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Heritage Hills PID board recommends paying its developer from surplus instead of bonds
The Heritage Hills board weighed reimbursing the developer for first-phase improvements from City bonds, PID surplus, or both. Staff said both would need council action and that the surplus could cover the current project, while a bond would add annual debt service paid from assessments. The board voted unanimously to recommend reimbursement from surplus. Its June 2021 budget review showed a $429,601.47 reimbursement to the developer taken out earlier that year, and the board added a $400,000 line for a further payment "before interest accrues so that a bond would not have to be issued at a later time."[1][2]
What the sources say
- ✓ Verified
Staff said reimbursement by bonds or surplus would each require council action, that the surplus held enough to reimburse the developer for the current project, and that a bond "would then necessitate an annual debt service payment which would be paid by annual assessments." The board voted unanimously "to recommend a reimbursement from surplus funds." [1]
- ✓ Verified
At the June 16, 2021 budget meeting staff reported a 2019/20 ending fund balance of $604,051 and a projected 2020/21 ending balance of $1,225,891; the board confirmed the spreadsheet showed "the reimbursement of $429,601.47 to the developer taken out earlier in the year." Added square footage raised projected assessments to $427,364. The board added a $400,000 developer payment line and approved the 2021/22 budget and service plan unanimously. [2]
- Reimbursement
- $429,601
- Added payment line
- $400,000
