, and installments of interest shall be due on
the first day of June and December immediately preceding an interest
3
payment date applicable to the Bonds not paid from capitalized
interest.
The Bonds shall bear interest at the rate of not to exceed
eight percent (8%) per annum, payable on the first day of January and
July of each year.
Section 6. Statutory Authority. The Work and all pro-
ceedings pertaining thereto shall be performed under the provisions of
Title 48, Chapter 4, Article 2, Arizona Revised Statutes, and all
amendments thereto. The Bonds shall be payable in the manner and be
subj ect to the provisions as to collection of assessments for the
payment thereof as described in Title 48, Chapter 4, Article 2,
Arizona Revised Statutes and all amendmepts thereto, save and except
that the method of collection of said assessm ts shall be as provided
in Sections 48-600 to 48-607, both inclu' ve, Arizona Revised
Statutes, as amended, and not as provided in Section 48-608, Arizona
Revised Statutes.
Section 7. Town Participation. The Town shall contribute
not more than $200,000 to the costs <and expenses of the Work.
Section 8. Protests Against the Work; Objections to Extent
of District. The owners of the lots, pieces and parcels of land lying
within the boundaries of the District may file written protests
against the construction of..the .Wqrk or objections to the extent of
the District. Said protests or objections shall be filed with the
Clerk of the TownOf\Marana,Arizona, 11555 West Civic Center Drive,
Marana, Arizona 85663-7007. Said protests Or objections must be filed
within fifteen (15) days after the last publication of this
Resolution, or within fifteen (15) days after the completion of
posting the "Notice of Work and Notice of Proposed
Improve in substantially attached hereto as Exhibit E,
which r date is later.
A hearing with r~8pect to said protests and objections
shall be held at the time and place set forth in the "Notice of
Hearing" in sQ..bstantially the form attached hereto as Exhibit F.
Section 9. Right to Reduce Scope of Work. If, because of
pending or threatened litigation concerning anyone or more parcels
subject to assessmept, the Town and the winning bidder receive a
wri tten opinion of Bond Counsel stating that bonds cannot be issued
against such parcel or parcels or the Town is unable to obtain any
right-of-way necessary for the construction of the Work, the Town may
then cause the construction contract [s] with respect to the District
to be cancelled or modified to exclude from the applicable contract[s]
some or all of the Work which will benefit the parcel or parcels in
question, or which was located in the right-of-way which was not
obtained. The filing of a certificate and request that no bonds be
issued against any parcel pursuant to Section 48-597, Arizona Revised
Statutes, may be deemed to be threatened litigation.
4
Section 10. Preliminary Approval of Assessment Diagrams.
The Assessment Diagrams which indicate the property contained wi thin
the District to be assessed to pay the costs and expenses of the Work,
are hereby adopted and approved. The fact and date of the final
approval thereof shall be certified upon the Assessment Diagrams by
the Clerk thereupon, and the Assessment Diagrams shall be delivered to
the Superintendent of Streets as required by law.
Section 11. Approval of Preliminary Plans and Estimate;
Delegation of Authority. The Plans and the Estimate are hereby
adopted and approved as the official preliminary form of the Plans and
the Estimate. (The Plans and the Estimate are hereby referred to for
a more particular description of the Work and, by this reference, are
hereby made a part hereof.) The DistrictiEngineeriand the Superinten-
dent of Streets are hereby authorized to/complete t.he Plans, including
necessary, related specifications and cont.ract documents.
Section 12. Subsequent Actions. The Work shall be done
and all proceedings therefor shall be taken; the $pperintendent of
Streets shall cause to be conspicuously posted the "Nqtice of Public
Work and Notice of Proposed Improvertj.~nt" described in Seq't;ion 8 at not
more than 300 feet apart along the lines of the Work, which notices
shall be headed "Notice of Public Work and Notice of Proposed
Improvement," such headingt:9i be in letters at least one inch (1") in
height; the Clerk shall certify to the passage of this Resolution,
shall cause the same to be published for five consecutive publications
in the Daily Territorial and shall file this Resolution in the records
of the Governing BOdy and the Clerk shall cause the "Notice of
Hearing" described in Sectiort 8 to be published in the Daily
Terri torial twice before the hearing described therein and to be
mailed to those persons obj ecting and protesting at least ten days
prior to hearing descriped in such notice.
