Summary:
Pursuant to A.R.S. 48-715, prior to the District Board constructing or acquiring public infrastructure, a Feasibility Report is to be prepared and a public hearing held on the feasibility and benefits of projects as described in the Feasibility Report.
The Feasibility Report includes (i) a description of the public infrastructure to be constructed or acquired; (ii) a map showing, in general, the location of the public infrastructure and area to be benefited by the public infrastructure; (iii) an estimate of the cost to acquire, construct, operate and maintain the public infrastructure and an estimated schedule for completion of public infrastructure; and (iv) a plan for financing the public infrastructure.
The attached Second Amended and Restated Feasibility Report ("2nd Restated Report") amends and restates the first Amended and Restated Feasibility Report ("1st Restated Report") that was approved by the District Board in 2015.
The attached 2nd Restated Report is presented for public hearing and approval in connection with the proposed issuance of the 2020 refunding and new money bond transaction which is on the agenda for District Board approval.
Notice of the public hearing was published in the Peoria Times on August 27, 2020 and posted on the District website in compliance with State Statutes.
Primary Amendments and Restatements:
As noted above, the attached 2nd Restated Report amends and restates the 1st Restated Report. The primary amendments and restatements are as follows:
1. Expanded general description of the Vistancia development and infrastructure improvements that benefit the development.
2. Updated project descriptions, cost information, and other information for certain projects, including the Lone Mountain Road Waterline project and the Westland Road Reservoir and Pump Stations project.
3. Updated costs paid by the series 2006 bonds and costs to be paid by the proposed series 2020 bonds. With the proposed 2020 bond transaction, approximately $2 million in new bond proceeds will be used to acquire portions of Lone Mountain Road waterline project and Westland Road Reservoir and Pump Stations constructed by the developer to serve the district.