Bond, Consulting or Both:
NHA Contributions: Through community engagement and P3 negotiations, NHA navigated through political opposition to help bring to fruition this “farm-to-table” project, CFD formation, and bond issue.
Project Completion: September 2015
NHA Contact: Mark Northcross and Rob Schmidt
Unique Characteristics of Project: Despite political obstacles, engaging with stakeholders lead to one of the first “farm-to-table” developments to be successfully financed through a CFD.
Executive Summary: Davis, a very “green” community with a strong anti-growth political base, needed to find a middle ground to accommodate both the need for new housing and its green political base. This was done by requiring all new development to annex into a system of CFDs that were set up to fund public improvements that benefit the entire community. These included parks, bikeways, and transit improvements.
More than two decades after many of the initial CFDs were formed, NHA completed the negotiation, formation, and new money issuance of bonds for The Cannery CFD. The “no growth” proponents in the community presented political hurdles. In addition, new development required voter approval, which meant a developer would need to “sell” his vision and benefit to the community. In the case of The Cannery, the developer was able to get community support for the project and move forward with the formation of a CFD to fund infrastructure. The Cannery is composed of 460 residential units plus retail commercial space. It is one of California’s first “farm-to-table” communities.