Public Agency:
Bond/Loan, Consulting or Both:
Practice Areas:
NHA Contributions: NHA helped develop the funding strategy incorporating the concept of a benefit assessment instead of typical special tax formula. Backstopping the financing with the City’s general fund provided increased credit characteristics and bond insurance participation.
Project Completion: October 2002
NHA Contact: Mark Northcross and Craig Hill
Unique Characteristics of Project: Simple majority approval for citywide assessment on properties benefiting from recreational facilities and programs. One of first non-CFD structure assessing fixed fee per residential parcel.
Executive Summary: NHA helped structure an innovative financing secured by assessment revenues as a certificate of participation. Property owners had approved, through a majority protest process, a $36 per residential parcel annual assessment for park and recreation purposes. The assessment revenue stream secured a $43,215,000 certificates of participation financing through the City’s general fund (double-barrel pledge). Proceeds were used to fund new parks and a swim center.