Section 13. Official Intent. [???] This Resolution is
official intent relating to reimbursement for original expenditures
for with respect to the Work made by the Town on or
after in/an amount not to exceed $ which are
capi tal expenditures (being any cost of a type that is properly
chargeable to a capi tql account (or would be so chargeable with a
proper election) under general federal income tax principles). The
maximum principal amoUnt of the Bonds (including the reimbursement
bonds for such purpqjes) is described in the Estimate.
On the date of this Resolution, the Governing Body has a
reasonable expectation (being that a prudent person in the same
circumstances would have based on all the objective facts and
circumstances) that it will reimburse such original expenditures with
proceeds of the Bonds. (Official intents have not been declared by
the Town as a matter of course or in amounts substantially in excess
of the amounts expected to be necessary. Moreover, the Town does not
have a pattern (other than in extraordinary circumstances) of failure
to reimburse actual original expenditures covered by official
intents. )
5
As indicated hereinabove, this Resolution shall be included
as of the date hereof in the publicly available official records of
the Governing Body, such records being maintained and supervised by
the Clerk of the Town, being the main administrative office of the
Town, and shall remain available for public inspection on a reasonable
basis.
Section 14. Conflicting Resolutions. Any resolutions or
parts of resolutions in conflict with the provisions of this Resolu-
tion are hereby repealed.
6
PASSED, ADOPTED AND APPROVED by the Mayor and Common
Council of the Town of Marana, Arizona, on May 16, 2006.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ed Honea, Mayor
ATTEST:
Jocelyn C. Bronson, Town Clerk
APPROVED AS TO FORM:
Frank Cassidy, Esq.,
Attorney
ATTACHMENTS:
Exhibit A -
Exhibit B -
Exhibit C -
Exhibit D -
Exhibit E -
Exhibit F
Descriptionot Distri
oi,strictMap
Description of the Work
Streets
Notice of Public Work and Notice of Proposed Improvement
Notice of Hearing
PUBLISH (INCLUDING ATTACHMENTS):
Territorial.
Five
(5)
times
in the
Daily
1537465.4-4/20/2006
7
CERTIFICATION
I hereby certify that the foregoing Resolution No.
was duly passed by the Mayor and Common Council of the Town of Marana,
Arizona, at a regular meeting held on May 16, 2006, and that a quorum
was present thereat.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Jocelyn C. Bronson, Town Clerk
8
EXHIBIT A
TOWN OF MARANA, ARIZONA
TANGERINE FARMS ROAD IMPROVEMENT DISTRICT
DESCRIPTION OF DISTRICT
Block 1
Blocks 7 through 9
Block 16
Block 19
Block 22 through 25
Block E
Found in Map 55 Plat 60 of the Maps and Plats on record in the
Office of the County Recorder ofPimaCouHty, Ari:?ona;
Blocks 13 through 15
Found in Map 59 Plat 31 of the Maps and Plats on record in the
Office of the County Recorder of Pima County, Arizona;
Section 35, Township
Text needed
South, Range 11 East;
Section 36, Township 11 South,
Text needed
11 Eas
Section 1 ,Township 12 South, Range 11 st;
Text needed
Z;<Township 12 South, Range 11 East; and
Text needed
6, Township 12 South, Range 12 East;
Text needed
, each a part of Gila and Salt River Base and Meridian, Pima County,
Arizona.
