Public Agency:
Bond, Consulting or Both:
Practice Areas:
NHA Contributions: NHA Advisors brought its land-secured and CFD experience to the City to manage the education process and assist in the development agreement negotiations. Future work will include formation of the CFDs and potential issuance of special tax bonds as the projects progress.
Project Completion: Ongoing
NHA Contact: Craig Hill
Unique Characteristics of Project: Paso Robles was approached by two development teams starting in 2018 for the first large scale residential development projects in the City’s history. Traditional development had been for smaller projects that were subject to existing fee schedules and entitlement processes. Starting with the Chandler-South Olsen project (and quickly moving into the Beechwood project), the City realized it needed to develop the appropriate policies around new development and the impact on facilities and services going forward. Both developments also requested CFD assistance to fund services and anticipated facility improvements.
Executive Summary: The City was new to the concept of using CFD bond financing to fund infrastructure and public facilities. An older services CFD existed for prior development projects but the special tax formulas did not accurately reflect the new impact of master-planned developments. NHA Advisors worked with City staff and outside consultants to develop the policies and financing plans to implement as these new developments go into place.