A-I
EXHIBIT B
TOWN OF MARANA, ARIZONA
TANGERINE FARMS ROAD IMPROVEMENT DISTRICT
DISTRICT MAP
[Shou~d de~ineate b~ock/~ot numbers]
B-1
EXHIBIT C
TOWN OF MARANA, ARIZONA
TANGERINE FARMS ROAD IMPROVEMENT DISTRICT
DESCRIPTION OF WORK
Construction of:
Travel lanes for Tangerine Road and 1'angerine Farms Road for
approximately 3.8 miles as a four-lane divided roadway from the
Arizona Department of Transportat:i;pl1 right-of-way at Interstate
Ten to Moore Road and related, necesSpry multi-use lanes,
dedicated turn lanes at sele locations, curb and gutter, a
24-foot wide landscaped medi a storm drain system, shared use
lanes, drainage structure idewalks, a pedei?trian underpass,
utility installation and locations, street l,ighting and a
traffic signal at Lon Adams;
Travel lanes for Streets A and B for approximately 3,200 feet
each as two lane of1.e>way roadway to connect Tangerine Road to the
Interstate Ten east.bound road and
Intersection improvements at
Farms Road and Moore Road.
C-l
EXHIBIT 0
TOWN OF MARANA, ARIZONA
TANGERINE FARMS ROAD IMPROVEMENT DISTRICT
LIST OF STREETS TO BE IMPROVED
The streets to be improved through construction of the Work at the
locations shown on the Plans are as follows, tl1e same being taken from
preliminary layouts of the Work, but being subject to unforeseen modi-
fications to the preliminary layout thereq:ffduring detailed design:
A. Within the District -
Tangerine Road and Tangeripe Farms Road from the Arizona
Department of Transportation right-af-way at Interstate Ten to
Moore Road and Streets A andiB ( will connect Tangerine Road
to the Interstate Ten eastbound Road)
B. Outside of the District -
Tangerine Farms Road and Moore Road
rsection improvements)
0-1
EXHIBIT E
TOWN OF MARANA, ARIZONA
TANGERINE FARMS ROAD IMPROVEMENT DISTRICT
FORMS OF NOTICE OF PUBLIC WORK
AND
NOTICE OF PROPOSED IMPROVEMENT
NOTICE OF PUBLIC WORK
AND
NOTICE OF PROPOSED IMPROVEMENT
TO ALL OWNERS OF OR PERSONS INTERESTED IN LAND LYING WITHIN THE
DISTRICT DESCRIBED BELOW:
Please take notice that on May 16 [???], 2006, the ayor and Common
Council of the Town of Marana,A:r;izona, adopted Reso tion No.
declaring its intention to provide the following work and improvements
(the "Work") through the letting 0 one or more construction
contracts:
Construction f travel lanes for Tangerine Road
and Tangerine Farms Road for approximately 3.8
miles ~~. a four-lane divided roadway from the
ArizoIfp;<Depa,rtment of Transportation right-of-way
at Interstate Ten to Moore Road and related
necessary multi-use laIfes, dedicated turn lanes
at selected locations, curb and gutter, a 24-foot
wide landscaped. median, a storm drain system,
share.d use lanes ,draJnage structures, sidewalks,
a pedestrian underpass' utility installations and
relocations, street lighting and a traffic signal
at Lon Adams; truction of travel lanes for
streets A and B approximately 3,200 feet each
as .two lane one roadway to connect Tangerine
Road to the Interstate Ten eastbound frontage
road and construction of intersection
improvements at Tangerine Farms Road and Moore
Road.
the streets to be improved with respect thereto within the
hereinafter described district to be preliminarily as follows:
Tangerine Road and Tangerine Farms Road from the
Arizona Department of Transportation right-of-way
at Interstate Ten to Moore Road and Streets A and
B (which will connect Tangerine Road to the
Interstate Ten eastbound Frontage Road) as well
as Tangerine Farms Road and Moore Road
(intersection improvements) .
E-l
The costs and expenses of the Work shall be assessed against the lots,
pieces and parcels of land lying within the boundaries of the "Town of
Marana, Arizona Tangerine Farms Road Improvement District" described
in Attachment "A" hereto (the "District"). (The boundaries of the
District are also shown on Attachment "B" hereto.)
For further particulars, reference lS hereby made to Resolution No.
and the "Preliminary Plans" and "Estimate of Cost and Expenses"
with respect to the District on file in the office of the Clerk of the
Town of Marana, Arizona (the "Town"), with respect thereto.
The Mayor and Common Council of the Town finds that the public
convenlence requires that bonds shall be issued to represent the costs
and expenses of the Work to be assessed upon the<District and deter-
mines that such bonds to be executed and delivered shall be issued or
negotiated in the name of the Town p~yable, however, solely and only
out of a special fund collectible frqrn special as:;;essments levied and
assessed upon the lots, pieces and parcels of land within the
boundaries of the District in Tl.ot to exceed twenty....five (25) annual
principal installments from the assessments of twenty-five dollars
($25.00) or over remaining unpaid as of the date of such bonds and/or
loan repayment agreement.
The first principal installment of such assessment shall be due on the
first December first occurring ninety (90) days after the expected
date of the completion of such work and improvements and shall be
payable to bond holders on the first day of..January next after the
collection of t first installment of the assessments can be made.
Interest inst ents shall be due on the first day of June and
December prior the payment of interest on such bonds to be issued
to be executed and delivered, except in the case where such interest
is paid from proceed:;; thereof. Such <bonds to be issued shall mature to
be executed and delivered shall be . payable with respect to principal
on the first day of J9Duary in amounts to be set by the Mayor and
Common Council prior to their issuance or execution and delivery,
respectively.
Such bonds to be issued shall bear interest at the rate of not to
exceed eight percent (8 %) per annum, payable on the first day of
January and July of each year. Principal and interest on such bonds to
be issued will be paid from a special fund collected in not to exceed
25 annual installments from the assessments of twenty-five dollars
($25.00) or over remaining unpaid at the date of such bonds to be
issued.
The owners of property wi thin the District may file written protests
against the construction of the Work or file written objections
against the extent of the District. Said protests or objections shall
be filed with the Clerk of the Town of Marana, Ari zona, 11555 West
Civic Center Drive, Marana, Arizona 85663-7007, within fifteen (15)
days after the last publication of Resolution No. or the date
of the posting of these Notices, whichever date is later.
E-2
DATED: May 2, 2006.
/s/ Jocelyn C. Bronson
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Clerk, Town of Marana, Arizona
POST: At intervals of 300 feet along all streets wi thin the District
and along the lines of the Work.
E-3
ATTACHMENT A
LEGAL DESCRIPTION
E-4
ATTACHMENT B
MAP
(A more readable version of this map is available
in the Office of the Clerk of the Town of Marana,
Arizona, located as described in the Notice to
which this is attached.)
E-5
EXHIBIT F
TOWN OF MARANA, ARIZONA
TANGERINE FARMS ROAD IMPROVEMENT DISTRICT
FORM OF NOTICE OF HEARING
NOTICE OF HEARING
TO: ALL PERSONS OBJECTING AND PROTESTING WITH RESPECT TO TOWN OF
MARANA, ARIZONA TANGERINE FARMS ROAD IMPROVEMENT DISTRICT:
NOTICE IS HEREBY GIVEN that t~e Mayor and Common Council of
the Town of Marana, Arizona (hereinafter referred to as the "Town"),
have set , 2006, at the.~QUt of _ p.m., for hearing all
protests against the work and imprQyementand objections to the extent
of the district to be assessed to pay the costs and expenses of the
work and improvement described in Reso],ution No. of the Mayor
and Common Council of the Town and.knowh. as "Town of Marana, Arizona
Tangerine Farms Road Improvement District" (hereinafter referred to as
the "District"). The he<ir:ing will beheld at the Council Chambers,
11555 West Civic Center <prive, Marana, Arizona, or at such other place
to which the meeting ma.y be adjourned aSffiCiY be decided by the Mayor
and Common Council of the Town, if such place proves inadequate for
such hearing. All persons signing protests, their agents or attor-
neys, are requi5(3dto~ppear and show cause why their protest should
not be overrul~d and w~y all protests Should not be ruled insuffi-
cient. All P~r$OnS signing obj ections t() the extent of the District
to be assessed may>appeal1.'and pros~cute their objections. All persons
desiring to.. be heard witi~>respect to such protests and obj ections or
any other matter conqerning the District should be present at the
place t for the hearing at thet.1me set for the hearing. The Mayor
and n Council of the Town have determined that improvement bonds
shall be issued (hereinafter r:eferred to as the "Improvement Bonds")
under the Pr:9vision of; Title 48, Chapter 4, Article 2, Arizona Revised
Statutes, as amended, in the name of the Town, but payable only out of
a special fund collected by the Town from special assessments levied
upon the lots, tracts, pieces and parcels of land included within the
District, not to e~c..eed twenty-five (25) annual installments from the
assessments of Twenty-Five Dollars ($25.00) or over remaining unpaid
as of the date of the Improvement Bonds. The Improvement Bonds shall
bear interest at the rate of not to exceed eight percent (8 %) per
annum, payable on the first day of January and July of each year and
shall be payable in the manner and be subject to the provisions as to
collection of assessments for the payment thereof as described in
Title 48, Chapter 4, Article 2, Arizona Revised Statutes, as amended,
save and except that the method of collection of said assessments
shall be as provided in Sections 48-600 to 48-607, both inclusive,
Arizona Revised Statutes, as amended, and not as provided in Section
48-608, Arizona Revised Statutes, as amended.
E-6
DATED this.... day of .........., 2006.
/s/ Jocelyn C. Bronson
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
Clerk, Town of Marana, Arizona
MAIL:
At the address given by each objector and protestor at
least 10 days prior to the hearing.
PUBLISH: Twice in the Daily Territorial
the hearing.
days before the date of
E-7
TOWN OF MARANA, ARIZONA
Discussion Materials in Connection with the
Tangerine Farms Road Improvement District,
Special Assessment Revenue Bonds, Series 2006
April 25, 2006
Prepared By:
STON E &
YOUNGBERG
1
Table of Contents
Section Pa2e
A. IMPROVEMENT DISTRICT OVERVIEW 2
B. PROJECT GOAL, MAP AND INFRASTRUCTURE DETAILS 5
C. PROJECT BUDGET/SOURCES AND USES OF FUNDS 7
11 2
2
Improvement District Overview
1. Town Council agrees to form an Improvement District (see map).
2. Bonds are issued to finance specific improvements for those properties
which benefit.
3. Bonds are Tax-Exempt resulting in lower interest rates.
4. Amortization cannot exceed 25 years but generally amortized over the
usefu11ife of the assets.
5. Property within the Improvement District IS subject of Special
Assessment to secure Bonds.
6. Lien for Special Assessment is subordinate only to General Property
Taxes and any other prior Special Assessments.
7. Capital costs are allocated to each property owner on a benefit basis (for
example., frontage).
8. Bonds are secured by the underlying land.
113
3
Improvement District Overview
9. However, town General Fund stands behind the Bonds in the event of
non-payment of the assessment.
Financing Plan Details
1. Assessment can be prepaid on any interest payment date, without penalty.
2. Town plans to apply Impact Fee Payments to pay down assessments on
single family homes.
114
4
Town of Marana Goals
Work closely with the following entities:
. Cottonwood Properties
. Granite
. Gladden Farms
. Gladden Farms II
. Westcor
To assist with financing public infrastructure improvements for Tangerine
Road.
11 5
5
Preliminary Map of Proposed District Boundaries
"" ,,,,'" ,," : TANGERINE F:AJtM5 ROllO
:I=-~=~!_-
6
6
Preliminary
Sources & Uses of Funds
SOlJ"RCES Ah'D USES OF Fl'1\'DS
Tangerine FanmlmprovOllitilt Di,'nc'
~ial Ao...."..,nl Boudo, Serres 2006
Datrd Dale
~livery Dale
lOiOV1OO6
1O,'Ot'2006
5omces:
il<nId ~,
Par Amount
15,560,000,1)0
25,560,000,00
U$eS
Pro).," Fwd Deposit.:
C"",iruction Fund
C01l1ttuction Continge:ncie!i
Tnc" Utility Adju_
Ei Pa"" Natural Ga. Utility AdjllSlln<Dl
Pedeotrl;ll1 Und"PM' (Com<mx!i<m & De$;g:>)
Sigml- Lon Adalm (Coomuction & ~)
Sanitary Sewer (Coasnuction & ~ign)
Domll"
Sur,,'E"\"
Diurict Administration
Communon A,dmmistr-atiou
17500,166,67
&33341.27
t 7,500,00
82,l00,00
25!UB6,00
223.37750:
992,275.00
1,200,00000
t 56,000.00
215.000.00
tl79.934.03
22.669,080..47
Olhe<Fund~til':
C:aplt.tized Meresl Fund
1,917,000.00
Dtili'\~ llite Expeu$;e$;'
Cce-t ci l~$umc:e
'L~rwriteis Di$Coum
460,00000
5 t 1 ,200.00
971.200.00
Olhe< U... ofFWl<ls:
Aclditiowl Procoed..
2.719.53
lit
7
25.560.000.00
7
Preliminary Amortization Schedule
BO!\'D DEBT SERVICE
Tangerine fawn Implovcroent Distnct
$pe<:w Auessmetl:t Bonds" Senf"5 2006
A.1m\lial
Period o.b' Debt
Ending Prmc-:apal Coupou InteIe~ Sef\'lce :Ser..'ic-e
10/{) L'2006
Ol!1JL'200s 1,917.000 1,917,()(l() 1,917,()(l()
07/0ti200S 766,800 766,800
01/01/2009 S25,COO 6.()()0.,. 766,800 1,591.&00 2.~\5:S,600
07'OUOO9 741.050 742.,050
OVOVliJl0 8?3,()(l() 6,000"'. 741,050 ! ..M 7.050 J359.,loo
07'1)1/1010 715.&00 715,800
01'01/1011 930,()(l() 6,000"'. 715,800 1.,645.8:00 1,361.600
0?'1) L''2Qll 687,900 687,900
01/0L'2012 985,()(l() 6,()(l()% 151F,900 L672.900 2,360,800
07!OV2012 658,350 658.350
01/0V2013 l,1l45,()(l() 6,000"". 65Z,350 1,703,350 B6L?00
07i01/2013 627,000 627.OC:C
0l!1J1i2014 U05.()(l() 6,000",. 627.()(l() 1. 7n.OO:O 2359.001)
07/01.:'2014- 593.850 593.850
OLCV201.5 U71.()(l() 6,()(l()% 593.850 1.76$.850 236.t700
07,CV2015 55&.600 55&,600
01/0V201O L245.OCC 6.000"'. 558._ 1.8C3,_ 1362,100
O?'CUOlo 511.250 521..250
OVCL'2(l:1: L320.000 6.000". 521,2.50 1.S41.:150 2,362.500
0?/OL'21l17 481,650 4Sl,155C
OVOL'21l1& 1,4oo.()(l() 6.000% 4&1,650 LSS1,650 lJ53,3oo
07:0V1G1S 439,650 439,1550
OliOV20l9 1.480,()(l() 6.000". 439,650 1.919,650 2359.300
07,'OV20l9 ;95250 39-5.250
o liOL'2020 1570.000 6.000"- 395.150 1,%5.250 2.3-50500
07'Olil020 34&,150 34'8.1:50
01/0].:2021 1,665.000 6AX)0'O'. 348,15>0 2,013.150 2361,300
07/0]-"2021 298.200 l!>IUOO
01'01'2022 1.765,()(l() 6.000"'> 198200 2,063;200 J,~l.400
07/01/1Q22 14.5,250 245.250
01'01'2023 I.B?O,()(l() 6.000". 245,250 2.115.250 2,360.500
07/m/2023- 189)50 189.150
OU}L'21l24 1,9S0,()(l() 5.000% 189.150 2,169.150 135S300
07,'01>'2014 129350 129,750
01/CL2025 2.100.000 5000% 129;750 2.229.750 2.359.500
07tOl,:2025 66,750 66.750
0\'01'2026 2.225.000 6,llOO". 66,750 2.291.750 2.358.500
25560,OQC: IS!>l7,&OO 44,407,SOO ;;;'::;.407,-ROO
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